Hello, and welcome to today's Centamin third quarter report. My name is Bailey, and I'll be your moderator for today's call. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you would like to ask a question, please press star followed by one on your telephone keypad. I would now like to pass the conference over to our host, Martin Horgan, CEO with Centamin. Martin, please go ahead when you're ready. Thank you very much. Good morning, everybody, and thank you for taking the time to dial in today. As was mentioned, I'm Martin Horgan, CEO of Centamin, and welcome you to Centamin's third quarter results call. I'm joined today by my colleagues, Ross Jerrard, CFO, and we're delighted to welcome back after maternity, Alexandra Barter-Carse, corporate comms. Ross and I are gonna take you through a quick overview of the quarter. We'll have a look forward to the full year, the direction of travel. We'll outline our next milestones, and then we'll be happy to take any questions. It's been a great quarter, and I think importantly, for us all, we've continued delivering to our plans. It's a strong quarter that firmly puts us on track for the midpoint of our production and the upper end of cost guidance, and we've also been able to progress our project pipeline. We're looking to maximize the value of our assets. To start with, though, I think we had two really noticeable milestones during the quarter. The mine produced 5 million ounces of gold in the quarter, which is an amazing achievement. I think it's a testament to the operating team in country, many of whom have been with the company for a number of years. I also think it speaks to the quality of the Sukari ore body. Few operations get to achieve this milestone. I think it's amazing when we look at the remaining reserve life ahead of us, we're only halfway through the ore body at this stage. I think we still see further upside potential that can be realized from the ore body. I think those five million ounces have delivered some really tangible success both for Egypt and for Centamin. We've got a total workforce of 3,800 people in Egypt. 94% of those are Egyptian nationals. We've got 70% of our leadership roles held by Egyptians. 61% of our procurement comes from local supply chain. We paid $803 million to government in royalty and profit shares, and we've returned $777 million to shareholders through dividends. I think that's a really sort of tangible success that we can all point to. Sticking with the number of 5 million, early this month, and I do appreciate it's past the end of the quarter, the site achieved its record of in excess of 5 million hours worked LTI-free. The safety of our people is paramount. I'm delighted that the work over 2022 in respect of health and safety is evidenced by this continued performance. As no doubt you've seen last week, we now have a ramp-up to full operation of our solar project, which is providing about 36 megawatts of power and displacing 22 million liters of diesel a year. That saves us about $20 million in cost at current spot prices, and importantly, removes 60,000 tons of greenhouse gas equivalents. It's a great story, and I think it's one that not just for Sukari, but also for the wider mining sector, and how we must all play our role in the fight against climate change. We're also looking at a potential grid connection for Sukari. We're currently evaluating offers we've received in connection with this exciting initiative, and that has very real potential to further significantly reduce the cost base and our greenhouse gas emissions. Of course, pivoting to production, another excellent performance by the team delivering to our plan for the quarter. Gold production was 127,000 ounces, bringing the year to date to 331,000 ounces. An All-in Sustaining Cost of $1,288 per ounce. It's a strong delivery. It places us very well to reaffirm our guidance for the year. To be clear, it's the middle of our production range of 430-460 thousand ounces, while targeting the upper range of our costs towards $1,425 per ounce. Open pit performed well. It achieved a record material movement for the quarter, and we continue to see operational improvements from the stripping campaign, with multiple working areas now available to the team. Underground had a challenging period, but it stepped up and delivered against their plan. The team was hampered by equipment availabilities over the period, but despite these minor headwinds, they were able to deliver the ounce profile required to support the Q3 plan and ultimately the full year. The good news is that our replacement underground fleet has started to arrive, which will significantly improve availabilities and productivity from this end of this year and beyond. 