Operator: Welcome to IMDEX Limited FY '26 Results Presentation. [Operator Instructions] I will now hand over to IMDEX Managing Director and CEO, Paul House.

Paul House: Thank you, and welcome, everyone, to IMDEX's FY '26 Full Year Results Presentation. Today, I'm joined by Linda Lim, our Chief Financial Officer; Shaun Southwell, our Chief of Exploration and Production; and Michelle Carey, our Chief of Digital Earth Knowledge. Linda and I will take you through the presentation. And at the conclusion of our prepared remarks, Shaun and Michelle will also be available for any questions. FY '26 was the strongest financial year in IMDEX's history. We delivered record revenue, record earnings, strong cash generation and made significant progress in building a larger and more diversified earnings engine through both organic growth and targeted acquisitions. Throughout this call, we will refer to the FY '26 results presentation released to the ASX this morning. Our agenda on Slide 3 outlines the focus areas for today. We'll begin with an overview of the FY '26 results. Linda will take you through the financial performance in more detail. And I will then return to discuss the industry macros, our FY '27 outlook, our FY '27 priorities and the IMDEX longer-term growth strategy. Bringing your attention to Slide 5. At IMDEX, our purpose is to efficiently and sustainably unlock the earth's value by enabling customers to find, define and optimize the subsurface environment with confidence and with speed. The image on the right-hand side of the slide attempts to illustrate just how we do that. We help customers capture high-quality rock data in real time or near real time. We analyze that data to generate key insights at scale, and we turn those insights into faster, more confident decisions for our customers. What we can show you in today's results is that FY '26 and the investments that we have made have accelerated our ability to support customers through this life cycle. Turning to Slide 6 and our FY '26 financial highlights. I'll draw your attention to a couple of key messages. First, record revenue, record EBITDA normalized and record NPAT normalized. Revenue increased 21% to $520 million, and growth was broad-based across all regions, driven by both exploration activity and market share gains, the latter of which accounts for just over half of the revenue growth in the period. Of particular note is the quality of the revenue growth, which is characterized by 3 things, and they are; an increasing customer adoption of next-generation technologies, an active demand for technologies that deliver demonstrable lifts in productivity and the continued growth of our integrated physical and digital solutions. Finally, revenue growth converted into margin expansion. Our EBITDA normalized increased 29% to $163 million, with margin expanding to just over 31%. That demonstrates the operating leverage embedded in the IMDEX business model. This is a strong result against the market backdrop of rising costs and some significant FX headwinds. Turning now to Slide 7, and I'd like to highlight the strength of our balance sheet plus our disciplined approach to capital management. Cash conversion was strong at 83%, reflecting working capital management discipline while continuing to support growth across the business. Net debt increased to $199 million following the completion of 5 acquisitions during FY '26 with leverage sitting at 1.3x at the end of the reporting period. This is comfortably within our target range and leaves IMDEX with capacity to continue investing when such opportunities present. We have a proven ability to use our strong cash conversion to delever, having paid off the debt from the Devico acquisition in under 3 years. Finally, the Board has declared a final fully franked dividend of $0.0175 per share, taking the full year dividend to $0.034 per share, an increase of 36% and once again, aiming to deliver superior return to shareholders. Overall, I would like investors to see that our strong cash generation allows us to continue investing through the exploration cycle, strengthen our technology leadership and expand our digital platform offering directly in line with customer demand. Slide 8 demonstrates how IMDEX has evolved from a leading drill site technology business into a more integrated physical-to-digital platform. IMDEX's 2 growth engines, Drill Site Technologies and Digital Earth Knowledge, connects the full data value chain from originating high-quality subsurface data at the drill site through to digital workflows, software analytics and decision intelligence. Often, our customers are not looking for more data, they are looking for more data insights, and that is where our integrated platform, which improves decision intelligence for both resource companies and drillers continue to differentiate IMDEX. Turning now to Slide 9. As I have often said, strong results are the direct outworking of strong strategic execution. Our deliberate focus on technology leadership and our relentless match fit discipline across the operation is key to these results this year. First, we continue to capture more value from customer activity. Share of wallet increased to a record $2.40 per $100 of global exploration spend, up from $2.20 in FY '25. Second, customers are adopting more of the IMDEX offering. Integrated on-site services revenue increased 20% and the average number of global sites using integrated solutions increased 42%. Third, we continue to strengthen the platform itself. The acquisition of Earth Science Analytics, Datarock, ALT, Mount Sopris Instruments and Krux has created an expanded and truly leading collection of physical and digital technologies. Overall, FY '26 has demonstrated that IMDEX has more ways to deliver value for customers than ever before. Turning to Slide 10 and our sustainability highlights. Our strong growth during FY '26 has meant that we have crossed the threshold under AASB S2 to become a Tier 1 reporting company. We've made substantial strides towards compliance, and I'm delighted to share a selection of highlights. We completed our climate risk assessment and scenario analysis, we strengthened our governance framework and we continue to improve our emissions data capture. These are all important foundations as we prepare for mandatory climate reporting. Furthermore, we invested heavily in the link between sustainability and productivity for our customers. Many of our technologies directly help customers improve their productivity and reduce waste, whether that is through improved drilling performance or substantial water savings. Finally, some tangible examples within our own operations. Our Balcatta headquarters and our Californian R&D facility are both now predominantly powered by solar. Subsequent to year-end, we launched an industry-leading 24-week parental leave policy, recognizing the importance of this to our IMDEX workforce. Our strategy around sustainability is of importance to our employees, first and foremost, and I'm delighted with the engagement on these projects by our workforce all around the world. The onward delivery of those benefits to both customers and shareholders is being actively led by our IMDEX people. I'll now hand over to Linda, who will take you through the FY '26 financial performance in more detail.

