Gentlemen, thank you for waiting for that technical issue to get resolved. The company is conducting this AGM physically and by webcast, by video, audio dial-in. Thank you for your participation at this AGM. On behalf of the Board of Directors, I would like to welcome you to the Civmec annual general meeting. Let me introduce you to the Directors and the Management of the Company. Sitting here is Kevin Deery, Mr. Ambrose Law, and Mr. Bojan Cica. On my left is Pat Tallon, Ms. Ong Beng Hong, and Mr. Gary Gray. Before we proceed with the business of the AGM, our CEO, Pat Tallon, will present to you our business update.
Good morning, everybody, and thanks again for attending our AGM. We're just going to give a quick recap on everything that the business is involved in and then give you some outlook on some of the key focus areas for us as a business going forward into 2026 and beyond. I might just touch on some of the details around the business. Australian listed on both the Australian and the Singapore Exchange. Since changing of domicile to Australia in September of last year, we have seen a movement of shares from Singapore down into Australia, which at that time was around a 50/50 split. Currently, it's sitting at about 61% of the shares are held in Australia, and about 39% of those shares remain held here in Singapore. Market cap in Australia as of the 24th of October was sitting at about AUD 734 million and almost 509 million shares in circulation.
I might just touch on the facilities that we have. We have our prime headquarters at Henderson. It has always been a very strategic location for us for everything we're doing in the energy, resources, and infrastructure space, but it has become more and more important as the Australian government embarks on expansion with defence shipbuilding, strategic sustainment, and indeed the AUKUS deal that they've done between the United States and the United Kingdom. We can see a lot of it's a very, very, very good location for us, and we'll touch on it later about some of the activity that's happened within that defence space. We have a very extensive location in Newcastle, which is about two hours north of Sydney on the East Coast, and it is the largest steel manufacturing fabrication facility on the East Coast.
It has been working a lot supporting projects on the West Coast, but is also now retaining more and more workers, securing more and more work on the East Coast of the country, and we can see a lot of opportunities for us in that space. What is notable, in the last couple of years, both these manufacturing facilities have been quite reliant on major construction projects that have been happening in Australia. Over the last couple of years, we haven't seen that same volume of very large projects, but yet these two facilities have been able to sustain themselves and able to cover overheads and everything else and be profitable as separate businesses, standalone business.
That's a comfort for us because obviously we're always conscious of having tangible assets and the costs that are related to that, and the fact that we don't necessarily need to rely on major projects to support that and get good utilization is very good for us. The other two more recent facilities that we've acquired are we've acquired five hectares of land in Port Hedland, and we have built a 5,000 square meter workshop on that facility. I'll just remind you that Port Hedland is the largest bulk export port by cargo tonnage in the world. 90% of that product commodity is iron ore, but there are other commodities that also get shipped and exported from Port Hedland. As far as a maintenance facility, which is targeted at, there's a lot of maintenance when you're handling iron ore.
There's another commodity, there's a lot of wear and tear, and the fact that we are there to support our clients on a permanent basis, we're not just a fly-in leased facility. We have actually invested heavily in Port Hedland, and we're starting to see some rewards from that, which I'll touch on later. Gladstone, a similar story. We secured almost three hectares of land in that region. There's a lot of smelters in that area. There's also LNG trains, so we see opportunities for growth again in the maintenance capacity up in that region, and we look forward to further growth. I'll touch on that a bit further in the presentation. Just a bit of a reminder of what we do as a business. We are a very integrated turnkey service provider operating across energy, resources, infrastructure, and marine and defence.
We have the largest manufacturing facilities in Australia, in Henderson and in Newcastle, and that's involved in supporting the supply line to our sites and also a standalone business for manufacturing of large heavy engineering products. We are also now, and I'll touch on it again, on OEM material handling equipment and large material handling equipment that will be manufactured in that space for us. Construction has always been a strong part of our business. We do everything, the full turnkey from we do some bulk artworks, we do detailed artworks, civil concrete works, structural mechanical piping, electrical instrumentation, and commissioning support. Basically, a client can come to us and get a full plant built by us.
