Good afternoon, ladies and gentlemen. It's just gone 2:00 P.M. here in Perth, so we'll commence our meeting. I'd like to introduce myself to those of you who I've not had the opportunity to meet. My name is Tim Netscher, and I'm privileged to be the Chairman of Gold Road Resources and also the Chairman of the meeting this afternoon. For those unable to join in person, I'd also like to warmly welcome those who are participating via our online meeting platform. Before I make some opening remarks about the past year, I'd like to acknowledge the traditional owners of the land on which we meet, the Whadjuk people of the Noongar Nation, and pay my respects to their elders past and present. I'd also like to acknowledge the traditional owners of the lands on which we operate and with whom we have strong and respectful relationships, and pay my respect to their elders past and present. It's with pleasure that I declare the meeting open, and I formally welcome you to the annual general meeting of Gold Road Resources. I'm joined here today by my fellow directors, our Managing Director and CEO, Duncan Gibbs, and my fellow non-executive directors, Brian Levitt, Maree Arnason, and Denise McComish. I'd also like to welcome members of the Gold Road leadership team who join us this afternoon. They are John Mullumby, CFO, Julie Jones, General Counsel and Joint Company Secretary, Sharon Goddard, General Manager, Social Performance and External Relations, Mark Lindsay, General Manager, Discovery, Jessica Logan, General Manager, People and Culture, Jeff Dang, General Manager, Technical and Projects, and we also welcome Brian Massey to the executive leadership team as General Manager, Investor Relations and Corporate Development. Also present here today is Keeley Woodward as Joint Company Secretary, and representing our auditors, KPMG, is Glenn Brooks. Lisa Arwen from the company share registry, Computershare, will act as the returning officer for the poll. As you'd be aware, on the 4th of May, Gold Road entered into a binding scheme implementation deed with our Gruyere JV partner, Gold Fields, under which Gold Fields has agreed to acquire 100% of the issued share capital in Gold Road by means of a scheme of arrangement. The consideration payable under the Gold Fields proposal comprises a fixed cash consideration of AUD 2.52 per Gold Road share, plus a variable cash component linked to the value of Gold Road shareholding in Northern Star Resources. As such, the total cash consideration payable pursuant to the Gold Fields proposal will fluctuate with movements in the Northern Star share price right up until the date that the scheme becomes effective. As of the 14th of May, so just a couple of days ago, the offer from Gold Fields values Gold Road at AUD 3.5 billion, or AUD 3.35 per Gold Road share. The Gold Road Board unanimously recommends that shareholders vote in favor of the scheme in the absence of a superior proposal and subject to the independent expert concluding in the independent expert's report and continuing to conclude that the scheme is in the best interests of Gold Road shareholders. Importantly, Gold Road intends to declare a fully franked special dividend should the scheme become effective. The final amount of the dividend will be determined by Gold Road's franking account balance at the relevant time that the dividend is declared, with a corresponding reduction in the cash consideration that would otherwise be payable under the scheme. Based on Gold Road's current franking account balance, the dividend would equate to approximately AUD 0.35 per share. The scheme is subject to various conditions, including approval by Gold Road shareholders at a scheme meeting expected to be held in September of this year, with implementation of the scheme expected to occur shortly thereafter. Please note that shareholders do not need to take any action at this time, and the company will continue to provide information in relation to the scheme meeting in due course. Duncan will talk about the scheme in more detail. However, given that the scheme process will likely take about four months or so to be effective, it will be business as usual for Gold Road for the next little while. With that in mind, I'd like to reflect on the past year of both challenges and accomplishments as we continue our commitment to safe and responsible production. Despite operational challenges, particularly the unprecedented rainfall event early in 2024, Gruyere's performance improved significantly in the latter half of 2024, culminating in a record December quarter. This improvement has bolstered our confidence in achieving ambitious operational targets in 2025 and beyond. In 2024, we marked five years of production at Gruyere, a truly world-class asset. Although Gruyere fell short of its 2023 record output, delivering 287,270 ounces of gold, the steady improvement throughout the year and strategic waste stripping and mine bench positioning have set a strong foundation for future performance. We acknowledge the frustrations during the first half of the year but remain confident in the long-term value of this operation. We reported an increase in both attributable mineral resource and ore reserves, with the Gilmore deposit's inclusion in our annual resource and reserve statement being a notable highlight. Additionally, our 17.3% stake in De Grey Mining, recently exchanged for Northern Star shares, has seen substantial value appreciation, further validating our disciplined investment approach. Financially, Gold Road reported a full-year net profit after tax of AUD 142.7 million, up from AUD 115.7 million in 2022. Our average gold sales price was AUD 3,672 per ounce, and attributable operating cash flow from Gruyere was AUD 362.5 million. We declared a fully franked final dividend of AUD 0.015 per share, which complemented the interim dividend of AUD 0.005 per share. As of 31 December 2024, our cash and equivalents stood at AUD 173.9 million with no debt. We also made tangible progress in advancing the Golden Highway Project and commenced a deep drilling program for the Gruyere Underground Project. These initiatives, along with the Gilmore project, have the potential to significantly extend Gruyere's mine life and also to enhance its operational flexibility. Our unhedged position in the gold price cycle allowed us to report strong financial results and to reward shareholders with dividends for the fourth consecutive year. Our commitment to sustainable and responsible management remains unwavering. We retained our position in the Australian Dow Jones Sustainability Index and were recognized in the S&P Global 2025 Sustainability Yearbook again. We also made progress towards our 40/40 vision of gender equality and maintained positive relationships with all our traditional owners. I would like to extend my heartfelt gratitude to our Managing Director and CEO, Duncan Gibbs, his leadership team, and my fellow board members for their unwavering efforts and support throughout the year, and particularly during the past two months, during which we worked tirelessly and seamlessly as a team to achieve the enhanced offer price from Gold Fields. With these introductory comments, let me now turn to the formal business of today's meeting. The agenda is on the slide before you. In the formal