Good morning, and thanks for joining us for this Calidus investor presentation. I'm Paul Armstrong from Read Corporate. Calidus announced just before Christmas that it had agreed to buy the Nullagine Gold Project in WA. The acquisition delivers a host of significant operational and financial benefits for the company. At the same time, Calidus has been laying the foundations for a strong second half of FY 2024. Managing Director, Dave Reeves, will outline the Nullagine acqui sition and the production outlook as part of this morning's presentation. He will then take some questions. If you'd like to ask a question, please clic k on the Q&A tab on your screen and send them through, and we will endeavour to put as many of those questions as we can toda y over the time we have allotted. Over to you, Dave. Thanks very much, Paul, and thank you all for tuning in this morning, and a Happy New Year to you all. Just before Christmas, we announced the consolidation of the East Pilbara through the acquisition of the Nullagine Gold Project, and promised a webinar early in the new year, which this webinar is focused on. However, having said that, we've also put out some news yesterday on Bulletin and today on the quarterly, so we'll also talk through those bits of news. I am joined today by Richard McLeod, who is our new Chief Operating Officer. Richard is a hugely experienced mining operations manager. He was general manager at both Tropicana and Sunrise Dam. COO at Macmahon, brings a wealth of operating knowledge and will be here for Q&A at the end, and we welcome Richard. But as I said, the purpose of this is to touch on a couple of the recent announcements. Just out of interest, we've got two mills on the front there. On the left is the Warrawoona mill, on the right is the Nullagine mill, which we've just bought. So 4.2 million tonnes of installed capacity that we are now the proud owners of. Let's start with the December quarter. It was a soft quarter, we knew it would be a soft half, and we're very happy to be through that half. We did have limited access to the high-grade ore due to the cutback that's been going on, and you can see that on our graph on the right. Without access to the main pit, we'd be mining peripheral lodes, and I'll take you through that shortly. But as you can see, our mined ounces moving through the rest of the year just continues to climb on the back of both access to the higher grade at Klondyke, but also the first of our satellite pits, Blue Bar, which we'll take you through as well. Also, what gives us confidence in these numbers, the mineral resource we put out, is reconciling very well to our grade control model, and our grade control model is reconciling extraordinarily well to our ounces produced. So good certainty in the ounce estimation that we have now. Guidance, as a result of not quite completing the cutback, is 32,000-37,000 ounces, so no huge improvement on the half one. But we didn't quite get there in time, and we've had a bushfire, which has obviously impacted ounce production as well. Burnt out our water pipeline. We announced that just after Christmas. A special thanks to all the people involved in getting up and running again there. Out of interest, Marble Bar, December, averaged just under 44 degrees Celsius for the month. It had its record temperature of 49.3 degrees Celsius. Just when we were trying to re-weld all these poly pipes. So an extraordinary effort by the whole team at Warrawoona to get back up and running after that bushfire. We will see positive impact, as I said, with Blue Bar and Klondyke. So let's have a look and try and understand a bit more about where we are in the pit, and I think the picture says a thousand words. So if we have a look at the pit in July 2023, there's a couple of areas I'd like to focus on, and we will zoom in. But firstly, out to the west, this is an area we'd hardly ever touched, and same out to the east, an area we hadn't really touched. All of our mining was in these main two areas, and we did have this sort of saddle in between, which we were using for access, but did split the pit in two as well. If we go on to the next month. Oh, sorry, six months' time, exactly the same view. And bear in mind, looking to the right and the left, and the saddle area, you'll see we've done a lot of mining out in these peripheral areas. They are lower grade than the main area, which we call our cutback. But you'll also notice that our saddle area has disappeared, really opening up the floors. To show that in more detail, if we zoom in on that left side of the pit, we can again see our saddle area, we can see the original ramp, we can see the new ramp coming in, and the cutback that we're doing to the south of the pit. This is in July 1, 2023. Let's have a look. The yellow arrow represents