Hello, and thanks for joining us for this Calidus Resources presentation. I'm Paul Armstrong from Read Corporate. Calidus is ramping up production at its Warrawoona Gold Project in WA's Pilbara. Calidus Managing Director, Dave Reeves, and his team have done a remarkable job building Warrawoona in what have been very challenging circumstances. We've had COVID, as you know, labor shortages, and substantial cost inflation, particularly in Western Australia. The company has released its September quarterly report today. It's also published an operational update for the month of October. That update is on the ASX platform and will be part of today's presentation. Dave will now give a short presentation and then take questions. If you'd like to ask a question, please click on the Q&A tab, and we will endeavor to put as many of those questions as we can to Dave at the end of the presentation. Over to you, Dave. Thanks very much, Paul, and good morning or good afternoon, everyone. Thanks very much for joining us. This is labeled the Euroz Hartleys Gold Day presentation. It is an update for October, but also an overview of where the company is going, and I'm presenting later today to the Euroz Hartleys-sponsored Gold Day, hence the change in title. Just to remind everyone, Warrawoona Gold Project, ramping up, targeting 90,000 ounces per annum. Nothing is changing in that, going through that in October. That is still, we believe, eminently achievable and just around the corner. Stage two expansion from our recently released Blue Spec definitive feasibility takes us to 130,000 ounces per annum. We'll touch on where we are with lithium as well, although obviously our core focus at the moment is Warrawoona. Obviously been a tough period for gold miners in general and us, particularly in the last month, regarding the most recent operational update, which I hope will show we're back on track to a large degree, as we work through today's presentation. I think a couple of things just to touch on here. Cash and bullion, just under AUD 30 million, September 30th. So a lot of cash in the bank. If you have a look at our quarterly that just went out, because we don't separate development and operations, it's a bit hard to get an overview. Basically, operations themselves lost about AUD 2 million for the quarter on what was a really disappointing quarter for us. The remainder of the cash was either in interest or in ongoing development, be it airports, which is due for completion at the end of this year, critical spares that are still coming in, et cetera. The actual operations, even though it was a really tough quarter, almost washed their face. I think that's worth bearing in mind. I think also if you know, we just touch on the drop in gold stocks. It was really interesting to see the Argonaut Group is launching a gold fund, a counter-cyclical gold fund. You know, in the darkest days, it's often easy to get lost in where we are, but I think that's a really interesting move. Certainly gold, at some time, we fully believe, will start to shine again and, the reversal across the whole sector, we'd expect that to change, when that occurs. Just refreshing on the September quarter, where we were. There's a lot of positives and some negatives. I think just starting with the positives, you know, the mill is superb. It's 98% recoveries. We were doing over 7,200 tons a day at times, so we know it can easily achieve nameplate and beyond. We commissioned the LNG power station. They have steady supply of LNG coming in, which is obviously a huge cost saving. Other real positive, and we'll go into these in more detail, but, grade control. Still reconciling 100% on grade to the resource model. The single biggest issue we faced last quarter was our mill grade was not reflecting that grade control grade. That's, you know, something we've spent a lot of time on in the last six weeks and we'll go through next. Let's just talk about grade where we are. This is a planned view of our grade control model in the central portion of that pit. You can see there's one very wide continuous zone of mineralization at Warrawoona. You know, it holds together very well, very good grade continuity, and is on average 20-30 meters wide. What you'll then see is that there's some footwall and hanging wall loads off to the side. This is where we're seeing the drop in tonnage, down roughly 30% is in this footwall load. It's sort of a bit variable. It doesn't hang together as well as the resource model suggested. Now, whether that continues into the future or not, we're unsure. We're still in the transitional zone. When you move into fresh, things tend to tighten up. We're optimistic that tonnage differential will reduce. Again, the main point here, the grade control model is saying the grade is there. This isn't you know, an issue where other companies in the past have done grade control and the grade's just not there compared to the