Good day, ladies and gentlemen, and welcome to Centamin Full Year Results presentation. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session through the phone lines, and instructions will follow at that time. A reminder to all participants that this call is being recorded. I will now hand over to Martin Horgan, CEO of the presentation. Please go ahead. Thank you very much, and good morning, everybody. Thank you for joining us today as we run through Centamin's Full Year 2023 results. As I've mentioned, Martin Horgan, CEO, and delighted to be joined today by my colleagues Ross Jerrard, our CFO, and Michael Stoner, Head of Corporate. Just move on to the next slide, please, Michael. Disclaimer: I'm sure you will all read that at your own leisure, and then we'll just move on to the next slide there of our portfolio. We'll get into it. So really, a familiar slide for everyone that knows Centamin. It's our integrated pipeline, a combination of production, development opportunity, and exploration sort of potential as well. So delighted with that. Obviously, our flagship Tier 1 Sukari Mine is our foundation asset, our source of cash flow at this stage, and really is the driver of our business at this point in time. Delighted, though, with our Doropo Gold project, which made great strides in 2023, publishing a PFS for that, and allowing us to, for the first time, have non-Sukari reserves within the broader Centamin Group. ABC project also in Côte d'Ivoire. That's under evaluation right now as an exploration project. Of course, the exciting developments in Egypt around the opening up of the exploration potential of the Eastern Desert with both regulatory and fiscal change, and also our early-stage discovery success on the exploration there. So a fantastic portfolio centered in two great geological terrains: the Arabian-Nubian Shield of Egypt, which we know is a real focus increasingly at this time between Egypt and Saudi Arabia, and of course, the well-established and prolific Birimian of West Africa. Moving on to our next slide, please, Michael. Looking at our guidance for 2023, we'll look at, I think, a really good year for us. Delighted with the performance. It's our third year of delivering into or bettering guidance. When we look at that from a production perspective, coming in at 450,000 ounces towards the bottom end of that guidance. But I think the context of deciding to take some preventative sort of maintenance at the mill, despite taking that in the third quarter last year, I think that really showcases sort of the flexibility and agility of the management team to respond to that. I think, importantly as well, the sort of contingency and operational flexibility within our plans. We still were able to bring in that production at the bottom end of that 450,000 ounces there, but in line with guidance. Despite that slightly lower than planned production number, I think the real highlight of last year, of course, was the cost performance, a significant beat there on AISC. I think that was an excellent result. Ross will take you through the components of that later. I think that's particularly sort of pleasing and impressive when we look at the broader context of the mining sector right now. What has been inflationary times across the sector is that we have been consistently taking costs out of our operational base and delivering that performance there. Of course, if you produce the ounces at the right costs, it did allow us to leverage into and take advantage of what was a stronger cash—sorry, a stronger gold price environment during 2023. Of course, those ounces at the right cost into a good gold price meant good cash flow delivery as well, and lots of benefits of that to our business. And again, Ross will take you through that as well. But again, delighted with 2023, really good performance by the team, and that third year of delivery for us. Just moving on to the next slide. In terms of our sustainability highlights, I think another excellent year for us, starting off in terms of our decarbonization. I think lots of companies talk about decarbonization plans and strategies. They talk about plans to be implemented. I think one of the things that I'm most proud of at Centamin is that we're actually walking the walk in terms of decarbonization. It was our fourth full year of the solar plants operating at Sukari. Over 20 million liters of diesel saved by the use of that solar plant. And of course, when we look at our greenhouse gas emissions and intensity per ounce, a 14% improvement on our 2021 base year as well. This is the beginning of the journey. It's not the end. But delighted to say that we've made some great strides already within that decarbonization strategy as well. Looking at our talent, which is our workforce in Egypt, I think to me, alongside the geology and the ore bodies under our sort of stewardship as well, I think our workforce is one of our second sort of major assets within the business. Delighted with our sort of leadership roles within national employees, really looking now to take that sort of core base that we have there, look to put investment into people and their skills, and look to upgrade that. Of course, look to focus on that nationalization of the workforce as well. Really looking to focus and continue our journey around sort of both employee empowerment and training and upskilling, and looking to really sort of nurture that asset that we have there. Finally, onto safety. Those