Good afternoon, and welcome to this presentation this afternoon of Centamin's new life mine plan for Sukari Gold Mine. I'm Martin Horgan, Chief Executive Officer, and I'm delighted to be joined today by my colleague, Ross Jerrard, CFO. Moving through there, the disclaimer, as I'm sure you will all take your time to review, at your own leisure. But maybe if we just kick off, first off, with a review of our current portfolio within Centamin. I'd like to think of that portfolio as an integrated pipeline, one that demonstrates our commitment to growth and that vision of developing a multi-asset, multi-jurisdictional company. I think it also evidences our commitment to the drill bit. We really see exploration as being the engine of the industry, and it's no different at Centamin. And I'd like to say that in terms of that value creation, we really believe in our ability to create that through the discovery process and convert resources to reserves. I think what's really good for us as well is the fact that, you know, within our portfolio, we're in two of the great sort of geological gold terrains of the world. Obviously, the Birimian in Côte d'Ivoire, well-established, and hosts our Doropo project, but of course, the exciting and emerging Arabian Nubian Shield will host our Sukari mine, and of course, the exciting new ground that we have at the EDX portfolio from there. And we think that portfolio is a fantastic place to continue to deliver growth, and deliver that vision we have for the company. When I joined back in 2020, we talked about a three- reset for the business. We talked about the focus of Sukari as the key pillar of that. And really, here we are today to talk about that milestone of delivering the new life of mine plan for Sukari. But I think we just pause at this point and look a little bit further back at the bigger picture. While clearly, Sukari has been the focus for us, there's been lots of other work streams going on across the whole company, over that three and a years. Clearly, within West Africa, we brought our expertise in mining, sort of evaluation, exploration, development to that. We have brought a sense of discipline, and whereas that sort of is the tough decision to ultimately divest of the Burkina Faso asset, it did, of course, allow us to recognize the potential of Doropo. In what I think is a relatively short space of time, we've taken an exploration project, completed a scoping study into Pre-Feasibility Study, and is now the subject of an ongoing feasibility study, which we hope to deliver next year as well. And in the process, converting resource and its potential into reserve and its value creation. Moving back into Egypt, the EDX or the Eastern Desert Exploration program has been a huge success for us. In there, in parallel, we've been able to not only negotiate and agree a new mining code with industry partners and our partners in the Egyptian government and His Excellency, Tarek El-Molla, at the Ministry of Petroleum. We've also been able to secure 3,500 sq km of very prospective exploration ground, and actually commence exploration work, and are just about to finish a 15,000 km RC program across that, with news to come later in this year. Of course, corporately, we've been busy. We've put our inaugural $150 million RCF facility in place. A validation, I believe, of external audits of our plans, and banks were prepared to lend against them, which gives us that additional comfort and assurance. Also layering in a put program to remove some of that gold price volatility as we continue through with our reset program. So on the face of it, a similar company, but I also think quite a different company in terms of the work we've achieved over the last 3.5 years. And really, we think that today really is the starting point of the next phase of our journey. When I joined 3 years ago, the question was, you know, "Why did you join?" You know, "What was the-- What's your vision for the business?" And I think at that point, I'd envisaged almost a two-stage process. The first part was reestablishing Sukari as a tier-one asset. I think the opportunity to get involved with a world-class ore body at Sukari, look to rehabilitate the mining operations, and then really establish that as a foundation on which to build a business, was the attraction to me. But that wasn't the end game. The ability then was to then use that engine room or that foundation to start developing that multi-asset company that we've talked about. But I think today is this, ability to sort of demonstrate and confirm what we believed is the potential of Sukari. I'm delighted with the outcome of the life of asset work that we've completed. Production is back to that 500,000 ounce mark, on a consistent basis over a 10-year period. But I think the real surprise and the real sort of, upside for us is the cost base and our ability to focus on that. Headline ounces are great, costs are better, and between the two, then they drive margin. And what we see there is a significant gold producer at excellent cost to drive significant cashflow margins over an extended period, and really evidence a robust asset that will be, over the next decade, the cornerstone of our business as we move forward. And when we look at that life of mine plan in a bit more detail here, a couple of things jump out at me immediately. First and foremost, is that we are at that 500,000 ounce mark for a considerable period, and the fact is that the front end of that plan is substantially based off reserves, it's proven reserves in the business. We do have our resource conversion case, where we believe that we can continue to work, resources from the underground and support that production rate well into the next decade. And of course, we see the opportunity to develop satellite deposits, both within the concession, but more importantly, within the EDX grounds surrounding Sukari, to backfill those remaining gaps and see this asset at 500,000 produce ounces per annum well into the next decade. What also is very pleasing is that cost base. A significant step down as some of those projects come through, the grid connection, the gravity, and so on, that you're aware of, and really start to drive those costs down. We think it's a fantastic plan, and we think it really does evidence the robustness and the tier-one nature of Sukari as we roll forward. People talk about sort of Bank of America have a conference, and Jason Fairclough, who runs that conference, at the end of each sort of period, he likes to put together a little summary of what he calls the killer slide. So he selects each company, he looks at their presentations, and then he likes to pull out what he believes is the key message for them. When we're going through the presentation today before presenting it this afternoon to you, is I really think this is our killer slide. I think it really sort of is a fantastic result of the work done over the last three years as well. From where we were in full year 2022, north of the 75th percentile, at that sort of mid-$1,350 level gold price, baking in that additional inflation we've seen through the business. The ability to drive that down to be well inside the 50th percentile by 2025, and inside the 25th percentile, on a life of mine basis, is a real fantastic achievement. It really positions Sukari as a low-cost producer for the next decade, and hopefully belong from there as well. And I think that really is the thing to take away from today's work, is that the route map to 500,000 ounces was relatively