Good morning, welcome to Newcrest Mining's FY 2021 Full-Year Results Conference Call. This conference call is being recorded today, Thursday, 19th of August 2021. This is Tom Dixon, Head of Investor Relations and Media for Newcrest Mining. With me today is our Managing Director and CEO, Sandeep Biswas, our Finance Director and CFO, Gerard Bond, and our Chief Technical and Projects Officer, Suresh Vadnagra. If you wish to ask a question at the end of this presentation, press star one on your handset. Please note the company's disclaimers on these slides. Newcrest is a U.S. dollar reporting entity, all dollar references in this presentation are U.S. dollars unless otherwise specified. I'll now hand over the call to Sandeep. Thanks, Tom. Good morning, everyone. FY 2021 was a very strong year for us at Newcrest, and Gerard and I are both very excited to take you through the highlights today. We've also got Suresh on the line, who will talk through the key findings of our Cadia PC1-2 pre-feasibility study that we also released today. As usual, at the end of the presentation, we'll be open for questions. If I were to summarize the key achievements in FY 2021, we've delivered record financial performance that's underpinned a large increase in dividends to our shareholders. We've maintained our relentless focus on safety and managed to avoid any material operational impacts from COVID-19. We've continued to advance our multiple growth options while investing in a more sustainable business. We set several new financial records for FY21, which were underpinned by our strong operational performance and the benefit of high realized gold and copper prices. We made excellent progress across our safety objectives during the year, we're now approaching six years free of fatalities and life-changing injuries. We also have achieved industry-leading low injury rates of 2.3 injuries per million hours worked, which is a 12% improvement on the prior year. It's been more than 18 months now since the start of the COVID-19 pandemic, but we're still witnessing its devastating impacts right across the globe. To date, Newcrest has not experienced any material disruption to its operations as a result of COVID-19. This is a great reflection of the commitment and the personal sacrifices of our people, our strong relationships with local communities and governments, and the effectiveness of the precaution measures we implemented very early and also throughout our business. This result is not just about safety and profits. It's also about growth and the actions we've taken to be a better and more sustainable business. Over the next few slides, I'll take you through some of what we've been focused on. If we start with our growth agenda, we've made significant progress this year. The board has just approved the Cadia PC1-2 pre-feasibility study to the feasibility stage, and our Cadia Expansion Project remains on track. We're in the process of commissioning the Cadia molybdenum plant and expect to achieve first production by the end of September 2021. Last week, we announced that we would also proceed with the West Dome stage 5 cutback at our Telfer operation, underpinning its future potential. This cutback looks to ensure that the Telfer operation is able to continue for at least the next 2 years, while we pursue further mine life extensions, both in the open pit and the underground. Of course, really looking forward to bringing Havieron ore into the operation. The cutback is expected to cost $182 million, which approximately one-third will be capitalized production stripping, and the remainder is OpEx. At the half year, we delivered the findings of the Lihir mine optimization study. This included an optimized mine plan that deferred the construction of the seepage barrier and the identification of an opportunity to unlock additional high-grade mineralization from phase 14A. Phase 14A represents further upside from the current mine plan and brings forward our aspiration for Lihir to be a 1 million ounce plus annual producer. The Phase 14A PFS remains on track and targeted for release by the end of September this year. The geotechnical drilling and engineering studies have progressed, and the viability of the proposed wall steepening has now been confirmed. We're now in the process of finalizing the scheduling and financial outcomes and are progressing the reviews of the study. At both Havieron and Red Chris, the construction of the exploration declines are well underway, and we're on track to release the findings of their respective pre-feasibility studies in the coming months. Suresh is going to talk about these later in a bit more detail. At our Wafi-Golpu project, I'm pleased to say we're in discussions now with the state of Papua New Guinea in relation to the special mining lease, which is a key step in continuing development of this world-class orebody. In February 2021, we refreshed our aspirations for the next five years and defined our new company purpose, which is creating a brighter future through safe and responsible mining. To us, this is about making a positive impact for all of our stakeholders, such that they're better off with us operating in their community, having invested in us, having partnered with us, or having worked for us. Like safety, sustainability is core to how we run our business. Like safety, being an environmentally and socially sustainable business is a constant work in progress. In the first half of the year, we signed a landmark 15-year renewable energy power purchase agreement. For an amount of energy representing a significant portion of the company's future projected energy requirements. It's a significant step towards achieving our targeted 30% reduction in emissions intensity by 2030, and we continue to work on other energy solutions for Cadia that will help us achieve our goal. We've also developed greenhouse gas management plans for each of our operating sites to understand, define, and action any abatement opportunities. We've linked our senior executive incentive payments directly to the achievement of these objectives. In December last year, we signed a new compensation relocation and benefit sharing agreement, with the mining lease landholders at Lihir. We expect this milestone achievement will enhance socioeconomic development outcomes for landholders and the broader Lihirian community, and enable benefits to be distributed directly to the intended recipients. Moving forward, we'll be