who have the misfortune to hear me talk on a regular basis will know that one of the things I genuinely believe in is that I think safety performance really is a good proxy for management performance. I think if you have a good safety record, I honestly believe that that's a real sort of indication of a high-quality management team. Delighted with the performance in 2023. In terms of our LTIFR, a really good year again, matching our 2022 numbers in terms of a 0.08 LTI per 1 million hours. That's an 83% improvement on our three-year trailing average. Alongside that, which really drove that, of course, is our LTI-free hours record. Delighted that as of December last year, we actually beat our previous record. Actually, I think those numbers are transposed. Actually, we hit 9.8 million hours, which was actually an achievement against the previous record of 9.5 million hours. So an excellent performance by the site there, just a single LTI, unfortunately, last year across the operation. I can say that actually, as of yesterday morning, delighted to say that that record continued. As we sit here today, site's currently sitting at about 12 million hours LTI free as well. So that's an absolutely fantastic achievement by the team down there. If we just move on to the next slide, we'll take a little bit more a look at that and how we're focusing on that. Well, I think obviously, it's people and processes that drive and culture that drive safety. Delighted that over the course of the last two years, the team at site have been working around international accreditation. Really pleased to see that in the first quarter of this year, that we were awarded our ISO 45001 accreditation around our OHS systems relating to health and safety as well. So I think that's a fantastic effort by the team there. It's a real long journey and a process and commitment to get to there. And to have that international recognition, I think, is a fantastic credit to the team down there at Sukari. The challenge, of course, now is to maintain that as we go forward, but I'm sure that they will. In terms of those averages, as you can see there, continuing improvement on a three-year basis. And that remains a focus for us. And as I mentioned previously, that LTI free hours record is an excellent result, moving through to that 12 million hours as achieved at this stage and looking to focus on that as we go forward. It remains a focus. Will do. You can never let up on these things. And maintaining that focus of our workforce leading from the top down is something that will continue into 2024 as well. Just moving on to the next slide now. In terms of our operational scorecard, this is where we really look at sort of the headline numbers of ounces and costs are all well and good. But what really drove those operationally? I think for us now, what we're seeing within this slide, of course, is production's all about stability and repeatability. It's about getting new what you need to do today, repeating that tomorrow, next week, next month, year on year, to make sure we hit that cadence. Of course, the other thing around stability and repeatability is around compliance to plan. We have those long-term plans that we've put in place now, and making sure that we stick to those long-term plans, we don't get distracted by short-term pressures, that we maintain our focus on delivery, but also within the context of that 5- and 10-year plan as well. So that compliance to plan on a stable and repeatable basis is the real sort of cadence we're at Sukari now. And I think 2023 really starts to evidence that continued success. From an open pit perspective, good progress made, largely flat year-over-year in terms of material moved, in terms of, sorry, the open pit in the underground there, that 129 million tonnes. One thing to note, of course, as we head into this year now, Capital Limited, who have been doing the accelerated waste stripping program for us, that does roll off now middle of this year. We've seen the increased sort of operational flexibility that's given us. It has come at slightly higher costs while we've run through that phase. But with that rolling off now, we're heading this year back to a more normalized run rate of stripping. On an open pit basis, in terms of ore mined, a big increase on the previous year, largely driven by a significant waste-to-ore conversion, which is positive for us clearly in terms of ounces found. That was in a particularly sort of remote and sort of rocky, sorry, a steep terrain area. And that meant grade control drilling was a little bit challenging. And as we mined through that area at the stop of Stage 7 in Sukari Hill, we did find more ore than anticipated, and hence that outperformance on the ore mined. We don't anticipate that to go forward. We'd like to have stability and predictability, but a bit of an outcome there. Underground, continued improvement of the underground performance. We made that desire to change from contractor to owner, and delighted to see that the progress of the underground performance continued in 2023 with stability in the open pit and the processing, the ability to move towards that 500,000 ounce mark of an annualized production rate. It is driven in large part by getting the underground working. And delighted to see that the underground ore mined moved up again year-over-year. And that's a 20% improvement as to where we were in 2022 as well. So it's a great work there. Ore processing, 