Paladin Energy Ltd

Thank you for standing by and welcome to the Paladin Energy Ltd June 2026 quarterly results call. All participants are in illicit 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 Hembrough, CEO. Please go ahead.

Good morning everybody and thank you for joining us today. I have Anna Sutlow, our CFO, with me this morning and on the line we also have Scott Barber, our COO, and Alex Ryder, our Chief Commercial Officer. There are two areas I want to cover today on the call. First I'll take you through the June call lead results and the key achievements from FY26 and then I'll move into the FY27 guidance for Langer Hymery, which builds directly from the operating platform we established throughout this last year. At a high level, FY2026 was about transforming Langa Heinrich from a restart project into a stable operating uranium mine while laying the foundation for our next phase of growth through Patterson Lakes down. I'm completely pleased to report that we successfully completed the ramp-up of Langa Heinrich mine during the quarter. This is a commitment we made to shareholders. We've now delivered on that commitment. For the June quarter, production was 1.23 million pounds of E308, bringing full-year production to 4.82 million pounds right at the upper end of our revised 2026 production guidance range. Sales were strong. We sold 1.35 million pounds during the quarter and 4.35 million pounds for the full year, exceeding the top end of our guidance range. Operationally, the business continued to improve throughout the year. total mine material increased steadily and reached 7.45 million tonnes in the quarter, the highest quarterly mining rate since the restart. The full mining fleet is now operational and positioned to support our 2027 objectives. Processing performance remains consistent with plant recovery averaging 90% during the quarter, demonstrating stable operations and plant performance at the top end of our recovery targets. During the quarter, we achieved an average real life price of $70.60 per pound, with FY26 averaging $70 per pound. From a cost perspective, FY2026 cost of production was $43.30 per pound, outperforming our guidance range of $44.48 per pound, while quarterly costs increased to $61.60 per pound as a result of the mine development work and transition to full mining activities and mining wild grade areas in line with our mine plan. The successful completion of ramp-up provides a strong platform as we move into FY2027. While Lange Heimlich remains our predicting asset today, Hazen Lake South represents a significant component of Halidah's future growth strategy. During the quarter, we reached one of the most important permitting milestones since acquiring the project. The Canadian Nuclear Safety Commission confirmed that our construction life and applications had achieved sufficiency status. This means the application has met the required completeness and technical standards and can now progress through the formal regulatory assessment process. Subsequent to the quarter end, we signed an administrative protocol with the CNSC, which establishes a targeted pathway aimed at completing construction-like interiors by the end of calendar year 2027. This provides greater clarity around the permitting process and represents another important de-risking milestone. At the same time, our Canadian team continued progressing the FEED study and advancing engineering activities while maintaining strong engagement with Indigenous partners and local communities. We also executed a binding term sheet with the Burschnero Dene Nation as part of the Mutual Benefits Agreement process, further strengthening our relationship and social licence in the region. A highlight here in the quarter was the Atlas discovery. Atlas is a new high-grade uranium ore body located approximately 3.5km south of the RRR deposit at Patterson Lake South. 7 of 8 exploration holes intersect this significant uranium mineralisation, confirming the existence of an entirely new mineralised system within the broader saloon trend. Importantly, Atlas remains open along the strike and the steps. We believe this discovery reinforces exploration potential across the water PLS land package and supports our view that there are opportunities to enhance the long-term value and development potential of the project beyond what is currently contemplated. We ended the quarter with cash and investment of US$265 million and an undrawn $70 million revolving credit facility. This strong financial position provides flexibility to continue advancing Patterson Lake South, support our exploration programs and optimise land and mine as we enter the next stage of growth. So in summary, the June quarter flies out a year of delivery to Paladins. We successfully completed the round-up of the labour mine rig, met the upper end of guidance range on production and exceeded guidance on sales, cost and cost performance. We advanced PASMATE staff through major regulatory milestones, established a clear pathway towards licensing, strengthened Indigenous partnerships and delivered significant exploration discovery That delivery gives us the right platform for 2027. We're going to now re-ramp up the focus shifts from restart execution to disciplined operating performance, safe production, cost control, mine and paint optimisation and of course reliable deliveries to customers. I'll now turn to FY27 guidance for Langer Heinrich. to produce between 5.1 and 5.6 million pounds of U3LA on 100% basis. Sale volumes are expected to be between 4.8 to 5.3 million pounds of U3LA. Production will not be evenly weighted across the year. We expect lower production in the first half due to plane maintenance shutdowns as well as lower growth from the mine in September and December 14. Production is expected to improve in the second half as high oil grade fee to the plant increases. Cost of production is expected to be between $44 and $48 per pound. We expect cost to trend upward... Sorry, we expect cost to trend toward the upper end of the range in the third half, reflecting lower production volumes and the additional cost impact of planned arrangements. It's also important to note that all ore processed in FY2027 will be sourced from the mine following depletion of the previously mined MG3 stockpile. This means longer haul distances compared with FY26, whilst ongoing removal of overburden and waste will continue to open up future mining areas. Operationally our focus remains on mining and plant optimisation through FY2027. Medium and high grade ore will be delivered to the processing by lower grade material will be stockpiled for future processing. This supports improved grade outcomes and provides operational flexibility over the life of mine. We will continue to report action costs associated with capitalised stripping and the building of low grade stockpiles on a quarterly basis. These items are not included in the Cost of Production Guidance. On capital, Capital Expenditure Atlanta Homes is expected to be between $29 and $35 million for FY20.7. The key areas of expenditure include tailings, storage facilities, design and construction, process improvement studies and infield drilling, as well as the completion of selective capital exploration activities deferred from FY26. On sales and pricing, Pelham's contract will continue to provide leverage to a strengthening uranium market. During FY27, sales are expected to reflect both capital delivery schedules and intentions to repay part of the current uranium product loan balance. As of 30 June 2026, Pelham has had £400,000 of E3A and outstanding uranium product loans. Consistent with industry practice, we maintain access to short-term uranium product loans and swap facilities to support operational and delivery flexibility. Realised pricing will vary from port to port depending on customer delivery nominations, contract pricing mix, individual contract terms, shipping schedules and providing swap prices. Based on the contract book, as of 1 July 2026, we have updated the realised price sensitivity table. In summary, FY27 is about discipline delivery from Langeheimer following a successful completion of brand class.