the working area. It's pretty constrained. Let's have a look where we are at the end of December, and you'll see that the saddle area is gone. That whole temporary ramp and cutback is gone. We've left a little bit of the cutback at the far left, to access higher up to the, to the west, but we've really opened up wide areas, and we can now access the bottom of the pit again, which we couldn't access before. So a lot of pain during this half to get where we are, but we're back now into the higher grade ore. There's a little bit left of the cutback to do. Just a sliver along to the east here, that will let us get back to the full width of the pit, across its whole length, and that'll be complete in the next few months. So yes, pain with that, but set up now for a lot better productivity across the majority of the pit, accessing high-grade ore across the majority of the pit, and we will access the full pit during this quarter. The other big step change that we're seeing in half two is Blue Bar. This is the first of the Haoma joint venture satellite pits. A refresh on that, 60% profit share to us, 40% to Haoma, on some of their resources. Blue Bar is a little satellite pit, 22 kilometres from Warrawoona. Eighteen thousand ounces at just under 2 grams in resource. We've mobilized most of the mining contractor fleet now. We're beginning haulage of the historic stockpiles that are estimated to contain 10,000 tonnes, 1.5 grams. That'll be commencing imminently. Blast hole drilling will be commencing in the next week. Blue Bar will pull out between 7,000-8,000 ounces in this half. That'll be going straight through the mill and provide a welcome boost to the high-grade Klondyke, and hence why a lot stronger half two than the half, than the half one we've just been in. We did announce our first results of Bulletin confirmatory drilling. I think a couple of key takeaways here is, A, it confirms the high-grade tenor of this deposit. Remember, there's 111,000 ounces at 4.1 grams a ton. That's already been defined to around about 125 metres depth, open at depth. A couple of the key intercepts here. The first one, 14 metres at 8.6 grams a ton. That's 50 metres down hole, so only about 38 metres below surface. We're really starting to get into some juicy parts of the ore body. Other ones, like the second number, 32 metres at 3.4. This sits below the current mineralized or mineral resource. So we're definitely seeing extensions at depth. And three of the first 10 holes were drilled beneath the mineral resource and hit significant intercepts. So we do believe there's good potential to expand that resource and potentially that pit. And we will aim to have all those results out in the next week to 10 days. Mineral Resource later this month, reserve early the month after. So we can look at finalizing permitting, and we would like to commence mining this, in the third quarter of this calendar year, so that July, August, September period. On to Nullagine. And this will take a bit of time to work through. This is quite a significant acquisition for us. We didn't choose to acquire it at this time. Novo put the project up for sale, and it makes absolute sense for us to be the end owner. With the Haoma project and the access to Haoma, a joint venture, we now control or have access to all of the major known gold deposits within 100 kilometres of the mill. Which I think is essential when we look at how we can maximize value by profiling grade and costs through Warrawoona. It also gives us an option looking at a sulphide processing strategy, which I'll take you through later regarding, you know, our own Blue Spec, but also some of the Haoma tenements. But it was quite a unique transaction as well in that we did only pay AUD 250,000 in scrip, and there is AUD 5 million in deferred production milestone considerations. There is a rehab liability of AUD 45 million as on Novo's balance sheet that we're picking up. That's for the whole rehab of the plant, the camp, tails dam pits, et cetera. We obviously want to use that camp. We are obviously looking at using the plant with sulphide strategy, and we're looking to re-mine the pits. So over time, we'll see ourselves chipping away at that, and certainly nothing that is overly concerning to us. When I said we wouldn't have looked at this opportunity at this time, normally, we've obviously got a lot on our hands, and we didn't really want another large area that we needed to potentially have to have on care and maintenance. We've got an excellent working relationship with Atlas Iron. We've co-funded the Marble Bar Airport. We're working right next to Blue Bar. They've got their Sanjiv Ridge mine. So we had discussions with them. They are looking to build or upgrade the main road between Roy Hill and their McPhee's project, which is halfway