Yancoal Australia Ltd

Good day and thank you for standing by. Welcome to Yanko first quarter production report conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star 1 and 1 on your telephone. You'll then hear automated message advising when it's raised. You can also submit your questions via the webcast. Please be advised that today's call is being recorded. I'll now hand the call over to Mr. Brendan Fitzpatrick, Head of Investor Relations. Thank you, Brendan. Please go ahead.

Thank you, Desmond, and thank you to everyone on the call for joining this briefing on Yan Cole's first quarterly production report for 2026. We have several members of Yan Cole's executive leadership team to recap the quarter and participate in the question and answer session. The commentary provided today is based on the quarterly production report published on the Australian Securities Exchange and the Stock Exchange of Hong Kong announcement platforms on the 20th of April. There is no presentation pack for this call. The ANCOR website holds past presentations for any participants who require additional information on the company. I'll hand over to our Chief Executive Officer, Jarrett Burra, to provide the first quarter highlights.

Thank you, Brendan. I also welcome everyone joining us on today's conference call. We would have spoken to some of you just a few days ago after announcing the Kestrel coal mine acquisition. The acquisition price for Kestrel is US$1.85 billion, plus a potential contingent cash consideration. Adding a long-life asset that produces hard-coking coal at strong margins is a compelling step forward for Yen Coal. We're working with the vendors to reach completion in late Q3 of 2026. As important as the acquisition will be, we're maintaining our focus on the existing portfolio, which underpins our financial performance and our capacity to pursue growth. In this context, let's now turn to the first quarter performance. Collectively, our operations are running to plan so far this year. When setting our 2026 guidance, we indicated the first quarter would have comparatively lower production without for increasing over the remaining quarters. This profile is similar to our 2025 production profile. Brom coal volume was 1% lower than the first quarter last year and salable coal was 5% lower. After the first three months, we're in a comparable position to last year. If we can exceed last year's 12-month performance, it would be another record year for yank coal. Understandably, we've received a number of queries about diesel supply and implications for costs. We can confirm we've secured diesel supply until around the end of May and are working closely with our main suppliers. Beyond this horizon, continuity of diesel supply depends on events in the global market. As a prudent measure, we've established contingency plans should continuity of supply become less certain. Given the outlook for diesel prices, we now anticipate cash operating costs for the year could be close to the upper end of our $90 to $98 per tonne guidance range. Uncertainty in global oil and diesel markets will require ongoing assessment of our cost profile. The positive aspect of the global energy market disruption is the potential for higher realised coal prices. The international coal price indices we sell against increase 5% to 14% during the quarter, despite some buyers on the thermal market running down winter stockpiles. Due to our contract structures, the benefit of rising prices will start carrying through to our realised prices from the second quarter onwards. I'll now hand over to other members of the executive team to share further details from the first quarter, starting with David Bennett, our Executive General Manager of Operations.