business of the meeting, voting on all resolutions as set out in the notice of meeting dated 31 March 2025 will be undertaken by means of a poll. At the completion of the poll, Duncan Gibbs will give a company update presentation followed by questions from shareholders relating to the company's operations. The results of the poll will be available on the ASX platform later today. We've received no questions from shareholders in advance of the meeting. There will be an opportunity during each item of business for shareholders to participate and to ask questions. As this is a shareholders' meeting, only shareholders, their attorneys, proxies, and authorized representatives are entitled to ask questions relating to the resolutions. When asking a question, please state your name and confirm that you are a shareholder. During each Q&A session, I will provide the opportunity for those shareholders in the audience to ask questions first, and thereafter, I will respond to questions submitted online. Questions can be submitted online at any time during the meeting, so please feel free to start submitting questions now, as demonstrated on the slide before you. Questions will be moderated by the Company Secretary, Julie Jones, and put to the Chair during the relevant Q&A session. For those of you who need to leave the meeting at any time, a recording of the meeting will be available on our website from Monday, the 19th of May. I declare for the record that a quorum is present here at the Melbourne Hotel, being the venue stated in the notice of meeting. The purpose of the meeting is set out in the notice of meeting dated 31 March 2025, and I will, with your permission, take the notice of annual general meeting as read. A number of formal apologies have been received, and our Joint Company Secretary, Keeley Woodward, will record these in the minutes. I now declare voting open on all items of business. For those online eligible to vote, the vote icon will soon appear. Please feel free to cast your votes at any time during the meeting, as demonstrated on the slide before you. You can change your vote up until the time that I declare that voting is closed. I will give you a warning before I move to close the meeting. For those who are present at the physical meeting, a poll will be conducted shortly after the final resolution has been put to the meeting, including any questions addressed in relation to those resolutions. If you need to leave early, please put your voting paper into the box provided by Computershare staff, which is located outside the room. The first item of business relates to the financial statements and reports of the directors and the auditor for the 12 months ended 31 December 2024. As noted earlier, Glenn Brooks of KPMG, our auditor, is available to answer any questions relevant to the conduct of the audit and the preparation and content of the auditor's report. I'd like to take this opportunity to thank the KPMG team for the quality of this year's audit. Now, we've received no questions in advance of the AGM in relation to the financial statements. We will now open up to the audience for any questions from shareholders relating to the financial statements. No questions here in the room. Julie, are there any questions relating to the financial statements from online participants? There are no questions, Tim. Thank you. In the absence of questions, we'll now proceed to the next item of business, being the adoption of the remuneration report. We move to agenda item one, resolution one, the adoption of the remuneration report. The resolution and the number of votes cast for this resolution so far are on the slide before you. The remuneration report is contained in the company's annual report for the 12 months ended 31 December 2024. For further details of the two-strike process, key management personnel voting prohibitions, which includes directors, and the voting of undirected proxies are included in the notice of annual general meeting dated 31 March 2025. As an aside, you will notice that on all remuneration-related resolutions, there are a number of abstentions. For the record, the majority of these abstentions are associated with directors' shareholdings. For good practice, directors have abstained from voting on all remuneration resolutions, irrespective of whether or not they relate to their own individual remuneration. In accordance with legislation, the vote on resolution one is advisory only and does not bind the directors of the company. However, the board will take the outcome of the vote into consideration when reviewing remuneration practices and policies within the company. I note that there was no first strike in the last annual general meeting, and accordingly, there will be no full resolution held at this meeting. I will now address questions in relation to the remuneration report. We will firstly open up to the audience for any questions from shareholders relating to this report. No questions from the audience. Julie, are there any questions relating to the remuneration report from our online participants? There are no questions, Tim. Thank you. In the absence of any questions, we now move on to agenda item two, resolution two, the re-election of director Mr. Brian Levitt. Brian's qualifications for the role are listed in the notice of meeting and are on the screen before you. I'll now ask Brian to come up and speak briefly to his re-election. Thank you, Tim. And good afternoon. I've been serving on the Gold Road Board as a non-executive director since August 2017. Since my last re-election in 2022, I've served as the chair of the remuneration committee, the nomination committee, and the growth and development committee. During that period, I've had the privilege of working with some extraordinary and talented people on the board, and also a very highly competent executive management team whose impact and influence is evident at all levels throughout the company. I'd like to take the opportunity to thank you all personally. Thank you. The growth and development committee was tasked with developing and guiding all aspects of the company's future growth, reporting back to the board with well-researched and credible recommendations. The success of Gold Road's strategic investments, especially in De Grey Mining Company, have clearly paralleled the outcomes of the company's exploration successes. Key to this success has been the establishment of a highly competent technical team whose focus is on the entire spectrum of our business, from the development of the company's information systems, the regional target generation, the execution of the field programs, through to the highly focused business and corporate development proposals and recommendations. It's on this basis that it gives me great pleasure to put my name forward for re-election to the Gold Road Board for a further period. I look to you, the shareholders, for your support. Thank you. Thanks, Brian. The resolution and the number of votes cast so far for this resolution are on the slide before you. We've received no questions in advance of the AGM in relation to the re-election of director Brian Levitt. We will now open up to the audience for any questions on the re-election of Brian Levitt. No questions from the audience. Julie, are there any questions