Production and Growth - The company targets an increased production of 175-195 thousand ounces of gold per annum in FY27[26] - FY26 production guidance is set at 130-150 thousand ounces of gold, with an All-In Sustaining Cost (AISC) between A$2,600-2,900 per ounce[41] - FY25 saw a total gold production of 126 thousand ounces, with 130 thousand ounces sold at an AISC of A$2,422 per ounce[41] - The company has an exploration target of 1.5-2.5 million ounces of gold down plunge from known mineralization[26] Resources and Reserves - The company's global Mineral Resource stands at 3.1 million ounces of gold, comprising 6.3 million tonnes at 9.7 g/t gold for 2.0 million ounces Indicated and 4.4 million tonnes at 7.9 g/t gold for 1.1 million ounces Inferred[27] - The Probable Underground Ore Reserve is 8.48 million tonnes at 4.7 g/t gold for 1.28 million ounces, with a total Ore Reserve of 8.57 million tonnes at 4.7 g/t gold for 1.29 million ounces[115] Financial Position - As of June 30, 2025, the company had A$152 million in total liquidity, with a net cash position of A$52 million after accounting for A$100 million in bank debt[37] - The company has forward gold sales commitments totaling 152,000 ounces at an average price of A$2,843 per ounce[38] Sustainability - The Bellevue Gold Project has achieved net zero (Scope 1 and Scope 2) greenhouse gas emissions for H1 CY25[9, 112] - The company's power station has a 90 MW hybrid capacity, including 24 MW wind, 27 MW solar, 24 MW thermal, and a 15 MW/ 29 MWh Battery Energy Storage Solution (BESS)[101]

Corporate Structure and Financials - Carnaby Resources has 228.4 million shares on issue[13] - The share price is $0.39, resulting in a market capitalization of $89 million[13] - The company's cash position is $15.8 million[13] - Top 20 shareholders hold 42.5% of the shares, while the board and management hold 9.4%[13] Greater Duchess Copper Gold Project - Consolidated Greater Duchess resources increased by 27% to 27.0Mt @ 1.5% CuEq for 400,000t CuEq[23] - The Trekelano acquisition adds 5.2Mt @ 1.6% CuEq, containing 85kt CuEq (1.4% Cu, 0.4g/t Au)[24] Trekelano Resource Highlights - Inheritance has a JORC 2012 Mineral Resource Estimate of 2.9Mt @ 1.5% CuEq, containing 43kt CuEq (1.3% Cu, 0.3g/t Au)[28] - The Historical Underground Mine has a JORC 2012 Mineral Resource Estimate of 1.5Mt @ 2.0% CuEq, containing 29kt CuEq (1.7% Cu, 0.5g/t Au)[37] Project Development and Economics - The scoping study results (excluding Trekelano) show a 9-year production target of 7.5Mt @ 1.9% CuEq, containing 140kt CuEq[58] - The estimated pre-tax NPV7% is $437 million, with an undiscounted pre-tax net cash flow of $715 million and an estimated pre-tax IRR of 141%[58] - The estimated pre-production Capex is approximately A$35 million[63]

Financial Performance - Total revenue for Q2 2025 was $1,553 million, with underlying revenue growth of +6.7% and reported growth of +7.8%[13] - H1 2025 revenue reached $2,961 million, a 4.7% reported growth compared to $2,827 million in H1 2024[36] - H1 2025 trading profit margin was 17.7%, a +100 bps expansion compared to 16.7% in H1 2024[36] - Adjusted Earnings Per Share (EPSA) for H1 2025 was 42.9¢, a 14.1% increase from 37.6¢ in H1 2024[47] - Free cash flow for H1 2025 was $244 million, significantly improved from $39 million in H1 2024[53] Business Segment Performance - Orthopaedics revenue in Q2 2025 was $615 million, with underlying growth of +5.0%[16] - Sports Medicine & ENT revenue in Q2 2025 was $479 million, with underlying growth of +5.7%[19] - Advanced Wound Management (AWM) revenue in Q2 2025 was $459 million, with underlying growth of +10.2%[27] Regional Performance - US revenue in Q2 2025 grew by +8.7% to $827 million[13] - Emerging Markets revenue in Q2 2025 decreased by -0.2% to $256 million, but grew +12.2% excluding China[13] Strategic Initiatives - A $500 million share buyback is planned for H2 2025, funded by 2025 cash flow and existing balances[9] - The company is targeting total gross run-rate savings of approximately $325-375 million in 2027 through efficiency opportunities[44]

