Discl: Held IRL 4.94% and in SM

Another steady-as-she-goes 3QFY26 report from XRF. 2 things that stood out:

1. The QoQ movement between 2Q and 3Q has always been interesting - in FY23 and FY25, revenue drops were reasonably sharp (red ovals in chart). But in FY24, it was flat. FY25’s flat QoQ result is more or less in the zone of the seasonal 2Q to 3Q movement, hence the steady-as-she-goes summary.

2. The language of each segment update feels quite upbeat, but delivered in typical Vance’s understatement style - it does feel like a setup for aanother seasonal uptick in revenue in 4Q as has been the case for the past 3 years.

International sales flagged as the key quarterly growth driver

Cost of setting up shop and India looks to have been absorbed nicely, first customer orders received in Mar, well received by customers

Consumables - $4.8m vs $4.4m pcp 

• Record month in March from both dollars and product volumes
• “Scale, momentum and timing of incoming orders meant these sales will now be recorded in the June quarter” - driven by Asian customer demand - this sets up 4Q to be a good one, consistent with the seasonal pattern

Capital Equipment - $5.4m vs $4.5m pcp

• Increase in Orbis crusher activity, $2.5m sales achieved
• Activity driven by the gold sector, momentum expected to continue through to the June quarter
• 1st Next Gen xrFuse 1 and 2 orders were shipped to customers during the quarter, new production line now operational
• XeTGA revenue continues to grow, order book increasing and repeat sales received

Precious Metals - $5.6m vs $4.9m pcp

• Reduction in platinum prices started to have positive impact of demand towards the end of the quarter