4 trucks, 4 loaders, 2 Sandvik drills are all being delivered over Q4. The Q4 plan for the underground will see us mining grades back in line with the ore body averages between 4.5-6 grams and with a focus on development as we prepare for 2023. Processing team performed well and in line with plan. During the quarter, we processed some of the high-grade material from Bast as part of the gravity gold recovery test work program, which contains high levels of clay materials, which can have an impact on recoveries. As a result, recoveries were slightly down on the quarter. I've already mentioned the solar plant and our other major capital projects, the paste plant, where construction continues, and we plan to commence commissioning later this year into early next. The mineral resource management team have also been busy working with the mine planners and our external QPs to commence the resource and reserve update for 2022. This will incorporate drilling up to the end of June 2022 and includes those eye-catching results we announced in July. Updated resource and reserve statements will be released in December this year. The underground expansion study progressed well during the quarter. We're now waiting on the final draft report, which we'll be able to share with you in November. With that now, I'll hand you over to Ross, who will take you through the financials. Thank you, Martin, and good morning, everyone. I'm glad to report that from a numbers perspective, that we are on track across our metrics, both for the quarter, cash costs per ounce of $811, and all-in sustaining costs of $1,289, resulting in year-to-date numbers of cash costs of $885 and all-in sustaining costs of $1,386 per ounce. A good result driven from the operations on ounces, but also the continued focus and delivery on cost savings initiatives by the team, which has gone a long way to offset the global inflationary pressures that we're all facing. As mentioned earlier with the solar plant commissioning, we'll see the full impact of this and our other initiatives dropping in the fourth quarter and beyond, which will continue to realize savings going forward. With the solar plant completed, we now have substantially finalized our discrete capital projects this year. It's the waste stripping program and the completion of the paste fill plant being the two ongoing major CapEx programs outside of our normal sustaining CapEx. Group free cash flow for the quarter returned to a positive $11 million for the period. This resulted in reducing our year-to-date number to a negative $14 million, again, ahead of where we had planned to be at this point in time. Looking forward to Q4, we hope to continue to improve that position. I would encourage you to look at the table in the announcement where we have reclassified certain stripping costs from OpEx to sustaining CapEx. This has meant a reduction in the cash cost metrics and an increase in our all-in sustaining cost metrics. This is an accounting adjustment only and does not affect the actual cash expenditure. It was driven by a more granular approach on our mine plan and the way we model the strip ratio, which has changed the accounting. It is important to note that we still do fall within our guided ranges for the year at both cash cost and all-in sustaining cost lines. Lastly, we have made good progress on our capital allocation review and are currently reviewing the options that we are being presented, balancing both growth and dividends. With active engagement across various banks and advisors, we look forward to updating you on the outcomes of this review before the end of the year. With that, I'll hand back to Martin. Thanks, Ross. Moving away from Sukari operations, our Eastern Desert exploration team continue to implement their plan, and are currently busy completing follow-up soil sampling and mapping of priority areas identified in the Nugrus block, which is the exploration ground immediately surrounding Sukari. We also received permission for sample export in the quarter, and we've now started to sample, ship samples to international labs for analysis, and we start to hear their results to come through toward the end of the year and early into Q1 next. Across in West Africa, the Doropo project continues along its PFS path, with updated resources due for completion this month as part of the overall program. We'll update you on this in the coming weeks with some further interesting news on the direction of travel for Doropo. We also made a difficult decision to relinquish the Batie West project in Burkina Faso. Back in 2020, we faced a difficult situation with respect to the permit license validity period. There was very limited time under which an issued mining license to commence construction activity. This was particularly challenging given the lack of studies supporting a development decision, let alone the technical financial outcomes that would support investments. We did manage to negotiate an extension of time, which enabled us to complete a technical economic evaluation of the project, and then a very short window to try and find a partner, as we did not believe the project was of the scale or quality suitable for Centamin. However, with the recent political security issues in Burkina Faso, we've not been able to secure a credible counterparty, and as such, we've taken the decision to relinquish the licenses in light of the cost to Centamin to hold the project and the lack of a clear timeline to engage with any form of government in Burkina Faso. As we've noted previously, we attribute no value to these assets in our accounts. As we look to the fourth quarter and year end, we've got a great pipeline of news flow coming, which includes an underground expansion study update, a Doropo PFS update, the capital structure review touched on by Ross, and our resource and reserve update as well. I think this