Maintenance and capital works is a strong area for us and really a focus area for us for growth in our business because we want to be less reliant on the cycles of major projects and have more recurring revenue within our business, and we will achieve that through maintenance and supporting the clients across the many disciplines that we offer to them. Having built many of these sites, we understand them intimately, and we are now getting more involved in actually maintaining them for the clients. Naval shipbuilding, so we would call that everything else we'll title as non-defence, but we'll title the shipbuilding as defence-related activity. It's a huge opportunity.
Very excited about the things that have been happening, the kind of talk that the Commonwealth are coming out with, and the pipeline of opportunity that we see for us as a business there, both within shipbuilding itself, potentially future sustainment, and also contracting to potentially build the infrastructure that is required to build and sustain these ships where there's a large amount of money earmarked by the Commonwealth for that development as we go forward. I'll just touch on the Q1 highlights that we just announced yesterday. I'll give you a bit of an idea of where we're heading for the year. We did about AUD 90.4 million in revenue in the first quarter. We had a 23.1%, or 12.1% EBITDA. We did 5.5% of bottom line net profit, which equated to AUD 10.5 million. A strong quarter for us.
We have been guiding the market slightly about the first half of this year of FY 2026, being similar to the second half of FY 2025, and we've slightly bettered that in this first quarter. We're looking forward to continuing that trend and keeping our net profit margins in that range of 5%- 6.5% as we've committed previously. Order book, nice to see it remaining strong, even though we've realized there isn't big orders, big value orders coming in. There's lots of smaller order books, smaller orders are still very important strategic projects for us, but of a slightly smaller value that is leaving us with an order book as we speak of about AUD 1.15 billion.
We're very confident and hopeful of securing some bigger projects over the next couple of months, and we're really confident that we can keep that order book in the range of AUD 1 billion- AUD 1.5 billion going forward into FY 2026. Also, I just mentioned on the previous slide, we did pay out a 3.5% dividend last week. To all the shareholders that are in the room, hopefully you've received that, and thank you for your support over the years. We've been trying to return as much of that profit to you over the last couple of years with a substantial dividend. Civmec Defence Industries. I want to touch on, in July, on the 21st of July 2025, we completed the strategic acquisition of Luerssen Australia , and we took over full ownership of the operations, workforce, assets, and the licenses.
With that came about 180 design engineer professionals, and we now have that capability of designing vessels in-house, and we truly are a sovereign shipbuilder. On the 1st of October, we changed the name to Civmec Defence Industries, or shortened down CDI, and it is a wholly owned subsidiary of Civmec. We want to talk about some of the success stories we've had to date since we've taken over. We had the luxury of being involved in consolidation of vessels of ship number six when we started to work with Luerssen in January of 2025, and we started them when we worked through a service-level agreement while we were going through the due diligence for the acquisition.
Since that time, we've progressed really well on ship number six, and we're very pleased with the status that it's at, and with a fair degree of confidence, I can say that the progress that has been made over that 10-month period on ship six far exceeds the progress on the previous vessels when they were under other people's management. We're very happy that that has been very effective for us so far. We formally handed over and it was formally accepted, ship OPV number two in Adelaide a few weeks ago where the Commonwealth took possession of OPV number two, and that completed the build program in Adelaide in South Australia. Now the remaining four vessels will all be completed in Western Australia at our facilities in Henderson.
We also are very pleased to announce that we saw OPV number three leaving our workshops recently and currently on the water in Henderson. Again, another big milestone reached successfully to which the client is very, very happy with the outcome. Also, worth reminding you that the OPV ship is the largest steel naval ship ever built in Western Australia. We're quite proud of the fact that we have that capacity and capability in-house in Western Australia to support the Commonwealth in their endeavors going forward to achieve what they want for sovereign security, etc. Just three bullet points mentioned: Australia, we are a sovereign shipbuilder in our own right and with huge capability. We have four vessels that will see us continue to work on that particular program of work until 2029, and we are very conscious of the Commonwealth's commitment to continuous shipbuilding programs.
