Full Year 2026 Chrysos Corporation Ltd Earnings Call

August 11, 2026

Operator 2: Hello, and welcome to the Chrysos Corporation full year 2026 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star one on your telephone keypad. I would now like to turn the conference over to Dirk Treasure, Managing Director and CEO. You may begin.

Operator: Hello, and welcome to the Chrysos Corporation Full Year 2026 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star one on your telephone keypad. I would now like to turn the conference over to Dirk Treasure, Managing Director and CEO. You may begin.

Speaker #2: Hello, and welcome to the Chrysos Corporation Full Year 2026 Results Conference Call. All lines have been placed on mute to prevent any background noise.

Speaker #2: After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, please press star one on your telephone keypad.

Speaker #2: I would now like to turn the conference over to Dirk Treasure, Managing Director and CEO. You may begin.

Speaker #3: Thank you very much, and good morning, shareholders. Thank you all for joining us today for our FY26 results presentation. As usual, I'm joined by our CFO, Brett Coventry, as well as our CPO, Kim Bollard.

Dirk Treasure: Thank you very much, and good morning, shareholders. Thank you all for joining us today for our FY26 results presentation. As usual, I am joined by our CFO, Brett Coventry, as well as by our CPO, Kim Boland. FY26 was another strong year for Chrysos. We delivered at the upper end of our guidance, processed record sample volumes, expanded our contracted fleet, and strengthened the operating platform that supports our next stage of growth. I will begin with the highlights and the progress we have made in expanding PhotonAssay globally. Brett will then take you through the financial results before I return to cover our growth opportunity and the outlook for FY27. Slide 4 please, operator. FY26 has been another year of strong adoption of our PhotonAssay technology, and we continue to demonstrate our ability to grow revenue faster than cost at scale.

Dirk Treasure: Thank you very much, and good morning, shareholders. Thank you all for joining us today for our FY 2026 results presentation. As usual, I am joined by our CFO, Brett Coventry, as well as by our CPO, Kim Boland. FY 2026 was another strong year for Chrysos. We delivered at the upper end of our guidance, processed record sample volumes, expanded our contracted fleet, and strengthened the operating platform that supports our next stage of growth. I will begin with the highlights and the progress we have made in expanding PhotonAssay globally. Brett will then take you through the financial results before I return to cover our growth opportunity and the outlook for FY 2027. Slide four please, operator. FY 2026 has been another year of strong adoption of our PhotonAssay technology, and we continue to demonstrate our ability to grow revenue faster than cost at scale.

Speaker #3: FY26 was another strong year for Chrysos. We delivered at the upper end of our guidance, processed record sample volumes, expanded our contracted fleet, and strengthened the operating platform that supports our next stage of growth.

Speaker #3: I'll begin with the highlights and the progress we've made in expanding PhotonAssay globally. Brett will then take you through the financial results before I return to cover our growth opportunity and the outlook for FY27.

Speaker #3: Slide 4, please operate. FY26 has been another year of strong adoption of our photon assay technology, and we continue to demonstrate our ability to grow revenue faster than costs at scale.

Speaker #3: Revenue increased 33% to $88.1 million, and EBITDA increased 68% to $27.2 million, with the EBITDA margin expanding from 24% in FY25 to 31% this year.

Dirk Treasure: Revenue increased 33% to AUD 88.1 million, and EBITDA increased 68% to AUD 27.2 million, with the EBITDA margin expanding from 24% in FY25 to 31% this year. We continue to generate cash flow, with AUD 17.9 million net inflow for the year, supporting our ongoing growth. Operationally, we finished the year with 46 deployed units, with the addition of seven units and the decommissioning of one unit during the year. Despite deploying less units than we had targeted for FY26, our fleet processed 11.3 million samples during the year, which is an increase of 67% over FY25. Our growth is well supported by the growing fleet, but also by materially higher utilization of that fleet. An important achievement of FY26 was our growth in contracts, both in number of leases but also in the quality of those leases.

Dirk Treasure: Revenue increased 33% to AUD 88.1 million, and EBITDA increased 68% to AUD 27.2 million, with the EBITDA margin expanding from 24% in FY 2025 to 31% this year. We continue to generate cash flow, with AUD 17.9 million net inflow for the year, supporting our ongoing growth. Operationally, we finished the year with 46 deployed units, with the addition of seven units and the decommissioning of one unit during the year. Despite deploying less units than we had targeted for FY 2026, our fleet processed 11.3 million samples during the year, which is an increase of 67% over FY 2025. Our growth is well supported by the growing fleet, but also by materially higher utilization of that fleet. An important achievement of FY 2026 was our growth in contracts, both in number of leases but also in the quality of those leases.

Speaker #3: We continue to generate cash flow, with a net inflow of $17.9 million for the year, supporting our ongoing growth. Operationally, we finished the year with 46 deployed units, with the addition of 7 units and the decommissioning of 1 unit during the year.

Speaker #3: Despite deploying fewer units than we had targeted for FY26, our fleet processed 11.3 million samples during the year, which is an increase of 67% over FY25.

Speaker #3: Our growth is well supported by the growing fleet, but also by materially higher utilization of that fleet. An important achievement of FY26 was our growth in contracts.

Speaker #3: Both in the number of leases, but also in the quality of those leases. We signed 24 new lease agreements during the year and a further 4 post-period, taking our total contracted units to 87.

Dirk Treasure: We signed 24 new lease agreements during the year and a further 4 post-period, taking our total contracted units to 87. These new leases provide the foundation for a more aggressive deployment program in FY27, and I am pleased to announce that we are currently deploying 6 units concurrently, with some of those to pass site acceptance testing imminently. Next slide, please, operator. This chart captures the acceleration we have seen in PhotonAssay adoption. Quarterly sample volumes have continued to set records. Monthly throughput moved above 1 million samples in March and has remained above that level each month since, with a further record of more than 1.1 million samples achieved in July. That volume growth increased AAC to 29% of FY26 revenue, compared with 15% in FY25. MMAP continues to provide the contracted base and higher customer activity flows through as additional revenue.

Dirk Treasure: We signed 24 new lease agreements during the year and a further four post-period, taking our total contracted units to 87. These new leases provide the foundation for a more aggressive deployment program in FY 2027, and I am pleased to announce that we are currently deploying six units concurrently, with some of those to pass site acceptance testing imminently. Next slide, please, operator. This chart captures the acceleration we have seen in PhotonAssay adoption. Quarterly sample volumes have continued to set records. Monthly throughput moved above 1 million samples in March and has remained above that level each month since, with a further record of more than 1.1 million samples achieved in July. That volume growth increased AAC to 29% of FY 2026 revenue, compared with 15% in FY 2025. MMAP continues to provide the contracted base and higher customer activity flows through as additional revenue.

Speaker #3: These new leases provide the foundation for a more aggressive deployment program in FY27, and I'm pleased to announce that we are currently deploying six units concurrently, with some of those to pass site acceptance testing imminently.

Speaker #3: Next slide, please, operator. This chart captures the acceleration we've seen in photon assay adoption. Quarterly sample volumes have continued to set records. Monthly throughput moved above 1 million samples in March and has remained above that level each month since, with a further record of more than 1.1 million samples achieved in July.

Speaker #3: That volume growth increased AAC to 29% of FY26 revenue, compared with 15% in FY25. MMAP continues to provide the contracted base, and higher customer activity flows through as additional revenue.

Speaker #3: The current gold market is supportive, but the most important point is the continued conversion of customer workflows to photon assay, and the increasing use of our deployed capacity.

Dirk Treasure: The current gold market is supportive, but the most important point is the continued conversion of customer workflows to PhotonAssay and the increasing use of our deployed capacity. Slide 6 please, operator. Sample growth is now running ahead of fleet growth. Over the last 2 years, quarterly volume has increased from around 1.3 million samples to more than 3.1 million. Over the same period, hub laboratory utilization increased from 41% in FY25 to 59% in FY26. APAC is the most mature region at 79% utilization. The Americas and EMEA also improved and still have meaningful capacity available to support further growth. We are also increasing capacity within the existing fleet. Software and operating upgrades are delivering a 10% to 20% improvement in throughput with minimal capital cost. Several of our units are now repeatedly operating above nameplate capacity.

Dirk Treasure: The current gold market is supportive, but the most important point is the continued conversion of customer workflows to PhotonAssay and the increasing use of our deployed capacity. Slide six please, operator. Sample growth is now running ahead of fleet growth. Over the last two years, quarterly volume has increased from around 1.3 million samples to more than 3.1 million. Over the same period, hub laboratory utilization increased from 41% in FY 2025 to 59% in FY 2026. APAC is the most mature region at 79% utilization. The Americas and EMEA also improved and still have meaningful capacity available to support further growth. We are also increasing capacity within the existing fleet. Software and operating upgrades are delivering a 10% to 20% improvement in throughput with minimal capital cost. Several of our units are now repeatedly operating above nameplate capacity.

Speaker #3: Slide 6, please, operator. Sample growth is now running ahead of fleet growth. Over the last two years, quarterly volume has increased from around 1.3 million samples to more than 3.1 million.

Speaker #3: Over the same period, hub laboratory utilization increased from 41% in FY25 to 59% in FY26. APAC is the most mature region, at 79% utilization. The Americas and EMEA also improved, and still have meaningful capacity available to support further growth.

Speaker #3: We're also increasing capacity within the existing fleet. Software and operating upgrades are delivering a 10% to 20% improvement in throughput, with minimal capital cost.

Speaker #3: Several of our units are now repeatedly operating above nameplate capacity. This allows us to grow revenue and unit returns without relying solely on new deployments.

Dirk Treasure: This allows us to grow revenue and unit returns without relying only on new deployments. Slide 7 please, operator. We deployed 7 units during FY26 and decommissioned 1 unit, taking the fleet to 46 units across 34 active sites at year-end. Those deployments broadened our customer and geographic base. 3 units were deployed with ALS across Australia and Canada. Our first South American unit was deployed with Bureau Veritas in Chile. A new Canadian hub has been established with MSA. We deployed to the Norseman goldmine with Intertek, and we completed our first next generation XN unit with SGS in Perth. Contracting was particularly strong. We signed 24 lease agreements during the year and 4 more after year-end, taking the contracted fleet to 87 units.

Dirk Treasure: This allows us to grow revenue and unit returns without relying only on new deployments. Slide seven please, operator. We deployed seven units during FY 2026 and decommissioned one unit, taking the fleet to 46 units across 34 active sites at year-end. Those deployments broadened our customer and geographic base. Three units were deployed with ALS across Australia and Canada. Our first South American unit was deployed with Bureau Veritas in Chile. A new Canadian hub has been established with MSA. We deployed to the Norseman goldmine with Intertek, and we completed our first next generation XN unit with SGS in Perth. Contracting was particularly strong. We signed 24 lease agreements during the year and 4 more after year-end, taking the contracted fleet to 87 units.

Speaker #3: Slide 7, please, operator. We deployed 7 units during FY26 and decommissioned 1 unit, taking the fleet to 46 units across 34 active sites at year-end.

Speaker #3: Those deployments broadened our customer and geographic base. Three units were deployed with ALS across Australia and Canada. Our first South American unit was deployed with Bureau Veritas in Chile. A new Canadian hub has been established with MSA. We deployed to the Northman Gold Mine with Intertech, and we completed our first next-generation XN unit with SGS in Perth.

