Thank you for standing by, and welcome to the Gold Road Resources September 2022 Quarter Results Call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question via the phones, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via webcast, please enter it into the Ask a Question box and click Submit. I would now like to hand the conference over to Mr. Duncan Hughes, General Manager, Corporate Development and Investor Relations. Please go ahead. Thank you, Ashley, and welcome everyone to our September quarterly analyst call. The September quarter was another solid production quarter from Gruyere. The quarter saw record head grades through the mill. On the exploration front, the team delivered some encouraging results from the Golden Highway within the Gruyere Joint Venture. Share price performance across the gold sector was extremely volatile this quarter. While Gold Road generally fared better on a relative share price performance basis than many of our fellow producers, it was not immune to this volatility. Much of this volatility was the gold price. Gold Road produces gold in Australia, and the Australian gold price has remained pretty stable over this same period. Gruyere continues to deliver gold at solid margins to the Australian dollar gold price. In the presentation today, we will be referring to the quarterly results slides that can be viewed on the live webcast, our website, or the ASX release. Those on the webcast and on the phone are able to submit a question for us to address at the end of this call. On the call today, we have Duncan Gibbs, Managing Director and CEO, John Mullumby, Chief Financial Officer, Andrew Tyrrell, our General Manager of Discovery, and Hayden Bartrop, our Company Secretary. I'll now hand over to Duncan Gibbs to talk you through the quarterly results in more detail. Thanks, Duncan, and thank you everybody on the call for joining us today. As Duncan has said, the September quarter saw continued consistent gold production from Gruyere with 83,635 ounces on a 100% basis, produced as pre-reported earlier in this month. All-in sustaining costs was AUD 1,426 per ounce for the quarter, up from AUD 1,250 per ounce in the June quarter, with obviously a strong production and cost performance in the previous quarter. Our cash and equivalents closed the quarter at AUD 91 million, and Gold Road continues to carry no debt. Pleasingly, we continue to operate safely and reported no lost time injuries during the quarter. In fact, our 12-month LTI FR has now fallen to zero. While talking about safety, of course, I acknowledge the devastating news of two recent mining industry fatalities in the course of the past month. Both of those incidents involved other companies' operations, but both also involved employees of our business partners. These events underline the relentless commitment required for safety and the importance of collaboration across the industry to improve safety and the wellbeing of our personnel. Our commitment to sustainable production saw the commissioning of the solar and battery energy storage system at Gruyere, which was commissioned early in the September quarter. During the quarter, we consolidated a more strategic position in De Grey Mining through the on-market acquisition of shares, taking our equity position up to 19.9% of De Grey. Now that builds upon the 14.4% position acquired through the DGO. In fact, the DGO Gold transaction, which was completed during the quarter. We also participated in De Grey 's recent equity raise that occurred early in October and maintained that 19.9% position. We continue to explore across our recently expanded exploration portfolio. Pleasingly, our recent drilling results have delivered some strong assays at Golden Highway. With further drilling, we expect that to lead to extension of the Gruyere Joint Venture resources and reserves over at the Golden Highway. Now looking at the quarter in a little more detail. Mining continued to advance through the stage two and three pits. With additional mining in the stage four pit and achieved an average ore mined grade of 1.18 grams for the quarter, and largely unchanged on a quarter-on-quarter basis. Waste mining included a high proportion of capitalized waste in line with the mine plan, with similar total volumes of mine movement as observed in prior quarters. Our processing rates remained strong and head grades were at record high. Our throughput benefited from higher plant availability this quarter, but decreased in terms of total tons processed quarter-on-quarter. Ore was slightly harder during the period, but we also have some further work to do to optimize liners and lifters in the SAG mill to get the right balance between liner life and mill performance, with worn liners midway through the quarter having a material impact over a few weeks on throughput rates. Our plant head grades increased to a