devoting even more attention to improvements in water usage, biodiversity management, and reducing our carbon emissions. Of course, each day we strive to earn the trust and respect of our communities. A key part about forging an even stronger Newcrest is our commitment to developing our people, and this is particularly relevant for us now as we embark on a new and exciting phase of growth. Our focus over the past year has been to build a diverse, inclusive, and psychologically safe work environment where all our people feel heard, empowered, and able to speak up. This is a foundation for collaboration and innovation. We also believe this is key to attracting the best talent in the mining sector, especially at a time when, as a sector, we've work to do to make people feel safe and valued. In terms of operational performance, our world-class Cadia asset achieved ore mined and milled records, and exceeded the top end of its production tons range for FY 2021. Together with strong copper prices, this allowed Cadia to deliver gold at record low negative all-in sustaining cost of $109 per ounce. We have profitable growth options at every one of our assets, and we're looking forward to bringing the Havieron underground and the Red Chris Block Cave into production in the near future. We'll also continue to be active explorers, and we'll partner with other companies who have access to ore bodies or districts with great potential, so as to sustain and extend our own reserve and resource base. Finally, we strive to be a leader in innovation and creativity. We're constantly looking to leverage innovative technologies to release the full potential of our ore bodies and those held by others, and to realize step change improvements in operating efficiencies. As I previously mentioned, FY21 has been another period free of fatalities or life-changing injuries. While this is particularly pleasing to report, we've always got to be humble here, as the focus required to maintain a safe workplace is an ever-present one. I'm particularly pleased, extremely pleased actually, and proud to see the transformation of the safety culture at Red Chris under our leadership. Red Chris delivered a standout safety performance for the financial year with a 48% reduction in injury rates on the prior year. This highlights the success of our NewS afe program in transforming on-site safety behaviors, and also the investments that we've made to improve on-site working conditions. Lihir and Telfer also delivered significant improvements in injury rates, demonstrating how visible safety leadership, proactive hazard reporting, and a workforce committed to improving the safety culture at the workplace can deliver improvements even when already at very low injury rates, such as at Lihir. As I mentioned earlier, we're taking action to reduce our emissions and to manage climate change risks and opportunities. In May this year, we announced an additional goal of producing net zero carbon emissions by 2050. We're confident that we, and the resources sector generally, have experience in identifying and applying innovative technologies that will support our transition to a low-carbon future. If we bring in the technology advancements in electric vehicles, battery storage, and other technologies, we can see a way to bring on-site emissions to zero or close to it. We expect that these technologies will also allow us to eliminate diesel particulates underground and reduce both energy intensity and the cost of ventilation. We're currently pursuing a variety of innovative solutions, and we'll consider these new technologies in the long term as we identify and define the roadmap to net zero by 2050. We're also well advanced in assessing the risk and opportunities for the business and selected climate change scenarios, in line with the Paris Agreement goals and our commitment to progressive TCFD reporting. With that, I'll now pass over to Gerard, who'll discuss our financial performance for the year and our very strong balance sheet position. Thank you, Sandeep, and good morning, everyone. For the financial year, we produced 2.1 million ounces of gold and record copper production of 142.7 thousand tonnes. When combined with the higher gold and copper prices, this delivered a record statutory and underlying profit of $1.2 billion, a 71% increase in earnings per share, and a record free cash flow of $1.1 billion. Pleasingly, this was achieved in the context of challenges and additional costs associated with managing COVID-19 risks. We estimate that the COVID preventative and mitigating measures cost us an additional $70 million in FY 2021. This was money well spent, given the protection and support it gave our people and local communities, and it enabled the continuity of our operation. Containing costs in a strong market is always challenging, with the single largest negative impact on our OpEx year-over-year being from a rising Australian dollar. FX impacts aside, we were generally able to keep cost increases to moderate levels other than in respect to steel making related to products and the global shipping charter market. We note that the Australian dollar has softened somewhat from its 2021 peak. We continue to apply an owner's mindset, procuring smartly and spending wisely as the best means of helping us maximize the conversion of strong production and metal prices to the bottom line. Given the strong financial performance, our balance sheet strength, and outlook for the future, the board has determined a final fully franked dividend to be paid of $0.40 per share. This takes total dividends for FY 2021 to $0.55 per share, which is a record amount for Newcrest, and marks our sixth consecutive year of increasing dividends to shareholders. Our record free cash flow was achieved even after investments in growth opportunities over the financial year. We invested around $700 million on major capital projects and exploration, including the Cadia Expansion Project and our early works and extensive growth drilling programs at Havieron and Red Chris. This investment in growth continues in the year ahead. We are very well-placed to fund our pipeline of growth projects from our expected future free cash flow generation and, if necessary, our strong balance sheet. At 30 June 2021, we were in a net cash position, very comfortably inside our financial policy targets and had no near-term debt maturities. As this slide shows, our focus on safely maximizing cash generation