Paladin Energy Ltd

Thank you for standing by and welcome to the Paladin Energy Ltd September 2026 quarterly results call. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Paul Hember, MD and CEO. Please go ahead.

Thank you very much and good morning and thank you for joining us everyone. So this quarter was about steady execution at Langer Heinrich and continued progress across our Canadian portfolio. At Langer Heinrich full mining capability is now in place and at Paterson Lake South our focus remains on de-risking the project and advancing its growth potential. At Langer we produced 1 million pounds of uranium and sold 1.16 million pounds at an average realized price of US 79.40 per pound. The stronger realised price reflects the structure of our contract book and of course the rising uranium market. As we have previously indicated the first half production is expected to be below the second half reflecting the work to open up the J-pit and the planned shutdown activities. Operationally the plant shutdown was completed successfully and throughput following the shutdown has been strong. Mining also had a solid quarter with more tonnes moved than the prior quarter as we continue to develop the J-pit. Ore delivered to the plant came largely from the upper benches where the ore characteristics contributed to reduced recovery We also rebuilt in-process inventory after starting the quarter with relatively low inventories which will support consistent production throughout the remainder of the year These factors drove the high cost of production of US $61.60 per pound The team continues implementing improvement actions in the plant while mining pushes towards the lower southern benches and better quality ore We saw improvements through September as mining advanced and plant throughput strengthened. This supports our expectation of higher production and lower unit costs in the second half, and we have reassured FY2027 guidance of 5.1 to 5.6 million pounds at a cost of production of 44 to 48 US dollars per pound. In Canada, we continue to advance and de-risk pay from Lake South across a number of fronts. We signed a mutual benefits agreement with Birch Narrows Dene Nation, our third agreement of this kind with Indigenous Nations, and established an administrative protocol with the Canadian Nuclear Safety Commission. Together, these steps provide a targeted regulatory pathway aimed at completing construction licence hearings by the end of calendar year 2027. Exploration drilling also delivered encouraging results at Atlas and Saloon East as well as extensions beyond the current R1515 West Mineral Resource. We closed the quarter with US$209 million in cash and investments with customer receipts during the period impacted by working capital cycle and the timing of deliveries. We also maintained an undrawn US$70 million revolving credit facility. Overall, we remain well positioned to execute the Langer Heinrich Operating Plan and progress our Canadian growth portfolio. Thank you very much, and I'll hand over to you for questions.

Thank you. If you wish to ask a question, please press Star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press Star 2. If you're on a speakerphone, please pick up the handset to ask your question. Your first question today comes from Raoul Anand with Morgan Stanley. Please go ahead.