Thank you for standing by, and welcome to the Gold Road Resources December 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 the 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, Manager, Corporate Development and Investor Relations. Please go ahead. Thank you, Darcy. Welcome everyone to our December quarterly analyst call. Despite a few processing interruptions, the December quarter saw us deliver to annual guidance for 2022, with production again increasing in 2023. The last few months have seen quite a turnaround in gold sentiment, with the Aussie gold price now sitting comfortably above AUD 2,700 an ounce. This is not a bad time for a company to be unhedged and selling gold on the spot market. Quarter saw us continue to support our strategic investments with the placement and SPP in De Grey Mining to maintain a 19.73% interest. As of today, our listed investments are valued at AUD 475 million on the ASX. 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. 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, General Manager, Discovery, and Keely Woodward, Company Secretary. I'll now hand over to Duncan Gibbs to talk you through our quarterly results in more detail. Thank you, Duncan, and thank you for joining us today. December quarter saw production from Gruyere of 74,201 ounces produced, as pre-reported earlier in the month. The all-in sustaining costs were AUD 1,622 ounce for the quarter, up from AUD 1,426 in the last quarter. The quarterly results saw us deliver to guidance with annual production of 314,647 ounces produced at Gruyere. Production was delivered in an attributable all-in sustaining cost of AUD 1,447 per ounce for the year. The cash and equivalents closed the quarter at AUD 81 million, up from AUD twenty-six and a half million dollars in investments, and Gold Road continues to carry no debt. As Duncan mentioned, we supported our strategic investments through the quarter, with the value of this investment portfolio has grown further since the stated value on this slide. Pleasingly, we continue to operate safely and reported no lost time injuries of the quarter at Gruyere. In fact, our lost time injury frequency rate for the company fell to zero. Gruyere is now over 650 days LTI-free. A very pleasing performance. Our annual resource and reserve statement was also released today. Gold Road's attributable Mineral Resources lift slightly to 4.79 million ounces, and our attributable ore reserves fall slightly to 2 million ounces after depletion through the year. We continue to actively explore across a recently expanded exploration portfolio in Australia. Pleasingly, our drilling results has delivered more encouraging results from the Golden Highway and in the 100% Karn prospect, which is to the immediate north and outside of the joint venture area. Looking at the quarter in a little more detail, production costs were a little soft due to lower plant throughput as a consequence of some delayed ore, higher-grade ore getting into the plant that was scheduled to be late in the quarter. Mining continued to advance through the Gruyere Stage 2 and Stage 3 pits. An average mine grade of 1.8 grams for the quarter was largely unchanged quarter-on-quarter. Waste mining, slightly lower quarter-on-quarter. Processing rates and head grades were both lower this quarter. That's partly due to slightly higher ore. However, the main contributing issue was lower plant utilization. We completed a partial reline of the ball mill and had a few unscheduled maintenance issues. However, most of the throughput or availability issues related to the sag mill. We've been working on basically improvements to the design of the sag mill liners. Unfortunately, the generation design that we've put in the previous reline didn't meet our anticipated life expectations or actually optimize the mill grinding performance. As a result of that, we needed to bring forward a reline into December rather than as it was planned to be done early in January. We took that as a proactive measure to avoid sort of premature failures over the Christmas-New Year period when reline contractors are basically all on holiday. That's the last time we wanna schedule that kind of work. Looking forward, we're looking to a new liner design, which is really optimized for grinding and milling rate. We anticipate that'll have a shorter maintenance life, but we're also looking at changing the maintenance scheduling strategy. Overall, we'll reach a better plant availability than what we've been achieving in current levels. That'll come through the course of through 2023. Lower mill tons in December contributed to a delay in processing of high-grade ore blocks that were scheduled from the stage 3 pit. These ounces were delivered to the stockpiles rather than to the plant. Nevertheless, that contributed to slightly softer ounces than we had planned for the quarter. The plant head grade did, however, remain in line with expectations for 2022, delivering average grade of the, of 1.2 grams for the year. Processing recoveries in the quarter were good. That in part reflected the lower throughput in the sag mill, finer grinding in the ball mill, and slightly higher CIL residence time, which contributed to the better recovery. As I mentioned, the all-in sustaining costs for the quarter, AUD 1,622 per ounce, obviously up quite significantly from AUD 1,426 in the previous quarter. The dip in the gold production is clearly the main contributor to that increased cost per ounce. We also saw slightly higher processing costs, or more specifically, maintenance costs, in part, of