Yancoal Australia Ltd

and thank you for standing by. Welcome to Yankou Fourth Quarter 2025 Production Report. At this time, all participants on a listen-only mode. After this speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone or submit a written question via the webcast. You will then hear an automated message advising your hand is raised To withdraw your question, please press star 11 again for the audio. Please be advised today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Brendan Fitzpatrick, Investor Relations Manager. Please go ahead.

Thank you, Maggie, and thank you to everyone on the call for joining this briefing on Jan Cole's fourth quarter production report for 2025. We have several members of Yancor's executive leadership team to recap the quarter and participate in the question and answer session. On the call, we have Sheriff Burra, Chief Executive Officer, Kevin Su, Chief Financial Officer, Laura Jung, Company Secretary, Chief Legal Compliance Corporate and Affairs Officer, Frank Fulham, Chief Sustainability, Technology, Innovation and Development Officer, David Bennett, EGM Operations, Mark Salem, EGM Marketing and Logistics, Mike Wells, EGM Finance, and Mark Jacobs, EGM Environment and External Affairs. The commentary provided today is based on the Coilink production report published to the Australian Securities Exchange and the Stock Exchange of Hong Kong platforms on the 19th of January. There is no presentation pack for this conference call. The Yarn Coal website holds past presentations for any participants who require additional information on the company. I'll hand over to our CEO, Sheriff Burra, to provide the fourth quarter highlights.

Thanks, Brendan. I also welcome everyone joining us on today's conference call. We had a great quarter. In fact, the 10.4 million tonnes of attributable saleable coal was a company record. The fourth quarter production carried us to the top of our annual production guidance range and the 38.6 million tonnes for 2025 was also a company record. This was a tremendous effort and I congratulate all of our people for their role in this achievement. All of our mines contributed to total ROM coal production, which increased 20% compared to the third quarter. As usual, we don't include cash operating costs per tonne in the quarterly report. At the half year, our cash operating costs were 93 Australian dollars per tonne, in the middle of our 89 to 97 Australian dollar per tonne guidance range. Consistent with our commentary in October, for the full year we expect to deliver unit costs around the middle of the guidance range. Previously, we disclosed our expectation for capital expenditure within the guidance range. We now anticipate it will be towards the bottom end of the $750 to $900 million guidance range. During the fourth quarter of 2025, international coal indices for both the thermal and metallurgical coal markets had mixed performances, yet our average realized prices improved by 6%, to $148 Australian dollars per tonne from the prior quarter. This realised price, combined with 10.8 million tonnes of attributable sales and our disciplined approach to costs, delivered a $307 million increase to our cash balance over the quarter. We now have over $2 billion on the balance sheet and no debt. This gives us scope to consider dividends and to contemplate potential value-adding growth opportunities. We look forward to carrying our positive operational momentum into 2026. We will provide our 2026 guidance on production, cash operating costs and capital expenditure in our 2025 financial results, which are scheduled to be released on 25 February. I'll now hand over to other members of our executive team to share further details from the fourth quarter, starting with David Bennett, our Executive General Manager of Operations.