record 1.26 grams per tonne gold. Processing recoveries lifted quarter-on-quarter to 92.3%. Given the high levels of maintenance that we're seeing in the pebble crushing circuit in fresh rock. The joint venture has just committed to installing a third larger pebble crusher in 2023. A detailed engineering of that upgrade has commenced, and we expect the upgrade to reduce the maintenance effort required in the pebble crusher, which benefits ultimately to throughput performance of the comminution circuit. Now turning to costs. Costs for ore and waste increased quarter-on-quarter on similar total material movement, largely due to the impact of ongoing industry-wide cost inflation, with the major drivers including diesel, explosives and labor. Processing costs are also a little higher quarter-on-quarter, principally due to cost escalation in plant-related reagents. Fortunately, we have gas procured on a longer-term contract. That gas contract is also CPI indexed. As a result of the lower ounce production relative to the strong performance of the prior quarter and within inflationary cost movements, our attributable all-in sustaining cost came in slightly higher quarter-on-quarter at AUD 1,426 per ounce. Still of course, well within guidance. Corporate ongoing costs were AUD 1,779 per ounce, which I expect remains low when compared to the sector as a whole. Ounces sold were lower quarter-on-quarter at AUD 39,525 ounces, as was the average price of gold sales at AUD 2,380 per ounce. Our gold held as Doré and bullion increased by over AUD 2,000 ounces during the quarter, and this will be sold early in this quarter. At the average price received next quarter, we expect to benefit from the closeout of a hedge book over the final hedge deliveries due in November. Moving on to the next slide, which summarizes our quarterly production on a quarter-by-quarter basis over the next 12 months. Demonstrates a general improvement on grade and production ounces. The trend for all-in sustaining costs is in line with our guidance between AUD 1,270-AUD 1,470 per ounce. The Gruyere 2022 production guidance remains unchanged at 300,000-340,000 ounces, or 150,000-170,000 ounces attributable. I think we're well on track to deliver within that aim. Now if I can just turn to our next slide, we've just commissioned early in the quarter the new solar farm up at Gruyere. Of course, we expect that to obviously reduce our greenhouse emissions, but importantly, it makes a notable improvement to our underlying costs of power. We're very much locked in that component of the power cost production. Moving on to next slide. You know, looking at exploration activities, which were really strongly focused within Golden Highway in the last few months. Golden Highway is located 35 km west of the Gruyere processing plant and of course, the main pit associated with the Gruyere ore body. If we look at the next slide, which is really a long section through a series of resources and open pit designs along the Golden Highway trend. As you can see from the slide, which shows only new drill results, but there's also historical drill results between the pits. We've got numerous encouraging intersections outside of the current pit designs, particularly in the northern Ibanez, Montagne, Mallina area. It's reasonable that with further drilling in 2023 to expect growth of the resource and the reserve in this area. In the southern end of the trend, including between Attila and Orleans, we're still waiting for the lab to report all results, and hopefully we'll see additional continuity in that area. During the quarter, Gold Road completed the compulsory acquisition of the remaining 2.1% of DGO Gold Limited. Gold Road's portfolios of investments have seen some changes during this quarter. We now hold a 19.99% interest in ASX-listed De Grey Mining, which is obviously the owner of the 10 million ounce Mallina Gold Project in Western Australia. With this holding, we have consolidated our position during the quarter by buying 5.6% on market to grow our position from the 14.4% acquired through the DGO takeover and solidifying that strategic 19.99% position. You will also have noticed that we maintained our 19% position during their equity raise, which was completed on the 5th of October. Gold Road has recently accepted the takeover offer for Dacian by Genesis Minerals, so we now hold Genesis Minerals shares rather than Dacian. Gold Road now holds a diverse and prospective portfolio of exploration tenements throughout and across Australia, including Yamarna, Pilbara, in the Yilgarn and Stuart Shelf provinces. At Yamarna, the GJV, at Yamarna and along the GJV Golden Highway trend, we had three to four rigs operating through the quarter and continue to test for a meaningful discovery within our 100% Yamarna project. Year to date, we've completed approximately 100,000 meters of combined air core