standby, welcome to the Gold Road Resources March 2023 quarter results conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer section. If you wish to ask a question via the phone, 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 our Ask a Question box and click Submit. I would now like to hand the conference over to Mr. Duncan Hughes, General Manager. Please go ahead. Thank you, Winnie. Welcome everyone to our March quarterly analyst call. The quarter continued to see strengthening gold sentiment. The Aussie gold price currently sitting at close to AUD 3,000 an ounce. It's a great time for a company to be unhedged and selling gold on the spot market, and this was demonstrated through this quarter's free cash flow generation. 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, and Keely Woodward, Joint Company Secretary. Moving to slide 3 of the presentation now for a summary of our March quarterly results. Pleasingly, we continue to operate safely, and we reported no lost time injuries during the quarter, and our 12-month LTIFR remains at zero. Gruyere is now over 720 days LTI-free. March quarter saw gold production from Gruyere of 82,604 ounces, producing at a healthy sustaining cost of AUD 1,399 per ounce for the quarter. Significant improvement on last quarter's AUD 1,622 an ounce. Strong production and strong spot gold price helped us substantially increase our cash equivalence position. We closed the quarter at AUD 128 million of cash and equivalents. This was after record free cash flow of AUD 44 million generated during the quarter. Gold Road continues to carry no debt. The quarterly production results sees us sitting comfortably on track to deliver our 2023 guidance. During the March quarter, we celebrated Gruyere's first 1 million ounces. We outlined how we deliver the next 1 million ounces through our 3-year outlook. We also reaffirmed a sustainable 350,000 ounces of annual production from Gruyere until at least 2032. This places us firmly in an exclusive club of ASX-listed gold producers, able to talk to solid and predictable production out to at least 10 years. Our strategic investments continue to grow in value and have grown further in value since the numbers stated on this slide for the 31st of March. Today on the ASX, they're valued at approximately AUD 515 million. We continue to explore our recently expanded exploration portfolio in Australia. The strategy remains unchanged here. We are looking for mine 2. I now hand over to Duncan Gibbs to talk you through our quarterly results in more detail. Thanks, Duncan. Thank you to everybody for joining us. Looking at the quarter in a little more detail, production and operating costs were both improved due to higher plant throughput. Gold production for the quarter was in line with Gold Road Resources' expectations. Mining continued to advance through Gruyere Stage Two, Three, and Four pits. Average grade of 1.14 for the quarter was down slightly on quarter-on-quarter for results of delays accessing better grades in the open pit, with impacts including drilling, blasting and blast delays and a rain event late in the quarter. Mine grade and consequently head grade will re-increase through 2023, and we remain in line with our annual guidance. Waste mining has largely unchanged quarter-on-quarter, and we do expect that to pick up a little through the year. Processing rates increased significantly quarter-on-quarter and achieved a new record on an annualized basis at approximately 9.9 million tons per year. The ore process was predominantly harder fresh rock ore and included about 15% lower grade softer oxide material, which gives us some benefit in optimizing throughput. Our plant grade was slightly lower as a result of the blending with those lower grade stockpiles and of course, the lower mined grade, which if you notice was in line. Mill head grade broadly is in line with the total mine grade. We expect the grade to continue picking up. Of course, with the increased grade through the year, that will bring us in line with our guidance for the calendar year. As Duncan just mentioned, All-in Sustaining Costs for the quarter was a respectable AUD 1,399 per ounce, improved on the previous quarter and largely reflects the increase in produced ounces. Our corporate all-in costs were also low, I expect one of the lowest in the sector at AUD 1,609 per ounce. Revenues from gold sales was a record for us and reflects the strong production as well as the strong gold price received, which of course improves the benefit of all gold sales by Gold Road now being unhedged. Our gold ounces held as doré fell very slightly during the quarter, owing to increased spot gold price, the value of the inventory was largely unchanged from the previous quarter at AUD 6 million. The results we achieved aligns with 2023 guidance and Gold Road's expectations. Production will continue to increase largely due to the increase in expected head grades through the year with guidance unchanged at 340,000-370,000 ounces in 2023. All the sustaining cost guidance is also unchanged at AUD 