Look, just to give you a second.

As our core values, we still acknowledge the First Nations people and traditional custodians on the land on which we live and work and respect and recognize a deep connection to the land and pay our respects to elders part and past and present and extend that respect to all First Nations peoples. We still are committed to fostering a fairness and belonging at our workplace and believe everyone should feel safe and respected.

We still have sustainability at the core of what we do. We firmly believe the Mars is for quitters.

That hasn't changed. Let's move through into the overview, if you like, the results highlights we'd like to talk about today.

Darren will take us through the numbers. Record revenues continuing strong year-on-year growth.

Operating cost discipline focus, we'll cover off all the work that we've been doing there. I'll talk a little bit about strategy, the fact that we're really starting to emphasize capital-light strategy and how we're the evidence, I guess, to show that we've been successful in that focus.

I'll talk about the commercial milestones that we've achieved this year which have been substantial and new global strategic partners a part of that: Rio Tinto, Norsk Hydro, Adani Group all joining us to support the commercialization of our technology into some very, very large markets. We think it's been a very good year for us from a business perspective and we'll cover that off as we go through the presentation.

Darren, do you want to take us through the key financials?

Yeah. Thanks very much, Phil.

Good morning, everyone. Thank you very much for joining us.

It's it's my pleasure to take us through the next few slides, the next few financial slides and some really great results from my perspective. To start with, firstly, some records: record revenue, record gross profit.

Just touching on the revenue, a 16% overall increase in revenues over all revenues and a 28% increase in in product and services revenue. Product and services revenue just exclude things like government grants and other income and things like that.

Product and services revenue grew from $28.2 million to $36 million in FY '26. We've also seen significant growth in the Magnesia business, which is our wastewater treatment company part of the business.

40% increase in Magnesia products and services, touching $34 million, up from $24.3 in the prior period. Obviously, we've also got contribution from Leilac and Saspro as well.

The other side of the coin, and importantly, is continued discipline across OpEx and CapEx. We delivered significant improvement in revenue and gross profit at the same time as significantly reducing our operating cost base, down 24% from $39.5 million last year, and as well as significantly reducing our cash our cash our cash CapEx, down 80% on the prior year.

In summary, from my perspective, the financial highlights are a strong year of cost and cash discipline with record growth. If we could sort of just trip flick to the next slide and we'll kind of talk through each of those points in a little bit more detail.

The first slide there just kind of emphasizes from my perspective record revenue and record gross profit, both in terms of the actual numbers and and really strong growth in gross profit as well. As as we said before, 28% revenue growth and 34% growth in gross profit to $14.2 million.

I mentioned cost discipline across every element of our operating cost base, sales and marketing, R&D and admin. We've made significant changes and and and structured the business to continue deliver solid revenue growth, continue to deliver the commercial milestones which Phil will talk more about that saw our operating cost base come down from $39.6 million in FY '25 to $30 million in FY '26.

Again, we've delivered a very strong improvement in our underlying operating result. There's even been reductions in our depreciation and amortization, share-based payments expenses year-on-year.

Then again, I I I just want to reiterate, I guess, during the year, we we did have an impairment for the unincorporated joint venture. This was announced at the half year, this is not new to the full year.

Again, essentially, as I said at the half year, that impairment unwinds or unwound the gains the non-cash gains that we had recorded in the accounts over the previous two financial years. A very very strong improvement in the operating result of the company.

Just digging into the revenue in terms of the next slide, thanks, Krystina. Again, the chart on the right-hand side is one I think that most CFOs like to see: strong growth in revenues and and that's year-on-year.

You can see from back in 2023, where we reported $18.6 million in product and services revenue, we've now almost doubled in 2026 to $36 million. Importantly, we're seeing accelerating growth in the second half.

In the first half, we delivered $16.3 million in products and services revenue. That was up to $19.7 in the second half.

I'll talk a little bit more about Magnesia/the water business on the next slide and and and why we're they're still very confident of continued good delivering continued growth in in in product and services revenue. Just back to the other slide, sorry, Krystina.

So, 28% growth in overall products and services. We also grew our gross margin.

Our gross margin last year was 39% to 40%. We've delivered strong growth in revenues at very healthy gross margins.

Again, a great execution and delivery by our operations team to be able to do that. Again, significant and record gross profit, up 34% on the prior year.

Just digging in then now on the next slide, Krystina, the Magnesia business, which is primarily focused on serving wastewater treatment as our wastewater treatment business. Again, very fast growth, FY '25 versus FY '26 versus FY '25.

In in FY '26, we've achieved a 40% increase in revenue from $24.3 million last year to $34 million this year. Importantly, it's worth worth recalling and remembering that we announced around December that we'd secured a new contract with a new customer in the US that would be worth up to $10 million moving forward.

Now we've only started to deliver product and services to that customer in the early part of calendar year 2026. I think from February, we started to ramp that.

