Thank you for standing by, and welcome to the Gold Road Resources March 2024 quarter results. All participants are in listen-only mode. There will be a presentation followed by a question and answer session. 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 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, Melanie. Welcome everyone to our March 2024 quarterly analyst call. 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 three now for a summary of our March quarter results. Gruyere continues to operate safely and reported no lost time injuries during the quarter. As announced to the ASX at the beginning of April, March quarterly was impacted by a protracted and substantial rain event. Happily, the mine restarted in April. We were on site yesterday, and it was nice to see trucks moving, all haul roads open, mills turning, and clear blue skies over Gruyere again. Despite the substantial rain interruptions in March, free cash flow generated during the quarter was still positive at AUD 5.5 million, and annual guidance is unchanged, but as guided previously, likely to be in the lower half due to these protracted weather events. We closed the quarter at AUD 146 million in cash and equivalents with no debt. The cash and equivalents position follows the payment of a AUD 9 million dollar dividend to shareholders. Our strategic investments continue to hold good value. These investments were worth just shy of AUD 500 million dollars today. I'll now hand over to Duncan Gibbs to talk through our quarterly results in a little more detail. Thanks, Duncan, and thank you for joining us today. As announced in March and again in early April, the Eastern Goldfields was hit by substantial and protracted rain events. Frustratingly for us, this came at a time when Gruyere was really starting to hit its straps in regards to mining rates in late February and early March. The rain caused mining to be at lower rates or sustained it for much of the months of March, with production focused on processing of low-grade stockpiles. The impact of the sustained road closures that provide the normal freight access routes to Gruyere eventually resulted in the processing plant also having to be shut down due to the lack of consumables. Of course, you know, those can only really be transported to the site by road. Happily, the operation restarted in April, with fuel and consumables being sourced by road from the east through the Northern Territory. Well, that might sound easy, and as you drive in, just look out to Uluru as you drive past on the right. It's been quite a Herculean task, requiring a round trip from Perth of more than 9,000 kilometers. I think Google Maps tells me that's more than 100 hours of driving. Most of our vendors simply don't have the trucking capacity and the personnel to do that, so we've also reached out to numerous alternative vendors across Eastern Australia. The combined efforts of, of course, the team at Gruyere, Laverton Shire, the Gold Fields supply team, and the suppliers to Gruyere, Yilka, and other communities that have helped us return to normal operations are greatly appreciated. The Gruyere JV is continuing to work with the Laverton Shire, MACA, Yilka, and others to complete repairs to the Great Central Road so that it can be opened up to all traffic, including the local communities. At the rain events, 2024 guidance for Gruyere is unchanged, and is now anticipated, of course, to be in the lower half of guidance between 300,000 and 335,000 ounces, or on an attributable basis, 150,000-167,500 ounces. That will also mean that we're in the upper half of attributable all-in sustaining costs of between AUD 1,900-AUD 2,050 per ounce. The impacts of the rain will result in lower than previously anticipated production in the June quarter, as a result of the impacts of the rain event extending into the first half of April. Gold production, turning to the quarterly summary slide. Gold production for the quarter, obviously impacted by the rain event, as pre-released, 64,323 ounces. The Gruyere mining contractor has been very successful in recruiting labor to get up to the expanded mining rates at Gruyere, and we achieved those manning levels in late February. Pleasingly, after the rain event, you know, all those people are coming back into site. In line with the increases in mining personnel, of course, the mining rates increased, with the total material movement hitting daily targeted annualized rates of approximately 60 million tonnes, or in some cases, slightly above in late February and early March, before the rain events. Mine grade for the quarter is about 1.3 grams, obviously on significantly reduced volume, but in line with the ore reserve grade. The process plant hit grade at 1.1 gram, sorry, 1 gram. Obviously reflects the fact that we've had to process a lot of low-grade stockpiles, for most of March as a result of the reduced mining activities that were possible. The plant utilization as a result of tonnes milled, was down quarter-on-quarter, reflecting the suspension of operations late in the month due to lack of reagents. Also, other downtime and lower rates of mining as direct impacts, and lower rates of processing as a result of direct impacts of the rain event. Gold recovery, as we've seen in recent quarters, continues to be higher than the feasibility study model, sitting in at about 93%. All-in sustaining costs was higher quarter-on-quarter, so $2,194 an ounce, largely attributable to the lower gold production as a result of the rain events in March. Gold revenue, of course, benefited from a strong spot gold price and was slightly lower, quarter-on-quarter