Thank you for standing by, and welcome to the Newcrest Mining 2022 half year results. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Tom Dixon, Head of Investor Relations. Please go ahead. Thanks very much, operator. Good morning, everyone. Welcome to Newcrest's FY 2022 half year results conference call. I'll just let you know this call is being recorded today, Thursday, the 17th of February, 2022. I'll also just remind people that Newcrest is a US dollar reporting entity, and all dollar references in the slides today are to US dollars. Any references to the prior period is to the six months ending 31st of December, 2020. I'll now hand over to our Managing Director and CEO, Sandeep Biswas. Thanks, Tom. It's been a very eventful first half for Newcrest. We've taken significant steps forward in our profitable growth agenda, and we've set up our operations for a stronger second half and a very bright future. This half we had a big operational focus on major maintenance and productivity improvements with the planned replacement and upgrade of the Cadia SAG mill motor and the rebricking of Autoclave 4 at Lihir. The SAG mill is now operating at full capacity, and we expect production to significantly increase in the second half. In that context, our financial results were solid, with a statutory and underlying profit of AUD 298 million, in line with our expectations. We are all still witnessing the significant impact of the COVID-19 pandemic across the world. Pleasingly, our operations were able to continue producing throughout the half. I wanna personally thank our people for their hard work and dedication during this challenging time. COVID-19 still remains a risk for the business, and this continues to be very closely managed. We're also very pleased to announce the findings of the Red Chris Block Cave, Havieron Stage 1, Lihir Phase 14A, and Cadia PC1-2 Pre-Feasibility Studies during the period. Works have been advancing on each of these projects. The studies overwhelmingly demonstrate the depth and quality of our global organic growth portfolio and create an exciting pathway for each one of our operating assets in the future. In November, we announced a deal to acquire Pretium Resources. As I mentioned at the time, Brucejack is an asset we've been watching and evaluating for many years now, and we're absolutely delighted that an ore body of its grade, quality, and significant potential will become part of our already exceptional asset portfolio. We have also progressed plans to expand Cadia during the period, and our drilling results at Red Chris and Havieron continue to demonstrate fantastic potential. We continue to work diligently on our plans to extend the life of Telfer, and the West Dome cutback is well underway and progressing to plan. Today, we've announced a major increase across our mineral resources and ore reserves, with a 10% increase in gold ore reserves to 54 million ounces compared to this time last year. This is an incredible achievement and reinforces our unrivaled long reserve life advantage compared to our North American and Australian peers. It's a genuinely exciting time for Newcrest and a significant step forward in our Forging an Even Stronger Newcrest plan. At Newcrest, safety is core to how we run our business. We remain dedicated to the safety and well-being of our workforce to ensure that everyone goes home safe and healthy every day. However, it's been a challenging start to the year for Newcrest in relation to injury rates. These have increased during the period, mainly driven by a number of minor hand-related injuries. This trend is unacceptable, and our team is working around the clock to improve our safety performance going forward. Our NewSafe Training program remains central to ensuring all new employees and contractors understand our safety culture and the values that have driven our safety transformation. Critical to our Forging an Even Stronger Newcrest plan is building a high-performing, inclusive, and psychologically safe work environment. We continue to roll out a range of initiatives across the organization during the period. Our Respect at Work program continues to progress with a dedicated project team now in place to eliminate behaviors associated with sexual assault and sexual harassment in the workplace. We want everyone to feel safe and empowered to speak up and to be included and to feel engaged. As part of that, we're focusing on psychological safety, and our goal is to establish the same strong track record for that as we have for physical safety across our workforce. Like safety, sustainability is core to how we run our business. This is constant work in progress as we look for ways to care for our environment, develop and maintain strong relationships with our communities and governments, and make ethical and transparent strategic business decisions. I'm pleased with the progress we've made towards our sustainability commitments during the period. Along with many of our peers in the resources sector, we have a goal of net zero carbon emissions by 2050. This is a fantastic goal, but we need to turn it into an action plan and to take concrete steps to deliver on our commitments. Our dedicated project team has been working to develop our group net zero carbon emissions roadmap, which will outline the detailed steps Newcrest will take to reduce their carbon emissions and to manage climate change risks and opportunities. We have a strong track record in identifying and applying innovative technologies, and we look forward to applying that skill set to support the transition to a low carbon future. With Pretium due to join our portfolio, we look forward to leveraging their industry-leading sustainability initiatives as well. Brucejack has one of the lowest greenhouse gas emissions intensities of any operating gold mine in the world, and will be a great fit into our sustainability agenda. It was also pleasing to see the Rye Park Wind Farm reach financial close during the period and commence construction. This renewables project will secure a significant portion of Cadia's future projected energy requirements and is expected to achieve commercial operation in 2024. Our AUD 20 million