well signposted, but this is the real sort of outstanding achievement, I believe, that we've been able to deliver today... And when we look at that, you know, the question is: how did we deliver that result? You know, how have we got to this result that we see here today? Again, back in 2020, I talked about the focus on people and processes. In terms of people, I honestly believe today that we now have a stable and high-quality management team that has been in place for a number of years and is really starting to deliver on behalf of the business. The question then became that how do we break down Sukari to actually implement the recovery? I had a conversation with my fellow colleague, a non-exec director, Hennie Faul, who had faced a similar situation on a slightly larger scale with Anglo American Copper, when he joined them, a number of years ago. And Hennie gave me a piece of advice, it's a well-known African expression, is that: how do you eat an elephant? And the answer is, of course, piece by piece. And that's really the approach that we took with Sukari. The idea was that we would drive bottom-up plans that would develop the long-term potential of the asset, and then, based on quality data, drive short-term budgets. And that's the approach we took. That's that piece-by-piece approach. What that meant that we've done is we effectively each individual key driver of the asset, we've broken that down, we've analyzed it, we've looked to understand it, get as much data as we can, and then optimize it, and then put those pieces back together. When we look at that, that's everything from the reapproach to geology and the ore body stewardship model we've implemented, the accelerated waste program that's given that open pit flexibility, the installation of the solar plant that drives us both carbon and cost savings, moving through to the paste fill that's given us long-term stability and geotechnical improvement, and all the way through now to the latest grid power opportunities that we're pursuing at this stage as well. Really, it's the combination of putting those pieces back together from first principles, bottom-up basis, that's allowed us to develop this plan, and it gives us a great deal of confidence that we understand Sukari and therefore can optimize it and operate it into the medium term. One of the things that I'd like to sort of bring out today as well is the headlines clearly are: ounces up, cost down, and that absolutely is fantastic in driving margins. But one of the things that we believe also comes with this plan is a lower-risk operating environment. One of the first things to say is that, of course, that our owners' team has developed this plan itself. We've moved away from the model of outsourcing to consultants and contractors and brought those skills in-house. We basically own these plans. We have external assurance, and we have external support from experts where required, and this will, of course, be subject to 43-101, which will be published later on, probably into November. But really, this is a plan that's owned by the owners' team. We talked before about that sort of approach to the technical underlying inputs to the plan and how we've taken that back to first principles and built up a significant database around that, but one of the other elements is around the cost base. And I think the important thing here is that we haven't... we've looked to be prudent, and appropriate as we layer in those economic factors, as well as part of this operating plan. We've retained a $1,450 long-term gold price, which is consistent with our previous resource reserve estimations. In terms of our operating cost forecast, we've taken the 2023 cost base and rolled that forward. We do not factor in reducing consumables prices as part of this plan. It assumes a flat forward number and therefore encapsulates a number of the inflationary pressures we've seen over the last two years. One of the key drivers of our overall plan is the diesel price. We've assumed a long-term price of $0.75 per liter based on consensus price forecasting for oil and gas and diesel on a medium to long-term basis. That's up against a $0.48 price that we had used previously as the relevant price in Egypt at that time as well. So it believes to us that we've got a robust plan that's based on sound technical a basis, but also with appropriate and prudent economic inputs. The final thing then is: how do we develop the plan? and that was a multifaceted approach, looking at trading off the likes of classic metrics around NPV, capital allocation, operating risk, and efficiency of operations as well. Rounding out a number of those factors allowed us to develop this plan. Really, when we look at it, there's actually five key drivers that result in the new life of mine plan that we see here today. Ah, sorry, there we go. Starting off with geology. As I've said repeatedly over the last three years, we know we really understand that geology really is the driver of our business. It underpins everything, and without the right geology, it's almost impossible to run a mining operation successfully. Initially, we thought it was about better delivery of operating plans, but of course, over the last three years, we've been able to generate that additional growth, that we've discovered opportunity both in the open pit and underground, that has allowed us to grow both resources and, importantly, reserves, over the last three years. And that really is neatly encapsulated there by the graph on screen. 5.5 million ounces produced to date and still 6 million ounces to come ahead of us. You know, it really gives you that sense that it is really is a world-class ore body at Sukari. And with that extended, horizon of time that we have ahead of us now, it allows us to start making some long-term decisions around investment and operation, allowed us to commit to the underground owner mining model, moving away from contractor, the confidence to invest in solar for the medium to long term, and also allows us to think about this life of mine plan, in terms of our operating model, both within Sukari and more broadly for the company as well. We'll retain our focus on geology as we go forward. It's a key driver of our business and will be a key driver in the success of Sukari. This really now is about the open pit. I think a number of the factors that sort of constitute the new life of mine plan have been relatively well signaled before as parts of the news flow that we've issued over the last two or three years. I think people are aware of the underground expansion potential. We've talked about the potential for grid connection, and we talked about our resource reserve growth. I think one of the great wins that came out of this recent exercise is around the open pit, and I think what I'd like to say here, really, is that actually, it was a multidisciplinary approach that enabled this you know fairly significant improvement in the open pit operations. When I first joined, the open pit, I guess, was considered to be a little bit of a diesel engine. It was kind of the base load that would sort of chug away in the background, while the underground was the clear driver of economics going forward. And certainly, as we've sort of unpicked the open pit over the last sort of 2-3 years, actually, we've been able to improve it quite significantly, and that's a large driver of today's success. One of the first things we looked at was around the geotechnical environments. We've got an awful lot of additional