This one's about a change in a substantial shareholder's stake, not about our operations or projects.

Regal Partners Funds Management Pty Limited and its associates have lodged a notice showing their voting power in Yandal has moved from 19.04% to 17.61%. Their actual holding increased over the period, from 57,140,726 shares to 67,395,917 shares, but their percentage stake fell because the total number of shares on issue has grown to 382,639,886. The notice sets out a long history of on-market buys and sells by Regal since their last notice, the most recent being a sell of 1,752,828 shares on 13 August 2026.

This is a standard substantial holder notice required under the Corporations Act whenever a large shareholder's position changes. It tells us who holds significant parts of our register and how that's shifting, but it doesn't reflect any decision, transaction or announcement from Yandal itself. Regal Partners remains one of our substantial holders.

If you're an investor, the main thing to take from this is transparency: it shows movement in a large holding, not a change in our strategy, projects or financial position.

If you'd like to know more about what this means, feel free to send us your questions through the hub.