represents a really exciting series of releases that is the result of the work done over the last year or two, and will deliver the full potential of Sukari and our wider group. Looking ahead over Q4, we're delivering to our plan that will see us target the midpoint of production of 450-460 thousand ounces towards the upper end of our All-in Sustaining Cost guidance of $1,275-$1,425, given the inflation environment we've seen over 2022. I think we can reflect on a great quarter for the company across numerous aspects of our work, but importantly, we put it behind us now. We'll refocus on Q4 to deliver 2022 as planned and keep pushing to fully maximize our portfolio in a safe and responsible way. With that now, we'll open up for questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, please press star followed by one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. Our first question today comes from the line of Marina Calero from RBC Capital Markets. Please go ahead. Your line is now open. Good morning. Thanks for the call. I have a question about your production guidance. You had a very strong Q3, and you're expecting production for the year to come at the middle of the range. How conservative is that assumption? Hey, Marina. How are you doing? Look, I think if we sort of step back and think about how we thought about 2022, that's probably gonna put a bit of context around for you, around where we are. Towards the end of 2021, as we were looking to this year, we knew that during the first quarter, we were gonna swap out from Barminco and the underground contractor. We knew that we were gonna have a softer quarter, and we planned accordingly for a softer Q1 to account for the inevitable disruption as they left site and we sort of gained control. Second quarter, we thought we'd have a stronger quarter over Q1. We're still recognizing that we were gonna basically be bedding down the operations and be able to own a model in the underground. Of course, we felt that by mid-year, we'd be in a pretty strong position then to be able to take to a strong second half of the year. We always had a sort of, you know, a bias weighting towards H2, given the potential disruption to the underground in H1 as part of the contractor swap out. That was our sort of philosophy as we looked at the year. We further went a bit more granular than that and said, "Look, looking at H2, what I hate is a, you know, where your fourth quarter is your biggest quarter to meet guidance." Then all of a sudden you find yourself heading into the fourth quarter needing for everything to go absolutely perfect in order to meet guidance. The slightest slip up that can occur, there can be a, you know, a delay to a consumable or a bit of equipment availability impacts or, you know, who knows what happens, but all of a sudden then you find yourself. You know, trying to rush to meet guidance in a challenging environment. We very purposely decided to have a stronger Q3, where we preferentially bring in some of the higher grade stopes into the third quarter, recognizing that during the first half that we get ourselves, you know, settled from an underground perspective, have a big Q3, de-risk the year, and then into Q4, back to a normal sort of mining rate in terms of grades, where we said sort of, you know, 4.5-6 grams in the underground, and then move into year-end. Using that fourth quarter to then think about setting up for 2023 to make sure we have a good year next year. I think the other thing to think about is that with that sort of big third quarter, if there were any issues that we faced, we still have then time to basically deal with those, and then still make guidance for the year as well. We very much planned the big Q3 this year, recognizing the Barminco situation, not wanting to push all the risk into the fourth quarter and having to disappoint, and purposely sequenced the way we went on that basis as well. I think that, you know, how do we look at that? I think very much now looking at what we need to do to bring in Q4, you know, that sort of mid-range of sort of 440-445. I think that's very much where we're looking at on our 9+3 forecast. You know, as I said, that mid-range of the guidance. I think it allows us then to think about getting ready for 2023 development in place, making sure we set up stockpiles, inventory management, and so on from there as well. I think that, you know, not conservative, not aggressive. I think, you know, we've got a very clear plan to deliver into to make sure we can deliver this year and make sure we can start next year in a good way as we hope to deliver again into 2023 from there as well. I think it's, yeah, as I say, it's just, I think it's quite important just to understand what we did this year and why we did it for very good reasons. I'd say delighted that the team were able to, you know, each quarter this year have actually deliver into the plan I've set out in late 2021 for us as well, I think, which is great. Hopefully that answers your question. I don't know if that answers your question. I'm not sure. I just thought of a bit of a philosophy of how we looked at this year to basically sort of balance out, you know, the risk effectively, but also making sure that any short-term decisions we made fit within that medium- to long-term