community fund has supported more than 65 initiatives since its inception, including health assistance, livelihood restoration and economic recovery in PNG, Australia, Canada, Ecuador and Fiji. It's been a tremendous support to many people in our communities, and we look forward to continuing this program into the future. Since we announced the findings of Cadia PC1-2, the Red Chris Block Cave, Havieron stage 1, and Lihir Phase 14A feasibility studies, works have been advancing on each of these projects as they progress through the feasibility stage. Some project activities have experienced a few disruptions relating to COVID, but the teams are managing the impact on the overall schedule, and we remain committed to delivering each study on time. These studies represent the work of many highly skilled people across many years to position Newcrest with such a fabulous range of high quality and capital efficient growth options. As highlighted on this slide, each project is expected to deliver real after-tax internal rate of return higher than 16%. At the spot gold and copper prices at the time of the release, the estimated economics improve even further to at least 22% on all four projects. Noting that spot prices as we speak are even higher today. The studies are expected to create $3.6 billion net present value to Newcrest, increasing to over $5 billion at the higher metal prices you see on this slide. Works are advancing on all these projects, and we continue to evaluate and progress opportunities to extract the full potential of all of them. I'm also excited to highlight our cost profile going forward. I think this is something that really differentiates Newcrest. If you combine the results of these four studies with the expectations from our existing assets, our All-In Sustaining Cost per ounce is anticipated to halve, falling to less than $500 per ounce in FY 2030. If realized, this cost position is without comparison in our industry at this scale. The material growth in our copper production comes exclusively from Tier 1 jurisdictions and will assist our All-In Sustaining Cost position with the addition of by-product credits from Cadia and Red Chris. There's also further potential upside in our copper growth story with the development or the potential development of Wafi-Golpu, which is not included in our base case. The development of Namosi, you know, it is excluded from our base case, but you know, at current copper prices, you know, this is difficult to rule this project out also. As we foreshadowed to the market, Cadia had a slower start to the year due to the replacement and upgrade of the SAG mill's Gearless Mill Drive. This was the first time a Gearless Mill Drive of its size and foundation anywhere in the world has been completely removed, replaced and upgraded. It was a tremendous achievement for our team to safely complete the project after nearly five years of planning and more than 150 people involved. It sets Cadia up for a fabulous second half, with the mill now operating at full capacity. We also had some great news in December with regulatory approval received to increase the permitted processing capacity at Cadia to 35 million tons per annum. Increasing the capacity of the mill is part of the Cadia expansion project, which is on track for completion in the upcoming September quarter. Key activities are well progressed, including development of PC23, upgrading the material handling system, improvements to gold and copper recovery, and other associated infrastructure. We also received approval to repair the slumped section of the northern tailings dam at Cadia. We plan to progress the remediation once our design work is fully complete. Finally, the Moly Plant has delivered first concentrate production at Cadia early this year. The team is working hard to ramp up the plant and improve the product specs. Moly will be an additional revenue stream for Cadia into the future, and we estimate it will provide a life of mine average of around $50 per ounce benefit to Cadia's already low All-in Sustaining Cost. Lihir had a challenging start to the financial year. Planned and unplanned shutdown activity impacted mill throughput and heavy rainfall limited access to higher grade ore in the pit. Despite the heavy rainfall, we have seen mining rates increase in the first half compared to the prior period. This is in line with our plan to increase mining rates to 50 million tons per year to meet our base case production schedule. Mining rates will continue to increase in the second half, and additional pumping capacity installed into Phase 14 in January will limit the impact of weather events during the second half. Lihir is also expecting higher-grade ore from Phase 14 and increasingly high- and medium-grade ore from Phase 15. Together with the higher mining rates and lower maintenance schedule, this should increase gold production in the second half. We still expect Lihir to meet production guidance in FY 2022, although gold production is likely to be at the lower end of the 700,000-800,000 ounce range. We remain on track to complete the Lihir Phase 14A feasibility study in the fourth quarter, and as this slide highlights, we've made some great progress in ground support, anchor drilling, and installation. We've also commenced drainage works and procurement of additional mobile equipment, and our ground support trial results have been positive. Realizing Lihir's potential to be a million ounce-plus per annum producer is a fabulous opportunity for the company, and we continue to work to achieve this milestone. The potential of Red Chris to Newcrest continues to unfold. The Pre-Feasibility Study announced last year reflects only stage 1 of our growth aspirations, with an initial ore reserve of 8.1 million ounces of gold and 2.2 million tons of copper. The significant upside potential for Red Chris is becoming clear. Results at our new East Ridge discovery continue to expand the footprint of the mineralized corridor, with the latest drill results intersecting a high-grade mineralization within the eastern extents of this prospect, and it also remains open to the east and at depth. We also have the potential early mining of the