Q4 2026 Mastermyne Group Ltd Earnings Call

August 26, 2026

Speaker #1: You have joined the meeting as an attendee and will be muted throughout the meeting.

Speaker #2: Good morning, and welcome to Mastermyne's investor webinar to discuss the company's FY26 results. Presenting today will be CEO and Managing Director Jeff Whiteman, and CFO Matt Rule, who will go through the presentation released this morning on the ASX.

Ben Brown: Good morning and welcome to Mastermyne's investor webinar to discuss the company's FY26 results. Presenting today will be CEO and Managing Director, Geoff Whiteman, and CFO, Matt Ruhl, who will go through the presentation released this morning on the ASX. If you would like to ask a question, please do so via the Q&A function at the bottom of the screen, and we will do our best to get through as many of those as possible. I will now hand it over to Geoff.

Ben Larsen: Good morning and welcome to Mastermyne's investor webinar to discuss the company's FY26 results. Presenting today will be CEO and Managing Director, Jeff Whiteman, and CFO, Matt Ruhl, who will go through the presentation released this morning on the ASX. If you would like to ask a question, please do so via the Q&A function at the bottom of the screen, and we will do our best to get through as many of those as possible. I will now hand it over to Geoff.

Speaker #2: If you would like to ask a question, please do so using the Q&A function at the bottom of the screen, and we'll do our best to get through as many of those as possible.

Speaker #2: I'll now hand it over to Jeff.

Speaker #3: Thanks, Ben, and good morning, everyone. Welcome to the FY26 full-year results call for Mastermyne Group Ltd. As Ben said, I'm Jeff Whiteman, the Managing Director and Chief Executive, and I'm joined by our CFO, Matt Rule.

Geoff Whiteman: Thanks, Ben, and good morning, everyone. Welcome to the FY26 full year results call for Mastermyne Group Limited. As Ben says, I am Geoff Whiteman, the Managing Director and Chief Executive, and I am joined by our CFO, Matt Ruhl. Thanks for taking the time to dial in. Just turning to our results document now. Sorry, just one stage for it. Here we go. Starting with the highlights for FY26. I am very pleased that they show a marked return to growth. Revenue of AUD 237 million was up 13% on the prior period, above the upper end of guidance that we provided back in February with the H1 results. Similarly, underlying EBITDA was above guidance at AUD 20.3 million, an impressive 47% increase on FY25. Much of this translated into both net profit before tax of AUD 15.7 million, 148% up on last year, and also operating cash flow of AUD 20.3 million.

Jeff Whiteman: Thanks, Ben, and good morning, everyone. Welcome to the FY26 full year results call for Mastermyne Group Limited. As Ben says, I am Jeff Whiteman, the Managing Director and Chief Executive, and I am joined by our CFO, Matt Ruhl. Thanks for taking the time to dial in. Just turning to our results document now. Sorry, just one stage for it. Here we go. Starting with the highlights for FY26. I am very pleased that they show a marked return to growth. Revenue of AUD 237 million was up 13% on the prior period, above the upper end of guidance that we provided back in February with the H1 results. Similarly, underlying EBITDA was above guidance at AUD 20.3 million, an impressive 47% increase on FY25.

Speaker #3: Thanks for taking the time to dial in. So, just turning to our results document now—sorry, I'm just trying to get a space for it.

Speaker #3: Here we go. So, starting with the highlights for FY26, I'm very pleased that they show a marked return to growth. Revenue of $237 million was up 13% on the prior period, above the upper end of guidance that we provided back in February with the first half results.

Speaker #3: Similarly, underlying EBITDA was above guidance at $20.3 million, an impressive 47% increase on FY25. Much of this translated into both net profit before tax of $15.7 million—148% up on last year—and also operating cash flow of $20.3 million.

Jeff Whiteman: Much of this translated into both net profit before tax of AUD 15.7 million, 148% up on last year, and also operating cash flow of AUD 20.3 million. The ultimate outcome of this performance was a material increase in our net cash balance to AUD 46.5 million by 30 June. Our strategic focus on winning work closely aligned with our core capabilities, has achieved strong order book growth, being valued at the year end at AUD 432 million through a combination of new contracts and contract extensions with major clients including Glencore, Anglo American, and Yancoal. The recent award post year end of our Dendrobium contract with GM3, valued at AUD 85 million in the initial two-year term and up to AUD 255 million in total across the full six-year term, builds on this strong foundation and provides great momentum as we enter FY27.

Speaker #3: The ultimate outcome of this performance was a material increase in our net cash balance to $46.5 million by 30 June. Our strategic focus on winning work closely aligned with our core capabilities, and we achieved strong order book growth.

Geoff Whiteman: The ultimate outcome of this performance was a material increase in our net cash balance to AUD 46.5 million by 30 June. Our strategic focus on winning work closely aligned with our core capabilities, has achieved strong order book growth, being valued at the year end at AUD 432 million through a combination of new contracts and contract extensions with major clients including Glencore, Anglo American, and Yancoal. The recent award post year end of our Dendrobium contract with GM3, valued at AUD 85 million in the initial two-year term and up to AUD 255 million in total across the full six-year term, builds on this strong foundation and provides great momentum as we enter FY27. With increased activity across the year, including the ramp-up of our GM3 Appin project. We had already grown our workforce from 640 to 689 people by the end of June.

Speaker #3: Being valued at the year end at $432 million. Through a combination of new contracts and contract extensions, we've made with clients, including Glencore, Anglo, and Yanco.

Speaker #3: The recent award, post-year end, of our Dendrobium contract with GM3—valued at $85 million in the initial two-year term and up to $255 million in total across the full six-year term—builds on this strong foundation and provides great momentum as we enter FY27.

Speaker #3: We've increased activity across the year, including a ramp-up of our GM3 apping project. We had already grown our workforce from 640 to 689 people by the end of June.

Jeff Whiteman: With increased activity across the year, including the ramp-up of our GM3 Appin project. We had already grown our workforce from 640 to 689 people by the end of June. With the new Dendrobium contract to add another 140 people shortly and other near-term opportunities progressing well, this growth is anticipated to continue towards the 1,000 headcount mark. On the supply side, we have continued to build our relationships with strategic partners and notably have extended our exclusive agreement with Jennmar Holdings out to 2047, locking in long-term supply of our market-leading strata consolidation products. The business has evolved significantly in recent years, so we have included a brief overview here. Essentially, the company is a specialist provider of value-adding solutions to coal mining projects, currently focused on the underground sector.

Speaker #3: With the new Dendrobium contract to add another 140 people shortly, and other near-term opportunities progressing well, this growth is anticipated to continue towards the 1,000-headcount mark.

Geoff Whiteman: With the new Dendrobium contract to add another 140 people shortly and other near-term opportunities progressing well, this growth is anticipated to continue towards the 1,000 headcount mark. On the supply side, we have continued to build our relationships with strategic partners and notably have extended our exclusive agreement with Jennmar Holdings out to 2047, locking in long-term supply of our market-leading strata consolidation products. The business has evolved significantly in recent years, so we have included a brief overview here. Essentially, the company is a specialist provider of value-adding solutions to coal mining projects, currently focused on the underground sector. We operate under two brands, Mastermyne and Wilson Mining, both of which have been leaders in the market with greater than 30 years of history.