12 million tonnes. Again, pretty much flat year-over-year, more or less. And again, particularly pleasing given that unplanned, but we think sort of prudent scheduled maintenance in Q3, but that moves forward. Feed grade steady as she goes, pretty much flat year-on-year. Again, delighted to see in the background that our MRM, our mineral resource management systems, working well. And when we think about sort of planned versus actual sort of grade performance or our mine-call factor, we're seeing much better correlation now in terms of that ±10% planned versus actual achieved as well. And I think that's, again, a real bonus in terms of planning and execution from there. And from a metallurgical recovery perspective, really been focusing on optimization of that flow sheet and how we operate that. And delighted to see that pickup in grade there, that extra 0.5% year-on-year. So really, as I say, for me, sort of operational stability, repeatability, and consistency, compliance to plan are the watchwords. I think that scorecard there really evidences the ability to deliver into our plans as we move forward. If we just move on to the next slide, again, those of you who have had the misfortune to listen to me on a regular basis have probably heard the analogy that one of our non-exec directors, Hennie Faul, uses, which is, "How do you eat an elephant?" When you look at the sort of the big task of optimizing Sukari, the analogy he uses is, "How do you eat an elephant?" The answer was, "Piece by piece." I think really that's what we've done over the last 2-3 years, is that we've effectively broken sort of the process down into its constituent elements, focused on those individual elements, looked to understand them, to optimize them, and maximise their potential. Then when you add those elements back together, you end up producing a significantly better plan on the whole. I think this chart really, or this table page really nicely sort of encapsulates that. Starting at the top left there, we take, for example, the open pits, primary dig unit productivity, 5% increase on average over 2023, improvement there. We move 130 million tonnes in the open pit. If you can get 5% more efficiency out of your digging units, that starts to have some nice impacts both on operability but also on cost as well. Underground, we talked about the move from contractor mining to owner mining. A really, really stark and wonderful graph there showing how we've increased the tonnes pulled through there, which is going to deliver those additional ounces for us as we get back to 500,000 ounces. And as you can see, of course, the impact on savings that we're making, one, by taking the contractor margin out, and two, then producing more tonnes over a relatively sort of a smaller sort of U.S. dollar base as well. So real improvement in the underground. Looking at the processing plants as the next sort of step within our process and operations, as you can see, again, really focusing on the optimization of that in terms of reagent use and consumption. And a real stark graph there showing how we've been able to focus on that, align with cost control to drive some real savings in the processing plants. And of course, finally, the solar plants. Using diesel as a primary source of thermal power generation is obviously expensive and not great from a carbon perspective. Then a really nice example there of how we've taken that diesel out of this stage of sort of the production cycle, saved those costs and those carbon there as well. So by focusing on those individual components, that's driving those production increases, that's driving those cost savings, and that's really ensuring that we're getting back to that consistency of operation that we're really striving for. Moving on to the next slide. Really, with a good 2023 behind us, that sets us up really nicely for 2024. From a production perspective, stepping up again, guidance this year at 470-500. We did increase the upper end based on the performance in 2023, so firmly remaining on track for this year so far, coming up to three months in. From a cash cost and an AISC perspective, a fairly broad range on the AISC. We felt that was prudent in terms of that range there, given the potential impact on diesel prices on our operations. So a fairly broad range. And we'll look to narrow that, obviously, as we head to midyear and have further months behind us in terms of diesel price. CapEx, final year of sort of, shall we say, big CapEx for us. Of course, our real sort of landmark or exciting project this year is the grid connection, which is progressing well. And that project there has a significant impact in terms of reducing both operating costs and carbon emissions as well. Exploration spend, again, no letting up in terms of our ability to create value through the drill bits. Obviously, looking to complete the Doropo feasibility study and ESIA and get that into permitting. And of course, in parallel, pushing on with that Eastern Desert exploration in Egypt as we look to really try and understand the potential around Sukari and further in the field. And of course, the maintenance of our commitment to dividends as well with that minimum dividend policy of 30% of free cash flow as well. So I think that 2023 and 2022 and 2021 before that, that reinvestment programme set us up very well for a very strong delivery in 2023. And that's given us that confidence as we move into 2024 and the step up again as we