We have provided clear guidance on production costs, capital and sales, while retaining the flexibility to manage order on order movements in production and delivery.

We remain focused on stable operations, reliable production, disciplined cost management and leveraging our contract force as the uranium market continues to strengthen. And with that, I'm happy to take any questions.

Thank you. If you wish to ask a question, please press star 1 on your telephone and write 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 comes from Alastair Rankin with RDC. Please go ahead.

Hi, thanks Paul, Scott, Anna and Alex and the broader team for taking my question. Just firstly on Langar, you mentioned the maintenance work in the first half of FY27. Can you just confirm what you're actually doing there? Is this something that is just a periodic piece of maintenance you have to do or is it something a little bit more structural?

It's really just periodic planned preventative maintenance work. Typically in these sorts of plans you have wear and tear on things like the scrubbers, crushing circuits and we're also updating our furnace in the final packaging and recovery plan. So it's all planned preventative work.

Okay, understood. That's clear. And then just also on my other pit performance at the J-PIT so far, you said you're looking to lift to high-grade or for the second half of it by 27. So I guess what do you need to do between now and then to sort of achieve that? Yeah, I wanted to hand over to Scott to answer that.

Sure, thanks, Paul. Basically, we've got all of our mining equipment in. right now and are developing a few different mining fronts. So some of the material is coming out as high-grade right now, and the other material is still developing. We've got multiple levels of grade coming out of the pit. The next six months will essentially see us stabilize the feed that's going to be going into the mill as more high-grade, medium and high-grade, whereas for the right now in the last quarter, we're still in that upper level of weathered and lower-grade material. So basically it's just continuing to mine and develop the JPEG.

Okay, and then I might just sneak in one quick one on PLS. Interesting you've got that agreement with the CNSC, I understand it's non-binding, but is this something they've done before or is this, you know, the CNSC acknowledging that they want to try to speed up these processes to get these construction licenses through a little bit faster?

Yeah, that's a really good question. I was in Ottawa recently, spoke to a number of government departments and everyone is really keen on advancing uranium projects and CNSC are trying their best to support them as well. So I met with the president of CNSC and they're very keen to make sure that the right work is done to help us deliver the project according to the schedule that we published. It's really a concerted effort by the Canadian government to get these projects up and running as efficiently as possible.

Good, thank you.

Thank you. The next question comes from Hugo Nicolacci with Goldman Sachs. Please go ahead.