geotechnical information now, from drilling, from a new structural model that's been employed, and also the benefit of the paste fill plant, to fill some of those legacy voids. And that's enabled us then to redesign the open pit, look to sort of remove a fair amount of waste from the life of mine plan, and really optimize those pit slopes, and therefore, the total material moved over life of mine. In a similar vein, by moving those open pit walls, by improving that geotechnical environment, it's allowed us to reschedule the access to ore. And some clever thinking around the mining team around staging has allowed us to address one of the issues that we had in previous plans that saw a reduction in ore tons from the open pit through the middle part of this decade, and a reliance on around stockpiles to make up 11 million tons of ore feed that we need from the open pit each year. As you can see from the graph on the left-hand side, the top production profile largely eradicates that dip that you can see on the bottom side of the left-hand graph from the previous plan as well. On a combination of waste tons down and ounces forward, clearly have a nice impact on the strip ratio as well. On the right-hand side, you can see the real benefit there. And we're at a 10-to-1 strip ratio in full year 2022, with the life-of-mine average of 8, now to a life-of-mine average of 6.5. And the nice thing, of course, is that comes in the relatively short period over the next few years as well. Put together, that gives us a great NPV bump, but there's further advantages to this as well. It allows us to more optimally and more efficiently plan our fleet replacement strategy over the balance of the life of mine. That seizes with a requirement now to add 5 new trucks, will allow us to meet this program, and will allow the capital waste contract to roll off as per its current terms in the middle of next year on a fixed volume basis. Capital performed fantastically for us, remain a trusted partner to us at Sukari, and more broadly, Centamin. I would like to thank them for their support over this period, but now the ability to move forward this new life of mine plan and deliver that is a huge step forward as well. So delighted with the work around the open pit, and really highlights that multidisciplinary approach that we've taken right across the asset. The underground, no surprises there. I think we've well signaled this, last year around the pre-feasibility work that we completed in, in Perth. But what we'd like to do now is that our site team have effectively taken on that concept study or that pre-feasibility study, and actually owned a fully engineered underground expansion. It benefits from the upgrades we've been making over the last few years around ventilation, around paste fill, and around electrical reticulation, and also now, has been done in a more capitally efficient, and we believe, a lower operating risk environment. Previously, we targeted about 1.5 million tons for around about a $25 million-$30 million CapEx bill. Now, we're seeing about 1.4 million tons, but around about a $16 million CapEx investment for as well, stepping up to that full rate over the next two years. Just a quick note here, maybe around the resource conversion case. One of the things that we haven't done is some classic spreadsheet mining. We've got about 3.4 million ounces of resources in the underground, not included in the reserve numbers. In order to sort of estimate what the resource conversion case might look like, what we've actually done is we allow the mine planning engineers to include that non-measured indicated material as part of their optimization process. That allows them to then identify those stopes which could come into the mine plan, and that engineering schedule is what drives that resource conversion case. What it also then allows us to do is focus our exploration effort, and over the next sort of 7-8 years before we start needing that resource conversion, focus our drilling activities, look to upgrade the resource categorization of those areas, and bring them in the life of mine plan as well. It represents about a 25% conversion of the underground resource, is in line with historical rates, and has come from an engineering schedule rather than any, as I say, spreadsheet approach to taking an arbitrary factor and looking to assume some resource conversion for that as well. So we still think lots to come. The ore body remains open to depth and along strike. The plan has been designed to allow for that flexibility, and we continue to deliver into that over the coming years as we continue to expand the extents of the underground ore body and underpin that resource case conversion into the next decade as we go forward. The grid power is something we talked about last year. Obviously, been aware that Egypt, over the last number of years, has really accelerated both its grid capacity, generation capacity, and then it's also its reticulation system with the national grid. We now have a high voltage power line within 24-25 kilometers of Sukari. And earlier this year, we launched a formal tender process to select a contractor to undertake that grid connection for us. We've had expert advice from a third-party contractor helping us both undertake or put together the tender process and evaluate that. One of the key mantras we have, of course, is know what you don't know, and we're sort of non-electrical engineers and have had that benefit. And out of that extensive process, delighted that we've been able to, we believe, select a highly competent and credible contractor to complete this work for us. They're a large liquid business that have extensive experience in Egypt, have undertaken a number of these type of opportunities before and completed them successfully. And we believe that we'll be able to finalize formalization of the contractual terms with them and then get moving to have this project delivered during 2024. In terms of the project itself, slightly higher CapEx than had probably been indicated before, as a result of an improvement around the design process that we saw as part of the tender process. Now, we believe we have a more robust opportunity using 100% redundancy and buried cables, but also better savings than anticipated, and that's some sort of $46 million of annualized savings going forward. That equates to around about 30,000 tons of equivalent carbon emissions as well. So an absolutely fantastic result for us. That graph on the bottom right-hand side, as you can see, indicates the total reduction of diesel use across the site as grid comes in, and we really are really restricted at that point to mobile equipment as we move to a combination of solar, and grid for our electricity needs going forward as well. So a happy confluence there of both cost savings, and carbon abatements, in what we believe is a transformatory project for the company, as we head into 2024. Gravity circuit work continued during the year, again, with third-party expert advice. A number of test work programs completed, and has allowed us to come up with a revised design. We believe the revised design is of a lower CapEx and better operating environment. Overall, we believe that'll give us a headline 2% increase in recoveries over the life of mine, and we do believe that in practice, once operational, there is the potential to further refine and improve on that and actually have further benefits from the downstream reagent and consumable use as we optimize the gravity circuit as