move forward. So with that, what I'd like to do now is pass over to Ross, and he'll take you through the financial review to more of the detail around the cost performance and the CapEx performance. And then maybe hand back to myself, and we'll talk through some of the other aspects of the business. But with that, over to you. Thanks, Ross. Thank you, Martin. And good morning, everyone. I'm delighted to be able to present our financial performance for 2023. And driven by the good operational performance that you've just heard from Martin, I'm very happy that we go straight into our scorecard, which was equally pleasing. Revenue up 13%, more ounces sold at an increased average realized gold price of $1,948 per ounce resulted in $891 million of revenue. Our EBITDA margin increased by 10% to 45%, driven by both ounces in gold price but also lower costs. Our overall cost performance was pleasing and something that we will discuss throughout this presentation. Post-tax profits to shareholders of $92 million was also up 27% year-on-year, mostly driven by good operational performance mentioned but also some catch-up of our outstanding cost recoveries. This all resulted in a 27% increase in basic earnings per share to $0.08 per share. What I'm most pleased about was the fact that we exited 2023 with liquidity of $303 million, which includes $150 million of undrawn revolving credit facility. This was another year of navigating high investment without using that RCF. A result driven by the positive free cash flow generated, $49 million, some 379% increase year-on-year, meaning we exit this reinvestment phase in a very healthy position. Diving into a bit of our financial statement analysis on the next slide. It's not turning on. Okay. So while our operational delivery and financial metrics were on track, I did want to draw your attention to a few non-cash and one-off items. Let me run you through some of these items that primarily drove variance against plan, but I'm at pains to highlight that they were non-cash items. Looking at our cost of sales line highlighted, there's an additional $51 million of depreciation and amortization, largely driven by our SAP implementation, where a comprehensive review of all our assets resulted in a review of component allocations and useful lives across the whole operation. This resulted in a much more granular componentization at asset level. And you'll see that there's a $14.8 million one-off accelerated depreciation charge against our TSF1 decommissioning and some old underground equipment. This elevated depreciation level for 2023 is considered a peak, and we expect this level to decline and probably normalize closer to a $180 million per annum run rate going forward. Looking a little bit further down at other operating costs, there's an increase in the royalties due to the higher gold sales and average realized gold price. But again, there's another $14.5 million of one-off items. There was an increase of one-off advisory fees, and this was driven by the work around our RCF and also our EDX negotiations. But notably, there was a non-cash inventory write-off and also some non-cash disposals or scrapping of assets, again, due to that upgrade of our fixed asset register and our SAP implementation. Looking at our non-controlling interest and our disclosures around that with our dividend payment, you can see how the impacts of these adjustments have been affected and are affected on our earnings per share as reflected on the right table on the top and right of this slide. Moving from a reported earnings per share of $0.079 per share to an adjusted EPS of $0.105 per share, largely driven through those non-cash movements. Talking a bit about our NCI profit and dividend payments and looking at how our result for that year reflected in the NCI at the bottom left-hand side of the page, excuse me, and remembering that where any variation between payments made to our partners in a particular period based on the company's cash generation and cash sweep and what is ultimately reconciled against audited financial statements, any difference is offset against future distributions. But you'll see that that $13 million shown at the bottom left is effectively the timing difference of the differences between a cash paid and an ultimate reconciliation. So profit share distributed to both partners in 2023 were ahead of expectations at $112 million each against a profit earned of $102 million, resulting in that closing NCI that you see there of $13 million. In a perfect world, and if timings and cash flows and audit periods all aligned, this balance would be zero. So arguably, that difference is also accreted to the earnings per share adjustment I've just discussed. I must highlight that these accelerated profit share distributions are a benefit to both partners, and I think it's important that we talk through that in a little bit more detail on the next slide. We have a very stable and transparent and longstanding flow of funds that, while quite simplistic in structure, has worked very well since commencement of operations. You'll see on the left-hand side of the slide the construct of the funding and distributions from SGM as per our concession agreement. After a 3% royalty, government to government, from Sukari and any cost recovery due from that Centamin-funded growth project paid back, any remaining net proceeds are paid to both partners in a profit share split of 50/50. These distributions are all