Speaker #3: On the supply side, we've continued to build our relationships with strategic partners, and notably, have extended our exclusive agreement with Gemma Holdings out to 2047, locking in long-term supply of our market-leading Strada Consolidation products.

Speaker #3: The business has evolved significantly in recent years, so we've included a brief overview here. Essentially, the company is a specialist provider of value-adding solutions to coal mining projects.

Speaker #3: Currently focused on the underground sector, we operate under two brands: Mastermyne and Wilson Mining, both of which have been leaders in the market with more than 30 years of history.

Jeff Whiteman: We operate under two brands, Mastermyne and Wilson Mining, both of which have been leaders in the market with greater than 30 years of history. The business is recognized for its high level of technical capability and holds long-term relationships with pretty much all of the global tier 1 miners in Australian underground coal, and you will see the names on the right there, very familiar names. Through its project portfolio, offices, and facilities, Mastermyne covers all of the major coal regions on the Australian East Coast and typically has activity at 12 to 15 mines at any time. Our market-leading solutions comprise a set of integrated capabilities categorized into three main areas. Mining services. This is really around providing specialist labor, technical expertise, and equipment to deliver safe, efficient, and production for our clients.

Speaker #3: The business is recognized for its high level of technical capability and holds long-term relationships with pretty much all of the global tier-one miners in Australian underground coal. You'll see the names on the right there—very familiar names.

Geoff Whiteman: The business is recognized for its high level of technical capability and holds long-term relationships with pretty much all of the global tier 1 miners in Australian underground coal, and you will see the names on the right there, very familiar names. Through its project portfolio, offices, and facilities, Mastermyne covers all of the major coal regions on the Australian East Coast and typically has activity at 12 to 15 mines at any time. Our market-leading solutions comprise a set of integrated capabilities categorized into three main areas. Mining services. This is really around providing specialist labor, technical expertise, and equipment to deliver safe, efficient, and production for our clients. In the middle box there, strata consolidation, where we use an exclusive range of market-leading resin injection and cavity filling products to ensure the safety and productivity of our clients' longwall operations.

Speaker #3: Through its project portfolio, offices, and facilities, Mastermyne covers all of the major coal regions on the Australian east coast and typically has activity at 12 to 15 mines at any time.

Speaker #3: Our market-leading solutions comprise a set of integrated capabilities categorized into three main areas. Mining services—this is really around providing specialist labor, technical expertise, and equipment to deliver safe, efficient, and productive outcomes for our clients.

Speaker #3: In the middle box there, Strada Consolidation, where we use an exclusive range of market-leading resin injection and cavity filling products to ensure the safety and productivity of our clients' longwall operations.

Jeff Whiteman: In the middle box there, strata consolidation, where we use an exclusive range of market-leading resin injection and cavity filling products to ensure the safety and productivity of our clients' longwall operations. On the right-hand side there, in terms of our products area, where we cross-sell a growing range of specialist and innovative products and consumables into our client projects. I will now hand over to Matt to take us through the financials.

Speaker #3: And then on the right-hand side there, in terms of our products area, we cross-sell a growing range of specialist and innovative products and consumables into our client projects.

Geoff Whiteman: On the right-hand side there, in terms of our products area, where we cross-sell a growing range of specialist and innovative products and consumables into our client projects. I will now hand over to Matt to take us through the financials.

Speaker #3: I'll now hand over to Matt to take us through the financials.

Speaker #4: Thanks, Jeff, and good morning, everyone. Firstly, on our earnings, FY26 was a year of strong earnings growth, with both revenue and underlying EBITDA exceeding the upper end of the guidance range provided at the half-year result.

Matt Ruhl: Thanks, Geoff, and good morning, everyone. Firstly, on our earnings, FY26 was a year of strong earnings growth with both revenue and underlying EBITDA exceeding the upper end of the guidance range provided at the H1 result. Revenue increased 13% to AUD 237.7 million, while underlying EBITDA increased 47% to AUD 20.3 million. This translated into a significant improvement in profitability with underlying net profit before tax, increasing 148% to AUD 15.7 million. This result was driven by increased activity levels across the business, particularly within strata consolidation, the full year contribution from the GM3 Appin project, greater client diversification, and the recovery from prior year external events. Importantly, earnings growth outpaced revenue growth, resulting in EBITDA margin expanding from 6.6% to 8.5%. This reflects a favorable mix shift towards higher margin activities, particularly strata consolidation, together with continued focus on productivity and cost discipline.

Speaker #4: Revenue increased 13% to $237.7 million, while underlying EBITDA increased 47% to $20.3 million. This translated into a significant improvement in profitability, with underlying net profit before tax increasing 148% to $15.7 million.

Speaker #4: This result was driven by increased activity levels across the business, particularly within Strada Consolidation; the full-year contribution from the GM3 apping project; greater client diversification; and the recovery from prior-year external events.

Speaker #4: Importantly, earnings growth outpaced revenue growth, resulting in EBITDA margin expanding from 6.6% to 8.5%. This reflects a favorable mix shift towards higher-margin activities, particularly Strada Consolidation, together with continued focus on productivity and cost discipline.

Speaker #4: Statutory profit was impacted by $8.8 million of non-underlying items, the largest being provisions and costs associated with legacy legal matters. Excluding these items, the underlying performance demonstrates the strength of the operating business and the progress made through FY26.

Matt Ruhl: Statutory profit was impacted by AUD 8.8 million of non-underlying items, the largest being provisions and costs associated with legacy legal matters. Excluding these items, the underlying performance demonstrates the strength of the operating business and the progress made through FY26. Moving to the next slide, on the overall financial performance. Having covered the strong earnings outcome, one of the key features of FY26 was the diversification of revenue sources. Growth was generated across multiple clients, projects, and activity lines rather than relying on a single contract or customer. During the year, we benefited from the full run rate contribution of the Appin project and contract growth across existing operations. In FY26, revenue was spread across three major customers, each contributing more than 20% of revenue, with the top three customers accounting for 79% of the total revenue, compared to two customers accounting for about 80% in FY25.

Speaker #4: Moving to the next slide, on the overall financial performance—having covered the strong earnings outcome—one of the key features of FY26 was the diversification of revenue sources.

Speaker #4: Growth was generated across multiple clients, projects, and activity lines, rather than relying on a single contract or customer. During the year, we benefited from the full run-rate contribution of the Apping project, and contract growth across existing operations.

Speaker #4: In FY26, revenue was spread across three major customers, each contributing more than 20% of revenue, with the top three customers accounting for 79% of total revenue, compared to two customers accounting for about 80% in FY25.

Speaker #4: We also saw an improvement in business mix. Mining services remained the largest activity; however, Strada Consolidation increased its contribution to group revenue from 26% to 30%.

Matt Ruhl: We also saw an improvement in business mix. Mining services remain the largest activity. However, strata consolidation increased its contribution to group revenue from 26% to 30%, supported by elevated longwall activity, strong customer demand, and the critical nature of the services provided. This continues to demonstrate the value of our integrated business model and cross-sell strategy. We believe this provides a more balanced earnings profile and reduces reliance on any single customer relationship. Moving to cash flow. Our cash generation remained a key highlight for FY26. Net operating cash flow increased 20% to AUD 20.3 million, reflecting strong conversion of earnings into cash. Our current capital-light operating model continues to underpin this performance. Capital expenditure remained around 2% of revenue, allowing a substantial proportion of operating profits to be converted into cash flow.