1,540-AUD 1,660 per ounce. Our sustaining capital expenditure is expected to lift slightly through the year really with the timing of the pebble crusher and the construction of the TSF lifting over the next couple of quarters. Of course, the increase in costs will not be offset by the rising grade, rising ounces. That brings us really to be within our expected guidance parameters. As announced, in early April, we've provided a near 3-year outlook, which really supported a previously stated view that Gruyere would deliver a sustainable 350,000 ounces per annum. This outlook really reinforces the message that we originally put out back in 2020. We've also restated a strong mine life out to 2032, put all of that in reserves, of course, and supported by recent completion of feasibility level studies. We're in a very advanced stage of the mining tender. Expect that to be awarded in the very near future, which also gives us a good line of sight on a key part of the operating cost of the operation. With that outlook, we have celebrated Gruyere's first 1 million ounces of production. A fantastic achievement, of course, by everybody involved. It delivered at a low All-in Sustaining average cost of AUD 1,399 per ounce. Of course, significant coincidence of that's exactly the same as what we achieved this quarter. Moving on to just a bit of an exploration overview. Of course, relatively quiet quarter with the rigs back out. Limited results this quarter, but we expect them to start flowing in from now on. We, of course, now hold a very large and diverse portfolio of exploration tenements Australian-wide. That's come about by our own tenement acquisitions up in Queensland, as well as the DGO transaction that we completed in our year, last year. Of course, our strategy here remains unchanged. We're really out there looking for mine 2. We did have some interesting results coming through from Gallagher at Yamarna, related to drilling completed late last year. In the next quarter, we'll be drilling key priority targets at Hopwood and Jax. They're kind of immediately south of the Gruyere mine site. Up at Mallina, been active on the ground doing mapping and the like up in there. We anticipate drilling, getting the drill rig in there midway through the quarter. Greenvale and Galloway, we've made some quite good progress in getting tenement acquisitions or tenement applications granted and working through heritage approval. We also anticipate some exploration activities commencing up there during this coming quarter. At Golden Highway really been the main focus of exploration in the last few, well, since the beginning of the year. Of course, those resources within the Gruyere joint venture, those are located approximately 25 kilometers to the west of Gruyere. We're really doing reserve definition drilling, drawing off those standard resources, develop those pits, and that'll lead into feasibility level studies during the course of the year. I'll now hand over to. I guess, mentioning Yarrabandai and Stuart Shelf, as both of those properties are really a copper and base metal focus exploration. We're working through looking to bring in the joint venture partners on those 2 properties. I'm gonna hand over to John, he'll take you through our financial results. Thanks, Duncan. As you mentioned, a strong operating result for the quarter, which translated into a very strong operating cash flow of AUD 72.1 million, which in turn translated into a free cash flow for the quarter of just over AUD 44 million, which I believe is a record on a quarterly basis and also much stronger than the prior quarter in this time last year. We also remain unhedged across the whole quarter, which allowed us to enjoy, obviously, the healthy spot environment over the last few months. Turning our attention to the usual cash flow slide here, which presents the operating cash flow results for the quarter. We have seen it grow significantly from AUD 81 million cash equivalents on hand at December 31st to just under AUD 130 million at the end of March, which also includes AUD 6 million of unsold doré and bullion on-hand. As Duncan mentioned, the key driver here is the operating cash flow of AUD 72 million, I won't go into detail there. I will draw your attention to the fact that in the course that we did realize AUD 8 million from the sale of a listed investment, and we also paid a fully franked dividend of AUD 4.6 million in the quarter. On those investments, I think as Duncan has mentioned earlier on, that they were valued at AUD 480 million as at March 31st. I believe they're now valued at over half a billion at current spot prices and closing in on AUD 520 million. A very healthy investment since we made the acquisition in August last year. Just lastly, our balance sheet, we remain debt-free, and our revolver of AUD 150 million is sitting there untapped and free for us to utilize whenever we see fit. Thanks. Back to Duncan Hughes. Thanks, John. That brings our results presentation to a close. Now very happy to answer questions. I'll hand the call back to Winnie. Thank you. If