between Nullagine and Marble Bar, and they needed to look at a camp to house the construction workers and then eventually hauliers. We needed 40-50 rooms for our Blue Spec operation. So what we've agreed is to license the camp for them for AUD 14 million cash consideration up front, but keeping 50 rooms available for us to use, be it for near-term oxide mining, longer-term Blue Spec mining, et cetera. And we see that as a real win-win situation for both companies. So delving into a bit more detail on what is at Nullagine, and I do caution that all of these numbers are from previous operators and competent people. So Nullagine is at the Mosquito Creek Basin. There's 23 million tonnes at 1.6 grams for 1.2 million ounces of gold in the last declared resources. And the Mosquito Creek Basin itself, that was operated till about 2018. Produced pretty steady run rate of around that 80,000 ounces per annum, at 1.65 grams a ton. But at the time, the gold price was $1,500-$1,600 an ounce. They were hitting some of these refractory deposits at depth. One thing led to another, and the mine closed. It was then picked up by Novo Resources, who picked it up mainly for the plant, so they could treat their Beatons Creek deposit. Beatons Creek still has 3.9 million tonnes at 2.2 grams, 276,000 ounces of gold there. They processed their oxide material and then decided strategically that they were better off looking at their large ground holdings and exploring, especially the West Pilbara. So shut up shop and it's been on care and maintenance for just over a year. So when you look at it, historical production in the order of 660,000-odd ounces coming through this mill, so you know, it's a proven producer. We do love the opportunities with the current gold price over 25 known deposits. You know, one of our first tasks is to now work our way through all these resources with our own resource manager, and then start to look at undertaking work with optimizations and mine planning, to see what we can bring in the near term, from an oxide point of view. There's no doubt that with Nullagine in oxide, the Haoma pits, we are looking at, you know, a really interesting conundrum of how do we blend all these in? What do we back off? What do we bring in? But obviously, grade is hugely important, and both the Haoma joint venture and Nullagine offer them. We will be undertaking a full two-year review of what we're doing, initially with Haoma and then secondly with Nullagine, over the coming period. And we look forward to announcing how Nullagine can impact, on production at Warrawoona in the near term. When we talk about the near term, you know, just a couple of examples here in this presentation. Golden Gate, they mined towards the end of this Millennium Minerals. They had some outstanding drill results in financial year 2019, that are still up on ASX, on some of the old ASX historic platforms. But their latest resource out there was 800,000 tonnes of 4.4 grams for 110,000 ounces. But what we also liked is, what deposits like Condor and Crow, where they have pre-stripped quite a bit of material off and really into the ore body, which is +4 grams. And it would be very easy, we believe, to restart, fully permitted. We just need to work through any changes we need to bring it to Warrawoona. But that's one of the examples of a near-term open pit. If we look at sort of more near to medium-term, Bartons Underground was an underground Millennium established. They've done all the hard work, cut the portal, put the declines in, done a lot of the level drives, and were just starting to get their rhythm with stoping when they closed. So, mineral resource, again, of 100,000 ounces at a bit over 4 grams, but certainly open at depth. And a lot of the hard work, as I say, establishing that underground done. So we could literally get back in there and start stoping once it was pumped out. So again, another of the options we'll be looking at early on. More longer term, if we look at the sulphide strategy, a lot of these deposits at depth were refractory or partially refractory. In the Mosquito Creek Basin, we know our Blue Spec and Gold Spec deposit is, and our plan was always to truck it back to Warrawoona, build a small flotation plant on the side of Warrawoona and treat Blue Spec there. As you see, Blue Spec sits in the middle of this group. And we've now got a mill that's got a crusher, a mill, a CIL, and all the workshops established. So really all it needs for a true sulphide plant is some flotation cells and a filter press for the concentrate. So certainly one of the projects we'll be looking at is how do we, how could we best adapt that mill to provide a flotation plant for us for sulphides and shipping concentrate? That also has the ability to treat free milling gold that's part of that, you