RC and diamond drilling. At Mallina, we've completed a gravity survey up there, which will assist our geological interpretations and to refine targets so that we can rapidly progress the drill testing in that tenement package in early 2023. The portfolio we hold now, of course, is very large, at over 20,000 sq km, and our team at the moment is focusing on optimizing and rationalizing that portfolio, while maintaining exploration. We anticipate at a similar level to our current exploration budget. I'll now hand over to John to take you through the quarterly financial results. Thanks, Duncan. As Duncan mentioned earlier, the strong performance across the quarter operationally wise translated to AUD 51.4 million in operating cash flow, a very healthy result for the quarter. This in turn flowed through into free cash flow of just under AUD 16 million. I will point out, as Duncan mentioned earlier, that there was also a good offset by bullion and Doré between the gold room and the vault of over AUD 6 million. By the end of September, all those remaining consignment debt will beneficially unwind in this quarter as well. Looking at the usual cash flow waterfall slide here on the screen, we did see our cash and cash equivalents decline across the quarter to end at AUD 91.4 million. Beyond the points I've just mentioned, some other key points of note were there was a dividend of over AUD 9 million paid in the quarter. There were transaction costs of just over AUD 3 million associated with the DGO investment and acquisition. For all intents and purposes, that deal is now fully integrated and closed out, so there's no more transaction costs expected going forward as a result of that deal. We also, as Duncan mentioned, built up 19.99% in De Grey and maintain that. That was required just under AUD 79.5 million to be invested across the quarter as well. Our balance sheet remains very strong, with over AUD 91.4 million in cash and cash equivalents at the end of September, which continues to build. We've also got over AUD 349 million in investments spread across various mining houses here in Australia as well. As usual, we remain debt-free. Our tranched revolver of AUD 150 million is sitting there untapped and available for use at any time. Then just the last point to note regarding our hedge book. There's just under 6,500 ounces remaining. That book will likely be fully closed out by the end of next month, and we are fully exposed to the spot price going forward. A good quarter and in a very good state as always financially. Thanks, Duncan. Thanks, John. That brings our results presentation to a close. We're now very happy to answer any questions you may have, and I'll hand the call back to Ashley. Thank you. If you wish to ask a question via the phones, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via the webcast, please type your question into the Ask a Question box. Your first question comes from Mitch Ryan with Jefferies. Please go ahead. Morning, Duncan and team. Thank you for taking my call or my question. I've got three here. Firstly, just the strip ratios continued to trend up. Just wondering how we should think about that. Obviously, you've given guidance previously with that slide, but I thought it was sort of coming down in FY 23 for a period. Have I understood that correctly, or should we sort of think about it staying at the current rate? You broke up slightly there, Mitch, but your question was about strip ratio and whether we expected it to go up a bit in 2023 as it did quarter-on-quarter. Yes. Yeah, look, I guess strip ratio bounces around a bit quarter-on-quarter, really just for operational reasons, depending on. We tend to end up campaign ore mining and campaigning waste mining just with the geometry of the area. So you'll see a bit of volatility between, you know, ore mining remains relatively consistent, but the mix between ore and waste, sorry, capitalized and expensed waste bounces around a bit. Total volumes I really see as being relatively consistent, and at this stage, we'll be mining at the same rate into next year. So if you look at that at a cost basis, the total mining costs should be relatively similar in next year. Okay, perfect. Thank you. My next question relates to the pebble crusher. My understanding is, this is the third pebble crusher to be installed. Is there something in the sort of working mixer of the ore? Or is there something? Why are you continually adding pebble crushers to the process? Yeah. Obviously, you know, the nameplate design on the Gruyere plant was 7.5 million tons, and we're pushing it up to 10 million ton, so it's already operating well above the duty of the plant design circuit. Now, we've really got enough installed crusher capacity on site to meet that ramp up, but what we are seeing is a much higher maintenance burden on those crushers than we anticipated. We're having to