Speaker #3: Contracting was particularly strong. We signed 24 lease agreements during the year, and four more after year-end, taking the contracted fleet to 87 units. We're expanding our relationships with each of the major laboratories, while building a stronger direct-to-mine pipeline with Newmont, Allied Gold, Acrux, Alkane, Pantoro, and other miners.

Dirk Treasure: We are expanding our relationships with each of the major laboratories while building a stronger direct-to-mine pipeline with Newmont, Allied Gold, Acrux, Alkane, Pantoro, and other miners. We are focused now on manufacturing, deploying, and bringing those contracted units online. Slide 8 please, operator. Our sales strategy remains deliberately two-pronged. Hub-and-spoke laboratories provide broad access to local miners and explorers. Our laboratory partners market PhotonAssay into those regions, while our sales and technical teams work with miners to increase adoption and move more sample types onto the units. Direct-to-mine deployments create deeper customer relationships and give us access to samples across exploration, mining, and processing. They also established a strong reference point for adoption across a miner's broader portfolio. The two channels reinforce each other. The laboratories broaden market access. Mine site deployments demonstrate the operational value, and higher utilization in both instances improves unit economics and supports further adoption.

Speaker #3: We're focused now on manufacturing, deploying, and bringing those contracted units online. Slide 8, please, operator. Our sales strategy remains deliberately two-pronged. Hub and spoke laboratories provide broad access to local miners and explorers.

Speaker #3: Our laboratory partners market photon assay into those regions, while our sales and technical teams work with miners to increase adoption and move more sample types onto the units.

Speaker #3: Direct-to-mine deployments create deeper customer relationships and give us access to samples across exploration, mining, and processing. They also establish a strong reference point for adoption across a miner's broader portfolio.

Speaker #3: The two channels reinforce each other. The laboratories broaden market access, minesite deployments demonstrate the operational value, and higher utilization in both instances improves unit economics and supports further adoption.

Speaker #3: Over to you, Brett.

Dirk Treasure: Over to you, Brett.

Speaker #2: Thanks, Dirk. Slide 10, please, operator. Revenue for the year was $88.1 million, up 33% on FY25’s $66.1 million. That growth continues to be driven by the expanding deployed fleet and materially higher utilization across it, reflecting ongoing global adoption of photon assay and the elevated industry activity.

Brett Coventry: Thanks, Dirk. Slide 10 please, operator. Revenue for the year was AUD 88.1 million, up 33% on FY25 AUD 66.1 million. That growth continues to be driven by the expanding deployed fleet and materially higher utilization across it, reflecting ongoing global adoption of PhotonAssay and the elevated industry activity. Looking at the regions, APAC was a larger contributor to FY26 growth, up 70% to AUD 39 million, driven by three new units and AUD 11.4 million increase in additional assay charges. The Americas were up 28% to AUD 23.4 million as the installed base scaled, and EMEA was up 4% to AUD 25.8 million, consolidating two years of substantial growth. International revenue rose 14% to AUD 49.2 million and now represents 56% of group revenue. More than half our revenue comes from outside APAC, which validates the global rollout strategy.

Speaker #2: Looking at the regions, APAC was a larger contributor to FY26 growth, up 70% to $39 million, driven by three new units and an $11.4 million increase in additional assay charges. The Americas were up 28% to $23.4 million as the installed base scaled, and EMEA was up 4% to $25.8 million, consolidating two years of substantial growth.

Speaker #2: International revenue rose 14% to $49.2 million, and now represents 56% of group revenue. More than half our revenue comes from outside APAC, which validates the global rollout strategy.

Speaker #2: Group revenue has almost doubled since FY24, from $45.4 million to $88.1 million, on an increasingly diversified geographic base. Next slide, please. This continues to be one of the most important graphs in the deck, because it shows the forecasted underlying revenue generated by minimum monthly assay payments.

Brett Coventry: Group revenue has almost doubled since FY24 from AUD 45.4 million to AUD 88.1 million on an increasingly diversified geographic base. Next slide, please. This continues to be one of the most important graphs in the deck because it shows the forecastable underlying revenue generated by minimum monthly assay payments. MMAP was up to AUD 62.5 million for the year, up 12% on FY25, and made up 71% of the revenue. It scales directly with the deployed unit base and gives us a contracted revenue floor. Additional assay charges were AUD 25.5 million, up 153% on FY25's AUD 10.1 million, and now represent 29% of revenue against 15% last year. A growing contracted base with a combined increasing AAC contribution. Next slide, please. This year represents a clear step change in profitability. Revenue increased 33% to AUD 88.1 million, while EBITDA increased 68% to AUD 27.2 million, with the EBITDA margin expanding from 24% to 31%.

Speaker #2: MMAP was up to $62.5 million for the year, up 12% on FY25, and made up 71% of the revenue. It scales directly with the deployed unit base and gives us a contracted revenue floor.

Speaker #2: Additional assay charges were $25.5 million, up 153% on FY25’s $10.1 million, and now represent 29% of revenue, compared to 15% last year. A growing contracted base with a combined increasing AAC contribution.

Speaker #2: Next slide, please. This year represents a clear step change in profitability. Revenue increased 33% to $88.1 million, while EBITDA increased 68% to $27.2 million, with the EBITDA margin expanding from 24% to 31%.

Speaker #2: The highlight for me is that revenue growth has materially outpaced expense growth. Operating expenses of $39.6 million grew just 18%, well below the 33% revenue increase, and fell from around 52% to 45% of revenue.

Brett Coventry: The highlight for me is that revenue growth has materially outpaced expense growth. Operating expenses of AUD 39.6 million grew just 18%, well below the 33% revenue increase and fell around 52% to 45% of revenue. That is a global platform that we've built now delivering leverage. Gross profit was up 32% to AUD 66.8 million, with margins steady as PhotonAssay costs broadly track revenue. PhotonAssay operating expenses of AUD 21.3 million were up 36%. Fleet maintenance of AUD 11.4 million, and direct operating labor of AUD 9.9 million, reflecting a larger fleet and the record activity levels. The direct costs held broadly stable around 24% of revenue. Depreciation and amortization of AUD 21.4 million increased in line with the expanding fleet, which you would expect as a capital investment translates into revenue-generating assets.

Speaker #2: That is a global platform that we've built now, delivering leverage. Gross profit was up 32% to $66.8 million, with margins steady as photon assay costs broadly track revenue.

Speaker #2: PhotonAssay operating expenses of $21.3 million were up 36%. Fleet maintenance was $11.4 million, and direct operating labor was $9.9 million, reflecting a larger fleet and record activity levels.

Speaker #2: The direct costs held broadly stable at around 24% of revenue. Depreciation and amortization of $21.4 million increased in line with the expanding fleet, which you would expect as capital investment translates into revenue-generating assets.

Speaker #2: Given the ongoing strong operation of our maturing fleet, we've taken the opportunity to reassess the useful life of our operating fleet and reassess that to be 15 years for the photon assay units, rather than the previous 10.

Brett Coventry: Given the ongoing strong operation of our maturing fleet, we have taken the opportunity to reassess the useful life of our operating fleet and reassess that to be 15 years for the PhotonAssay units rather than the previous 10. Below EBITDA, we delivered a statutory net profit of AUD 1.8 million. Next slide, please. It is worth spending a moment on currency because the reported numbers absorb the real headwind. 2026 guidance was set in August 2025 on constant currency assumptions, with approximately 55% of group revenue exposed to non-AUD currencies. On those August 2025 assumptions, the results equate to approximately AUD 91 million of revenue and AUD 30.2 of EBITDA. We absorbed around AUD 3 million of revenue and EBITDA headwinds.

Speaker #2: Below EBITDA, we delivered a statutory net profit of $1.8 million. Next slide, please. We're spending a moment on currency, because the reported numbers absorbed a real headwind.

Speaker #2: FY26 guidance was set in August 2025 on constant currency assumptions, with approximately 55% of group revenue exposed to non-AUD currencies. On those August 2025 assumptions, the results equate to approximately $91 million of revenue and $30.2 million of EBITDA.

Speaker #2: So we absorbed around $3 million of revenue and EBITDA headwinds. Even after absorbing that, we delivered at the upper end of both guidance ranges, with revenue of $88.1 million against the $80 to $90 million guidance, and EBITDA of $27.2 million against the $20 to $27 million of guidance.

Brett Coventry: Even after absorbing that, we delivered at the upper end of both guidance ranges, with revenue of AUD 88.1 million against the AUD 80 to AUD 90 million guidance and EBITDA of AUD 27.2 against the AUD 20 to AUD 27 million of guidance. Underlying performance was ahead of guidance, and we actively managed the exposure through the year. Next slide, please. This slide is the unit economics underneath the growth. We have sustained gross profit margins of between 70% and 80% across FY24 through to FY26, and margins held firm even as direct employee costs absorbed short-term incentives at full achievement versus partial achievements in prior years. Cost control continues to be supported by the hubbing strategy and bringing more maintenance in-house, which reduces our reliance on third parties.

Speaker #2: Underlying performance was ahead of guidance, and we actively managed the exposure through the year. Next slide, please. This slide shows the unit economics underlying the growth.

Speaker #2: We've sustained gross profit margins of between 70% and 80% across FY24 through to FY26, and margins held firm even as direct employee costs absorbed short-term incentives at full achievement, versus partial achievements in prior years.

Speaker #2: Cost control continues to be supported by the hubbing strategy and bringing more maintenance in-house, which reduces our reliance on third parties. Revenue per unit remains underpinned by MMAP, with an FY26 MMAP exit rate of 65.9 million, and the additional assay charges per unit more than doubled over the year, on broader industry activity and growing adoption.

Brett Coventry: Revenue per unit remains underpinned by MMAP, with an FY26 MMAP exit rate of AUD 65.9 million and the additional assay charges per unit more than doubled over the year on broader industry activity and growing adoption. The five units installed in May and June of FY25 ramped up through the year, and several previously underperforming units are now at or above their committed MMAP volumes, which opens up further AAC upside. Next slide, please. With that growth, our cash flow continues to improve, reflecting higher EBITDA and better cash conversion. Operating cash flow was AUD 17.9 million for the year, up 103% on FY25's AUD 8.8 million. The working capital outflow more than halved from AUD 29.8 to AUD 14.5. We invested AUD 36.3 million in growth capital expenditure on the global fleet expansion, which is a core driver of future recurring revenue.

Speaker #2: The five units installed in May and June of FY25 ramped up through the year, and several previously underperforming units are now at or above their committed MMAP volumes, which opens up further AAC upside.

Speaker #2: Next slide, please. With that growth, our cash flow continues to improve, reflecting higher EBITDA and better cash conversion. Operating cash flow was $17.9 million for the year, up 103% on FY25’s $8.8 million.

Speaker #2: The working capital outflow more than halved, from $29.8 million to $14.5 million. We invested $36.3 million in growth capital expenditure on the global fleet expansion, which is the core driver of future recurring revenue.

Speaker #2: With total capital expenditure of $41.41 million, including $0.6 million of sustaining capex and around $4.1 million on R&D, overall we are seeing a growing unit base translate into increased cash generation.