high-grade pods in the East Zone. We continue to study this option in parallel with the block cave studies, and this could bring forward the benefit of this high-grade material into our cash flows while we develop the cave. Havieron has a compelling future based on the Pre-Feasibility Study outcomes, which were based on only a small proportion of the initial mineral resource estimate. We've had excellent growth drilling results at Havieron during the first half, including the highest grade mineralization drill result outside of the Southeast Crescent zone. This intercept was within the Eastern Breccia Corridor, and as you can see on this slide, it sits outside of the inferred mineral resource estimate. The results also confirm the likelihood that the Havieron region hosts additional high-grade zones, indicating significant potential for further resource growth. We have experienced some difficulty with poor ground conditions at Havieron during the period, which has impacted the progress of the exploration decline. Our team's currently working to understand the potential impacts to the project schedule and how we can recover some of the lost time. We still expect first ore production from Havieron in FY 2024, and we will provide updates as more information comes to hand. Our team is also working hard to progress some exciting opportunities to extend the mine life at Telfer, including in the open pit and underground. The West Dome Stage 5 cutback is also progressing well, and we expect this project to support continuity of the Telfer operations into FY 2024. We were absolutely delighted to announce the agreement to acquire Pretium Resources in November last year, and we're very pleased that the Pretium security holders voted overwhelmingly in favor of the transaction last month. The transaction positions Newcrest as the leading gold miner in British Columbia's Golden Triangle, a region that we know well already, where we've established strong stakeholder relationships, and where we're very pleased to be expanding our presence. Brucejack is one of the highest grade operating gold mines in the world and will drive a material increase in mineral resources, ore reserves, annual gold production, and cash flows, as well as asset and geographic diversification. It has exciting exploration potential, and the large mineral endowment provides both near mine and district scale exploration opportunities. As I said, it's been a very busy time for Newcrest, and as highlighted on this slide, we have a number of important milestones approaching us in the near term. We remain on track to release several feasibility studies over the next year, and we're confident these studies will provide even more upside for Newcrest. We also expect to close the Pretium deal this quarter, after which we'll provide the market with a more fulsome update on our plans for Brucejack. Overall, we're thrilled on how our portfolio is positioned and is developing going forward. We'll have exposure to six tier one ore bodies, five of which will be operating with an unmatched reserve life advantage compared to our peers. We continue to have a strong and strategically advantageous presence in Australia with Havieron, Telfer, and our world-class Cadia mine is also set to deliver strong cash flows and earnings for our business for many years to come. We have accelerated our aspiration to be a million-ounce p-plus producer from Lihir from FY 2024. Our equity interest in Lundin Gold, owner of the Fruta del Norte mine, offers significant value, and the financing facilities we acquired from Lundin have provided us with over $160 million in cash flows to date. This is a genuinely exciting time for Newcrest and highlights our commitment to deliver superior returns to our shareholders. I'll now pass over to Kim, who will discuss Newcrest's financial performance for the first half and our very strong balance sheet position. Thanks, Sandeep, and hello, everyone. In the current period, we delivered an underlying profit of $298 million and all-in sustaining cost margin of $502 per ounce, and an operating cash flow of $423 million. Our first half performance was in line with our expectations following the planned replacement and upgrade of the Cadia SAG mill motor and lower production at Lihir. As highlighted by Sandeep, we expect our operating and financial performance to improve in the second half, and we are on track to deliver our FY 2022 group guidance. Newcrest continues to monitor the impact of cost inflation across the global industry. In the first half, our results were impacted by rising concentrate freight costs, driven by tightness and challenges in the sea freight market. We are also seeing labor and consumable costs increase with growing demand, constrained supply, and the impacts of underlying commodity price increases. We were also impacted by the strengthening Australian dollar and of course, additional costs to manage COVID across the business. Importantly, though, Newcrest continues to be proactive and collaborate with our suppliers to identify ways to manage these cost pressures and improve our overall cost profile. We have worked hard over many years to get Newcrest into a financial position where it can pursue profitable growth opportunities when they arise. I am pleased to say that we have invested just under AUD 500 million in major capital projects and exploration activities during the first half. In December, we announced the sale of our portfolio of 24 royalties for a total cash consideration of approximately AUD 37.5 million. This transaction highlights our capital discipline across our whole business and unlocked further value for our shareholders. This slide highlights our strong balance sheet and long dated debt maturity profile. At 31 December 2021, we have access to $3.2 billion of liquidity, and our next corporate bond debt repayment is not due until 2030. We will draw down on this existing liquidity to fund the cash element of the Pretium offer consideration, and we will still retain considerable capacity to execute our pipeline of organic growth projects at Cadia, Red Chris, Havieron, and Lihir. Our strong free cash flow and debt reduction over many years has