Linda Lim: Thank you, Paul. I will now build upon Paul's highlights by going a little deeper into our financial performance. Slide 12 demonstrates the record year for IMDEX through strong underlying growth, continued market share gains and increasing adoption of higher-value solutions. Results for the year are normalized for the integration and transaction-related costs associated with the 5 acquisitions completed during the year. It also includes a $3 million impairment on a development asset. This write-off is a direct outworking of our disciplined capital management, where we ruthlessly review all projects and redirect capital for the strongest returns. In addition to those highlighted by Paul earlier, there are 3 performance highlights to speak of. First, record NPAT normalized of $59 million reflects another year where earnings growth outpaced revenue growth. Second, NPATA normalized increased to $70 million, providing a useful measure of the earnings capacity of the enlarged IMDEX platform. And third, EPS normalized increased 37% to $0.115 per share, demonstrating that growth in revenue, margins and earnings is translating into superior returns to shareholders. Turning to Slide 13. As Paul mentioned earlier, revenue increased 21% to $520 million, continuing IMDEX's track record of growing well ahead of underlying exploration activity. Over 5 years, revenue has grown to a 15% CAGR against exploration budget growth of 6%. This year, we've introduced a revised revenue disclosure that better reflects how customers engage with our digital platform. The key point is the growth in platform revenue from 33% of group revenue in FY '21 to 47% in FY '26. That shift is a deliberate outcome of our fleet connectivity strategy over many years, which began with IMDEX HUB-IQ. Our equipment, sales and services revenue grew 11%, also outperforming underlying exploration market activity, supported by continued strength in product sales and a 20% growth in integrated on-site services. Overall, our revenue mix continues to strengthen. Moving to Slide 14. This slide demonstrates the diversification of IMDEX's revenue growth with an increasing contribution from higher-value platform-enabled revenue streams. Platform-enabled hardware rentals continue to grow as customers adopt more connected technologies, reflecting the benefits of our long-term fleet digitization strategy. Software and platform advisory revenue is also well positioned for growth, supported by the expanded capabilities acquired during FY '26. Integrated on-site services delivered another strong result, increasing 20% year-on-year as customers continue to adopt broader full solution offerings across the drill site, driving share of wallet expansion. At the same time, our product sales business continues to perform strongly, benefiting from underlying exploration activity and the reach of our global sales and service network. Over time, we expect to continue to see this revenue profile evolves. For example, rentals and other has been and should continue to be progressively declining as customers continue to upgrade to new technologies and on-site integrated solutions. IMDEX is growing through multiple complementary revenue streams. We are benefiting from closer engagement with customers to deliver our portfolio of technologies right across the mining value chain. Turning to Slide 15. This slide demonstrates that the 21% revenue growth is primarily organic growth in the core business. Revenue increased from $431 million to $520 million. 