take them offline quite high frequency to do maintenance. If we are able to operate them both at the same time, we'd be fine. We've really come to the recognition that we're gonna need to put another unit in to you know, address that high level of maintenance. Okay. That's basically inhibiting us from getting up to, you know, really fully optimizing the comminution circuit. As we are at the moment, we've just basically committed to moving forward that project under the joint venture. We're in the engineering stages and of course, the bulk of the money in building it will occur through next year. Well, we expect it to be commissioned in the second half of the year. We'll get a more detailed line of sight on all of that when we put together our guidance in the new year. Yep. Once commissioned, that does that improve throughput rates or just sort of almost recoveries 'cause getting a better grind size? Well, look, I think we've been talking quite a while to targeting 10 million tons per annum. Yeah. I guess we're really seeing that we need to do that, this bit of work to confidently get to that point. I wouldn't be factoring anything beyond, you know, the previous commentary that we've had in terms of optimizing the circuit. Thanks. My final question just relates to the solar farm. I'm just wondering if you could quantify any impact on operating costs that you're expecting to see from that? Well, look, I mean, overall, I guess, I mean, the solar farm is really, you know, sitting there as a fixed lease cost structure. I mean, overall, it's providing about 5% of the total energy supply. You know, insulates us from the you know, global energy kind of environment that we're in at the moment. We have our gas contracts still locked in for another couple of years. We are relatively well-insulated from the global energy crisis that we kind of see at the moment. Okay. Appreciate that. Thank you, guys. Your next question comes from Bradley Watson with Bell Potter Securities. Please go ahead. Good morning, everyone. Thank you for the presentation. My first question is around the plant debottlenecking as well. Do you think what sort of disruptions, if any, to the plant do you think there might be in sort of tying in that new infrastructure? Not really expecting anything. I mean, tie-ins are relatively simple. We should be able to manage it within the normal shutdown windows required for mill relines and the like. Okay. Thank you. Sort of once that capacity is increased, you know, outside of perhaps the mills, is there any other sort of bottlenecks that you can see at the moment that might later need to be addressed? Nothing that we've got line of sight on. You know, as I sort of spoke to previously, I mean, we are seeing, you know, it's about getting the availability of both pebble crushers up all the time, and we'd only need two and the need to maintain them. That's basically the constraint. Once we've got that additional pebble-crushing capacity, there's some further optimization we need to do in detail on the SAG circuit. But that's fairly simple. It's just about its details of the wear lining package within the SAG mill. You know, that fits within normal sort of operating cost bounds. Okay. Thank you. Just one more from me. Is the plan to remain unhedged on gold price at the moment? Look, I Follow up. Yeah, our board mindset with hedging has always really been around risk management. You know, conceptually the things that you do hedging forward, you know, if you're looking at mining a high-cost [audio distortion] or taking on a debt position, then you need to make sure you've got confidence in paying your bills into the future. Really, we're not in that situation with strong margins. I think it's fairly unlikely that we'll be looking at doing hedging. Okay, thank you very much. Your next question comes from Mitch Ryan with Jefferies. Please go ahead. Yeah. Hi, guys. Thanks for taking the follow-up. Just wondering, with regards to your holding in De Grey, does that entitle you to a board seat? If so, will you elect to take that up? Yeah. Look, I guess there's nothing in terms of previous documentation, if you like, going back to the DGO Gold that gives an entitlement to a board position. There are pros and cons to I guess it's not abnormal for a company to, or a shareholder that has a 20 position to have a board nominee. I guess there are pros and cons for doing that. You know, at the moment, it's not something that we've approached De Grey about. Okay. I appreciate the color. Thank you. There are no further phone questions at this time. I'll now hand back to Mr. Hughes. Thanks very much, Ashley. Thank you to those that asked questions on the call. I know there's umpteen other calls out today as well, so appreciate your input. I do think we have a couple of webcast questions, so I'll just hand over to Hayden, our Company Secretary, for