52 week low and 45% down YTD, page-2

Agree a disappointing 2025, but circa $100m revenue not terrible.

Next FY a big one, as looking to turn US/Europe first contracts into larger project awards, and first substantial revenue from WT international markets.

Hopefully we get a few Australian contract awards in next 6 months, as agree has been quiet in that regard.

Ultimately a circa 10% drop in annual revenue shouldn’t equate to a 45% drop in SP. Broader market conditions have to be taken into consideration.

We do need a transparent update from the board on performance. Not enough available info for shareholders.