We are very confident that there will be something coming behind that or during that period that will continue with the utilization of those disciplines and those skills that we've built over the period of time. I'll touch on it a bit later. There is a commitment from the Commonwealth to spend somewhere in the region of AUD 12 billion- AUD 25 billion in enhancements of infrastructure at Fleet Base West and at Henderson right outside our door. As a tier one constructor and manufacturer, we have every confidence that we will be significantly involved in this pipeline of projects that are coming up. It's a bit too early to say exactly what it looks like. The commitment to spend is there, but we do know there is potentially a dry dock, there are breakwaters, there are extra wharves, etc., potentially an extension of the floating docks, etc.
It's all within our wheelhouse. It's all stuff that we do every day of the week, and we're looking forward to being involved in those projects as we go forward and excited about the opportunity. I just want to touch on another part of our business. In 2023, we put our hand up and said we wanted to be involved in the design and build of OEM equipment. Basically, predominantly large material handling equipment. The machine that you see in the picture is a ship loader, and it's basically responsible for getting the ore, whatever the commodity is, from land onto a ship so it can be exported from Port Hedland or wherever it might be. We've always been involved in the build of these, but under somebody else's design.
In 2023, we put our hand up and we started securing some engineers with the capability of designing these. These will be Civmec machines in their own right. We're very excited about the opportunity given that we know there's at least 40 of these machines to be built in the next 10 to 15 years. Values of the machine range somewhere for the very small ones for around AUD 25 million to in excess of AUD 100 million. We currently have five of these machines under either design or construction. We're really happy with the progress that has been made in this space. Clients always have had huge confidence in our ability to build these things, but now they will understand that we bring that engineering capability in-house. It offers much more. I mean, the opportunity for us here is we don't just design it and fabricate it.
Now we will construct it on site. We will have the capability of maintaining it for the clients and managing their spares. It opens a whole new pipeline of opportunity on site as well as for the manufacturing business. With that, we've grown from six engineers on day one to in excess of 100 engineers. Add that with the 180 professionals we've taken with the Luerssen acquisition. We now have well in excess of 200 professional design engineers that are capable of designing products, whether it be navy ships, whether it be material handling equipment, or whatever we want to actually embark on and where we think the best value for the business is going to be. Two machines are currently in fabrication. Two are extensively advanced in design, and more recently, just very recently, we secured a contract for the upgrade of a reclaimer.
A large package of work in its own right, almost as big as building a new machine, but the client will lean towards rectifying the flaws that are in this older machine, and we are now embarking on that first-stage engineering and starting to do some more work for them in that space. Again, a big milestone for us, having five machines under construction in a very short period of time. I think it's a huge compliment to the business that the clients have confidence in that space. The other area that's really a key area of focus for us is expanding our maintenance division. Through maintenance and sustaining capital or capital works, really we're chasing recurring revenue here. The business has been always subject to the cycles of major projects, whether we want to get more recurring revenue in the business.
We are getting some of that through shipbuilding, but we also see through maintenance we have opportunities in this space. We are getting traction. We've seen increased demand across several commodities, across the company, across the country, and in most regions. Particularly in Queensland and in Western Australia, we have a huge amount of opportunity there, and we also have opportunities in states such as New South Wales and South Australia, with upcoming opportunities in the Northern Territory as well. We really feel it's a good area for us to be involved in. We know there's plenty of work, and we are working hard at getting the confidence of the client to actually secure that work. We have secured many term agreements, which usually last three to five years, and we're seeing some traction in those areas as well.