Good morning Paul, Anna and team. Thanks for the update today. First one on the missing pieces around TAPEX for FY27 from the guidance. Firstly at Langer, you spent $56 million on stripping and low-grade stockpiling in FY26 but you don't guide that on a forward basis. Given that your strip ratio is probably in a flat to slightly higher next year, your plant maintenance, maybe you build a little bit of stockpiles, is it fair to assume that $56 million is higher in FY27?

We're obviously not guiding on those numbers. They will be variable quarters quota. We will give you actuals on a quarterly basis. I think if you look at our, you know, Q4 FY26 outcomes, you know, that's not an unreasonable representation going forward.

Got it. That's helpful. And then also on CapEx, but on Patterson Lake, How much of the $115 million pre-seed spend that you were planning on spending before the end of calendar 27 do you expect to spend in FY27?

Yeah, Andrew, we haven't guided on that number. We've hit an employee that we've spent $20 today of that amount that we disclosed in the use of funds. you know, I can say that, you know, you can expect those costs to increase over the 18-month period. So it'll definitely be weighted into, you know, half one FY2028.

Got it. That's helpful. And then just, if I could squeeze in a third, just on the pricing sensitivity, I appreciate the updated table there. I just wanted to dig into the comment in the footnotes that the sensitivity table takes into account the flexibility under your contract terms. Does that mean that in that table you've assumed that you'll sell more volume if prices are higher? And is our maths board be right that, you know, if you're selling roughly £2 million under legacy contracts at sort of mid-60s a pound to sort of back-goal into that pricing sensitivity?

That's a good question for you, Alex.

Thanks, Paul. on the first part. We've assumed we've run that sensitivity table on the basis of a midpoint of the sales range which is 5.05 million pounds and we're essentially assuming nominal contract volumes but obviously some contract volumes do have flexibility and where those contracts are in the money we've assumed that they've that those flex options will be exercised by the utility. And sorry, could you just clarify the second part of the question?

It was more just sense checking the maths, that if you're delivering a bid over £2 million under the fixed legacy agreement, that that pricing on those agreements must be sort of in the mid-60s today? Is that what that table assumes?

Yeah, look, I mean, we're obviously not provided... the pricing on a price mix basis. But on average, I think if you look at that sensitivity table, you can pretty much – I think you're on the right track. You can pretty much work out what the base escalated and fixed price contract pricing is implied within that book.

Got it. Thanks, guys. And just lastly, if I can, just apologies if I've missed, if you put out the cash flow piece separately today, but the $2.55 cash and investments, how much of that is actually cash?

Oh, the $2.65?

Yeah.

Yeah, it's your 10 government funds sold in 10 deposits.

Got it. That's helpful. Thanks for that, John.

Thank you. Your next question comes from Daniel Roden with Jefferies.

G'day guys and thanks for taking my question. I just wanted to, first of all, just following up on the half one, half two corrections that I know you talked about, I just wanted to get a better sense on the half two exit rates and I guess kind of looking forward into FY28 and beyond, you know, what that what a midpoint annual production rate would be over the life of mine. Are you able to clarify what that would look like, please?

That's a good question, Daniel. What we've done is provide an annual guidance, as we did last year, and what will happen in the year to come is that we've seen the food plan maintenance shut, development of that J-PIT, according to the mine's frequency, a slightly lower grade than that first half and about a week less production on each quarter, plus or minus, it is going to be a game of two halves. What we're not going to do is guide them quarter by quarter basis. But what we will do is be absolutely transparent, as we have been in the last 12-18 months, on our action performance at the end of each quarter. But we do expect a fairly significant uplift in the second half of the year. The mine plan does show absolutely solid grades coming through for that second half. So our plan is to stick with the plan, do the shots properly, mine the ore as it comes exercise a high level of operating discipline, manage our costs as best we can and deliver on the annual target. So I know I haven't answered your question directly but we're committed to the guidance range that we have set for production.

Just wanted to touch on as well, I know it's not in our F527 guidance, I guess, thresholds, but F528, if I look back at your restart plan, the last plan, you are expecting to do a little pre-work on H-PIT and TSF-1 relocation kind of at the end of F527 and come start of F528. I just wanted to get a bit of colour and commentary on You know, are you seeing anything in, I guess, the life of mine process that would, you know, either accelerate or defer works going into the HPIT and PSF1 relocation and just kind of noting that, you know, HPIT is a pretty meaningful step up in script ratio, you know, and on the disguise tables, it goes to, you know, 4.1 from, you know, which is 1.8 at the moment. So there's I guess you're saying outside inflection points still in the same process or is there anything that you're saying that changes that kind of sequencing?