placed Newcrest well within our financial policy metrics. Our leverage ratio of 0.2 times at 31 December 2021 remains well below our target of being less than 2 times EBITDA. Our gearing of 4.5% is significantly below our target of being less than 25%. We also retain our investment grade credit rating, which gives us good access to all capital markets if and when needed. Our dividend policy is clear. We look to pay dividends that are sustainable over time, having regard to our cash flow generation, growth opportunities, financial metrics and balance sheet, with annual total dividends being at least $0.15 per share on a full year basis. Based on these considerations, we have announced an interim fully franked dividend of $0.075 per share, which will be paid at the end of March. With that, I will now hand back to Sandeep. Thanks, Kim. What does all this mean for Newcrest? Well, we believe it shows that Newcrest is a unique investment in the gold industry. Our long life, high margin production is expected to be delivered at an extremely competitive All-In Sustaining Cost, which means strong profits and margins even at lower gold prices. We have an outstanding organic growth portfolio. With the addition of Brucejack, we will be producing well over 2 million ounces of gold over the next decade or so. Our substantial and increasing exposure to copper exclusively in tier one jurisdictions is also exciting for our shareholders, and we have even more growth options not included in our base case projections. We remain relentlessly focused on safety, building an empowered and inclusive culture, and building our sustainability credentials across all dimensions. With our excellent exploration and technical capabilities and our strong balance sheet, we are very well positioned for the future. This is a fabulous place for the company to be, and we believe this makes us a very attractive investment proposition for all investors. With that, we're now open to 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 Mitch Ryan from Jefferies. Please go ahead. Good morning, Sandeep and team. Thank you very much for your time. I just wanted to focus on stage fourteen over here. With the ground support trials concluded, I was just wondering if you could give us some metrics around some of the cost of inflation that we may be thinking about, and also how you'll be treating those costs. Will they be going to operating costs or will you be capitalizing them? I think on Phase 14A, and Kim may know this, but there is, you know, obviously it's partly capital and partly operating. The good news from the geotech works that you're talking about is that we're seeing that the ground conditions are better than what we assumed, which is really good news. The anchors are all testing fine. I think that methodology that we, you know, this is why we're doing the trials to make sure it works, demonstrate that it does work and it's better than expected. That's good news. In terms of cost inflation, I mean, that would depend from place to place. I mean, this is equipment and people who are already mobilized and the drills are already on site. The only exposure there is, if there's any further inflation in labor or something like that, but it's a highly specialized and small crew. Wouldn't expect any major changes in relation to the 14A development. In terms of the CapEx OpEx split, I just don't know that off the top of my head. You'll see a bit of a mix coming through that. The infrastructure that Sandeep's talked about that's on site and the waste movement, you'll see that coming through capital. As we work through our ore, you'll see some mining costs coming through. There's a bit of a mix of treatment over the next few years as we work through that. Thank you. My second question, which relates to Cadia, just following the SAG mill upgrade, I was just wondering if you could sort of. You said it was running at full capacity, so just to confirm that's running at sort of the 32 million tons per annum throughput rate or not above? Can you sort of give when that's expected of? Well, we've stockpiled a lot of. We're in the process of testing its limits, as you can imagine. We did stockpile ore during the time that the SAG mill was out for replacement. Now, the team's in the process of you know, fine-tuning it and making sure that we can really optimize and chew through that stockpile while the mine ramps up to meet you know, That approval rate that we're getting. Obviously, our target's 35 million tons in line with our permit. We're just in the middle of that process. It was a very smooth transition over, and it seems to be operating extremely well. Okay, thank you. I'll pass it on. Your next question comes from Daniel Morgan, from Barrenjoey. Please go ahead. Hi, Sandeep and team. First question just on Lihir. Now, you've given greater COVID costs in your guidance today. Just wondering if there's also a productivity issue we should be thinking about. I mean, looking at Lihir, it has to have a very strong second half to meet the lower end of guidance. I'm just wondering if you could elaborate on your confidence and some of the drivers on why improvement will occur in the second half. Thank you. Yeah, no, it's a very good question. COVID costs have increased than what we expected due to all the number of isolations, et cetera, that we've had. A very important point on COVID is along with other mines in PNG, Lihir's now gone to the endemic phase of management as opposed to pandemic. What we're doing is only treating people and isolating people who are symptomatic, which is what you do in the endemic phase. It's been done successfully elsewhere in PNG, and that will obviously deconstrain any issues we otherwise would have had in terms of isolating positive cases. That's an important step to free up our productivity, 'cause that has been impacted due to COVID and et cetera. The other drivers will be access to 14A high grade. That was limited during the heavy rains of the last half. This is where the pumps I referred to, that we're gonna put in there, will allow us to dewater much quicker after rain events and get into that high grade at the base of Phase 14. As we are getting more and