We only have 600,000 lbs under contract. We have a really open opportunity going forward to look at how we sell our product into the market. Recently, we continued to develop our technical expertise. We just appointed a Chief Technical Officer that has had 20 years experience in Heathgate, which is a U.S.-owned Australian ISR operation, a technical committee, and various consultants. We have been operating in various forms since 2015, and we have a number of people that have worked in Kazakhstan and other U.S. operations. One of the initiatives that we have introduced in recent times has been owner-operator drilling. That is our biggest cost driver in the Peninsula project and in ISR Mines. We see this as having a significant improvement in our life of mine, all-in sustaining costs, as well as efficiencies. We historically drilled 540 ft a day, and on the second week of the rig arriving, we hit 1,400 ft a day productivity. We have significant exploration upside, which I will take you through later. The spot price is climbing. We have got strong long-term pricing and the growing demand is huge. One of the big differences about where uranium is today is that the demand is real. Biggest fleet of reactors are in the United States and the defense needs are growing in the short term. That is our share price, shares on issue, market cap. We have got a large institutional register. The Tees River out of the U.K. hold approximately 16%. Soul Pattinson Institutional Investor in Australia hold about 10%, and then we have Sprott as our third biggest shareholder. No young-looking people on the board, and most of those photos are 20 years ago. I do not like updating mine. Wealth and knowledge, various backgrounds, and a lot of experience in the industry, both uranium and mining in general. Again, I will call out a couple of people. Brian Pile, this is the fourth central processing plant he has built and constructed in both Kazakhstan and the United States. Ralph Knode has nearly 50 years of experience in the uranium industry. As mentioned before, Gary Birch, 20 years with Heathgate Uranium ISR. We are located in the northeast corner of Wyoming, and it is just a great place to operate. From an approvals process that was transitioned from federal to state in the latter part of the last decade. Good access to the agency. Wyoming is the lowest populated state in the United States, so you become a bit more relevant in a small state than you would in some bigger states where you have a lot more operators and so forth. As Matt highlighted, ISR is very environmentally friendly. It has got a lot of advantages, but you are mining in a blind state, if you like. Your operation is underground and you are pulling up your uranium through the transportation of water. We have been on this new mining unit since December last year, and we are getting a lot of learnings. We had a great start to 2026. However, we had some issues in our wellfields with gassing. We have rectified those issues, bringing on new header houses. Rather than go through this in detail, I just wanted to highlight that as we're learning, we're making changes to our standard operating procedures going forward. With our flow rates, it takes about three weeks to get the feedback when you make a change because of the time it takes to go through a pore volume. It's all important about being patient. We're introducing techniques that might take a little bit longer to acidify. The reason we're doing that is we want more success during our production of that wellfield. We want to have higher availability of our wells, lower maintenance costs in the wellfields. We've got an extremely low contract book. We've got huge leverage and opportunity going forward. We made some changes to that in 2025, which was significant benefit to Peninsula. We're now exposed to, we call it spot. Our production over the next one-two years, we could easily trade that into the spot market. We've got great opportunities, as was discussed just before, about the military needs going forward from 2030 onwards. That has to be produced in the United States of America. We're one of five current producers of uranium, and we want to make sure that we've got the greatest leverage and opportunity to take part of those contracts that come available at some point in the near future. In terms of future growth, we have the largest known ISR project in the state of Wyoming. We have 59 million lbs at our Lance project, and we also have 7 million lbs at our Dagger Project, which is located about 12 miles north of the Lance project. County roads and state grid power run through that project. 66 million lbs on the books, which is a significant resource. Of that resource, we talk about it in three areas: Ross, Kendrick, and Barber. Ross is currently fundamentally fully developed and in operation. We have our mining permits for Kendrick. The next six-eight years of production are under permit. That's about 20 million lbs that are yet to be developed that have got exploration upside that we have the permitting in place. Then we have Barber, which has another 30 million lbs. It's all contiguous. Sits along strike from our current operation and where the central processing plant's located, and huge exploration upside. We're located, as you can see there, just north of Moorcroft along the interstate that runs between Gillette and Rapid City. As I said earlier, the U.S. has the largest operating fleet in the world. There's obviously a lot of growth potential with SMRs, and there's SMRs looking to be constructed in the state of Wyoming and many other places within the United States. No matter which