That new customer, as well, has only just started to contribute to the revenues that we've been able to deliver in FY '26. We've also just delivered completed a new manufacturing facility in Caloundra.

I guess, in summary there, from from our perspective, a great year in Magnesia and we we're certainly looking forward to to continuing to deliver strong growth in revenues and gross profit in that part of the business. The other the other point that I wanted to make in terms of the Magnesia business as well and this is not in this slide, but the detail is set out in our financial statements and in the segment note.

In FY '25, the Magnesia business delivered approximately $300,000 of EBITDA for the group. In FY '26, it delivered $3.8 million worth of EBITDA for the group.

A very strong performance from our water treatment business and and we think there's lots of scope for that continue to improve. Just with the next slide, Krystina, if I may.

Again, the other theme on top of revenue growth was cost and cash discipline and I think that really is illustrated quite well with this next slide. Again, I like the chart on the right-hand side of this of this slide in the deck.

Again, we've reduced our operating costs from 39.5 in in FY '25 down to $30 million. You can see, looking back sort of the second half '24, first half of '25, we were run rating at about $44 million.

We've gone from about $44 million in operating cost base down to $30 million of cost base in a little over 12 to 18 months. Again, we've delivered significant revenue growth and some significant commercial milestones whilst doing that.

Again, great performance in the team in terms of focused business delivery and a streamlined operating cost operating model. Again, not only on the operating cost side of the business, we've also significantly come out of a significant period of cash cash cash CapEx spend.

Again, in FY '25, our cash CapEx was $10.3 million. That was reduced by 80% down to $2.1 million in FY '26.

Just in terms of I'll just touch in the in the second half of of FY '26, there's about $1.5 million I think, as you can see there from that chart. The bulk of that has been some additional spend in terms of engineering as we move towards touch wood an FID for the Zesty demo plant, again, that we've previously announced, obviously, that we're working on in partnership with ARENA and Rio Tinto.

There was a little bit of CapEx spent on on the Zesty demo plant process in CapEx in the second half. Again, an 80% reduction in CapEx in FY '26.

Finally from me, my last slide is is again just in terms of the cash and the cash operating performance of the company. Again, we've we've been able to report a significant improvement in operating cash outflows, improved by 60% on the prior year.

We had $10 million of cash at the end of the financial year. After balance date, we've received $5.7 million from from PLS.

Again, worth worth pointing that out. Importantly, at the half year, we said that we expected to be cash flow neutral in the 2026 calendar year, excluding the recycling of capital from the PLS midstream transaction that we announced earlier in the year.

We're reaffirming that statement today and that's going to be driven. Again, those three dot points are what we said at the first half: continued revenue and gross profit growth, and continued cash and and and cost discipline.

The second half is is significantly skewed with some significant cash inflows due associated with some grants that we've already secured. There's some milestones that payments that are due, some UK tax R&D tax incentives that are due and also a second payment of $5 million from Rio Tinto under our joint development agreement that's subject to the achievement of project milestones of which we are on track to deliver.

Finally, as I'd said previously, there has been some spend in in the first half of calendar year 2026, which is in the second half of the financial year 25/26 for Zesty. We have taken a decision to reinvest some of the $11.4 million that capital that was released from the midstream project to accelerate the development of the Zesty project and and the Zesty technology.

Other than that, again, continued cash discipline, continued focused cost discipline, strong revenue growth, strong gross profit growth, and we expect to be cash flow neutral, excluding that $11.4 million of of of money released from PLS, the the the midstream project and the recycling of all the investment of about $3 million of that, half of which is essentially in the first half anyway into the Zesty demonstration project. Very strong set of results that we're very happy with and that we are looking forward to kind of continue growth and execution in the year ahead.

With that, I'll hand back to Phil.

Excellent. Thanks very much, Darren.

One thing or what I want to have a quick chat through now, we'll start broadly with how we see the sort of landscape, if you like. We'll start with decarbonization even though I'll expand on that particular topic a little bit later on and its relevance for our technology.

Certainly, there's no avoiding the fact we're we're classed as sort of a cleantech stock, we're put in that basket, and as a result, there are some near-term headwinds associated with those sorts of technologies. On the graph on this slide, you can see how much funding went into different rounds or capital raisings into cleantech companies over the years.

You can also see how many deals have been done, which are the black dots there. It's no surprise, I don't think to anyone, there's been a significant decline since about 2021, '22 in cleantech investment in the capital raisings and capital markets.

That's manifested itself through into the public capital markets. Exchange traded funds and portfolios have been not as bullish around cleantech as they were back in '21 and '22.

That's the reality of the market we have today. Longer-term, has there been a big retreat from a global policy direction in terms of decarbonization and net-zero?

Certainly in the US, the under the current administration, there's a withdrawal from the Paris Agreement and that's had a an impact, if you like, on global perception around decarbonization. Several US states continue to main legislated net-zero targets.

