Those that aren't aware, I'll just spend a little bit of time very quickly touching on where our producing assets are and our large McPhillamys assets. We have basically two production points. Duketon, that we own 100%. This year, midpoint of guidance is to generate approximately 255,000 oz. Then down at Tropicana, we have a 30% share in that, and our share of that should be generating midpoint of guidance is around 125. As you can see, we're quite a substantial producer, have been for a while. Also sitting over on the East Coast, we've got McPhillamys, which recently we've updated a PFS with an alternative tailings management strategy. As a result, we see a clear pathway, and we've declared a reserve there of 1,900,000 oz. Total resources for the group, just over 8,000,000 oz, 8,300,000 oz and sitting in reserves just under four at 3,900,000 oz FY 2026, a very strong year for us. We delivered on our metrics. We came in within guidance on all our key materials. Production right up at the top end at 379,000 oz. As a result of the performance and also the price environment, we built our cash and bullion to AUD 1.2 billion. We also have another AUD 300 million of a revolving credit to access. Our balance sheet increased by AUD 667 million, and that's after we paid a dividend and after we paid tax through the year. We paid AUD 152 million in a fully franked div, and we also paid AUD 156 million in tax during the year. McPhillamys, as I said, we reworked it. We've come up with an alternative pathway, and I'll talk about that a little in a short while. We got 1,900,000 oz. Importantly, what we've been doing is adding to our reserves. We increased our resources by 10% year-over-year, and we've also increased our reserves. A really extraordinary performance for our exploration teams. So what? So what? Our performance over the last 24 months, for those that saw us last year and probably the year before, here's what we've been able to deliver. This time 24 months ago, we had a balance sheet that basically read zero. No debt. Well, a little bit of debt, not much. We got rid of the hedge book and we were still producing. Here we are 24 months later, AUD 1.2 billion or just under AUD 1.2 billion on the balance sheet, and we're back paying a dividend again. We've paid two dividends, one of AUD 38 million back in the September quarter. I think it was in the March quarter, we paid AUD 114 million. That's not the first time we've been paying a dividend. We used to be a very strong dividend payer prior to hedge books and a couple of other items. That's now brought a total of our payment to AUD 700 million in fully franked dividends since the company's been in production, which is probably since about 2013. I'll talk about our policy. We've put in place a dividend policy so people can be clear on what our plans are going forward. All right. One of the things that I wanted to talk about in our guidance, and there's been a little bit of commentary around our costs. I think it's important that people understand what it is that we've been saying and our guidance for how we've been viewing the business, and particularly at Duketon. You can see here, if you go back through our slides, probably over the last 18 months or so, the stacked bar chart on the left is really the guidance that we've been giving to say, 'This is what we expect our business to look like.' Duketon, 200,000 oz-250,000 oz over the longer term coming off underground. Tropicana sitting in the 125,000 oz-145,000 oz range. This year we're actually doing significantly better than that at Duketon. You can see instead of 200-250, we've actually increased our guidance range 240,000 oz-270,000 oz. That's a strong step up. The way that we've been able to do that is, as we always said we would, we will pursue opportunistic ounces while the gold price is strong. Gold price is strong, we're pursuing opportunistic ounces. We have a mill, an underutilized mill at Duketon North, which we put on care and maintenance about 18 months ago. Thanks to the gold price and some good work by our geologists, we identified a real opportunity called BuckWell. Five years of reserves just gone bang, straight in on top, that'll be the way that we produce from Duketon North, previously assumed to be an underutilized plant. What does it deliver? 223,000 oz recovered over a bit over five and a half years. Opportunistic. There's a couple of strengths in this, is that are they expensive ounces? Relative to the rest of our ounces, they certainly are. They've lifted our average all-in sustaining costs, which is where some of the commentaries come from. Who in their right mind wouldn't undertake this project? It's a mill at idle. The grades are sitting at 0.89, we deliver, as I said, 223,000 oz. An internal rate of return at a gold price of just under AUD 5,400 of 127%. What's not attractive about that? It does have an impact if you're looking at our trends on our all-in sustaining cost, we've made a sensible decision. Our all-in sustaining costs are not being influenced by decisions to chase cheap ounces and leave other ounces and lower cutoff grades. This is because we have underutilized plant and it makes sense to do it. Frankly, if the gold price drops, we don't expect it to, if it did, we can turn it off overnight. It's not a loss-making venture that'll run for five years. It is real. The definition of what I see is opportunistic and flexible. We think it's a great project. The team really did some fantastic work going through and reinterpreting some of the geology and basically pulling together what's been a very good value story for us. As a result, as you can see, it's probably adding something of the order of 35,000 oz-45,000 oz a year. What's not to like? We've been involved in some inorganic pursuit of opportunities to grow the business. Unfortunately, they didn't quite plan out the way that we'd hoped. Not entirely unexpected the way it went, it didn't play out the way we'd hoped. What I wanted to do is, rather than focus too much on that, is just to draw