resource grade, which is a fundamental issue. You know, the fundamentals here are saying that the grade is there. That then gets us onto what happened in September and what's happened in October or the September quarter. As we put out previously, we're 23% down the mill feed grade that we reconciled out compared to what we thought we were feeding. There's a lot of factors that go into this. The first factor, lack of people. The lack of people, both mining and control and geology, meant that with a lack of people mining, we didn't move as much as we'd like at the beginning of the quarter. And as such, we had to drop our cutoff grade for our ROM feed from 0.5- 0.4, which obviously lowers your grade. We had to feed low grade as well at times. And that's all a grade issue, if you like. What it also meant was we tried to catch up. We put 200-ton diggers into ore blocks when we said we'd only put 100-ton diggers. You've got bigger buckets in there. There's more dilution. With the wider ore body, we didn't think it would be as problematic. Obviously, the reconciliation showed us that it potentially was. When I also talked about lack of people, it was lack of control. You know, we were struggling with geologists and pit techs between COVID and labor shortages, so we just didn't have enough control. We've changed the way we control our ore block movement. In particular, one of our biggest changes is how we predict where the ore has gone post-blast. Because as you can imagine, with some of those smaller loads, if you're out by a meter on a five-meter ore block, that's 20% dilution. You have to be pretty precise in how you predict where the ore has moved. A blast, it generally moves up to five meters along strike, and a little bit across strike as well. We changed to OREPro, which is a software program. It takes all the inputs from the blast, the tie-up, the timing, the powder factors. It takes drones before and after. It uses some of our own blast monitors, and it puts them all together and through some algorithms and in three dimensions, transposes your ore. When you're going through it, mining at various RLs, you can predict a lot better where the ore has gone. Our initial target was to look at achieving 10% dilution instead of the 23%. I'm pleased to say in October, we're already at that mark. We're at 10% dilution. Our next target will be moving on to 5%, which would be about as good as it can get. Even though we have gone a huge way to correcting the reconciliation issue, there is still room for improvement, and that's something we're focused on. This will be in small stages. You know, over the next three-six months, we'll try and improve up to that 5%. Really pleasing to see such a rapid turnaround. That's just a great effort between the whole mining crew. That's Macmahon and our own guys on blasting. How we manage the diggers, how our geologists are predicting ore movement and controlling the digging and just a really good team effort to so quickly turn that around and give us confidence now that we know the grade is there with grade control, we can mine it properly. You know, we pretty well tick that box, which is obviously always you know the most important when you're starting up a new mine. This is a bit of a fly-through of the mine at the moment. This is what we call King. We're still taking the top off the mountain here. A lot of clay, and we'll touch on that shortly in these top reaches. It's quite tight digging as far as there's not big wide areas. We are opening it up rapidly, and it's improved greatly in the last month from what you see now, but before that it was pretty narrow up top. Then we move to what we call Cuban, another section of the pit where it really has opened up, and we're starting to see some good productivities through this part of the pit. As you can see, we've got a lot of floor space open, so there is a lot of flexibility in how we do grade control. Freeing up a lot of area for drill and blast, so we can get our cycles up and running and a really dramatic improvement in the last four weeks in particular. Now, I spent a bit of time up there last week with Richard McLeod, the COO of Macmahon. Instead of just listening to me talking about it, I thought it'd be handy to get Richard's point of view on what he saw up there and where the performance of Macmahon is and what he's seeing from his visit up there. There's some facts and figures on this graph, and I'll hand over to Richard, who's with me. Yeah. Thanks, Dave, and it's really good to have the opportunity to come in and talk to the project, especially after being up there last week, for a few days with the team. I mean, really good to see the way the pits are opening up. I think, and you touched on, the King pit still being on topography. Well, the interesting thing about a topography pit like that is, as you go down, you actually open up more space. You know, we see that opening up in King, and