This one to you Scott.

Yeah, thanks for that. I think the best way I can answer that is that the TSF strategy with our TSF6 lift that we're currently doing right now, and then we will be moving into the H-PIT early in next year to start stripping that. That would be the next source once J is depleted. That becomes a long-term tailings facility as well and so the H-PIT will be fully mined out over a few years and then that becomes one of our tailings pods. The TSS strategy is constantly being looked at based on volumetrics and what we actually need. We've moved the TSF-1 relocation out a little bit, and that's to allow the mining in J and HPIT to progress the best possible and most economic. Does that answer your question?

Yeah, just a really quick follow-up, and I'm sorry I've probably answered poorly, but I guess is part of the TSF-1 relocation and I guess HPIT pre-strip, are they included in the back end of the FY27 guidance, or is that exclusively in FY28 items?

It's not in FY27, it would be in FY28 and beyond.

Sorry, thanks for the call. I'll pass it on, thanks.

Thank you. Your next question comes from Franco Gochit with JP Morgan. Please go ahead.

Good morning, guys. Thanks for your time. Planet recoveries were strong again in that 90s range. Is there any reason we shouldn't be assuming recoveries stay in the low to mid 90s moving forward, particularly as grades start to lift?

Yeah, thanks for the question. Our typical target range for recovery is 85 to 90, and when we have stable conditions, you know, I'm actually really happy with anything within that range. Above that range is more difficult to maintain continuously. operations, so it's always a balance too. So we'll continue to operate as stable as we can and if we stay at the upper end of our target range, I'll be really happy.

Just a final question from Diane, just on the production versus sales waiting, I understand the prepayment coming in. into this, but should we expect the two to, I guess, closely match moving forward, I'm thinking, to 28 onwards, or are we still expecting them to match medium-term here?

I mean, this is part of your question, Lincoln, but I think if it's around the working capital cycle and the kind of movement quarter to quarter, we are going to see, you know, ongoing ups and downs quarter to quarter. That's really just a function of the working capital cycle and the shipping schedule. and the particular delivery within the quarter. So I think you'll continue to say that, you know, movement quarter to quarter.

It was more just on the annual numbers. The last couple of years, you've been guiding sales less than production. And I guess, generally, I hope that also makes sense. But when we think about FY28 onwards, should we expect it to, on an annual basis, to close the match? Or should we still expect it as a mismatch?

I think Rankin is always going to be a slight mismatch because it is, as I said, a function of those shipping schedules. I mean, I think, you know, theoretically you would expect over the years as we kind of get into the cycle that they should be more closely aligned. I think, you know, what we're also seeing this year is in the guidance, the repayment of the loan, which is, you know, increasing that gap between the two as well.

Thank you.

Your next question comes from James Belinda, CGS. Please go ahead.

Good morning, Paula's team, and thank you for taking my question. Just on PLS, BHP's been picking up tenements. That's pretty proximal to your project. I know you've got a lot of prospectivity within your current tenements and and that's clear from the report at Atlas. But are you looking at picking up additional acreage in that area?

Thanks for the question, James. So I have good neighbours and what I think it does show is, I think, again, the prospectivity of the region and what's good for us is we've got absolutely fantastic ground We've got a lot of ground that's still unexplored. There's loads of potential in the ground that we do have. And when the team in Saskatchewan puts holes in the ground, we're having a high level of success. So, you know, never say never to taking more ground. But we already have a lot of highly prospective ground that is demonstrating the capacity to produce more and more value for CLS.

Yeah, understood. And congrats on getting the Birch Narrows Denimation MBA in place.

How are you going also with M&S? Are they the final one that you have to put in place?

Yeah, first of all, it's a binding term, Shane. We haven't quite got the MBA yet, but that's the obvious next step. So as you rightly point out, James, there are four First Nations groups in the area where we operate. and we've now completed two of those MBAs and now we have the final exam sheet with Virgin IRA. We have a really good relationship with Mady. We're working with them very closely and in due course we will have an agreement with the remaining two groups. What we do think is important is making sure that the relationships that we have with them are by definition mutually beneficial and sustainable and we're committed to supporting First Nations groups as well as other stakeholders in the regions where we operate.