you wish to ask a question via the phone, you need to press the star key followed by 1 on your telephone keypad. If you wish to ask a question via webcast, please type your question into the Ask a Question box and click Submit. Your first phone question comes from Matthew Freiman from MST Financial. Please go ahead. Sure. Thanks. Morning, Duncan and team. I hope you can hear me. We can. Yeah. Great. Firstly, thank you for providing the 3-year outlook a few weeks ago. I've got a couple of questions on that. Firstly, interested in whether you can give a little bit more color on what the All-in Sustaining Costs profile will look like over that time period. Perhaps, you know, maybe in comparison to the guidance you've given for 2023. You know, should we expect reasonably flat All-in Sustaining Costs over that 3-year outlook versus that 2023 number? Particularly drilling down into that a bit further, particularly the levels of sustaining capital and capitalized waste over that period. I guess, you know, in the context, as you've put in the quarterly report today of, requiring additional mining fleet from early in 2024, how should we expect the levels of capitalized waste to change over that time period? Yeah. Okay. Probably you appreciate we haven't put any detail out on future All-in Sustaining Costs. I guess that's, you know, partly reflects the vagaries of inflation and the like, and trying to make a long-term call on where that's going is a bit problematic. I guess in broad terms, obviously this year we've got higher capital spend with the TSF. Sorry, with the pebble crusher. That's somewhere around 100 AUD an ounce. That is a non-recurring cost. Of course, probably worth pointing out that a lot of companies probably would put that into growth capital. We basically treat everything as part of an All-in Sustaining Cost. We obviously that's part of, you know, operating and making incremental improvements at the moment. with the expansion of the open pit mine, which of course now gives us a 10-year mine life, if we need to step up the mining rate, in round numbers, that's around 25%-30% above where we are at the moment. I guess in simple terms, you could expect mining total costs to lift by a similar order of magnitude. but of course, you know, counters of that is increasing gold production. I think really, if you put all of it together, we'd expect the sort of life of mine All-in Sustaining Cost to be around the same tenor as our guidance range for this year. Okay. That's really helpful. Thank you very much for that, Duncan. And then secondly, on the production range that you've given over the three-year outlook. You know, 350,000 ounces in broad terms, but that range of 335-375. Just interested in what drives the thinking around that range. You know, what are the variables that, you know, I guess factor into that? Is it around the expected mine plan and ore availability? Is it around the, you know, expected grade variability or mill performance in any particular period? The reason I ask that is, you know, obviously, if we, if we assume that you can achieve a consistent throughput of 10 million tons per annum, and we assume something close to your reserve grade, you know, that would put you right at the top of that range. You know, would appear to be a fairly conservative outlook, if the assumption is that you can consistently achieve, you know, close to reserve grade and close to nameplate mill throughput. Yeah. Look, I mean, we'd expect the, you know, future mining on a life-of-mine basis to come up to the reserve grade, and certainly we've had very good reconciliations. You know, Gruyere geologically is rather boring and fairly predictable. We've got confidence around the grade base lifting. Obviously the pebble crusher going in this year is really a debottlenecking project for the milling circuit. That, delivering that, of course, is important to understanding exactly where we get to on the throughput rate. I guess we've always pitched the, you know, 10 million ton per annum throughput as kind of a target. You know, when we demonstrate that, or if we demonstrate that might be the time to consider, you know, what our, you know, views on future production are. I mean, I guess our view is, you know, we've been talking to 350,000 ounces sustainable production. I think we think that's quite a good steer in terms of, you know, where Gruyere is on a longer term basis, you know, considering the vagaries of, you know, slight changes in grade, slight changes in rock hardness, and obviously work we're still doing in terms of getting the mill up to its full capability. Yeah. Got it. Thanks very much for that, Duncan. That's all from me. Thank you. Your next question comes from Daniel Morgan from Barrenjoey. Please go ahead. Hi, Duncan and team. Question on the milling rates, a very strong quarter, 9.9 million tons per annum. Can I just dig into that a little bit more? What went right, or I mean, was it no maintenance at all in that period, or no significant maintenance? You know, have some of these mill outages, particularly with