Speaker #4: Supported by elevated longwall activity, strong customer demand, and the critical nature of the services provided, this continues to demonstrate the value of our integrated business model and cross-sell strategy.

Speaker #4: We believe this provides a more balanced earnings profile and reduces reliance on any single customer relationship. Moving to cash flow, our cash generation remained a key highlight for FY26.

Speaker #4: Net operating cash flow increased 20% to $20.3 million, reflecting strong conversion of earnings into cash. Our current capital-light operating model continues to underpin this performance. Capital expenditure remained around 2% of revenue, allowing a substantial proportion of operating profits to be converted into cash flow.

Speaker #4: As a result, cash increased by $16.8 million during the year to $47.2 million at the end of June 26. The growth in cash was achieved while continuing to invest in working capital required to support expanding activity levels across the business.

Matt Ruhl: As a result, cash increased by AUD 16.8 million during the year to AUD 47.2 million at the end of June 2026. The growth in cash was achieved while continuing to invest in working capital required to support expanding activity levels across the business. The strength of cash generation provides flexibility to pursue growth opportunities. On the balance sheet. The balance sheet strengthened materially during FY26 and remains a significant strategic advantage for the group. Net cash increased to AUD 46.5 million from AUD 29.1 million in the prior year, representing a 60% improvement in providing substantial financial flexibility. Total assets increased to AUD 124.5 million, primarily driven by higher cash holdings and increased receivables associated with the higher activity levels. Net assets increased to AUD 76.7 million, while net tangible assets strengthened to approximately AUD 0.21 per share. The group ended the year with minimal debt and significant liquidity.

Speaker #4: The strength of cash generation provides flexibility to pursue growth opportunities. On the balance sheet, the balance sheet strengthened materially during FY26 and remains a significant strategic advantage for the group.

Speaker #4: Net cash increased to $46.5 million from $29.1 million in the prior year, representing a 60% improvement and providing substantial financial flexibility. Total assets increased to $124.5 million, primarily driven by higher cash holdings and increased receivables associated with the higher activity levels.

Speaker #4: Net assets increased to $76.7 million, while net tangible assets strengthened to approximately $21 per share. The group ended the year with minimal debt and significant liquidity.

Speaker #4: Subsequent to year-end, the company's $30 million Scott Pack working capital facility was renewed through to July 2028 and remained fully undrawn, further enhancing our financial capacity.

Matt Ruhl: Subsequent to year-end, the company's AUD 30 million ScotPac working capital facility was renewed through to July 2028 and remained fully undrawn, further enhancing our financial capacity. This balance sheet strength supports both organic growth and selective acquisition opportunities, while giving the group the flexibility to convert its substantial pipeline and order book into future earning growth. I will now hand back to Geoff.

Speaker #4: This balance sheet strength supports both organic growth and selective acquisition opportunities, while giving the group the flexibility to convert its substantial pipeline and audit book into future earnings growth.

Speaker #4: I'll now hand back to Jeff.

Speaker #3: Thanks, Matt. So, moving on to safety, people, and sustainability. We've maintained a strong focus on our elevating safety performance projects, which is multifaceted but underpinned by developing our project leadership skills and nurturing a positive safety behavioral culture.

Geoff Whiteman: Thanks, Matt. Moving on to safety, people, and sustainability. We have maintained a strong focus on our Elevating Safety Performance project, which is multifaceted but underpinned by developing our project leadership skills and nurturing a positive safety behavioral culture. Our actions have shown a significant improvement in our safety metrics over the past three years, notably with reduced severity of our injuries. Most importantly, we achieved zero life-changing events in FY26 and remain committed to this goal going forward. We undertake regular employee surveys and pulse checks, which provide confirmation of our team's unwavering commitment to keeping safe and a high level of engagement, in addition to very useful feedback to develop our strategies going forward.

Jeff Whiteman: Thanks, Matt. Moving on to safety, people, and sustainability. We have maintained a strong focus on our Elevating Safety Performance project, which is multifaceted but underpinned by developing our project leadership skills and nurturing a positive safety behavioral culture. Our actions have shown a significant improvement in our safety metrics over the past three years, notably with reduced severity of our injuries. Most importantly, we achieved zero life-changing events in FY26 and remain committed to this goal going forward. We undertake regular employee surveys and pulse checks, which provide confirmation of our team's unwavering commitment to keeping safe and a high level of engagement, in addition to very useful feedback to develop our strategies going forward.

Speaker #3: Our actions have shown a significant improvement in our safety metrics over the past three years, notably with reduced severity of injuries. Most importantly, we achieved zero life-changing events in FY26 and remain committed to this goal going forward.

Speaker #3: We undertake regular employee surveys and pulse checks, which provide confirmation of our team's unwavering commitment to safety and high levels of engagement, in addition to very useful feedback to develop our strategies going forward.

Speaker #3: Given the recent contract wins and the near-term pipeline, our well-established and proven recruitment capability is a key differentiator and risk mitigant when facing the challenge of building the size of a team in a short time frame.

Geoff Whiteman: Given the recent contract wins and the near-term pipeline, our well-established and proven recruitment capability is a key differentiator and risk mitigant when facing the challenge of building the size of the team in a short timeframe. On the sustainability front, we are making good progress with developing a framework to identify and evaluate the associated risks and opportunities. We are privileged to work with some of the world's largest mining companies operating across rural and regional communities across Queensland and New South Wales, with long-term relationships dating back up to almost 25 years. Our extensive and diversified contracts portfolio reflects both the history of Mastermyne and a conscious strategy to broaden our exposure across a number of clients and mining projects. Our most recent client, GM3, is a joint venture formed in 2025 involving our major shareholder, M Group, which acquired Appin and Dendrobium mines from South32.

Jeff Whiteman: Given the recent contract wins and the near-term pipeline, our well-established and proven recruitment capability is a key differentiator and risk mitigant when facing the challenge of building the size of the team in a short timeframe. On the sustainability front, we are making good progress with developing a framework to identify and evaluate the associated risks and opportunities. We are privileged to work with some of the world's largest mining companies operating across rural and regional communities across Queensland and New South Wales, with long-term relationships dating back up to almost 25 years. Our extensive and diversified contracts portfolio reflects both the history of Mastermyne and a conscious strategy to broaden our exposure across a number of clients and mining projects. Our most recent client, GM3, is a joint venture formed in 2025 involving our major shareholder, M Group, which acquired Appin and Dendrobium mines from South32.

Speaker #3: On the sustainability front, we're making good progress with developing a framework to identify and evaluate the associated risks and opportunities. We're privileged to work with some of the world's largest mining companies, operating across rural and regional communities throughout Queensland and New South Wales, with long-term relationships dating back up to almost 25 years.

Speaker #3: Our extensive and diversified contracts portfolio reflects both the history of Mastermyne and a conscious strategy to broaden our exposure across a number of clients and mining projects.

Speaker #3: Our most recent client, GN3, is a joint venture formed in 2025 involving our major shareholder, M Group, which acquired Appen and Dendrobium Mines from South32.

Speaker #3: Our contracts show an end date of 2026. We are well progressed in negotiations with those clients for extensions or renewals. It's also worth highlighting that product and ad hoc Strada consolidation work is typically performed under purchase order and is therefore on top of this and not included in our audit book values.