Brett Coventry: With total capital expenditure of AUD 41 million, including AUD 0.6 of sustaining CapEx and around AUD 4.1 million on R&D. Overall, we are seeing a growing unit base translate into increased cash generation. Next slide, please. The Chrysos balance sheet remains strong and well-positioned to support continued growth. Net assets of AUD 197 million, broadly unchanged from the previous year. We also finished the year with total assets of AUD 306.5 million and AUD 25.9 million cash. The main movement in our non-current assets, which increased to AUD 228.2 million as we continued to expand our PhotonAssay fleet. Let us move to the next slide and talk about the increased debt facility. During the period, we refinanced our corporate facilities with a new three-year, AUD 200 million syndicated facility provided by three domestic financiers.

Speaker #2: Next slide, please. The Chrysos balance sheet remains strong and well-positioned to support continued growth. Net assets of $197 million, broadly unchanged from the previous year.

Speaker #2: We also finished the year with total assets of $306.5 million and $25.9 million in cash. The main movement in our non-current assets, which increased to $228.2 million, was as we continued to expand our photon assay fleet.

Speaker #2: Let's move to the next slide and talk about the increased debt facility. During the period, we refinanced our corporate facilities with a new 3-year, $200 million syndicated facility provided by three domestic financiers.

Speaker #2: This is a deliberate shift away from asset-based financing to a corporate-style structure, giving us far greater operational flexibility, improved pricing, and a better covenant package.

Brett Coventry: This is a deliberate shift away from the asset-based financing to a corporate style structure, giving us far greater operational flexibility, improved pricing, and better covenant package. Proceeds were drawn to extinguish the existing asset-based facility, but it did overall add AUD 105 of funding headroom, and I would note that reflects the lenders' confidence in their customer base and our long-term contracted revenue. The AUD 140 million undrawn supports manufacturing global deployment of PhotonAssay units through FY27 and beyond and underpins our return to target manufacturing of cadence of 18 units a year. Over to you, Dirk.

Speaker #2: Proceeds were drawn to extinguish the existing asset-based facility, but it did overall at 105 of funding headroom, and I'd note that it reflects the lender's confidence in their customer base and our long-term contracted revenue.

Speaker #2: The $140 million undrawn supports manufacturing and global deployment of PhotonAssay units through FY27 and beyond, and underpins our return to target manufacturing cadence of 18 units a year.

Speaker #2: Over to you, Dirk.

Speaker #1: Thank you, Bruce. And slide 19, please, operator.

Dirk Treasure: Thank you, Brett, and slide 19, please, operator. We are now engaged with 80% of the world's top 20 gold producers. During FY26, Northern Star became the first mining customer to use PhotonAssay as its primary analytical technique across all of its major sites that sits within those top 20. This is an important demonstration of portfolio-wide adoption and one that we are working hard to repeat with our other mining customers. We established our first operating presence in South America with Bureau Veritas in Chile, deployed the first XN unit with SGS in Perth, and continued to build the Newmont relationship under the Master Services Agreement signed last year. Each of these milestones is useful on its own. Together, they show that PhotonAssay is moving from individual deployments toward broader acceptance globally across both miners and laboratories. Slide 20, please, operator.

Speaker #2: We're now engaged with 80% of the world's top 20 gold producers. During FY26, Northern Star became the first mining customer to use photon assay as its primary analytical technique across all of its major sites that sit within those top 20.

Speaker #2: It's an important demonstration of portfolio-wide adoption, and one that we're working hard to repeat with our other mining customers. We established our first operating presence in South America with Bureau Veritas in Chile, deployed the first XN unit with STS in Perth, and continued to build the Newmont relationship under the master services agreement signed last year.

Speaker #2: Each of these milestones is useful on its own. Together, they show that PhotonAssay is moving from individual deployments toward broader acceptance globally, across both miners and laboratories.

Speaker #2: Slide 20, please, operator. Our objective remains to become the world's leading provider of innovative assay services and technologies, starting with the conversion of major gold mining projects to photon assay.

Dirk Treasure: Our objective remains to become the world's leading provider of innovative assay services and technologies, starting with the conversion of major gold mining projects to PhotonAssay. The addressable market is approximately 610 sites, made up of around 200 hub laboratory opportunities and 410 direct mine site opportunities. We currently operate 46 units across 34 active sites, representing around 8% market share by deployed units. That leaves substantial room to grow within customers we already serve, as well as through new customers and new regions. Our lease model supports that growth by reducing the customer's upfront investment, aligning our revenue to sample activity, and providing long-term contracted earnings with utilization upside. Slide 21, please, operator. Our opportunity is global and widely distributed, which is why the network we have built is important. PhotonAssay now has a presence in every target region and is supported by major global laboratory partners.

Speaker #2: The addressable market is approximately 610 sites, made up of around 200 hub laboratory opportunities and 410 direct mine site opportunities. We currently operate 46 units across 34 active sites, representing around 8% market share by deployed units.

Speaker #2: That leaves substantial room to grow within customers we already serve, as well as through new customers and new regions. Our lease model supports our growth by reducing the customer's upfront investment, aligning our revenue to sample activity, and providing long-term contracted earnings with utilization upside.

Speaker #2: Slide 21, please, operator. Our opportunity is global and widely distributed, which is why the network we've built is important. Photon Assay now has a presence in every target region and is supported by major global laboratory partners.

Speaker #2: Our first deployment with Bureau Veritas in Chile has established the South American beachhead, with a further contract signed with BV Peru and another for Mexico since year-end.

Dirk Treasure: Our first deployment with Bureau Veritas in Chile has established a South American beachhead, with a further contract signed with Bureau Veritas Peru for Peru and another for Mexico since year-end. We do not need to build a large standalone footprint in every market. Strategic hubs, established partners, and a global service capability allow us to serve the market while retaining operating synergies and strong unit margins. Our next phase is to deepen those regional positions and convert the contracted pipeline into an increasingly dense operating network. Slide 22, please, operator. Gold remains our core market and our primary focus, but the same platform can support additional elements and applications. We already provide commercial analysis for gold, silver, and copper. Non-gold volumes increased 83% over the last 18 months, demonstrating that customers are beginning to use PhotonAssay for these alternative analyses.

Speaker #2: We do not need to build a large, standalone footprint in every market. Strategic hubs, established partners, and a global service capability allow us to serve the market while retaining operating synergies and strong unit margins.

Speaker #2: Our next phase is to deepen those regional positions and convert the contracted pipeline into an increasingly dense operating network. Slide 22, please, operator. Gold remains our core market and our primary focus, but the same platform can support additional elements and applications.

Speaker #2: We already provide commercial analysis for gold, silver, and copper. Non-gold volumes increased 83% over the last 18 months, demonstrating that customers are beginning to use photon assay for these alternative analyses.

Speaker #2: Near-term development is focused on improving customer outcomes at operating mines, supported by concurrent moisture analysis and solution analysis, and we continue to develop additional applications enabled by tuning the energy output of the Linac.

Dirk Treasure: Near-term development is focused on improving customer outcomes at operating mines, supported by concurrent moisture analysis and solution analysis. We continue to develop additional applications enabled by tuning the energy output of the LINAC. Our strategy extends our installed platform and has the potential to increase revenue per sample, broaden sample volumes, and deepen the value we deliver to our customers. Slide 23, please, operator. There are three drivers behind our multi-year outlook. First, fleet growth. The contracted book and deployment pipeline support a material increase in the installed base over the next three years. During that period, we intend to double our deployed units. Second, resilient demand. Customer activity remains elevated, while the structural conversion to PhotonAssay and expansion into additional applications support continued sample growth. Third, lower earnings volatility.

Speaker #2: Our strategy extends our installed platform and has the potential to increase revenue per sample, broaden sample volumes, and deepen the value we deliver to our customers.

Speaker #2: Slide 23, please, operator. There are three drivers behind our multi-year outlook. First, fleet growth. The contracted book and deployment pipeline support a material increase in the installed base over the next three years, and during that period we intend to double our deployed units.

Speaker #2: Second, resilient demand. Customer activity remains elevated, while the structural conversion to photon assay and expansion into additional applications support continued sample growth. Third, lower earnings volatility.

Speaker #2: An increasing share of our volume is linked to mine production rather than exploration, and MMAP continues to provide a contracted revenue floor. Over time, a larger fleet, maturing utilization, and production-linked volumes create a durable earnings base as Chrysos scales.

Dirk Treasure: An increasing share of our volume is linked to mine production rather than exploration, and MMAP continues to provide a contracted revenue floor. Over time, a larger fleet, maturing utilization, and production-linked volumes create a durable earnings base as Chrysos scales. Through to slide 25, please, operator. FY26 has reduced a number of the execution risks that previously sat in front of our growth plans. We enter FY27 with 87 contracted units, six units already deploying, and stronger visibility over the deployment pipeline. The existing fleet is also maturing. We have achieved record sample volumes four consecutive months above 1 million samples, and more recently, 1.1 million samples during July. We have demonstrated that we can lift throughput through software and operating improvements. Finally, the platform supporting that growth is stronger. Manufacturing cadence is now back to 18 units per year. Funding capacity has increased.

Speaker #2: Through to slide 25, please, Operator. FY26 has reduced a number of the execution risks that previously sat in front of our growth plans.

Speaker #2: We enter FY27 with 87 contracted units, 6 units already deploying, and stronger visibility over the deployment pipeline. The existing fleet is also maturing. We've achieved record sample volumes—four consecutive months above 1 million samples, and more recently, 1.1 million samples during July. We've also demonstrated that we can lift throughput through software and operating improvements.

Speaker #2: Finally, the platform supporting that growth is stronger. Manufacturing cadence is now back to 18 units per year, funding capacity has increased, the next generation of photon assay is progressing, and our global deployment capability has expanded.

Dirk Treasure: The next generation of PhotonAssay is progressing, and our global deployment capability has expanded. That provides a stronger base for FY27 than that with which we entered FY26. Slide 26, please, operator. This slide provides a snapshot of where the fleet sits today, both for deployed units, but also those that are pre-deployment. Since our May trading update, we have manufactured five more units, deployed a further two, and signed four additional contracts. We now have 59 manufactured units, 46 deployed units, and 87 contracted units. Nine units are available across pre-shipping, shipping, and awaiting installation, with a further six currently being deployed. One Ghanaian unit, Obuasi, has been demobilized and is being redeployed to Morocco. The important change is the movement of units towards site and installation. We have the funding, manufacturing capability, and contracted demand.

Speaker #2: That provides a stronger base for FY27 than that with which we entered FY26. Slide 26, please, operator. This slide provides a snapshot of where the fleet sits today, both for deployed units and those that are pre-deployment.

Speaker #2: Since our May trading update, we've manufactured five more units, deployed a further two, and signed four additional contracts. We now have 59 manufactured units, 46 deployed units, and 87 contracted units.

Speaker #2: Nine units are available across pre-shipping, shipping, and awaiting installation, with a further six currently being deployed. One Ghanaian unit, a Bwasi, has been demobilized and is being redeployed to Morocco.

Speaker #2: The important change is the movement of units towards site and installation. We have the funding, manufacturing capability, and contracted demand. The focus for FY27 is to deploy against that demand while maintaining discipline around costs.