more into Phase 15, and the pre-strip is being done, we will be getting access to higher amounts of medium to high grade from Phase 15. Look, it's not gonna impact this year that much, but towards the tail end of Q4, we'll also start to see some more from Phase 14A, but that's gonna have more of an impact in future years. Okay, thank you. You highlighted ground conditions at Havieron impeding progress to date just on that decline. Can you expand on this? Is it just near surface this issue has arisen, or is it an issue you think an ongoing issue? We were always anticipating issues, as you get through the first 400 meters of cover. What we're finding as we started the decline, those conditions were worse than we imagined. I mean, you could only do limited cuts before you had to shore it all up again. Otherwise you'd have the material sort of rubble around the side. That slowed us down a lot. We've changed the design a little bit. We were gonna go on a decline straight, you know, straight, but at a decline, and then step down to the next level. We've brought that forward, where we're now going down in a spiral earlier in the decline and then continue the decline after that. This is to try and get through that 400 meters of cover as soon as we possibly can and get into the better ground conditions so we can start accelerating. Now, exactly what the impact all of that is, we're working through now, but that's fundamentally the issue that we've encountered. You highlighted the copper opportunity at Wafi-Golpu. Again, just wondering if you could elaborate on if there's any movement at all in government relations from what we've seen. Well, there's just literally in the last two or three weeks, there's been a movement on the ranch, so to speak. Lots more discussions with the state negotiating team. You know, they're gonna go into election mode very soon, so I don't really anticipate an agreement before the government has to go into caretaker mode. We're right in the middle of another flurry of discussions. You know, it's one of those things you know you take the ball forward in incremental steps, and this is an opportunity potentially to take the ball forward. I don't know that we'll necessarily get an agreement before the election. You know, I mean, you can never tell, but it's unlikely in my view. Okay. Thank you very much, Sandeep and Tom. Your next question comes from Levi Spry from UBS. Please go ahead. Yeah, hi, Sandeep. Thanks for the call. Maybe just following up on the Golpu question. What are you doing? Are you updating any studies, or is there any project works happening at all? No, it's essentially a caretaker mode. We've got a small team up there. I think, I mean, we've had a couple of false starts in the past. I think the intent now is let's get an agreement and then let's focus on the critical path, which is about some of the infrastructure work, which we had started, but we stopped because as you know, we had an MOU with the government, Which then got put on ice as the government changed. We, you know, start on that work again. That scope's already fixed and we know what to do, set up for the, you know, box cut and starting the decline. While all that's occurring, we will re-look at the study, and, you know, obviously re-estimate it. More importantly, bring some of the improvements that we've learned since the time that Golpu was originally designed in terms of caving, in terms of tunneling, and also in terms of process flow sheet design. Okay, thank you. Just in terms of Pretium, so you know, most of the approvals have come through. You talk about completion, this next quarter, this quarter. This quarter. How do we model it? Yep. How do we model it? What's the economic interest? When does it start flowing through? Well, for an engineer like me, I say the day we take over, we start, you know, they're our answers. Kim, you might wanna give a more sophisticated answer than that. I think the engineer covered it then quite well. From the day that we do get the completion, that's when we'll start consolidating it, as you see with all of our other fully owned operations. 100% from whenever that day actually is. Okay. Two questions. When will you be in a position to give us guidance post that? And what is backdated? Does it commence from when it was approved? Is it a black box type arrangement, or how do we think about what's happening right now? It is from the day that it completes. There's no backwards dating. Whenever that date actually is, we'll be consolidating both the financials and the production numbers from that date forward, no backdating. I think in regards to guidance, we'll get the team on the ground on that day, and once we spend some time getting through the detail of speaking closely with management and the like, we'll be in a much better position to put some meaningful guidance out to the market. Yep. Okay. Thank you. All right, just moving on to Telfer. Extending mine life to FY 2024, but just this idea of maybe. Well, what happens after that, I guess. How are we thinking about plans to support production post that in combination with Havieron? Yeah. I mean the first target is to make sure there is no gap between Telfer and Havieron. From what we're finding from our drilling that we're doing, in addition to the West Dome cutback, there may be another potential cutback that we're now doing some more drilling on to see if that stacks up. As you know, underground, we've moved from you know, trying to find another big ore body underground to incremental discovery, which is proving highly successful. We're finding all sorts of pods, you know, some with quite high grade that we're discovering and mining as we go. We would aim to continue that and yeah, you know. First win would be to make sure there is no gap between Telfer and Havieron. The second one is, do we run it in parallel? Have we found enough to just run it in parallel with Havieron? We'll dedicate one of the lines to Havieron in that scenario. The other line, this is the production train in the mill with focus on Telfer ore if that was that scenario. Okay. Thank you. Last one. Sorry, being cheeky with so many, but just in terms of the longer term guidance, you