17% of that growth was organic, driven by market share gains, technology adoption and growth across all regions. Acquisitions contributed $17 million, reflecting partial year contributions from businesses acquired during the financial year '26. On a full year equivalent basis, those acquisitions represent approximately $51 million of annualized revenue. As we enter FY '27, we have both a stronger core business and a full year contribution from high-quality additions to the platform. With that context, let me now move to Slide 16 and show how that growth was delivered across our operating segments. Rather than walk through every segment, I'll draw your attention to a couple of highlights. Record revenue across all segments with all regions delivering growth above underlying market -- exploration market activity. The DEK segment is disclosed for the first time, delivering across all DST regions and showing an 85% revenue increase in FY '26 and a 32% 5-year CAGR from existing software products and the contributions from the new businesses. This demonstrates multiple growth levers working together. Turning to Slide 17. This slide highlights the operating leverage in the IMDEX business model. EBITDA normalized increased 29% to $163 million, ahead of revenue growth of 21% with margin expanding from 29% in FY '25 to 31%. Importantly, we delivered this while continuing to invest for future growth, demonstrating our ability to expand earnings, strengthen margins and scale the platform simultaneously. Turning to Slide 18. We invested $43 million in R&D during FY '26, reinforcing our commitment to invest through the cycle in technology leadership and future growth. Our R&D program remains highly customer-led, focused on opportunities with clear commercial outcomes and strong demand. This investment continues to strengthen the platform and position IMDEX for long-term growth. Turning now to Slide 19. Capital expenditure increased to $69 million as we continued investing in the fleet of next-generation technologies to support revenue growth, a positive reflection of our customer demand. Turning now to Slide 20. Operating cash flow was strong at $126 million or $135 million on a normalized basis, demonstrating the strength of our cash generation across the business. Cash conversion of 83% reflects the quality of earnings and disciplined execution while continuing to support growth. Strong cash generation remains a key advantage of the IMDEX business model, providing the flexibility to invest in growth and maintain a strong balance sheet. Moving to balance sheet on Slide 21. IMDEX finished FY '26 with a strong balance sheet, leverage of 1.3x and financial flexibility following a year of strategic investment and acquisition activity. Return on equity improved during the year and return on capital remained stable, demonstrating the quality of our capital allocation and sustainable earnings growth. Disciplined working capital management continues to support cash generation. For example, this is demonstrated through inventory investment below revenue growth. Together, this positions us well to continue investing and creating long-term value. Moving to Slide 22. This slide brings together the capital allocation principles we have discussed throughout the presentation. During FY '26, the Board reviewed and approved a refreshed capital management framework that reflects the evolution of IMDEX into a larger and more diversified business. The key changes include clarifying our R&D investment target to circa 10% of revenue. This recognizes the wider array of sensor technologies we now have and the increasing customer-led demand for AI-enabled geoscience products. Further, we have refined our target leverage range to support future growth opportunities and updated the dividend policy to 25% to 35% of NPATA normalized to better reflect the changing nature of our earnings following 5 acquisitions. Importantly, the fundamentals remain unchanged; disciplined capital allocation, investment through the cycle and a continued focus on creating long-term shareholder value. I'll now hand back to Paul to discuss the industry outlook and growth opportunities ahead.