relating to Brian Levitt's re-election from online participants? There are no questions, Tim. Thank you. In the absence of any questions, we now move on to resolution three, re-election of director Ms. Denise McComish. Denise's qualifications for the role are listed in the notice of meeting and on the screen before you. I'll now ask Denise to speak briefly to her re-election. Thank you, Tim, and good afternoon all. With the support of our shareholders, I seek to be re-elected as the director of Gold Road. I have been privileged to be on the board since 2021. I also hold the roles of Chair of the Audit Committee and am a member of the Risk and ESG and Remuneration Committees. I'll briefly comment on the skills and experience that I've brought to Gold Road. My executive background was as a 30-year partner with KPMG, specializing in audit and advisory, working closely with major companies in many industries and on a global basis. I also bring significant experience gained from numerous board roles as a non-executive director. That experience is set out on the screen and in the annual report, so I will not repeat it, other than to note that since the annual report was published, I have resigned from the Board of Mineral Resources and have completed my term on the takeovers panel. My financial audit risk and governance expertise, my strong sector experience in mining, and my corporate experience, including in strategy, M&A, and international operations, I believe are all very relevant to Gold Road. In addition, I have specific relevant experience in audit and risk committee functions, governance, and performance. I believe this makes me well placed to continue to support Gold Road's management and board and serve our shareholders and staff, and through safeguarding the long-term governance, viability, and sustainability of the company as it continues its journey through its next phase. I'm honored to be part of Gold Road's board and seek your support for my re-election. Thank you. Thank you, Denise. The resolution and the number of votes cast so far for this resolution are on the slide before you. We've received no questions in advance of the AGM in relation to the re-election of director Ms. Denise McComish. We'll now open up to the audience for any questions from shareholders relating to this resolution. No questions from the audience. Julie, are there any questions relating to Denise McComish's re-election from our online participants? There are no questions, Tim. Thank you. In the absence of any questions on that resolution, we'll now move to agenda item four, resolution four, the grant of long-term incentive performance rights to Managing Director and CEO Mr. Duncan Gibbs in terms of the 2025 to 2027 LTI program. The resolution and the number of votes cast so far for this resolution are on the slide before you. We'll now proceed to the next item of business, which is agenda item five, resolution five, grant of short-term incentive performance rights to the Managing Director and CEO Mr. Duncan Gibbs in relation to the 2025 STI program. The resolution and the number of votes cast so far for this resolution are on the slide before you. This resolution will be voted by poll online and later in the meeting. Once again, we've received no questions in advance of the AGM in relation to items four and five. We'll now open up to the audience for any questions from shareholders relating to items four and five. No questions here in the room. Julie, are there any questions related? Sorry? We do have one. Sorry. W e asked you earlier. Yeah. Tim, just wondering, the program of these performance rights. Yes. And going to Duncan a lot, I'm not suggesting that he should be rewarded anywhere. I think he's been doing a great job for us as his board. The fact that the company is effectively under takeover and we've maybe all sealed by the end of the year, how does that affect the incentive program? Yeah. The board will make a call on that closer to the time. We don't know which way the company will be going, but we'll make a call on that closer to the time. Any other questions? Any questions online, Julie? There is a question from Mr. Stephen Maine. However, it's more of a congratulations. He's submitted it in relation to this item, and it is thanking us for doing a hybrid AGM and requesting we do the same for the upcoming scheme meeting. He has made various other comments regarding disclosure of votes and formal addresses. He's identified it as being relating to this question, but it's more of a congratulation. Thank you. Thank you, Stephen. If there are no further questions, we'll now move on to agenda item six, resolution six, the renewal of proportional takeover provisions. The constitution of the company at rule five currently contains proportional takeover approval provisions requiring shareholders to approve any takeover offer for only a proportion of each shareholder's shares. These provisions are designed to assist shareholders to receive proper value for their shares if a proportional takeover bid is made for the company. If renewed, the proposed proportional takeover provisions will be in exactly the same form as the existing provisions and will have effect for a three-year period commencing on 16 May 2025. The resolution and the number of votes cast so far for this resolution are on the slide before you. We've received no advanced questions on resolution six. We'll now open up to the audience, live audience, for any questions from shareholders related to item six. Yeah. [Brett Morrissey] i s my name. I'm a shareholder. Just a question. Yes. Has any other suitor or suitors put their hand up in regard to making an offer? No. I mean, look, over a long period of time, there have been informal discussions held, but nobody else has put their hand up in this period. We do not have a superior alternative proposal at this stage. Any other questions? Are there any questions online, Julie? Yes, Tim. We have another question from Mr. Stephen Maine, and he is asking, do we really need to approve this resolution with the full takeover in the works? Why not just abandon it as redundant? Yeah. As I just said, we do not actually know how things will end up. The takeover is actually subject to a number of conditions which have to be met. This is the fifth takeover that I have been involved with, and none of them have gone 100% smoothly. There may be a delay. There may be an alternative proposal put, whatever. We do need to protect shareholders over that period of time. Moving on now to our poll procedures. We will now conduct the poll for those shareholders in the room on all resolutions as laid out in the notice of meeting and as just stated by me. The persons entitled to vote on the poll are all shareholders, representatives, and attorneys of shareholders and proxy holders who hold green admission cards. On the reverse of your green admission card is your voting paper and instructions. Proxy holders will have attached to their admission card a summary of proxy votes, which also details the voting instructions. By completing the voting paper, you are deemed to have voted in accordance with those instructions. In respect of any open votes a proxy holder may be entitled to cast, you need to mark a box beside the motion to indicate how you wish to cast your open