has seen Newcrest generate a total of $4.3 billion of free cash flow since FY 2014. This amount shown is after the large investments we've made over that period in a number of growth options, including the Cadia Expansion Project, the acquisition of Red Chris, our investments in Lundin Gold and SolGold, and acquiring the Fruta del Norte finance facilities. Just worth noting that in our FY 2021 free cash flow results for the year just gone, we received totaling $92 million from those Fruta del Norte finance facilities that we acquired in April last year. This has proven to be a very good investment for us. This slide depicts our strong balance sheet and our long-dated debt maturity profile. In the second half of FY 2021, we made a number of enhancements to further strengthen our balance sheet. We renewed and extended the maturities of our existing bank debt facilities, and we repaid the remaining 2022 corporate bonds. As you can see from the slide, it's almost a decade until the next bond repayment is due. Our strong free cash flow and debt reduction over many years has placed us well within our financial policy metrics. Our leverage ratio is a negative 0.01 times. Gearing of negative 1.8% was a 6.8% decrease from the prior year and is well below our target of less than 25%. Our strong cash position sees our liquidity coverage at $3.9 billion, of which $2 billion is in the form of committed and undrawn bank facilities with the remainder in cash. We continue to retain our investment-grade credit rating, which gives us good access to all capital markets. Our dividends for FY 2021 represent a free cash flow payout ratio of 41%. Free cash flow can vary from year to year for many reasons, but we remain committed to our policy of paying out 30%-60% of free cash flow for the year in dividends, with a minimum annual dividend of $0.15 per share. With that, I'll now hand back to Sandy. Thanks, Gerard. Turning to growth. This slide summarizes the progress we've made advancing our growth options over the past year and outlines our upcoming milestones in the near term. We remain on track to release several pre-feasibility studies over the next few months. We believe that these studies will greatly help to articulate the future potential of our business, and of course, provide the key information such as timing, production, capital, cost, and returns. We remain on track to complete commissioning of Cadia's moly plant and achieve first production by the end of September 2021. This is expected to provide an additional revenue stream for Cadia with an estimated $50 plus benefit to Cadia's already low all-in sustaining costs. Today, we also announced the board's approval to progress the Cadia PC1-2 pre-feasibility study to the feasibility stage. What I'll now do is just hand over to Suresh, who will talk us through the findings of this pre-feasibility study, as well as the Havieron and Red Chris project status. Thanks, Sandeep. Good morning, everyone. The development of PC1-2 is the next step in Cadia's block caving journey. As you may recall, Panel Cave 1 and 2 are currently in production, and PC2-3 is currently in construction. The next Panel Cave, PC1-2, represents around 10% of Cadia's current ore reserves, and once developed, it will help sustain Cadia's position as a tier 1, low-cost gold and copper producer for decades to come. The PC1-2 study identifies an optimized mine plan design, which we expect will deliver higher gold and copper grades to the mill sooner. It will also enable the deferral of capital expenditures in the medium term. The study estimates very attractive returns with a real after-tax internal rate of return of 21.5% and NPV of $1.5 billion. We estimate that our total capital investment in PC1-2 will be around $900 million spent over a number of years, which we plan to fund from our expected cash flow generation over the development period and from our strong balance sheet. We also have board approval to commence the PC1-2 early works program. This will allow critical infrastructure to be established in parallel with the feasibility study and prior to the commencement of the works program in the second half of calendar year 2022. The Havieron Project, which is located 45 kilometers east of our Telfer operation in the highly prospective Paterson Province, is also progressing extremely well. In February this year, we announced the commencement of the early work program, which included the construction of the box cut, exploration decline, and associated surface infrastructure. In May, we commenced construction of the exploration decline, which is critical to us achieving our goal of first production from the project within the next two to three years. We're busily finalizing our Havieron pre-feasibility study and expect to release its findings in the second half of this year. On to some of our exciting exploration activity in Havieron that's in progress. In December 2020, we announced our initial mineral resource estimate for Havieron of 3.4 million ounces of gold and 160,000 tons of copper. Mineralization remains open in multiple directions outside of the initial estimate, which indicates the possibility that the resource will continue to grow over time with our additional planned drilling activities. We have an extensive growth drilling program at Havieron, which is delivering some exceptionally exciting results. At Southeast Crescent Deeps, we have discovered a higher-grade zone containing some of the highest grade we have seen so far, which highlights the potential to add higher-grade ounces to the resource. We're also returning higher-grade intercepts from the Northern Breccia and Northwest Crescent. We're drilling to determine the vertical extents of these zones ongoing. In addition, we are trying to determine whether the Northern Breccia and Crescent Deeps targets sit within the same mineralized corridor, which could represent a bulk target. At Red Chris, we commenced construction of the exploration decline in June. Like Havieron, this critical project milestone underpins our objective of having a block caving operation at Red Chris within the next five to six years. During FY21, we reported the existence of multiple discrete pods of higher-grade mineralization, and we are currently evaluating options to early mine these pods with the aim of generating cash flows prior to the completion of a block caving. We're currently finalizing Red Chris pre-feasibility study and expect to release