Operator

Thank you for standing by, and welcome to the Stanmore Resources Limited March 2026 Quarterly Activities Report Investor Briefing. [Operator Instructions]. I would now like to hand the conference over to Mr. Marcelo Matos, Chief Executive Officer and Executive Director. Please go ahead.

Marcelo Matos
CEO & Executive Director

Good morning, everyone. Thank you for joining Shane and I for our first quarterly activities report for 2026. It has certainly been a dynamic beginning to the year, with industry-wide weather disruptions and more recently, a heightened macro environment with the ongoing conflict in the Middle East.

Despite these challenges, I'm pleased to say that our operations have once again delivered a solid quarter. Saleable production concluded at 3.2 million tonnes, driven by a strong recovery late in the quarter. Metallurgical coal prices improved during the quarter, supported by the combined effect of the widespread supply disruptions and firming demand from India.

However, these gains were partially tapered later in the quarter as market participants entered a wait-and-see mode and amid the unfolding energy situation. Nonetheless, met coal prices remain materially stronger than this time last year, and we remain confident in the strength of our asset base and balance sheet position with more than USD 400 million in liquidity at the end of the quarter.

Getting into the detail, we'll start with a brief summary of our safety and operational performance. The serious accidents frequency rate increased to 0.5 with one serious accident recorded during the quarter. This incident, which was a hand-related injury, was thankfully very limited in its potential