votes. Shareholders also need to mark a box beside the motion to indicate how you wish to cast your votes. Please ensure that you print your name where indicated and sign the voting paper. When you've finished filling in your voting paper, please lodge it in the ballot box to ensure that your votes are counted. If you require any assistance, please raise your hand. For those online, please ensure that you have cast your vote on all resolutions. I will now, in my capacity as Chairman, vote all directed proxies in accordance with the directions that have been provided. As advised in the notice of meeting dated 31 March 2025, I will also vote available undirected proxies in favor of all resolutions. The voting papers are currently being collected in the room, and anyone who needs more time to lodge your paper, please raise your hand. Voting paper there. Does anyone need assistance? Anyone need more time? It looks like voting is done in the room here. Thank you very much. In a moment, I will close the voting systems. If there are no further votes to be collected, I now declare the poll closed in this room and online. Lisa Arwin, from Computershare, will act as the returning officer for the purposes of conducting and determining the results of the poll on each resolution. The final results will be announced through the ASX Company Announcements platform later today and will also be available on Gold Road's website. I'll now hand over to Duncan Gibbs, who will give an update presentation on the company, after which time we'll open the floor for general shareholder questions relating to the company's operations. Thank you, Tim, and thank you to our shareholders for taking part in today's meeting, either in person here or online. I'll start today's presentation with a short corporate profile which summarizes the members of your board and management team who Tim has kindly introduced to you. As we stand here today, Gold Road is trading with a market capitalization of around about AUD 3.5 billion, which is slightly below the implied offer price from Gold Fields. The company has a strong financial position with cash and equivalents of AUD 205 million, as reported at the end of the March quarter, with the investment in De Grey, and of course now Northern Star, valued in the market at approximately AUD 889 million. A significant uplift in value from a total of AUD 410 million total cost for the acquisition of DGO Gold and participation in the equity raises by De Grey. Today's story about Gold Road is, of course, dominated by the transaction with Gold Fields. I will start with an overview of that transaction before providing a review of our 2024 performance. My presentation will then recap on the last decade or more for Gold Road, highlighting our performance in delivering shareholder value. As Tim has said, on the 5th of May, Gold Road entered a binding scheme implementation deed with our Gruyere joint venture partner, Gold Fields, under which Gold Fields has agreed to acquire 100% of the issued capital in Gold Road by way of a scheme of arrangement. The offer from Gold Fields valued Gold Road at AUD 3.7 billion, or AUD 3.40 per share, as of the 2nd of May, as it was at the time the implementation scheme deed was announced. As we announced at the time, the proposed acquisition represented a 43% premium to the share price prior to Gold Fields' approach and a 12% higher price than initially proposed by Gold Fields. In line with the details on the side, the implied offer price and premium will continue to move in unison with the Northern Star share price. The Gold Road board unanimously recommends shareholders vote in favor of the scheme in the absence of a superior proposal and subject to the independent expert concluding in the independent expert report and continuing to conclude that the scheme is in the best interests of Gold Road shareholders. Importantly, Gold Road intends to declare a fully franked special dividend should the scheme become effective. The final amount will be determined by Gold Road's franking credit balance at the relevant time. Based on Gold Road's current franking account balance, the dividend would equate to approximately AUD 0.35 per share. Depending on the company performance, there is potential for the company to generate further franking credits between now and when the scheme becomes effective with some upside to the size of the fully franked dividend. The payment of a portion of the AUD 2.52 cash component by way of a fully franked dividend provides additional value in the hands of many Australian resident shareholders. As the scheme is subject to various conditions, including, of course, approval by Gold Road shareholders at a scheme meeting expected to be held in September with implementation of the scheme anticipated to occur shortly thereafter, please note at this time shareholders do not need to take any action, and the company will provide information in relation to the scheme and the scheme meeting in due course. If a special dividend is declared, payment will occur after the effective date and before the implementation date. The payment of the fixed AUD 2.52 per share less the special dividend paid prior to the implementation of the scheme, plus the variable cash component representing the market value of the Northern Star shareholding, will correspond with the implementation date. We've received quite a lot of shareholder questions about the distribution of Northern Star shares rather than the cash value of the shares as the scheme is structured. Both Gold Road and Gold Fields considered this option, with the transaction structured, the cash payment for the Northern Star shares considered to be in the best interest of shareholders. The total consideration of AUD 3.7 billion places Gold Road as approximately the 85th largest company on the Australian stock exchange. It is larger than most of the Australian gold companies in our peer group, such as Regis, Ramelius, Vault, Westgold, all of whom, of course, have significantly higher attributable production and greater business complexity. The AUD 3.7 billion value of Gold Road is a useful segue into the next part of my presentation, the more traditional part of a CEO's presentation at an AGM, in reviewing our 2024 annual performance and what it takes to drive the value of Gold Road. Despite what was a challenging year impacted by the rain event in March, 2024 was a year of recovery and performance for Gold Road. As always, the safety of our people is our highest priority, and I'm pleased to report that Gold Road operated safely for the year without a lost time injury. A great achievement and a testament to a strong culture and focus on safety here at Gold Road. Gold production for Gruyere closed out strongly, with 287,000 ounces produced, just shy of our revised guidance following the March rain event in 2024, with all key production drivers and metrics now at the levels required and trending to support our 2025 guidance. Cash flow bounced back strongly in the second half of the year following the flooding-related disruptions in the first half. We closed out the year with AUD 174 million of cash and equivalents on hand, and of course, with no debt. Our listed investments were valued at AUD 724 million at the end of the year, and they continue to be a great