its findings by the end of September this year. In March, we released our initial mineral resource estimate for Red Chris, which is an important step along the road to the development of an underground block caving. Exploration over the last six months has been successful in extending the porphyry corridor 500 meters to the east. In the second half, we announced our East Ridge discovery, which is a new zone of high-grade mineralization at Red Chris. In our June quarterly exploration report, we reported our highest grade intercept from the zone, which supports potential for resource growth over time. Porphyry corridor is still open to the east, and we have more drilling plans to see if we can uncover more high-grade zones. We've also found a smaller high-grade zone southwest of the main zone, and follow-up drilling is planned to determine if this is a higher-grade target for the mine. Over the remainder of the calendar year, we have planned approximately 50,000 meters of growth drilling and increased the number of drill rigs to eight in the June quarter. We've also identified further targets on the porphyry corridor in a neighboring GJ property and intend to conduct drilling to test these targets in the future. Back to Sandeep. Thanks, Suresh. As a gold company, the contribution of copper to Newcrest results and outlook is often overlooked. Copper comprised almost 22% of our revenue in FY 2021, which is an increase from 15% in FY 2019 and 17% in FY 2020. Cadia represents our largest copper reserve and mineral resource, and with all other things being equal, we expect the relative contribution of copper to Cadia's revenue to increase over the coming years, in line with the estimated grade profile of gold and copper. We also have significant copper potential at Red Chris, Havieron, and Wafi-Golpu, and at Namosi, which may become economical at sustained high copper prices or through the use of improved extraction technology. I've always seen copper as an excellent complement to our gold portfolio. Both gold and copper are metals of the future, and copper in particular is key to a low carbon world. The copper exposure also provides us with good earnings diversification. The best gold company to own, I've said this many times, is one that also has a meaningful copper exposure. As the search for gold trends deeper anywhere, new deposits will increasingly be a combination of gold and copper. I expect this strong copper exposure to continue, although we do remain primarily a gold company. This slide provides our guidance for FY22. You'll see that gold production in total is expected to be lower than FY21, primarily as a result of the SAG mill motor change at Cadia, which will take around 20 weeks. All other assets are expected to produce a similar amount of gold as delivered in FY21. All-in sustaining cost is in line with last year, primarily due to the benefit of high copper prices offsetting the high stripping and sustaining CapEx. Production stripping is a little higher in the coming year due to the West Dome stockpile at Telfer and a large cutback at Red Chris. Sustaining capital overall is pretty much consistent with the prior year, except at Cadia, where we're taking the opportunity with the SAG mill motor changeout to do a number of other maintenance projects. The biggest increase in expenditure year-on-year is in relation to growth projects. The Cadia Expansion Project continues, along with PC1-2. At Lihir, we're investing more in the front-end recovery project and power studies, which we believe will have a good payback. At Red Chris and Havieron, we're investing in the declines and early works program, as covered earlier by Suresh. I'm excited about the many growth options that we do have ahead of us and pleased to see that we have the financial capacity to fund them. In conclusion, our solid operational performance for FY21 was supported by a strong gold copper price, which contributed to our record profit and cash flow outcomes. We're able to pass this benefit on to our shareholders in the form of a significantly higher final dividend, reflecting our strong financial position and expected future outlook. We maintained a strong focus on keeping our people and our communities safe, both in the workplace generally and in relation to COVID-19. We also took a number of important steps to create an even more sustainable business. Our growth options are advancing well, and through the remainder of the year, we look forward to updating you on the many studies we've got in progress. Before we move to questions, I just wanted to flag a significant milestone. Gerard will be retiring at the end of this calendar year, so he'll be around for quite a while yet. However, this will be his tenth and his last full year presentation for Newcrest. I wanted to take the opportunity to acknowledge and thank Gerard for his outstanding contribution to Newcrest. In his last 10 years, we've seen many challenges and opportunities for Newcrest. Gerard has been right there doing his bit and a lot more and seeing us through some very difficult times right through to the strong position that we now find ourselves. He was instrumental in the transformation of Newcrest over the years. He steered our balance sheet of the company from a precarious position to an outstandingly strong one that positions us so well for the next growth phase of the company. He's negotiated excellent financing facilities with long dated tenures to match our long dated asset life. He's also a world-class procurement organization which has kept on delivering substantial improvements to our business, as well as leading a highly professional and competent investor relations team. These are just a few of the examples. Lastly, I want to thank him for being an outstanding contributor to Exco and an exceptional partner for me in leading Newcrest over the years. He's not leaving just yet. He's got another six to seven months of hard yakka. With that, we're ready for questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Sophie Spartalis from Bank of America. Please go ahead. Good morning, Sandeep, Gerard, and team. I've got a couple of questions. Firstly, on Red Chris, you were saying that the Block Cave is now 5-6 years away. I note that Royal Gold, who just bought a 1% NSR on Red Chris, on their recent quarterly call, they said the Block Cave would not be in production for 6 years from now. That was based on their DD. They also said that they're assuming only