made in U.S. dollars, which is important for the Egyptian government but has also been important for us. You'll see on the right-hand side how those distributions were made in 2023. $27 million of royalties to our government partners, $45 million of cost recovery paid back to Centamin, and $112 million of profit share paid to both EMRA and ourselves. So the end result of $139 million received by government and $121 million net contribution received by Centamin as a result of also funding $36 million back into those growth projects. This mechanism has worked very well over many years and results in regular distributions and flow of funds in US dollars. On the next slide, you will see that this result has really seen a cumulative result that is of benefit to both stakeholders or all of our stakeholders of almost $1.9 billion cumulative distributions being paid. Royalties and government profit share, those grey and gold bars of $248 million and $719 million, respectively. And on our side, to our own shareholder distributions of $881 million shown in blue. Egypt also benefited from all our local procurement spend in 2023, both Sukari and across our exploration programs of $631 million. Moving on to talk about our financial strength, 2023 delivered strong operational cash flow, which meant that we were able to fund our commitments and maintain an undrawn balance sheet. You can see on this pie chart that we closed December 2023 with available liquidity of $303 million, cash and cash equivalents of $93 million, 7,000 ounces of bullion on hand waiting to be shipped valued at $14 million, gold and silver sales debtors of $45 million, and some derivative instruments valued at $1 million from that gold price protection program. Importantly, $150 million of undrawn revolving credit facility represented in grey, which provides a total liquidity pool of that $303 million. Talking a little bit about our operational improvements and our unit rates, which reflect the operational improvements and our productivity gains. Starting with our open pit on the top and left-hand side, costs came down slightly on a unit basis despite the lower total material movement, driven by better fleet productivity, cycle times, and other operational initiatives, including the lightweight truck trays and haul road projects. The fuel price is always at a significant impact on the processing costs given our diesel power station. 2023's first full year of solar power, which coupled with the lower diesel price and our focus on consumable consumption rates, meant costs were able to decrease year on year. Again, being able to keep these costs in check was a credit to the team. You can see that in the processing chart at the bottom left. On the right-hand side, you can see the decrease in the cost profile of the underground. So as Martin mentioned, following the transition from contractor to owner mining, this has had a twofold benefit of lower costs and increasing productivity. More material mined at a lower cost per tonne. And our G&A represented on the bottom right has also been well managed under challenging global and local inflationary environment, as seen on the bottom right, with having benefited from EGP devaluation but equally countered by local inflation. So what does it all mean? In talking to our stringent cost management, you can see the results across our business. We have really focused on the bottom line to counter inflation. And as you see at the top and left chart, the mine production costs have remained stable over 2022 and 2023 in absolute terms. This was very pleasing in considering the pressures that we have all seen across the industry in terms of maintaining costs and managing the dollar spends. The 2023 mine production cost split by cost center in the top right-hand pie chart shows that the majority of our cost pool is spent on processing. This is always our largest component, forming 43% of our cost pool, but has decreased by 14% compared to 2022 due to a decrease in the fuel usage because of those solar savings and also fuel price. But in addition to those reductions in consumable costs like reagents that Martin had mentioned. The next largest component is the open pit costs, forming 40% of the total cost pool. This increase compared to 2022 is due to a lower proportion of costs capitalized being offset by a $0.09 per liter lower average fuel price. Underground costs are at 7%, while finance and administration costs are 10%. This is all affected by that EGP devaluation, affecting catering costs, salaries, wages, freight and customs, and the like. Lastly, that blue graph at the bottom left-hand quadrant shows our all-in sustaining costs in absolute terms against gold produced. You can see the reduction from 2022 to 2023, and we hope to maintain that momentum into 2024. You'll see the split at the bottom right of that $550 million in absolute terms, with 75% being mine production costs, 16% sustaining CapEx, and 6% administration, 5% royalties. I think it's important to talk about the effect of currency. So moving on to the next slide that talks about our dollar functional business. You can see from these graphs that we're largely U.S. denominated. The devaluing of the Egyptian pound and the lower diesel fuel prices have increased the US dollar portion from 58% to 65%, as seen in the black bars. While we've seen a decrease in the EGP fuel component from 24% to 18%, as seen in the gold bars. There's been a marginal decrease