Paul House: Thanks, Linda. For the remainder of the presentation, I'd like to focus on the external environment, the opportunities that we see ahead and how IMDEX is positioned to continue growing above the rate of market growth. Let's start with the industry backdrop on Slide 24 and an update on our traditional traffic signal slide. I'll start out by saying that we see all traffic signals as green and favorable to support long-term growth in exploration activity. There are, however, 3 specific items I would call out. First, commodity prices remain supportive. Gold and copper are at attractive levels. And while gold has moved around from the recent highs, pricing continues to underpin customer investment decisions across exploration, development and production. Second, the underlying supply challenge remains structural and firmly in place. Reserves continue to decline, discovery rates remain challenged and ore bodies are getting deeper and more complex. That structurally increases the need for better geological intelligence, faster decision-making and technologies that improve productivity overall. Third, exploration budgets are increasing and junior and intermediate financing has grown significantly year-on-year, providing a stronger funding pipeline for future drilling activity. The deployment of these funds is still largely ahead of us. That said, a large part of that increase in funding continues to be absorbed by higher operating costs in the market. So the industry is not just focusing on spending more, it is now focused on getting more value from every dollar invested. That is why productivity remains such an important thematic and why it connects so directly to the IMDEX value proposition. Moving now to Slide 25 and some more specific commentary on the FY '27 outlook for IMDEX. While the external macro provides a favorable backdrop, IMDEX has always been very focused on making sure it has growth levers of its own. The market conditions we discussed on the previous slide remains supportive and represented here on the right-hand side of the slide. Importantly, these market conditions correlate strongly with IMDEX's own strength as customers increasingly focus on productivity and faster, more informed decision-making. Once again, our view is that the increased funds available, whether through capital raisings or exploration budgets, means the increase in exploration activity is still ahead of us. On the left-hand side, however, we can see that IMDEX today has multiple growth levers at its disposal, regardless of these market conditions. Our portfolio of sensor technologies is larger than ever. Our position as a trusted adviser to customers is increasing. And our newly consolidated DEK business is delivering high growth, all combined to deepen our role in customer workflows. Regionally, we expect the demand to be broad-based with the Americas leading the way. The finish to FY '26 saw the month of June deliver a record revenue month for IMDEX. FY '27 continued where FY '26 left off with July once again setting a record revenue above the June result. Finally, simply, the FY '27 year will benefit from a full year contribution from the 5 acquisitions that were completed in FY '26. Taken together, we are not relying on a single region, product or market cycle. The combination of favorable market conditions and more growth levers than ever before gives us real confidence in our ability to continue growing above market in FY '27. That brings us to Slide 26 and the priorities for IMDEX that will underpin our focus for the next 12 months. The priorities need to be and are very straightforward. First, we need to meet the market where it is. We want to ensure we are capturing the market opportunity that is in front of us as it grows. That is leveraging our global sales and service network, leveraging our larger product portfolio and leveraging our position as a trusted adviser to customers. Second, integration, integration, integration. We completed 5 acquisitions during FY '26, and our focus now is unlocking the value of those businesses, integrating those teams and those technologies across our global network and to unlock the commercial and operating synergies that they offer. And third, we continue to invest in the systems, processes and ways of working that will support future scale, including the increased use of AI-enabled solutions. We have a great track record of delivering these transformation initiatives, and we are underway to do so again this year. This is not a year of changing direction. It is a year of continuing to execute against the strategy that has been years in delivery. This, in turn, brings us directly to Slide 27, where we step back from FY '27 and look at the longer-term growth pathways available to IMDEX. The message is a simple one. IMDEX is no longer solely levered to exploration activity. We have built multiple growth pathways being share of wallet, market share gains, market expansion and the structural shift towards new technology adoption within our market. What I find particularly encouraging is that all 4 pathways build on the same platform, the same customer relationships and the same technology capability. That means growth in one area often creates opportunities in another. This is something that our customers continue to define and drive and in turn, will yield sustainable earnings growth for our shareholders. And this is the perfect segue to our final Slide 28. I'd like to draw together the key reasons we believe IMDEX is well positioned for the future. First, we have an integrated physical-to-digital platform. Increasingly, our sensors, software, analytics and AI-enabled solutions work together to improve productivity and improve decision-making for our customers. Second, we are building a higher quality earnings base. Platform revenue has increased from 33% to 47% of group revenue over the past 5 years. Third, disciplined capital allocation. We continue to invest through the cycle in R&D. We continue to invest in our digital capabilities and growth opportunities while maintaining a strong balance sheet and financial flexibility. And finally, we have multiple growth engines. DST continues to perform strongly as our core earnings engine, while DEK is creating new opportunities across software analytics and AI-enabled solutions. Together, these strengths position IMDEX to continue growing above market and support our ambition of building a larger, more diversified and higher-quality earning platform. That concludes our presentation for today, and I'll now hand back to the moderator for Q&A.