the pebble crusher coming in, you know, Well, not the mill outages, but mill throughput issues in the past. You know, are we more confident that that's gonna be behind us? Yeah, I think we delivered 93% or thereabout availability on the circuit through the quarter. By and large, pretty good quarter. We're still having the odd, you know, unplanned outage, so we can still get failed on that, in my opinion. Didn't have any significant mill relines. If you recall the previous quarter, we took a bit of a hit there with having to bring one of the relines forward. Certainly saw a bit of a benefit from that. Of course, in the coming quarter, we'll be back doing a reline. Then a bit of blending with softer oxide. As I noted, that helps us with throughput. I mean, overall a good result. You know, I mean, the circuit's been a lot more stable, on a general trend as we've gone, you know, over the last few quarters, and we haven't had any major mill type, you know, problems through that quarter, and it's reflected in the improving availability rate that we've seen. Thank you. On the costs, you had a very good cost outcome versus your guidance, which it would look like is, you know, related to some of these lumpy sustaining projects, the pebble crusher and the tailings dam, you know, not being a big factor in this quarter. Could you maybe just outline, you know, a rough idea of when the spend is gonna occur on these projects this year? Of course, we put out guidance for the year and, you know, individual quarters can be above or below that range. But we'd expect to deliver within the range of guidance for the year. We said we're well on track for that with where we are at the moment. The, you know, pebble crusher basically is progressing to plan. Perhaps some of the expenditure on that is a little bit later in terms of getting it booked. But the peak spend rate really will be over the next couple of quarters, and we're aiming to get that project completed, you know, later in the year, really with the benefit of the pebble crusher flowing through into next year. The TSF, I guess that's out to tender at the moment. There's no great urgency on getting that work started. It's likely to start probably in the third quarter and may progress into next year, depending on, you know, contractors' availability and what have you. As you probably appreciate, any of these kind of jobs at the moment, they're quite competitive in the market and getting contractors is a key issue. I mean, we've given ourselves plenty of flexibility there in terms of when we deliver that project. Thank you very much. Thank you. Your next question comes from Alex Barkley from RBC. Please go ahead. Thanks. Morning, everyone. Just a question on the mining side of things. The total tons you've moved, ore and waste, a little bit low the last couple of quarters. You've already called out a few issues. Just sort of, if you could remind me again what the total tonnage rate you're expecting through this year was, are you still see yourself getting to there, no problem? Look, yes, the volume moved a little bit lower. A few challenges around blasting, just general sequencing issues in the mine and rain affected in the last end of the month. I guess a number of other companies have put out sort of similar commentary in WA about rain events towards the end of the quarter. We're working on a plan that will deliver to this year's budgeted movement, but I'll have to claim that I don't have that one on the top of my head as to the exact number. Sure. Yeah. And, and just- Alex, we should be doing, I think, total material movement of somewhere between 30 and 40 million tons a year. Your total material movement this quarter was a little shy of 8. You can expect that that's gonna go up a bit through the year. Okay. Sure. Thanks. Actually, just clarifying one thing, you mentioned earlier. Sorry if I missed it. You said this year's unit cost or sustaining cost guidance would be a reasonable expectation for future years. Is that the right way to think about it, roughly? Yeah, I think that's broadly the color I gave you. Yeah. Yeah. Okay. Obviously, we'll see when that comes out. Okay. Thanks very much, guys. Thank you. Once again, if you wish to ask a question via the phone, please press star one on your telephone and wait for your name to be announced. If you wish to ask a question via webcast, please type your question into your ask a question box and click submit. Your next question comes from Bradley Watson from Bell Potter Securities. Please go ahead. Thank you. Good morning, everybody. First of all, congratulations on the 1 million ounces. I guess that 2 million ounces have come around, reasonably quickly. Could you provide some detail, please, on how the, what costs are sort of excluded at that Net Smelter Return calculation, please? NSR for us in terms of our gross profit result. NSR basically really just includes the cost of transportation and refining, which is pretty material in the grand scheme of things. We're talking probably AUD a few cents per ounce at the end of the day. You can