way you look at the future-looking supply-demand, demand is growing, it's real, and supply is under a huge amount of stress and challenges. There is a number of the quartile one operations that will be under decline and don't have any exploration upside. I think this is quite telling. The United States today consumes 56 million lbs for civilian needs. Last year, the United States produced 2 million lbs. Collectively, as five producers, we do not have license capacity and resource bases to fill that gap. The United States has a challenge, and it is super important for them about security of supply to work with the operators within the United States. For the military needs, it has to be produced within the United States. It has to be processed within the United States. If we produce yellowcake and transport it to Blind River in Canada, that will not be allowed to be used within the United States' defense needs. The opportunity is huge. It is alarming. I think they are just getting their things organized in the rare earth industry. That has been under a lot of stress and issues over the last 15 years. They have started to make significant investments in MP Materials and Energy Fuels. They are putting a lot of investment downstream in the uranium supply chain. They have not gone upstream to the miners. This is where the greatest stress is and that gap is enormous. The opportunity just within the United States alone is huge. One thing I will add before I go to the summary is we have an exploration target which is calculated under the JORC code of between 104 million and 165 million lbs. That is on top of the 66 million lbs we have under JORC resource. We add those together, and you will not necessarily convert everything from an exploration target to a JORC compliant resource. We have got the potential to climb over 100 million lbs. If we had a resource base of 100 million lbs, why would we be producing 2 million to 3 million lbs per annum? Our upside is absolutely enormous in our ability to look to the future and become a substantial player within the United States and globally. In summary, we are moving from commissioning complexity, which just about every project goes through, and we are working towards repeatable wellfields performance. We are supported by a U.S. production platform. That is what is in the photo there. A large resource base of 66 million lbs with the potential to go well into the hundreds, into the 100, to 200, and really driving a disciplined approach to growth. Thank you very much. Thank you, George. I am glad you touched on the upside here. You guys, in light of what you mentioned, in light of the recent exploration update in which you increased your resource base, I believe Lance is now at 59 million lbs. Is that correct? That is right. What is the path to 3 million lbs? Roughly when can you get there? What needs to be done? What is the potential beyond that at 3 million license capacity? Yeah, look, for us, it is all about development of more wellfields. Our real focus at the moment is to get through the technical complexities and make sure that we can demonstrate our capability to run these efficiently. It is all about building additional mining units. As mentioned before, we have the mining license at Kendrick to build that base to get. Our first target is to get to 2 million. So fill the mill and then fill the license. We are hoping to be at the full mill capacity by the end of this decade. Now, in terms of financing this potential expansion and beyond 3 million, have there been conversations with Peninsula and the Department of Energy and other U.S. agencies around potentially helping to fund that CapEx? Yeah, absolutely. We've engaged with the Department of Energy and other agencies within Washington, D.C., to look at ways in which there can be collaboration. There's a lot of challenges. If the U.S. government or an agency is to fund you, then you've got an issue with supplying the U.S. government. For example, for defense needs. They need to modify some legislation to make sure that they're not paying back their own loan, if that makes sense. But yeah, we are working with U.S. government agencies on potential funding. And then, when Matt and I spoke, we talked about cost. Where does your cost base sit? Are you seeing any inflationary concerns outside of labor? Yeah. Firstly, the difference between our operation and all other ISR operations in the United States, we are the only low pH acid leaching operation. The lixiviants that Matt talked about are different to what we do. Acid is sulfuric acid's our second biggest cost driver. We've had the impact, not just from an inflationary point of view, but a direct impact from the Middle East conflict. The numbers I'm hearing out of Africa are quite horrific. They're getting into four digits in terms of the price of sulfuric acid. We thought we were under a lot of stress with our price. We're not paying anywhere near that, but I'm still unhappy with the price. That's our second biggest cost driver. Our number one cost driver is drilling. And obviously, that's made up by the cost of the rig, labor costs associated with the drilling, and then diesel. The owner-operator model that we're working with and we brought in an expert in drilling. He's actually a fourth-generation Nebraskan water well driller, but he's actually an Australian. He built up a very successful drilling company and sold it. Drilled 20 million km in that organization. He is actually putting the architecture, sourced and got the rig, and is implementing that. Our biggest cost driver is drilling. It's not just the cost of drilling, but it's