Dirk Treasure: The focus for FY27 is to deploy against that demand while maintaining discipline around costs. Slide 27, please, operator. We are pleased to provide our FY27 guidance. For revenue, our guidance range is from AUD 108 million to AUD 118 million, an uplift of 28% at the midpoint. For EBITDA, our guidance range is from AUD 35 million to AUD 42 million, which is an uplift of 42% at the midpoint. As we did last year, we provide guidance at constant currency, and this slide outlines the currency assumptions used. Slide 28, please, operator. To summarize, FY26 was a strong year for Chrysos. Revenue increased 33% to AUD 88.1 million, and EBITDA increased 68% to AUD 27.2 million. We finished the year with 46 deployed units, signed 24 new lease agreements, and processed record sample volumes up 67%.

Speaker #2: Slide 27, please, guidance. For revenue, our guidance range is from $108 million to $118 million, an uplift of 28% at the midpoint. For EBITDA, our guidance range is from $35 million to $42 million, which is an uplift of 42% at the midpoint.

Speaker #2: As we did last year, we provide guidance at constant currency, and this slide outlines the currency assumptions used. Slide 28, please, operator. To summarize, FY26 was a strong year for Chrysos.

Speaker #2: Revenue increased 33% to $88.1 million, and EBITDA increased 68% to $27.2 million. We finished the year with 46 deployed units, signed 24 new lease agreements, and processed record sample volumes, up 67%.

Speaker #2: We also strengthened the balance sheet and funding position to support a return to our target manufacturing cadence of 18 units per year. Most importantly, the business is becoming more mature.

Dirk Treasure: We also strengthened the balance sheet and funding position to support a return to our target manufacturing cadence of 18 units per year. Most importantly, the business is becoming more mature. Growth is broadening across customers and regions. Utilization is contributing more meaningfully, and our contracted pipeline provides better visibility into future deployments. We remain focused on execution, building units, deploying them efficiently, supporting our customers, and converting the significant market opportunity that is in front of us. Slide 30, please, operator. Thank you for your time today. We are pleased with the progress that we have made during FY26 and confident in the platform that we have built for FY27 and beyond. Brett and I will now take questions.

Speaker #2: Growth is broadening across customers and regions. Utilization is contributing more meaningfully, and our contracted pipeline provides better visibility into future deployments. We remain focused on execution.

Speaker #2: Building units, deploying them efficiently, supporting our customers, and converting the significant market opportunity that's in front of us. Slide 30, please, operator. Thank you for your time today.

Speaker #2: We're pleased with the progress that we've made during FY26 and are confident in the platform that we've built for FY27 and beyond. Brett and I will now take questions.

Speaker #1: Thank you. If you would like to ask a question, please press star 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again.

Operator 2: Thank you. If you would like to ask a question, please press star 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again. Your first question comes from Josh Kannourakis with Barrenjoey. Your line is open.

Operator: Thank you. If you would like to ask a question, please press star 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again. Your first question comes from Josh Kannourakis with Barrenjoey. Your line is open.

Speaker #1: Your first question comes from Josh Kenerakis with Barron Joey. Your line is open.

Speaker #3: Hi Derek and Brett, can you hear me okay?

Josh Kannourakis: Hi, Dirk and Brett. Can you hear me okay?

Speaker #2: Yeah, Josh, good day.

Dirk Treasure: Yeah, Josh, good day.

Speaker #4: Amen.

Brett Coventry: Hey, man.

Speaker #3: Good day. Hey, first question, just on guidance. As we do usually, can you just run through what the expectations are versus current operating conditions for guidance?

Josh Kannourakis: Good day. Hey, first question, just on guidance, as we do usually. Can you just run through what the expectations are versus current operating conditions for guidance and what you are assuming, for example, AAC into next year as well, just some of the operational metrics that you are thinking about that gets you at the middle and the top and the bottom of the ranges. Thank you.

Speaker #3: And what you're assuming for, for example, AAC—into next year as well. Just some of the operational sort of metrics that you're thinking about that get you at the middle, the top, and the bottom of the ranges.

Speaker #3: Thank you.

Speaker #2: I think the way we've thought about it, obviously, we have a deployment cadence that we're thinking of, and that's, you know, as we've spoken about, you can see where we're starting with the six units currently deploying, how we see them rolling out over the year, and that's the first thing.

Dirk Treasure: I think the way we have thought about, obviously, we have a deployment cadence that we are thinking of, and that is, as we have spoken about, you can see where we are starting with the six units currently deploying, how we see them rolling out over the year, and that is the first thing. Obviously, that going to plan is how we have thought about the guidance. Then the industry staying roughly in line with its current operating. Obviously, we have done the last five months in a row over 1 million samples, so not seeing any alteration that obviously either, neither increase or decrease, but that would put us at the midpoint. Obviously, then making assumptions around if the industry continues to grow. You can see in our deck, the utilization across our fleet, where there is opportunity for that, but also if it declined, that would take us top or bottom.

Speaker #2: Obviously, going to Plan A is how we've thought about the guidance, and then the industry staying roughly in line with its current operating.

Speaker #2: Obviously, we've done the last five months in a row over a million samples, so not seeing any alteration—that is, obviously, either neither increase or decrease—but that would put us at the midpoint.

Speaker #2: Obviously, then making assumptions around if the industry continues to grow, and you can see in our deck the utilization across our fleet, where there's opportunity for that. But also, if it declined, that would take us top or bottom.

Dirk Treasure: Then obviously deployments, if they go faster or slower is the key flex factors in that, all at that constant currency. Do you want to add anything to that?

Speaker #2: And then, obviously, deployments—if they go faster or slower—is the key flex factor in that, all at constant currency. Did you want to add anything to that?

Dirk Treasure: Then obviously deployments, if they go faster or slower is the key flex factors in that, all at that constant currency. Do you want to add anything to that?

Speaker #4: Yeah, all good.

Brett Coventry: Yeah. All good.

Speaker #3: That's great. And so also, you did mention some of the upgrades and, as you'd said, you've got some of the units that are tracking above nameplate capacity.

Josh Kannourakis: That is great. So also you did mention some of the upgrades. As you had said, you have some of the units that are tracking above nameplate capacity. Can you talk us through, are there many of the existing units that are running at capacity that are going through upgrades or expected to go through certain upgrades that could increase that capacity over this year as well, over 2027?

Speaker #3: Can you talk us through—are there many of the existing units that are, you know, running at capacity, that are going through upgrades or expected to go through certain upgrades that could increase that capacity over this year as well, or over '27?

Speaker #2: Yeah, look, great, great, great question. So, we've obviously focused in the last 12 months on upgrading the units that are running up toward capacity. So when you see Australia sitting there up at 80-odd percent utilization, you can imagine that we're spending a fair bit of time getting those units upgraded to get that extra 10, 15 percent through those units.

Dirk Treasure: Yeah, look, great question. We have obviously focused in the last 12 months upgrading the units that are running up toward capacity. So when you see Australia sitting there up at 80% odd utilization, you can imagine that we are spending a fair bit of time getting those units upgraded to get that extra 10%, 15% through those units. A fair amount of the fleet is now upgraded. We are probably talking about half of the fleet is upgraded with those software upgrades. So there is a bit of room to go, but yeah, that gives you a bit of an indication of where we are at the moment.

Speaker #2: A fair amount of the fleet is now upgraded. We're probably talking about half of the fleet being upgraded with those software upgrades, so there's a bit of room to go.

Speaker #2: But yeah, that gives you a bit of an indication of where we are at the moment.

Speaker #3: Got it. Okay, no, that's really helpful. So, do you think there is an expectation or demand that the rest of those might be upgraded with those software and other upgrades across this year?

Josh Kannourakis: Got it. Okay, no, that is really helpful. Do you think is there an expectation or a demand that the rest of those might be upgraded with those software and other upgrades across this year? Is that how we should think about that?

Speaker #3: Is that how we should think about it?

Dirk Treasure: Yeah, absolutely. Over time, we look to roll all of those upgrades across the entire fleet. But I would caution that does not necessarily mean that we expect all of our units to be running at 100% or 110% capacity.

Speaker #2: Yeah, absolutely. Over time, we look to roll all of those upgrades across the entire fleet. But I would caution that our units will not be running at 100 or 110 percent capacity.

Josh Kannourakis: Yeah, of course.

Dirk Treasure: A comfortable capacity for us is in that sort of 70% to 80%.

Speaker #2: When it comes to full capacity for us, it's in that sort of 70 to 80 percent range.

Dirk Treasure: A comfortable capacity for us is in that sort of 70% to 80%.

Speaker #3: Yep, yep, no, that makes sense. Perfect. And then just another question as well. In terms of the DNA side of things, maybe Brett, could you just run through that?

Josh Kannourakis: Yep. No, that makes sense. Perfect. Just another question as well, in terms of the D&A side of things, maybe, Brett, could you just run through that? Because I guess there is a couple of implications of the D&A. Maybe you could run through how we should expect it. Are we reading that that is a 9 million reduction or is it 9 million reduction on what you would expect it to have otherwise been? Maybe just a little bit more color on that. Then in our models, a lot of us look at replacements of linear accelerators, for example, after 10 years, things like that. Should we be thinking about expanding that out to 15 years as the modeling has now suggested?

Speaker #3: Because I guess there's a couple of implications of the DNA. Like, maybe you could run through how we should expect it—you know, are we reading that that's a $9 million reduction, or is it a $9 million reduction on what you would expect it to have otherwise been?

Speaker #3: So maybe just a little bit more color on that. And then in our models, a lot of us, you know, look at replacements or linear accelerators, for example, after 10 years, things like that.

Speaker #3: Should we be thinking about expanding that out to 15 years, as the modeling is now suggesting?

Speaker #2: Yes, thanks, Josh. Yeah, so, first of all, let's start with an appreciation piece. Yes, that $9 million depreciation is our expectation of savings on the existing fleet for next financial year.

Brett Coventry: Thanks, Josh. First of all, let's start with the depreciation piece. That is the AUD 9 million depreciation is our expectation of savings on the existing fleet for next financial year. There would be a reduction in the depreciation costs for next financial year of that AUD 9 million across the fleet. Going forward, you would have a useful life of 15 years for the assets we are deploying. As we think about those, the linear accelerator replacement, that would be, thinking about that being around the 15 years. We are not seeing any signs of impairment or anything else at this point in time. We are also still getting towards our 10, 15 years. We are challenging that as we go through, but that is kind of where we are pushing that thought process out to, if at all.

Speaker #2: So, there would be a reduction in the depreciation cost for next financial year of that $9 million across the fleet. And then, going forward, you would have a useful life of 15 years for the assets we're deploying.

Speaker #2: And then as we think about those, you know, the linear accelerator replacement, that would be, you know, thinking about that being around the 15-year mark.

Speaker #2: We're not seeing any signs of impairment or anything else at this point in time, but we're also, you know, we're still getting towards our 10 or 15 years where we're challenging that as we go through. But that's kind of where we're pushing that thought process out to, if at all.

Speaker #3: That's really helpful. Okay, I'll give someone else a chance. That's great. Thank you very much, guys. I appreciate it.

Josh Kannourakis: That is really helpful. Okay, I will give someone else a chance. That is great. Thank you very much, guys. Appreciate it.

Speaker #2: Thanks, Josh. Appreciate it.

Dirk Treasure: Thanks, Josh. Appreciate it.

Speaker #1: Your next question comes from Joseph House with Bell Potter Securities. Your line is open.

Operator 2: Your next question comes from Joseph House with Bell Potter Securities. Your line is open.

Operator: Your next question comes from Joseph House with Bell Potter Securities. Your line is open.

