I would now like to hand the conference over to Mr. Brian Massey, General Manager, Investor Relations and Corporate Development. Please go ahead. Thanks, Mel. Welcome, everyone, to our March 2025 quarterly results presentation. For those of you on the call who I'm yet to meet, as Mel said, I'm the General Manager, Corporate Development and Investor Relations at Gold Road. I recently joined, and I look forward to speaking with all of you in the near future if I haven't already. On the presentation today, we'll be referring to the quarterly results slide that can be viewed on the live webcast on our website or the ASX release. Those on the webcast and on the phone are able to submit a question for us, which we'll address at the end of the call. On the call today with me, I have Duncan Gibbs, Managing Director and Chief Executive Officer of Gold Road; John Mullumby, Chief Financial Officer; and Keely Woodward, Joint Company Secretary. With that, I'll now hand you over to Duncan to talk through our quarterly results. Over to you, Duncan. Thank you, Brian, and welcome to Gold Road. Moving on to slide four now for an overview before we get into the details of the presentation. Gruyere continues to operate safely, and there were no Lost Time Injuries at Gold Road during the quarter. As previously flagged in the market, gold production at Gruyere was low quarter on quarter at 71,226 ounces, with an all-in sustaining cost of AUD 2,658 per ounce. Operating cash flow was AUD 107 million, and Gold Road's free cash flow for the quarter was AUD 34 million. Cash and equivalents ended the quarter stronger at AUD 204 million. Despite the challenges of the quarter, we do expect Gruyere to recover the lost production over 2025, and full-year guidance remains unchanged at 325,000-350,000 ounces for the full year. As of market close, our listed investments, obviously dominated by the De Grey position, was around AUD 1.1 billion, sorry, AUD 1 billion, and that will convert to Northern Star shares, of course, with the approval, recent approval, and completion of the scheme. Earlier this year, we announced the Gilmour Pre-Feasibility Study and Maiden Ore Reserve, and more recently outlined an exploration target and the 2025 drill program. We think the study demonstrates substantial value generated by our exploration efforts to date at Yamarna, with an NPV of AUD 354 million at a AUD 4,300 gold price, which was where spot was at the time we drafted the announcement. As you're all aware, gold has continued to rally strongly with an Aussie gold price around about AUD 5,220 this morning. During the quarter, we released results of the exploration target at Gruyere, and Gruyere Joint Venture is obviously committed to a very substantial 60,000 m drill program. We're currently four and set to become five rigs with that program going at the moment and continuing into 2026. We were really quite optimistic about delivering significant resource and reserve growth and mine life extensions at Gruyere, well beyond the open- pit life we currently extend to 2032. Now looking at the quarter in a bit more detail, our total movement, including waste and ore mining, increased quarter on quarter to record highs with further improvements to the productivity of the mining fleet expected to continue through 2025. Mining head grades decreased quarter on quarter to just over 1 g, which is below the reserve grade, and largely reflected restrictive access to the higher grade northern portions of the pit, where we've recently completed RC and grade control drill programs and an in-pit diamond drill program. Ore tonnages milled for the quarter was down on prior quarters, reflecting the previously announced plant maintenance issues with the primary crusher and the mill conveyors. As well as impacting throughput, the crushing circuit issues resulted in processing lower than planned grades from coarser stockpiles, so the stockpiles created after the primary crusher were substantially depleted during that phase of maintenance. The combination of lower throughput and head grade resulted in gold production of 21,026 ounces, in line with our market update on the 18th of March. Largely resulted in the lower gold production, all-in sustaining costs was higher at $2,658 per ounce. Higher capitalized and expensed mining costs therefore, of course, reflect the higher mining volumes achieved during the quarter, and sustaining CapEx is up quarter on quarter with a TSF raise and full expansion both in progress and both tracking to plan. Issues with the primary crusher are now resolved, and actually record crusher throughput was achieved during March as we rebuilt stockpiles. We've made a number of operational improvements around the management of the coarser stockpiles during periods of the crusher maintenance. Despite the reduced plant throughput performance in quarter one, we anticipate these operational changes will enable us to meet the total planned throughput for the year to be achieved, which gets us back in line with the guidance parameters provided in January. Despite the lower quarterly production performance, we expect to maintain guidance within the 250,000-350,000 ounces on a 100% basis for the year and maintaining the all-in sustaining cost guidance for 2024 to AUD 2,600 per ounce. I'll now hand over to John to run us through the financial summary. Thanks, Duncan, and good morning, everyone. On your screens is the slide here with the chart providing a breakdown of the key elements and drivers of our cash flows for the March quarter. The operating result and performance that Duncan has just walked you through translated into robust gold sales and revenue of AUD 156 million and provided Gold Road with AUD 107 million of operating cash flows from Gruyere. Positively, as Gruyere bounced back strongly from the challenges earlier in the quarter, both the revenue and operating cash flows for the month of March alone were 60% of their respective Q1 totals. This is a good proxy of how we expect the operating performance and cash flows from Gruyere to persist and grow throughout the remainder of 