Good morning, welcome to the Evolution Mining December 2020 quarterly conference call. This morning on the call we have Jake Klein, Executive Chairman, Lawrie Conway, CFO and Finance Director, Glen Masterman, VP Discovery and Business Development, who are all with me here in the group office in Sydney. We also have Bob Fulker, COO, who's dialing in from Brisbane, on the line. The gold price has recently taken a breather after achieving an impressive run of eight consecutive quarters of rising prices in Australian dollar terms through to the September 2020 quarter. Although we've seen a correction from the record highs near AUD 2,900 per ounce posted mid-last year, the current spot price of around AUD 2,400 an ounce is still delivering a very healthy cash margin for our business, which is focused on producing low-cost ounces. We look forward to catching up with a number of investors over the weeks ahead. Coming up in the calendar, we'll be reporting our half-year financials and the annual mineral resources and ore reserve statement on Wednesday the 17th of February. This will include our first JORC compliant ore reserve at Red Lake, post announcing the 11 million ounce mineral resource in August last year, and will also provide an opportunity for us to give a more comprehensive update on the progress we're making towards restoring Red Lake to the premier Canadian gold mine it once was. Thank you, and I'll hand you over to Jake. Thanks, Bryan. Good morning, everyone. Thanks for joining us and taking the time to join us on the call today. We really do appreciate it. Let me start by wishing you all a very happy New Year. I hope you're all well and healthy and navigating through the ongoing COVID pandemic successfully. Evolution has delivered another excellent quarter that builds on the very good start to the financial year we delivered last quarter. I'm pleased that we are firing on all cylinders and making meaningful progress across our entire business. We have consistently said that we want to be a safe, sustainable, high margin, low cost gold business. Our success at delivering on this is clearly demonstrated again this quarter. The numbers in today's quarterly speak for themselves. A 6% increase in ounces produced to 180,000 oz at sector leading low all-in sustaining costs of AUD 1,166 per ounce, or in U.S. dollars, $852 per ounce. AUD 259 million in operating cash flow, net mine cash flow of AUD 170 million, or a massive AUD 946 for every ounce we produced in the December quarter. At Evolution, we believe the ability to generate and bank cash from ounces produced is an absolutely critical ingredient to success in the gold sector. From the numbers released today, it is clear that we are leaders in our sector in this area. The superior cash generation has allowed us to reduce our net debt to only AUD 87 million, with a further reduction of over AUD 90 million just this quarter. I trust you agree that this is an outstanding achievement when you consider that only nine months ago, we 100% debt financed the AUD 550 million Red Lake acquisition, and have also during this time rewarded our shareholders with a fully frank final dividend of AUD 154 million. We have only owned Red Lake for nine months, but in this short time, the operation has consistently exceeded our expectations in almost every respect. Red Lake has been able to generate significant net mine cash flow even after the heavy investment in its future growth. Something we definitely did not anticipate happening so quickly at the time we acquired the assets. The momentum we are building at this operation is exciting. Beyond cash flow delivered and banked, which we have clearly demonstrated, investors and shareholders should and do also focus on the sustainability of these cash flows over the long term. In this regard, I am confident that our mineral resource and reserve statement that will be released with our half-year results next month will clearly demonstrate the quality of our portfolio and the progress we are making in this area. We continue to implement a strategy that prioritizes margin over volume and will use consistent conservative price assumptions for calculating our resources and reserves of AUD 2,000 and AUD 1,450 per ounce respectively. Not because we have a negative view on the gold price, but because we believe this strategy and approach creates a better, more resilient business over the long term. Evolution is very well-positioned to prosper through the cycle. During good times like we are currently experiencing, we are banking sector-leading returns, rewarding our shareholders with dividends and investing in our future growth. This is a great position to be in. Combine this with a fantastic team of people who are passionate about both our values and creating value, I am confident that Evolution is in very good shape. With that, I will hand over to Bob to provide more detail on our operational performance and growth projects. Thanks, Jake, and good morning, everybody. Starting with the health and safety of our people, we made some important strides in this area. Highlights include Mount Rawdon going over 12 months without a recordable injury, the longest run in its history. The team have embraced the mantra, "We're only as good as today's performance," and they continue to focus on extending this record. Our active COVID response continues, and we can report no material impact to any of our operations or our businesses. The quarter has seen change within our operational team. Three new general managers. I'm very pleased that two of these were