Speaker #2: Yeah, hi Derek and Brett. Thanks for taking my questions, and congrats on a strong update. Just two questions from me. Firstly, are there any learnings perhaps over the last 12 to 18 months around your deployment to help, you know, deliver a more consistent and improved cadence going forward?

Joseph House: Yeah. Hi, Dirk and Brett. Thanks for taking my questions, and congrats on a strong update. Just two questions from me. Firstly, are there any learnings perhaps over the last 12 to 18 months around your deployment, to help deliver a more consistent and improved cadence going forward?

Speaker #3: I'd say that's a great question, Joseph. Thanks for that one.

Dirk Treasure: I'd say that was a great question, Joseph. Thanks for that one.

Speaker #2: That's yours.

Brett Coventry: That's yours.

Speaker #3: Look, I think we're constantly learning. And, you know, you're at the mercy of what the contracted base looks like. So, something that I commented on earlier in this update is it's not just the number of units that we have in our contracted pipeline.

Dirk Treasure: Look, I think we're constantly learning, and you're at the mercy of what the contracted base looks like. Something that I commented on earlier, in this update is it's not just the number of units that we have in our contracted pipeline, it's the strength of those contracts or counterparties. As we've come through the 24 additional units and then the four-post period, those are all very strong contracts. At the same time, we are seeing ongoing deployment of the units that we already had signed up. So, there's a couple of MSA units that have been deployed. There's also, recently released by Paragon, one of our larger customers that hasn't deployed all of their units. They've just released to market that they're expecting the Q1 to take on more units onto their mine sites.

Speaker #3: It's the strength of those contracts or counterparties. So, as we've come through the 24 additional units and then the four post-period, those are all very, very strong contracts.

Speaker #3: At the same time, we are seeing ongoing deployment of the units that we already had signed up. So, you know, there are a couple of MSA units that have been deployed.

Speaker #3: There's also, recently released by Paragon—one of our larger customers that hasn't deployed all of their units—they've just released to market that they're expecting, in Q1, to take on more units onto their mine sites.

Speaker #3: So those are the types of things that we see driving some of the historic contracts. But for the newer contracts, it really comes down to the strength of those and the strength of the counterparties.

Dirk Treasure: So those are the types of things that we see driving some of historic contracts. But for the newer contracts, it really comes down to the strength of those and the strength of the counterparties. So we are pretty excited with how that book is starting to look. The addition of 9 ALS units last year, 3 SGS, 2 BV, 1 Intertek, these are all the biggest names in the industry. So that should help us to get away from site readiness challenges. Also, the bigger that that contracted book is, the more we are in a position where if a customer is not ready for delivery, we can instead deploy that unit to an alternative location. Yeah, I think there are some learnings that we have had on the ground, but more importantly, it is just the strength and breadth of that contracted book.

Speaker #3: So, we're pretty excited with how that book is starting to look. I mean, the addition of 9 ALS units last year, 3 SGS, 2 VV, 1 Intertek—these are all, you know, the biggest names in the industry.

Speaker #3: So that should help us to get away from site readiness challenges. Also, the bigger that contracted book is, the more we're in a position where, if a customer isn't ready for delivery, we can instead deploy that unit to an alternative location.

Speaker #3: So, yeah, I think there are some learnings that we've had on the ground, but more importantly, it's just the strength and breadth of that contracted book.

Speaker #2: Yep, thanks, Derek. And is there any color you can provide on leads for new lease agreements? I understand, you know, conditions are quite favorable on the ground with respect to expiration activity.

Joseph House: Yep. Thanks, Dirk. Is there any color you can provide on leads for new lease agreements? I understand conditions are quite favorable on the ground with respect to exploration activity. Are you seeing that supporting discussions with, say, new and existing clients now compared to 6 months ago?

Speaker #2: Are you seeing that supporting discussions with, say, new and existing clients now, compared to, say, six months ago?

Speaker #3: Yeah, so we've always talked about our dual channel to market—one being through the laboratories and one being directly to the miners. And I think the pathway to the miners is largely non-cyclical.

Dirk Treasure: Yeah. We have always talked about our dual channel to market. So one being through the laboratories and one being directly to the miners. I think the pathway to the miners is largely non-cyclical. So irrespective of kind of where we are in the mining cycle, we are out there pounding the pavement, we are talking to miners, we are converting miners over time. What we do see then is a cyclicality in the laboratory space. To your point, right now, we are seeing increased sample volumes going through labs. We are seeing labs looking at building capacity around the world. Certainly, we want to be a part of that. Again, I come back to my comment just before about the laboratory contracts that we have signed up in the last 12 months.

Speaker #3: So, irrespective of where we are in the mining cycle, we're out there pounding the pavement, we're talking to miners, and we're converting miners over time.

Speaker #3: What we do see, then, is a cyclicality in the laboratory space. And to your point, right now we're seeing increased sample volumes going through labs.

Speaker #3: We're seeing labs looking at building capacity around the world. Certainly, we want to be a part of that. And again, I come back to my comments before about the laboratory contracts that we've signed up in the last 12 months.

Speaker #3: One of the pieces in there that, again, we're quite excited about is the breadth at which, for example, ALS is rolling out PhotonAssay.

Dirk Treasure: One of the pieces in there that again, we are quite excited about is the breadth at which, for example, ALS is rolling out PhotonAssay. So growing not just the number of units in regions that are already using PhotonAssay, but growing us into regions that have not had PhotonAssay exposure before. Certainly from our side, may the good times continue with exploration, but the things that are really in our control are those mine site deployments, the ongoing development of applications for those miners, and even being able to have those miners telling the story of their adoption to other miners. For those on the call who have not seen it, jump on our LinkedIn, jump on our website. We have just done a really exciting campaign with OceanaGold, where we have interviewed a number of their operators at the mine site, talking about their adoption.

Speaker #3: So, growing not just the number of units in regions that are already using PhotonAssay, but also growing us into regions that haven't had PhotonAssay exposure before.

Speaker #3: So certainly from our side, you know, may the good times continue with exploration. But the things that are really in our control are those mine site deployments, the ongoing development of applications for those miners, and even being able to have those miners telling the story of their adoption to other miners.

Speaker #3: For those on the call who haven't seen it, jump on our LinkedIn, jump on our website. We've just done a really exciting campaign with OceanaGold.

Speaker #3: We've interviewed a number of their operators at the mine site, talking about their adoption. That complements what we've done previously with Ravenswood. We also have Nevada Gold Mines, the biggest gold miner in the world, talking at a conference in September or October about their adoption of the technology.

Dirk Treasure: That complements what we have done previously with Ravenswood. We also have Nevada Gold Mines, the biggest gold miner in the world, talking at a conference in September, October as to their adoption of the technology. This ongoing halo effect really just allows us to continue to drive that adoption and continue to get new lease agreements signed.

Speaker #3: And then this ongoing halo effect really just allows us to continue to drive that adoption and continue to get new lease agreements signed.

Speaker #2: Great, thanks. Thanks, Derek. And just maybe lastly, I know you spoke about getting that manufacturing cadence up to 18 units. Is there a timeline on that ramp-up, or is it dependent on new lease agreements throughout FY27?

Joseph House: Great. Thanks, Dirk. Just maybe lastly, I know you spoke about getting that manufacturing cadence up to 18 units. Is there a timeline on that ramp-up, and is it dependent on new lease agreements throughout FY27?

Speaker #3: Yeah, so it's probably more dependent on the lease agreements through FY26. The turnaround time to ramp up is around 12 months. So you can kind of read the tea leaves here that sometime in the last six months, we put the foot on the accelerator, building back toward that 18 units.

Dirk Treasure: Yeah. It is probably more dependent on the lease agreements through FY26. The turnaround time to ramp-up is around 12 months. You can kind of read the tea leaves here that sometime in the last 6 months, we put the foot on the accelerator, building back toward that 18 units. You couple that with our strategy here of doubling the number of units deployed over the coming 3 years. That gives you quite a nice cadence in that 15 or so per year and 1 extra, that starts to, again, read the tea leaves, and you can build the models from that.

Speaker #3: You couple that with our strategy here of doubling the number of units deployed over the coming three years, so that gives you quite a nice cadence—about 15 or so per year, plus one extra.

Speaker #3: That starts to, again, read the tea leaves, and you can build the models from that.

Speaker #2: Great, thank you.

Joseph House: Great. Thank you.

Speaker #1: Your next question comes from Lindsay Bethiel with Goldman Sachs. Your line is open.

Operator 2: Your next question comes from Lindsay Bethke with Goldman Sachs. Your line is open.

Operator: Your next question comes from Lindsay Bethke with Goldman Sachs. Your line is open.

Operator 2: Thanks

Operator 2: question comes from Lindsay Bethke with Goldman Sachs. Your line is open.

Speaker #4: Hey guys, hope you can hear me.

Lindsay Bethke: Hey, guys. Hopefully you can hear me.

Lindsay Bettiol: Hey, guys. Hopefully you can hear me.

Speaker #3: G'day, Lindsay.

Dirk Treasure: Good day, Lindsay.

Speaker #4: Lindsay.

Joseph House: Lindsey.

Brett Coventry: Lindsey.

Speaker #3: Hey.

Lindsay Bethke: Hey. Cool. Okay. A couple of maybe definitional questions. This deployment, according to the timeline you give us, we've got 6 units installing and 5 awaiting installation. My reading on that, and I know it's not going to be a perfect science, but should we assume something like the 6 should be deployed in roughly a quarter and the additional 5 awaiting installation should be deployed in 6 months? Something like that. Is that the best way to think about it, that you're looking at maybe 11 deployments over the next 6 months? Or tell me where that thinking's wrong.

Lindsay Bettiol: Hey. Cool. Okay. A couple of maybe definitional questions. This deployment, according to the timeline you give us, we've got 6 units installing and 5 awaiting installation. My reading on that, and I know it's not going to be a perfect science, but should we assume something like the 6 should be deployed in roughly a quarter and the additional 5 awaiting installation should be deployed in 6 months? Something like that. Is that the best way to think about it, that you're looking at maybe 11 deployments over the next 6 months? Or tell me where that thinking's wrong.

Speaker #4: Okay, so a couple of maybe, like, definitional questions. This deployment, according to the timeline you gave us, we've got six units installing and five awaiting installation.

Speaker #4: Five awaiting installation. So, my reading on that—like I know this won't be a perfect science—but should we assume something like the six should be deployed in roughly a quarter, and the additional five awaiting installation should be deployed in, like, six months—something like that?

Speaker #4: Is that, like, the best way to think about it—that you're looking at maybe 11 deployments over the next six months? Or tell me where that thinking's wrong.

Dirk Treasure: Well, it's a nice way to think about it. Again, I'm always cautious around guidance on the units. From our perspective, we want to deploy units as quickly as we can, as quickly as the customers are ready to deploy them. The piece there that is in our control is the manufacturing of those units, and transportation, et cetera. We have a very firm definition of what we consider to be deploying, which is unchanged for the last 5 years, which is really when we've got boots on the ground, we're bolting the units to the floor, and we're putting these units together. Generally, it's taking us about 7 to 8 weeks to get a unit up and running. The 6 that we've said are deploying should all be operating at most, 8 weeks from now.