plan concept. Very clear. Thank you. Thank you. The next question today comes from the line of Alan Spence from Jefferies. Please go ahead. Your line is now open. Yeah. Good morning, guys. Just a couple of questions around the waste stripping. The first one, I just wanna make sure I'm absolutely certain that your CapEx guidance is excluding the, that breakdown you provided in terms of the waste that's been capitalized. Ross, you wanna take this one, mate? Hi. Yes, Martin. Hi, Alan. Yes. That CapEx guidance that we guided to apples to apples, the $225 excludes the waste stripping. If you looked at that in that table that we provided, basically, the $213 run rate year to date will go up to circa $285 by the end of the year. The bottom line, the $167, will end up being the $225, which is our CapEx guidance. Yes, it excludes it. Basically, all in will be $285, including the waste stripping component. Hope that makes sense. Okay. Yeah, so if I have that number right, then that implies around another $15 million capitalized in the fourth quarter? Yes. There's $15 million that will be capitalized, and then there's another $20-odd that will be the waste stripping component too. I mean, if I think about kind of, trying to bridge to your guidance, and I appreciate the fact that you talked about kind of having a more normalized fourth quarter, but year to date, you're running significantly below on cash costs guidance. If there is gonna be another $20-ish million in Q4, that's gonna be deferred. You know, not deferred, but put onto CapEx as opposed to OpEx. I mean, the kind of, you know, ask the previous question again, one different, how conservative is that? I mean, it feels like the underlying cost assumption you're allowing to flow through is for a really big step up quarter-on-quarter. I just, well, Martin, would you like me, I guess from a cost perspective- Sorry, Ross. Yeah. Sorry, I'll just let you carry on, mate. Sorry. Yeah. No, from a cost perspective, I think that the key thing for us, yes, there is a step up. We are, you know, in terms of our cost profile and how that all flows through, we've got some significant reductions in cost. For instance, the solar's just come through. We've just had the, basically a 1-month saving on that. The full impact of that is a further $6 million-$7 million that will drop in this fourth quarter that will help to offset, and across other initiatives that go through. We're feeling pretty comfortable. You know, when we look at our 9+3, barring anything that comes left field, I think we'll hit those metrics. The other one is the fuel price that, you know, we did see a step up. Q2, we're running at sort of circa $0.99. That ramped up. We had an average of the Q3 of $1.08, and we've, you know, that's tapered down at, and we're currently sitting back down at $0.93. We feel that we have seen that peak, going into the Q4 and the run rate and the initiatives that we've got on track, you know, from a cost perspective, I think we'll be able to hit and sit in those ranges. I think so. I think you hit one of the key things there. Sorry. Apologies. You know, I think you know that fuel price. You know, who knows what happens in Ukraine, further disruptions of that, how does that work? Egypt produces about 50% of its diesel onshore. It imports about 50% of its diesel. You know, I think in terms of sort of being prudent around that and recognizing what shocks could come over the balance of Q4 from certainly from just a fuel price perspective alone, I think you know, I think we're just being guardedly cautious around that, recognizing that solar's coming on stream, some other initiatives we're pushing through there as well. Yeah, look, it's, you know, it's a big variable we have no control over, and, you know, we've got to be prudent around that. I won't put words in your mouth, but I guess it, my takeaway is that it sounds like you've left some room to potentially do better than what's the words on the paper there. That's my conclusion, not yours. Ex fuel, can you just talk about kind of the inflation trend you're seeing in other consumables? Do you think we are past the peak in that? Are we starting to see some deflation there? Alan, I think from an in-country perspective, I mean, that the in-country run rate and then inflation, official inflation rate 6%-16%, this last quarter going into this last month. Actually the real rate on the street, we are seeing those pressures coming through that supply chain. You know, we factor that in as we go into the end of the year. There is pressure coming through. I think the good thing, again, these cost initiatives. We're seeing, you know, if it's not a full offset, we're able to counter a lot of those headwinds that are coming through. From a supply chain side, I think some of those shipping costs and things we are seeing coming down, so there is some tempering. I’ll be totally honest, the sort of in-country inflation rates are still high. We have factored those into our numbers. Okay. That's helpful. Thank you, guys. Thank you. There are no further questions registered on the telephone line, so we'd like to pass over to Alexandra Barter-Carse for online questions. Thank you, Bailey. Only a few online questions come through, starting with can you give us an update on the regional Sukari