Operator: [Operator Instructions] Our first question today comes from William Park from UBS.

William Park: Can I just quickly ask about your comments earlier that June being your record month. Can you just step through it, if this trend has continued into first quarter of FY '27? And just some of the, I guess, opportunities and trends that you're seeing around the ground, please?

Paul House: Yes. So Ken, thanks for the question. Yes, I think our comment that June was a record month and July was a record month above the June month means that we exited Q4 strongly. We started Q1 of '27 strongly. It is fairly broad-based. It's consistent with what we saw in FY '26. We -- I think in the outlook slide, we put some commentary at the bottom of the slide, just speaking to the major thematics in each region, but it is fairly uniform. Copper Gold continues to be strong. And we are seeing -- we're starting to see exploration -- sorry, junior financings, for example, have started to go into the ground in places like Canada. And probably looking forward, I think our view is that the South American region, which would currently be the second largest exploration region in the world by dollar spend, is probably likely to be the largest region by dollar spend within the next 12 to 24 months.

William Park: And my second question is just around your guidance around D&A and net interest for FY '27. If my calculation is correct, that appears to be around $15 million higher than expectations. Just wondering, could you please unpack that? And whether there's any sort of offsetting factors to think about in FY '27? Is there an opportunity for you to sort of continue to expand margins from here on that could potentially partially or fully offset higher D&A and net interest?

Linda Lim: Thanks, Will. So we provided guidance on depreciation and amortization and also financing costs just to address that difference in consensus at the moment. So it aligns with our capital profile that we've spent in the prior year to support the revenue growth that you've seen. In terms of financing costs, we've used our balance sheet to acquire the assets. We've put -- that financing cost assumes a potential small rate rise in September when the bank meets, but also it's just indicative of the higher borrowings that we're carrying. Just reminding you all that we refinanced those facilities in June last year. So that is a more competitive rate than it has been previously. So that's the guidance provided. In terms of margins, so we have -- with the new businesses, they are going to come in more margin neutral. But you can see that the DST and DEK businesses are actually achieving 34% to 35% margins already, but we're going to invest that back into the business. So FY '27 is going to be a year of investment for us, and that's going to set us up really well for margin accretion into the future.

Operator: Our next question today comes from Mitchell Sonogan from Macquarie.

Mitchell Sonogan: Paul, maybe just following on just from that comment on South America and expecting that to be the biggest region for spend in the next 1 to 2 years. In terms of where IMDEX is currently positioned in that region, market share versus, say, North America, are you sort of in line with where you'd expect to be or you're underrepresented? Just keen to understand how you're positioning the business to capture that opportunity over the next couple of years?

Paul House: Yes, I might give an opening answer to that, and then Shaun Southwell and Michelle Carey are both on the line, and I'll hand over to Shaun maybe to round out my answer. I think the first thing, Mitch, is that South America and North America sort of behave slightly differently. We see North America as largely serviced by many technologies, and so you're often competing for market share. In South America, you're finding that there are areas of the market that are un-serviced. So you're often educating the market to create market size as well as winning market share. So just the behavior in the 2 different regions means our strategy is slightly different in each. More broadly, though, we do have a footprint in all of the major mining regions in South America, and that's something Shaun and his team monitor pretty closely. Shaun, would you like to add to my answer to Mitch's question?

Shaun Southwell: Yes. Thanks, Paul. I guess just following on from Paul's statement around our footprint, where we're at in regards to the South America, they're probably -- they're probably the most lagging around total overall technology adoption, and we're well positioned to be able to change that. We've seen that shifting in the last 2 or 3 years similar to what North America did probably 4 or 5 years ago. So we're really positive around where this is going and what that opportunity looks like.

Paul House: And Michelle, did you want to add to that in terms of how you see the DEK business continuing to grow with South America in mind?

Michelle Carey: Yes. I mean I think I would just echo Shaun's sentiment actually around them being a little further behind in terms of technology adoption. We also have -- the DEK business has been a little more focused around the Australian market in particular. So we have quite a bit of growth across most regions and certainly including South America.

Mitchell Sonogan: Yes. And Paul, maybe just one other one. Just in terms of, I guess, the forward outlook and just your customers -- sorry, your conversations with big customers, whether the mining companies on exploration budgets or particularly the big drilling groups. Yes, do you mind just giving a little bit more color about how they're talking about the outlook for the rest of this calendar year across the big regions?

