Emma Culver
Investor Relations & Communications Manager

Good afternoon, everyone, and welcome to the Bannerman Energy March 2026 Quarterly Update Webinar. We've just got a few people dropping in, but I would like to thank you all for joining us today. We are joined by our MD and CEO, Gavin Chamberlain, today for the webinar and for this update in what has been a very transformational quarter for us at the company. So I'm going to share my screen and hand over to Gavin, so we can go through all of the highlights for the quarter. I assume you can all see that, Gavin, you've got that coming through?

Gavin Chamberlain
CEO, MD & Director

Yes, no problem. Thanks, Emma.

Good morning all, and welcome to this quarterly update. It really has been a transformational quarter for us, as Emma said. So we've seen the successful conclusion of a really important deal for ourselves. We've spent the last 2 years going through a strategic funding process. And this year, we saw the successful conclusion of a strategic financing deal. The deal with CNNC Overseas Limited sees them putting in an investment of up to $321.5 million, and that's broken up into 2 different numbers.

The one number is a straight payment of $294.5 million, which is for them to buy their 45% share. And then they will also reimburse the current capital work that is ongoing on site from the 1st of July until the completion of the deal. And the combination of those 2 aspects gives us the $321.5 million. For that, they will get a 45% interest in Bannerman U.K. subsidiary, which in turn owns 95% of the Etango