Speaker #3: It's a nice way to think about it. And again, I'm always cautious around guidance on the units. I mean, from our perspective, we want to deploy units as quickly as we can, as quickly as the customers are ready to deploy them.

Speaker #3: So the piece there that is in our control is the manufacturing of those units, and transportation, et cetera, et cetera. We have a very firm definition of what we consider to be deploying.

Speaker #3: Which is unchanged for the last sort of five years, which is really when we've got boots on the ground, we're bolting the units to the floor, and we're putting these units together.

Speaker #3: And generally, it's taking us about seven to eight weeks to get a unit up and running, so the six that we've said are deploying should all be operating at most eight weeks from now.

Speaker #3: As to the other ones—the nine that are sitting there as the pre-ship, the shipping, or the awaiting installation—really what we're saying is we are ready to go.

Dirk Treasure: As to the other ones that are the 9 that are sitting there as the pre-ship, the shipping, or the awaiting installation, really what we're saying is we are ready to go, and then we're working with each of our customers on when their site is ready to start installation of those units. It's not really answering the question, but this is where we're trying to provide that longer-term guidance to say we intend to double the fleet over the coming 3 years. Then really, these 9 units that are sitting there, we aim to get out as quickly as possible, but we're not really providing a timeline around it.

Speaker #3: And then we're working with each of our customers on when their site is ready to start installation of those units. It's not really answering the question, but this is where we're trying to provide that sort of longer-term guidance to say, we intend to double the fleet over the coming three years.

Speaker #3: And then, really, these nine units that are sitting there—we aim to get out as quickly as possible. But we're not really providing a timeline around it.

Speaker #4: No, it's helpful. And I mean, I got the six units in eight weeks out of you, so that's useful. So then if I look beyond those initial eleven, you've got another four that are either shipping or pre-ships.

Lindsay Bethke: No, that's helpful. I got the 6 units in 8 weeks out of you, so that's useful. Then if I look beyond those initial 11, you've got another 4 that are either shipping or pre-shipped. But then it looks like there's 28-ish that have either been signed and not yet manufactured. I'll tie this into a CapEx question. It looks like your CapEx stepped down a lot H2 over H1, presumably because you've been pre-ordering for a lot of the stuff. How do we think about, one, your CapEx in the next, let's say, 12 months, and two, tying that into the manufacturing piece. How quickly are you going to look to turn these things around? Are you going to manufacture 18 units as fast as you can, or is there enough in the pipeline that you'll probably slowly manufacture those?

Lindsay Bettiol: No, that's helpful. I got the 6 units in 8 weeks out of you, so that's useful. Then if I look beyond those initial 11, you've got another 4 that are either shipping or pre-shipped. But then it looks like there's 28-ish that have either been signed and not yet manufactured. I'll tie this into a CapEx question. It looks like your CapEx stepped down a lot H2 over H1, presumably because you've been pre-ordering for a lot of the stuff. How do we think about, one, your CapEx in the next, let's say, 12 months, and two, tying that into the manufacturing piece. How quickly are you going to look to turn these things around? Are you going to manufacture 18 units as fast as you can, or is there enough in the pipeline that you'll probably slowly manufacture those?

Speaker #4: But then it looks like there's around 28 that have either been signed and not yet manufactured. I'll tie this into a CAPEX question. It looks like your CAPEX stepped down a lot in the second half compared to the first half.

Speaker #4: Presumably because you've been pre-ordering for a lot of this stuff. How do we think about, one, your CAPEX in the next—let's say—12 months, and two, tying that into the manufacturing piece?

Speaker #4: How quickly are you looking to turn these things around? Are you going to manufacture 18 units as fast as you can, or is there enough in the pipeline that you'll probably manufacture those more slowly?

Lindsay Bethke: Just those two questions, please.

Lindsay Bettiol: Just those two questions, please.

Speaker #4: Just those two questions, please.

Speaker #3: So, capital commitments, you can see in there, increased to $114 million, which gives that visibility to the around 81—you know, get to max 81, which is the unit number 81, effectively.

Dirk Treasure: Capital commitments, you can see in there, increased to AUD 114 million, which gives that visibility to the around 81, get to max 81, which is the unit number 81 effectively has been ordered out to in long lead time items. We have set out in the back of this deck, as we have in previous decks, the spend profile of when we spend that money to have a unit deployed. I think, we are looking at, we have 87 contracts signed now, obviously, 81 ordered out to full units, and then we have the long lead time pieces. As we deploy from here, obviously, we start to incur those further cash spends. We have obviously got the commitments now, and that is the profile that we would see going forward in terms of paying for those units as we deploy them.

Brett Coventry: Capital commitments, you can see in there, increased to AUD 114 million, which gives that visibility to the around 81, get to max 81, which is the unit number 81 effectively has been ordered out to in long lead time items. We have set out in the back of this deck, as we have in previous decks, the spend profile of when we spend that money to have a unit deployed. I think, we are looking at, we have 87 contracts signed now, obviously, 81 ordered out to full units, and then we have the long lead time pieces. As we deploy from here, obviously, we start to incur those further cash spends. We have obviously got the commitments now, and that is the profile that we would see going forward in terms of paying for those units as we deploy them.

Speaker #3: These have been ordered out to in long lead time items. And, you know, we've set out in the back of this deck, as we have in previous decks, the spend profile of when we spend that money to have a unit deployed.

Speaker #3: I think, you know, we are looking at—we have 87 contracts signed now. Obviously, 81 have been ordered out to full units. Then we've got the long lead time pieces. As we deploy from here, we obviously start to incur those further cash spends.

Speaker #3: We obviously have the commitments now, and that's the profile that we'd see going forward in terms of paying for those units as we deploy them.

Speaker #3: And you could think about them across, you know, obviously we have some favorable terms as we order them, but we would pay for them across the time as we deploy them.

Dirk Treasure: You could think about them across, obviously, we have some favorable terms as we order them, but we would pay for them across the time as we deploy them going forward. We have got significant lead time items ordered now to make sure that we are able to fulfill that doubling of the fleet over the next three years. Does that help?

Brett Coventry: You could think about them across, obviously, we have some favorable terms as we order them, but we would pay for them across the time as we deploy them going forward. We have got significant lead time items ordered now to make sure that we are able to fulfill that doubling of the fleet over the next three years. Does that help?

Speaker #3: Going forward, we've got significant, you know, lead-time items ordered now to make sure that we are able to fill that doubling of the fleet over the next three years.

Speaker #3: Is that help?

Speaker #4: Yeah, okay. Yeah, no, that's actually useful. That's helpful. All right, I'll change track a little bit. Just on these utilization stats you've given us by geography—are interesting.

Lindsay Bethke: Cool. Okay. Yeah, that is useful. That is helpful. All right. I will change tack a little bit. Just on these utilization stats you have given us by geography are interesting, and I think you could take a glass half full or glass half empty read. The glass half full read would be the Americas and EMEA have some catching up to do, and maybe we could assume that utilization improves in those jurisdictions. Obviously, the flip side is maybe APAC is over-earning and utilization come down when the cycle turns. So maybe if you could just park those two thoughts and help us understand where you think steady state utilization lands, and why such a difference between the regions?

Lindsay Bettiol: Cool. Okay. Yeah, that is useful. That is helpful. All right. I will change tack a little bit. Just on these utilization stats you have given us by geography are interesting, and I think you could take a glass half full or glass half empty read. The glass half full read would be the Americas and EMEA have some catching up to do, and maybe we could assume that utilization improves in those jurisdictions. Obviously, the flip side is maybe APAC is over-earning and utilization come down when the cycle turns. So maybe if you could just park those two thoughts and help us understand where you think steady state utilization lands, and why such a difference between the regions?

Speaker #4: And I think you could take a glass half full or a glass half empty view. The glass half full view would be that the Americas and EMEA have some catching up to do, so utilization could improve in those jurisdictions.

Speaker #4: Obviously, the flip side is maybe APAX is over-earning and utilization comes down in cycle terms. So maybe we could just parse those two thoughts and help us understand where you think steady-state utilization lands, and why there's such a difference between the regions?

Speaker #3: So there's always going to be a difference in the regions with respect to adoption of the technology. And I think that we are continuing to see, in all of the locations that we operate in, there's a time to move toward adoption.

Dirk Treasure: So there's always going to be a difference in the regions with respect to adoption of the technology. I think that we are continuing to see in all of the locations that we operate in, there's a time to move toward adoption. So Australia, kind of empirical evidence is that a few of the laboratories are now running more PhotonAssays than they are fire assays. So we are actually becoming that dominant technique in Australia. We're still a ways off that in these international regions. As we do become the dominant technique, we would expect to see those utilizations grow. It does get a little bit confusing when you consider that these units are in all sorts of different locations. You can imagine that something like Perth and Kalgoorlie are quite, like for a small region, it has a lot of gold.

Speaker #3: So, Australia—kind of empirical evidence is that a few of the laboratories are now running more photon assays than they are fire assays. So we are actually becoming that dominant technique in Australia. We're still a ways off that in these international regions.

Speaker #3: So, as we do become the dominant technique, we would expect to see those utilizations grow. It does get a little bit confusing when you consider that these units are in all sorts of different locations.

Speaker #3: You can imagine that something like Perth and Kalgoorlie are, for a small region, quite rich in gold. Where we deploy into other places around the world, you may not have quite as prolific a gold mining region around the units.

Dirk Treasure: Where we deploy into other places around the world, you may not have quite as prolific gold mining region around the units. I know there's some really good analysts, yourself included, Lindsay, where you're kind of looking at where the physical units are around the world, and then that starts to give you an indication of is there enough gold around it to be running it toward the up end of capacity. I commented to Josh's question before that a comfortable capacity for us is somewhere between 70% and 80%. But realistically, we can earn decent returns on these the whole way down to 40%, 50%, even 30%, depending on pricing and location.

Speaker #3: I know there are some really good analysts, yourself included, Lindsay, who are looking at where the physical units are around the world. And then that starts to give you an indication of whether there is enough gold around to be running it.

Speaker #3: Toward the upper end of capacity. I commented to Josh's question before that, you know, a comfortable capacity for us is somewhere between 70 and 80.

Speaker #3: But realistically, we can earn decent returns on these the whole way down to 40, 50—even 30—depending on pricing and location. The real focus for us is on that revenue per unit.

Dirk Treasure: The real focus for us is on that revenue per unit, and we're intending to keep that in that same sort of ballpark of where we are, with the idea that you can have upside with respect to growing sample volumes, further application, moving into different analytes as well. So the gold, sorry, the copper, silver, and where we go beyond that as well. Again, not a definitive answer to the question, but it effectively means in those locations where we have lower utilization, there is opportunity to grow adoption without deploying more capital. In Australia, where we're running toward the upper end of utilization, you would need to be deploying more units to be able to support the industry.

Speaker #3: And we're intending to keep that in that same sort of ballpark of where we are, with the idea that you can have upside with respect to growing sample volumes, further application, and moving into different analytes as well.

Speaker #3: So the gold—sorry, the copper, silver, and where we go beyond that as well. Again, not a definitive answer to the question, but it effectively means that in those locations where we have lower utilization, there is an opportunity to grow adoption without deploying more capital.

Speaker #3: In Australia, where we're running toward the upper end of utilization, you would need to be deploying more units to be able to support the industry.