course, related to the sag mill reline. G&A and sustaining capital were also up slightly, contributing overall to a higher all-in sustaining cost per ounce. Our corporate all-in costs for the quarter were AUD 1,924 per ounce, clearly higher than we would like. Ounces sold were lower quarter-on-quarter at 37,295 ounces. The average price for gold sales increased to AUD 2,476 per ounce, reflecting, of course, the higher spot price and the closeout of our hedge positions in November. Our gold held as doré and bullion at the end of the quarter fell slightly and is valued at around AUD 6 million. As stated previously, Gruyere have delivered to 2022 guidance with approximately 315,000 ounces. That, of course, represents a significant improvement from 2021, where we produced 246,000 ounces. Looking to head to 2023, we've also produced or released our guidance for 2023. That's up quite significantly from 2022, reflecting largely an increase in head grade. guidance range of 340,000 to 370,000 ounces for 2023. you know, the increase in operational performance, as I said, largely driven by grade. We're not banking a lot in terms of increases in throughput really until the pebble crusher and stuff comes in late in the year. On the sustaining guidance, we're guiding at AUD 1,540 to AUD 1,660 an ounce. The reasons for that increase is in cost guidance. Really, we've modeled in the higher cost and higher inflationary environment that, you know, the whole sector is seeing. The cost includes sustaining capital for a pebble crusher, which we've provided details on previously. That equates to approximately AUD 100 an ounce. I know that some of our peers would probably treat that as one-off growth capital. I ask you that you consider the way we're treating that and providing full transparency in our all-in sustaining cost. Other major capital items for the year is a TSF raise, which is likely to commence around about the middle of the year. I guess it's important to note outside of that, we have no other growth capital outside the all-in sustaining cost for Gruyere. Okay, turning to the next slide. Just looking at some of our exploration activities and focusing to start with on the Golden Highway within the joint venture. Gold Road have been managing the RC and diamond drill programs. We did a little bit of extra drilling late through the quarter. Of course, all this area is located out about 25 kilometers to the east of the processing plant. Results continue to show, you know, prospects for increasing the Resources and the Reserve at the Golden Highway, and will be an ongoing focus of drilling within the joint venture in 2023. I guess if you look at the edge of the slide here, you can see the prospect, which is on Gold Road 100% grounds immediately outside of the joint venture area, and it suggests that there's a continuation of the mineralization into that current prospect area. I guess just turning to resources and reserves, which has also been updated today, really not substantive changes. It's really just the routine reporting cycle that we're in. I guess firstly, the ore reserves are constrained at an AUD 1,750 gold price. While the Gruyere joint venture Mineral Resources are constrained at an AUD 2,000 per ounce. I guess both of those you'd consider as quite conservative with a gold price which is, you know, north of AUD 2,700 an ounce. What that means in practical terms is Gold Road is reporting robust high-margin ounces. Gold Road's attributable Mineral Resources of 4.79 million ounces have increased slightly by 0.08 million ounces or 2%, really as a result, results of the further extensions to the underground resource. That really related to drilling completed in late 2021. Offset of course by depletion from mining in the Gruyere pit and some minor changes to the Golden Highway, mainly reflecting changes in cost assumptions with no change to our gold price. Obviously, if you'd put a higher gold price, that would have offset each other. Our 100% Yamarna resources remain unchanged at 0.5 million ounces. Gold Road's attributable ore reserves have decreased by 0.21 million ounces to 2.02 million ounces. Really that just reflects mining depletion through the year. This slide provides basically an update of the seven stages that sit within the mine life and the cutbacks as they form at Gruyere. That extends the mine life as we see now out to 2023. The slide shows the progress of where we are with mining and where we are within the stage 2, 3, and 4 pits, which are all active mining areas at the moment. The colors of the grades here talk to my points earlier on grade increasing through the year. If you compare back to historic slides, you're gonna see a lot more green sitting back in the stage one and to some extent the stage two pit. We're now really starting to get into the sweet spot of the ore body, where we're consistently seeing grades of the 1.2 to 1.3 kind of gram range, within the active areas of the operation. Turning to the slide next, Ian. If you look at the detail of how we're equating Mineral Resources and ore reserves, we've done that by two alternative methods. I guess the more conventional approach, for companies that apply constraining shells to Mineral Resources on the left and on the right is really looking at, if you mine everything below the final pit design by underground methods. I guess really in a nutshell, this doesn't matter really how you do it outside of the reserve. There's in excess of 3 million ounces below the current ore reserve. We've got to work out the best way to look at extracting that future