well. The intention is to finalize the engineering works through the H1 of 2024, and start awarding a contract and putting deposits down, and bring that project on stream through the H2 of 2024, and have that operational during the H1 o f 2025 as well. In terms of capital expenditures, obviously, it's been a fairly heavy program over the last three years. We've looked to reinvest into Sukari. Delighted to say that we are now through the substantial part of that, and we're now heading into a reduced and more normalized capital expenditure cycle. As you'll note from that there, the waste stripping is stepping down significantly next year. Delighted to say as capital roll-off mid-year as planned, and then the addition of the growth projects, primarily around grid, will be delivered during the first H1 of next year for operational H2 of next year as well. So really, starting to see that more normalization of what has been a fairly sort of heavy lifting process for us over the last two years, as we've invested in, as I mentioned, solar, paste fill, and other such initiatives that have allowed us to deliver this plan today as well. I think also for us, that was part of our sort of corporate flexibility. We do, of course, have the revolving credit facility still available to us, $150 million. That is yet fully undrawn, and of course, earlier this year, we announced the put program to provide gold price revenue protection over this period of elevated CapEx as well. But delighted now to have seen the substantial part of that behind us, rolling into finalizing that through next year, and then back to that more normalized sort of profile that aligns with that life of mine plan, and that reduction in AISC as we go forward. And of course, despite all this great news of ounces up and cost down at a lower risk basis, has been the decarbonization. Earlier this year, we published our decarbonization roadmap. That was looking at our interim target of 30% reduction, and we had a number of strategies to try and achieve that. One of the things I'm particularly proud of about Centamin is that lots of companies have plans and claims to be able to do this, but with our commitment to the commissioning of solar, we're already walking the walk in terms of delivering this as well. The addition of the grid connection will further enhance our decarbonization process, and of course, with the revision of the life of mine plan and reduction of that waste, that further contributes from our peak carbon production base year in 2021. I'm also delighted to say that as we see the plans today, that they just about get us to that interim target without the addition of the solar expansion. That'll be engineered through 2024, and on the assumption that comes in in 2025, we believe that this latest plan, in combination with that, solar expansion, will see us being able to meet and actually exceed that interim target we set ourselves as well. So delighted with the rapid progress we've made around this, the fact we're actually delivering into our commitments and promises, and there's still more to come from us, and around this important initiative. I think one of the things to note as well is that, you know, this isn't the end point. We don't sit back now and mine this plan for the next 10 years. I'd like to think of this as being our effective base case, the framework now that sets 90%, if you like, of the operation of the Sukari asset for the next decade and beyond. But of course, we've got that culture of continuous improvement, and we still see there's opportunity now to enhance and refine that plan. We still believe there'll be good potential for resource and reserve growth, both in the underground, both in the main of Sukari ore body within satellite feeds within the concession, and of course, more importantly, around that EDX ground that surrounds Sukari as well. We can look at dump leach. We've a number of stockpiles now that we've now been able to move towards the back end of the milling schedule with that improvement in the open-pit ore, and the question is, now, can we start to bring some of those ounces forward by expanding the dump leach operation as well? Open-pit slope angles, we think there's further ability to improve those, and we'll be looking at those as we go forward on a localized basis to see if we can remove more waste from the plan. And in terms of the open pit, one of the great opportunities now, having sort of, if you like, optimized the ore production profile, is to look at the waste, and can we, in fact, over the balance of the life of mine, reduce the amount of tons that we have to move and the distance we move it by reoptimizing the waste dumping and looking at such things as also in-pit dumping towards the end of the mine life as well, to save on that haulage cost of that waste component. Plant optimization, we'll continue to look to optimize the processing facility, look around sort of improvement of optimization and reagent usage and costs. And finally, of course, that solar expansion, which I flagged earlier, and allowing ourselves to effectively run entirely on solar at around 50 total during daylight hours, and then switching to grid in the evening as well, further contributing to cost saving and carbon abatement. These are a number of real opportunities. These aren't sort of arm-waving sort of ideas we put on a spreadsheet. These are all live studies that are undergoing right now, and will be to progress through 2024, and on the assumption that they prove sort of viable and meet our hurdle rates, will be layered into that base plan as we go forward to further enhance and improve the Sukari life of mine plan. So in summary, what do we see? A 40% decrease in the stripping ratio as part of that rescheduling of the ore and redesign of the pits, driving significant NPV improvement around the open pits. A 75% increase in underground ore movement from our 2022 numbers, again, contributing to that ounce profile. 2% recovery increase, bring us towards that 90%, and of course, that 34% reduction in all-in sustaining from our full year 2022. So delighted with those metrics, and really sort of starts to sort of, as I say, emphasize the real quality of Sukari over the next decade and beyond. And finally, if this will work. There we go. Sorry. is our pathway to multi-asset producer. With that life of mine completed now, and with the Doropo pre-feasibility completed earlier this year, delighted to be able to refresh this slide, and show what we believe is our organic growth and pipeline to becoming a multi-asset producer on a multi-jurisdictional basis. I believe we've got the team in place that can deliver this vision, with the skills and the requisite experience, and I believe we have the financial robustness, both in terms of our operations, but also our balance sheet, to be able to deliver this vision. It allows us to deliver this vision, focusing on becoming a significant gold producer at very competitive all-in sustaining cost, which allows us to balance out that growth aspiration that we have, while also retaining our focus on stakeholder and shareholder returns. Finally, as we look forward to the Q4 of this year, a couple of things to note. We'd love to be giving an exploration update as we finalize work at EDX and across Doropo. So we'll be looking to get that out in the next month or two. Once we have all assays in, and share the news flow from our operations there. And, of course, there'll be our annual resource and reserve update on a group basis, which