It's not all one story in the US. Of course, across Europe, Asia, and Australia, there are policy reviews around decarbonization, but they remain strong and they may remain committed.

Especially, say, for China, they've expanded the emissions trading scheme there, and they have not moved away from the 2060 net-zero target. Despite the fact that the headlines or around the US are really sort of a reversal of of their ambition, if you look across the global economies, then 77% of global GDP is still committed to net-zero in some way, shape, or form in terms of policy.

Near-term, some challenges, if you're talking about decarbonization, but longer-term, policy is still very much committed towards net-zero. That's not the only story of Calix.

One of the things that we're really want to try and emphasize, if we move to the next slide, Christina, is that our business model isn't tied to decarbonization. Our business model is tied to improving value with decarbonization as the cherry on top.

Hopefully, that's starting to come through in the deals that you're seeing in the evidence that we'll cover in the 2026 results. Certainly, the things that we're really trying to focus on are the largest target markets.

With limited resources, the focus really has to be around those ones to the left of this chart, cement and iron ore, yeah, lime in and of itself, a significant market, and alumina. You can see there carbon dioxide removal and ultimately lithium, much, much smaller markets than the huge markets and the huge opportunities that the technology brings us in cement and lime.

With that, look at cement, one of the largest markets by far in the industrial world, and there, I'll talk a little that bit about the Adani deal, but developing and prioritizing the customer value proposition that delivers economic benefits today without a carbon price is where we've been focused. That Adani deal was all about that.

It was all about an economic proposition for energy flexibility and debottlenecking their cement plant. Decarbonization is is a cherry on top as and when there's a price on carbon, but that deal is moving forward today as a result of the value proposition today.

That's really where our focus lies: big markets and opportunities for economic benefit for our customers today without a carbon price. With that development of the value proposition, obviously, we look to establish strategic partnerships with industry leaders.

Adani, again, a perfect case in point there. You'll hear the word capital-light.

You've seen the focus on capital from Darren's numbers and ensuring that our progress is capital-light and then, as much as possible, is customer funded by the customer is is the focus. What that speaks to is a few things.

It speaks, I guess, to some credentialing of the technology. If you have a look at the counterparties we're dealing with, the fact that they're willing to pay for us now even though we haven't built a full-scale commercial cement plant or or iron ore facility yet, we're getting paid today for engineering studies, we're getting paid today to develop these projects, and so that speaks to the credentialing of the of the technology to quite some extent.

Really, we're going for a lean, capital-light model. We're targeting large industries.

We're targeting economic solutions today without a carbon price. That's our business model, that's our strategic focus.

If we move to the next slide, Christina. Let's have a quick look at the year in recap.

It's easy to forget that it was only 12 months ago, we didn't even have an ARENA grant for the iron ore facility. We were able to announce that in July.

We then moved into the announcement of the partnership with Hydro, Norsk Hydro for alumina, another massive application of the technology as you as you can recall from the previous slide. Then, only November, we announced the joint development arrangement with Rio Tinto where they're supporting the development of the Zesty technology with $35 million in cash and in-kind subject to project milestones.

We've already achieved one of those, which is their deep due diligence on the technology and the release of the first $3 million of that in December. Also in December, we announced that $10 million contract per annum contract, up to $10 million, that Darren talked about in the financial results.

Those numbers have started to flow through, but not fully yet, into the first into the second half results and the overall result. There's more to go there from that customer, and there's plenty more upside in the Magnesia business that I'll talk about.

We completed construction of the midstream lithium demonstration plant with Pilbara Minerals, which we restructured in that February announcement, releasing another $11.4 million in cash. You can see that that tiny little dot on the right-hand side of the previous slide, which is the lithium market, releasing a bit of cash, a little bit of that cash we're going to invest in the iron opportunity, because that's a a massive big stack, you would have seen in the previous slide.

As we said, we're going after the highest and largest markets with a capital-light model. We also talked a little bit about the Frontier contract in January.

This is Shopify and Google, again, supporting looking at ocean alkalinity as another application of lime from our Leilac technology. Then in March, we achieved the first ARENA grant milestone, which was a project process progress milestone.

Another $2 million came in there. Additionally, a tolling agreement for calcined clay.

When I talk about the different projects, I'll cover these as well. A tolling agreement for calcined clay with Green 360 Technology, it's another application of our tech with very with zero capital required from us, which is fantastic.

We could start a commissioning that midstream demonstration plant, the the heating cycles and those sorts of things was were being tested in a in a, I guess, a warm commissioning step, and we're looking sometime this quarter or early next quarter to have a look at the how the beta-spodumene or alpha to beta-spodumene conversion is going through there as as PLS commissions the rest of that plant and the rest of the hydrometallurgical circuit. In in May, we announced that we'd completed pre-FEED on the ZETA piece.

ZETA is our Zero Emissions Technology Australia or it's our lime calciner in South Australia. We've completed successfully the material the processing of alumina successfully for Hydro.