Paul House: I think the urgency around replacing reserves, the urgency around changing government policies that are supportive to their business and the urgency around rising costs necessitating better use of technologies to improve outcomes or speed outcomes is more universal this year than it was last year than it was the year before. So we see all that as quite favorable in the types of conversations we have. And again, I think it's fairly consistent around the world. I think the things that differentiate the different regions around the world, they've all got slightly unique characteristics. So I think the policy environment in Australia is slightly less supportive compared to, say, South America. I think there's obviously a strong role of government in the North American region. So everything is -- everything has got a slight -- it's got its own slight favor to it by region. But for the major customers themselves, that -- they're all having the same conversation and engaging us around how they can spend more and be more efficient about it. I think the only caution I would say is the same one we said last year, and that is we are very confident around the intention to increase exploration activity. But just as we saw in FY '26, the ability to spend that amount of money was challenged by time. And so we think the intention is positive. How quickly they can spend it just might push a little further out to the right. We don't think that's a bad thing. What we want is the underlying intention to drive in this direction.

Operator: Our next question comes from Nicholas Rawlinson from Morgans.

Nicholas Rawlinson: The integration costs were a really big number in that second half. Would you mind just talking us through those costs, please? And do you expect any more below the line integration costs to come through in FY '27?

Linda Lim: Nick, yes, so in FY '27, you will expect to see integration costs coming through as we continue to integrate the 5 acquisitions. The breakdown of the $15 million. So firstly, I'll just add that the integration of these businesses is far-reaching and global in nature. So very similar to the footprint, although a bigger footprint than we have integrated through the Devico acquisition. o there's quite a lot of moving parts to it. The $15 million you see there includes a couple of things. There is the actual -- it includes $3 million, roughly $3 million of transaction costs, $3 million of purchase price allocation adjustments and then the remainder is integration costs in nature, and that's the breakdown of it. And that's partial obviously, through the year. So then you can extrapolate that forward for a full year of integration in FY '27.

Operator: Our next question comes from Gavin Allen from Euroz Hartleys.

Gavin Allen: Just one quick one for me. A bunch of them got answered during the call, which is good. But just noting that 20% increase in integrated site revenues over the year and a 42% increase in the sites themselves. Just thinking given the increase in integrated sites has outpaced the increase in the revenues on those sites, how we might think of the opportunity to add further services into those added sites. I'm just thinking about what might be the sort of latent capacity there, if you wouldn't mind.

Paul House: Yes. Again, I'll answer that, and then I'll hand over to Shaun if he wants to add anything extra, Gav. I think as we've been approach integrated sites, we've been thinking about smaller or larger packages that move into those sites. And so once we are on site, the ability to work with the customer, better understand their immediate challenges, be able to better demonstrate how we might solve some of those challenges or improve outcomes gives you a front row seat at growing that revenue on an established site. So you're right, we do expect it to grow. I can give you a great example around directional drilling. So when customers adopt directional drilling for the first time, they might adopt it 2 or 3 times during a drilling program. The second year, they might sort of adopt it 5 or 6 times. And by the third year, they're using it right throughout their drilling program. So you do see a step-up in time as they get more familiar and you bake these new technologies into ways of working that deliver long-term benefits. And so, yes, we do think there's headroom there. Shaun, is there anything you'd add?

Shaun Southwell: Yes. Thanks, Paul. Yes, I think the point you've made around that entry point and how we can continue to expand. I think the other thing is we're expanding our integration into smaller projects as well. So we started off looking at the larger projects, which are easier to integrate or more impactful. But because we're seeing so much advantage for our customers, they're pulling us into even projects with only 2 rigs. So we're starting to see it integrate further across the industry and starting to set that as an industry expectation or standard.

Operator: Our next question comes from Josh Kannourakis from Barrenjoey.

Josh Kannourakis: Just first one, a follow-up just on the integration. So not so much on the cost, but more so, what should we expect to see? And at what stage to expect, I guess, the IMDEX platform to fully integrate and be able to leverage the tools for individual customers? I know that's obviously been an aspiration. But just in terms of timing, how should we be thinking about when that full integration is completed?