we anticipate will be the next iteration of the Sukari life of mine resource reserve statement, and of course, a potential resource update for the Doropo project as part of that ongoing DFS. So lots to unpack there. Delighted. I'd like to say thank you to the team, who, over the last three years, within Centamin, have, you know, knuckled down and put in some really hard yards. It's not always been easy. It's been a tough period of reinvestment, but I think their dedication, hard work, and some very smart thinking has delivered what is a fantastic result for us as Centamin, as well. And I think we look forward to now to that sort of phase two of the next stage of our growth, with a sense of confidence and optimism, as we take Centamin forward from there. And with that, I'll say thank you. And we're now, I believe, we're gonna pass over, to questions, from the, from the... initially from the, the audio. I believe Alex, who is with us today, will then take questions from the email. Thank you. Thank you. Participants can submit questions in written format via the webcast page by clicking the Ask a Question button. If you are dialed into the call and would like to ask a question, please signal by pressing star and then one on your telephone keypad or on the keypad on your screen. You will hear a confirmation tone that you have joined the queue. If you wish to withdraw your question, you may press star, then two. We'll take our first question from Will Dalby of Berenberg. Please go ahead. Hi. Hi to you, Martin and Ross and Alex, thanks for your time today. Congrats on the positive update. I'm sure a lot of hard work went into this, so congrats to the team. Just a couple of questions for us at Berenberg. Question one, on the, just on the tie into the grid, could you possibly give some further color around what needs to be done to achieve that tie-in, by the end of next year? Sure, no problem at all. I'll take that one, if that's okay, Ross. So with a preferred contractor now selected, we'll ratify and confirm that with our colleagues at EMRA. But then moving on to a sort of negotiation and finalization of an EPC contract for them to undertake that work for us. I think the next stage for us then, obviously, is to get moving with the actual physical installation itself. It's actually relatively simple. We're looking at sort of switchgear and transformers as the two major sort of acquisitions or purchases that are needed to support that. And then it's the cable connection from the grid through to the site as well. We've gone with an underground buried cable solution, and 100% redundancy. I understand, and I'm a mining engineer, not, not an electrical engineer, but I understand that each individual cable can support around 30 MW of power. And the option there was to have 2 cables, and then that would supply, obviously, our 50 MW required. If there's any issue with any individual cable, we'd be on about 30% requirements. Obviously, with the 3 cables, we can afford to lose a cable, and still maintain the full 50%, sorry, 50 MW power supply. So we've gone with that 100% redundancy option. Buried cables, we believe, offer a lower maintenance, longer-term, better solution for us, slightly higher CapEx, on that basis as well. So that is the basis of the winning tender. Would just point out that, of course, we retain the diesel generating sets at site. They're not gonna leave, and that leaves us, obviously, with a redundancy plan such that if there's ever any issue with both grid and solar, we still have the ability to fall back on the current solution, which is using diesel generation for power generation as well. So really, with the signing of that EPC contract through this Q4, ability to get moving, it's a relatively short connection of about 24 km. The current sort of preferred tenderer has done three of these connections within Egypt itself, connecting national grid to large industrial zones or industrial complexes. is well-versed in both the, the technical requirements of that, but also importantly for us, the ability then to, also, navigate Egyptian permitting and licensing around construction and connection as well. So putting that all together, you know, we believe that, with discussions with the contractor, they envisage a 6- to 8-month process. So, you know, we have signed up contracts by during the Q4, starting, you know, 1 January next year, effectively, that would see us bringing that through. Look, recognizing supply chain internationally, recognizing sort of just the general level of bureaucracy in Egypt, recognizing an electoral cycle over December, January, you know, we're anticipating that that will come through during the H2 of next year and really be fully in place from the start of 1 January 2025. But we believe the, that's what we're sort of prudently planning for, but we'll either actually come in sooner than that, but we've kind of given ourselves a little bit of flex around that just for usual sort of, you know, implementation, sort of processes from there. Okay, brilliant. Thanks a lot. That's very useful additional clarity. Just another question. You mentioned on the updated open pit design, you described what you described as optimization of the open pit wall angles. And again, on the upside opportunities, that there could be further optimization to, you know, further reduce the waste stripping. Could you possibly give some more detail around what this optimization entails in relation to how the pit design has changed and what technical work has supported this? Sure. So in terms of the technical work, as I mentioned, we've been sort of undertaking a significant dedicated geotechnical drilling campaign since 2021. That That has given us a huge amount more data in and around the pit, both in its current form and ultimately to its life of mine extents. In parallel with that, we've completed a structural model, which is tied in as part of the geological reset as well, and that's been done with support of the likes of SRK, Snowden, and AMC out of Australia as well. So we have a significant increased data set from dedicated geotech drilling, aligned to a now an improved and much more detailed resolution structural model across the Sukari open pit and ore body environment. So that's the framework we're working from. That's been one of the main bases of being able to recognize where we can locally steepen, and the steepening has come predominantly to the north and the northeast end of the pit. That's where we're in the porphyry, which is that harder, more competent rock, and that's where the gains have come. The other thing that's happened, of course, is the introduction of Paste Fill into the underground operations. We've been able to use that both in the production cycle as we're currently mining, but also with the excess capacity in the plant. We've been able to fill historical legacy voids that were left from previous underground mining activities. There's been a number of areas where previous open pit designs had the toe of the final pit intersecting with a legacy void, and that obviously represents an increased geotechnical risk. With the ability of the paste fill plant now, we've filled a number of these key historical voids, and that allows us then to effectively redesign and step in the open pit wall, now, given that confidence we have with the paste fill solution as well. So, so it's that sort of increased a geotechnical data set that we've got from a bottom-up basis, aligned with the Paste Fill introduction, has allowed us to