in the EGP component other as we continue to see the impacts of devaluation, but not to the extent of the parallel rate. While we saw an almost halving of the Egyptian pound during 2023, we were equally conscious of the high local inflationary environment that we were seeing in the domestic market. For us, operating our business largely in US dollars, we did not see a material impact but remained vigilant in terms of monitoring that cost base and the flow on impacts. The recent free float to the Egyptian pound on the 6th of March, 2024, was welcome news and is integral to Egypt's fiscal reforms. We look forward to seeing how this settles over coming weeks and months. We certainly think that Egypt is on the right track. Talking a bit more to CapEx. I'm glad to report that the reinvestment program is nearing completion. You can see on the bar charts the reduction in the profile over coming years. The blue charts, so the bars at the bottom, are our sustaining CapEx profile. The brick color is the contractor waste stripping where we're in the final couple of months and look forward to having that close out in the second quarter. The pink portion is our non-sustaining spend showing mainly grid connection, TSF2, and some open pit fleet. What does that all mean? Going back to shareholder returns, I'm delighted to talk to our commitment to these returns as we enter our 10th consecutive year of dividend distribution. Strengthened dividend policy, which was to continue to use group free cash flow generated and applying a 30% minimum priority payment to dividends. From those cash flows that are calculated before growth project CapEx, that would either be funded by debt or surplus cash flows. Thereafter, any surplus cash flows would be assessed against both balance sheet requirements and application against further shareholder returns. So you can see in this table and looking at the policy on the slide, particularly on that right-hand side of the column, you'll see that group free cash flow of $49 million was generated, adding back growth project CapEx that was financed from treasury of $35 million, generated a cash flow available for dividend pool of $84.7 million. Applying our 30% minimum distribution per dividend policy, then $25.4 million was allocated to dividends. Then that surplus cash flow that was available was really the discretionary pool to be assessed for further capital allocation or dividends. So there was a board supplement of $20 million applied to that discretionary pool, resulting in another final dividend of $0.02 per share, resulting in $0.04 per share for the year being declared. So in summary, following the board discussion yesterday, that minimum 30% of free cash flow was calculated. Then 36% of the surplus cash flow available, rounded to $0.02 per share, was taken as part of a final dividend declared, meaning an overall distribution of 55% of cash flow available was distributed or made available for dividend payments. So this in summary, we have delivered on another year of continued improvements, maintaining a strong balance sheet, following ongoing CapEx and navigating the remainder of the reinvestment program with off-drawing our RCF. We have delivered on our cost guidance and, in fact, beat our all-in sustaining cost target through stringent cash management and disciplined capital allocation. We still believe there are lots of opportunities for further improvement. We've generated positive free cash flow through another year of this elevated CapEx, which meant that we have another year of reliable shareholder returns. So overall, a very pleasing result for 2023. With that, I'll hand back to Martin. Thank you, Ross, for taking us through that. As you say, a great performance by the team there at driving that cash flow that obviously then sort of funds the rest of our business as we go. Look, we've spoken so far really about the operational performance at Sukari and over 2023 and how that compliance to plan and focus on the units delivered that ounce and cost outcome, which drove the cash flow and that third straight year of delivery. Also last year, of course, we announced our new life of mine plan, resulting in sort of the new approach we've taken to assessing the sort of the technical Sukari, geology, geotech, and so on and so forth, looking at that reinvestment program where we invested heavily in the likes of solar, paste fill, underground conversion from contractor, and so on. And really looking at that sort of bottom-up planning scenario of putting a long-term plan in place and ensuring that's the thing that drives sort of short-term budgets and targets as well. And we're delighted that during last year to then announce the outcome of that work with that, as I say, that new life of mine plan. And really that focused on, I think, the ability to reconfirm Sukari status as a Tier 1 asset. And really what we have there on this page now in terms of that graph, it really is the culmination of all that work. I think first and foremost, we can see that the intention to return Sukari's ounce profile back to that consistency of 500,000 ounces or thereabouts was achieved or has been achieved with the new plan. So very happy with that. I think as well when we look at that plan, you can see it's out to nearly towards the end of this decade that that plan is driven off pretty much entirely a reserve base. And we do have some resource conversion in there towards the later years. And I think it's just