Speaker #4: Yeah, okay. No, I think maybe just ask it in a slightly different way. I mean, you asked the question, but I suppose when looking at the differences in utilization, one reading would be, to your point, it's like a mixed difference depending on where the units are located.

Lindsay Bethke: Yeah. Okay. No, I think, maybe just asked a slightly different way. You answered the question, but I suppose when you're looking at the differences in utilization, one reading would be, to your point, it's like a mixed difference, depending on where the unit is located. It sounds like that's, there's obviously a piece of that, but also EMEA and the Americas could structurally go up just over time due to you helping educate them.

Lindsay Bettiol: Yeah. Okay. No, I think, maybe just asked a slightly different way. You answered the question, but I suppose when you're looking at the differences in utilization, one reading would be, to your point, it's like a mixed difference, depending on where the unit is located. It sounds like that's, there's obviously a piece of that, but also EMEA and the Americas could structurally go up just over time due to you helping educate them.

Speaker #4: It sounds like that's—I mean, there's obviously a piece of that—but also, like, EMEA and the Americas could structurally go up just over time due to, you know, you helping educate them then.

Speaker #3: Absolutely. Maturing market.

Dirk Treasure: Absolutely. Maturing markets.

Speaker #4: Comfortable with the machine. That's right, yeah. Okay, so that's what I was trying to get at. It's not that APAC comes down; it's that the others potentially go up over time.

Lindsay Bethke: Comfort with the machine. That is right. Yeah. Okay. So that is what I was trying to get at. It is not that AAC comes down, it is that the others potentially go up a bit. All right. Cheers.

Lindsay Bettiol: Comfort with the machine. That is right. Yeah. Okay. So that is what I was trying to get at. It is not that AAC comes down, it is that the others potentially go up a bit. All right. Cheers.

Speaker #4: All right, cheers.

Speaker #3: Yep, and we're certainly in a position to support that.

Dirk Treasure: Yep. And we are certainly in a position that we can support that. Yep. Perfect. All right. That is it from me. Thanks, guys.

Dirk Treasure: Yep. And we are certainly in a position that we can support that.

Speaker #4: Yep, perfect. All right, that's it for me. Thanks, guys.

Lindsay Bettiol: Yep. Perfect. All right. That is it from me. Thanks, guys.

Speaker #3: Thanks, Lindsay.

Brett Coventry: Thanks, Andrew.

Dirk Treasure: Thanks, Andrew.

Speaker #1: Once again, if you have a question, please press star one. Your next question comes from Jules Cooper with Sean Partners Limited. Your line is open.

Operator 2: Once again, if you have a question, it is star one. Your next question comes from Jules Cooper with Shaw and Partners Limited. Your line is open.

Operator: Once again, if you have a question, it is star one. Your next question comes from Jules Cooper with Shaw and Partners Limited. Your line is open.

Speaker #5: Hi, Doug. Can you hear me?

Jules Cooper: Hi there. Can you hear me?

Speaker #3: Gotcha, Jules.

Dirk Treasure: Go ahead, Jules.

Speaker #5: Good. So just a question. You've mentioned a couple of things. You know, the quality of the contract book now relative to sort of previous years, you know, deploying six units is a good start to the year.

Jules Cooper: Good. Just a question. You have mentioned a couple of things. The quality of the contract book now relative to previous years. Deploying six units is a good start to the year. You have just said then that you intend to keep revenue per unit where it is now. I know within the guidance, there is an assumption around the deployment cadence through the year. Is there any reason, just given you have got that strong contract book that the deployment schedule, like H1, H2, it should be fairly even, I would think. Am I reading that wrong and there still is a stronger H2 and a lot has got to go right to deliver against that midpoint of your guidance?

Speaker #5: You've just said then that, you know, you'd intend to keep revenue per unit sort of where it is now. Should we, like, I know within the guidance there is an assumption around the deployment cadence through the year, but is there any reason—just given you've got that strong contract book—that the deployment schedule, like first half, second half, you know, should be fairly even, I would think.

Speaker #5: Or am I sort of reading that wrong? And, you know, there still is a stronger sort of second half and a lot's got to go right to sort of, you know, deliver against that midpoint of your guidance.

Speaker #3: No, look, you're probably right there. There's no reason to assume that it's going to be a particularly heavily weighted back end. And we're really trying to build or provide the building blocks now for the models.

Dirk Treasure: No, look, you are probably right there. There is no reason to assume that it is going to be a particularly heavily weighted back end. We are really trying to build, or provide the building blocks now for the models. So, we have talked about an upper capacity for manufacturing of 18 per year, a 3-year target of 46 units, doubling our fleet. So that gives you a kind of average 15 per year, max 18 per year. With respect to where they land during the year, it really comes back to when are the customers ready to receive them. So you have obviously got six up front. So if we said that for the year, to choose 15-ish as the number, the six up front, to get to half that number, we would only need to deploy three more in the first half. We are ready. We have units.

Speaker #3: So, you know, we've talked about an upper capacity for manufacturing of 18 per year, a three-year target of, you know, 46 units, doubling our fleet.

Speaker #3: So that gives you a kind of average of 15 per year, max 18 per year with respect to where they land during the year. It really comes back to when the customers are ready to receive them.

Speaker #3: So you've obviously got six up front. So if we said that for the year, you know, to use 15-ish as the number, the six up front, to get to half that number, we would only need to deploy three more in the first half.

Speaker #3: We are ready. We have units—they're either on the water or at site. Between those, nine units are either pre-shipping, shipping, or at sites ready for installation.

Dirk Treasure: They are either on the water or at site between those nine units that are either pre-shipping, shipping, or at sites ready for installation. So I think, an assumption of more or less the same number per half would be fine.

Speaker #3: So, I think an assumption of more or less the same number per half would be fine.

Speaker #5: Yeah, okay. And, you know, it's really helpful, sort of providing that longer-term view on the business around doubling the installed base. I guess the question is, why are you providing this now?

Jules Cooper: Yep. Okay. Really helpful, sort of providing that longer term view on the business around doubling the install base. I guess, I think the question is why now are you providing this? What are you seeing in the business now that is different to the past that you sort of go, "Hey, we are going to start talking about it 2 or 3 years out as to where we think it is going." Just interested in that sort of change there.

Speaker #5: Like, you know, what are you seeing in the business now that's different to the past that you sort of go, hey, we're going to start talking about it, you know, two or three years out as to where we think it's going?

Speaker #5: I'm just interested in that sort of change there.

Dirk Treasure: So probably two things. I mean, one is our maturity as a business and I guess the viewpoint from the investor side. The thing that I would not want to see is, we are deploying six units right now, so first quarter is going to be six units. Great, let us multiply that by four because there is four quarters in a year, and then everyone puts their models at 24 units per year in perpetuity and the DCF models kind of double. So it is just trying to provide that this is our best visibility of what we see in the market at the moment, coupled between our ability to deploy, our customer demand, and our manufacturing capacity, and trying to balance those. I think the other thing is that, we need to keep in mind that 10 years ago, we did not exist.

Speaker #3: Probably two things. I mean, one is our maturity as a business, and I guess the viewpoint from the investor side. The thing that I wouldn't want to see is, you know, we're deploying six units right now.

Speaker #3: So first quarter is going to be six units. Great, let's multiply that by four because there are four quarters in a year. And then everyone puts their models at 24 units per year in perpetuity, and the DTF models kind of double.

Speaker #3: So, it's just trying to provide that this is our best visibility of what we see in the market at the moment, coupled between our ability to deploy our customer demand and our manufacturing capacity, and trying to kind of balance those.

Speaker #3: I think the other thing is that, you know, we need to keep in mind that 10 years ago we didn't exist. You know, we have had an industry adopt our technology phenomenally quickly for something that is a very different way to what the industry has done historically.

Dirk Treasure: We have had an industry adopt our technology phenomenally quickly for something that is a very different way to what the industry has done historically. That broad adoption that we have seen, particularly accelerating in the last, say, 24 months, where we have got all those major laboratories, we have got those major miners adopting the technology, really does give us that sort of long-term direction toward becoming the dominant gold analysis technique. I mean, for those on this call that have followed along for a long time, I have constantly said our plan is to get to global domination with this technology, and we have got every confidence that we will do it. I think as you have then got more and more of these labs and these big miners using it, endorsing it, and for the labs in particular, marketing it for us, we are on that journey.

Speaker #3: That broad adoption that we've seen, particularly accelerating in the last, say, 24 months—where we've got all those major laboratories, we've got those major miners adopting the technology—really does give us that sort of long-term direction toward becoming the dominant gold analysis technique.

Speaker #3: I mean, for those on this call that have followed along for a long time, I've constantly said our plan is to get to global domination with this technology.

Speaker #3: And we've got every confidence that we will do it. I think as you've then got more and more of these labs, and these big miners, using it, endorsing it, and for the labs in particular, marketing it for us, we're on that journey.

Speaker #3: So it's trying to provide a little bit more as we get more transparency and visibility going forward, just providing that through to yourselves as well.

Dirk Treasure: It is trying to provide a little bit more as we get more transparency and visibility going forward, just providing that through to yourselves as well.

Speaker #5: Excellent. And maybe just one, if I could, to Brett. Brett, you made a comment there that the global platform is delivering leverage now. I guess we can sort of back out the implied cost base that you've guided to now for FY27.

Jules Cooper: Excellent. And maybe just one if I could, to Brett. Brett, you made a comment there that the global platform is delivering leverage now. I guess we can sort of back out the implied cost base, that you have guided to now for FY27. But just more stepping back from that, where do you start to see that sort of global platform having been built out now for the business and when the sort of incremental costs are really just around that cost above your gross margin line, just the maintenance costs and things like that when we have got that footprint established. Are we sort of close to that or is it still a couple of years away or how should we think about that?

Speaker #5: But just, more stepping back from that, where do you start to see that sort of global platform having been built out now for the business?

Speaker #5: And when the sort of incremental costs are really just around, you know, that cost of, you know, above your gross margin line—just the maintenance costs and things like that—when we've got that footprint established, are we sort of close to that or is it still a couple of years away?

Speaker #5: Or how should we think about that?

Speaker #3: I don't think there's going to be—we haven't forecast a step change that, you know, happens tomorrow. At this point in time, Jules, I think we're thinking about it that, you know, we have a goal to continue to grow revenue, with costs obviously increasing at a much slower rate.

Brett Coventry: I don't think there is going to be a-- We haven't forecast a step change that happens tomorrow at this point in time, Jules. I think we are thinking about it that, we have a goal to continue to grow revenue with a mind to costs, obviously increasing at a much slower rate. And we continue to think about how we do things better across the globe and how our teams function. And we deliver our compliance and operating requirements as best we can going forward without actually continuing to have to scale that cost. But saying, putting a target, future EBITDA, or there is going to be a cliff that we just drop off at, I think it is just going to continue to be a continued improvement on those EBITDA margins as we roll forward. And so that is how we are thinking about growing the business at this point in time.

Speaker #3: And, you know, we continue to think about how we do things better across the globe and, you know, how our teams function. We deliver our compliance and operating requirements as best we can going forward, without actually continuing to have to scale that cost.

Speaker #3: But saying, you know, putting a target, you know, future every day—oh, there's going to be a cliff that we just drop off.

Speaker #3: I think it's just going to continue to be a steady improvement in those EBITDA margins as we move forward, and that's how we're thinking about growing the business at this point in time.