both steepen and redesign the pit and make that tighter in key areas to reduce some of that waste mining as well. In terms of future opportunities, I think they tend to be more localized. There's a few areas where we've got overall pit slopes for the Life of Mine pit. There are sort of areas within those overall slopes where we may be able to steepen some of those into ramp bench angles, for example, and get some sort of localized benefits as well. We think that the sort of the environment we have now is good for Life of Mine. That will set the, if you like, sort of the life of mine parameters, with opportunity to improve on a more localized basis, as we pick up some more information in there as well. I don't think they are gonna drive nearly the same level of benefit we've got out of this revision, but soon we'll be able to pick up some tonnes or reduce some tonnes from the waste schedule in the open pit on that localized basis going forward. Okay, that's brilliant. Thank you very much. Thanks a lot for your time. Thank you. The next question we have is from Marina Caler o of RBC Capital Markets. Please go ahead. Good afternoon. Thanks for the call. I have a question on the your exploration program on the underground. Can you remind us what are your priority targets for next year? And maybe as an extension of that, you haven't included any potential satellite deposits on the mine plan. When do you think we could see those come into production? Thank you. Hi, Marina. Thank you. I think as we flagged before, on the underground meters, with underground drilling meters, we've got about 90-100,000 meters sort of budgeted each year within the underground. We broadly bunch that into three, three buckets. About a third of that is around pre-production, grade control drilling ahead of a production cycle. About a third of those meters, we then apply to sort of resource confidence increasing, so taking inferred material into the measured indicated and hence allow it to be included in a reserve. About a third of those meters, historically, have then gone to sort of, you know, target generation, looking to extend the ore body extents in that as well. That has been the historical focus. We may well consider a move away from that going forward on a short-term basis and rebalancing a sort of conversion of inferred to measured indicated and short-term drilling around grade control. One of the things that we're discussing strategically is, you know, can we move to a point where we've got all stopes open and developed with at least 12 months grade control in advance of that, so we're effectively mining a year in hand on the underground? That's one of the things that we're looking to sort of further de-risk the operational plan. We're in discussion with the mining and the geological team about doing that on a temporary basis to bring us into that sort of, you know, enhanced sort of confidence in delivery. But more broadly, the third model is a good way to think about it. What we have then is a five-year rolling plan, and that, of course, is from an underground perspective. You have to develop development headings to allow development drill cut-offs, that then allow you to drill deeper into the ore body as well. So within that sort of third on an annualized basis, we then have a five-year rolling plan as we look to effectively move our way down the ore body. That drilling plan is then back-to-back with the mining plan, because then the mining engineers have got to sequence in those drill cuddies and those drill to exploration drives in, such that the geological teams can work their way down the ore body as well. So that plan is in place, a rolling 5-year development plan, effectively moving along strike and down the ore body sequentially from an exploration perspective, and then within that 5-year rolling plan, on an annualized basis, a third, a third, a third, at this stage, in terms of how they allocate those meters. So that plan doesn't substantially change as we roll forward. Of course, the resource conversion plan we've identified here, you know, that really starts to kicking in 2031, 2032, in terms of we need those resource conversions to come out. So we've got a good, you know, nearly ten years ahead of us to do that. Clearly, we anticipate being able to convert some of those resource conversion case into reserves sooner than that, and as we roll forward, and of course, what we want to see is that resource growth continuing in the underground. So actually, that we sort of fill those pale lines into darker gold lines, and we extend those pale lines to the right-hand side as we increase our resource base in the underground as well. So that plan remains in place. That hasn't changed by the life of mine plan. That's that more, that sort of ore body stewardship model we talk about, and that rolls forward. In terms of the satellites-... Within the concession area itself, they'll be wrapped into this year's resource reserve update for Sukari, which we'll announce in December. I think that's been sort of moderate success, I would say. We've found a number of targets within the concession area. Certainly resource geological successes. I think the conversion to mining targets has been the sort of where the challenge has been this year. So, we've seen things fall away from being too narrow with a high strip ratio and not mineable. Things fall away because of metallurgical concerns around how they would affect the processing plant. But we certainly do have some targets that would be able to be folded into the plan. But we're talking 30,000-50,000 ounce type deposit at this stage, rather than anything more substantive than that. But so safe to say, I think, that we can say with all hand on heart that we've fully explored the concession area, and if there's an ounce available, we've found it, and we will bring it into the plan. More broadly, within EDX, as I mentioned, we're just about finishing that 15,000-meter program within the Nugrus block, which, if you remember, is the block that sits around the Sukari concession itself. As I mentioned, we hope to get that exploration results out during Q4, subject to assay lab turnaround. Really, with those results, that's really gonna inform whether there's anything of interest that warrants follow-up, and if it is to require follow-up, how quickly could we drill that off and start to bring that towards a resource, and then ultimately, potentially a reserve on that satellite feed into Sukari as well. We'll know more in Dec. November, December around the initial results, and that'll give us a clear plan through 2024, how we can accelerate, and take that forward from there. Thank you. Very clear. There are no further questions on the conference line. I will now hand over to Alexandra, Head of Corporate Communications, to address written questions submitted via the webcast page. Thank you. So just keeping with the questions, I guess, around exploration and geology, could you give an update on the underground bonanza grades and when you anticipate that that might be brought into the mine plan? Thank you. So they are now fully baked into this plan. As we noted, in terms of an underground, sort of production profile, is that we will build it from the current run rate of around about 1 million tonnes per annum, up to that 1.4 million tonnes per annum of ore hoisted or, or brought to service from the underground between now and 2026. And if you look at the plans themselves, is that you'll see that the underground, actually is able to