internal appointments, speaking to the bench strength we have built at Evolution. In the December quarter, we delivered 180,000 oz at AUD 1,166 per ounce all-in sustaining cost and over AUD 170 million of net mine cash flow, taking the half year to over 350,000 oz at an all-in sustaining cost of AUD 1,182 per ounce and AUD 354 million of net mine cash flow. I think everyone will agree, a strong result and a credit to our focused and engaged site teams. Turning to page six, Cowal delivered nearly 55,000 oz at an all-in sustaining cost of AUD 958 an ounce, generating a net mine cash flow of AUD 39.2 million. Capital investment of AUD 38.3 million focused on the underground study works, Stage 8 stripping, and the IWL tails facility. The underground study works have included optimization of the mine plan and advancing the planned Dalwhinnie decline. The contract for this decline has been awarded with work commencing in the March quarter. This will provide additional drill platforms to further evaluate the deposit ahead of the study completion in the June quarter. The Cowal ore bodies continue to excite us with their quality, the progress towards an operation of + 350,000 oz of low-cost production is very foreseeable. Importantly, the regulatory approval process is continuing. The quarter highlight was the public engagement sessions that have received overwhelmingly positive submissions. I'm confident we will secure the required approvals in our early works program, and planning to deliver first production within 12 months of approvals are on track. Ernest Henry, once again, made a significant contribution to the group, producing 24,500 oz at an all-in sustaining cost of AUD -710 an ounce, whilst generating a net mine cash flow of AUD 73.7 million. Red Lake's production quarter-on-quarter has increased by 27% to just shy of 34,000 oz at an all-in sustaining cost of AUD 1,937 per ounce with a net mine cash flow of AUD 10.3 million. Red Lake continues to improve. Underground development meters averaged 985 m per month for the quarter, up 10% on the previous quarter, seeing a steady month-on-month increase towards our long-term objective of 1,200 m per month. January has continued this improvement with a 40 m-per-day average being achieved over the last 18 days. The underground delivered an Evolution record of 71,000 tons of ore mined in December, with the surface stockpile around 22,000 tons. This will enable our Red Lake mill to start up on plan in the June quarter to allow Red Lake to end the financial year very strong. During the quarter, the board approved the commencement of the Campbell Young Dickenson box cut and portal to allow the surface decline to commence. This decline will enable us to decouple mine production from the installed shaft hoisting capacity and underground mining equipment size constraints. It is a key step in our vision for Red Lake. Box cut construction will begin in the March quarter, with decline development expected to commence in the June quarter. Our vision for Red Lake has advanced with the establishment of the value realization project. This study aims to determine the optimal pathway for Red Lake to materially increase production margins to between 300,000 oz-500,000 oz per year. The study is expected to conclude in the June quarter with a positive outcome progressing to pre-feasibility study. In mid-December, we welcomed Kirsty Liddicoat, General Manager of Red Lake. Kirsty recently has been with Suncor and BHP. I want to take this time to thank Amber Adams, the Interim General Manager post-transaction, for her leadership and dedication over the past nine months. Her leadership has been key to the successful improvements that are already getting locked into the Red Lake plans. Mungari produced over 30,000 oz at an all-in sustaining cost of AUD 1,402 an ounce and delivered a net mine cash flow of AUD 22.7 million. Milled tons for the half year were 999,000 tons, showing the work to improve the plant throughput to 2 million tons per annum is sustainable. Study work continues to advance the processing strategy for the Castle Hill region. The preliminary heap leach test work expected to be completed and engineering packages awarded in the March quarter. December saw the departure of Andrew Miller, the General Manager, Mungari, for the last three years. I'd like to thank Andrew for his tireless work, and we will miss him. The new General Manager for Mungari is Greg Walker. Greg was previously the Integrated Planning Manager and Interim General Manager at Cowal and brings a wealth of experience to the team. At Mount Rawdon, production was over 24,000 oz at an all-in sustaining cost of AUD 1,170 per ounce, realizing a net mine cash flow of AUD 24.2 million. Heavy rainfall caused a short-term geotech issue on the eastern ramp, which slowed production ex-pit mid-December. Remediation is complete, and general production has been via low-grade stockpiles. This will continue through Q3. Mount Rawdon also sees a change in leadership with the outgoing General Manager, Jamie, Rawdon, taking a position at Red Lake to assist Kirsty and the team in their transition. I'd like to thank Jamie for his achievements at Mount Rawdon, particular for steering the team to an all-time best safety performance, which continues under the new leadership of the new General Manager, Thomas Lethbridge. Thomas was the previous operation manager at Mount Rawdon and brings both continuity and a fresh perspective to the operation. Mount Carlton delivered over 12,000 oz at an all-in sustaining cost of AUD 2,214 an ounce. Our mine operating