Financial Performance & Production - Liontown produced over 320,000 wmt of spodumene concentrate at 5.2% grade in FY25, or >294,000 dmt allowing for 8% moisture[33, 78] - The company's revenue reached A$301 million with an average realised price of A$1,061 per ~SC5.2 dmt (CIF)[34] - H2 FY25 unit operating cost was A$802 per dmt sold (FOB), and AISC was A$1,081 per dmt sold (FOB)[34] - Liontown maintains a strong cash balance of approximately A$156 million, with ~11,000 dmt of saleable concentrate on hand[34] Mining & Operations - The company is transitioning to 100% underground mining and production by Q3 FY26[61, 78] - The mine plan strategically prioritizes high-margin ore, with an average of ~1.47% Li2O stope grade mined over 5 years[38] - Capital declines are advancing to 405m below surface by the end of FY30, securing access to future material[40] - The long-term underground plan is designed for efficiency, supporting a 2.8Mtpa run rate from Q2 FY27[43] Future Targets & Expansion - Liontown targets 365-450 kdmt concentrate production in FY26 with an expected grade of 5.2% Li2O[61] - The company aims for a 70% recovery target at the plant by Q3 FY26[61, 78] - The company expects low-cost, scalable operations from FY27[61, 78] - The company is positioned for a low-capex intensity expansion pathway from 2.8Mtpa to 4Mtpa[72, 79]

Financial Performance Highlights - 2Q25 revenue reached NT$56.73 billion, a 4.8% increase year-over-year, marking a 10-year high for any second quarter since 2016[13, 48] - H1 2025 revenue reached NT$112.54 billion, a 3.2% increase year-over-year, marking a 9-year high for any first half since 2016[13, 48] - 2Q25 net income was NT$10.17 billion, a 3.5% increase year-over-year, marking an 8-year high for any second quarter since 2017[13, 48] - H1 2025 EPS was NT$2.57, a 3.9% increase year-over-year, marking an 8-year high for any first half since 2017[13, 48] - 2Q25 EBITDA reached NT$22.58 billion, a 3.5% increase year-over-year, marking a 12-year high for any second quarter since 2014[13, 48] - The company's operating results exceeded the high-end earnings guidance[13, 55] Business Segment Performance - Mobile service revenue increased by NT$0.33 billion, a 2.0% increase year-over-year[16] - Fixed broadband revenue increased by NT$0.20 billion, a 1.8% increase year-over-year[22] - ICT emerging business revenue increased by 24.9% year-over-year, with IDC growing by 30.1%[12] - Group enterprise ICT revenue increased by 27% year-over-year[29] Strategic Initiatives and Achievements - The company obtained an exclusive commercial license for OneWeb LEO satellite services[13] - The company was upgraded to the highest MSCI ESG 'AAA' Rating[13]

Project Overview - Jaguar Project aims to become the Western World's next major nickel sulphide mine [1] - The project boasts a Tier-1 scale Mineral Resource of 138.2 million tonnes containing 1.2 million tonnes of nickel [4, 9] - It also has a 52 million tonnes Ore Reserve containing 406,100 tonnes of nickel [4, 9] - The project is moving towards a Final Investment Decision (FID) in H1 2026 [7, 61] Financials and Operations - The project anticipates a Life-of-Mine (LOM) Post-Tax operating cash flow of US$2 billion (A$3.12 billion) [10] - It has a Post-Tax Net Present Value (NPV) of US$735 million (A$1.15 million) and a 34% Internal Rate of Return (IRR) [10] - The capital payback period is estimated at 1.8 years [10, 48] - The project targets an average nickel production of 22,600 tonnes per annum (tpa) in the first 7 years [9, 45] - The Life-of-Mine All-In Sustaining Cost (AISC) is projected to be US$4.43/lb Ni (payable basis) [4, 9, 19, 48] Environmental and Approvals - All key environmental approvals have been received, including EIA approval and Preliminary & Installation Licences (LP & LI) [6, 54] - The project has a low carbon footprint, with a forecast of 6.54 tonnes of CO2 per tonne of Nickel [9, 10, 56]