that's going to lead us to better sustainable productivities, I would think. In the Cuban pit, well, we're well and truly off topography now, and it's really good to see that space opened up, the way it is. You know, fantastic to get around the table with the combined teams and, you know, talk about the drilling and blasting and the improvements that have been implemented there and get out and actually spend some time on the ground with the blast crew and, you know, how that was communicated and spread through the joint teams has been, I think, a really good achievement. I mean, good to see that in October, you know, we're well on track for the ore production that's required. You know, I would expect that to continue. I think the productivities are gonna naturally come up as we get off that topography, as I said. I think lastly, you've touched on it, but the challenges around staffing, you know, across the board with COVID and you know, those challenges. I think we're largely seeing that come off and you know, we've got a good solid workforce in there now that's pretty stable. I would expect that, you know, with our combined HR team absolutely focused on that, but we're largely through those challenges. I think really important, I mean, this is just my view after visiting there, but is around the blasted stocks and you know, the team's focus on that. As you can see in the graph below, it's been absolute and you know, we'll look to keep those blasted stock levels up, and that'll put the productivities out in front of us. Really, again, thanks for the opportunity to get in and just talk about the project. It's a great little project to be involved with. Thanks, Richard. Richard will be remaining for Q&A as well to help out with any question and answers you might have on the mining. I think you know where we are. We're pretty well there with the grade. A few minor tweaks to go. Mining improving greatly. The frustrating part for us, as a group, has been mill tonnages, and this is to do with water. As I said, we've run that mill at over 7,000 tonnes per day in the H2 of September. We know it can do more than that. And then what happened as we moved into October, we shifted where we decant our tails and the water back to the decant, which makes up 20% of our water, decided to go elsewhere. It's learning how we manage that water best on the tailings stand. In addition to that, as we mentioned in the clean up on the top, we've hit quite a bit of clay. Over the next 10 meters, that will drop off substantially. What happens with clay is it actually absorbs water. Normally, you put one tonne of water, one tonne of rock, away you go, recover that in a thickener. It's actually absorbing a lot of water, and that water goes out with the clay to the tailings dam. What this all means is October, unfortunately, instead of doing the 200,000 tonnes that we're targeting, we're sitting around the 155,000. We have swung into action to address the water once and for all by the end of this quarter. In the next week, we're equipping two more bores to pump into the system. About a week ago, we implemented a viscosity modifier. This is in the thickener. It helps us improve the water recovery in the thickener. That has been a success. We're certainly seeing improved water recovery there now. On Friday, we've got a rig just fine-tuning where a couple of new water bores will go and undertaking further water exploration. In about three weeks, we've got another water bore rig heading up to put in another two bores. Hopefully, as the exploration rig moves forward, probably a couple after that, to ensure that we have plenty of water redundancy. We're also looking at utilizing some pipe. We've got a spare bore out in our furthest bore fields, and we're seeing what we can do at the cheapest cost and quickest time to bring a bit more water out of that, seeing the bore is actually already built. All of this will see a steady state of improvement by the end of December to full capacity. You know, things outside our control, like the clay, and how the thickener goes, you know, that will improve over time as we move into fresh. What we are planning on is having more than enough water to deal with clay, no tailings dam returns, so that this underperformance on tons never happens again past the end of December. What does this all mean cost-wise? To provide a bit more clarity on where we are, our mining costs from DFS are up about 20%. AUD 10-AUD 12 a BCM. It's mainly in fuel and explosives and to some degree, rise and fall. Processing is very pleasingly still on budget, even with all the cost inflations in reagents. Our actual reagent usage is lower, and we're sitting around AUD 15 a tonne. Our administration has also increased greatly. We've got extra medics on site for COVID. We've got a lot more compliance for some of our permits. Flights have gone up in price, so when the airport gets up and running, that will