Those clients are really appreciative of the commitment we've made to both the town of Port Hedland and the town of Gladstone, where we've actually established ourselves locally. We're hiring local people, and we're there for them at their beck and call to actually facilitate any of their reactive or proactive requirements. We did secure our first rotable equipment repair work for the Port Hedland facility, which we're very pleased about because it will start to set a baseload of work for that facility and ensure that we can start justifying that spend in Port Hedland. Basically, what that means is equipment that's on site that gets worn, it gets taken off site, it gets brought into our facility, we carry out the repair and maintenance, we send it back to site, and we actually maintain it from there.
That's also opening opportunities for us to be more active on sites itself. In Gladstone, we're seeing an increased amount of activity on orders. We have been tendering quite a bit. While they may be small value orders, they are getting us involved with more and more clients in that region. We recently put in some new pipe processing equipment, which in that region, there is a particular large requirement for a lot of process pipes. We're working with that equipment and getting some results pretty quickly in that space. I'll just close off by giving a quick snapshot on the value proposition of the business. There's lots we could talk about here. I could stand up here for hours and talk about the value proposition of the business and where the business is going.
If I narrow it down to a few pertinent things at this point in time, we are paying a very attractive dividend yield. We have paid out over AUD 123 million since 2018 back to the shareholders. We've been conscious of the support we've got from you all through our time since 2012 at listing, and we're very pleased to be able to do that. The anticipation is that we will continue with a significant dividend. Obviously, a lot will be around what's best for business at any particular time, but we definitely don't have any intention of reversing on the offerings that we're giving now. As I said before and previous AGMs, we will always be conscious of what's best for the business at any particular time. We have been involved in a lot of early contractor involvement or engagement with clients.
That might seem not that terribly relevant, but to us, that's very relevant because clients see us as someone that can support our engineering campaigns, make sure we actually bring ideas of methodology, constructability, and efficiency to try and make sure they have capital efficiency in the development of their mines or whatever it is that they're building. Where that positions you very well because you formed a relationship with them with that particular client, and when it comes out to tender, you have intimate knowledge of the job. While it won't always transition into a guaranteed opportunity or a guaranteed award, it certainly puts you in a better position to do so. We're seeing more and more of those activities, often paid activities, to be involved in that space.
I've already touched on the fact that the engineering capability has increased significantly and the design capability has increased significantly across the business, given that we now have such a large engineering team and we intend to capitalize on that and utilize those people across several disciplines and commodities as we go forward. I've talked about the regional operations. It's really going to enhance our opportunities to grow within the maintenance division and get that reoccurring revenue up. Over the next couple of years, we'd like to see that getting up into the 30% and 40% of the overall revenue in the business. We have positioned ourselves very well for a low-carbon economy. Australia is transitioning into a low-carbon economy, and we've placed ourselves really well to be involved in these projects.
We've been involved in lithium and rare earths projects, but then there's also other areas of focus, such as green infrastructure and low-emission technologies that we're working with clients on. For example, we recently announced the award from Fortescue for a green iron pilot project. That's really something we're very excited about. Finally, I'll just touch on the strategic positioning in Henderson in the defence precinct. The Commonwealth has committed AUD 12 billion of up to somewhere between AUD 12 billion and AUD 25 billion of a spend on the defence precinct, all related to AUKUS and sustainment, security, shipbuilding, etc. That was announced in September 2024. As a tier one contractor, we have every reason to believe that we will be extensively involved in that campaign, and we look forward to understanding it more, getting more feedback from client engineering houses.
We certainly are talking to several people about this opportunity, and we see that OPVs focus to build a good OPV, work very hard on trying to secure some of this construction work. We believe that there'll be plenty of programs of work given the Commonwealth's commitment to continuous shipbuilding programs as we go forward. It's a very exciting time for us. The business, the base business is a strong, good, solid business with good, strong client base, and the defence opportunity can be huge for the business. The magnitude is really, really big, and we're not realizing much of it right now. We're looking forward to that opportunity as we go forward. Thank you very much for your support over the last couple of years.
I'm just going to pass over to Bojan now, our CFO, who's going to go through the AGM resolutions and give you some guidance on the questions, etc.