Financial Performance - Organic net sales increased by 1.7%[9], but excluding the Cîroc transaction, the increase was 1.5%[9] - Organic operating profit decreased by 0.7%[10], attributed to overheads, primarily staff costs and strategic investments[10] - Pre-exceptional EPS decreased by 8.6% to 164.2 cents[10], mainly due to a lower Moët Hennessy contribution and unfavorable FX at 103.48c[10] - Free cash flow increased by $0.1 billion to $2.7 billion[9], driven by strong working capital management[10] Strategic Initiatives - The company is implementing the "Accelerate" program to deliver approximately $625 million in cost savings over 3 years[22], with about 50% reinvested for future growth and 50% dropping through to the bottom line[29] - Capital expenditure for fiscal year 26 is guided to be in the range of $1.2-$1.3 billion[47], moving to mid-single-digit % net sales (fiscal 25: 7.7%) over 3 years[47] - The company aims to be well within the leverage target range of 2.5-3.0x net debt/EBITDA no later than fiscal year 28[23] Market Dynamics - Developed markets accounted for 62% of organic net sales, while emerging markets accounted for 38%[67] - The company gained or held share in 65% of measured markets[65] - Non-alcoholic beverages experienced approximately 40% organic net sales growth[88] Regional Performance - North America: Organic sales growth with share gains in TBA led by Don Julio and Crown Royal[69] - Asia Pacific: Weaker performance in China and Travel Retail offset India growth[65] - Latin America and Caribbean: Return to growth[65], with organic sales growth of 9.2%[68]

Company Performance & Growth - Pilbara Minerals Limited (PLS) achieved record FY25 production of 755kt[4] - PLS has ~$1 billion self-funded growth cycle complete and $1.6 billion liquidity[5] - Pilgangoora Mineral Resource updated, delivering a 23% increase in contained lithium[24, 50] - Pilgangoora Resource further grown 10% to 446Mt with grade improvement to 1.28%[25] Strategic Positioning & Diversification - PLS is geographically and strategically diversified with exposure to established and ex-China supply chains[6, 7] - PLS acquired the Colina Project in Brazil, diversifying its asset portfolio[23] - PLS has an 18% interest in a lithium hydroxide (LH) facility in Gwangyang, South Korea, with a nameplate capacity of 43ktpa[32] Market & Industry Trends - The lithium industry is evolving, shaped by volatility, emerging maturity, and rising end-use demand[9] - Clean energy investment in 2025 is projected at US$2.2 trillion, with solar investment at US$450 billion[17] - EV sales grew by 26% from 2023 to 2024, and BESS sales grew by 51%[17] Future Priorities - PLS' FY26 priorities include operational excellence, disciplined cost control, and capital efficiency[36]

Company Overview - RATIONAL has been successful on the stock exchange for 25 years due to innovation and stability[1] - RATIONAL aims to substitute traditional equipment in professional kitchens[32] - RATIONAL holds a strong Net Promoter Score (NPS) of +60, placing it in the "Best in Class" segment[30] - RATIONAL has a global presence in 120 countries[26] Products and Services - iCombi Pro is a combi-steamer with intelligent cooking paths[3] - iVario Pro is a multifunctional cooking system with contact heat[7] - ConnectedCooking is a digital kitchen management system[10] - Equipment revenue is supplemented by recurring non-equipment revenue, with iCombi accounting for 59%, iVario for 10%, and aftersales business for 31% of sales revenues in FY 2024[25] Financial Performance - Sales revenues increased by 6% to 1194 million euros in 2024[50] - The company's EBIT margin was at 26% in Q2 2025[58] - The company proposes a dividend of 1500 euros per share for 2024, with a total payout ratio of 68% and a dividend yield of 18% based on the 2024 year-end share price[69]

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