Then June, that important agreement with Adani, Adani Group's Ambuja Cements was signed, joint development arrangement there, where, again, once we pass a go/no-go decision on that particular project there, that's zero capital from us. That's Adani or Ambuja Cements from the Adani Group moving forward on a project where they're paying for all the capital for our Leilac technology.

Again, just to emphasize, that's nothing to do with carbon price and everything to do with economic benefits today. Let's keep moving.

The next slide covers off that project slate, and the the the bright blue dots are all of those projects where we've got to put zero capital. That's nothing to develop it all the way through.

Again, emphasizing our capital-light business model, we're partnering with pretty big counterparties who are prepared to help us develop the technology with no capital input from us. Several projects there do require a little bit of capital from us.

Obviously, Zesty, the the the project for the green iron application of our technology with Rio Tinto and ARENA backing, that one there, we do need to find some capital, and we are in a process of doing that right now. That's to get the first demonstration-scale or commercial demonstration-scale plant away.

It'll be a full-scale tube, single tube of our tech, and a full commercial-scale plant will be several of those tubes. It's a it's a commercial demonstrator, as we call it.

Quite some significant progress on that during the year, and that will require about 50% of the capital from us, which as I say, we're looking to to raise into the subsidiary called Zesty Limited, much the same way as we raised money into our Leilac business a few years ago. The Leilac-2 project there requires a quite a reasonable amount of capital.

We announced that it paused. Permitting, financing, those are the sorts of things that have decided along with the consortium to see if there's an alternative, and we're looking for alternative sites for that particular project there, so that's on pause.

ZETA, having passed pre-FEED, is also on pause. We do need to find matching capital for $15 million in government funding there, and so that project, as we announced a couple of months ago, is also paused, again, with the focus on a capital-light business model with partners like Adani.

The Heirloom model as well the Heirloom project paused. The US the state of the project in Louisiana is still very unclear.

That one there requires no capital from us, but remains paused. At the end, to the right of this slide, you'll see PLS requiring no capital from us.

The upside there, we're continuing to earn revenues from engineering services, and the upside in terms of licensing fees to third parties is still there as well for us, so that's in the commissioning stage now. The other one there was the Green 360 Technologies, which is the clay application, again, zero capital from us.

We charge tolling fees for Green 360 to put the the material that they're making there in calcined clay through our unit in Bacchus Marsh. That's the the project slate and all the stuff we're working on.

As I say, the the bright blue dots are all the ones where zero capital is required from us to develop. Okay.

We keep moving, Christina. Just a quick word on Magnesia.

Obviously, this particular part of our business is growing very nicely. As Darren said, we're starting to generate some pretty good EBITDA out of this business to help support the other business and help with the the cash management in the company.

Excuse me. What does this Magnesia business look like?

Certainly, Australia has grown quite substantially. In the last few years, we've added a new plant in Caloundra in Queensland on the Sunshine Coast to help serve the Unitywater business and all customers north of there.

A new capacity added there just recently. In the States, you can see a couple of new plants that we added there over the courses of '25 and '26 in Ripon in Ripon, Wisconsin and Lufkin in Texas.

The the strategy there to move east and south into the Food Belt and start to really generate some extra revenues and growth is really paying off for us now. Very pleased with the way the US is is working.

It's a great business. It's low annual churn rate, 5% to 6%.

Customers that come to us tend to stay with us a while. So, 85% of our current customers have been buying from us for over two years.

It's a nice business to be in. We're doing it well, and we remain bullish about the growth in the Magnesia business across Australia and the US.

Just to complete the presentation today before we go to Q&A, just to cap up, as Darren had covered, record revenues especially driven by Magnesia. That's allowing a big increase in our gross profit number, given the EBITDA being generated by that business now.

A lot of focus on reducing our costs and making sure our business remains focused on those large industries that I talked about before. CapEx expected to be minimal moving forward.

Just enough to support growth is is the target. There may be some possible CapEx and a little bit in Magnesia as we move forward to continue to expand and grow that business, but not much else.

Then over the overall operating performance therefore improves. Revenues up, costs down, your overall operating performance improves, simple as that.

Across the priorities for FY '27, we want to obviously continue to grow revenue and gross profit and the contribution from the Magnesia business. In Sustainable Processing, we're really going to make sure we continue to progress paid campaigns, get the final investment decision, get the financing to match the ARENA funding for the Zesty demonstration plant, and in Leilac, continue the momentum in customer-funded zero-capital projects to get to commercial scale there.

Lots to happen in FY '27 and we very much look forward to FY '27. Certainly, if we tick off those boxes that are there, it'll be a fairly transformative year for the company.

We're very focused on those things. On that note, happy to open up to questions, Christina.

Okay. Let's have a look at what has come through.

Just a reminder that you can ask questions using the Q&A box, which should be at the bottom of the screen, and I'll go through these and and relay them to Phil and Darren. Just give me 1 second.