as a result of the lower gold sales. Quarterly, all corporate, all-in costs were not surprisingly higher at $2,638 per ounce. If we turn to the next slide, unfortunately, rain also stopped play across a lot of our exploration activities through the quarter. At Gruyere, we did get up and going, with a single hole drill, looking at resource extensions, below the open pit before that activity was paused, and that has actually recommenced. Within the JV, our studies continue on the Golden Highway, some satellite resources out to the west of the mine, and that's in preparation for mining to commence in that area in 2026. At Yamarna, now that we've sort of finished the Golden Highway work, we're now focused on the resource drill out of Gilmour, and we released a few economic intersections, really the Gilmour on the Morello structure to the immediate north of the existing Gilmour resource, and drilling in the Gilmour area should recommence this week. Finally, as many of you will have noticed, we made an announcement on Monday regarding media speculation on an M&A transaction. As stated in that Gold Road statement in that announcement, Gold Road is continually evaluating strategic opportunities and looks at them, of course, in the interests of its shareholders. We've looked at several opportunities this year and will continue to assess opportunities as they arise, and that's, of course, often determined by the vendor's sale process. We have been disciplined in considering opportunities from the lens of creating shareholder value, and we will continue to do so. I hope that you will appreciate that I'm not able to comment further on these strategic opportunities during the Q&A session at the end of this call. I'll hand over to John to talk through the financial results. Thanks, Duncan. Good morning, everyone. Here on the slide, you'll see the usual waterfall charts breaking out our movements in cash and equivalents across the quarter. So starting at the left, you will see that we started with AUD 150 million in cash and equivalents on hand, and a slight dip down the end of 31 March, AUD 146 million. Within that starting and endpoint, doré and bullion was quite flat at AUD 6 million-AUD 6.3 million, so minimal impact there on the cash flow from any movements. So then moving on, just to some key points of note within the quarter, you heard Duncan talk about the rain impact. So as a result, the operating cash flows out of Gruyere were somewhat muted at AUD 58 million. That was before CapEx spend, just shy of AUD 30 million for the quarter as well. The other key point of note in this quarter's cash flows is our dividend. On the back of the record 2023 profits, we did pay a fully franked dividend of AUD 9.9 million, and shareholders didn't see that cash coming in until early April, but that did leave our account before thirty-first of March, hence why it's showing up in this quarter's cash flows. So free cash flow is reported before debt and dividends. So as a result, when we add that back, it was a positive free cash flow quarter of AUD 6 million. Good outcome there. And in particular, that means that as at the end of March, our balance sheet and financial strength is as strong as ever, with a debt-free balance sheet and closing in on AUD 650 million of liquid assets between our cash and our listed investments. That's basically it for me. Just a couple other things I'd reiterate is, again, a positive free cash flow quarter, which in light of the rainfall event, for me, underpins, highlights the underlying quality of the Gruyere asset and the resilience of the Gold Road business model. Before the rain did start falling, we obviously track our cash flows quite carefully, and Q1 was shaping up at the time before the rain started to fall, as being a very, very strong free cash flow result for the quarter, if not one of the strongest in Gold Road's history. So now with operations ramping up and returning to normal, I'm looking forward to some very healthy cash flows in 2024, especially in H2. That's it for me. Back to you, Duncan. Thanks, John. That brings our results presentation to a close. So I'll now hand back the call. If you wish to ask a question via the [audio distortion] 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 Meredith Schwarz with Bank of America. Please go ahead. Good morning, Duncan and team. Just a quick question with the weather impacting access to the pits and your material movements over the March quarter and, you know, a little bit into the June quarter, is there likely to be any flow-on effects for FY 2025? Or do you think you're able to catch up some of that stripping into the second half of 2024? Ladies and gentlemen, this is the conference operator. We have temporarily lost connection with the speaker line. Please hold, and the conference will resume shortly. Okay, I gather we're back on now. Something happened when we went on mute, but, Meredith, we'll just refer back to your question. Got it. Thanks, Duncan. So it's just a question, with the wet weather impacting access to the pits and material movements over the March quarter and, you know, obviously a little bit into the June quarter, will that have any flow-on effects for FY 2025, in terms of production? Or do you think you can catch up that stripping into the second half of 2024? Yeah. Thanks, Meredith, and sorry about the technical issue we've had there. Look, clearly this quarter is gonna be impacted, as we get going after the rain events. We've, you know, ramped up really over the last week, 10 days. Still getting enough steel into the ball mill to get it really humming, but, you know, the