exploration program, including the geophysical airborne survey that was done earlier in the year? Yep. I'll take that one, Ross, if you're okay. Look, we did fly the airborne survey, which was, you know, a sort of execution success that we were able to get the helicopter up, run the equipment, and get the results back. We received the imagery. I think that came through in June. And then what we've done is we've taken that imagery, and we're passing it on to a third-party specialist geophysical contractor to do some further processing as well. That remains a valid work stream. And moving forward, that's the VTEM/ZTEM work that's being further processed as well. Obviously look to incorporate that into the exploration plan for 2020, end of 2022 and into 2023 as well. Look, I think we can look back and with a sense of satisfaction did the first airborne survey, magnetics, radiometrics, and VTEM results in further processing of the VTEM/ZTEM coming through, and then look to the LIDAR then as well. I think, you know, no earth-shattering sort of discoveries. We didn't find another Sukari sitting sort of, you know, five meters away from the main ore body, unfortunately. I think really interesting in terms of the structural setting of the ore body implications for areas for potential further sort of discovery of a minor, more minor scale around the concession area. I think a really interesting piece of work to explain and then extrapolate into the broader areas that are now sort of, you know, exploring across the eastern deserts at work as well. You know, really good exercise, some good valuable information out of it, and very informative for both Sukari concession and broader EDX. In terms of EDX, we have done the BLEG sampling, so that's that very sort of first stage, early grassroots type approach to screening large areas. We finished the BLEG on both Nugrus and the Um Rus block, which is the north. Nugrus is the block around the Sukari concession. Both sets of license areas have been adequately BLEGged. With the weather being particularly hot through the summer months, the Najd block, because that's a bit more inland, we're gonna go back there in Q1 when the temperatures are cooler. With the team having done BLEG sampling across Nugrus and Um Rus, the team have now gone back into the Nugrus area, which is the zone around Sukari. We're now doing a priority sort of follow-up, both soil sampling and mapping on a more focused, good and detailed basis across some priority targets that we've identified. The idea there is to generate as quickly as possible some drill targets so we can get rigs into that concession, start maybe poking a few holes in sort of early next year as we go forward as well. You know, that's in terms of the field work. We have got our exploration license now. The samples are being shipped from Egypt across to actually Perth, Australia, where we're now in the system. We expect to see results flowing through end of the year. As part of Q1, we start getting the assay results back from that phase of work as well. The team have done excellent work. You know, we're in the field. We're covering large areas. You know, really exciting in terms of the progress being made. We'll pivot to the Najd block in Q1 once the temperatures drop off as well. You know, team going very well. Looking forward to seeing the results myself later this year and then sort of trying to work out if we can get a rig on there and start looking at some of these priority areas from a drilling perspective. Great. Thank you. A question on the capital structure review. If you do take on debt, please can you clarify what it will be spent on? Well, look, I think, you know, as we said a few times that sort of. Mm. You know, Sukari not having any debt on its balance sheet is atypical, I think within the sort of the mining space. I think that, you know, the strategic rationale for looking at this now is not to basically have a burning desire to do something. It is that we want to form a relationship with a group of international banks and have a track record with them. Then such as we look forward to things like the Doropo, for example, is a good example, something we could sort of, you know, require some significant funding to develop. You know, having an existing bank group where you have a banking relationship to then engage with them around funding the Doropo just makes life a lot easier at that point as well. I think if we saw opportunistic ability to do some, you know, some additional CapEx expenditure at Sukari, for example, then that's something that we could potentially fund through debt. It just gives us a lot more operational and strategic flexibility to have that bank. One of the things that Ross and I have been chatting about though is that if you think about our cost recovery model, for capital expenditure at Sukari concession itself, solar plants as an example, we spent $36 million building the solar farm. We get to cost recover that on a three-year basis, so we get $12 million each year cost recovered to us. Ross and I were chatting about the concept of something like a revolving credit facility where we would draw down that $26 million to fund the capital of say the solar plant. Then each of the subsequent three years, as we get those $12 million back in priority