help. There's areas there we can certainly trim that administration cost. Overall, that works out at about AUD 1.6 million per month looking forward or 18%. If you assume the same ounces, 18%, you're talking about $250 an ounce, so that's around the $1,550. You know, I think that's a fair number to look at. That $1,550- $1,600 is where we wanna be for the Q1 of next year once that mill is properly humming. Photo on the right, solar farm has been installed, not yet hooked up, but that'll be hooked up in about a month's time with the battery. That obviously reduces fuel burn in the power plant as well, so that'll be great. Little cost saving going on there as well. The main takeaways, the grade is there from the grade control. The reconciliation is almost at industry standard. We'd like to do a bit better than that. You know, I think we've pretty well ticked that box on grade, which is fantastic. The mining has improved greatly. The broken stocks is ahead of us, as Richard said. That allows us for better productivity. And we just have to keep a close eye on manning to make sure all that equipment is properly manned up. The mill tonnages are a lot lower than planned, but we have a plan in place to fix that once and for all by the end of the quarter and bring in far more water than we think we need. We do fully understand our costs now after a few months of standard operation. And we see a clear pathway in quarter one to some very good cash generation commencing out of Warrawoona. When I say commencing, we actually had to make some reasonable cash in the current quarter as that mill starts to ramp up with that improved grade. Just briefly touching on Blue Spec. We put out the DFS recently, All-in Sustaining, including inflation, AUD 1,640, peak capital, AUD 34 million. That permitting is underway. It's going through the process. We continue to work on things there. We're doing some geotechnical work for portal, doing some work on water supplies, et cetera, and quietly tinkering away with that in the background. Obviously, as always, the core focus is Warrawoona and getting that to where it should be as a nameplate. I think one of the exciting things with Blue Spec is this week, we've got a rig kicking off to the west of Blue Spec. Keep in mind, Blue Spec's 24 grams a ton resource, and we're just heading to the west of that a few kilometers. It's never been drilled before. Really good soils, really good mapping and alteration. We'll try and prioritize some samples through the lab. We are hopefully seeing lab times reduce, and hopefully we'll get some of those priority samples back before Christmas. Our geologists are really excited to get that drilling and see what we can find there. Over time at Klondyke, we'll start to look deeper towards the end of this year. Early next year, we'll start to look out to the east with further drilling as well. That will come, and we'll also be drilling Marble Bar later this year, where we've got a couple of nice intercepts of a couple of meters at eight and a couple of meters at six, near surface. That will all be some good positive news flow to come. Just touching on the lithium briefly. We have had one dedicated geologist working on that, mapping, sampling as we go. With that, obviously we've announced previously down at Spear Hill that we've discovered outcropping lithium pegmatites. We have drilled them. We finally have all those results. The results will be out in the next week on that. We're getting final QA/QC sections drawn up, et cetera. That will allow us to plan what happens next at Spear Hill. Now, in addition to that, we as Calidus have had a look and said, "Well, you know, the lithium space does look quite interesting." We are learning a lot about it from what we're seeing at Spear Hill. So the lithium team had a look at geology through the state and very much liked the geology at Northampton, very similar to the Gascoyne, where there's some pretty interesting lithium projects and drilling underway, intersecting some good lithium deposits. So we've applied in our own name, 100% for that. Because we are looking at some of the 100% our own name and not just Imperial, which we've got 50%, we are looking at a restructure on how we combine the 50% Imperial and our own 100% projects to demerge that, as previously mentioned. That is a wrap-up of where we are. The 90,000 ounce per annum stage one is very much on the cards. Once we get this mill up and running, I think we've ticked all the other boxes now. Blue Spec permitting underway to get us towards that 130,000. The lithium strategy is, you know, growing by adding more bulk to it. We'll be providing more details on the demerger once we're in a position to do so. More exploration ongoing both with gold and lithium and very excited with that Blue Spec and Marble Bar drilling. We certainly see 2023 between all of the above, you know, being a really good year for Calidus. Thank shareholders