keep a flat ounce profile all the way through that, ramp up from today at the 1 million tonnes up to that 1.4 million tonnes in 2026. And of course, the reason we're able to do that, of course, is that we're able to bring higher grade material forward, to allow us to maintain a total ounce profile of lower tonnes. And then, as we bring that mining rate up to its full number, we're coming back towards more of the average ore body grade as well. So the bonanza grades... Well, I should say it's the bonanza or the sort of the Bast Zone, in terms of its location. The Bast Zone planning that you see in this plan here is based on last year's resource reserve statement. There will, of course, be an update, in December. This plan will then be sort of amended and updated and revised as part of that new resource reserve update that we announce in December. We have, of course, checked this against the latest plans. You know, we're quite confident it's very consistent across there. We don't expect to see any major changes between now and December. I'd be somewhat disappointed if that was the case. But really, what we expect to see with that sort of ongoing sort of resource and reserve development in the underground, is starting to sort of effectively backfill some of that resource conversion case into reserves. So, to say that the Bast Zone is now fully incorporated into this plan, it will continue to be so as we continue to draft that area and bring it into resource, and then convert it to reserve and lay it into the plan going forward. Thank you. And I appreciate you touched on this a little bit answering Marina's question, but just for the avoidance of doubt and the questions come in, is there any update on the interpretation of the airborne geophysical survey that was undertaken last year? Yep. I think we took this question earlier this year, and the same answer is that, you know, that work was fully done. We've internalized that data set. We've fully interpreted it from a Sukari perspective. That led a slight revision to the surface exploration within the SGM concession area, which is ongoing and close to being completed. And has been fully sort of, if you like, sweated, to make sure that we've identified every potential opportunity within the concession area. So of course, that work was predicated on the Sukari concession. Part of the work, more broadly for us, was one, could you fly an airborne survey in Egypt? So it was proof of concept, and that was no small feat, pulling together the airborne contractor with the geophysical contractor, both contractually and operationally. Secondly, as well as proof of concept that that could be done, it gave us a fantastic data set around the response of the Sukari monzogranite area, the geological structure that hosts the Sukari ore body. It allows us to really understand that, how it sits within that setting, and how that responds to the various airborne sort of tools that we use as part of those surveys. So it gives us that, if you like, that sort of DNA or that fingerprint that what Sukari looks like from this airborne survey as well. That clearly is, you know, a proprietary data set. So obviously, that has a huge competitive advantage for us. And of course, that has value when we look at the broader Eastern Desert exploration work as well. So people have asked, will we be publishing that data set? I think from a competitive basis, the answer is no. But we, of course, will be using it, as we think about how we look to extend Sukari's potential life, through that satellite ore body sort of exploration program. And that airborne set will be very valuable, as part of that overall process. Thank you. Now, a couple of questions on slide 15, which is on the CapEx. Please, can you explain what is included in the $89 million non-sustaining CapEx for 2024? Does it include truck acquisition CapEx of $13 million, gravity circuit of $20 million, grid connection of $46 million? ... I've spoken for the last 45 minutes. I'm sure you're all bored of hearing me talk, and, and Ross has made the trip all the way from Jersey for this. So Ross, I'll, I'll hand that one over to you. Thanks, Martin. Just to clarify, so in the $89 million that's earmarked, the major two components relate to grid connection and the remainder of the contract to waste stripping. We do have gravity circuit and the open pit fleet in there, but it's half of the fleet because we've taken the opportunity to include $6 million or $6.5 million in this current year's numbers. And the gravity circuit does include a component. There's $7 million that's included as a spend for next year within that $89 million breakdown. Great. Thank you. And then, how much CapEx is associated with the waste stripping contract of the $89? You actually just touched on that. Yeah, so sorry, just to clarify, so there's $34 million of that $89 million that's included for next year. So we've taken the opportunity. Some of that waste stripping has moved forward into this year, as I mentioned, and that's the residual tail that will all be delivered early part of next year. So $34 million of the $89 million. You note that deferred sustaining stripping is excluded from these numbers. What is the treatment of the high strip in 2025-2028? So the treatment of the deferred strip, so anything that is over and above our Strip Ratio is capitalized, and then is amortized over the ounces that are moved for that particular segment. So- So that's where the- That's consistent. ... So that's where the, in A1 period, if the strip ratio is above the average life of mine strip ratio, that delta between the average to the, in that period is the bit that's capitalized and deferred- Okay ... and then unwound at a later basis, sort of effectively then. Yeah. That's right. Yeah. Thank you. So just turning back to Egypt for a minute. Can you comment on any challenges with costs in Egypt, given the high level of inflation? Ross, another one for you, do you think? Yeah, so we monitor that closely. There's obviously sort of lots of moving parts in Egypt, but we are a US-denominated business, and so all our functional currency is US dollars. So we are protected largely on that basis in terms of US dollar function. From an EGP component basis, it's actually from the major component there is of our payment of fuel costs and labor costs that go through. We have been given increases and actually looking for further increases to our labor force coming up now in October. It is a moving brief. We're watching it. It's higher inflation than had been budgeted, but equally, the offset of the currency devaluation in US dollar terms has meant that we're largely stable, and we're very much on track in terms of what we had budgeted, but continually monitored. Thank you. And then, with regards to 2023, how much are you planning to invest in Egypt? Oof. Define invest in Egypt. Clearly, we continue to invest in the Sukari mine itself as part of that three-year reset plan, and our CapEx build for this year, Ross, was? Yeah, so we had $240 million from an Egypt perspective that was allocated for this year. Next year, we've earmarked just short of $200 million for Sukari, but then we still have our EDX program that we'll be spending over and above that for next calendar year. Yeah. Yeah. You can obviously- That's pure CapEx amounts, never mind our normal operating costs. Yeah. -Mmhmm. And as of today, what are the Sukari reserves, and how many ounces have been produced year to date? In terms of Sukari reserves, that's 6 million as of the last reserve date, and that will be updated, say, in December for the group resource reserve numbers. So an outstanding, or remaining reserve of 6 million ounces, against 5.5 million ounces produced, life of mine to date as well. And sorry, Alex, produced, year to date? Yes, so- 5.5 ... three. No, I think 321 for the calendar year twenty- Oh, the calendar year. Yes, yes, that 320, year to date. That was a part of the RNS that we announced this morning. 