Discl: Held IRL and in SM

SUMMARY 

• Very nice Trading Update from C79! 
• There is a delay to the finalising of its audited accounts due to “delays associated with completing the audit of international tax positions”. Does not sound sinister with a noted $5-10m deferred tax impact flagged.
• 1HFY25 was a meh half, and so C79 needed to deliver a good 2HFY25 to meet revised down guidance, and I think this was well delivered.
• Technology uptake is gaining momentum - the 4QFY25 samples processed spiked up sharply
• Liking very much, the traction going into FY2026 with the contracts from Bureau Veritas and MSA NEM both looking to provide good growth in both new units and Samples Processed
• Onward and upward!

KEY RESULTS

Very nice upward trajectory of Total Deployed Units and new PA Lease Agreements, anchored by a steady delivery cadence and 9 units on hand for quick deployments - this is a much more comfortable and settled overall cadence than the frenzy of 2+ years ago.

Noticeable spike in the 4QFY25 Samples Processed - fact-based evidence of the uptake of the deployed units and the overall PA technology.

OTHER VERY POSITIVE SIGNS

• Post EOFY signing of strategic partnership with Bureau Veritas (BV) for deployment of PA technology to South Americas
• BV is the last of the 4 Lab majors to get onboard PA, so all 4 major Labs are now onboard PA
• ALS and BV are the 2 Lab majors in South America - ALS has raced ahead in PA, BV is behind the curve in South America and has to catch up
• A beachead which enables the establishment of a South America C79 hub in Chile - now established in all global regions
• MSA with Newmont has broadened:
• New contracted unit in NEM’s Merian gold mine in Suriname for FY26 deployment, the biggest mine in the country
• 2nd adopted unit shows NEM’s confidence in the technology - 13 mines in total, 3 in the bag, 10 more to chase 
• NEM has been more aggressive in adoption following the MSA - Barrick took a one-unit at a time approach vs NEM’s quick-successive unit approach (Ahafo, then Merian)
• Contract signed for first deployment on next-gen “XN” units with SGS
• Same analysis approach, but with smaller footprint, greater user efficiencies/easier to use and cheaper to install and maintain
• XN’s automation which is the key driver of the improved XN efficiencies have been running for 6-8 weeks in the Perth SKS unit
• First XN unit will land in 3M time
• The BV deal is the last regional hub to be set up - costs from hereon are only going to be incremental

FY26 GUIDANCE

• Conservative view of Additional Assay Charges and MMAP
• Does not bake in signs that gold industry exploration cycle “is on the up” - upside potential from AAC sample growth rate