important to reflect on that resource conversion. That is predominantly from the underground. And I think when we look at that, that's not just a simple spreadsheet exercise where we assume that we have maybe 30%, 40% of our outstanding underground resource converted and say that it will become a reserve. What we actually do, of course, is we take our geological model and we allow the mine planning software to consider inferred and conceptual material and say that if it were to be proved up geologically with further drilling, would it come into the mine plan? So actually, there's quite a bit of engineering and economic analysis with that resource conversion that you see there. And of course, that helps to focus the ongoing rolling exploration program as well. So although that we have a back-ended resource conversion program within there, we've got a high level of confidence that that will eventually come through. And of course, we still have the ability to extend the resource base further beyond that. And the final thing to note, of course, is that that plan doesn't include any of the potential that we're starting to see emerge from the EDX portfolio, Little Sukari and Umm Majal as well. Delighted with the ounce profile and what underpins that and the further potential in that. And I think that the thing that sort of we'd flagged pretty well, the move back towards 500,000 ounces. But I think the thing that sort of surprised to the upside very nicely was the cost profile. And I think working hard on that, some of the work that we did as part of that reoptimization exercise really delivered an outsized beat on the planned asset going forward. And really seeing that sort of moving where we are now down towards that sort of $1,000 per ounce mark through the sort of middle of the mine life and obviously dipping down quite significantly towards the end as the stripping and underground development rolls off. But really very, very happy with that. As I say, really sort of reconfirms and restates Sukari's world-class status into the next decade. And we still think quite a bit more optimization to come around that. But if we move on to the next plan, the thing that I really like about that plan is that people have asked us, "Well, how did you do that? How have you taken the current plan that was sitting at sort of 450,000 ounces at $1,200 last year? How did you take that to 500,000 ounces at 1,000 as we go forward?" The thing I really like about it, actually, it's some relatively simple building blocks that we've been able to sort of put these projects together and build on the success we've had to date and deliver that outcome. Obviously, we flagged the grid connection in terms of removing diesel from our thermal power generation mix. That project itself, sort of a $46 million CapEx expenditure, saving in excess of $40 million at current diesel prices, so a significant chunk out of our operating cost base. Of course, delivering into that decarbonization strategy as well. So a nice technically simple project, a wonderful IRR/NPV payback on that, and a real sort of game changer for us in terms of both the cost base of that as well. In terms of the gravity circuit, we believe that there's a good potential there to improve that metallurgical recovery with some of the free gold that we see both predominantly from the underground. Having that built next year, coming online into 2025, we'll start that at work, seeing a good sort of outcome from that. Of course, the mining itself. I think the underground expansion had been fairly well flagged, this ability to move the mine from about 1 million tonnes of ore that we moved last year towards 1.4 million tonnes. That obviously is a key driver of increasing the ounce profile. But I think the real sort of surprise to the upside was around the open pit. By focusing on the geotechnical information, by seeing what that could do, we were able to take about 160 million tonnes of waste out of the open pit design. So at a lazy $2 a tonne, it's actually less than that. But it's a bit early in the morning for the math. But if we take $2 a tonne of operating cost, over $300 million of cost savings by removing that waste from the life of mine plan. And if that wasn't enough of a win in terms of the geotech input of the redesign of the open pit with that new design of the pit slopes, that allowed us to bring some of the ounces forward as well. And actually, ounces that would have been sort of brought in later in the mine plan, they were able to be shuffled up the milling schedule and actually display some lower-grade stockpiles that had been in the previous plan as well. So that open pit redesign, ounces forward, cost down as well. When we look at that simple sort of redesign of the open pit for waste out and cost down and gold up, we look at the underground expansion, we look at that gravity circuit, we look at that grid connection, you put those four simple projects together, and that really what drives us back towards that 500,000 ounces, that impressive asset that we're targeting there as well. I think the other thing that comes through from that plan is that we believe it's a lower-risk plan. Lower-risk because it's based on much better data. It's lower-risk because it's a long-term plan driven short-term budgets. It's a lower plan because actually it's based on current performance. We're not having to anticipate significant step changes in productivity or dig rates or sort of