Geoff Whiteman: Where contracts show an end date of 2026, we are well progressed in negotiations with those clients for extensions or renewals. It is also worth highlighting that products and ad hoc strata consolidation work is typically performed under purchase order and is therefore on top of this, not included in our order book values. Over the past 18 to 24 months, we have been firmly focused on building a targeted pipeline aligned with our core capabilities and converting those strategic opportunities into awarded contracts. This focus has resulted in a 67% increase in the pipeline to AUD 1.5 billion and a 38% increase in the order book to AUD 432 million. These factors, combined with the recent award of Dendrobium mining services contract, provide strong visibility over FY27. With approximately AUD 200 million of our order book, including the recent Dendrobium award, secured as of today relating to FY27.

Jeff Whiteman: Where contracts show an end date of 2026, we are well progressed in negotiations with those clients for extensions or renewals. It is also worth highlighting that products and ad hoc strata consolidation work is typically performed under purchase order and is therefore on top of this, not included in our order book values. Over the past 18 to 24 months, we have been firmly focused on building a targeted pipeline aligned with our core capabilities and converting those strategic opportunities into awarded contracts. This focus has resulted in a 67% increase in the pipeline to AUD 1.5 billion and a 38% increase in the order book to AUD 432 million. These factors, combined with the recent award of Dendrobium mining services contract, provide strong visibility over FY27. With approximately AUD 200 million of our order book, including the recent Dendrobium award, secured as of today relating to FY27.

Speaker #3: Over the past 18 to 24 months, we've been firmly focused on building a targeted pipeline aligned with our core capabilities and converting our strategic opportunities into awarded contracts.

Speaker #3: This focus has resulted in a 67% increase in the pipeline, to $1.5 billion, and a 38% increase in the order book, to $432 million.

Speaker #3: These factors, combined with the recent award of the Dendrobium Mining Services contract, provide strong visibility over FY27. We have approximately $200 million of our order book, including the recent Dendrobium award, secured as of today, relating to FY27.

Speaker #3: And that's before any further renewals and/or new contracts currently sitting in our near-term pipeline are awarded. In terms of our future direction, we're continuing to pursue a disciplined growth and diversification strategy, with two key pathways.

Geoff Whiteman: That is before any further renewals and/or new contracts currently sitting in our near-term pipeline are awarded. In terms of our future direction, we continue to pursue a disciplined growth and diversification strategy with two key pathways. Organically, where we scope to build and convert our existing pipeline, seeking to leverage our deep long-term relationships in the sector. From a cross-sell perspective, we are actively expanding our range of services and product offerings, which can achieve growth at existing client projects. Further, we are not sitting still, but rather investing in innovation and technical expertise to remain ahead of the game and drive new revenue streams and margin growth. The second pathway is focused on acquisitions where there is a really good strategic fit and where we can leverage our well-capitalized balance sheet, healthy liquidity, and the strong relationship with our major shareholder, M Group.

Jeff Whiteman: That is before any further renewals and/or new contracts currently sitting in our near-term pipeline are awarded. In terms of our future direction, we continue to pursue a disciplined growth and diversification strategy with two key pathways. Organically, where we scope to build and convert our existing pipeline, seeking to leverage our deep long-term relationships in the sector. From a cross-sell perspective, we are actively expanding our range of services and product offerings, which can achieve growth at existing client projects. Further, we are not sitting still, but rather investing in innovation and technical expertise to remain ahead of the game and drive new revenue streams and margin growth. The second pathway is focused on acquisitions where there is a really good strategic fit and where we can leverage our well-capitalized balance sheet, healthy liquidity, and the strong relationship with our major shareholder, M Group.

Speaker #3: Organically, we've escaped to build and convert our existing pipeline, seeking to leverage our deep, long-term relationships in the sector. From a cross-sell perspective, we are actively expanding our range of services and product offerings, which can achieve growth at existing client projects.

Speaker #3: Furthermore, we're not sitting still; rather, we're investing in innovation and technical expertise to remain ahead of the game and drive new revenue streams and margin growth.

Speaker #3: The second pathway is focused on acquisitions, where there's a really good strategic fit and where we can leverage our well-capitalized balance sheet, healthy liquidity, and the strong relationship with our major shareholder, M Group.

Speaker #3: In this way, we can build broader capabilities and scale. A key takeaway is the level of discipline being applied in identifying and evaluating potential acquisition opportunities.

Geoff Whiteman: In this way, we can build broader capabilities and scale. A key takeaway is the level of discipline being applied in identifying and evaluating potential acquisition opportunities. Given the focus on both organic growth and acquisitions, the board has taken a strategic decision to declare a nil final dividend for FY2026, with the intention of further building our capital position to align with our organic and acquisition growth strategies. We revisit our capital management periodically on the way through. Sorry, lost my point. I have completely lost my train of thought here. Yes, we revisit our capital management strategies on the way through, and we will advise on that at our future period ends. On the outlook, to finish, I can say that I am confident that the momentum built for FY2026 is set to continue into FY2027.

Jeff Whiteman: In this way, we can build broader capabilities and scale. A key takeaway is the level of discipline being applied in identifying and evaluating potential acquisition opportunities. Given the focus on both organic growth and acquisitions, the board has taken a strategic decision to declare a nil final dividend for FY2026, with the intention of further building our capital position to align with our organic and acquisition growth strategies. We revisit our capital management periodically on the way through. Sorry, lost my point. I have completely lost my train of thought here. Yes, we revisit our capital management strategies on the way through, and we will advise on that at our future period ends. On the outlook, to finish, I can say that I am confident that the momentum built for FY2026 is set to continue into FY2027.

Speaker #3: Given the focus on both organic growth and acquisitions, the board has taken a strategic decision to declare a new final dividend for FY26, with the intention of further building our capital positions to align with our organic and acquisition growth strategies.

Speaker #3: And we've revisited our capital management periodically on the way through—and, sorry, I lost my point. Sorry, I've completely lost my train of thought here.

Speaker #3: So yes, we revisited our capital management strategies along the way, and will advise on that at future period ends. On the outlook, to finish, I can say that I am confident the momentum built for FY26 is set to continue into FY27.

Speaker #3: And continued growth is underpinned by a number of key drivers, including a significant near-term pipeline weighted to the first half of FY27; increased market demand as the number of longwall mines restart and ramp up; supportive industry conditions, including good demand for coal and high coal prices; our long-term exclusive agreement with Gemma for Strata Consolidation products, now extended out to 2047; and our strong balance sheet, with $76 million of available liquidity to support organic growth and strategic acquisitions.

Geoff Whiteman: Continued growth is underpinned by a number of key drivers, including a significant near-term pipeline weighted to H1 of FY2027. Increased market demand as a number of longwall mines restart and ramp up. Supportive industry conditions, including good demand for coal and high coal prices. Our long-term exclusive agreement with Jennmar for strata consolidation products, now extended out to 2047. Our strong balance sheet with AUD 76 million of available liquidity to support organic growth and strategic acquisitions. I will now hand back to Ben to take any questions.

Jeff Whiteman: Continued growth is underpinned by a number of key drivers, including a significant near-term pipeline weighted to H1 of FY2027. Increased market demand as a number of longwall mines restart and ramp up. Supportive industry conditions, including good demand for coal and high coal prices. Our long-term exclusive agreement with Jennmar for strata consolidation products, now extended out to 2047. Our strong balance sheet with AUD 76 million of available liquidity to support organic growth and strategic acquisitions. I will now hand back to Ben to take any questions.