the open pit production for the next 6 years before moving underground. I guess that's a little bit different to what we've heard from you in the past around these high-grade pods. I just want to understand, appreciate that the PFS is coming out in due course, but just understand whether the thinking has changed since you last updated the market around going for those high-grade pods first and then going into the underground and obviously seeing a pushback in timing now? Thanks, Sophie. Our view and our approach to Red Chris hasn't changed. The earlier you get cash in the door, the better. In order to do that, in parallel, which I've said, as you know, many times before. In parallel with the Block Cave study, we're also studying bringing forward tonnes through the extraction of one of the high-grade pods, which sits within the current footprint of the Block Cave. That is still part of the scope, and I really hope we can bring that in. The exciting thing about Red Chris also is that we've found other high-grade zones. One of the ones we're flagged with east ridge, which actually even sits outside of the resource shell that we currently sit. We're going like crazy drilling that thing out. We've got five drill rigs on it to determine whether is that another high-grade source of ore from a high-grade pod perspective or is it potentially even another block, another square block, which sits off to the side of where the proposed decline is. Our strategy has not changed, and our focus has not changed. Are you finding, though, that given COVID border restrictions, that the timing of being able to do the necessary work has prolonged and hence the pushback in timing? We're pretty much on track. The exploration decline of Red Chris is progressing really well. If you think that we only bought into this asset a couple of years ago, the fact that we've taken over the operation, we've invested all that in the surface ops, the work in the open pit, and the safety work, and got approvals, right through regulator and from the support of the Tahltan Nation to actually be doing exploration decline. We're going at light speed, the decline's going really well. Yeah, we're managing COVID-19, there's issues here and there and delays on some projects right across our business. This one's been relatively unaffected. Okay. I just want to move to Telfer. Obviously saw the stage 5 cutback announcement. CapEx seems pretty punchy, just given what we've seen with the previous mini cutbacks that you've done there over the last few years. Can you talk around the material movement, or on a $ per cubic meter for that stage 5 cutback versus what you have done before? Is this just a case of, we're in a very heightened CapEx environment? The first thing to point out is that the $182 million is CapEx and OpEx. It's not just the CapEx or the production spend. It'll be the same contractor doing the work as currently is doing the open pit to Telfer. The unit costs, I expect, will be broadly in line with what we're currently seeing. Just to provide that color on that split between CapEx and OpEx, Sandeep, please. Look, Gerard and Suresh may know better, but it's about a third CapEx and two-thirds OpEx. That's correct, Sandeep. Okay. The number we quoted, Sophie, was a total spend number. Of course, the one-third goes to stripping and the other two-thirds will, over time, be in the form of what you see in the OpEx line. Okay, that's great. Just in terms of Gerard's replacement, congratulations, Gerard, on such a successful career. You're retiring at the end of the year. Sandeep, just in terms of that smooth transition to the new CFO, and then also, we're hearing a lot around the industry around turnover being high and not enough people to fill jobs, retaining talent. I notice that you now seem to be putting in a new culture initiative there. Is this in response to all of that? Yeah. To tackle the first question, the search, both external and we have internal applicants for Gerard's role, is well underway. That's happening. We'll obviously make an appointment in due course. Look, where we're seeing pinches on staff, there are 2 levels. One is obviously where we're conducting a lot of active work. We are seeing a bit of tightening in New South Wales because of all the infrastructure work that's happening in and around Sydney. Labor is getting tighter there. We are seeing some escalation in wages, particularly over in Western Australia as well. Nothing outrageous at this stage, but everyone's got to keep their eye on it as a lot of CapEx projects and growth is announced across the industry. In terms of talent, where we're at now and with all the challenges and opportunities, both from a physical perspective and also the ESG challenge, it's a great opportunity to differentiate ourselves as a place where we balance all these things, are at the forefront of the culture that we want, the focus on ESG, and that helps attract the right talent to our organization. That's what the forward-looking program is all about doing. Okay, that's great. Thanks, Sandeep, and congrats again, Gerard. I will leave it there. Thanks, Sophie. Thank you. Your next question comes from David Radclyffe from Global Mining Research. Please go ahead. Hi, good morning, Sandeep and team. I had a question about the midterm production profile. If we take the midpoint of your guidance for 2022, you're expected to be under the 2 million ounce mark for the first time in a long while, and that obviously includes the attribution you've got there from Fruta del Norte. Your peers have become very good at putting out those longer-term profiles for their businesses. Obviously understand that you've got a number of studies underway. What do you see as that timeframe to return to the 2 million ounce mark and exceed that? That's my first question. Look, over the next 6 months, a lot of that has become clear. If you think about it, we've already forecasted that Lihir's going to become a million-ounce-plus producer for quite some time. It's just a matter of when that point comes, which will become very clear once the 14A study is done, which is by the end of September. We'll have a good picture of the Lihir profile. In Cadia, the grade decline has been well-flagged, which is one of the reasons we're expanding the plant. We'll see that it's lower than otherwise would be the case this year because of the mill outage, which is about 20 weeks long. Then we've got the Havieron study, the extra work