know, less than $500 an ounce All-In Sustaining Cost by FY 2030. Pretty amazing headline. How could that change? It's a long way away. Well- There's a lot of copper involved there. There's not much gold. There's not life extensions at Telfer. It's a lot of copper production, you know, subsidizing, I guess, high cost Lihir. Just talk us through- And the key- Yep. Lihir wants it. Yeah. Because Lihir is such a high fixed cost business, you get smashed when your ounces are down. When your ounces are up, as they will be with the higher grade coming through as we get deeper and deeper into carpet, that margin and contribution from Lihir goes up quite dramatically as it pertains to all-in sustaining costs coming down and obviously the margin going up. The copper flowing through from Red Chris along with the gold ounces are extremely cheap ounces. I think they're negative in all-in sustaining cost. That base case we've described. What's, what are the price assumptions for that base case, Kim? I think it's. Is it- I'll just have to look that up. Sorry. I think it's $3.20. Anyway, we published all this a few months ago, but it's nowhere near where the spot prices are today. The risk would come from timing and delivery of our projects and obviously copper and copper price from the by-product credit viewpoint. If prices stay where they are, which I mean, who knows, then it may look even better. Yep. Cool. Okay. Thank you. Thanks. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Al Harvey from J.P. Morgan. Please go ahead. Good day, Sandeep. Just one from me. On the Telfer Reserve, you mentioned that you've removed O'Callaghan's from the reserve, like, pending strategic tech and financial studies. So that's a fairly sizable share of Telfer's copper resource. Can you just talk us through that review and how material that is in terms of mine life and general plans there at Telfer and with Havieron? O'Callaghan's has sort of never really been factored into the mine life of Telfer itself. That would have to be a standalone, or we'd have to dedicate some of the infrastructure at Telfer in the processing to treat the ore because that's got a lot of, you know, zinc in it. It's got, you know, multiple minerals in it. But the reason we took it out is that that original study is a bit long in the tooth, and so we've taken it. It's still in the resource, but I think it's gone from a reserve. As part of this review, and a lot of this is associated with the market, right? I mean, if we focus purely on costs, we'd be mining O'Callaghan's today. It's all about how much material it brings on the market, and how do you make sure that the market is ready to receive it, and that the price isn't necessarily influenced by you coming online. These are the considerations we'll look closer into. I mean, these sort of materials are becoming more important going forward, and there will be a time where I think that will make sense. You know, we've got a lot on our plate at the moment. It doesn't affect the Telfer base case, and we thought it was prudent to make that call. Thanks, Sandeep. Pass it on. Your next question comes from Anthony Barich from S&P Global Market Intelligence. Please go ahead. Hi. You spoke about your net zero roadmap on its way, and Brucejack obviously having one of the lowest emissions profiles in the world. Just wondering, with the carbon tax, you know, going up there in British Columbia, how do you manage, you know, the risk of the rising price there? And does it impact the operations economics necessarily, or not so much because of the high renewables uptake in the grid? Yeah. It really is the high uptake of renewables. You know, speaking with the B.C. government, I mean, they have a plan to make sure that they're 100%, not just 90 whatever it is percent, carbon free, at least as it pertains to the hydropower going onto the grid. Pretium are already well advanced in their thinking on how to electrify their loader fleet and together with all the work we're doing at Newcrest, I think you know, the places where you have hydropower like there and FDN and Red Chris, it's a real privilege to you know, benefit to only have to focus on on-site emissions really because the off-site will look after themselves from a feed. It allows us to really get some traction as this technology, electrified technology comes into mainstream in relation to on-site emissions. Just as an industry, do you see gold mines going underground, perhaps a bit more given that they seem to have a more favorable emissions profile, or is it not as simple as that operationally? It's hard to see the economic drivers, so this is carbon costs, et cetera, et cetera, that would make you go. It'd be an unusual situation that would force you to go underground instead of surface. But I think the technology both on surface and underground of electrification, coupled with decarbonizing the incoming, I mean, that's obviously the obvious way to go. Then whether you go underground or surface depends on the ore body you have as opposed to something else driving you that way. You know, I'm a big technology fan, and I just see that sort of technology, particularly on-site emissions, really starting to accelerate as we go forward. Okay, thank you. Your next question comes from Simon Mawhinney from Allan Gray. Please go ahead. Hi. Good morning. Sandeep, would you mind commenting, please, on your 6% annualized return on equity as reported, as compared to the greater than 20% IRRs post-tax that these projects apparently deliver at spot prices? Well, these are all great projects going forward, Simon. I mean, that's a future-looking projection of these projects, which will all deliver high returns. Over time, we should start seeing that number that you quote improving over time. I guess your incumbent asset base is prejudiced relative to your incremental capital spend. Is that the right way to interpret that? If I may, there's probably recognition that Lihir is a very large part of our asset base, and was always obviously a historical asset purchase. That's the one, Simon, that you'll see is driving our current return on capital versus what you'll see in those future studies. Okay. Thank you. The second