for their patience. September quarter wasn't what we wanted it to be. December will be below par as well because of the mill tonnages. By the end of December, as I say, we believe we'll have more than enough water in to handle any situation. From that point on, we'll be delivering what we said. Paul, I'll hand back to you for any questions that might have come in. Just a reminder, if you'd like to ask a question, please click on the Q&A tab. We do have a few questions coming through, Dave. One investor asks, "What was the October gold production?" Well, we're still in October, but, so I'll see how much of a forward-looking person you are. Yeah, look, we are still in October. As I said, there's only a prediction there. Like 155,000 tons, and you could see the grade where we were a couple of days ago. It's probably ticking up a bit because our grade is slowly improving as we get a better blend moving into the mill. It'll be between, you know, 4,000 and 5,000 ounces. Right. Another question. Are there changes to the debt repayments expected? If so, what impact will this have? Yes. The debt provider's been obviously very engaged, as have shareholders, over this period. We're working very closely with them on a restructure. As part of the facility agreement, there was always gonna be a restructure at the start once you understand where gold prices and everything are because that facility was put in place almost two years ago. We're working with them on that, and they've been very accommodating to date, I'm very pleased to say. An analyst asked you, Dave. He says, "On costs, the AUD 1,550-AUD 1,600 an ounce figure from March quarter 2023, I assume this is All-in Sustaining Cost." He says, "Where does it go once solar is up and running, flights are in, out of Marble Bar, et cetera. What's the timeframe? Yeah. The airport should open in January, solar in December. Yeah, they're not gonna have a significant cost impact versus, you know, your fuel price, et cetera. You know, there's areas we'll be trying to fine-tune that. I think it's fair to say, you know, somewhere in that order is where we believe it could be long term, unless we start to see the diesel price come down, then you'll see those, you know, it's explosives with energy price and diesel price are both related to energy. If they come back down, then you'll see the cost dropping back down to closer towards the feasibility numbers. Another analyst. "Can you please elaborate more on what happened to the grade and how it's going to improve?" Okay. It really was a mine-to-mill dilution issue, the bulk of it. Poor blasting, putting on big diggers, poor control of the ore body. A lot of that due to lack of people and trying to catch up because of lack of people. COVID kept people out. New systems in place. You know, as I say, we're now running at 10% dilution, which is, you know, pretty industry standard, and we'll be aiming to move to 5% from our resource model. Within that as well, there's some fine-tuning we need to do. Within our ROM grade and high-grade ore blocks, there's still lower grade ore blocks that bring the overall grade to the mill slightly down from where we want it to be. We need to look at tightening that up a bit or increasing throughput to accommodate, if you like, that slightly diluted grade with the, you know, the 0.3-0.5 material that we plan to stockpile. Some of that you just have to take from a practical point of view and blend it through. Okay. A follow-up question: "Do these challenges impact stage two at Warrawoona and the bolting on of Blue Spec? What is the timing of this now? Yeah, look, we'll obviously look at that with available cash. We've already said it'll be funded out of cash flow. Yes, obviously we're down on where you want to be cash flow. It has the potential to either push out the start date of Blue Spec or slow it, if you like, the development of it by feeding in what cash we can. Yeah, at the moment, very much our focus is on stabilizing the operations, providing that good cash flow, and from there, it's a lot easier to plan. Yeah. Changing pace a little bit. "Do you foresee any more capital raisings based on what you know at the moment?" What I know at the moment, absolutely not. AUD 30 million in the bank. As I say, I think operations should make money this quarter. Not as much as we'd like. It should make money. Next quarter, we're at full noise. No, there's no need from an operating or company requirement that I can foresee at the moment. What was the measurable impact of the lack of water on production? Well, that's just a straight reduction in tonnage. As I said, you know, we're down 25% almost on. It's about 24% on where we wanna be for the month. Even more if you look at our targets to go beyond that. That is the impact. As I say, that will be fixed once and for all by the end of December, where we'll put so much water in it. No matter what happens, we'll be prepared for