Thank you, and thank you, everyone, for attending the Nickel Industries December 2025 quarterly results call. If I could ask the moderator to please move to the next slide.

Pleasingly safety for the 12 months work till the end of last year, 17.7 million man hours without a single LTI occurring, so it's a tremendous achievement. The company was awarded the Excellence in Sustainability Leadership award by CNBC Indonesia, highlighting our leadership in ESG implementation and environmental management and our contributions to the development of sustainable nickel in Indonesia.

Also, our solar project, which we will be an offtaker of, it achieved financial close and it is on track to be the largest solar project in Indonesia, 262-megawatt peak with 80-megawatt battery energy storage system. And it will allow ENC to reduce its carbon footprint but also, the power offtake agreement is at 25 years at a fixed rate with no inflation escalation.

So we think that's a big positive in that we've been able to lock in a big part of our power costs at very attractive rates. If we could just move to the next slide, please.

Frustration during the quarter of meeting our RKAB limit of 9 million wet metric tonnes, which did mean that most of our mining operations were halted for majority of the quarter. There was a number of positives during the quarter, which includes record EBITDA margins from HNC, which bodes well for ENC; and the approval of our AMDAL, which will support our current application of moving from 9 million to 19 million wet metric tonnes.

Adjusted EBITDA from operations was USD 37.3 million. And RKEF nickel metal production was slightly up, so the RKEF plans continue to perform well.

EBITDA was down, driven mostly by higher costs. And with the Hengjaya mine being unable to supply the RKEFs for a majority of the quarter, that resulted in the requirement to buy cost at the third-party ore so that did slightly push our costs up.

HPAL HNC continues to operate well above nameplate capacity, delivered USD 17.2 million in EBITDA, which was a 32% increase on the September quarter. Mine sales, we received approval to restate our operations on the 12th of December with an increased RKAB for 2025 to 10.5 million tonnes.

And so in the last 19 days, we were able to deliver close to 1 million tonnes. So I think what's pleasing there is the operations despite being out for almost 2.5 months, we're very quickly able to ramp up, and we're currently tracking very well in January looking at delivering 1.4 million tonnes.

The standby costs and the lack of any ore sales or mining unfortunately did deliver a loss, USD 14.9 million EBITDA loss for the quarter. But as I said, things are trending very strongly so far for January and this quarter at the mine operations.

So if we could just go to the next slide, and then the following slide after that on RKEF operations. RKEF operations increased 1%.

As I mentioned, cash costs slightly higher, higher nickel ore costs. However, that was offset by lower electricity costs.

The NPI contract pricing of $11,100 broadly in line with the previous quarter. However, the current spot NPI price is around $13,200.

So at the moment, currently, almost 20% above the December quarter average. So we've had a very strong start to the year.

particularly around nickel pricing. And so that does bode well for this quarter, and we believe for the remainder of the year.

If we could just go to the next slide, please. I mentioned real EBITDA, EBITDA per tonne margins at an HNC.

You can see they increased from $629 a tonne in Q3 to over $8,000 to $812 a tonne for the December quarter. And MSP contract prices increased by 18% to $17,110 a tonne.

Current LME spot is over $18,000 a tonne and obviously compares very favorably to the average LME price for the whole of 2025, which was 15,162. So we've seen a significant increase in the nickel price, as well as cobalt.

Current cobalt spot prices are over $55,000 a ton a tonne. The average for 2025 was around $39,967.

So again, this bodes extremely well for the imminent ENC commissioning, which if we could just move to the next slide, please. Pleased to give an update on the ENC project.

We're starting some unit testing and wet commissioning in anticipation of final commissioning targeting end of this quarter. The installation of crystallizers to produce nickel and cobalt sulfate has been completed and has been integrated with the rest of the circuit.

And the refinery, the cathode and nickel sulfate refineries will look to ramp up production once the HPAL smelter commences commissioning. In terms of the HPAL itself, we've begun purchasing sulfur and testing has commenced on the first line of the sulfuric acid plant.

Mechanical tests have commenced on the countercurrent decantation, circuit thickness, precipitation tanks, slurry storage tanks, reagent storage tanks. And so really all of the key equipment, we've started all the mechanical tests.

And then there's been allocation of additional resources just to ensure that we can complete the slurry pipeline, which will take off from the Hengjaya mine to ENC and also return the tailings to dry stack tailings storage facility. I would encourage people, if you had already seen it.

There is a link to a video in the quarterly, and you can really see the size and the scale of ENC and just how advanced it is at the moment. If we could just go to the next slide, please.

Mine operations, as I mentioned, unfortunately, impacted by RKAB delays. So as a result, that did result we moved from a $32.8 million EBITDA in the third quarter to USD 14.9 million EBITDA loss.

But as I said, January is looking very good. Approval of the AMDAL was a significant milestone, and we do still remain very confident of achieving an increased RKAB to $19 million for this year.