cash flow of AUD 1.3 million. Ongoing plant optimization work resulted in the second consecutive quarter of record mill throughput of 246,000 tons. In addition, preparatory work commenced in the 839 pit to commence a decline in the second half to access high-grade silver ore. In summary, our operations continue to perform well. They're all delivering either at or above our expectations, and I'm confident we are well-placed to deliver a successful FY 2021. We've seen improvements in our safety across the board and look forward to continuing these as we progress through the year. Thank you for your time, and I'd like to hand it over to Glen. Thank you, Bob, and good morning. We occupied most of November and December modeling results from key drill programs across the portfolio, which are being incorporated in our annual mineral resource and ore reserve statement for the 2020 calendar year. Results of the MROR update will be released in the March 2021 quarter. I'd like to acknowledge the enormous efforts of the discovery and resource definition drilling teams on safely managing through a COVID-interrupted 2020 to complete their planned programs that deliver into our MROR. At Red Lake, work progressed on the ore reserve, which is optimizing the 11 million ounce resource released in August last year. The focus areas include the Upper Campbell and Red Lake areas of the mine, where we saw the most material resource increases in the new model. Drilling continued with six underground rigs, four on resource definition to convert additional resources to reserves, and two rigs on step-out drilling. Highlights of the program at Cochenour and Lower Red Lake are illustrated on page 12 of this morning's report. Discovery drilling at Red Lake is focused on extensions of high-grade mineralization along strike at Cochenour. We are also exploring for repeats of the geological architecture that hosted mineralization in the high-grade zone along the relatively under-tested northwest corridor located between Red Lake and Cochenour. At Cowal, results of surface drilling continue to support resource growth at Dalwhinnie South. Recent intercepts illustrate mineralization remains open in the down-plunge direction. We aim to complete future step-out drilling from underground, where we can establish more optimal drilling positions. Full results from the underground infill program were received in the quarter and are being modeled to inform an update of the GRE46 mineral resource. We're expecting a significant classification upgrade from inferred to indicated resources in the new model. The model also includes results from a closed space grade control simulation, which was designed to evaluate model reconciliations from a volume of rock in the mine plan representing three months production at PFS production rates. Results showed a positive reconciliation to the resource model for that specific parcel of mineral inventory and indicate there are opportunities for further grade optimization as we continue to infill the resource. Further drilling underground will recommence in the June quarter, and we will continue focusing on reserve conversion. In Northeast Queensland, we completed acquisition of a 100% interest in the Crush Creek Project in December last year. Drilling continued to progress the Delta and BV7 prospects, with potential to extend mineralization along strike at both targets. Results from recent holes at the Gamma target, located 500 m east of Delta, are shown on page 15 of this morning's report. The attractive widths and grades at Gamma highlight future growth potential as we continue testing additional vein targets. Overall, we are very pleased with results from Crush Creek, which are matching our initial expectations and confirm that the project will play an important role in extending mine life at Mount Carlton. We recently commenced PFS study work that will examine integration of Crush Creek into the life of mine plan at Mount Carlton. Lastly, over in Western Australia, our joint venture partner, Musgrave Minerals, yesterday released full results of the 49,000 m air core drilling program completed at the Cue Project late in 2020. Several multi-kilometer long gold anomalies have been prioritized for follow-up diamond drilling, which is expected to commence next week. I look forward to providing an update from Cue at the end of next quarter. With that, I'll hand over to Lawrie. Thank you, Glen, and good morning, everyone. Today, I'll cover off on the financial performance for the December quarter ahead of more detailed analysis when we release our half-year financial results next month. Summary is outlined on pages nine and 10 of the report. The December quarter saw us maintain our cash generation momentum with just under AUD 100 million of group cash flow generated before debt, dividends, and any business development activities. The AUD 118 per ounce lower gold price achieved in the quarter was the main driver to the lower group cash flow. However, the group cash flow equates to over AUD 562 per ounce sold being banked and reflects our focus on producing high margin ounces. Despite the drop in the gold price, we delivered a net cash margin of over 23%. All operations were again net cash flow positive for the quarter, g enerating over AUD 170 million of mine cash flow after investing around AUD 174 million on sustaining and major projects. Capital investment for the group remains on track for full-year guidance. Sustaining capital is tracking towards the lower end of the AUD 113 million-AUD 138 million guidance range, while major