value. Just turning to exploration now, and I guess, the sort of overview, of course, is partly as a result of the DGO acquisition last year and of course our own tenement in Northeast Queensland at Galloway and Greenvale, and we now really hold a nationwide land package. Some of this, we're looking at bringing in joint venture partners, particularly Stuart Shelf and Bryah. Really that's partly around their commodity focus here, copper and other base metals, and not necessarily our core technical expertise. We're really looking at partners that can bring that to the table. We've got a number of interested and I guess, you know, some of the global majors really are looking at those opportunities for joint venture. Really, if you look at then the gold, more gold-focused exploration activities, obviously continuing focus on Yamarna, Mallina, which is obviously next to De Grey Ground up in the Pilbara. Those being our gold properties, Galloway and Greenvale up in Northeast Queensland. Really, our strategy, of course, remains unchanged. We're trying to find mine two out of our exploration activities and budget levels similar to previous years are around AUD 30 million. In fact, it's probably slightly lower than we've had in the last couple of years. Okay. Thank you. I'll now hand over to John to talk through our quarterly financial results. Thanks, Duncan. A solid quarter, and I think just those key themes and drivers Duncan has talked you through over the last few minutes resulted in over AUD 47 million operating cash flow for the quarter. That in turn translated to AUD 16.5 million of free cash flow. We did have on hand at the end of December over AUD 6 million in unsold bullion and doré. One key point I'd like to just call out is ounces sold in the December quarter were lower than the September quarter, but we did receive obviously a better price environment as a result of two key themes. One obviously is the gold spot price over the quarter, also the fact that we closed out our hedge book in November and December for the first time in a while, our sales were 100% exposed to the spot environment. Looking at the usual cashflow waterfall here on the screen, again, Duncan's talked through most of those. I would just point out that in the quarter, we did invest almost AUD 27 million in investments in De Grey and Yandal. As at the end of December, our listed investments were valued at over AUD 400 million, which is a great uptick from that purchase price back in August 2022. If I look at closing out 2022 and starting 2023, financially our position is very, very strong. We've got over AUD 80 million in cash and equivalents on hand. We had AUD 400 million at December in investments now valued at close to half a billion. We have no debt, and our revolver transfer of AUD 160 million is sitting there untapped and ready to go whenever we decide to call on them. A great position to start 2023. Thanks. Back to you, Duncan. Thanks, John. That brings our results presentation to a close. We're now very happy to answer any questions you may have. I'll hand the call back to Darcy to see whether we have any questions on the phone. 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 Alex Barlee from RBC. Please go ahead. Thanks. Morning, Duncan and team. You called out there was gonna be a new SAG liner design in 2023. Confirming if that was what you just put in in December with the reline. I think you mentioned earlier it's got a shorter maintenance life. Should we be expecting a few more shuts through the year but otherwise better milling rates? Is that sort of what 2023 looks like? Yeah. I guess to change the design of a liner, you know, lead time on these things is typically five to six months. The design that's gone back in is basically the previous design. Obviously we've learned a bit about how that performs, so we won't get any kind of surprises as to where we do those changeouts. I guess what we're doing is typically what you have to do with any mill. Your metallurgical team is always looking to change up liner designs and get to better performance outcomes. It's always a trade-off between sort of service life, if you like, and performance. We're certainly still on that journey and there's still plenty of untapped potential, I guess, is the best way I can say in the SAG mill. Part of that will come through ultimately when we get the pebble crusher, we're sure aiming to get commissions, you know, late in the second half of the year. Those are kind of all the moving parts. Broadly, where we're working to on a maintenance strategy is somewhere around about a 17-week change-out cycle, which is not down significantly from where we have been. We are looking at trying to move all of the maintenance basically into that reline downtime period, which is why I made the comment that overall, we expect the total mill availability, there's been opportunities to improve on where we are. I guess broadly what we're factoring in for 2023 is similar performance in terms of throughput and utilization as we achieved in 2022. We're, you know, confident on that kind of thing. The main driver being on the uptick in gold production is really driven by the grade coming through from the mine. Okay. No, that's helpful. Just one more from me on the resource update. Wasn't much movement, I guess, on your 100% owned Yilka tenements. Mm-hmm. Is that a little disappointing? How does that influence your thinking around the budget going forward versus that opportunity? Look, I mean, Yilka's got, you know, still some legs, I guess is the way we see it. One thing, I