I'll continue on for a moment. Thank you, Pat. As the Commonwealth is present, I hereby call the meeting to order. We shall now proceed to the business of the AGM. The notice dated 30th of September 2025 convened this meeting and has been circulated to all members of the company. As they have been in your hands for the requisite statutory period, I take the notice has been read. Please note that in my capacity as Chairman of this meeting, I've been appointed as proxy for certain shareholders, and I will be voting in accordance with their instructions. The voting of all resolutions to be passed at this AGM will be conducted by poll in accordance with Rule 44 of the company's constitution. I, as Chairman of the meeting, hereby demand that the poll be taken on all the resolutions tabled at this meeting.
The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. There are proposals of one non-binding resolution and two ordinary resolutions to be voted on at today's meeting. We shall go through each resolution, and the shareholders will be given an opportunity to ask questions on each resolution. Before you ask a question, please give your name, and if you are a proxy, please state clearly the name of the person or the company you represent. After any questions have been answered, shareholders will have the time to cast their votes on the resolutions using the online voting system. Please note, be informed that Citel Corp Pte Ltd has been appointed as scrutineers for the poll demanded at this meeting. I shall now hand over to Bojan to explain the voting procedure.
Shareholders can exercise live voting by casting their vote in real time for each resolution via the computer shared meeting platform. For attendees eligible to vote at this meeting, a vote icon will appear on the virtual platform. Selecting this icon will bring a list of resolutions and present you with voting options. To cast your vote, simply select one of the options. There's no need to hit a submit or enter button as the vote is automatically recorded. You can change your vote up until the close of voting. You can submit your vote at any time. Shareholders are also welcome to ask questions during the meeting. If you're in the room, you can ask your question by making your way to the microphone that's located in front of me. If you have joined us online, you can submit your question at any time.
To submit your question, select the Q&A icon at the top of the computer shared virtual platform. Select the topic of your question, type in the question into the text box, and then select send. To ask a verbal question using the online platform, please follow the instructions on the broadcast. Please note, although you can submit questions at any time, we'll not address them until the relevant time in the meeting. Your questions may be moderated, or if we receive multiple questions on the same topic, they may be consolidated. Each shareholder is encouraged not to have more than three questions to give an opportunity to each shareholder to submit their questions. Where they ask substantially similar questions, the company will consolidate the questions. Consequently, not all questions may be individually answered. The company will endeavor to do our utmost to address all of the relevant questions.
After the allocated time for shareholders to raise their questions, there will be a queue for final voting, after which the live voting will close. Proxy results for each of the resolutions will be displayed on the screen as we go through each resolution. I now hand the meeting back to the Chairman.
Thank you, Bojan. I shall now declare the voting open on all items of the business. The voting icon will appear soon. I shall now proceed to the first item on the agenda. That is to receive and consider the audited financial statements of Civmec Limited for the financial year ended 30th of June 2025, together with the Directors' Reports and the Independent Auditors' Reports thereof. I now invite questions on the audited financial statements under Directors' Report. For record purposes, please state your name before asking any questions. We note that we have representatives from Moore Stephens and Moore Australia with us today in person and virtually to address any such questions. Thank you for your cooperation. Yes, sir?
Hello.
Hi, okay, there might be a...
The microphone.
It might be, if you could have a microphone or just...
We don't like.
Thanks, Mr. Chairman.
Don't mind if I will sit down. It feels easier.
That's okay.
My first question is this. The CEO mentioned earlier that the shareholdings have shifted 61% to Australia, right? My question is really, is the total number of shares being the same, right? It means there are people already sold out in Singapore. That's why the shareholding increased in Australia. Who are the buyers in Australia? Are they institutions or are they retail buyers? Moving forward, is there any strategic reasons for Civmec to continue to be listed in Singapore? Is the board considering at some point that you will be 100% Australian?
To answer your first question, we still have the same number of shares as we have always had. There's never been new shares produced. It's about 40% of the shareholding is still here in Singapore, and 60% in Australia.
Sir, with regards to the first part of the question, the first part of the question related to...