capital is still in the AUD 260 million-AUD 290 million range, depending on the timing of our major growth projects. As outlined in the September quarterly call, our production for the second half of the year will be stronger than the first half of the year. Full-year production will be within the 670,000 oz-730,000 oz range. The split over the next two quarters will see the March quarter lower than the December quarter, and then increase materially in the June quarter. The drivers to the March quarter are mine sequencing at Mount Rawdon over the next two quarters, as mentioned by Bob, and planned shutdowns in this quarter, which is similar to what happens in the September quarter. The increase in the June quarter will be driven mainly by the increased tons processed at Red Lake, with the planned use of the Red Lake mill in that quarter. The production mix will drive some variability to the group AISC and AIC quarter- on- quarter. Overall, though, we remain on track to deliver group AISC guidance of AUD 1,240-AUD 1,300 per ounce. At this stage, we are trending towards the bottom end of guidance. The current high copper price is providing benefit to unit costs and cash flow. Should this be maintained for the remainder of the year, we would see an annual benefit of AUD 35 per ounce and AUD 30 million to AISC in cash flow, respectively. This provides an opportunity for us to be at or below the bottom of our AISC guidance. The balance sheet strengthened further in the quarter, with our cash balance increasing to AUD 438 million and net bank debt reducing to AUD 87 million. The business, as it stands today, remains on track to be net cash by the end of the financial year, even allowing for the upcoming interim dividend expected to be paid in the March quarter. I look forward to updating you on our half-year financial results next month. Thank you for your time this morning. Bernadette, please open the line for questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Nick Herbert of Credit Suisse. Please go ahead. Thank you. Good morning, Jake and team. A few questions from me, please, just on Red Lake. Starting there, pleasing to see it's tracking ahead of schedule. Just wondering if you can give some more concrete targets in terms of mining and production rate targets and timing of ramp-up of those beyond this year's guidance, perhaps a bridge to hitting the productivity targets you mentioned, and whether timing of that's been brought forward, given that you seem to be ahead of expectation in most of your measures there. Thanks, Nick, and good morning. I'll make a couple of comments and then hand over to Bob. As I said in my introduction, Red Lake is an asset that's exceeding our expectations in almost every respect. The first part was this upgrade in resources. Obviously, the reserve number. Now, the reserve base, which we indicated when we acquired it, was 1.2 million oz to 1.4 million oz. We've said today that we expect a material upgrade to that. We've obviously made a decision to start and commence a decline. That clearly gives you an indication of our view of those upper Campbell areas and our access to that. Those are high-level comments which don't really speak to the number of very significant changes and improvements that have been made at the site. These are productivity changes which Bob can talk to briefly. I'm cautious about bringing forward or changing our outlook that said it would take us three years to deliver the 200,000 oz at less than $1,000 an ounce. I think we should stay with that, but obviously, we'll be trying our best to accelerate it and deliver as soon as we can, and things are going better than we anticipated. Bob, over to you to make a few comments. Thanks, Jake, and thanks, Nick. I'll start with development. Look, I didn't say that 40 m per day is actually 1,200 m per month because when you're doing these improvement projects, you do get some periods of really good, and then you get some periods of where you need to fix more individual problems that are occurring. The good thing about development is that we're actually starting to see a nice uplift in consistency about the rhythm that the guys are getting into. Us getting that 40 m for what is nearly three weeks now really has given me confidence that that 1,200 m which was our aim, and it's been our aim for quite a bit of time, we'll actually start to get a stockpile or a store of mining blocks and accessible development stocks in front of us. The next stage after that, obviously, is to get the production up to match the development, and that is obviously a process as well. The guys have been working on their production drilling effectiveness, as well as their blasting and loading of the explosives, and then moving on to the production. 