success story and are currently valued at about AUD 914 million, representing an unrealized gain of close to AUD 500 million, or more than double the total initial investments made into De Grey and other equities. The slide on the screen provides a comparison of key financial metrics year on year between 2024 and 2023. As you can see, 2024 was very solid when you look at it versus 2023, with growth in nearly all of the metrics year on year, including revenue, EBITDA, and net profit after tax. Cash flow and dividends for the year in 2024 were not as strong as they were in 2023. However, 2024, as you can see, was a tale of two halves, with the metrics in the second half of 2024 dramatically improving compared to the first half, with revenue growing by 50%, free cash flow growing by AUD 100 million, and net profit after tax more than doubling, with growth of over 100% in each. Although the gold price strengthened across 2024, the key driver behind this half-on-half variance was the impact of the rainfall event in the first half and the strong bounce back in the second half. My next slide provides a breakdown of the growth in our net profit after tax between 2023 and 2024. As you can see, it's quite a clean story with 23% growth in NPAT, driven by the higher revenue of almost AUD 60 million year on year, offset by minor cost increases across the board, including the cost of production driven by higher mining material movements, taxes, royalties, and other costs. As you can see, there's no reference to exploration on the costs on this graph, as they were flat year on year. What I would like to draw your attention to is the right-hand side of the chart. All the numbers you saw on the previous screen represented our financial results as being above the line, reflects Gruyere and Gold Road's operations, discovery, and corporate activities. They do not include any of the upsides from our investments in De Grey, which, when we take those into account and the associated tax on these future gains, sees our profit more than double year on for the year from AUD 143 million to just shy of AUD 300 million. These figures are also at the 31st of December 2024, when our investments were just valued at just over AUD 740 million, and as we speak to you today, they are valued at AUD 910 million, dominated by what is now the shareholding in Northern Star. The next few slides present our financial performance over the last several years on a six-monthly basis, which aligns to our statutory reporting periods. On this slide, we focus on EBITDA and earnings per share. Both are great stories, as you can see, with EBITDA hitting a record in the second half of 2024, with a result of AUD 200 million, and the EBITDA per annum more than doubling since 2021. Earnings per share, or EPS, is regarded as a good bellwether for how much money a company makes for each share of its stock. As you can see here, there's a consistent growth year on year since 2020, and especially for the second half of 2024, when the earnings per share resulted at AUD 0.09 per share, it is more than four times higher than back at the start of the chart in 2021. The story is much the same for cash generation and all-in sustaining cost margin, which have also seen strong, steady, consistent growth over the last several years, driven by both long costs and low costs and the strengthening gold price. As you can see in this simple chart, Gold Road's free cash flow was steady and growing year on year until the rain events in the first half of 2024 resulted in negative cash flow. Importantly, the business bounced back strongly with record cash flows in the second half of 2024. Also, it is important to understand that the all-in sustaining cost margin you are seeing here is what we'd like to think is a clean representation of this metric. Gold Road does not push sustaining capital into growth capital and exclude that expend from the all-in sustaining cost, so our all-in sustaining cost is a good reflection of our operating cash margins when applied against the current gold price. Looking at our balance sheet, you can see our net asset position has grown by about AUD 800 million since the start of 2020. This is not due to aggressive accounting policies where costs are capitalized and parked on the balance sheet. It is primarily due to the growth in our liquid assets and cash investments in liquid both of cash and investments in listed entities. As well as building the balance sheet, we've been returning to shareholders, and notably, we are paying fully franked dividends from 2020, very early in the life of Gruyere. Our dividend policy targets annual dividend payments, which in aggregate represents 15%-30% of free cash flow. For the full year 2024, just under 25% of our free cash flow was paid as dividends, a result towards the top end of our policy. As our ninth consecutive dividend payment since the program commenced in 2020 ended to total, to the end of 2024, we have now returned AUD 80 million to shareholders via fully franked dividends. With the payment of a fully franked special dividend as part of the scheme, likely to be in excess of AUD 379 million, Gold Road will have returned at least AUD 459 million dividends, or more than the sum of all equity raised by the company. As well as the financial metrics, Gold Road replenished and increased the resource and reserve base, which is vital in any resources company to sustain and grow future cash flow and profitability. As announced earlier this year, Gold Road updated its annual resource and reserve statement, which saw our mineral resources increased by 6% to 4.81 million ounces. Gold Road's attributable ore reserves increased by 5% to 43 million tonnes at 1.39 grams for 1.92 million ounces, largely arising from the addition of the 100% owned Gilmore ore reserve, which more than offset mining depletion at Gruyere. In January, we announced a very positive pre-feasibility study and maiden ore reserve for Gilmore, which demonstrates the value created from our sustained mineral exploration efforts at Yamarna. The Gilmore pre-feasibility study on an after-tax NPV basis was AUD 231 million at a gold price of AUD 3,500 per ounce and AUD 354 million at a gold price of AUD 4,300 per ounce, the prevailing gold price at the time of the Gilmore announcement. The gold price today is, of course, much stronger than that and trading in excess of AUD 5,000 per ounce. The project pre-tax cash flow is estimated to be AUD 377 million at AUD 3,500 an ounce or AUD 569 million, again at AUD 4,300 per ounce. The pre-feasibility delivers a mine life of around five years, averaging 50,300 ounces per annum at a low average all-in sustaining cost of AUD 2,004 per ounce from both underground and open pit ore sources. The pre-feasibility study is supported by the maiden ore reserve of 1.5 million tonnes at 4.1 grams for 192,000 ounces. The rigs are still running at Gilmour with a 30,800 meter program or AUD 10 million program in progress to upgrade the inferred mineral resource and grow the resource, including testing of 100,000 ounce-150,000 ounce exploration target, the details of which we announced to the ASX on the 16th of April. Meanwhile, at Gruyere, the Gruyere Joint Venture has engaged SRK, one of the leading industry consultants, to complete a comprehensive study of