Asset lite? No — integrated recycling with niche alloy IP and LME registration creates a real but replicable moat.

FY27 base-case growth 30%+

Capacity utilization - lead (%) — Utilization improved markedly in FY25 with initial ramp-up of Phase 1, then moderated in FY26 as Phase 2 capacity came online but operated below full potential. Management guided for 70-75% utilization over coming quarters, implying significant volume growth w