70,000 or 71,000 tons for a month. That's the best we've done. We can see as we get the development stocks improving as we will at 1,200 m per month, that will and can improve as well. All those things are coming together. The positive about the hoisting system, at this stage, the hoisting is not our constraint. It's been the internal trucking and the systems internal of mine, and that's what we're working on. There's a whole raft of different things that the guys have been working on, both Cochenour and at Red Lake and Campbell. Did I answer your question, Nick? Yeah. That's helpful. Thanks, Bob. Staying on Red Lake, I understand that the study is still to come, but in terms of the mill expansion, can you talk a bit to how your thinking has developed there? What scale you're potentially tending towards? Also just to comment on focus of additional drilling to get to that decision, whether you're seeking to add new resource, or whether it's all just around infilling from here. Just trying to get a sense of, I guess, the scale of the opportunity you're assessing, against, potentially what your reserve might come out as in this quarter. Recognizing that ultimately the opportunity might be well ahead of what is presented in that reserve. Nick, I'll again make a few comments and then maybe hand over to Bob and Glen to provide further detail. As Bob's indicated, the mine has been, or the operation has been mine-constrained, and we're making good progress at changing that. Ultimately, we want to shift to make it a mill-constrained operation. As you know, there are two mills that were there, and we decommissioned the Red Lake mill, or we put on care and maintenance and said, "We'll only use it when we build up a stockpile." I think really pleasingly, at the end of December, there was some stockpile in front of the Red Lake mill, for the first time in a long time. That gives us confidence that the fourth quarter, and we're not going to start it until the fourth quarter, will allow us to really come home with a wet mill at Red Lake with a stockpile there ready to be processed. We're starting to shift the needle. It's obviously dependent on those development rates, the mining stopes, and the underground drilling, and that's all part of the Phase 1 transformation plan. It is early days talking about what scale should this operation be? We are looking at all the options around that. We do think we have a reserve base that definitely supports more than 200,000 oz of production. The longer-term target remains 300,000 oz- 500,000 oz. That's going to be part of the study that we're doing at the moment that, as Bob said, will go into the PFS phase post in the second half of this year. Bob, Glen, do you want to make any comments? Glen, did you want to comment on the resource before I comment on the rest? Yeah, sure, Bob. Nick, just with respect to your earlier question on whether there's a requirement for more drilling and what we need to do to convert further resource to reserve. Again, in the area that we're particularly going to focus on, which is the Upper Campbell, it's already really well-drilled. In the core of that Upper Campbell area, even the resource, we're almost down to a 6 m drill spacing. There's not really even much more we can do with grade control that will give us better definition there. I think a couple of things we do need to do, one is to start to validate some of the geological geometries, because that's going to influence final stage designs as we go. There's a bit of work to do there, but as you might expect with that density of drilling, there are not too many alternative solutions to the ones that we've already delivered. I think with respect to the reserve, and before I hand back to Bob, we've taken a fairly conservative approach, particularly with our modifying factors. It's part of the ore body that hasn't previously been mined. You're getting into some of these newer areas. We've taken the conservative approach before we really understand how it's going to perform against the model. Things like geotech considerations, where we're going to be mining next to open voids, etc., we've taken a cautious approach there. Along with our views on mining recoveries and dilution as we do approach those old mining areas. It's, like I said, fairly conservative. I expect as we get in there and start to understand it, that will start to change and we'll be able to then probably revise the modifying factors to allow us to convert more of that resource into reserve. Over to you, Bob. Thanks, Glen. Nick, scale, focus, size of the plant, really is the focus of the study to actually come up with those. Their prime overarching objective is to take the resource that Glen was just talking about. Look, I'm not going to foretell the reserve that we're bringing out next month, but to try and understand what is the reserve and what is the potential conversions, and bring value and lower our costs in all the areas. That really is the focus of how we'll get the scale. The scale will come out of the study. It's a little bit early to actually talk about at the moment. As with everything we've done since we made the announcement about our acquisition at Red Lake, we want to be appropriately conservative, and be in a position where we're not over-promising and under-delivering, but in fact, the opposite of that. Yep. Message loud and clear. Thanks, gents. I'll pass it on. Thanks. Thank you. Once again, if you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. The next question comes from Al Harvey of JPMorgan. Please go ahead. Morning, Jake and team. Just on following up on Red Lake. Got the resource reserve that's coming out this quarter. I'm assuming you're expecting a material upgrade to the non-reserve you got on that acquisition. I'm assuming this is mainly driven by the larger resource base. Are you expecting any contribution related to tweaking estimation techniques or economic assumptions? I know Glen just mentioned a couple before being a little more conservative. Are there any other drivers, like maybe using a bit higher gold price or any other factors like that? Hi, Al. Morning. No, we're sticking to AUD 1,450 an ounce. That's our conservative price assumption on gold. As Glen said, we've got a number of modifying factors that we've reassessed and looked at. We think we're being appropriately conservative in our estimation, but we'll