Speaker #3: I'll now hand back to Ben to take any questions.

Speaker #2: Yeah, thank you, Jeff. We've got quite a few questions that have come through. Just a reminder: if you would like to ask a question, please do so using the Q&A function.

Ben Brown: Yeah. Thank you, Geoff. We have got a fair few questions that come through. Just a reminder, if you would like to ask a question, please do so by the Q&A function at the bottom of the screen. Just first question from James Bisognin of Unified Capital. James has asked, "You flagged significant opportunities expected to convert in H1 of 2027. Can you elaborate further? Is this within existing or new customers and strata versus mining services?

Ben Larsen: Yeah. Thank you, Geoff. We have got a fair few questions that come through. Just a reminder, if you would like to ask a question, please do so by the Q&A function at the bottom of the screen. Just first question from James Bisognin of Unified Capital. James has asked, "You flagged significant opportunities expected to convert in H1 of 2027. Can you elaborate further? Is this within existing or new customers and strata versus mining services?

Speaker #2: At the bottom of the screen, just the first question from James Bizanella of Unified Capital. James has asked, "You flagged significant opportunities expected to convert in the first half of '27."

Speaker #2: Can you elaborate further? Is this within existing or new customers? And Strada versus Mining Services?

Speaker #3: Yes, thanks, Ben, and thanks, James, for the question. So, you will have seen from our pipeline that we have near-term opportunities within the pipeline of what was $823 million.

Geoff Whiteman: Yes, thanks, Ben, and thanks, James, for the question. You will have seen from our pipeline that we have near-term opportunities within the pipeline of what was AUD 823 million. That has come down a little bit with the recent award of Dendrobium, but we are still looking at a near-term pipeline around, or in the order of AUD 750 million. That is contracts that we expect to be awarded to the market within the next 12 months. That is weighted towards H1 of FY2027 as well. Certainly there are opportunities out there. It is a range of existing projects and also, probably not brand new clients because we already work with a majority of clients in the sector, but maybe new contracts with those clients or new capabilities for them.

Jeff Whiteman: Yes, thanks, Ben, and thanks, James, for the question. You will have seen from our pipeline that we have near-term opportunities within the pipeline of what was AUD 823 million. That has come down a little bit with the recent award of Dendrobium, but we are still looking at a near-term pipeline around, or in the order of AUD 750 million. That is contracts that we expect to be awarded to the market within the next 12 months. That is weighted towards H1 of FY2027 as well. Certainly there are opportunities out there. It is a range of existing projects and also, probably not brand new clients because we already work with a majority of clients in the sector, but maybe new contracts with those clients or new capabilities for them.

Speaker #3: That's come down a little bit with the recent award of Dendrobium, but we're still looking at a near-term pipeline of around, or in the order of, $750 million.

Speaker #3: So that's contracts that we expect to be awarded to the market within the next 12 months, and that is weighted towards the first half of FY27 as well.

Speaker #3: So certainly, there are opportunities out there. It is a range of existing projects, and also probably not brand new clients, because we have already worked with the majority of clients in the sector.

Speaker #3: But maybe new contracts with those clients, or new capabilities for them. In terms of a mix between Strada and mining services, that's varying, but I think we see strong opportunities in both of those activities.

Geoff Whiteman: In terms of a mix between strata and mining services, that is varying, but I think we see strong opportunities in both of those activities and also with our products business as well, which has got some good growth opportunities in front of it.

Jeff Whiteman: In terms of a mix between strata and mining services, that is varying, but I think we see strong opportunities in both of those activities and also with our products business as well, which has got some good growth opportunities in front of it.

Speaker #3: And also, with our products business as well, which has got some good growth opportunities in front of it.

Speaker #2: Thank you, Jeff. Just on the broader market, this is also from James. He points out that coke and coal prices have moved higher by 15% this week.

Ben Brown: Thank you, Geoff. Just on the broader market, this is also from James. He points out that coking coal prices have moved higher by 15% this week. Can you provide some comments around what you see on customer activity front as prices rise? If this holds, do you see Mastermyne being a beneficiary?

Ben Larsen: Thank you, Jeff. Just on the broader market, this is also from James. He points out that coking coal prices have moved higher by 15% this week. Can you provide some comments around what you see on customer activity front as prices rise? If this holds, do you see Mastermyne being a beneficiary?

Speaker #2: Can you provide some comments around what you see on the customer activity front as prices rise? And if this holds, do you see Mastermyne being a beneficiary?

Geoff Whiteman: We are exposed across predominantly met coal, but also thermal coal. Both of those prices have improved since 2025, where the prices were abnormally low. As the prices have picked up, met coal price picked up around October last year and thermal early this year with the Middle East situation. That certainly helped our clients make some more long-term decisions and I think be more confident in making their investment decisions. So it is certainly helpful. I think the recent price increase this week, the coal price is a commodity, so it goes up and down. I think for me, I guess it is supportive, but really the main thing is that as long as the coal prices remain at a sustainable level, then, that makes our clients keen to invest. Whilst there is customer or client activity, that creates opportunities for us.

Jeff Whiteman: We are exposed across predominantly met coal, but also thermal coal. Both of those prices have improved since 2025, where the prices were abnormally low. As the prices have picked up, met coal price picked up around October last year and thermal early this year with the Middle East situation. That certainly helped our clients make some more long-term decisions and I think be more confident in making their investment decisions. So it is certainly helpful. I think the recent price increase this week, the coal price is a commodity, so it goes up and down. I think for me, I guess it is supportive, but really the main thing is that as long as the coal prices remain at a sustainable level, then, that makes our clients keen to invest. Whilst there is customer or client activity, that creates opportunities for us.

Speaker #3: We're exposed across predominantly met coal, but also thermal coal. Both of those prices have improved since 2025, when the prices were abnormally low. As the prices have picked up again, met coal prices picked up from around October last year and thermal with the early part of this year with the Middle East situation.

Speaker #3: That's certainly helped our clients make some more long-term decisions and, I think, be more confident in making their investment decisions. So, it's certainly helpful.

Speaker #3: I think the recent price increase this week for the coal price is a commodity, so it goes up and down. I think for me, it's I guess it's supportive, but really the main thing is that as long as the coal prices remain at a sustainable level, then yeah, that makes our clients keen to invest and whilst there's customer or client activity, that creates opportunities for us.

Speaker #3: And certainly, a big part of what we try to do is bring value-adding solutions to our clients, partly around improving safety, but also around improving operational efficiency.

Geoff Whiteman: Certainly, a big part of what we try to do is bring value-adding solutions to our clients, partly around improving safety, but also around improving operational efficiency. So even if coal prices are a bit more depressed, that still creates an opportunity for us if we can see a way of helping our clients to deliver production for a lower cost.

Jeff Whiteman: Certainly, a big part of what we try to do is bring value-adding solutions to our clients, partly around improving safety, but also around improving operational efficiency. So even if coal prices are a bit more depressed, that still creates an opportunity for us if we can see a way of helping our clients to deliver production for a lower cost.

Speaker #3: And so, even if coal prices are a bit more depressed, that still creates an opportunity for us if we can see a way of helping our clients to deliver production for a lower cost.