basically consider it. Okay. As just linked to the gold price. Great. Thank you. I always wonder what NSR means for gold producers, but that makes sense. A second question, please, on sort of this year's sort of ore reserve timing. You know, you mentioned your gold price that you use in your ore reserve estimation you have announced, I should say, sort of AUD 1,750 an ounce Australian, which is pretty low, relative to recent levels. You know, How do you arrive at you setting that gold price, sort of from a policy point of view between yourselves and Gold Fields, and do you think there'll be any change in that number this year? Look, I guess within the Gruyere joint venture, as you flagged, it's a joint venture agreed number. As you probably appreciate, both costs and gold price have gone up. I guess it's one good reason not to be hedged because you protect your margin. Which is a bit different to the way that some people think about it. I mean, I think it's probably likely that we will review it upwards. That's yet to be determined as exactly what we will be using. I would flag that, you know, high gold price, you know, which if that was the only thing that was moving, would expect to give you a bigger pit. If you look at where the inflationary cost pressures have been in the industry over the past year or so, I'd expect the total reserve actually to not move a lot as a result of changing that. Okay. Thank you very much. Thanks, Brad. Thank you. Your next question comes from Paul Canna from Ord Minnett. Please go ahead. Yeah, thanks. Good morning, gents. Thanks for taking my question. Just following on from Dan's question on sustaining spend, that obviously must increase significantly in the forthcoming quarters to offset that grade-driven production uplift to sort of meet the bottom end of cost guidance. Can you maybe just remind us how much the pebble crusher and also the tailings lift will cost? In rough numbers, I think we've sort of reported that pebble crusher will be a little over somewhere between AUD 100 and AUD 150 an ounce in there. The sustaining cost for the TSF will be somewhere in the order of AUD 50 an ounce. Yep. No dramas. Thanks for that, Duncan. Just on the upcoming reline, how much would that reduce your mill availability by? Yeah. Look, relines, typically, we're doing one a quarter, of course, and generally, that means a mill outage of somewhere like four to five days. No dramas. That's it from me. Thanks. Thank you. Your next question comes from Levi Spry from UBS. Please go ahead. Good day, guys. Thanks for the call. I think congrats on the throughput. I think those questions have been done, but maybe just a balance sheet question. I do note that De Grey's feasibility study's coming out in the middle of the year. How are you thinking about your balance sheet heading into that, given that they're talking to AUD 800 in debt? I note that, you know, obviously you've got none. Look, I don't think we can really talk to corporate activities and, you know, by no means clear where De Grey is going in terms of financing the project. Indeed, you know, when it's gonna get through both the study and approvals process. Yep. Okay. Thanks, Duncan. Thank you. There are no further questions at this time. I'll now hand back to Mr. Hughes for closing remarks. Thanks, Wendy. I'll just a couple of questions came in on the webcast. One was regards to our unhedged position. Just a question on what our policy was with regards to hedging. Look, I'll just repeat that, sorry. The question on the webcast was, we're unhedged at the moment. What's the company's view on hedging? What's our policy with regards to that? Yeah, sure. Obviously we've, I suppose, underlying thesis around hedging is that we will hedge for a strategic rationale rather than just, on an ongoing rolling basis like many of our peers do. If and when we are in a position where we likely have some debt on our balance sheet or a large investment to make that requires capital investments to be defended, that's probably likely to trigger the need for hedging. Until that need arises, we are likely to remain unhedged, is our broad position. Yeah. Fundamentally risk management rather than trying to speculate. A couple of other questions I think have already been asked on the call. That's it with regards to the Q&A. I'll thank everybody for tuning in. Again, it was a strong quarter. We're obviously very happy with record free cash flow. Cash and equivalents continue to grow. During the quarter, we delivered our three-year outlook and reaffirmed mine life to 2032. As I said earlier, there's not a lot of ASX listed producers that can look that far out comfortably. Investments, we've got to be pretty happy with those. They're worth over a half billion dollars. Greenfields exploration, we continue. The strategy's unchanged there. We're now looking to add incremental ounces to a hungry mill. That mill's full. Our focus is to find mine 2. We continue to explore across Australia. Thanks, everyone. Speak to you next time. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.