site is actually looking in very good shape at the moment. You know, obviously, logistics challenge, bring everything, you know, halfway around Australia, but, you know, up and operating. You know, in terms of the second half of the year, we're aiming to try to recover the lost movement that obviously occurred, basically early in the year and, as a result of the disruptions from March and into early April. So we're working with MACA at the moment to bring in a larger dig unit that should land on the grounds early in the third quarter. You know, obviously, some higher material movement. We're aiming to, as we flagged in the quarterly, still hit 60 million tonne total material movement, and that's so that we secure future budget years ounce production. You know, that's, that's basically how we're trying to navigate from the situation we're in at the moment. Yeah, okay. Great, thanks. And then, you know, talking about MACA, you know, how are things progressing with the contractor, you know, after the, you know, the issues in December? Are you finding that, you know, they're able to get the personnel on site and that you know, conditions are improving in terms of you know, availability of, of machinery and those sorts of things? So do you see any, you know, any, any impacts, for the remainder of the year or everything looking like it's, it's running pretty smoothly? Look, it's a vast improvement than where we were, you know, three months ago. We've had very good engagement from the senior executive level of Thiess and MACA. I think as we flagged in the last quarterly call, we were anticipating a large cohort of people coming across from one of the nickel operations that was gonna shut down. That occurred, really, we started to hit full labor numbers through February, and then really, that was the key constraint to lifting operating performance. We started to see some very good results in late February and early March. And, you know, unfortunately, the rain event, you know, it's really nailed that progress. You know, we're still getting things up to you know, full crews back in at the moment, but that's just the logistics of getting people in. But, you know, you know, I think it would have been nice to have no disruptions in March, and I think we could have been speaking pretty positively at that point of, you know, those issues are behind us. Unfortunately, because of the rain delays you know, we've, we've got to get ourselves back into a stride. But, you know, I'm confident that we will. You know, and we've, you know, a lot of, sort of senior management changes on the site. We've got a new GM there as well. Russell Cole, doing a fantastic job navigating us through the, through the rain event. Yeah, perfect. If I could just ask one last one. You know, with the longer route to get consumables to site, are you able to give a little bit of a guide as to what that means in terms of the dollars per tonne cost to the site? Look, at this point in time, I really don't have, you know, numbers on that. Obviously, there are some higher transport costs. But clearly it's the right thing to do relative to not operating. We're also likely to incur some one-off costs. I'd say there's potentially a few million AUD in road, like public road, something that we'll be contributing to, to reinstate the access along the Great Central Road. You know, we're very actively working with the local community in Laverton Shire, and we're happy to get that back up and going as soon as we can. Yeah, perfect. Yeah. No, that's all for me. Thank you very much. Thanks, Meredith. Thank you. Your next question comes from Al Harvey with JP Morgan. Please go ahead. Yeah, morning, team. I know you said you didn't really want to talk about M&A, but just wondering if you can give us a high-level view just around what your M&A framework is, you know, any metrics you use to assess opportunities, and particularly, you know, thinking about geographic exposure that you guys are comfortable with? Look, I guess, first strategic filter we look at is assets that make money. That's amazing how it kind of dismisses about half the opportunities that go around. I think probably from things that we've looked at in the past and you know, investments, indeed, that we've made. We're willing to look at anything from let's call them advanced stage exploration projects through mine development. Of course, operating assets probably being first prize. We certainly look at all the Aussie assets that you know, may be available. And let's say North America, so Canada and let's say the mining-friendly jurisdictions of the U.S. We really have no interest in Asia or going on safari to Africa or other higher risk destinations. Probably about wraps it up as a kind of high-level overview. Sure. And you did just mention before, there's been some changes to senior management on site at Gruyere. Can you just give us a bit more elaboration there on what's changed and why that's happened? Look, so yes, we got a new, new mining manager, new general manager on the Gruyere side of things. I think there's a very strong leadership team now at Gruyere. And on the, mining contractors change, they've made, you know, quite a number of changes through those, through their team. And brought in, You know, I mean, MACA is now being acquired by Thiess. So Thiess is, bringing in, you know, quite a lot of more senior people into that organization to lift the performance. Yeah. Thanks, Duncan. Thank you. Your next question comes from Daniel Morgan with Barrenjoey. Please go ahead. Hi, Duncan and team. Can I just inquire about the state of the Great Central