that we're doing over and above West Dome Five to see what else is at Telfer. There's some very interesting intercepts in between West Dome Two and West Dome Five, which could prolong the open pit beyond West Dome Five cutback and continue to find more ore underground. The Telfer profile will become clearer also in over the next six months. Of course, the Red Chris block caving study will also give a much better picture of its go-forward production profile. Bearing in mind, I don't know where East Ridge is going, but if that comes in as a viable resource for us, then we'll have a base plan, but we'll have to start having a look at how we pull something like that into the mix, for example, if all that drilling proves up. Over the next six months, we should know a lot more. Okay. Thanks. Maybe just following up then on Telfer, you said 2 to 3 years for the first production from Havieron. What does that 2 to 3 years potentially look like from the existing ops? You've obviously talked to the cutback, but I can't remember the last update on the underground. I thought that was nearly finished. Can that continue for the next 2 to 3 years? That's our aspiration. The philosophy of the underground, what we've done is moved away from We've looked for next big block of ore and what have you. We've determined that although there are some there, the grades aren't quite there at this stage to look at something like that. What we are doing, and we're very successful at, is chasing the narrower vein and incremental ounces that you do, particularly higher up in the mine, in the J-M Reef and then elsewhere in the ore body. We're finding a lot of ore. It's not your big blocks of ore, but we continue to find ore with good grades, and we'll continue that exceptional exploration and recovery of that ore as long as we can. Okay, brilliant. I'll pass it on. Thank you. Thank you. Thank you. Your next question comes from Simon Mawhinney from Allan Gray. Please go ahead. Hi. Good morning, everyone. Just two quick things. Firstly, thank you for the dividend, albeit modest. It's much appreciated. Then, Gerard, also just a thank you for your stewardship over the years. Less modest, much greater than the dividend. Thank you. Then just on my question, on your FY 2022 guidance slide, in other, the column other, there's this $135 million-$145 million, which is footnoted to suggest that it includes major project expenditure, in brackets, non-sustaining in relation to Wafi-Golpu. I'm just wondering how we should think about your decision to include that in your all-in sustaining cost guidance. Gerard, I might hand that one to you. No worries, Simon. No, sorry. It relates only to Wafi-Golpu capital. That's $6 million-$8 million. That other in that relates to corporate costs. It's probably a footnote that we could have made clearer. The Wafi-Golpu capital is $6 million-$8 million, and the other is non-site costs such as corporate costs. Okay. I understand. Thank you. Would that include exploration? Is that somewhere else? Exploration you can see there. 150 to 160. Okay. Thank you very much. That does clear that up. The rest I can take offline. Thank you again, Gerard, for your stewardship. Thank you, Simon. Thanks, Simon. Thank you. Your next question comes from Daniel Morgan from Barrenjoey. Please go ahead. Hi, Sandeep and Tim. You have outlined in your guidance for FY 2022 some COVID-19-related costs. I imagine those are direct costs. I'm just wondering if you could touch on some of the indirect costs you're facing, basically productivity. If we weren't living in a COVID-19 world, with all these border closures and restrictions and things, can you talk to your productivity on production and costs that you might otherwise be looking for? This is a very good question. Although we've been very successful in avoiding any stoppages of any of our businesses, there's no question that there has been a cost impact. All the jiggling of rosters and all the quarantines, and this is particularly around Lihir, but not only Lihir. Certainly Red Chris also has had an impact on some of those productivity things that you're talking about. In Lihir, mainly been around the mine. This is in relation to getting the right number of people in and also through the quarantine, both in Port Moresby, and then when you get to Lihir, and the changing rules of getting people in and out of Australia into PNG and what have you. That's been the operation that's been affected the most from a productivity viewpoint. Probably followed by Red Chris and then very much less so Cadia and Telfer. Maybe just sticking with Lihir for the moment. There was a goal of sustaining throughput at about 15 million tons per annum, which was looking good for a while, but more recently, you haven't been near those throughput levels. Should I view this as partially COVID-19, partially these clay issues? Broadly, the question is, can you sustain 15 million tons per annum? I think we can. The clay issues that refer to, yes, that was an issue, but there is definitely a COVID component over the last year in terms of that. In the years coming, obviously, there's an impact from the A4 shutdown that we had to bring forward to the start of the year and do more work in it than we were originally anticipating in September. Obviously, we pulled all the other shutdown work forward from September. We don't need a shut in September. There's no question that as we march forward, that 15 is very much achievable, and that's largely related to the ore quality, which we've done a lot of work on, and we're there. That'll only get better as we treat a greater proportion of run-of-mine ore from our existing move into the Cadia. Also if we do Phase 14, that gives better quality of ore. Also some of the great asset management work that we've been doing, even the recovery, front-end recovery work, that'll open up some options in the flotation and grinding area to give us a bit more buffer in terms of operating utilization. That that's very much within our capability. We've just got to work our way to that over the next sort of 12, 18 months. Thank you. Just shifting to Cadia. I am just looking at the releases today from the feasibility study plus the briefing book and comparing it to previous iterations. It looks like, forgive me if I am wrong, that the production profile is shaved off somewhat in the back end, i.e. life in the 2060s has been shaved a little bit and the ore reserve, we've lost a little bit of