Paul House: Yes. So I think there's probably a couple of moving parts there, and we have spoken about them publicly before. So we think pulling together some of the digital technologies is a 2-year journey, firstly. And I think some of the -- you might remember the ALT and Mount Sopris, that business had a greater percentage of its revenue came from sensor sales rather than sensor rentals. And so -- whereas Devico, for example, had a -- was well on the transition from -- was more than halfway in the transition to sensor rentals. ALT and Mount Sopris is slightly behind that. So we think the same journey is possible. But because of the stage where they're at, they're absolutely Tier 1 products, but the transition to rentals and embedding them into the tech will just take a little bit longer. But we see the same pathway. Michelle, did you want to add something to that?

Michelle Carey: The only other thing I'd say is we don't actually think of this as being entirely a big bang thing. As the platform is being pulled together, there are opportunities for us to be incrementally releasing product offerings to our customers. We're certainly getting really strong pull across things like televiewer work that goes all the way through from data collection into automated interpretation. And we will be taking advantage of some of those integrated solution opportunities ahead of that full platform build-out time line.

Josh Kannourakis: Got it. Okay. And sorry, just to remind me, Paul, the 2 years was sort of from now? Or was that from when we're talking about it sort of more of the first half result of last year as well?

Paul House: No, Josh, that's sort of from when we completed those -- more of those digital acquisitions, which was started off really in February.

Josh Kannourakis: Yes. Okay. That's perfect. And just also just in terms of -- I know, obviously, you mentioned in the notes, you've got the small acquisition as well that you've announced just in terms of the XRF stuff. Is that just -- it looks like it sort of development level? Is that worth talking about at all?

Paul House: Yes. I think it's very much at development level. Josh, you would have heard us talk about -- we always thought first prize is technologies that can capture data downhole or top of hole. And that Iberia Technology is the downhole XRF technology that looks at gathering chemistry data in certain applications. There isn't a tool commercially available in the market like that today. And so this is an early TRL or early-stage tool that we worked with the inventors on to help develop to a commercial stage. Michelle, did you want to add further to that?

Michelle Carey: Yes. I mean I think in terms of the stage we're at now, we're really working with those earlier-stage customers around taking the tool out on to their site and really seeing what it can do within their workflows. So certainly encouraging, but still relatively early stage.

Operator: We're moving on to a few written questions next. So our first one comes from John Campbell from Jefferies. John asks, your share of wallet grew 9% in FY '26. How much of that is market share gain, and how much price and how much increased scope offering?"

Linda Lim: So when we look at the increase in share of wallet, if we just take it up a level and we look at revenue growth across the board, the 21% is 8% market and 9% market share gains, and that's extrapolated across the share of wallet calculation as well.

Paul House: I think, John, it's worth remembering that that share of wallet calculation is an extremely raw honest measure in that it is IMDEX exploration revenue over S&P published exploration spend, and we make no adjustment in that calculation. So it's unadjusted for inflation and it's unadjusted for any shift in drilling and nondrilling costs.

Operator: Our next question is another written question from John at Jefferies again. How has FY '27 year-to-date organic revenue growth started?

Paul House: Yes. I mean I think it's probably -- I'll go back to the answer -- my answer to the first question. July was a record revenue month for IMDEX surpassing June, which in itself had been a record revenue month for IMDEX. So we've certainly started the year as we exited '26.

Operator: [Operator Instructions] Our next question comes from Lindsay Bettiol from GS.

Lindsay Bettiol: Yes, Paul, I'll maybe go this July versus June question for a third time, so apologies. But understanding July is ahead of June. But then also like there's some seasonality in your business this time of year. Obviously, the acquisitions are still kind of coming through as tailwinds. Just maybe if you could unpack it and help us understand how much you see as kind of a genuine like organic improvement, July versus June versus May? If you could unpack it in any way, that would be helpful.