Let's have a look. All right.

First question is, what is the opportunity to win more business or potential M&A for the water business in the US?

We we still see considerable opportunity. We conservatively estimated the US business as in excess of 100 million in value where a minority percentage of that potential value just in the Magnesia business currently.

We've been very successful in converting caustic to Magnesia. In fact, quite a large proportion of the new contract we won in December is to do with caustic conversion.

Now caustic is multiples of the size of the current Magnesia business. We see quite some considerable potential in US growth.

We're certainly chasing that. Australia's not to be forgotten.

We've done well on the East Coast of Australia. We've got most of the major contracts here now.

The West Coast represents an opportunity for us as well, which we're working on hard. There's growth that we see across both Australia and the US.

Okay.

This one's for Darren. How much revenue did the new US water contract contribute in FY '26?

Yeah. Thanks, Christina, and thanks for the question.

Fair to say that's probably a little bit commercially in confidence, including the name of that customer is is commercially in confidence. I think it would be inappropriate for us to say the the that dollar amount.

What I will say though is is that started in in February time frame and and it's has been ramping since then. Certainly, the first half do not contain 6 months worth of full run rating from that customer.

They've been ramping up steadily from from from February onwards. Our team have done a great job of of, I guess, onboarding that customer.

It it's a considerable amount of revenue additional revenue for that a US business. The team have done an excellent job to service that customer.

We we we continue to look forward to kind of a successful medium and, hopefully, very long-term partnership with with that business.

Okay. Next one is, congratulations on Calix's strong performance and significant progress over the past year.

While many of your recent your recent commercial milestones are international, how do you see the opportunity in the Australian mining and industrial market? Could Australia become a major growth market for Calix over the medium

term? That that's a great question.

Certainly, particularly in iron and steel opportunities, I think Australia is one of those areas that we're looking at to be a strong player. In other industries like cement and lime, for example, I think Australia has about three cement plants and there's sort of 1,500 or more globally.

Australia is a very small player in the cement market. Naturally, our focus with cement and lime is more overseas than than in Australia.

On the back onto the iron and steel though opportunity here, there was a report put out by the Superpower Institute led by Rod Sims, and that particular report outlined the very significant opportunity Australia has for a green iron, if you like, or lower carbon iron industry. Iron ore itself is a huge part of what Australia earns as foreign income, but there's the chance to to ultimately triple that almost in in green iron.

Few things need to happen if if the potential is going to start to be realized there. We need the renewable electrons to to help enable that to happen and the infrastructure obviously to to progress that.

I'm not saying we'll hit that that we'll that we'll triple the size of our our iron ore to iron if we move from iron ore to iron in terms of exports, but that's a very significant opportunity and we're working closely with quite a few parties there on on having a look and seeing what potential there is now and how we could deliver that. Then there's the water business.

The water business is a great earner for us here. Not quite as big as the States, like they have a bit of rivalry.

I like to see them sort of play off against each other month-to-month who's made more money. There's lots of opportunity in Australia still in that business.

I think, there's certainly no loss of focus on continuing to grow that business here in Australia as well. The other ones are, I guess, alumina.

It's certainly part of the heavy Heavy Industry Low Carbon Transition CRC or HILT CRC, and there are numerous Australian companies in there. Not obviously, there's companies like Rio Tinto, for example, who who we're working with on iron and steel, but they're big in alumina as well.

Opportunities to look at the alumina applications of our technology in Australia were obviously working through as part of the HILT CRC. Biggest opportunities in Australia: iron and steel, alumina, and continued growth in water.

Okay. Next question is, with Leilac's strong European partnerships and Carbon Direct investment, how do you see the EU and US markets contributing to Calix's revenue growth over the next 3 to 5 years?

Yes, that's a good one. Europe, as we've described in the in the presentation, continues to have strong policy objectives for net-zero.

There is debate at the moment in European Parliament about whether they reset the ambition a little bit. That debate is also being had with with a debate around increased electrification.

Despite the fact decarbonization might be a little bit reset, increased electrification is part of the those discussions. I think a lot of the industry is perhaps watching and waiting to see what happens in the EU and how that legislation, if that's passed, how that will shape their strategies in the EU.

Having said that, we still have a consortium to progress Leilac-2 as best we can. As I mentioned, where that particular project in Germany is paused, but we are looking at alternate sites there, including sites in Europe.

In the US, obviously, the the administration there is is is perhaps not quite as favorable towards decarbonization. We still have not heard the outcome of our applications in our work with especially, I guess, the Roanoke cement plant in the US where we got a grant there to look at debottlenecking, similar to the the Adani opportunity.

It's a debottlenecking and energy flexibility economic proposition. I guess, the the wait continues with respect to the DOE and and what what's going to happen with with those particular opportunities in the States.