guess, we have put in the quarterly is we've signed a new heritage agreement, which basically covers all of the Yilka claimant area. Historically, we had numerous agreements in some areas that lacked agreements. We've now put all them together into a consistent basis. We're in line, I guess, in commercial terms with what we've had historically. The big thing for us is it gives us access to some new areas, including some fairly high priority targets, you know, fairly close to Gruyere, broadly south of Gruyere on Dorothy Hills trend. you know, still stuff to us to shake down at Yilka, and I think the geos are still quite excited about some of the opportunities that are there. I guess, I mean, overall, we're still holding an exploration budget around the AUD 30 million mark. as I said, slightly lower than the 2022 budget. within that, of course, we're taking some of the funds and putting them into Mallina and Galloway. Mallina, of course, very little exploration up in that part of the world from the ground holding that we've got, so it's early days there. of course, everybody's aware of the discovery over the fence. Galloway, you know, interestingly up there, we've picked up a number of new tenements. Some have just been granted where there are historical kind of economic intersections. There's some fairly obvious sort of already, targets once we've worked through all the ground access considerations, which we expect to get through this year. Okay, that's great. Thanks very much, guys. Thanks, Alex. Thank you. Your next question comes from Bradley Watson from Bell Potter Securities. Please go ahead. Good morning, gents. Thanks for the update. I just had a couple of questions, please. Around Golden Highway and the drilling there. You know, there's already some resources and reserves defined there. What's your thinking about how, you know, those might increase and extend mine life and things like that? Yeah. I mean, obviously you can see our published resources and reserves there at the moment. I see the opportunity as more for what I would see incremental growth. That's very much what we're doing, and the drilling is quite targeted around, you know, tracing up where we can see growth ounces within some economically constrained pit shells. We've got at least another year to kind of get things out to reserves. We're in the throes of starting to put together the parameters around, you know, feasibility, study work, permitting and the like for Golden Highway. Part of the driver of doing all this work now is really there's an opportunity within the Gruyere life of mine plan to blend in Golden Highway, and we wanna make sure that we've got everything done there to hit the optimal time for blending in those reserves. Okay. Thank you. Just thinking about the grade for Gruyere going forward. Looking at sort of stages, 3 and 4 obviously have that higher grade like you mentioned this morning. 6 and 7 seem to be of a similar average grade. Stage 5's a little bit lower. What's your expectation going forward? Will 1.3 be a new sort of average floor grade, or will it still vary up and down a little bit? Look, I think, I mean, we've provided a reasonable level of disclosure there. You know, typically, of course, we're mining ore from, two stages at any point in time. We may be mining, you know, I guess normally you need to think of it, if we're stripping waste from a stage, that becomes then the predominant, ore supply. You know, before that's depleted, we've stripped the next cut back. You know, we may have two or three waste mining areas, and typically we've got two ore mining areas operating concurrently. Obviously, that's where we're at at the moment. You know, obviously stage 5, bit lower grade, but I think just need to think of, you know, modeling that as being blended with, you know, stages 4 and 6. Okay. Thank you. Just one final question, please. You know, probably a while ago now, you revised the pit wall angles on there. On the final pit, when you updated the ores at Gruyere, what's been the observation of, you know, pit wall conditions, in the last sort of year, and are there any sort of walls at that final angle, and how are the pit walls sort of performing in general? Yeah, I think we've got confidence in those decisions. I mean, we did 2 things, if you read that announcement in detail. We flattened out the oxide slopes where we'd had some small-scale failures, and we steepened up the fresh rock slopes. Those slopes have been adopted within the stages that we're mining at the moment. You know, I guess the results at the moment indicate that, you know, they're performing to expectations. I don't really see there's likely to be any kind of change to those overall slope angles moving forward. Okay. Thank you very much. Thank you. Your next question comes from Paul Kaner from Ord Minnett. Please go ahead. Yeah, thanks, gents. thanks for taking my question. Just on guidance, specifically cost guidance there. Just trying to get a sense of the input and metrics and how you've accounted for the current in-inflationary environment. I mean, let's just say for example, diesel and gas costs. Have you just taken spot prices and dragged that out a year? I mean, is this gonna change compared to, say, Gold Fields' guidance that they put out? Yeah, I can't comment, I guess, on detail on Gold Fields' guidance. I mean, how they do their maths on, you know, ore stock piles and stuff always leads to some differences in how the two companies report. I think how we do it is in line with Aussie kind of peers. In terms of cost assumptions, I mean, clearly, we've