Your microphone may not be able to hear it properly.
Okay, apologies everyone. I hope you can hear me. The first part of the question related to if the transfer of shares is relating to selling of shares in Singapore and transfer to ASX, it's been a mixture. It's been both a mixture of SGX holders transferring their shares onto the ASX, and there's also been selling where SGX shareholders are selling on SGX and other institutional investors in Australia are buying them and transferring them. The purchases or the shares being sold on the ASX are a mixture of both institutional investors, superannuation funds, and retail investors. There hasn't been a clear dominant group of investors, but there are more institutional investors on the ASX side, which has been buying up the shares and also increasing the share price, as we've noticed in recent times.
What was the strategic direction for Civmec moving forward?
I think that from the company's current perspective, we're considering all options. We don't have an immediate intention to delist, but if it's in the best interest of all of the shareholders in the future, it's something that we'll consider as a consolidation onto one exchange may bring liquidity and also an increase in share price, which will benefit every shareholder.
Okay, thank you. My second question is regarding the way you presented your data, right? You divide the financial data into the energy, resources, and infrastructure, marine, etc., right? You also talk about your integrated turnkey services. Is there a breakdown of the financial numbers of the manufacturing, construction, and so on that we can review? How big is your maintenance business and how big is your neighbor shipbuilding? Is there such number reported anywhere?
Sure, thank you for the question. We segment our numbers because our contracts with our clients have privacy requirements and confidentiality agreements which prevent us from putting it into any one segment. As an example, there could be one client that represents one division. If we were to put it into a singular segment, it would be apparent what the P&L on that particular contract is. We've had to split it out into the segments that we operate in because of defence requirements and client privacy requirements, but it doesn't mean that in the future we may not consider changing those segments.
I might elaborate a little bit on that. Maintenance, just to give you a high level, probably equates to about between 10% and 15% of our overall revenue coming from that maintenance sector, which predominantly is seen in the resources sector because the bulk of it is coming from that area. That's why when I talked earlier, I said about getting our maintenance and reoccurring revenue up to that 30%-40%, there is quite a bit of headroom for us to grow in there. Right now, we're actually sitting somewhere around 10% for maintenance. Manufacturing probably equates to around 30% of the overall business, and then the rest is in the other areas.
Okay, thank you for that, CEO. I think you can report those that you can report, right? I mean, those confidential, you can not talk about it, but for those that you like, I mean, like what the CEO just mentioned, you can include this in your presentation or annual report and tell us, you know, how big are those that you can report, you tell us so that we have a feel of, because when I look at it, you know, as an integrated business, then how big is your maintenance? I don't know. Then your neighbor business, you say that it's growing, right? How big is that? You know, how big can I expect?
The neighbor business right now is the most sensitive because we are only involved in one program of work. That is why we're not able to divulge that. That's a Commonwealth requirement. Certainly, as we go forward and we get more volume and more different variety of work in that space, we may be able to start looking at it as a separate sector going forward. Right now, we're kind of, we are locked in in that range. We do always update the market on new projects in resources or energy or infrastructure as we get them, particularly if they're material to the business. Usually, if we have like we have at the moment, you will not have seen a lot of announcements because it's a multitude of smaller value projects rather than big value projects.
When we pick up a large material program of works, we will be able to announce that program of works and give some, you'll be able to get some gauge of what the value of that kind of project is.
Okay, thank you for that, CEO. CEO, if you don't mind, slow down your machine gun.
Sorry.
Because we are trying to catch up with your accent and also your speed.
If it's any help, we rock that fast as well.
Okay, if you look at your reporting on the outlook, right, on energy, resources, and so on, is the visibility only just two years because it tapers? Are we seeing doom, you know, five years?
We actually look at 10 years, but we don't go to the market because it's a bit, you know, it can be a bit hazy. We do 10 years, five years, and then we're looking at the imminent, you know, two years in front of us.
If you look at your data presented, right, only the next two years show a tall bar, and then it tapers off. Is it doom?