Paul House: I can give you a little bit of guidance. So I'd say if I go back to FY '25, June was up on May. So we tend to -- the fourth quarter tends to be heavier weighted towards the last 6 weeks because you're in the ascendancy. We saw the same thing to the end of FY '26, where it was the last 6 weeks that was in the ascendancy. So it is on trend in a growing market, if that makes sense. And we would normally be looking for Q4 and Q1 to be around about the same with Q1 being slightly above Q4 if we're in a growth phase of sort of 4% or 5%. That would be our historical trend in that space. So we're not seeing any of that uplift. None of that uplift in July over June -- I'm sorry, what I should say is we are comparing apples with apples in July over June simply because all of the acquisitions happened in earlier months. And so it is pound-to-pound comparable.

Lindsay Bettiol: Yes, brilliant. All right. Another one and this -- I mean nothing you've said on the call suggests this to be the case. But if we go back to the trading update in May in your outlook commentary, there I think you said market feedback is going to 15% to 20% exploration growth this year. And then today, you just said you expect to increase by double digits. So like just trying to understand if I'm reading too much into semantics there, but I've had a few people already question me as to whether or not that's like a softening of your language? Or is that just a misread completely?

Paul House: No, I think we've always been very clear that the market wants to spend 15%. But in the last year, they only really spent 8% or 9%. I mean -- and it goes back to my comment that we think the intention to spend is there. We think the ability to spend is being hampered by whether it's geopolitics or supply chains or permitting and the like. So I think that's -- it's more that language. So we're trying to make a distinction between our customer commitment and just tempering that with their ability to get it done. We don't think it changes the intention in any way. We just think that what will actually land in the ground in that 12-month window will likely be a little bit less. I hope that clarifies.

Operator: The next question we have is from Darcy White from Jarden.

Darcy White: Just the first one for Paul. On the outlook commentary slides around capacity tightness in APAC that you're seeing in the industry, can you just talk whether you've seen any cost inflation come through and perhaps how we should think about the impact on margin into FY '27?

Paul House: Yes. Look, I think rising costs, inflation in various forms was certainly an impact in FY '26, and our business model has meant we've been able to combat that fairly well. I think the -- I do think that there is a continuation of that rising cost environment into FY '27. We will have to absorb that and part of our margin guidance outlook, and that's why we're investing in things that make our business more scalable operationally. So there is a bit of a relentless discipline or pursuit of continuing to be more efficient to combat some of that rising cost environment. We have to do that to our business in the same way that our customers have to do it for theirs. So, I do think the ripple effects from Hormuz and some of these other areas are still yet to roll through the industry more globally, including Australia.

Darcy White: Maybe just 2 for me on the modeling. On the tax rate, is the FY '26 tax rate the right approach to look at for FY '27? Or are there any moving parts that we should think about?

Linda Lim: No, Darcy. The normalized effective tax rate is 32%, and we expect that to continue.

Darcy White: Perfect. And then just last one, in light of the acquisitions as well, can you just remind us of the sensitivities to FX that we should think about for the full year?

Linda Lim: Yes, sure. Our FX exposure is pretty much unchanged. So 50% of our revenues are still U.S. dollar denominated. And so as we look forward, a 1% movement in U.S. dollar FX rate is around $2.5 million to $3 million impact and about 50% of that flows through to the EBITDA line.

Operator: Thanks, everyone. That's all we have time for. So I'll hand back to Paul.

Paul House: Thank you very much. Thanks, everyone, for listening in today. If I could leave you with maybe just some closing thoughts. Obviously, FY '26 has been a fairly defining year for IMDEX with record revenue, earnings, the strength of our cash generation and the continuation of our market share wins has been a bit of a highlight. The continued execution of our strategy and the growing contribution from multiple growth levers that IMDEX now has across its business is a feature and a highlight that we expect to capitalize on into FY '27. And finally, our FY '27 priorities remain absolutely clear and simple. So we intend to meet the market where it is as it grows and continue to offer our broadest -- our broader range of technologies and solutions through our global customer network into all the minerals markets around the world. That said, we do think that the industry backdrop is increasingly supportive. And that, combined with the multiple pathways for growth, position IMDEX very well to continue to deliver shareholder value. For me, personally, I'd like to thank our IMDEX people around the world, our customers, our Board and our shareholders for their continued support and engagement, and I look forward to speaking to many of you over the coming weeks. Thank you very much.

Operator: Thank you. That concludes today's call. Thank you for joining us. You may now log out.