pegged things to known prices in the market. We have allowed for some areas of inflationary, you know, creep continuing on. You know, I guess, you know, everybody's got transparency, of course, on diesel prices. They've come off a bit in recent months. I think, everybody's seeing and in fact, you know, I've seen commentary from other gold CEOs, which I think is in line with what we're seeing, where, you know, other areas such as, you know, explosives and labor and stuff are still ticking upwards. I think we're probably past the peak in kind of rampant inflation in the mining sector. You know, everybody can see it, the economic, you know, recent RBA numbers coming out. You know, we're sitting in the high sevens in terms of inflation rate at the moment. Yeah, no dramas. That gives me a bit of color. Thank you. Thank you. There are no further phone questions at this time. I'll now hand over for webcast questions. Thanks, Darcy. There's a few come through on the webcast. I'll start with one from Andrew Bowler from Macquarie. He says, "You mentioned throughput improvement over CY 2023. Can you update us on your thinking on the ultimate throughput rate? Is 10 million tons per annum achievable with the third pebble crusher in place? Look, I think it's still a reasonable target. I guess we've always expressed it as a target rather than kind of a concrete guarantee. It's certainly what we see us scuffling towards. You know, clearly we've learned just from the availability and serviceability of the pebble crusher. You know, we needed to put another one in, so we've made that commitment. You know, that's now in construction. Should have it in place late in the year. There's a bit of tuning up of sag mill that will be required related to that. Really, I'll see the benefit of that really coming in, perhaps late in the year, but more into 2024. That's probably the main bit that we need to kind of unlock the capacity of the combination circuit associated. I guess as I talked before, I mean, there's still incremental improvements to get around, you know, the sag liner and, you know, kind of maintenance strategies that we've got deployed at Gruyere. Thanks, Duncan. A follow-up from Andrew was essentially around the alternate underground resource. Is there a chance of a trade-off study in the next couple of years, or will this be something you'll be looking at a little further down the track? Look, I think, I mean, you know, we're gonna have to start evaluating, you know, the underground versus open pit potential. I mean, the big macro way that I look at Gruyere is, you know, the inventory is about 10,000 ounces per vertical meter. If you start to think of, you know, mining depths that you're see in WA getting, you know, essentially a kilometer below where our pit could land, there's a lot of gold sitting down there. We've got to be smarter than the average bear to work out how to get it out and make money out of it. Irrespective, I think, of where the ultimate pit, lands up, there's always going to be an opportunity for, you know, large scale, resource at depth at Gruyere. In terms of, you know, pit ultimate depth, obviously we're working through the final designs we've got now. Potentially or conceptually at least, there's an opportunity for further cutbacks beyond that. Or perhaps incrementally slightly larger cutbacks than where we are. To evaluate any of those, we've gotta have line of sight on all the cost structure. We'd need to do some more drilling at depth to bring that up to a reserve level of understanding. Duncan, one from Tyson at Canaccord. Can you give us a rough cost guide for the TSX list? I think in total it's around AUD 20 million. I guess the detail is the exact split of where that lands up between this year and next year. We don't need to get it completed until middle of 2024. Obviously we're going out with tenders and stuff like that early, 'cause there's a bit of squeeze in contractor availability in kind of anything to do with mining at the moment. A way of getting reasonable pricing is not to leave it till the last minute. Just to clarify that, pricing is on a 100% basis to the joint venture? Yeah, that's correct. Tyson's next question was, is CY23 guidance in any way weighted towards the first or second half with respect to production and all-in sustaining costs? Look, I don't think there's anything in particular to really call out. We haven't given any color on a profile in the quarterly report in our guidance statement. Yeah, just there's a few other questions on here, but I think they've basically been answered previously by questions that were posed to us. I'll just hand back to Darcy to see if there's anything else on the phone. There are no further phone questions at this time. Brilliant. Well, that brings a close to our quarterly results call. Thank you everyone for your continued interest and support. I'll just close out on the last slide that I think sums up the quarter. We met our 2022 guidance. 2023 sees production increasing towards that sustainable 350,000 ounces. In terms of growth, we've got a pretty exciting investment portfolio that's currently valued, as John said, at almost half a billion dollars. Our greenfields portfolio is, you know, exciting to us, is going to be focused this year on Mallina, Greenvale and Yamarna. Financially is strong. We're debt free. We're a dividend payer. Our cash and equivalents are in a strong position and we're currently unhedged. Thanks again for tuning in. We'll speak to you in a month's time. Awesome. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.