I think in actual fact, the future that we see over the next, say, 10 years is that there's massive growth. Things are pretty settled, I think, this financial year and possibly for this half as well, this half of this financial year and last year. The forecast that we're seeing is actually taking off right between, I think, 2027 all the way up to 2033, 2034. I don't think we've given you that information, but the information is pretty well printed in every newspaper, you know, throughout Australia. You've got the rare earths, critical minerals deal with the U.S. and Australia just happened. You know, defence are increasing spend. The general mining resource work that we work on is absolutely, you know, doing extremely well. Infrastructure across the country is starting to take off again. We're pretty satisfied where we are.
I suppose we can get more data for next year and put it up for you and more supporting information.
I do think that the graphs you see are pretty consistent with what we've published previous years because we have to use an actual recognized body for that data. It's what it shows. We're not making the data up. That's pretty standard; you see a taper off because others will be going through design. They'll have to get approvals, etc. You can expect a fairly consistent... We're not seeing a drop-off at all.
All stats are like a bow wave of a ship. You know, we increase that wave in front and it tails off. If you go back for the last probably, I don't know, 40 years, it's the same.
Okay, thank you, Chairman and CEO. Thank you.
Thank you.
Any other questions? Thank you. We should now proceed. Oh, sorry.
Yeah, if you don't mind, I mean, I was expecting somebody to ask about rare earths, but nobody wanted to ask.
Okay.
Anybody want to ask?
No, you can ask.
Okay, thank you. Could you share with us, you know, how big is... I mean, with the signing of the U.S. and Australian deal for rare earth, right? How big is this business? What does our pie look like? What's our capability? Are we JV with Chinese partners or do we have in-house capability? Rare earth is a different animal altogether, right?
No, the rare earth projects in Australia presently, we're working on one at the moment, the India project. We have the in-house experience. The agreement made with the U.S. and Australia is around AUD 30.5 billion . There is still a lot of information to come out on that and supporting because it's quite fresh. It's just off the press. I think it's only last week that came about. We do have the capability in-house. It's structural, mechanical, piping, electrical works. 99% of the time, the process is already done by the client, and they actually just give us that information and we build from their drawings. We're in a really, really good position for that work.
How many percent of our so-called revenue as part of the entire value chain are we involved in?
Oh, it's extremely difficult to say that. Probably near impossible to explain right now because that work will be spread over the next probably 10 years. We do have competitors in that area as well. We have to win a certain amount of work. Percentage-wise, the work is spread all over the country, you know, it'll be New South Wales, South Australia, Western Australia, Northern Territory mainly. It will add to our existing construction works. It underpins our future if you look at it like that. If we don't say, you know, 40%, 50% construction work, we believe we can maintain that through using, you know, getting involved in the critical minerals and rare earths. Like critical minerals like lithium, we've already built, I think, two, oh no, three lithium plants. We have that experience.
If I can just elaborate slightly, our model is to sort of when a new commodity comes to the market where there's an appetite for expansion, we focus on one or two of those mines. We build well with the client, we work well with the client, and then we have a portfolio to be able to get involved in more of those projects as we go on forward. We are currently working on the India project for ALUCA, and we're doing civil concrete packaging, we're doing a tank package, and we're starting now to do some structural mechanical piping work on that particular project. It's a bit like what I spoke about with the OPV s. We're focused on doing first job really well, get credibility, get it in our portfolio, and then more and more clients would want us to be involved in those projects.
That's the phase we're at right now.
Okay, based on the last night reporting, I just want to understand if the dry seasons are over. Moving forward, we should see, you know, good days ahead.
Yeah, it's always difficult for us to answer those questions, but yeah, we do see a brighter future, I suppose. We'll need to move on, I think. I think we've taken enough questions from yourself, but is that okay?
Yeah, okay, thank you. I think we should go ahead.