Thank you very much. That's my questions.

Thank you. Your next question comes from Glenn Moorcock with Aaron Joey. Please go ahead.

Good morning, Paul. Just going back to Langer Heinrich Guidance for 27, just on the production, can you help me just think about how that's made up, just throughput-grade recovery? I mean, you know, if I think about it, you've been running, I think it's 4.8 million tonnes of throughput. Your recovery's now up around 90, but you now move into a pit that's got the high-grade and medium-grade component, which is about 570 ppm. in grade, but I'm assuming you'll put the rest of the low grade to your stop pile. How do I think about that? And then you've also said you're looking at optimisation. Where's the best lever you can pull to correct that volume and maybe do better as you have done through 26 as well? Thanks.

That's a really good question, Glenn, of which I'm probably going to try and dodge most of them. So if you're... The key levers, of course, are grade, recovery and throughput. And I think what we've done is we've demonstrated the ability to operate the plant very, very consistently. But, of course, the grade is highly dependent on what presents itself in the pit. So we'll operate the pit as efficiently as we can from a trucking perspective. Whatever the grade comes out is whatever the grade that comes out. besides the fact that we can revert the low and have it change the cut-off. And that will provide us with the opportunity to operate the plant in a fairly stable way and get those recoveries in the high 80s and maybe even sort of the low 90s. So like every other place, and as Scott Barber and I have worked, you're always working on optimisations and ways to to improve. The biggest lever that we've got is the grade, and the second is, of course, throughput. Throughput is complicated by the fact that we have varying or fee-type fine costs, and we've talked about this on a number of occasions before, but finding the best blend that gives us the best throughput, and we'll continue to optimise that blend for both throughput and grade as we progress but what we've done is we've demonstrated the ability to be able to do that so far. What we've got now though is we've got tungsten in the mining fleet and what we delivered this year was 7.48 million tonnes of total movement and so that gives us a bit of flexibility above what we had last year to deliver more tons to the crusher. I think I've managed to dodge most of your questions and I'm unlikely to give any more details on that.

Maybe just if I can push you a little bit though, your resource statement for the J-PIT had a high zone and a mid-grade zone of about 14 million tonnes at about 570 ppm. Obviously you've drilled it, you're probably not mined it yet, but is there anything to suggest so far what you've seen that the resources you've provided for the PIT are not coming through as expected?

The reconciliation is actually very good. The challenge of course is when does it present itself. So the sequence actually is going to determine how the year flows, which is why it's going to be a game of absolutely two halves with slightly lower grades presenting in the first half with the reduction in number of operating days, higher grades in the second half with an absolute maximum number of operating days. So the pit is what it is and the reconciliation is about right.

No worries Paul, I think I've pushed it as far as I can. But one other question but now moving to Canada just on PLS and assuming it all goes to The new plan, which is you get the hearings done by the end of calendar 27. What's the timeline look like beyond that then? What's left? And, you know, like if we think through it, when could you FID and start construction if you get this timeline of the end of 27 hearings completed?

Yeah, so there's a few things to do. In the next 18 months, of course, thinking about financing options, starting to populate the contract book, we get the SID, construction window at every turn on the weather. So assuming it all goes to plan, I still believe that the 2031 first production is realistic and achievable.

And sorry, what would that mean? Do you start construction when to achieve the first production in 2031?

In 2028. All right. Thanks very much.

Thank you. Your next question comes from Dimari Singer with UBS. Please go ahead.

Thanks, Paul. Just, I guess, on PIC, you do have the scrub league day coming up. Can you give us any granularity as to what to expect there and maybe what to watch out for?

Oh, sorry. Did you mean yesterday?

Yep.

Yep. Yeah. So there's nothing really... By then, we should actually be past the next quarter. you know, I guess we'll continue working, if we won't, we'll continue working through range of performance, continue working through the CNSC process, continue working with First Nations groups.

Yeah, and I think we'll have those four-year results just prior to that, because today also.

Okay, cool. And this...

We spoke about this earlier in the year, it's also the focus now, but on the POS base, impacts from what's going on in the Middle East, which have flared up again, the things you guys mentioned. But, you know, at the start of the year, you had three to nine months of supply for all your inputs. Is that eased at all? Maybe some updates there, both in terms of availability and impact on the POS base?