the sequencing. If we can actually get that efficiency, which I talked about before, to go from 540 ft a day to 1,400 ft a day is enormous. That really brings back a lot of your timelines. We've got a lot of delineation drilling to do, and to do that quicker and cheaper is going to be a great outcome. Number two is acid, and we're looking at other sources of acid. Our acid cost at the current price is actually probably a little bit more logistics than it is at the actual sulfuric acid. The United States is basically pretty balanced in its own internal supply-demand, so it doesn't have a big facility to export. Naturally, the producers of sulfuric acid use international prices to price us, even though what's happening in the Middle East is not directly impacting them. But we haven't seen the total cost come to us that they're seeing everywhere else. Cost of labor is real. An observer is an Aussie. I haven't been back home for a little while, but cost of living I think is probably a little bit higher in the U.S. at the moment than in Australia. You can understand why there's a need to increase labor rates because people are doing it pretty tough in the United States in terms of just general cost of living. Another question maybe that could help investors think about the opportunity here is just as you ramp up your production, what are the key risks and milestones and how do you think you're handling some of those risks and what are the opportunities? Yeah, look, if you break our business up into two components and you've got wellfields and you've got the central processing plant. Once you bring the uranium up to surface, the process is relatively straightforward. You capture the uranium on resin, you elute the resin, you then precipitate it, filter press, dry and drum. Now, there's intricacies in those, but it's not overly complicated in taking the fluid from the wellfield to a drum. The challenge and the biggest challenge is wellfield performance. It's all about making sure that you've got the right concoction within your water to get the maximum or the quickest speed to acidify and then getting your grade-recovery curve to be very economic. We're putting all our effort into that. It works. We produce uranium, we've recovered uranium, so we know it works. We've got to optimize how we do it. Every ore body is different around the world. Everyone, Honeymoon add iron because they're iron deficient and that causes them challenges in their central processing plant. We've got excess iron, so we don't need to add iron. Everyone's got a different challenge in their ore body. What we're seeing this year and in the last few months is we're overcoming a number of our challenges that we faced earlier because we've transitioned from alkaline leach to low pH. We're growing confidence. What we've got to do is get out of being in the weeds, as that photo shows, getting into the helicopter and having a look at the blue sky opportunity at Peninsula. Because once people get the confidence in Peninsula that we can deliver on what we say we're going to deliver, you got $90 is not the right price. That's not an incentive price for uranium. You have a look at TradeTech, you look at the prices are increasing because [audio distortion] out of prompts price is going up 37%. It will be over $100, it will be $150, it'll be more than that. Look at gold. We're not incentivized to produce uranium at the moment. When that price rises, we're going to be the ones that will capture the value. The prior presenter, Matt, he spoke a bit about M&A and consolidation in the Wyoming Basin and elsewhere in the United States. Is that something that Peninsula may or may not participate in, or how do you even think about that? Well, look, when you're on the podium and you present that you're the best company in the world, and I say that tongue in cheek, Matt. Look, every company in the United States has advantages and disadvantages, if you like. But again, if you get into the helicopter, there is a need for consolidation. When you look at each individual company in the uranium space in the United States, we're not big enough to be seriously relevant. We're small. Our negotiations with the utilities is not as big as when you've got the mass. There is an opportunity, and sensible M&A hopefully will prevail. From a resource base, we're in a different position to what Matt is in terms of when he looks at his resource base. We've got to get our wellfields working, and we've got a massive opportunity along strike at our project. And then just finally, we spoke about the potential to take advantage of this government agency RFI for several million pounds of uranium. Has Peninsula been able to benefit from that? Has it what, sorry? Has Peninsula been able to benefit from that? Well, there's no benefit at the moment, but Matt highlighted that we're probably the only two that's actually put in our application on time. There's an opportunity for everyone. The numbers they're talking about at the moment, no one has a mine plan to be able to deliver on their own within the United States, the NNSA needs. There's an opportunity for all of us to participate. It's going to be interesting to see how they structure that to work out what they need and what's good for the producers. At the moment, everyone thinks $97 is a great price, or, sorry, some outsiders might think that. There's a lot of RFPs that are coming out from utilities that are just not being responded to because people don't believe this price at the moment's a good long-term price. That is interesting. George, thank you for being here. Everybody, thank you for listening in.