tons. Is this the case, and if so, what has driven this? What dates did you see? In the 2060s, did you say? Yes. In relation to PC1-2, you do see less tons because we've split it into PC1-2 and PC1-3, which has given us much better capital intensity. We've managed to bring some ounces forward. In terms of 2065 or 2060, James, is that something that you can talk to? I haven't looked that far out, not for this call. Maybe we can. That might be one we just have to take offline because I cannot answer it right at the moment. Okay. That's fine. It's just my last question is, the Havieron study that's coming up, the scoping study. Can you talk to the scope that you're considering? Will this consider multiple mining methods, and will it also include information on how you're going to mine Telfer? The way to think about the Havieron, as you know, this is well and truly on the fast track. We just literally do not know the size of Havieron yet. The study will be looking at how to mine the initial resource that we've flagged up. That's what the study can only focus on. However, as we are drilling more and more to get the other configurations of Havieron, our mining teams are thinking about what other options there might be for mining outside of the existing resource that we flag. There's no question that over time, Havieron will probably need more than just one mining method. If you look at the Crescent Zone that you currently see here, that's where the initial resource is, and we'd be focusing on more selective mining methods there. We've released some drill holes, which show that that Crescent Zone may well go a lot deeper than we currently think outside of our resource. Which would be great news if it does, because what it means is all the capital that we're installing now, we're just applying it over a bigger resource, should that be proved up below the current resource in the Crescent Zone. If you look at the other areas, which are yet to be fully drilled out, you'll see that there are different shapes and also different grade profiles. Which may, if they prove to be contiguous, open up to some other more bulk-type mining methods. It's very much work in progress. It's really exciting. The focus is get those high-grade tons from the Crescent Zone into Telfer as soon as we possibly can while we're working on what the entire deposit looks like and we best optimize it. It's really exciting. It's work in progress. Get the cash flowing as soon as you can. That's always my principle on these things. Yeah, I imagine the Telfer data, is that going to come in the study as well? I don't think there's a lot more data on the Telfer mine. That's pretty much established. We've got West Dome Five, and if and when we find more material in the open pit or underground that's viable, obviously, we'll update. The two mines aren't necessarily linked in that way. The linkage will be is how long can we keep Telfer going until Havieron all comes in, and then how long is the overlap period, and Telfer may even last longer, we don't know. The first thing is to make sure that there's no dip or hiatus between the two. How do we make the most money? I don't think we're going to update Telfer in that timeframe. We just did that. Okay. Thank you very much, Sandeep and team. Thank you. Thank you. Your next question comes from Tanya Jakusconek from Scotiabank. Please go ahead. Great. Good morning, everybody, and Gerard, congrats on the move. I've got 3 questions, if I may. The first one I'd like to talk about just Cadia. Thank you, Sandeep, for sharing that the PC1-2 and PC1-3 is sort of the same cave. I just wanted to ask, the $900 million for PC1-2, combined when we had it as a bigger cave, originally about 400 million tons, we had a capital of about $1.4 billion. Is that still something very feasible for PC1-2 and now PC1-3? We're going through the final work on PC1-3, but the reason, and if you look at the timetable that we've given for the various caves, you'll see that PC1-3 is a very short time span from when we start working on it to when we start producing ore, because it's essentially just a footprint extension from where we are now. The secret to the better CapEx and productivity of PC1-2 is the layout. We've introduced a central corridor, which gives us the opportunity to close to double the productivity by having loaders. What previously would have been one extraction drive is now sort of split in two, so you can literally have two loaders working in an extraction drive, in principle, although they are now separate but half the same size with that central corridor. As we move over, and it's been designed and the layout and the crusher position, all that's been laid out, so as we move into PC1-3, all that becomes extremely cost-effective, and it's just a footprint expansion. We'll do the work and put the capital cost out, but no doubt we'll be expecting a pretty capital-efficient extension. Okay. What I'm getting from you is that probably that total $1.4 billion that I had for the initial 408 million ton bigger cave is probably conservative. I'll let you draw that conclusion if you choose. Okay. Can I ask, just on Cadia, you had initially 1.1 billion tons being mined of all of these 7 caves. Today, it looks like it's 1.3 billion ore mined. Initially, you had AUD 10.5 billion to have the sustaining and development capital for all of these 7 caves. It's a bit more tons now. Is that still a good number for us to think about over these 7 caves? Look, again, I haven't looked at the long term. I see no reason to have a massive change. Suresh, is there something that you can add to that? Probably closer to that part. Can you hear me now, or? Yes, we can hear you now. All right. Okay, sorry. I had some technical problems a little bit earlier. Look, in terms of the overall life of mine, capital for Cadia, that's constantly under review and is constantly being evaluated and optimized. At the moment, we'll continue to revise that and report that, but that that's the current sort of thinking in terms of overall capital costs for the development of those future caves. That wasn't the area of focus for us as part of PC1-2 study. The PC1-2 study focused on PC1-2, and the capital costs that are reported in the release are related to PC1-2. Okay. Maybe I'll leave that and then move on to, looks like in the next few months, you'll have quite a number of studies out with some visibility. Sandeep, when will you be ready to provide more than one-year