Yeah, Jim, I think, you know, what we're seeing is that we have reflected the current cost base in the FY27 guidance, that I would say. I don't think it's having a material impact on our cost base. I think, you know, when we look, you know, at this quarter, it's definitely probably more of an outcome of, you know, grade than, you know, the cost per pound, I mean. than, you know, necessarily the Middle East conflict. So, you know, we continue to monitor and properly stop interviewers to, you know, line and side of those inputs. But from a cost perspective, you know, it's reflecting... We're reflecting the current pricing. We're not seeing, you know, massive shifts at this point in time, but we obviously continue to monitor. OK.

Cool. Thanks.

Thank you. The next question that comes from Andrew Hines with Shorten Partners. Please go ahead.

Yeah, hi, guys. That's a question for Alex. Just to give us a bit of an update on what you're seeing out there in the broader uranium market in terms of contracts. It seems like it's still very quiet out there. The level of contracts that have been reported by the UFC is still extremely low the first half of this year. As Paul mentioned, you've probably started to engage already now with PLS offtakes for the next decade. What are you seeing? What's the current terms in these contracts that are being discussed now and when do you expect to see a little bit of activity pick up?

Thanks Andrew. Yeah, look, I mean the backdrop is really strong with, you know, in the US the loans that the US government has announced $17 billion for the US utilities is good wind in the sails. When we speak with our customers, that's exactly the support they're looking for, as well as some backstop on cost blowouts. But it's certainly a move in the right direction. In terms of, you know, other markets, China is really, you know, powering ahead with their construction of reactors and their procurement of supply. You know, India is now in the mix, as you've noted as well in your notes, you know, with sort of implications for Australia as well. In terms of our discussions with utilities, very strong interest, very cognizant of the tightness in supply and some of the challenges that some other producers are are having with ramp-up and start-up issues. So that's positive for the short-term window to 2030, but really that supply-demand deficit in the 2030s is coming home to roost and the utilities are really chasing supply out in the 2030s and it's not really clear where they're going to meet those requirements. So the volume price bill, as you've noted, Andrew, below replacement levels. And it's interesting because even at those lower volumes, we're seeing stronger term pricing. So term pricing at $97 reported by UX. But in reality, from our discussions with utilities, we're seeing prices more in the $100-plus range, which is very encouraging. And I think it just shows that you know the utilities are willing to pay more you know pretty much every quarter for the uranium they procure. I think for me also an interesting delta between term and spot that's emerged with obviously term leading you know, the pricing environment and the spot is largely expected to catch up to term. So I really like that dynamic where, you know, the fundamental market is really easily leading the spot market. So, you know, very positive developments and we, you know, always looking to monetize, you know, that sentiment in our contracting discussions for, you know, more Langer Heinrich contracts and PLS as well.

What's your preference these days, Alex, for the nature of the contract? Is it for the market-based contracts with the floors and ceilings, or is it for fixed-price contracting?

It's very much a balanced book approach, which we're continuing. The utility preference has definitely swung into the base-escalated favour, given that they are concerned with ever-increasing prices. so there's that element but of course they recognise they need to pay a premium to secure more fixed volumes which again is positive for the pricing and for any additional contracts that we'll layer into our book. Great, thanks Alex.

I've got a follow-up question for Paul on PLS. That was a pretty exciting discovery at Atlas in the quarter and and no sign yet on how big that will end up being. But what's the plan of action going forward, Paul, on Atlas? How many rigs are you getting going? How quickly are you going to drill that out? When are you thinking about maybe the first resource being declared there?

Yeah, good question, Andrew. We've got three priorities for drilling around CLS. Number one is the resource upgrade of the RRR deposit. Number two is the extensions drilling of RRR because that still remains open along the stride end as well. And the third priority is close proximity exploration like saloonies, like atlas and others. So please adopt a very sensible, pragmatic approach to these three priorities and drill them out. I'll get that at an appropriate time and pace.

Great, thanks. Well, I'm looking forward to the end of the day coming up where we get all the insights on PLS. It looks like a really exciting project going forward. I'll leave it there. Thanks, Paul. Thanks, Andrew.

Thank you. There are no further questions at this time. I'll now hand back to Paul for closing remarks.

Thanks, everyone. Look, I'm really pleased with the performance from Ring of Honor PSY26 and its delivery against the revised guidance. Importantly, it sets a solid foundation for ongoing improvement and delivery. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.