question I have, and I only have two. With respect to Pretium, you mentioned it's accretive to Newcrest EBITDA and cash flow. And any acquisition of a profitable company or asset would do exactly that. I think it's an unhealthy focus. I'm curious, when will Newcrest shift its focus to per share metrics? Well, it's not as if we don't look at per share metrics. You know, the reasons for buying into Pretium go beyond just being accretive. I mean, it is a major strategic play for us. We believe there's a lot more upside in what's contained in the existing ore body and future exploration. That'll flow both into absolute metrics and per share metrics. When you make these acquisitions, do you compare them to your own share price? Uh- Sorry, or your own shares, I should say. Our shares, I should say. Yeah. Yes, we do. We, you know, that's just a whole broad set of things that we look at because we can't just look at the per share metrics on the day of acquisition. We have to look about what can we do with the asset and look at it on that basis, right? In addition to what it does strategically in terms of asset geographic diversification, you know, things like your emissions profile, et cetera. So it's not just a single metric decision. There's multiple facets, as you know, and would appreciate, Simon, when we evaluate any potential investment. In this particular case, it happens to be an acquisition. Your next question comes from Peter O'Connor from Shaw and Partners. Please go ahead. Good morning, Sandeep. Just want to circle back to a few questions. Havieron decline. Just to get some clarity on the answer that you gave, you're putting down a decline, which is going straight down to the decline. You've now gone more to a spiral. That's quite a change in such an early stage of a decline. Are the conditions that bad? And is that something we should be more deeply concerned about? Well, we're concerned about the progress we were making. We sort of said the design always had a spiral, right? But it was further down the decline, and then we spiral down and then continue the decline. All we've done is brought that spiral forward. So it'll essentially be the same tunnel length more or less. It's just that spiral piece comes forward as opposed to where it was originally gonna go. Just so we get you go vertically down quicker. Are the conditions more related to a particular stratum or an aquifer, or is it broad-based across that sort of first 400 meters? At the moment where we are now, and obviously it's variable. Where we are now, it seems fairly evenly distributed. Okay. To Telfer, when you talked about the mill and potentially running Telfer longer and then using the two trains, switch between Telfer and Havieron. Previously, I think on calls, you talked about campaigning. Is that still the way you'd think about packaging and sending the ore through the mill, given the size of Havieron versus Telfer? Or, is that comment you made different to that prior comment? We will be modifying the design of one of the trains, mainly to take into account the high grade ore from Havieron, particularly copper. Right? This is in the flotation and the leaching section. We'll dedicate one train to Havieron. Now, initially, at the lower tonnages, we expect to campaign. If, as we hope over time, that we can expand the mining rate and size of Havieron, then once you get above around 6 million tons, around that plus, then you probably go to a continuous type operation. Bearing in mind, each of these lines have about 10 or 11 million tons capacity, so they have a limited turnaround ratio. Because of the mineralogy and the grade of the broader Telfer ore bodies, you would just use that through the other train and not mix it with Havieron. Got it. Okay. I hope that makes sense. Just back to Pretium. Yeah, it makes sense. Thank you. I appreciate the color. Pretium, just to try and pencil in, hone in on that guidance. So you closed this quarter. Is the guidance from that weeks after that? Months after that? Should we get an FY 2022 June quarter number, or do we have to wait for an FY 2023 full year number? Just to hone in on Levi's question. Yeah, no. It's a good question. I don't wanna pin myself down to an answer right now. We've, as you know, we don't even have feet on the ground from an operational sense. But we do know how important it is that we say what we're gonna do and what our plans are. That'll be one of our priorities, is to just get the information to you guys as soon as we're comfortable that, you know, it's something we can put our moniker on. Okay. Can I finish with just a contentious question? Oh, sorry. Sandeep, there's been a lot of headlines lately about mining industry and poor culture across a broad range of companies and the industry in general. It looked like you outed yourself last week by the AFR in a, like a semi-editorial. Is there any comments you'd like to broaden or share with this forum regarding that? Yeah, I think the way it has been, so when I first started, as you know, back in 2013, 2014, we were in a spot of bother as a company, as you would remember. It really needed a very top-down command and control style leadership to get the operations to where they need to repair the balance sheet, get the focus on cash and really, you know, pull ourselves out of the hole we've got ourselves into. That took a lot of hard work and, you know, there was some tough discussions, both collectively and individually. As we pulled out of that, I'm gonna say around 2018, 2019, we started to move towards a more collaborative style of leadership, and there was many leadership programs put in place. This is the top down, starting with me and then. What we also did back when the transformation started is we started our cultural index, the OHI, because we wanted to make sure that the culture was improving along with the business, not that, the business improvement was compromising culture. All the data was telling us that at a high level, our culture was improving because our OHI index increased every year until 2019, where we started off at the bottom of the lowest quartile in 2014. By the time 2019 came along, we were just inside the first quartile, which, you