payments to Centamin, they'd be used to retire that RCF as well. There's also an operational functionality that if we wanted to go down that route, we could start to use that to sort of fund some of the capital requirements at Sukari with that cost recovery model matching up to an RCF type of facility. At this stage, it's about forming a strategic relationship with a bank or a group of banks, I should say. It's about having additional sort of, if you like, sort of balance sheet strength and flexibility to allow us to react to opportunities. It's about thinking down the track of the Doropo and to think about basically managing our sort of capital commitments within the Sukari concession as well. That's what we're thinking. Of course, balancing it all out, it just gives us an extra tool in our capital allocation framework when we're looking at, you know, balancing growth versus dividends, in terms of how we are able to sort of navigate this pipeline of opportunities that we have while maintaining a commitment to the dividend as well. Thank you. The final question is, what are your views on M&A, and how does that fit into the Centamin strategy? Yeah, look, I mean, it seems to be the absolute favorite question of every journalist and analyst that we speak to these days is everyone's very excited about M&A and always ask us the question and I always sort of, you know, have to answer it. It always seems to be the first point that's reported in any article as well, which, you know, is always a little bit amusing to me. Look, I think that as a business, you know, and I've said this in the various interviews, is that, you know, we've got a huge amount of work done over the past couple of years. I think there's still a bit more work to do as we look to really optimize Sukari. I think we've got a great opportunity at Doropo. I think the EDX work is really exciting as well. We've got a really exciting pipeline that I believe can deliver a huge amount of shareholder value, you know, given our ability to execute and our financial position to be able to deliver into that as well. You know, very much starting from a position of that we've got enough on our plate, we've got a lot to do, and you know, very sort of keen to get on with that, continue this momentum that we've got now. Having said that, you know, single assets in which jurisdiction risk is always a concern. The Doropo is a few years away from sort of, you know, from being in production. While we're busy getting on with it, one should always be aware that there may well become opportunities to look at a potential M&A if and when they arise. I think that, you know, to say that we're not, you know, that we're completely closed to M&A is not correct. I think that we have an opportunistic watching brief, that if an opportunity arose that made sense for Centamin, then I think we should maybe consider that. I think to be very, very clear, we're not proactively looking to go out and do things at this stage. We have a watching brief for opportunities. We're very happy with our own internal growth pipeline. I think that, you know, I think really importantly for us is if you look at other transactions that are in the market right now where companies are saying, "We have to do this transaction because we don't really have anywhere else to go," that's the polar opposite of where we are with Centamin. Lots to do, lots of generation of value to be done over the next 18 months. Lots of focus to make sure we don't lose, get distracted by these things as well. Be aware, opportunities may arise from time to time. As a business, you know, if we can see a value accretive transaction that makes sense for our shareholders, then I think, you know, we really have a duty to look at that if those opportunities arise. You know, that's the same answer I give sometimes that journalists like to sort of, you know, sex things up a little bit, and it likes to, you know, sort of go out as, you know, Centamin considering M&A. You know, yes, we are if something makes sense that they're there. Right now, very much focused on what we have, strong pipeline to come, and I think, you know, don't put any pressure to go out and do something that could, you know, ultimately unwind a lot of the good value that we've created by doing a silly deal that makes money for other people and not our shareholders. I hope that sort of puts a bit of context around that in a bit more of a sort of direct, sort of straightforward way, Alex. I think it does. Thank you. That's all the questions from me. Thank you. Well, look, thanks everyone for dialing in today. You know, great quarter. I think the teams across the assets have done fantastically well, continue that sort of mantra around delivery into plan, and they've done that despite some challenging situations. Continue to progress our sort of, you know, value maximization projects. And really excited about where we can go. We put Q3 behind us. You know, we focus on Q4 now. We deliver year 2022, and make sure we're set up to continue delivering for 2023 and beyond as well. Yeah, look, I think something that we can look on with a sense of satisfaction, but maintain that momentum into Q4 and beyond. With that, I'd just like to say thank you again to everybody for dialing in. Look forward to talking to you all soon.