guidance? That's a $64 question. That's something that we're working our way towards doing, as you know. Having these studies out over the next 6 months, we've been waiting for a while to get to this point, will give much greater clarity on all the assets, actually, and put us in a better position to maybe answer that question for you. Maybe. My last question is just on inflationary pressures. Can I talk a little bit about what you are seeing occurring in both your operating, your cost structure, and your capital structure, in terms of maybe some numbers, in terms of are you seeing overall inflation in your cost structure in the 3%-5% similar to your peers? Or how's your labor looking? How's your consumables? You mentioned steel, energy, explosives. Maybe some more details on those. I'll take that if you like, Sandeep. Sure. In the year just gone, we actually did really well on the cost front, Tanya, I'll cover the year ahead. Our operating costs went up $209 million. $124 million of that was FX, overwhelmingly, that was the Australian dollar. In fact, $125 million of it was the Australian dollar. The underlying increase only went up by $85 million on our total cost base, $59 million of that was higher COVID management costs, the direct costs, $24 million of that was higher royalties off the back of higher copper production and stronger prices. Putting that simpler, we actually were able to keep our costs flat to marginally lower year-on-year. As I said in my earlier comments, where we are seeing the pressures, that anything as it relates to steelmaking materials, is we're seeing price rises there. We have recently concluded some grinding media contracts that has had the effect through just specification adjustments and a bit of science, moderated the impact of that on our cost base. You'll see that consumables only represent about 10% of our total cost base. Though a little bit of pressure there, it's only one part of it. Energy costs are rising, perhaps, but for us at Cadia, they are fixed, and at Telfer, they are also fixed. We're kind of insulated there. Heavy fuel oil is a large part of our cost base at Lihir, 30-odd%. That's a meaningful exposure. Again, last year, that was a little softer and we see it softening. Well, sorry, the headline price is softening. A reminder that we hedge our heavy fuel oil at Telfer on a rolling. Sorry, I said Telfer. At Lihir, on a rolling quarterly basis 12 months out. That exposure in our guidance is largely fixed. The single biggest price pressures outside of that is seaborne freight, but you'll see that in the revenue line rather than the cost line. As Sandeep mentioned earlier, it's probably in labor. Labor's 40% of the cost base. There are inflationary pressures as a result of good times in the industry generally. We've got internal border closures inside of Australia that makes the mobility of labor and the movement of people a little more complicated. Again, we're seeing pressure there, both a little bit in terms of rate, but also time to fill. That's how it will manifest itself. The best indication as to how we see our cost being in the year ahead is in the guidance number, which is inclusive of all those factors. Okay. Maybe just on the capital cost side, where are you seeing pressures there? Suresh, do you want to take that one from a capital projects perspective? Look, at this point in time, we're seeing quite a bit of activity in the project space, not just nationally, but internationally as well. That's not necessarily translating through to some costs yet, but it's an area that we're monitoring very carefully. We expect that that activity might put some pressure on materials as well as on labor. I'll highlight that at this point in time, we're not seeing that pressure coming through, and we're trying to factor that into our thinking in terms of all projects as well. We'll let someone else ask questions. Thank you. Thank you. Your next question comes from Hayden Baxter from Macquarie. Please go ahead. Good morning, Sandeep and Gerard. Just a couple from me. Just firstly on Red Chris, just interested to understand this East Ridge Project. At what point do you think we can get a better understanding of that and sort of when it could be considering putting it into the production profile? Because it's looking pretty impressive so far. Certainly, I agree with your last comment, it's just a question of how we can get the drill holes, how soon can we get these 5 rigs to come up with a resource that we can start putting the right shells around and mine plan around. In terms of ease of getting it into business, obviously subject to any geotech issues from a construction perspective, it is adjacent to our decline, we don't have to do another decline or a major detour or anything like that. We can easily branch off the current projected decline that's under construction. It'll be about how does that best sequence in, which will come down to ultimate risk profile. Is it going to be a block caving, or is it going to be an opportunity to go in and get a high-grade pop, and then come back and take the rest of it later? All those things. It's a high-class problem to have, but the first step is to put it up. When we can have a resource around that, it's hard to say now. As I said, we've got five rigs, and it's definitely on the fast track. Because it's a better opportunity to go forward if we can. Yeah. Well done on winning. Well, Gerard. Sorry, you go, Gerard. I'm sorry. I was just going to say too that that PFS for Red Chris will come out by the end of September this year. In six weeks or so, we'll be able to color that in in great detail. Yeah. Gerard, the East Ridge is not in the resource shell. It's not part of that PFS. That is correct. Sorry, yeah. Yeah, the East Zone is, but the East Ridge is that exciting thing to the east of it. We're working as fast as we can. That's the simple thing. If we can give a better timeframe on that in the future, we will. Right now, I can't actually tell you when we can have a resource around that, if that's the question. Thank you. There were no further questions at this time. I will now hand back to Mr. Biswas for closing remarks. Thank you everyone for participating in the call, thank you so much for all the questions. Look forward to updating you on our projects over the coming 6 months. Thank you, and have a very safe time. That does conclude our conference for today. Thank you for participating. You may now disconnect.