it. Another analyst asked, Dave, "What dilution was occurring at those low grades?" What dilution was occurring at those low grades? Not sure. Maybe they can refine that question. Okay. Um. Let's change horses here. There's a couple of lithium questions, Dave. "Given the interest in the lithium sector, when is demerger planned?" I think you addressed that, didn't you, to some degree? Well, yeah, just as soon as we can. We've had discussions with ATR and others, but, you know, there's only so many hours in the day, and our focus has been on getting Warrawoona to where we need it to be. Are we looking back on the gold. "Are we looking at 7,500 ounces a month production from the first of January?" From the first of January, we are looking at 200,000. I suppose what I look at is a gold mine. If you look back at our DFS, we moved up and down in production profiles. It's never steady state. I would be happy between 80,000 and 90,000 ounces per annum because that's what we had in the DFS for the pit, depending on blends. Keep in mind, we talked 2.4 million tons per annum. We had the mill dropping in the not too distant future to 2 million tons per annum, and you would've seen the ounces drop at that point. We are starting to feed some of that fresh, but we don't believe it will be dropping. There's swings and roundabouts where I believe, yeah, if you look at that 80-90, that's where we wanna be. Reverting to lithium, Dave. Is the company still committed to the demerger of the lithium assets? Yes. It's just a timeframe that you're saying you need to refine. Yeah. There's a lot of moving parts to that, you know, because we're starting to apply in our own right and we've got joint ventures and who is coming into the demerger or not. We do wanna make sure we have got a viable standalone project. We are looking at whether there's another project to bring into that and make sure it is a, you know, a standalone success as well. Yeah, we originally said hopefully by the end of this year. That is not gonna happen. It will be in the first half of next year, certainly with the merger. Now I think the chap who asked the question about dilution has followed up, Dave. If you have improvement in dilution to 10%, what is it improving from? 23%. Okay. Yeah. How are they going to deal with the recoveries at Blue Spec? What are the expected capital costs to the plant? Blue Spec is a sulfide plant, a different type of plant. We, well, essentially float a gold arsenopyrite concentrate in a separate plant. The plant itself, we believe we can go through between AUD 15 million and AUD 20 million. Moving to the labor issue, one investor asked, "Are you still looking to hire for key positions or are they all filled now? Certainly from a Calidus side, all our key positions are filled. There is always some churn to some degree across the site. It's never a fully steady workforce, so there's always ongoing recruitment. Richard, from your side. From our side, Dave, I think all our key positions are filled and we've had some leadership changes that we implemented ourselves at the mine. I think we're in pretty good shape. Dave, an analyst asks, "When will you declare commercial production? When it's appropriate. Now, look, obviously we can't do it at the moment with the tonnage where we are. As we monitor that water, maybe it'll be during the course of this quarter, or certainly by the end of this quarter, we'd look at commercial production and full guidance at that point. I think even though we haven't declared commercial per se, you know, as of today, we've put out what our costs are looking like on a monthly basis, et cetera. You can see that this isn't a something gonna be a 2000+ All-in Sustaining Cost mine. It's not. The costs are the costs, as I say. We've now got the grade reconciling. Well, we've just gotta get the tonnes up and our All-in Sustaining Cost will be as roughly around what we said. The labor issue's obviously generated some interest, Dave. Another investor asked, "Do you source labor from outside WA? There are certainly people from outside WA, but I'd say the vast majority, you know, 95%+, and certainly all our key positions are Western Australia. Right. Okay. I think that's all our questions, Dave. I think you've answered all the questions being put to us. That was really great to have an update so quickly, having just completed the quarterly report. I think the number of people who have joined us here shows the huge interest in it. I think we have about 200 people online. Of course, a copy of the or replay rather of this presentation will be available shortly. Dave, thanks very much. Richard, thanks very much for joining us and for your time. As I said, this replay will be available later today, and so people can watch it at their convenience. Thanks very much for everyone for joining us, and thanks Dave for your time. Thank you very much, Paul, and thank you everyone for listening in.