We're a bit of a standstill there across our projects as as we've disclosed previously. We'll wait and see how that whether whether and how the DOE gets to assessment of those grants that they had already granted, but but haven't either canceled or endorsed.

There's a whole basket in the middle of which we're one. The US remains a bit of a question mark for us for for Leilac.

Europe and Asia are the focus, and especially, obviously, we can talk about Adani. There's another cement customer that we disclosed that we're also progressing with, similar timescale to the Adani one that we announced in June.

Both of those are very encouraging to see Asia moving ahead. Yeah.

Europe Europe is is a strong policy, but there's a bit of watch and wait. The States is on hold.

Asia is moving ahead fast, and we expect that to that's the sort of balance across the globe.

Okay. A couple of questions on Magnesia revenues.

Magnesia revenue increased by $3 million in second half compared to first half, but gross profit only increased by $0.2 mil between first half and second half. Can you explain this movement?

I think that's I just need to double-check where that comes from. I suspect that's something to do with the consolidation of the impact of, say, lower margin toll processing business like Sorbex, which has contributed a little bit into the Magnesia business, and also the impact of the new US customer, which is, again, lower margin, but again, significant revenue.

The actual gross profit numbers are much stronger. For us, the focus is on driving that gross profit absolute dollar number and driving the EBITDA number.

Again, which I think in the first half, the EBITDA from Magnesia business was $1.6 million. In the second half, the EBITDA from the Magnesia business was $2.2 million.

Overall, the EBITDA is accelerating in the Magnesia business. I think like I said, absolute dollar terms is what we're focusing on in terms of driving the cash result of that part of that business.

You've answered half of the next question. It was what sort of run rate does the Magnesia business enter FY '27?

Yeah. I guess, as you said, Christina, I I I answered that a little bit.

It it's accelerated in the second half in terms of its absolute cash contribution to the business. As Phil said, I think there's lots of scope for growth still in that business, and we're very excited about it.

We're we're going to kind of continue to work on growing that business.

Okay. I've got a bunch of questions on Zesty, I'm going to group them.

First one is, is Rio actively marketing the technology to their partners? Can you comment on any reception?

Yeah. Obviously, as part of the joint development arrangement that we announced, there's a marketing aspect and a and a and a joint aspect to developing the market for the technology.

What we can say is, yes, we're working on that with Rio closely. Obviously, as anything material comes to fruition, we can announce that to the market in due course.

We're working very well with Rio, and that that joint development arrangement's working well.

Okay. Next one is a little bit on funding.

What is the expected timeline, and when do you expect the remaining ARENA and Rio Tinto Rio Tinto funding to be secured and released?

Yeah. We we would love to get past our final investment decision this year, which includes the financing aspect.

Things are taking a little longer than we'd we'd wanted, but it is a the capital markets at the moment are a little tight. Joining with Rio joining, that's certainly added a lot of momentum to that effort.

That's the key sort of piece we've got to get through is to get the project to final investment decision point. On the technical side and project side, that's progressing well, but obviously match the financing.

That that's a high, high area of focus for me personally and our team at the moment. Once we get that, provided we get that, then that then starts to trigger things like the ARENA payment.

Once we hit the heavy lifting part of the project where we start engineering, procurement, construction, those sorts of things, there's progressive payments that come from ARENA as a result of of hitting those project milestones. The the timeline, we remain hopeful and focused to do this calendar year, and that will allow us to continue with the project on a timeframe which we've previously disclosed to the market.

That that that remains our high area of focus. Phil.

Phil, I might just add a couple of comments to be clear. Again, I mentioned in my section that subject to completion of the project milestones, which remain on track, the the the second cash installment of $5 million, we expect this calendar year.

When Phil talks about this year, he was referring to this calendar year. That would pretty much complete the cash contribution as part of that JDA.

There's also, obviously, ongoing in-kind contribution with Rio from Rio to in support of the project. In terms of the ARENA milestones, yeah, there is there has been one payment received of of $2 million, which was received in in FY '26.

There are future cash milestones that are linked to FID and and other project milestones. At this point, it's fair to say that we haven't I haven't included those in any of our cash neutral statements.

Those would be kind of incremental to that as and when those project milestones are complete. Those are all subject, as as Phil said, to to the kind of FID process that we're we're working very hard on.

Okay. I'm just going to flag that we've got 15 minutes left on the clock and quite a few questions, maybe we'll treat the following ones as rapid fire and see how many we can get through.

First one is, noting there's a limit to what you can say, do you still feel a level of confidence of completing a subsidiary-style deal in the Zesty business? What gives you confidence you can complete a deal here?

We remain confident.

Okay. Next question.

We'll draw it there. Okay.

Next question is has Carbon Direct made any changes to the carrying value of its investment in Leilac?

No.

Okay. The next one is nice and supportive.

"I love Calix's signature saying, I'm fully supportive of the company. Given how well you are doing, why have my shares dropped by about 84%?