conceptual potential underground mining. The evaluation of underground mining at Gruyere was founded on early concept studies completed by Gold Road that supported our early reporting of underground resources from 2020, and for which, under the JORC Code, we have to meet the criteria of reasonable potential of eventual economic extraction. I would like to remind you that the gold price in 2020 was less than $2,000 an ounce. A lot of the industry, including many investors, struggle with the concept of a one-gram ore body being economic for underground mining. Gold Road faced similar market sentiments when the Gold Road discovery was made, with many industry commentators not understanding the cost structure of large-scale low-strip ratio mining and ore processing. Gruyere is a unique ore body relative to other Australian ore, sorry, other Archean Greenstone gold deposits. The ore body is approximately 2 km long in strike extent and up to 140 m wide, where existing drill holes have intersected the mineralization near the bottom of this slide, more than 1 km below surface. The ore body has an endowment of around 10,000 ounces per vertical meter where it has been fully drilled. The simple maths is about 10 million ounces per kilometer of depth extent. As the SRK study demonstrates, large-scale bulk mining via a sublevel cave, coupled with the right capital investment on ore haulage and other infrastructure, means an underground target is likely viable. As is the case for the economics of the open pit, the geometry of the ore body is the key differentiating factor. In simple terms, there are lots of tonnes and lots of ounces at Gruyere for each meter drilled, for each waste tonne mined, or for each meter of underground development. The unique geometry of Gruyere, of the Gruyere ore body, is what drives low cost. Proving the underground ore body continues at depth, as we expect, and completing the necessary pre-feasibility and feasibility level studies are the next logical steps. Gold Road's persistence culminated in the completion of the SRK study in 2024 and providing a sound and rational business case for the joint venture to invest in a large-scale drill program. The Gruyere Joint Venture has committed to an AUD 26.4 million drill program, which will continue into 2026, with five rigs now in operation. The objectives of this drill program are to grow the mineral resource to a depth of 1.2 km below surface, with the upper approximately 400 m immediately below the pit being drilled off to an indicated resource level. Indicated resources will be required for an ore reserve to be reported once the necessary level of pre-feasibility level mining studies, mining, and other studies are completed. Work to define the scope and cost of the pre-feasibility study has commenced. With the successful outcomes from exploration drilling and the required level of studies, Gruyere has the potential to be a long-life underground operation with a mine life that extends well beyond the current open pit reserves, which go to 2032. In the last couple of years, Gold Road has acquired a nationwide exploration tenement portfolio and developed a new mine or greenfields exploration team capability, which, of course, builds upon Gold Road's success in making the Gruyere discovery. Gold Road is one of the few Australian producers who have been seeking to grow and create shareholder value by discovering new mines. Increasingly, new mine discovery is being left to the domain of exploration juniors with larger companies relying on M&A for growth. Many of these juniors are subscale. They lack the required mix of technical and management proficiencies, or they lack the proficient levels, persistent levels of funding required to identify and test multiple targets and make the major discoveries, and only a very small percentage of juniors have reached that success. Exploration is getting harder. This is particularly driven by the more difficult and lengthy land access negotiations, less certain and protracted approvals processes, and increasing exploration maturity as the easier outcropping gold deposits were found decades ago. These are significant issues for the juniors, and where access to capital is also tied to market cycles and where the steady flow of news is required to raise funds. As a consequence, the rate of exploration discoveries across the industry has declined, creating further investor apathy towards exploration. It is not a set of circumstances that points to a sustainable exploration gold mining industry as existing operations are progressively depleted. It does point to higher gold prices given the higher risks and costs of making new discoveries. Major greenfields discoveries such as Gruyere and Hemi, both of which Gold Road shareholders have benefited from, and as a direct consequence of Gold Road's exploration credentials, demonstrate the enormous shareholder value that can be created. As I will illustrate shortly, exploration success remains a strategy for creating superior investment returns. However, as I have said, you have to pick the right company. Before I move on to the theme of superior investment returns, I would like to touch on ESG highlights, which are expanded upon in our sustainability report. Gold Road is proud of the many achievements in this area, including safe production, higher levels of gender diversity, and Aboriginal employment, our membership of the Dow Jones Sustainability Index, and more recently becoming a member of the Sustainability Yearbook. We have ISO certification for exploration and Gruyere operations, and we have solid environmental performance. All of these are indicators of strong governance and a well-managed company. I would like to now return to the theme of delivering shareholder value and how your board and management have delivered superior returns over the long term. This 10-year share price chart illustrates the continuing growth in value longer-term shareholders, including some of you, have enjoyed with the notable milestones in the company's history summarized on the slide. The chart starts at AUD 0.43 a decade ago and ends at AUD 3.24, the closing price on Wednesday. If you had invested $1,000, your shares would now be worth $7,483, and if you had also wisely selected the option of dividend reinvestments, you'd actually be holding $7,721. Of course, the scheme places a value of $3,035 at current market prices and not the closing price on the chart of $3.24. Yes, we've had a pandemic and other speed bumps along the way, but the general trend is what every shareholder wants to see in their share portfolio. It goes up. Clearly, we have massively outperformed both the ASX 200 index and the gold price. Many gold stocks have underperformed the gold price, with lots of market commentators critical of returns from equity investments versus physical gold. The main value-driving components for Gold Road, outlined in this slide, have included the discovery, of course, and development of Gruyere, the development of Gruyere by a creative joint venture arrangement, which avoided dilutive equity raises or high levels of gearing, which has seen a lot of shareholder wealth elsewhere destroyed in the sector. The acquisition, of course, of DGO Gold, which provided the initial strategic position in De Grey. The investment