Thank you. Okay, thank you. We shall now proceed to the non-binding ordinary resolution one to consider and adopt the remuneration report for Civmec Limited contained in the director's report for the financial year ending June 30, 2025. I now invite questions on the remuneration report set out in the director's report. Please proceed to your microphone or use the online question function if there are any questions.
There are no online questions.
Okay. Since there are no questions on the remuneration report, I now put a motion to vote by poll. We shall now proceed to the third item on the agenda. That is to deal with the reelection of Mr. Gary Gray as a Director of the company pursuant to Rule 55 of the company's constitution and for the purpose of the ASX Listing Rule 14.5. If Resolution 2 is passed, Mr. Gary Gray shall be reelected as an independent non-executive Director of the company and remain as Chair of the Nominating Committee and member of the Audit, Risks, and Conflicts, and Remuneration Committees. Are there any questions on the reelection of Mr. Gary Gray of the company? Please proceed to the microphone or use the online question function if there are any questions.
There are no online questions.
Since there are no questions on the reelection, I shall now put a motion to vote by poll. I shall now proceed to the next item of the agenda, and that is to consider and pass Resolution 3 relating to the allotment of shares as set out in the notice of this meeting. The full text of the motion is set out in the notice of this meeting and the annual report. Are there any questions on the allotment of the authority to allot and issue shares? Please proceed to the microphone or use the online question function if there are any questions.
There are no online questions.
I now put the motion to vote by poll. Ladies and gentlemen, all the items raised in the notice of the AGM have now been properly dealt with, and as we have not received any notice to transact any other business for today's meeting, there is nothing to consider under agenda five. There are no other further questions. I shall now advise that the voting on all of today's resolutions will close soon. In the meantime, our MC, can you please confirm if we receive any further online questions relating to this morning's resolution?
There are no questions online.
Thank you, Bojan. I shall now declare the poll closed. The polling agent and the scrutineers will now count the votes, which will take a while. We will take.
20 minutes.
It'll take 20 minutes. Perfect.
Sorry, may I ask a question? I put a login on the website.
Yeah.
I was told by the staff here that the Singapore-based Chair cannot vote.
That the base would?
Singapore-based shareholder cannot vote because I can't log in.
Do you want to answer that?
Yeah, sure. If you come and join me, I'll assist you.
The Singapore.
Yeah, sure.
There is a SRN/HIN.
Yeah, that's right. The Singaporean shareholders could vote using a proxy by lodging their vote prior to the meeting because of the changes in the voting rules which were initiated after the re-domicile. Anyone that owned shares which is based here under the CDP had to lodge their vote prior to the meeting, and they would have been reflected as a proxy vote and would have already been cast. Unfortunately, due to the rules relating to beneficial share ownership, the voting cannot be taken on the day of the vote, which is today. Only the online voters that have legal shareholdings could have voted online today.
Was there a training?
Yes, it was. It was set out in the notice of meeting, with the deadlines placed in there.
Yeah, that would just then be simplified.
Unfortunately, even in future meetings, the vote will have to be done ahead of time, and that's not something that we can overcome. That's a requirement that's passed on to us by ASX and SGX, and it's not a company election. Otherwise, we would prefer that everyone is able to vote in person on the day because that would simplify things for everyone rather than having to do it in this manner. Unfortunately, that's not something that we can overcome ourselves.
Okay.
Thank you.
Thank you. Okay, we'll have a recess for 20 minutes, and we'll all come back and we'll give you the results of the polls. Thank you. Welcome.
Welcome back, everybody. The scrutineers will now present the report on the result of the report on the screen. So, Bojan, are you?
Yep, it's up on the screen. The results have all been collated, and all of the resolutions have been carried.
Thank you. Thank you, everybody, for your attendance. The report is now complete, and the counting scrutineers have verified. I'll declare all the resolutions carried. Thank you very much, everybody. We're coming to the end of the year. Time flies, but I have to wish you the very best for Christmas, and hope you have a prosperous, safe, and happy new year. Thank you, everybody, and see you again as we go through the journey of life. Thank you.