those. Thank you. Our first one is from Michael Scantlebury at Euroz Hartleys, which I think we've actually addressed. His questions were around when is the pebble crusher expected to be commissioned and what are the impacts on the throughput rate until it's commissioned? I think Duncan's just addressed that with questions from Mitch. I'll pass on that one. The second one comes from John. Noting your recent corporate acquisitions, has Gold Road begun to skill up internally in terms of operations and development management skill sets? Look, I guess, you know, are we recruiting people as a consequence of doing transactions? No. Within the team here, I mean, we have already a number of people who have operating mining experience. That includes myself. You know, John's worked on mining operations. A couple of the key people in his team have done so as well. We've got a pretty great capable resource geologists, mining engineers, and what have you. You know, I think we've got sufficient depth for where Gold Road as a business is at the moment. Obviously, if we've successfully consolidated an acquisition or made a discovery, then we'd need to build further operating capacity in the business. Our next question comes from Keith Goode from Eagle Research. Is anything significant in the northern or southern project areas at Yamarna on exploration? Look, the drill bits are still turning on the project, both in the north and southern project area. We plan to continue to test our highest priority targets through to the end of the year. Obviously, as those results come in, we'll obviously report on them, any significance. We've just turned through the pipeline looking for a discovery. Lots of activity on the Yamarna 100% property. That will continue, as I said, through the end of the year. That's it in terms of questioning online. Lovely. Thanks, Hayden. I'll just put the call quickly back to Ashley to see if there's any more calls come through, any more questions come through on the phone. Thank you. We do have one more question from Matt Greene with Credit Suisse. Please go ahead. Hi. Good morning, all. Thanks for taking my late question here. Just one on the mill. You have touched bits on that with this new pebble crusher that you don't see any other bottlenecks. Just given some of the challenges on the front end of the mill you've had, are you quite comfortable with the grind size? Or do you feel like you are getting the optimal grind size here? Or once you debottleneck the front end, do you feel like there is still a bit more tweaking to be done to improve recoveries? Yeah. Look, grind size, I mean, obviously we had good recovery in this quarter. Grind size is one of the important factors to achieving recovery. If anything, the constraint on the circuit sits between the SAG mill and the pebble crusher. That actually means we've got untapped power in the ball mill. We've got plenty of options to be able to maintain grind size. You know, I think we'll be able to do that looking forward as we kind of streamline that pebble crusher issue. I'm not expecting a deleterious impact on recovery. If anything, we can hold strong recoveries until you know, upgrade on the pebble crusher is completed. Okay, great. Thanks. As you push to 10 million tons, you got enough leaching capacity? You're still quite comfortable with that? Look, it's something that we review, but I think at the moment, well, there's no plans to do any further upgrade in that area. That's great. Thanks very much. There are no further phone questions at this time. I'll hand the conference back to Mr. Hughes. Thanks, Ashley. That brings a close to our quarterly results call. Thank you everyone for your continued interest and supporting the story. I'll just close with the last slide of the presentation. September quarter obviously saw record head grades. Again, well started quarter-over-quarter. All-in sustaining cost was low compared to the industry, and happily, corporate all-in costs remain low. Our guidance was reiterated for this year. It's nice to be nine months in and confident of delivery still. During the quarter, we consolidated a pretty strategic position with regards to our investment portfolio. We continue to explore through a pretty prospective greenfields portfolio throughout Australia. The business remains strong. We're debt-free. We've paid a dividend, as you would have seen with the last half year. Cash and equivalents is in a strong position. As pointed out, our hedge book expires in November, and that should result, all things being equal, with the current spot price of, you know, 20%-25% of our production, getting a bit of a revenue boost in the order of $700 an ounce. That'll be helpful going forward. Thanks again for listening in. We'll speak to you next quarter. That does conclude our conference for today. Thank you for participating. You may now disconnect.