know, of improvement in culture. That was very good. You know, we had to skip 2020 because of the pandemic. Then in 2021, our OHI index dropped down into the top of the second quartile. What it also showed, because along with the numbers, you get a lot of comments from people is, you know, everyone understood what we had to do during the turnaround phase. You know, society's changing, people's expectations are changing, and they wanna be more involved in running the business and really, you know, being trusted to take more control and less command and control. As we'd started that journey back in 2018, 2019, we realized we need to amp it up again. About a year and a half ago or thereabouts, we started our inclusive leadership program, starting with me and the exco and down through the organization. The big focus was on psychological safety and how do you lead in a more inclusive manner. We're just in the process of ramping that up to saying psychological safety. We are now saying that is gonna be at the same level as physical safety in terms of how we approach it. We're now preparing our next wave of the NewSafe type of methodology, which has been so successful in changing our physical safety culture. We're gonna turn that on to psychological safety. There's a heap of work going in the area. A lot of it driven by the feedback from our people. In fact, almost all of it. Our various surveys and indicators and what have you. It's something we've been taking seriously for some time. We'll amp it up again. We and I particularly recognize the need for change and totally committed to it. I appreciate the call, Sandeep. Thank you. Your next question comes from Matt Greene from Credit Suisse. Please go ahead. Hi. Sure. Thanks. Good morning, Sandeep and Kim. Sandeep, I think it was about a year ago you introduced your new capital management program policies, and in there you highlighted share buybacks. Just keen to hear your current thinking around that, just given where Newcrest is trading relative to some of your global peers and also just on the performance of the underlying commodities there. If you could provide some color on what you need to see to justify a buyback. Well, look, I mean, you know, if we didn't have the big CapEx projects we've got in front of us, you know, you could argue we should be doing a buyback now. We have to balance that with our capital projects profile coming forward to add that fundamental value to the stock itself. I mean, the board thinks about these things, you know, every six months or so or in between if required. It's not off the agenda, but we have to consider buybacks in relation to the other commitments that we have both now and going forward in relation to deployment of capital. Got it. That's great. Thanks. Then just a couple on Cadia, if I may. Just the SAG upgrade and just the ramp-up of the float cells there. Are you able to provide some color as to how the performance has been through January and into February? Look, it's going well. I don't think we've tested its limits yet, and that's what, you know, the site's doing. Right now, I think it's too early to say. You know, over the next couple of months, as we slowly increase its capacity. The thing to remember is all the bits of the project aren't finished yet. It may be that we may not be able to push it to its absolute limit until the other bits and pieces are in place during the course of the year. It'll be that balance. Within the constraints of the current plan, we're testing, yeah, you know, what can the SAG mill do, right? I'm hoping that as usual with these things, you know, they can do better than nameplate. I'm not saying it will, but that's what I'm hoping. Oh, that's great. Thanks for the color. That's all for me. Thanks very much. Your next question comes from Steven Henderson from Henderson Trading. Please go ahead. Oh, good morning, Sandeep. Morning. Sandeep, I was interested in the Havieron figures, where the move from inferred to indicated resources somewhere in the region of, I think, 0.67 million ounces of gold. The actual overall resource doesn't appear to have moved, particularly if at all, despite some phenomenal drill success. Just wondered if you could add a bit more color to how that's being viewed. Oh, we just haven't put another resource around it, right? I mean, I think it is as simple as that. Now we've done a fair bit. I think we announced that, oh, I can't remember when it was, a couple of months ago, that we've done a lot of that resource definition drilling. We're now moving more to growth drilling. We'll be able to, you know, over the coming period, look at publishing a new resource, once all that data is analyzed and the various designs are put in place and what have you. It's not something that we're not focused on, it's just that, it's gotta be informed by the drilling. As you know, there's a pile of work that's gotta be done before you can, under the JORC Code, register it as a resource or a reserve. Yeah. Any further upgrade to or MRE 2, for want of a better phrase, is that in any way linked to the negotiations for the additional 5%, which I take it have begun now. There's certainly the window for that to commence was the middle of February. I was wondering if those two are linked in any way. It has commenced. We commenced those discussions in December, but it's not linked to that. I mean, that follows a very different process, and this is more technically driven and, as opposed to anything along those lines. One could expect to see an MRE update independent of any what could be a lengthy process in the 5% negotiations, depending on whether an agreement can be met. Yeah. We don't wanna couple those two things. I mean, one's project related, the other is a, you know, discussion between two shareholders. Okay. Thank you. JV partners is probably technically more the right word. Yeah. Thank you. There are no further questions at this time. I'll now hand back to Mr. Biswas for closing remarks. All right. Well, thank you very much for dialing in, everyone. Thanks so much for the questions, and have a safe day. That does conclude our conference for today. Thank you for participating. You may now disconnect.