320, just about 320,000 ounces, by the end of the Q3. Thank you. And then, how much does Centamin hold in cash, and what is your approach to cash management going forward? Sounds like another CFO question, Ross. Yeah, so we'll be able to update you with our quarterlies that are coming out next week in terms of actual physical cash balance. We've always historically spoken about a cash split in terms of physical cash being circa $100 million of cash, but then having liquidity or financing available of a further $150 million. So that's previously been all held in cash, $250 million of cash, with the revolving credit facility that gave us our optionality available, and we've drawn down on our cash to invest in the mine, which has been part of this reset. So we've spoken to $100 million of cash and $150 million of available liquidity within that RCF. We'll update you during this next quarter in terms of where that cash balance has gone to, but also in terms of the outlook for 2024. But it'll be a hundred million or just under a hundred million in terms of targets of cash, but that depends on our investment and our draw down in terms of certain CapEx projects. Those key projects that as we go forward will be this power line that we've spoken about, the truck investments, and those would be drawn down from cash or the use of the RCF. So we'd come down under that hundred million level for a period of time, and then build it up. ... Thank you. And then, does this, does today's plan, how does it impact your views on the dividend? I don't think the dividend policy changes or the strategy. I think we articulated that very well, Ross. Was it the full year or the half year? Half year. Half year as well. So I think that framework was designed for the to manage the business going forward. Yeah. The adding back of growth CapEx to the available funds, and I think that framework remains valid. I think it just underpins the numbers that go into that capital allocation framework. That's right. I'm really excited about the plan in terms of you can see the margins that are generated, the availability of cash, and I think this plan underwrites the basis that we can continue to invest for growth and have a dividend allocation. So we can do both prongs, which we've always spoken about, but this basically underwrites that. Yep. Just taking it back to operations, do you see opportunities to improve the gold recovery above the 89.8%? Yeah, look, I think the gravity circuit is clearly one of the obvious areas. There's a few other opportunities we're looking at around reagent optimization, detoxification of return water that can sometimes suppress flotation. So we think there's a number of opportunities there that again can give us some marginal gains. We know the ore body itself sort of, you know, is fairly nuggety, certainly from the underground feed material as well. So we think there's a number of opportunities, and we think the sort of the 2% that's budgeted for the gravity is prudent, and can often be seen in the case with these types of facilities. It can actually sort of outperform, but we'd rather plan for the 2%, and if we realize the outperformance, then we'll bake that in at that time as well. So I think that 90% is a good level to model on a go-forward basis, and if it stays that, we'll be very happy with it, and obviously, if we can get that to outperform, then so much the better as well. Thank you. And then in a continuation to that, will the selective underground mining later in the schedule improve recoveries further? And apologies, that's verbatim. No. Okay. Well, we do, of course, selectively undermine, undermine, mine underground, anyway. And really it's about sort of maximising sort of, you know, sort of ore extraction with minimum dilution to preserve the grade, and then obviously having a fully optimised processing plant to make sure that we cover as much of that gold as well. I can say that, again, sort of use of, of sort of, you know, sort of, you know, good mining practice in the underground to, say, reduce dilution and, and prevent ore losses, alongside use of paste fill, for example, which is a, a big component of doing that. We'll continue to be as surgical as we can in terms of underground mining, to preserve those ounces, and maximize extraction, and then obviously, a fully optimized processing plant will try and bring as many of those through to doré as possible. And then a question on all-in sustaining. So, you've spoken to the life of mine expectations for all-in sustaining at Sukari, but could you give us a bit more color or range on what it could be in the near term, over the next two years, specifically, 2024 and 2025? I think that is, unfortunately, we don't have the screen with us now in the studio, but I think that is as per the slide number, is that 6, Ross? Slide 6. Yes. Yep, slide six. I think that's got the bar chart there. Thank you very much. Very much appreciated. Yep, slide six there. That is the forecast production, and the solid blue line there for is the forecast AISC on the current plan. Obviously, we would normally range-bound those as we move forward. They're subject to the budgeting process, subject to revision, to input costs as they roll forward. Things like maintenance and so on have to go into that. But if we look at the plan and we were to deliver that plan exactly with every input going in exactly as planned, that's the sort of profile that you can see. So you see us moving in towards that sort of, sort of a $1,000-$1,100 type opportunity over the next couple of years, before we then start moving back towards that or down towards that sort of nine, sort of average $930-$950 level over the balance of the life of mine. Just to add to that further, I would encourage people to take a look at the announcement on the website. It has a table of the schedules, which can give you some further year-by-year clarity on that. Yeah. That is all from the online questions. Let me triple-check. Yes. Perfect. Well, thank you very much, everybody, for taking the time to listen in today. Again, I'd like to just reiterate my thanks to the team across Centamin, our partners in Egypt and the government there. And I think, you know, a culmination of three years of good, hard work, focused on consistency of delivery at the mine, in parallel with optimizing the operations for the medium to long term. It has been a period of heavy lifting, of reinvestment, substantially through that now, and we've come up with a fantastic result that positions Sukari as a significant producer at the right part of the cost curve, as we go forward. From a Centamin perspective, that real engine for that future growth platform as we look to organically deliver the Doropo, while still focusing on those shareholder returns. With that, I'd like to say thank you again. If there's any further follow-up questions, you can contact us through the usual channels, myself and Ross, and of course, Alex, from an investor perspective. Otherwise, wish you all a good afternoon, and thank you for taking the time. Goodbye.