We've expanded our supply agreement with Reworld, one of the largest waste-to-energy operators in the US and a long-standing customer. From 1 January 2027, four additional Reworld facilities will start taking our Powdered Activated Carbon, lifting our annual supply to Reworld by around 25%. The extra volumes run through to December 2028 and are expected to add approximately $1.0 million to 2027 revenue, at margins in line with what we're already achieving at Black Birch.

This builds on what we told the market on 15 September, when we flagged FY27 revenue growth of more than 33% on the back of a larger WPS order and a second pellet customer. With the Reworld expansion and other new customer commitments now added, we expect FY27 revenue to be at least 40% higher than FY26. That growth comes entirely from our existing business, assumes an AUD/USD rate of 0.71, and doesn't include anything from Kentucky, which remains upside on top.

To support this growth, we're installing a new mill at Black Birch that will roughly double production capacity there to about 12,000 tons and add redundancy across the site. It's expected to be up and running in the September quarter of FY27, funded from existing cash flow at a cost of approximately $1.1 million.

On Kentucky, replacement kiln parts are due on site this week and testing continues. We'll update the market once that work concludes.

If you have questions about this announcement, we'd encourage you to send them through the question box on this page.