Road, please? Where exactly, if you were to try to orient someone, you know, how extensive is the damage and, and where is the road usable to? And then, you know, how long is it in your expectation before it's back up and fully serviceable? Thank you. Look, I guess there's two main areas of closure, so both east and west of the community of Cosmo. There's a section that's basically flooded to the east of Cosmo, and there's a section that's very boggy to the west of Cosmo. The Laverton Shire has jurisdiction over the road. It has it closed to heavy traffic between Laverton and Cosmo, and the road further east from Cosmo is basically closed to all traffic. I think it's probably going to be early May, mid-May, sometime in May, before the road gets open. Obviously, that will be determined by the shire. But we are actively working at the moment and filling in those areas of floodway and the potholes. I suspect there'll be a progressive reopening of the road, initially to four-wheel drive traffic, and over time, larger equipment right through to, you know, heavy vehicles and oversized loads. Okay, thank you so much for your perspectives. Thanks, Dan. Thank you. Your next question comes from Alex Barkley with RBC. Please go ahead. Thanks. Good morning, everyone. I appreciate you, you said you can't really talk about costs at this stage of, of rerouting all of the, supply, but, but given all the offset supply and your difficulties there, are you going to, in any way, be production limited? Perhaps maybe not acquiring as, as much of the consumables and, and inputs as you need? I don't believe so, Alex. Yeah. Okay, sure. In the release, you talk about getting to 60 million tons for the year. I think you give that as an absolute figure. Was that based on bringing the extra excavator from MACA in? Because I thought 60 million was sort of the rate you wanted to get to. But you're getting to it for the calendar year seems pretty strong given, you know, issues to date. Is that right? You wanna get there, and it's contingent on that excavator coming in? Yeah. So the MACA have a 600-ton face shovel that they have available, and we're looking at bringing that in in roughly July, and that'll step up the movement rate in the second half of the year, and we'll recover the shortfall that we have at the moment. Okay. How long is that excavator coming on site? Is that just a recovery thing, or you don't, do you consider you need it to sustainably be at the tonnage rate you need it? I guess fair to say, yet to be determined. Having got it to site, we'll obviously run a strategy of do we keep it longer, or do we drop back to a lower movement rate? These larger machines tend to be more productive, so they also come at a lower unit cost. So we need to run the math on doing that. Okay, thanks. And a final question, You talked about Golden Highway, the new mine may be producing 2026. Are we, when could we expect a study around that and construction, I imagine, sort of 2025. Is there any CapEx number you might be able to point us in? Look, I guess we sort of manage it internally as like a feasibility study level of work. I mean, most of that's already done. I mean, it's more working through the details of the environmental approvals in terms of being able to get it into production. I mean, ultimately, we'll just communicate it as part of our annual guidance and outlook kind of updates. As I said, we see it coming in in 2026. Start-up capital, I would see as being relatively nominal. We'll need a bit of local site infrastructure, offices, that kind of stuff, and depending on what we do with roads, we may need to construct a small section of road. So it's not a capital intensive project. You know, we've got to work through some of those details internally at this point in time. Okay, understood. Thanks very much, everyone. Thank you. Your next question comes from Matthew Frydman with MST Financial. Please go ahead. Sure. Thanks. Morning, Duncan and team. If I could just jump back to that high-level discussion on M&A. Can you remind us of the company's view on balance sheet capacity in order to fund acquisitions? Obviously, you've got some pretty long life and stable cash flows there at Gruyere. So how does that drive your thinking about, I guess, the upper limits of leverage that you're happy to have on the balance sheet in an acquisition scenario? Look, I guess currently, as we've disclosed, we have AUD 150 million debt facility. And it's – I mean, the details are in the quarterly of AUD 146 million of cash on hand. Obviously, those could be part of the mix of any transaction. But, you know, depending on a specific transaction, it, you know, there could be different debt component underpinned by, essentially by Gruyere and any asset that we may accumulate. Yeah. Got it. So you've got AUD 150 million today, but clearly willing to take on more debt if the right opportunity presents itself. Every case needs to be looked at on its individual merit. Yeah. Got it. And then, secondly, obviously, you're very clear around looking at things through the lens of shareholder value creation, obviously, very important. Can I ask how you think about assessing operating versus non-operating interests? And also similarly, the different jurisdictions that you mentioned. How do you think about the value creation that you need from going to a new jurisdiction or taking on a non-operating interest versus an operating interest? Do you need to see a higher return in certain scenarios? And I guess, you know, how do you account for the different risks in those various scenarios? Look, JVs versus non-JVs. JV, it primarily gets down