people's attention to the organic opportunities that we have been delivering over the same time. They do tend to get lost in the excitement and noise of M&A. This is where real value can be generated: discovery, development, and production. We've got a good pipeline. Nothing special about this. I think you'll probably see this with others. It starts at generation. Back 30 or 40 years ago, geologists used all sorts of mind-altering things to come up with great generation ideas. These days, they're a little bit more scientific about it. I'm not sure whether it's as successful, but it's a different era. We start with generation, and we are able to convert it to production, and that is what we have been doing. To illustrate that, these are our reserves over the last few years. You go back to 2021, we had 1,400,000 oz in reserves at Duketon. You step your way forward to what we declared at the end of December, we have 1,400,000 oz in reserves, or 1,389,000 oz. During that time, we have produced 1,200,000 oz. If there's ever a view or an opinion that Duketon is something that is at the back end of its life and doesn't have potential, look at this graph. If you don't understand it, I'll be over at the stand, but it's pretty straightforward. You can see we've been producing and we've been adding. What looked like we had 1,400,000 oz in the ground back in 2021, today we've actually got nearly twice as much. We've either produced it or we're ready to get waiting, got it in our plans over the next five years or so. The team have been doing a great job on this front. Here's a little bit of a sniff of what else and why we're excited about our undergrounds and things that tell us that these are going to be like the typical Western Australian underground gold mines, three years of reserves and will do for the next 20 years. For people that are familiar with the business and the graph on the left is how we've grown our underground reserves while we've been producing. When we first started going underground, 123,000 oz in reserves. Here we are six years later, seven years later, 714,000 oz in reserves still to be mined. In the meantime, we've mined over 470,000 oz, 475,000 oz. Why do we think this will continue on? If you have a look down at these two, the red circles, like on the top graph, Garden Well. Garden Well Main is the area over on the right. We drilled a hole 500 m below our nearest resource modeling, and that intercepted 10.4 m at 2.9 g/ton. I'll take that. We're making good money up above, similar grades, similar thicknesses. Over on Garden Well South, which was the first area that we opened up, 3.9 m at 4 g/ton. Now, these are well down. They're years away from us getting down there. What they do is they continue to build confidence. Very similar to the story that we've seen at Tropicana. Not only have we been extending our existing underground mines, we've been finding potentially new ones. Ben Hur, we've been talking about for a while. We took that as an exploration target of 300,000 oz-550,000 oz, and we recently declared a resource, 240,000 oz and still drilling. It's really shaping up well. We haven't decided yet, but it's looking pretty good. We've had a virgin discovery down the bottom at Beamish South, which is really interesting because it's in amongst all this other work that we've been doing that's been mined at Duketon over the years, over the decades. Bang, here's this new deposit. Still open in many directions, except for up. It's got 270,000 oz of declared resource. That is a new pit that we've just found in amongst all this other work we've been doing for years. The team's done a great job here. I'll move to Tropicana. I don't have to spend too much time on this, but it's exactly the same underground story as our undergrounds at Duketon. We're finding and drilling holes 800 m down plunge, telling us that this ore body just continues on way beyond what's in its reserves and its resources. As it stands, you can see here when we first went underground back in 2018, it was just under 320,000 oz in underground reserves. This is at 100%. Here we are at the end of 2025, we've got 850,000 oz, so at least 2.5x What we started with, and we've produced over 800,000 oz. This is just the beginning of what's going to be a great system of an underground mine. McPhillamys are still ongoing. The situation hasn't changed there. In terms of the Section 10, we're waiting for the judicial review or for the result of the judge's decision. In the meantime, we've developed a new way of storing the tails, sufficiently progressed that from a permitting point of view. We've got a clear pathway. We have declared the reserves back on the books. This is a project that will happen. It's just a question of which way we will store the tails. Here we are. There's our guidance. I mentioned what they were at the start. You can see 255,000 oz midpoint at Duketon, not an insubstantial operation. Our share of Tropicana, 125,000 oz. McPhillamys definitely pushing on down the development approvals pathway. Importantly, what do we do with the cash that we've generated? We've declared a capital management policy. We will pay 25%-50% of our group cash increase, which is moving from one to the other. We take out tax, we will pay that in dividends, we will also consider share buybacks if the environment is the right environment. As I said, we've started back paying again, AUD 152 million fully franked. Over the life is AUD 700 million fully franked. We have a capacity and a willingness to pay dividends. We understand that's part of the business. There we are. The Regis, the golden opportunity. A spotless balance sheet, clear ongoing cash-generating capacity. We're back paying dividends, baby. Delivering significant value from our exploration team. They're doing an excellent job. We're exploiting the opportunistic ounces. Don't misinterpret that as anything besides just being opportunistic. We have established a new pathway for approvals for McPhillamys. Thank you
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