in De Grey was the right idea. Unfortunately, it quickly became the better and the good idea, or too big and too good for Gold Road to successfully acquire as a second operating mine. The acquisition of De Grey by Northern Star, a AUD 6 billion transaction, demonstrates the quality of that opportunity, and the Northern Star transaction has translated into enormous value for Gold Road. Last but not least, the recently announced scheme to acquire Gold Road. While the rising gold price has been a contributing factor, Gold Road has outperformed most of its peers, as my next slide shows. This slide summarizes Gold Road's 10-year value creation as measured by the share price escalation along with the performance of its peers. We've only shown seven peers, and of course, there's a very long tail out to the right, including multiple companies that have fallen into administration and raised shareholder capital. This is particularly true of peers who have sought to make the same transition from explorer developer to miner in the last 10 years. As number three on the chart, I congratulate you on your wealth creation if you have been a long-term Gold Road shareholder. With the scheme to acquire Gold Road being announced, the journey for Gold Road is likely coming to an end. I'm sure that some of you are looking at the chart and thinking, what are the successful strategies for the other top-performing companies and where you may redeploy your Gold Road investment? I will share with you that Peer 1, as illustrated here, has made many acquisitions of juniors who've had stranded deposits for processing through their established processing hubs. Peers 2 and 3 have a similar strategy. Both made acquisitions following the 2013 gold price correction, mainly from majors who were excessively geared and who became the forced seller of those assets. Both created value through M&A at the right time in the market cycle, a strategy that has been quite difficult to repeat in more recent years. My chart focuses only on the last 10 years and includes only the producers. Grey, which is not a producing peer, has recently been consolidated, of course, by comparison plots off the scale of this chart with a better than 20,000% return. If you are one of the astute or perhaps lucky investors to have owned Gold Road from three cents acquired in mid-2013 prior to the discovery of Gruyere, congratulations. You've made a hundred-banger return, which highlights the value that you can make from a world-class discovery. Good luck with your next investment. In summary, while it's bittersweet to be standing here at what may be the last AGM for Gold Road, we're proud of what the people in Gold Road have achieved for all of its stakeholders, including you, our shareholders. Since the discovery of Gruyere in 2013, the rapid progress to an investment decision and the focus on board and management has been on value creation. We've built some great partnerships, including the Yilka community and with Gold Fields, in what was widely applauded as an innovative approach to developing Gruyere and, importantly, without significant dilutive equity raises or resorting to high levels of gearing, which can place all shareholder capital at risk. With our strong balance sheet and cash flows, we've been able to return shareholder capital through fully franked dividends, deliver the DGO acquisition for the original stake into De Grey, which has delivered a greater than 100% return on investment for Gold Road shareholders. Finally, as Tim and I have both said, for the announcement of the scheme implementation week, we believe that the Gold Fields acquisition is in the best interest of shareholders. With a 43% premium to the undisturbed share price and having delivered a 12% price bump to the initial price proposed by Gold Fields, the board unanimously recommends shareholders accept the offer in the absence of a superior proposal. Thank you again for your support, and thank you for attending today. Thank you, Duncan, for an excellent presentation in a short space of time outlining the value creation journey. There are a number of people in the audience who were here when the share price was three cents, and I can't actually see all of you because the light's shining very brightly in my eyes, but welcome to you. I would draw attention to Ian Murray. You were here at that time, Ian, and you were predecessor of Duncan. Sim Law, sitting next to you, was a project director of the Gruyere project. Did I see Russell in the back there somewhere? Yep, there he is. Yep. You were a director in those early days before Gruyere was discovered. I wasn't on the board of Gold Road when Gruyere was discovered. I came along shortly thereafter and was able to play a role in the development of the company to where it is now. We now open up to the audience for any questions relating to the company's operations. Microphone behind you, yeah. Thank you for an excellent presentation. Just a question. Last year, you, the management, were quite excited about those two exploration opportunities in Queensland. Would there be any way to hang on to those in a new vehicle for shareholders? Look, I mean, as part of the conversations with Gold Fields, I mean, we have examined lots of different ways to structure that transaction. I mean, effectively, the structure that we've got to is what we judge to be in the best interest to shareholders in value. It's yet to be determined, of course, what Gold Fields will do with all of the exploration portfolio. Fairly clearly, their primary interest is in the Gruyere asset and of the Yamarna exploration property. Any other questions? A couple over here. I just want to say a big thank you to the management and board for the acquisition of De Grey. It was very strategic, very smart, and it was done at the right time. It did not stress the balance sheet. It gave you a substantial holding with script issues, so it did not—and there was no cash taken out of the balance sheet. That left cash in the balance sheet to then go and top up, which it did do up to 19.9%. I cannot fault what you did, and congratulations, and thank you very much. Thank you. Thank you. It's actually a small clip. Just as an aside, when that offer was first made by Gold Road for DGO, and at the time, the project, the De Grey project, was being called a tier one world-class project, and the brokers and analysts were writing up that there would be a lot of interest in it from especially some of the big players. Gold Road got in there, and I thought, surely one of the other big players will come along and make a cash offer for that holding in DGO, which they could have done with around about AUD 350 million cash. No one surfaced, and you carried it through and pulled it off. Well done. Thank you. Mr. Gibbs, I guess you've mentioned a few times the 2024 rain event in March last year. Has there any been learnings that you've reviewed over the last couple of months after that event, and any of the learnings been put through for forward operations, especially Gruyere and Yamarna there, just within things like access to the site? Because Gruyere was within the risk of being shut down just due to that rain event. Has there been many learnings that the board's come through as well? Yeah. Look, I mean, we obviously did quite a substantive