Speaker #2: Thank you, Jeff. This one's from Ben Brownet of PetroCapital. He points out that the second half of FY26 benefited from strong working capital conversion, with receivables declining and payables increasing, while operating cash flow was approximately $14.8 million.

Ben Brown: Thank you, Geoff. This one is from Ben Brown of Petra Capital. Points out that the H2 FY26 benefited from strong working capital conversion, with receivables declining and payables increasing while operating cash flow was approximately AUD 14.8 million. With Dendrobium mobilizing in FY27 and new projects, should we expect a material working capital outflow in the H1 2027? Is that expected to largely normalize by year end?

Ben Larsen: Thank you, Jeff. This one is from Ben Brown of Petra Capital. Points out that the H2 FY26 benefited from strong working capital conversion, with receivables declining and payables increasing while operating cash flow was approximately AUD 14.8 million. With Dendrobium mobilizing in FY27 and new projects, should we expect a material working capital outflow in the H1 2027? Is that expected to largely normalize by year end?

Speaker #2: With Dendrobium mobilising in FY27 and new projects, should we expect a material working capital outflow in the first half of '27? And is that expected to largely normalise by year-end?

Speaker #3: Yeah, thanks for the question. So, with the Dendrobium project coming online, there will be an organic working capital impact from that. We do expect that, over the 12 months, it will normalise.

Matt Ruhl: Yeah. Thanks for the question. There is, with the Dendrobium project coming online, there will be organic working capital impacts to that. We do expect that that over the 12 months will normalize. We will definitely see the impact in the first six months. But pending activities across our strata and products, we are in a good position to be able to offset as much as possible. But equally with our ScotPac facility, we do have the options of being able to bring that cash forward. So we are well-positioned for the year. I do expect that that will flatline by the end of the year.

Speaker #3: We'll definitely see the impact in the first six months. But pending activities across our Strada and products, we're in a good position to be able to offset as much as possible.

Speaker #3: But equally, with our Scott Pack facility, we do have the option of being able to bring that cash forward. So we're well positioned for the year, and I do expect that that will flatline by the end of the year.

Speaker #2: Thank you, Matt. We've had some questions around EBITDA margins. One of the questions is that this individual has calculated second half '26 EBITDA margin as being 9.3%.

Ben Brown: Thank you, Matt. We have had some questions around EBITDA margins. One of the questions, this individual has calculated H2 2026 EBITDA margin at being 9.3%. What is required to hit your prior EBITDA margin target of 10%?

Ben Larsen: Thank you, Matt. We have had some questions around EBITDA margins. One of the questions, this individual has calculated H2 2026 EBITDA margin at being 9.3%. What is required to hit your prior EBITDA margin target of 10%?

Speaker #2: What's required to hit your prior EBITDA margin target of 10%?

Speaker #3: Yeah, thanks for the question. Firstly, we're really pleased with the progress for the year, from the 6.6% to the 8.5% over the year. The result in the second half of 9.3% very much reflects the improvement across the portfolio and the activity levels.

Matt Ruhl: Yeah. Thanks for the question. Firstly, we are really pleased with the progress for the year from the 6.6% to the 8.5% over the year. The result in the H2 of the 9.3% very much reflects the improvement across the portfolio of the activity levels in our higher margin activities of strata. We will continue to diversify our client activities and deliver on our cross-sell strategy, which supports the EBIT margin growth. Our goal is to achieve previous margin levels as we look to deploy that.

Speaker #3: In our higher margin activities at Strada, we'll continue to diversify our client activities and deliver on our cross-sell strategies, which supports EBIT margin growth.

Speaker #3: And our goal is to achieve previous margin levels as we look to deploy that.

Speaker #2: Thank you, Matt. Next question—we just had some questions around Anglo. So, what should shareholders expect to happen with the former Anglo American mine contracts expiring next year, post-Dilmah acquisition?

Ben Brown: Thank you, Matt. Next question was, I've had some questions around Anglo. So what should shareholders expect to happen with the former Anglo American mine contracts expiring next year post Tilmar acquisition?

Ben Larsen: Thank you, Matt. Next question was, I've had some questions around Anglo. So what should shareholders expect to happen with the former Anglo American mine contracts expiring next year post Tilmar acquisition?

Speaker #3: Yeah, thanks, Ben. We have been asked that a bit. Obviously, when there's an ownership change of a major asset, it does create some uncertainty.

Geoff Whiteman: Yeah, thanks, Ben. We have been asked that a bit. Obviously, when there is an ownership change of a major asset, it does create some uncertainty. We have been with Anglo, as we highlighted earlier in the pack, since 2002. So it is a very long relationship. We are the largest contractor on site at both the Grosvenor and Moranbah North mines. The Grove mine is still not producing currently. And, yeah, so we are currently contracted out till April next year and are in discussions with them around continuing that relationship going forward. There is a risk there might be other players in the market trying to use that to get in, but I think we can rely on our points of differentiation now from the same as any other client. We have just got to remain ahead of the pack and be very competitive. So, it is one I have a level of confidence around.

Jeff Whiteman: Yeah, thanks, Ben. We have been asked that a bit. Obviously, when there is an ownership change of a major asset, it does create some uncertainty. We have been with Anglo, as we highlighted earlier in the pack, since 2002. So it is a very long relationship. We are the largest contractor on site at both the Grosvenor and Moranbah North mines. The Grove mine is still not producing currently. And, yeah, so we are currently contracted out till April next year and are in discussions with them around continuing that relationship going forward. There is a risk there might be other players in the market trying to use that to get in, but I think we can rely on our points of differentiation now from the same as any other client. We have just got to remain ahead of the pack and be very competitive.

Speaker #3: We have been with Anglo, as the pilot earlier in the pack, since 2002. So it's a very long relationship. We are the largest contractor on site at both the Quiller and Morumba North mines. Grove, the mine, is still not producing currently.

Speaker #3: And yeah, so we're currently contracted out till April next year, and in discussions with them around continuing that relationship going forward. Yeah, there's a risk there might be other players in the market trying to use that to get in, but I think we can rely on our points of differentiation now, same as any other client.

Speaker #3: We've just got to remain ahead of the pack and be very competitive. So yeah, it's one I have a level of confidence around.

Jeff Whiteman: So, it is one I have a level of confidence around.

Speaker #2: Thank you, Jeff. Obviously, there's a bit of interest around Tarmor, so a couple of questions there. But I think one sort of encapsulates pretty much all of them.

Ben Brown: Thank you, Geoff. Obviously, there is a bit of interest around Tahmoor, so a couple of questions there, but I think one sort of encapsulates pretty much all of them. So is Tahmoor in play given your existing relationships?

Ben Larsen: Thank you, Jeff. Obviously, there is a bit of interest around Tahmoor, so a couple of questions there, but I think one sort of encapsulates pretty much all of them. So is Tahmoor in play given your existing relationships?

Speaker #2: So, is Tarmor in play, given your existing relationships?

Speaker #3: So what I would say is, with Tarmor, it was a good producing mine a couple of years ago before its ownership ran into trouble. And so the mine was put on care and maintenance.