2025. As you can see on the right-hand side of the screen in the chart, we finished the quarter with AUD 204 million of cash and equivalents on hand, which includes AUD 17 million of unsold doré and bullion that has grown from AUD 9 million from the end of December last year. This cash position also reflects AUD 40 million of sustaining CapEx for the quarter, of which AUD 30 million was capitalized stripping and the payment of a fully franked dividend of AUD 13 million in respect of the year-ended 2024. When we adjust for the growth in cash equivalents between December and March and this dividend, the free cash flow result was a very healthy AUD 34 million. Lastly, onto our balance sheet, where we continue to strengthen our financial position as we remain debt-free, had close to AUD 1.1 billion liquid assets on hand at the end of the quarter, which includes our cash equivalents and our listed investments. I am pleased to say this trend has continued over the weeks following the end of March, and as of today, our investments alone are valued at just over AUD 1 billion. Thanks, and back to you, Duncan. Thanks, John. Drilling at, so we've been released a number of announcements relating to Gruyere exploration and also Gilmour, which I'll come to shortly. Drilling at Gruyere, of course, is targeting areas below the open- pit reserve with results reported during the quarter as per this slide. That's largely in line with our expectations. The conceptual level study evaluating underground mining by sublevel caving, other words, other methods, was completed on behalf of the Joint Venture by SRK and finally delivered to Gold Road in early April. The study underpins decisions to conduct further drilling. On a 50% basis, the exclusive mineral resource, or simply the mineral resources less the open-pit reserve, is 2.2 million ounces. There's already a lot of ounces sitting outside of the current mine plan that takes us out to 2032. In early April, we provided details of an underground exploration target of 1 million-1.5 million ounces. We believe the underground mining has significant potential that could extend the life of Gruyere well beyond the open- pit life, which, as I said, extends to 2032. Drilling for this year is budgeted at AUD 15 million. That is part of a program of 60,000 m estimated at AUD 24 million that is anticipated to extend into 2026. That drill program will prioritize infilling the top 400 m of the area shown on the long section, largely the area that is currently un-infilled. We will be aiming to convert that up to the indicated category, which obviously can translate into reserves with all of the technical studies and significant growth in the un-infilled resource testing the exploration target down to the lower half of that slide. Moving on to the next slide. We also updated the Gilmour Pre-Feasibility Study with details of the outcomes provided on this slide. Following the completion of the study and the inherent value of the high-grade resource, we've reviewed the ongoing exploration program and the potential exploration target in depth with the details of the drill program at Gilmour also provided in an early April ASX announcement. With that announcement, we've commenced the 30,000 m or about AUD 10 million drill program, diamond drilling, which aims to extend the Gilmour resource at depth. We've also applied for the mining license at Gilmour with native title negotiations continuing during the quarter. As well as the drill program at Gilmour, drilling has continued at Renegade and Warbler, also within the Yamarna area. There are programs at Tamerlane and Earlston planned for later in this year and designed to extend the resources across each of those prospects. In total, we have two diamond and one RC rig operating across the Yamarna elements. In summary, plant issues at Gruyere were obviously disappointing with gold production well below plan. However, we are now confident that the new management team at Gold Fields has a solid recovery plan and will see a higher throughput sustained in the future and for the rest of this year. That provides confidence in the delivery of this year's targeted plant throughput, better our guidance parameters, and therefore delivery of gold production within guidance and cost. On the organic growth front, there are multiple sources of encouragement, of course, including, of course, the Gruyere underground study, which has the potential to extend the life of Gruyere well beyond the open- pit. The maiden ore reserves at Yamarna and obviously the Gilmour Pre-Feasibility Study that demonstrates the financial benefits of our exploration at Yamarna. Of course, the billion-dollar position that we hold in De Grey, which is then converting to Northern Star shares now that the scheme has been completed and gone through the court process. Finally, of course, Gold Road maintains a strong and healthy balance sheet, is debt-free, and is unhedged. That brings our presentation to a close, and on our hand, back to the call to Mel. Thank you. Thank you. 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 type your question into the ask a question box. We'll now pause a moment to allow for any phone questioners to register. Thank you. We are showing no phone questions at this time. I'll hand back for any webcast questions. Oh, pardon me, before we do that, your first phone question comes from Hugo Nicolaci with Goldman Sachs. Please go ahead. Good morning, Duncan, Brian and team. Thanks for the update this morning. Obviously, a busy day with quarterlies. I just wanted to ask firstly around the De Grey stake, just any updates in terms of where you're at on the thinking of holding that position versus in-specie distribution and high-level thoughts on what that would mean for the capital gains tax piece. Look, I guess the scheme does not close until next week. I guess I will point out, of course, that holding gold equities has been pretty high value this year. Actively doing nothing has been a pretty good strategy today. There is no advantage to us in starting to speculate if and when we may do something