review. The area that flooded was quite localized. It flooded over about a 2-kilometre stretch, and that's really what made the road impassable. I've got to admit, we didn't pick that area as being flood-prone. Otherwise, there could have been some preemptive work. Following the road event, the flood event, the joint venture has spent about AUD 4 million on the public road. That has included raising the height of the road through the flooded area and sort of sorting out a number of areas that were boggy. There's probably a bit more work to be done on the road. Ultimately, that road does get sealed. It's part of the Outback Way. The Outback Way, once that's completed, is effectively a nation-building project where it'll be the third sealed highway across Australia. Of course, we have been a pretty active supporter of that. The timeline to get it sealed to Gruyere is still probably four or five years away. Obviously, once that occurs, then the site will be a lot more robust. We have also taken an extensive look at inventory on the site. We have increased things like fuel, cyanide, lime, which were the things that started to—we started to run out of. The biggest challenge ultimately with that whole rain event is that we had to shut down mining because of running out of diesel fuel. We kept mining ore, but it put the whole sequence of ore and waste mining out, and it really took us until the December quarter to get back on track with where we needed to be. What is now a far more sustainable state for the exploration in terms of mining, in terms of the ore and waste strip ratio. Yeah. Thanks, Duncan. These rain events are very difficult to insure against. I did ask somebody not long after this because we all know here in Perth, we've had that railway line from the east shut down a number of times in the last few years where we've actually run out of suppliers. I said, "Why don't they just fix it properly?" They do. Where it rained, they go in and fix it, and then it rains somewhere else because it's a very long railway line. It's a little bit like trying to pull on a shirt that's too small. You pull it down here, and it comes up there, and so it goes. We've done, I think, pretty good work here, but it doesn't guarantee until that road's sealed. Here's another question over here. Yeah. Kevin Bowman from the Australian Shareholders. Not a question, but just thanks for engaging with us for the last five years and being very transparent. Thank you. Yeah. Thanks, Kevin. Yeah. Another question up here. Travis. Yes. Do I need a microphone? You do. Tim Duncan, thank you. Just obviously a bit of a process to go. Mike Fraser is on record saying that they did not attribute or necessarily attribute value to the underground. How many holes are we going to be able to put into it between now and September? Do you think that is a position where the independent expert will come and have a look at? Just referring to that very nice slide. Yeah. I mean, look, the drilling's going with gusto. I guess if that's comments right, well then I'd kind of say we're all geniuses if there is no underground for the value that we've got. I'll leave you with that thought. Oh, that was Tim on Dow Jones. It's on record, so. Yeah. As you're aware, Travis, from when they decided to go public to when we finally negotiated the second price, I think we did a pretty good job in getting the information out on that underground that we had. It was an opportune. I'm just going to ask the independent expert a few houses. Yeah. Look, I'm sure they will. I mean, the underground story, as you're sort of saying, is continuing to evolve with more drilling. Potentially, there's even some interim resource updates and things like that that need to come through. The independent expert, we're just about at the point of formally appointing that, and the technical review should be starting in the next week or two. Any other questions? There we are. Yeah. I was just asking about the Gilmore deposit and the drilling program. Are you stepping that backwards, or are you going to continue drilling? Look, we're primarily doing some further drilling down dip. I mean, we're actually doing on both the northern and southern strike extensions. If you want to catch up with James or one of the GOs in the back of the room, we can share a bit more detail on exactly what we're doing. Questions online, Julie? Yes. We've got a question from Mr. Stephen Maine, and he asks, "It's very unusual to have four institutional shareholders, UniSuper, Yarra Capital, First Sentier, and Perpetual, enter into side agreements with Gold Fields committing to sell their combined 7.5% stake in Gold Road to Gold Fields before the agreed deal was announced to the ASX on the 5th of May. Could the Chair please explain whether any of our directors or management were involved in facilitating these discussions and whether these pre-commitments were influential in persuading the board to agree to the scheme at AUD 3.40 per share? I can categorically say no director was involved in any pre-discussion. It would be completely against our interests. I am saying our deliberately because I am a shareholder, the same as many people in the room here, to have engaged with them. Gold Fields spent a lot of time between when they made their first offer public and the second offer in trying to court our different shareholders. It is quite normal for certain shareholders to make the commitments that those shareholders made. It is important for boards to consider those commitments. They do represent a reasonable slice of the shareholder base. Mr. Stephen Maine also asks, "Were we surprised that Gold Fields was able to rustle up so many willing sellers at a time when the universe of ASX-listed companies is rapidly shrinking with this unprecedented deluge of takeovers? I'd say we were possibly mildly surprised, but this has happened in many transactions. It's not an unusual thing. Another question from Mr. Stephen Maine. "Gold Fields has a market cap of $28.3 billion and is listed on the New York Stock Exchange and the Johannesburg Stock Exchange. Did we think about asking for a script option, board representation, or for the company to, being Gold Fields, to add an ASX listing so that Australian investors in Gold Road can remain exposed to our assets and not face a big capital gains event from all this cash in a $3.7 billion takeover? Yes, we certainly did. In fact, none was offered. We did not press the matter because it is very difficult for Australian shareholders to own shares in a South African-listed company. There's no further questions, Tim. Very good. Thank you. We'll now, ladies and gentlemen, as there's no other formal business that has been notified in accordance with the company's constitution, this now concludes the formal business to be dealt with today. There be no further questions. I wish to thank you for your attendance, and I declare the meeting closed. I now invite those shareholders in the audience to join us for some light refreshments. In fact, in that regard, Duncan did show you that that $1,000, if you'd bought 10 years ago, what that would be worth now, and pretty close to $8,000. That includes the dividends. It didn't mention the drink afterwards and the snacks, which have been going on. Thank you very much for attending.