This announcement covers a routine step in managing our share register: the issue and ASX quotation of 10,810,251 new fully paid ordinary shares.

Of these, 6,810,251 shares came from the exercise of options (ESROB, expiring 13 December 2026), with holders paying A$0.018 per share. The remaining 4,000,000 shares came from employees converting share performance rights under our employee incentive plan, after the relevant performance conditions were met.

Neither of these events changes our business or our projects at Spargoville or Carr Boyd. They do add to our total shares on issue, which now stands at 2,243,347,213 ordinary shares following this quotation, alongside options and performance rights that remain unquoted or unconverted.

For shareholders, this is a normal, expected part of running an ASX-listed company with options and incentive schemes on issue. It reflects options being exercised and staff incentives vesting as designed, rather than any new capital raising or strategic development.

If you'd like to understand how this fits with our broader share structure, we're happy to take your questions through the hub.