to caliber of management teams as to whether that is a risk or actually a benefit. As I said, we're really only playing in low-risk jurisdictions, so I probably don't see much difference between Canada and Australia. I guess, the difference is that it potentially requires, you know, additional sort of management overhead to manage a different time zone. And also, I guess, from an equity market perspective, real or not, there's a perception that Australian management teams haven't been very good at acquiring North American assets. And you know, again, whether that talks to management capability or the quality of the assets or whatever the risk profile is, the perception is there's risks around it. Yeah. So, look, I agree with you. There's been the universal model of Aussies going into North America, buying, let's call them, relatively special underground assets and, putting Aussie management over that, and that model clearly hasn't been successful. We don't have a huge management team in Australia to go in, stick into an asset somewhere overseas and do a turnaround. So we don't even bother looking at those kind of things. We really look at the lens of how, any opportunity overseas as a general comment, and the management capability, rather than thinking that we can go and tell people on the other side of the planet to change mining method, culture, and everything else, because that's really difficult to do. Got it. That's pretty clear. Thanks for that, Duncan. Thank you. Your next question comes from Hugo Nicolaci with Goldman Sachs. Please go ahead. Morning, Duncan and team. Thanks for all the updates so far. I just wanted to come back to guidance and today kind of highlighting that we're now looking at the low end on production. But if I go back to when that guidance was set in January, pre-rain, you know, you were being conservative around getting labor back at the mine and kind of the timing of when the third pebble crusher was going to ramp up. So is there still that same level of conservatism, and we're really just factoring in the rain impacts to get to the lower end talked to today? Or have we started to put back in some of those, those things in, in terms of labor availability and, and otherwise, and the rain impact's potentially a little bit bigger? Thanks. Oh, look, the rain impact's clearly huge. I mean, we've really blown away a month. Clearly, we can't afford to have another major disruption event of any form. So that's probably the risk to guidance. I think we are comfortable with where we are now in saying that we think the labor issues are behind us. We're still at that point where we clearly need to demonstrate operating performance. The early indications are that the pebble crusher is going very well. And as I said, you know, in the narrative, you know, while we did the presentation, you know, unfortunately, with the rain event, it means that we're not able to sit here now and tell you that, you know, we've ticked all the boxes because we've lost March. But I think that's where we would have been if we'd had with no disruptions. Great. Thanks, Sir Duncan. I'll pass it on. Thanks to you. Thank you. Once again, if you wish to ask a question, please press star one on your telephone, or to ask a question via the webcast, please type your question into the ask a question box. We are showing no further phone questions at this time. I'll now hand the conference back to Mr. Hughes for the webcast questions. Thanks, Melanie. A few questions on the webcast, but I think most of them have been addressed. There's one question from Bill. He's just asking, do you have a feel for when you will recommence exploration drilling following the rain event? So Yamarna basically getting going again now. You know, we got to the point where, well, we actually gave a lot of the Yamarna fuel across to Gruyere, and pulled all the rigs out. They were getting bogged in the bush anyway. So we've resolved that issue now with the supply chain coming through Gruyere, and those drill activities are getting going, and it's still pretty boggy out in the bush. But the guys are getting going, particularly with the diamond rigs. Queensland also been heavily impacted, but I anticipate we'll probably get going about mid-year. Mallina, we had a big heritage survey planned. Unfortunately, they got flooded out. They've just done that recently, but it set us back probably four to six weeks. I think as we indicated in the quarterly, Attila became about the only place in Australia that wasn't flooded. So the teams got deployed up there, and we probably did some work there earlier than planned in doing infill soils and what have you, so advancing that towards a drill-ready target. I hope that we actually get to drill some holes in Attila in the second half of the year. Thanks. I'm just checking the webcast. I think that that's everything covered. So I'll quickly hand back to you, Melanie, to see if there's anything else on the phones. Thank you. We are showing no further phone questions at this time. Thanks, Melanie. Thanks again, everyone, for tuning in. That brings our call to a close. I guess I'll just close with, despite a long interruption from unusually sustained rains during the quarter, the operation and the company remain in good shape. Very happy to go to site yesterday and see what a great job they've done in getting things up and running. Look forward to ramping up, hitting the target rates that we were hitting in February and early March before the heavens opened. Thanks. See you next time. That does conclude our conference for today. Thank you for participating. You may now disconnect.