know, partially refractory material. So we'll be studying that, and we think that with that large mill, it really does open up a huge amount of the resources in Nullagine, in addition to Blue Spec, and could be a quite substantial producer in itself. So lots of work to be done there. We need to spend a bit of time, but certainly that is our thesis in the longer term, is trying to get a larger sulphide plant up and running at Millennium. Saves us on haulage costs, it accesses a lot more ounces, and provides a second production site for Calidus. A couple of the other quick benefits with the acquisition, apart from obviously the cash from the camp lease and the camp infrastructure for any work we want to do down there, and the plant for the sulphide longer term. There's a lot of stores that we can use up at site, and it's quite a strategically located piece of ground, where we've had inquiries from various parties already on how they could potentially work with us to utilize some of the assets we have. So we do see it as a huge positive to the company and very excited, both short, medium, and long term for what Nullagine can offer us. So that is a quick run through of what we wanted to discuss today, being both the quarterly, you know, the catalyst for change, which is the high grade satellite Bulletin that complete, et cetera, and where we're heading with Nullagine. Really looking forward to updating people on the journey as we move through both the Bulletin resource reserve upgrade, and then the Nullagine resource reserve upgrade, and how that impacts production and growth production for Calidus into the future. So maybe over to you, Paul, and we can tackle some Q&A. Okay, I think you're on mute there, Paul. I'll bring Richard in. Paul, can you hear us? We're on to Q&A, if you can, and you're on mute at the moment, it looks like. Okay. Technical problem, it would appear. You hear us now, Dave? Yes, we can. Right. Apologies, everyone, for that. A couple of gremlins in the new year system. We do have a few questions, Dave. And a big turnout for today's presentation, too. A lot of interest. First question is, what synergies do you think Calidus will generate for the Nullagine project, and why will you be able to make it work where the previous owners fell short? Yes, I think everyone's got their unique situation and story. If you were looking at Millennium, as we discussed, that they were hitting some refractory and partially refractory at depth that they couldn't treat, so they were turning over small oxide pits very rapidly and trying to fill out a 1.8 million tonne per annum mill with that. For our strategy with the oxides, we're just looking at it as a add-on into our existing ore flow. So we're not trying to fill a 1.8 million tonne per annum mill. We can be very selective about the high-grade portions we want to mine out of that, and bring that back. So that's why I think the oxide works for us, in that it's a supplement, not a trying to fill a mill. And then, we've already talked about the sulphide plant, in that, Millennium didn't have the ability to treat that. They tried to put in a quasi-sulphide plant, but it was only there to try and get a couple of extra% recovery. We're looking at a flotation plant to ship concentrate, which, you know, increases the gold recoveries into the mid-90s, and is a totally different beast. And with our own deposits there, there was Blue Spec and Gold Spec over 200,000 ounces as a base. At least there are 700,000 ounces that we know of at Nullagine. You know, there's a 1 million ounce base before you look at turning that on, and we can size that to what we need to do. Because of the grades that we're seeing, it doesn't necessarily need to be 1.8 million tonnes per annum. Okay, another question, Dave. The operational performance of the past two quarters, and perhaps the next, looks to be falling short of loosening the loan and hedge model. So has there been any progress with Macquarie to allow Calidus to improve the financial position going forward? Oh, absolutely. I think, you know, if we look at the last half, it's exceptional what we have managed to achieve, which is, you know, over 20,000 ounces off the hedge. Sorted out AUD 12 million of debt repayment, through pretty lean times. And when you look at our ounce profile heading forward, A, the hedge becomes a lot less of a encumbrance as a percentage, but we're also bringing it down into the realms where, as we add more reserves, it's easier to roll out that hedge. And you'll see that, working in conjunction with Macquarie, we've rolled out 3,000 ounces in the coming quarter, into 2025, to take some of that, that burden off and allow more access to spot. So it's a combination of working with Macquarie, who've been really good with rolling that 3,000 ounces as a