Geoff Whiteman: What I would say is, with Tahmoor, it was a good producing mine a couple of years ago before its ownership ran into trouble, and so the mine was put on care and maintenance. With the mine being put through a sale process, almost regardless of who ended up buying it, Tahmoor would have been on our radar. But certainly with M Group being involved in the purchase of that mine, that does provide us with a warm sort of entrance into the door, at least. But it is a joint venture, so we do still need to be competitive and compete on our own merits. But, yes, I can confirm Tahmoor is in our pipeline and as it would have been with anyone. And yeah, we are working hard on coming up with a solution to help M Group and their partners with a successful restart of production there.

Jeff Whiteman: What I would say is, with Tahmoor, it was a good producing mine a couple of years ago before its ownership ran into trouble, and so the mine was put on care and maintenance. With the mine being put through a sale process, almost regardless of who ended up buying it, Tahmoor would have been on our radar. But certainly with M Group being involved in the purchase of that mine, that does provide us with a warm sort of entrance into the door, at least. But it is a joint venture, so we do still need to be competitive and compete on our own merits. But, yes, I can confirm Tahmoor is in our pipeline and as it would have been with anyone. And yeah, we are working hard on coming up with a solution to help M Group and their partners with a successful restart of production there.

Speaker #3: With the mine being put up for a sale process, almost regardless of who ended up buying it, Tarmor would have been on our radar. But certainly, with M Group being involved in the purchase of that mine, that does provide us with a warm sort of entrance into the door, at least. But it is a joint venture.

Speaker #3: So, we do still need to be competitive and compete on our own merits. And yes, I can confirm Tarmor is in our pipeline, as it would have been with anyone.

Speaker #3: And if you have been working hard on coming up with a solution to help M Group and their partners with a successful restart in production there.

Speaker #2: Thank you, Jeff. Question here: Does the Middle East conflict impact the supply chain for the Strada consolidation products?

Ben Brown: Thank you, Geoff. A question here. Does the Middle East conflict impact supply chain for the strata consolidation products?

Ben Larsen: Thank you, Jeff. A question here. Does the Middle East conflict impact supply chain for the strata consolidation products?

Speaker #3: Look, certainly earlier this year, when that first happened, it did cause some disruption. Particularly too, not on the shipping routes, but actually where we were air freighting some product, and through Dubai.

Geoff Whiteman: Well, certainly earlier this year, when that first happened, it did cause some disruption, particularly not on the shipping routes, but actually where we are air freighting some product and through Dubai, and we have had to reroute that. So that did cause some disruption, which we managed our way through and still managed to deliver record volumes through that H2 of FY26. Going forward, we have been working very closely with our strategic partner, Jennmar, and very pleased to say that we have come up with a number of actions there that will pretty much ensure security of supply going forward. So we do not have those concerns looking ahead.

Jeff Whiteman: Well, certainly earlier this year, when that first happened, it did cause some disruption, particularly not on the shipping routes, but actually where we are air freighting some product and through Dubai, and we have had to reroute that. So that did cause some disruption, which we managed our way through and still managed to deliver record volumes through that H2 of FY26. Going forward, we have been working very closely with our strategic partner, Jennmar, and very pleased to say that we have come up with a number of actions there that will pretty much ensure security of supply going forward. So we do not have those concerns looking ahead.

Speaker #3: And I've had to reroute that, so that did cause some disruption, which we managed our way through and still managed to deliver record volumes through that second half of FY26.

Speaker #3: Going forward, we've been working very closely with our strategic partner, Genma, and we're very pleased to say that we've come up with a number of actions there that will pretty much ensure security of supply going forward.

Speaker #3: So, we don't have those concerns looking ahead.

Speaker #2: Thank you, Jeff. I know the answer to the first part of this question. So, are you providing FY27 guidance? The second part of the question is, or alternatively, are you able to share the FY27 strong revenue visibility you have?

Ben Brown: Thank you, Geoff. A couple parts to this question. I know the answer to the first one. Are you providing FY27 guidance? The second part of the question is, or alternatively, are you able to share the FY27 strong revenue visibility you have? We have had a few questions around that, so I guess we can point to another one that said you flagged significant opportunities expected to convert in the H1 of 2027. Can you elaborate further?

Ben Larsen: Thank you, Jeff. A couple parts to this question. I know the answer to the first one. Are you providing FY27 guidance? The second part of the question is, or alternatively, are you able to share the FY27 strong revenue visibility you have? We have had a few questions around that, so I guess we can point to another one that said you flagged significant opportunities expected to convert in the H1 of 2027. Can you elaborate further?

Speaker #2: We've had a few questions around that, so I guess we can point to another one that said you flagged significant opportunities expected to convert in the first half of '27.

Speaker #2: Can you elaborate further?

Speaker #3: Yes, I also mentioned earlier, what's in the order book out of it 423 million, there was about 155 million of that related to F1 relates to FY27.

Geoff Whiteman: Yeah. As I mentioned earlier, what is in the order book out of that AUD 423 million, there was about AUD 155 million of that related to or relates to FY27. Then with around about AUD 40, AUD 45 million for year one of Dendrobium contract that has been awarded post-year, and that locks in revenue in the order book relating to FY27 in around about that AUD 200 million mark. In terms of the opportunities we have got locked in that near-term pipeline, I have talked about Tahmoor. We have mentioned previously that there are other opportunities with the other GM3 mines as well. We have got the, as we just mentioned, renewal discussions going on with Anglo. We have renewal discussions going on with Whitehaven at Narrabri, and we are also looking at a number of other opportunities as well. Mostly with existing clients, in some cases at new projects, in some cases at existing projects.

Jeff Whiteman: Yeah. As I mentioned earlier, what is in the order book out of that AUD 423 million, there was about AUD 155 million of that related to or relates to FY27. Then with around about AUD 40, AUD 45 million for year one of Dendrobium contract that has been awarded post-year, and that locks in revenue in the order book relating to FY27 in around about that AUD 200 million mark. In terms of the opportunities we have got locked in that near-term pipeline, I have talked about Tahmoor. We have mentioned previously that there are other opportunities with the other GM3 mines as well. We have got the, as we just mentioned, renewal discussions going on with Anglo. We have renewal discussions going on with Whitehaven at Narrabri, and we are also looking at a number of other opportunities as well.

Speaker #3: And then, with around about $40 to $45 million for year one of Dendrobium—contract that's been awarded post-year—and that locks in revenue in the order book relating to FY27, around about that $200 million mark.

Speaker #3: In terms of the opportunities we've got locked in the term pipeline, I've talked about Tarmor, which I mentioned previously, and that there are other opportunities with the other GM3 mines as well.

Speaker #3: We've got the, as we just mentioned, renewal discussions going on with Anglo. We have renewal discussions going on with Whitehaven at Narrabri. And we're also looking at a number of other opportunities as well, mostly with existing clients—in some cases at new projects, in some cases at existing projects.

Jeff Whiteman: Mostly with existing clients, in some cases at new projects, in some cases at existing projects.

Speaker #2: Thank you, Jeff. Just a couple of questions around the dividend. When do you expect the payment of dividends to begin? And why haven't you paid a dividend?

Ben Brown: Thank you, Geoff. Just a couple of questions around the dividend. When do you expect the payment of dividends to begin? Why haven't you paid a dividend this year?

Ben Larsen: Thank you, Jeff. Just a couple of questions around the dividend. When do you expect the payment of dividends to begin? Why haven't you paid a dividend this year?

Speaker #2: This year.