Will the shares ever be good around $3.20 or above?" Always this question.

Yeah. No, huge thanks for for your support, and as we know, the pathway to a better planet is never a straight one.

Sometimes, you get people rallying in behind and and you get the momentum in the right direction moving, and other times, you get some some you have to go through some swamps. With with the change in in, I guess, the national and international outlook around the US administration and some of the actions they're taking place economically and militarily, it's no surprise that there's distraction from cleantech.

Our response is obviously to to really focus on the technology and its economic benefits today, and then as and when and if you if if if you believe that the long-term policy directions are right across those 77% of GDP countries that I talked about before, cleantech will all come back in. It it's fairly long-winded answer, but it's one I'm fairly passionate about, Christina.

I couldn't answer this one short. The the purpose of the company remains the same.

The upside value remains the same against a backdrop of importance around emissions. In the interim, we have a solution.

We've got a growing revenue business in a in a great technology application in Magnesia, and we've got economic solutions today with the core technology that is attracting interest from huge partners. We're we're going to be we're going to be there and ready when when perhaps decarbonization is of concern to people again.

Okay. On Zesty, have other iron ore miners expressed interest in the Zesty technology?

Would other JDAs be required?

I'll answer the second question first. No, we don't need other JDAs to to progress the project.

More could be added, of course. It's not exclusive with Rio, but we don't need it.

Have other iron ore players expressed interest? Absolutely.

In the public domain, all of the majors in some way, shape, or form are part of the HILT CRC where all of our initial test work was done. We're in close contact with all of them, and all are interested in the technology.

It's it's not just us and Rio, although they're a very important partner for us. The other iron ore majors are interested as well.

Okay. Have you looked at magnetic concentration for the Zesty-converted iron?

If so, will that allow it to be used in EAF furnaces?

Magnetic concentration. It's It's Yeah, magnetite is is is a particular iron ore type that that responds to magnetism, hence the name, and so part of the process of mining magnetite ores is to use magnetic means of of beneficiating that particular ore ready for electric arc furnaces.

There are things that we're doing to look at how we might be able to make magnetic variants of hematite, goethite ores, for example, and then benefit from those beneficiation techniques. That that's internal work in progress.

There's all sorts of different things that we're looking at with respect to how hematite, goethite ores could be ready for electric arc. Certainly, the NeoSmelt project, which is right next door to us in Kwinana, is about just that as well.

That's about a smelting technology to take direct reduced iron ore, say, from a process like ours, and purify that into an iron that's suitable for electric arc. Magnetism's one way, but there are a few ways to skin that cat.

Okay. In lithium, is there much incoming inquiry on greenfield lithium projects?

There there

we have contact through with quite a few different lithium players. As of late, as of the last 6 months, there hasn't been any new inquiries coming in right now, but we are dealing with several different parties who are interested in the lithium space.

I think they're waiting to see. They're waiting to see how the commissioning process goes and how the technology is working at Pilgangoora with PLS.

I suspect, as and when we can talk about that a bit more fully, that might pique quite a bit of interest. There's quite a few lithium operations or potential operations around the world that are logistically challenged with access to green electrons.

I'm talking about South America, I'm talking about Canada, and our technology could be could be very prospective for those particular ore bodies.

Switching to Leilac, can we provide an update on the status of the Heidelberg agreement to utilize Calix technology?

That that agreement is is on foot. We signed a license agreement with Heidelberg, I think it's 3 years ago, 4 years ago, and no changes to that license agreement.

On the water business, do we have an aspirational target over the next 5 years?

Of course, we we don't give out financial forecasts. Our aspirational target is to be the premier magnesium hydroxide player across the US and Australia and continue to grow that business rapidly and profitably.

Next question is, several Australian mining services companies have delivered very strong shareholder returns in recent years. With Calix's ambition to commercialize its technology globally, could Calix become the next generation of picks and shovels provider for the mining and metals industry?

Yeah. Engineering services is a growing part of our revenue base, so that's a good question.

Will it be the major part of our revenue base? Certainly, it's a great transition revenue stream for us, and it's working very well and growing.

Ultimately, the business model is to go even lighter than that in terms of capital. Not as not not not an arms and legs hirer and and and and and charger, if you like.

The licensing business model is about clipping the ticket on every ton that goes through our technology. Not a 25% or 30% gross margin business, a 90%-plus gross margin business.

That's what we're targeting. Our focus and effort isn't into trying to grow and compete in engineering services in a more general sense.

It's only services around our core technology that enables that ultimate licensing model.

Can we provide any idea on how much funding is still required to match the ARENA grant?

Certainly, we haven't released it because it's commercial in confidence, but out of the Rio bucket of $35 million cash and in-kind, there's a reasonable component of that that counts towards the ARENA grant. Let's call it a few tens of millions still need to be raised just to match the ARENA grant.

It's of that order. Obviously, as and when we can disclose to the market how we're going on that sort of things with respect to the financing part, we can we can be more explicit with the numbers.