starting point, and us increasing our own ounce production to make sure that's less of an encumbrance. But if you look at it, now, we are pretty well 50% way through, feeding that hedge. So at the end of next quarter, we'll have completed, you know, 55-60% of the, the hedge from day dot. So we really are, knocking it down rapidly at the moment. Right. Another question, Dave. You report AUD 10.5 million in cash and equivalents at the end of the quarter. Does this factor in aged trade creditors, i.e., those greater than 30 days? So all our trade creditors are in line with contracts. So, and the vast majority of them are 30 days or under. I think there's only one contract that we have an allowance for above 30 days. So yes is the answer. ... Do you expect the mill to be operating above nameplate capacity in the second half of this year? If so, to what degree? Look, it has that capacity, but there are a few things we're looking at to try and improve our water supply to allow that as a sustained basis, but that's really not our focus. Our focus is in feeding higher grade. We have a mine plan that delivers that higher grade into the mill at its run rate of 2.4 million tonnes. And at the moment, that's what we're budgeting on. Yeah, it'd be great if we can run harder than that, but we're certainly not budgeting on that. Moving to Blue Bar, one viewer asks: Why does the Blue Bar project not have a mining reserve, and is this a risk given that mining is about to start? It's got a mining, some mining leases, so I'm not sure. Yeah, it's fully permitted. It's on mining leases, so yeah, it is all good to go 100%. Now, Dave, in respect to moving to the Haoma JV, one, a viewer and analyst asked: With the Haoma JV being a profit share, will the future re-reported quarterly cash balance be reconciled from profit share payments in that quarter, or will we have to wait until mining has ceased before knowing how much profit was shared? That is a very good question, and one I will take on notice, because, to be honest, haven't really thought about that. Blue Bar isn't so much of a profit share in that we did pay AUD 1 million upfront in shares, and we've got an agreed AUD per ton that we pay. So I think for Blue Bar in the next half, it's pretty well sorted. When it comes to Bulletin, which will be later in this calendar year, yeah, give us time to work through that. We still don't have reserves on that. So, there is an agreed process with Haoma. How we report that, we will come up with that, make sure it's abundantly clear later in the year when we do those reports. Another question, Dave, here relating to Haoma, to a degree, it says: With operating expenses expected to reduce due to reduced strip ratios at Klondyke, how much will mining and transporting Haoma ore add to operating expenses on a quarterly basis? Yeah, very good question. Each pit and each stage of each pit is different, but I don't think you're gonna see the overall quantum of costs drop much on a monthly basis. It'll probably stay about the same, but what you do obviously is a large increase in ounces, and with that large increase in ounces, you see a lower cost per ounce. And that's what we focus on is cost per ounce, because that's where our margin is made. Has the price of the 3,500-ounce deferred hedging changed? No, it's just a forward rolled out at the same price. Moving to lithium, Dave, why are the lithium soil sampling results delayed? So there was a bit of QA/QC to do. They are coming out imminently. So they will be, yes, imminent. So just need to get through some QA/QC. With lithium and soils and PPBs, you've just got to be very sure it's not like taking rock chips. I think the answer to this is clear. Does the cash on hand announced today include the AUD 14 million from Atlas Iron? Yes. And haulage infrastructure required between Nullagine and Warrawoona, what is it? It's really however many road trains you need to, to haul. There is a road train facility at Nullagine already. We're building ramps at what have you at Warrawoona to accept road trains onto our ROM. Obviously Blue Bar and Bulletin. So, the positive news about us upgrading the road, you know, half of it will be on sealed road. So we're hopeful that Main Roads or someone will do that last little stretch, and we'll have bitumen road all the way back, which would be sensational. Dave, that concludes the questions that we've had. There's been a big turnout today. A lot of people have tuned in, so thank you very much everyone who's joined us. Dave, thanks for your time and for giving the presentation. I know you like to do these presentations, and we've done a few of these webinars, so no doubt you'll be back with another one in the near future. Thanks for joining us. We'll be back in touch about our next webinar shortly. Thank you.