Speaker #3: Well, as I mentioned, we've got a lot of growth in front of us. And so the Board have taken these strategic decisions to maintain and build our capital position, really in view of that growth—both organic and acquisition growth.

Geoff Whiteman: Well, as I mentioned, we've got a lot of growth in front of us. So the board have taken the strategic decision to maintain and build our capital position really in view of that growth, both organic and acquisition growth. We will continue to revisit our capital management policy in future periods. I do flag we've got a pretty significant balance of franking credits. So if and when we get to that point of going back to dividends, we do have franking credits to benefit that. Yes, at this point, we're on a strong growth trend. So the decision has been taken that we're better serving shareholders by maintaining that cash to really deliver on the growth agenda in front of us.

Jeff Whiteman: Well, as I mentioned, we've got a lot of growth in front of us. So the board have taken the strategic decision to maintain and build our capital position really in view of that growth, both organic and acquisition growth. We will continue to revisit our capital management policy in future periods. I do flag we've got a pretty significant balance of franking credits. So if and when we get to that point of going back to dividends, we do have franking credits to benefit that. Yes, at this point, we're on a strong growth trend. So the decision has been taken that we're better serving shareholders by maintaining that cash to really deliver on the growth agenda in front of us.

Speaker #3: We've all continued to revisit our capital management policy in future periods. And I do flag that we've got a pretty significant balance of franking credits.

Speaker #3: So, if and when we get to that point of going back to dividends, we do have franking credits to benefit from that. But yes, at this point, we're on a strong growth trend.

Speaker #3: And so the decision has been taken that we’re better serving shareholders by maintaining that cash to really deliver on the growth agenda in front of us.

Speaker #2: Thank you, Jeff. Question from Islam Eid from RAS Research: The short-term opportunities—are they more cooking or thermal coal?

Ben Brown: Thank you, Geoff. Question from Isam Eid from RaaS Research. The short-term opportunities, are they more coking or thermal coal?

Ben Larsen: Thank you, Jeff. Question from Isam Eid from RaaS Research. The short-term opportunities, are they more coking or thermal coal?

Speaker #3: That's such a good question, but I think, thinking through the bigger ones, they are predominantly coking or metallurgical coal. There are some thermal opportunities in there as well.

Geoff Whiteman: That's such a good question, but I think, thinking through the bigger ones, they are predominantly coking or metallurgical coal. There are some thermal opportunities in there as well. I would say the thermal mines that we're involved with are the high-quality thermal mines that are delivering export quality thermal. So, yes, it's still higher up the spectrum than some other mines. So yeah, we really do try to focus on that coal and that high-quality thermal.

Jeff Whiteman: That's such a good question, but I think, thinking through the bigger ones, they are predominantly coking or metallurgical coal. There are some thermal opportunities in there as well. I would say the thermal mines that we're involved with are the high-quality thermal mines that are delivering export quality thermal. So, yes, it's still higher up the spectrum than some other mines. So yeah, we really do try to focus on that coal and that high-quality thermal.

Speaker #3: I would say the thermal mines that were involved were the high-quality thermal mines that have been delivering export-quality thermal. So yes, it's still higher up the spectrum than some other mines.

Speaker #3: So, we really do try to focus on the met coal and that high-quality thermal.

Speaker #2: Thank you, Jeff. Just a question here, around Yankal. So, with Mastermyne currently servicing Ashen Underground, owned by Yankal, this person's curious if there is any information that can be given to support the thesis that potentially, post-acquisition, Yankal will also be looking for underground contractors for Kestrel?

Ben Brown: Thank you, Geoff. Just a question here around Yancoal. With Mastermyne currently servicing Ashton Underground owned by Yancoal, this person is curious if there is any information that can be given to support the thesis that potentially post-acquisition Yancoal will also be looking for underground contractors for Kestrel? Is there a potential for this in the near future or are current contractors awaiting contract renewal?

Ben Larsen: Thank you, Jeff. Just a question here around Yancoal. With Mastermyne currently servicing Ashton Underground owned by Yancoal, this person is curious if there is any information that can be given to support the thesis that potentially post-acquisition Yancoal will also be looking for underground contractors for Kestrel? Is there a potential for this in the near future or are current contractors awaiting contract renewal?

Speaker #2: Is there potential for this in the near future, or are current contractors awaiting contract renewal?

Speaker #3: Look, I would say when there's an ownership change, as we questioned around Anglo was earlier, I think that does provide us an opportunity to go and at least talk to Yankal.

Geoff Whiteman: Look, I would say when there's ownership changes, the question around Anglo was earlier, I think that does provide us an opportunity to go and at least talk to Yancoal. We do have a good relationship with them through our Ashton contract. I'd also highlight that we're actually already talking to Kestrel on an unrelated or a different proposal that's separate scope to our current contractors. That's prior to Yancoal even taking the reins there. Kestrel is a large mine. Mastermyne has done extensive work at Kestrel previously. I think whether Yancoal make the difference or not, it's still on our target list and one that we believe we can add some value there.

Jeff Whiteman: Look, I would say when there's ownership changes, the question around Anglo was earlier, I think that does provide us an opportunity to go and at least talk to Yancoal. We do have a good relationship with them through our Ashton contract. I'd also highlight that we're actually already talking to Kestrel on an unrelated or a different proposal that's separate scope to our current contractors. That's prior to Yancoal even taking the reins there. Kestrel is a large mine. Mastermyne has done extensive work at Kestrel previously. I think whether Yancoal make the difference or not, it's still on our target list and one that we believe we can add some value there.

Speaker #3: We do have a good relationship with him through our Ashland contract. I'd also highlight that Virati is already talking to Kestrel on an unrelated or different proposal that's a separate scope to the current contractors.

Speaker #3: And yeah, that's prior to Yankal even taking the reins there. So, Kestrel is a large mine. Mastermyne has done extensive work at Kestrel previously.

Speaker #3: So I think whether Yankal makes the difference or not, it's still on our target list, and one that we believe we can add some value to there.

Speaker #2: All right. Thank you, Jeff. That concludes the Q&A segment of this webinar. I'll now hand back to Jeff for closing remarks.

Ben Brown: All right. Thank you, Geoff. That concludes the Q&A segment of this webinar. I'll now hand back to Geoff for closing remarks.

Ben Larsen: All right. Thank you, Jeff. That concludes the Q&A segment of this webinar. I'll now hand back to Jeff for closing remarks.

Speaker #3: Yeah, thanks, Ben. And, again, many thanks to everyone on the call for taking an interest in Mastermyne and hearing our story. We're certainly very excited about the year ahead.

Geoff Whiteman: Yeah. Thanks, Ben. Again, many thanks to everyone on the call for taking an interest in Mastermyne and hearing our story. We're certainly very excited about the year ahead, and look forward to providing further updates as we progress with our growth agenda over the next few months. So thank you again, and have a good day.

Jeff Whiteman: Yeah. Thanks, Ben. Again, many thanks to everyone on the call for taking an interest in Mastermyne and hearing our story. We're certainly very excited about the year ahead, and look forward to providing further updates as we progress with our growth agenda over the next few months. So thank you again, and have a good day.

Speaker #3: And look forward to providing further updates on as we progress with our growth agenda over the next few months. So thank you again and have a good day.

Operator 2: Goodbye.

Operator: Goodbye.