I think that was sort of well supported by the fact that at the end of last year, we were able to go from 9 million to 10.5 million. So I think that bodes well, as I said, for the increase this year.

If we could just go to the next slide, please. Development of the Sampala project continues to track very well.

The ETL feasibility study has been submitted some time ago, and we're hopeful of receiving approval for an RKAB at the end of 2026. The initial target from ETL will be somewhere around sort of 6 million tonnes per annum.

At the ANN IUP, we've just completed a feasibility study. That feasibility study will actually incorporate a slurry plant, the same that we have at Hengjaya mine for any future potential sales of limonite ore.

And in terms of the haul roads between ETL and ANN, the 72% complete. And during the quarter, we drilled about 18,000 meters of exploration drilling, a mix of exploration and infill drilling to support detailed mine planning.

If we could just go to the next slide, please. We're very pleased to announce the acquisition by Sphere Corp of 10% of the ENC project at a valuation of USD 2.4 billion, so at a premium to the USD 2.3 billion that NIC has invested it.

Sphere is the South Korean KOSDAQ-listed premium alloy and precision materials manufactured manufacturer for the global aerospace industry. They're one of only 5 global key vendors to SpaceX and they recently announced a 10-year supply contract of significant value, and this is to support SpaceX's rapid growth.

Funding of that transaction expected to collect Q1 2026. We see this as a significant endorsement.

It represents our entry into Western supply chains and particularly the aerospace and aeronautical sectors, which demand the highest product quality and have the strictest qualification standards. And so we think this is a strong endorsement of the quality of ENC.

Not only that, it does access and open up opportunities to supply to additional North American aerospace end users. So we're very happy with the transaction.

If we could just go to the next slide, please. That reduces the quarterly results presentation.

As I said, despite the frustrations of the a number of positives, including a very strong LME nickel price and NPI price at the moment, which bodes well for a strong quarter. Mining operations are back up to where they were.

We remain confident of an increased RKAB. and as I said, with HNC margins over $8,000 a tonne.

It bodes extremely well for the commissioning of ENC at the end of this quarter. So with that, I hand over to questions.

Can you hear me?

Yes. .

So I just wanted to get a little bit more clarification on the RKAB I guess, quota, right, so for this year, for '26. So it hasn't been announced, right, this year?

And I think in the previous presentations, you've kind of guided to or kind of expecting million tonnes, right, versus kind of 10.5 that you have currently. We've seen headlines and industry news that the RKAB aggregate for Indonesia is actually, I think, down 1/3 year-over-year.

So I guess like I'm just trying to figure out what's the risk of you guys not getting to the 19 million tons that you guys are expecting? That's number one.

And then number 2 is the 19 million tonnes, I think gets you guys 100% self-sufficient, including ENC. So what is the actual number to get you guys 100% so sufficient completely?

Yes. So look, the first question, the government has announced its intention to reduce the RKAB quota from last year.

We've shown that they will be favoring those that have integrated operations, of course, which we do. We have a number of RKEF lines.

We have ENC as well. I think the evidence that we were able to go at the end of last year from $9 million to $10.5 million supports the fact that the government is supportive of increasing our RKAB.

And looked at there's always risks. But given that we've had an environmental study that's been approved for the 19 million tonnes, we still remain confident of achieving it.

Where will the RKAB cuts come from? I think it will -- what we're hearing and seeing is that it will come from a lot of the smaller producers that don't have any integrated RKEF or HPAL operations, of which there is many.

And a lot of those smaller producers don't have the best environmental reward. And so again, I think this is just a way of ensuring that those who are operating properly.

We believe there shouldn't be too much risk on the RKAB. And then sorry, your second question was?

What level of cutoff -- the cutoff level for us achieving self-sufficiency across our operations.

So the 19 million will get us to 100% self-sufficiency of limonite ore for ENC and it will get us very close to 100% or self-sufficiency at our RKEF operations, which is 8 lines within the IMIP.

So does that -- so okay, so maybe dig a little bit deeper on this, I'm sorry. So you guys are operating at overall like 25% to 30% above nameplate, right.

And so when the government kind of takes into account of kind of your integrated kind of midstream processing capacity. Are they looking at nameplate?

Or are they looking at kind of what the run rate that you guys are producing at because that's kind of different by almost 30%, right? So like I think 19 gets your 2 sales are sufficient on the nameplate?

Or is that 100% on nameplate plus 30% is kind of my question?

Yes, it's 100% self-sufficiency on nameplate, which is about 11 million to 12 million tonnes. And so obviously, with '19, there's a significant buffer there if we're offering operating significantly above nameplate capacity.

Thank you, everyone, again and as I said, we look forward to hopefully providing the market and investors with an update on our RKAB in the coming weeks as we continue to work closely with the government to secure it. So thank you, everyone.