run through all of that when we release the reserves next month. Yep, no worries. Just switching over to Mungari. Development into Boomer looks to be progressing pretty well. Can you remind me when this will be fully ramped up? What the expected ounce contribution and mine life is? Especially given the indication in the exploration results that not quite as much along strike there at Boomer. Bob, do you want to take that one? Yep, thanks, Al. The underground at Mungari has got a life which is a couple of years. Boomer is actually part of it. We expect Boomer will come into production sometime in the next six months or so. The reason for that, Al, is that we're driving the second strike drive now. We've done the first one. We've done additional drilling. We're now driving the second level. That will actually inform more about exactly what is along strike. Glen, did you want to talk about any more of the drilling that's been done? Yeah, sure, Bob. I guess results of the drilling along strike haven't been as good as we would have liked to have seen. The targets are still there. There's more work to do. I guess the reality is that the space for material increases is getting smaller as we sort of continue plugging the gaps. Like I said, more work to do. We're going to assess that as we work through our FY 2022 budgets and understand what program we want to design and put in place for next year. That's great. Thanks very much, gents. Thanks, Al. Thank you. Once again if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Matthew Frydman of Goldman. Please go ahead. Yeah, sure. Thanks. Morning, Jake and team. Happy New Year to everyone. Just a couple of questions from me. Firstly, on Red Lake, and specifically the restarting of the Red Lake mill. Just wondering if the plan there is to restart that mill and keep it running into FY 2022, or is the plan there to have a bit of a fixed campaign in terms of the stockpiles built up in the June quarter? Just wondering if that's going to be a permanent restart. Then, I guess secondly, if you could put that in the context of how you guys see the combined milling capacity at Red Lake at the moment, I guess given the improvement works you've done so far and where the infrastructure's sitting at the moment. Thanks, Matt. Happy New Year. Nice change of name. I'll let Bob answer that question. Thanks, Jake. Thanks, Matt. Restarting of the mill. The idea is that we'll build a stockpile, and as we build our production rate, we'll keep it going for as long as possible. At this stage, it's just north of the quarter. The idea is that the periods between the actual shutdowns will decrease as our production profile increases over the coming 18 months to two years, so that we can get up to a full capacity of both mills in that timeframe. Total mill capacity at Red Lake is between 1.1 and 1.3 million tons, and that's what we're working to try and fill. The combined capacity is around that sort of level. We will be stopping the Red Lake mill again. The reason we're running it at the moment, running it in that quarter, we winterize it, shut it down so that it doesn't cost us that much money over winter. Great. That's very helpful. Thanks for that, Bob. Second question. Sorry, Matt, I was just going to say, one of the things we're definitely going to do when we release the financials and the MROR is take people through the changes that have occurred at Red Lake and really the outlook and the decline development and what the opportunities are there b ecause the change has been fundamental and transformative in the last nine months. It's very impressive when you look at what's been done by the team on site. Sure. Thanks for the additional color there, Jake. Looking forward to that detail. Second question from me is on Cowal. A strong grade performance in the quarter, certainly above our expectations anyway. Just wondering whether that was as planned or as budgeted, or has that been driven by, I guess, potentially the Stage H cutback running a bit ahead of schedule? You're getting into that ore earlier than expected, and has that contributed to the strong quarter? Bob, another one for you. Thanks, Matt. I think it's a combination of both. It's a little bit of a combination of Stage H, a little bit of a combination of some positive reconciliation from the initial ore zones out of Stage H, but also a little bit of a positive reconciliation from our stockpile grade that we've been feeding feeds. It's a combination of the three of them. Cowal is certainly in line with where we want it to be for the full year so w e're not expecting major uplifts for the whole year. That's helpful. Thanks very much, Bob. That's all from me. Thanks. Thanks, guys. Thanks, Matt. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. There are no further questions at this time. I'll now hand back to Mr. Klein for closing remarks. Thanks, Bernadette. Thanks, everyone, for joining us. It is a busy day. I guess the one question which I was hoping to get, didn't, I'll just make one comment on it, is Ernest Henry. Delivered AUD 74 million of cash flow this quarter. It's delivered AUD 150 million over the first six months. It's an asset that doesn't get a lot of commentary because we don't operate it's a wonderful asset to own and is incredibly cash generative. Must be one of the most cash generative assets in a gold company around. Appreciate your attention and attendance on the call. Look forward to updating you on the financials and the MROR. I think the key takeaway from us at Evolution is this is a company in great shape. Speak soon.