For the moment, Rio's done a great job in helping us get a reasonable way there, and so the financing part of it's focused on the remaining gap, which is a few tens, as I've said before.

Okay. The next question is about SaltX.

We provided them with a a reactor in 2021, and since then, they've moved on to quite a few projects, including an arrangement with Heirloom. Does Calix regard SaltX as a competitor in Leilac's target market?

What does Calix's own operating experience say on indirect calcination versus plasma arc? Technical technical questions there, but let's just give them a high high-level answer there.

Right. I'm not sure I can answer this one quick fire, Christina.

Obviously, we're aware of developing technologies. They are a competitor, ultimately.

Plasma arc is interesting. I haven't seen plasma arc at industrial scale in these large industries yet.

There's massive scale-up and deployment challenges that that will face. Plasma is also one of those technologies that you can't really drop down in temperature.

It has some ability, but not a lot, and so it's extremely hot, several thousand degrees. The ability to control sintering and these sorts of things in mineral processes is going to be a bit more difficult with plasma arc than with our technology.

Controllability, efficiency, and scale-up are the challenges that we feel plasma arc will face that are tougher than the than than what we face with our technology. Ultimately though, we want SaltX to succeed.

We want to see technologies succeed in helping decarbonize these heavy industries. We're we're not we're not there to to elbow out and and have 100% of the of the market.

If it falls out that way, great. At the you've seen how big those markets are.

At this early stage, we want to see continued development upon multiple fronts, and SaltX is one of those. Ultimately, competitor, but at the moment, we wish them all the very best, and we want to see them succeed as I'm sure they want to see us succeed.

Okay. Looking closer to home, Bacchus Marsh, our facilities, in in reference to Thor's Hammer, how confident are you in successful scale-up of the direct electrification furnace?

You might explain what Thor's Hammer is as well, just in a nutshell.

Absolutely. Thor's Hammer is is a manifestation of our technology where we're not supplying heat onto the outer side of the tube with electricity.

The tube itself is the electric element, much like a stove top oven. We're passing a current through the tube and it's heating up.

Thor's Hammer has been a great success. It's been an enormous success for us.

It's worked very well. We don't have quite the same temperature control, because we don't have heating zones.

The whole tube itself heats to a certain temperature, and so there's yin and yang with Thor's Hammer. It's great in terms of direct electrification, which also allows flexibility.

You can have fossil fuels or or other forms of energy which can work in conjunction with that electrical energy. As with all of these things, we've got to build a demonstration-scale unit.

Adani is one opportunity to do that, and so we're working very hard on that opportunity and there'll be others as well. Confidence is obviously good, but we've got to prove it.

Adani's one of those projects that that can help us do that. To date, at the scale that we've built it, we're very, very pleased with it.

Okay. We've got time probably for one more question and then and then we'll wrap up.

On the Magnesia business, Calix market valuation clearly undervalues the Magnesia business. This business appears more advanced and probably poised on a strong growth outlook.

Is it time to spin off the Magnesia business?

It's an interesting question, actually, and obviously, as a as a company, we we look at generating best value for shareholders and that includes sometimes selling of assets or acquiring new assets, et cetera, et cetera. It's always on the table as to assess what's the best value for our shareholders.

The Magnesia business, we feel, is sort of moving through that bottom of that S-curve into a great growth phase. We don't want to necessarily, notwithstanding that there could be some offers thrown across that are that are too good to refuse, but we don't necessarily sell it too cheap if we're ever going to consider selling it.

The other thing is, of course, it's starting to generate great cash for us, and part of, I think, the overhang on the stock price is people think we've got to go to the market and raise capital. The more that Magnesia business grows, the more that doubt is taken away from people.

We're pretty clear on what our cash and capital strategy is, and capital-light and making sure we've got a good run runway out there without having to come back to shareholders all the time is our absolute focus, and the Magnesia business is an important part of that.

Any last comments from you on that, Darren?

No, I think Phil answered it perfectly.

Okay. I I do see that there's some questions we didn't get to.

If anybody has any further questions or would like to to ask any anything about what we've spoken about today, please feel free to reach out to [email protected]. I will pass it over to Phil to close the the session with any last remarks.

Fantastic. Thanks, Christina.

Thanks, everyone, for your attendance today. I think 2026 was was an excellent year of progress for the business financially and commercially.

You can see how we're poised across several different fronts and FY '27 should be a very interesting year for this company. We're very focused on those three key things I talked about before: growth in Magnesia revenues, getting past that by the for the Zesty project and getting the matching financing there, and then obviously continuing to pursue that really capital-light business model, especially as part of the Leilac business with companies like Adani.

If we're successful executing those across FY '27, it'll be quite an interesting company moving forward from there. I look forward to FY '27, and I thank everyone for their interest and support.

Thank you.

Cool.

Thanks, all.