Speaker #2: Yeah, and I guess just to add to that is that disciplined growth. You know, this year we are going into somewhere in the order of 10 new countries for deployments, supported by the major laboratories and major miners.

Dirk Treasure: Yeah, I guess just to add to that is that disciplined growth. This year we are going into somewhere in the order of 10 new countries for deployments, supported by the major laboratories and major miners. It is making sure that even as we do that, we are building that revenue at a significantly slower rate than we build our costs. You can see that as it comes through in the EBITDA and revenue guidance, where we have an increasing revenue uplift in the order of 28% and an increasing EBITDA uplift in the order of 42%, if we take the midpoints of guidance.

Speaker #2: And it's making sure that, even as we do that, we are building that revenue at a significantly, sort of, slower rate than we build our costs.

Speaker #2: And you can see that as it comes through in the EBITDA and revenue guidance, where we've got an increasing revenue uplift in the order of 28% and an increasing EBITDA uplift in the order of 42%.

Speaker #2: If we take the midpoints of guidance.

Speaker #5: Yeah, got it. All right, well, thank you very much.

Jules Cooper: Yeah. Got it. All right. Well, thank you very much.

Speaker #3: Excellent, thank you.

Dirk Treasure: Excellent. Thank you.

Speaker #1: Your next question comes from Wayne Arthur, private investor. Your line is open.

Operator 2: Your next question comes from Wayne Arthur, private investor. Your line is open.

Operator: Your next question comes from Wayne Arthur, private investor. Your line is open.

Speaker #5: Good morning. Thank you for what I think was a very comprehensive presentation. I've got two questions. The first question is: Is anyone else doing this sort of stuff?

Wayne Arthur: Good morning. Thank you for what I think was a very comprehensive presentation. I have two questions. First question is anyone else doing this sort of stuff? In other words, have you got any competition from other technology companies?

Speaker #5: In other words, have you got any competition from other technology companies?

Speaker #3: Look, great question. And certainly, we have a free field to roll out this technology. We're always conscious that we were a late market entrant.

Dirk Treasure: Look, great question, and something that we are. We have a free field to roll out this technology. We are always conscious that we were a late market entrant. There may be something out there at some stage that comes in to compete with us, which is one of the reasons why we think of growth being part of strategy. By the time anyone develops something that could compete with us, we want to make sure that we have dominant market share, and then they are working to displace PhotonAssay rather than fire assay. Step back a few things to kind of how is our adoption working. We are better in practically every way to fire assay in normal ore grade ranges. This is a technology. Well, fire assay is a requirement for the industry. Effectively, you can not operate without analysis.

Speaker #3: There may be something out there at some stage that comes in to compete with us, which is one of the reasons why we think of growth as being part of strategy.

Speaker #3: By the time anyone develops something that could compete with us, we want to make sure that we have dominant market share. Then they're working to displace PhotonAssay rather than fire assay.

Speaker #3: I mean, stepping back a bit to kind of talk about how our adoption is working—we are better in practically every way compared to fire assay in normal or grade ranges.

Speaker #3: And this is a technology. Well, fire assay is a requirement in the industry. Effectively, you can't operate without analysis. So we're coming in with this better technology in every way, and we're charging a competitive rate.

Dirk Treasure: We are coming in with this better technology in every way, and we are charging a competitive rate. We are 10 years into that journey, and we are at 8% market share. I think there is a long way to run for us. I think anyone else coming in, we want to make sure they are competing with our technology rather than fire assay. You are working in a conservative industry where it takes people a long time to change anyway. Probably a longer answer to your question rather than just to say, "No, we are not really seeing anyone else in this space." We have patents that cover us around the world. We are probably more concerned about someone coming in with something that we have never thought of before, but we keep a fairly close watch on the industry as to whether anything will end up competing with us.

Speaker #3: And we're 10 years into that journey, and we're at 8% market share. So I think there's a long way to run for us. I think anyone else coming in, we want to make sure they're competing with our technology rather than fire assay.

Speaker #3: But you're working in a conservative industry, where it takes people a long time to change anyway. So, probably a longer answer to your question rather than just to say no.

Speaker #3: We're not really seeing anyone else in this space. We've got patents that cover us around the world. We're probably more concerned about someone coming in with something that we've never thought of before.

Speaker #3: But we keep a fairly close watch on the industry as to whether anything will end up competing with us.

Speaker #5: Okay, thanks. And the second question: as you described earlier, this year's result was a step change on last year. So the company is profitable, and the cash flow is looking very, very much improved.

Wayne Arthur: Okay, thanks. The second question, as you described earlier, this year's result was a step change on last year. The company is profitable, and the cash flow is looking very much improved. Can we expect some dividends in the H2 of this financial year?

Speaker #5: So, is there—can we expect some dividends in the second half of this financial year?

Speaker #3: Oh, definitely not. I think, to come back to unit economics for a second, our goal really is around that. Growth is part of our strategy because we've got this free run of the industry.

Dirk Treasure: Oh, definitely not. Look, I think it's. Come back to unit economics for a second, and our goal really is around that. Growth is part of our strategy because we've got this free run of the industry. We want to make sure that we become the dominant player. Each unit costs around AUD 4 million to build. We ship out around 10% of spares as well. If we're rolling out 15 units in the year, you can multiply 15 by 4.4, and you get an indication of the amount of money that we spend on new units that are going out. Flip that around, we had AUD 17.9 million cash flow this year, or we had an EBITDA of AUD 27 million. Again, you come back to the cost to build a unit. That means that we're rolling out somewhere between five and seven units from cash flow.

Speaker #3: We want to make sure that we become the dominant player. Each unit costs around $4 million Aussie to build. We ship out around 10% of spares as well.

Speaker #3: So, if we're rolling out 15 units in the year, you can multiply 15 by $4.4 million, and you get an indication of the amount of money that we spend on new units that are going out.

Speaker #3: Flip that around—you know, we had $17.9 million cash flow this year, or we had an EBITDA of $27 million. And again, you come back to the cost to build a unit.

Speaker #3: That means that we're rolling out somewhere between five and seven units from cash flow. But if we're going out now to build 46 units over the next three years, we need to fund that as we go.

Dirk Treasure: But if we're going out now to build 46 units over the next three years, we need to fund that as we go. At some stage, if we slow growth or stop growth of new units, immediately the company starts to spin off cash flow. So there would definitely be a beat there of moving toward dividends or something like that. But the true cash flow positive inflection point happens at some stage, but based on how quickly we grow. For example, if we grew at six units per year, yes, we would probably be dividend paying by next year or the second half. If we're growing at 15 per year, then that inflection point is a little bit down the path.

Speaker #3: At some stage, if we slow growth or stop growth of new units, immediately the company starts to spin off cash flow. So there would definitely be a bit there of moving toward dividends or something like that.

Speaker #3: But the true cash flow positive inflection point happens at some stage, based on how quickly we grow. So, for example, if we grew at six units per year, yes, we would probably be dividend-paying by next year or in the second half.

Speaker #3: If we're growing at 15% per year, then that inflection point is a little bit down the path.

Speaker #5: Okay, thank you for that.

Wayne Arthur: Okay. Thank you for that.

Dirk Treasure: Cool.

Speaker #1: Your next question comes from Sam Clark with Goldman Sachs. Your line is open.

Operator 2: Your next question comes from Sam Clarke with Goldman Sachs. Your line is open.

Operator: Your next question comes from Sam Clarke with Goldman Sachs. Your line is open.

Speaker #4: Hi guys, just a quick one. Just on that deployment slide, could you reconcile the units manufactured at 59 and then deployed at 46, and then looking at the pipeline—you've got, obviously, six being installed, five awaiting install, and then three and one pre-ship and shipping?

Sam Clarke: Hey, guys, just a quick one. Just on the deployment slide, could you just reconcile with the units manufactured at 59 and then deployed at 46. Looking in the pipeline, you have obviously six being installed, five awaiting install, and then three and one pre-ship and shipping. So I have 15 there, but then 13 as the difference between the two up top. If you could just walk us through that.

Sam Clark: Hey, guys, just a quick one. Just on the deployment slide, could you just reconcile with the units manufactured at 59 and then deployed at 46. Looking in the pipeline, you have obviously six being installed, five awaiting install, and then three and one pre-ship and shipping. So I have 15 there, but then 13 as the difference between the two up top. If you could just walk us through that.

Speaker #4: So I've got 15 there, but then 13 as the difference between the two up top. If you could just walk us through that?

Speaker #3: That is a great question. Let me find the slide.

Brett Coventry: That is a great question. Let me

Dirk Treasure: Thank you, Sam. We are just having a look at the slide. All right. Sorry, can you say that again? So which number are you trying to reconcile?

Dirk Treasure: Thank you, Sam. We are just having a look at the slide. All right.

Speaker #5: I'm having a look at the slide.

Speaker #3: All right, sorry, can you say that again? So, which number are you trying to reconcile?

Sam Clark: Sorry, can you say that again? So which number are you trying to reconcile?

Speaker #4: So we've got manufactured up top is now 59, and then deployed, 46. But then, if you work through down the bottom, you've got 46 deployed, and then add the 6 for installing, gets you to 52; add 5 for install, 57; then 58; then 61 versus the 59 up top.

Sam Clarke: We have manufactured up top is now 59 and then deployed 46. If you work through down the bottom, you have 46 deployed and then add the six for installing, gets you to 52, add five for install, 57, then 58, then 61 versus the 59 up top.

Brett Coventry: We have manufactured up top is now 59 and then deployed 46. If you work through down the bottom, you have 46 deployed and then add the six for installing, gets you to 52, add five for install, 57, then 58, then 61 versus the 59 up top.

Speaker #3: I think you'll find that it's not including the pre-ship. So it's 46 plus 11, takes you to 57, 58, 59. So the shipping to site, awaiting installation, installing, deployed, redeployments is 59.

Dirk Treasure: I think you'll find that it's not including the pre-ship. It's 46 plus 11 takes you to 57, 58, 59. Then shipping to site, awaiting installation, installing, deployed, redeployments is 59. And then we've got the pre-ship or stored.

Speaker #3: And then we've got the pre-ship or store, yeah, yeah.

Sam Clarke: Okay.

Sam Clark: Okay.

Dirk Treasure: Yeah.

Sam Clarke: Yeah. All right. That's helpful. Thank you. That's all from me.

Sam Clark: Yeah. All right. That's helpful. Thank you. That's all from me.

Speaker #4: All right, that's helpful. Thank you. That's all from me.

Speaker #3: Welcome.

Dirk Treasure: Welcome.

Operator 2: This concludes the question and answer session. I'll turn the call to Dirk for closing remarks.

Operator: This concludes the question and answer session. I'll turn the call to Dirk for closing remarks.

Speaker #1: This concludes the question and answer session. I'll turn the call over to Derek for closing remarks.

Speaker #3: Thank you, Sarah. And thank you, everyone, for attending today. I appreciate all the insightful questions. I look forward to providing you with further updates throughout the coming year.

Dirk Treasure: Thank you, Sarah, and thank you everyone for attending today. I appreciate all the insightful questions. Look forward to providing you with further updates throughout the coming year.

Operator 2: This concludes today's conference call. Thank you for joining. You may now disconnect.

Operator: This concludes today's conference call. Thank you for joining. You may now disconnect.

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Full Year 2026 Chrysos Corporation Ltd Earnings Call

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