within that state. We do not see how that is advantageous to Gold Road shareholders or for that matter for Northern Star. I will point out that in-specie distribution, we have looked at that. It is probably the least effective way that we could consider in returning value to shareholders. Thanks, Duncan. That's clear. I guess just turning to the operations, just getting more into the mining piece and just grades and things, you'll just elaborate a bit more in terms of the profile for the rest of this year and how you expect the mine material movements and grades to perform just given the first quarter. Yeah, mining has stepped up quarter on quarter, and that's a fairly consistent trend now over the last about nine months or more. We expect some further improvements there. Pieces really come in. There's good operating cadence and incremental improvements, and we expect that trend to continue. That'll put us into the sort of low 70 million ton movement rates for the year is where we expect that to land, and that's within our guidance parameters. Mill performance quarter one, obviously disappointing with the issues with the crusher and conveyors. We have learnt, as I indicated, quite a bit around the management of coarser stockpiles. We expect to be getting throughput rates up in the high 9 million ton per annum kind of rate through the rest of the year. We have got some additional maintenance and upgrades as we've previously flagged in our guidance plan for quarter three. We are tracking with those improvements that we've made. We believe that we are comfortably within the guidance parameters that we've put out. Excellent. Thanks for that, Duncan. I'll just squeeze one more in, if I can, just around the underground study and what the milestones from here are in terms of firming that up and what discussions, I guess, need to be had with the JV to prioritize or progress that in the near- term, just given a number of other discussions happening in the background. Yeah. I mean, look, at the operational level, it's very much business as usual. We had a very good site trip up there last week, the week before. I mean, the critical path on the underground quite clearly at the moment is drilling. We need to get most of the drill program through this year done before we really get into the details of studies. The JV is starting to formulate really all of the build-up of what would be a Pre-Feasibility Study. We've got conversations around that planned over the coming weeks. I envisage at this stage, we'll probably go into pre-feasibility kind of level studies, maybe late this year or certainly by early next year. We obviously need to be building those up for the annual budgeting of business planning cycle for next year through the course of this year. Great. Thanks for that. I'll pass on. Thank you. Once again, if you wish to ask a question via the phone, please press star one. Your next question comes from Paul Hissey with Moelis. Please go ahead. Thanks. I just want to circle back, I guess, a little bit on the, obviously, the proposed deal or the mooted deal with Gold Fields. I appreciate, Duncan, there'll be plenty that you won't want to say or can't say. I'm just curious, you put out the announcement with the exploration upside and flagging the potential of an underground operation. It feels like that's probably had its chance now to be digested by investors. There's obviously been quite a bit of volatility in the market as well. Is there more you think you can do to help sell the merits of Gold Road? Or Or that's kind of it, and you're really at the whims of, I guess, the market now in terms of the macro environment, gold price, and these kind of things? I'm just keen to get a sense of where you're at with this deal. Is there more you think you can do? Are you back in discussions with Gold Fields? Keen to get any kind of update you can give us there on, I guess, your approach from here. Yeah. I mean, I guess when that announcement was made public by Gold Fields, the Board rejected it on value and on the basis of being very opportunistically timed. The market now has a much better sense as to why we saw it as being opportunistic. It arrived just after or in the midst of production downgrades, which clearly our Joint Venture Partner knew about that. Before the market started to understand the underground potential, a number of analysts, of course, including you, have started to put some value around the underground, which did not exist in the market. I think now shareholders are a lot better informed. We certainly do have some further news to put out around our exploration activities that we are planning around Yamarna. In terms of the proposal from Gold Fields, I mean, our view is these things are always best dealt with behind closed doors. It is really for Gold Fields to re-engage if they wish to. Yep. Lastly, I suppose the granularity around pulling apart the bid price or their prior offer, which you just expressed you thought to be undervalued. I mean, obviously, the value of De Grey is a little bit more transparent now. I mean, obviously linked to the Northern Star share price. But De Grey itself, I mean, De Grey itself over the last month or so is up 20%, and you guys are notionally up 5%. I guess how does that change the value dynamic given that one of the moving parts here is potentially known or at least better known? I think despite all the issues, if you really look at our share price performance, say, since early March relative to the rest of the market, we're pretty much trading in line with that. Yep. Yep. All right. Tough question. Appreciate the answer. Thanks, Duncan. Thank you. There are no further phone questions at this time. I'll now hand back for any webcast questions. I think that looks like it's come to a close. Obviously, a lot of our information was released during the course of the quarter. We've done a fair bit of extensive engagement with investors during the quarter, obviously partly related to the Gold Fields situation. Happy to wind up the call at that point. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.