optimization of routes. The actual underlying assumptions that drive that plan are the operational parameters that we are achieving today at the site as well. So I think that we believe that not only is it a great sort of production and economic outcome, we also believe it's more deliverable and a lower-risk opportunity as well. So delighted with that as an outcome. And if we step onto the next slide there, as I mentioned at the top end there, is that plan as well really neatly sort of folds in our decarbonization strategy as well. And as I mentioned before, we've seen recently lots of companies talking about sort of their desire for sort of decarbonization plans, what they will do the second half of the decade, how they will try and get there to 2030. Well, as I say, I'm delighted that at Centamin, we've already started that journey. And in a significant way, the success of the solar plants, as you've seen, both in terms of cost and decarbonization, is already a great success. The ability to connect to that grid and effectively fully displace diesel use for power generation is a significant benefit to us. Removes that price volatility of diesel and of course that decarbonization, given the fact the grid runs off in part solar and other renewable energies as well. In terms of the solar itself, we are currently looking at a solar expansion. At the moment, we've got about 30 megawatts of installed power AC. Our daily draw is about 50. So at the moment, we're about three-fifths of our daylight consumption comes from solar, but still two-fifths being drawn currently on diesel, but will be the grid going forward. The question, of course, is can we expand that solar plant to make it a fully sort of 50-megawatt facility, leaving us to work entirely on solar during daylight hours and then switching to grid during the hours of darkness as well? I think a relatively technically simple extension and expansion of the current solar farm, but again, with significant benefits to us as a business. Of course, a combination of solar, solar expansion, grid, and the reduction of those waste tons out of the life-of-mine plan puts us firmly on track to meet that 2030 interim target of 30% carbon abatement as well. Delighted with that as an outcome for the business. As we step on, we're not happy to rest on our laurels. We're always looking to find further opportunity to improve the operations that we manage. We still firmly believe in the potential of the ore body at Sukari. We think that the underground still has known targets that we will convert from resource and bring those into reserve as per that schedule that I showed you earlier. But we also think there's good potential for that resource in the underground to continue to grow, both along strike into depth. And we have a three-year rolling plan in place to continue to target that resource and ultimately reserve growth at Sukari. And of course, now more recently, the ability to augment that with the recent discoveries of EDX in and around Sukari as well. We're going to look at deep dump leach expansion. We've got quite a bit of low-grade material there. Can we bring that forward? Can we handle that once and bring those ounces to account with the dump leach expansion? We think there's some further optimization in the open pits, relatively minor compared to the big step change we made last year with the new life of mine plan, but we'll continue to look at those opportunities. I think open pit haulage optimization, I think there's a real opportunity there. We still move the best part of 800 million tons of waste as we go forward. And thinking about how we haul and where we dump that, we think there's some potential dollars from an OpEx perspective on the table there as well. And now with the revised ore schedule going into a mill schedule, let's have a look at the waste and save some dollars there as well. We think there's further optimization in the plant as we look to tweak that. Again, looking at our sort of process plant upgrades around reagent consumption and use and improved recoveries and continue to work there. And of course, as I mentioned, that solar expansion as well. So I think that the current life of mine plan as we envisage it today with the knowledge we have at this stage is I think that captures 80%-90% of the value at Sukari. But we still think there are further opportunity. And as we roll into 2024 and beyond, we'll continue to refine the processes there and look at those ounces and look at those cost profiles as well. Moving on, in terms of the Eastern Desert, as I think you're all familiar with this slide now, a ground that we picked up a couple of three years ago, two real strategies, sort of the Nugrus block which sits around the Sukari concession as highlighted there in the red rectangle. And really within Nugrus, what we would hope to find is potential satellite feed that could be brought in to make use of the Sukari infrastructure. And then Um Rus and Najd to the north where given their sort of distance from the Sukari mill, we would naturally be looking for standalone opportunities as well. And we've been pretty busy actively across all three of those blocks over the last couple of years. Obviously, we prioritize Nugrus first, given its proximity to Sukari, but have been busy on Um Rus and more recently on Najd undertaking that first pass generative work on large-scale sort of virgin terrains as we've been doing as well. But moving into the next slide, I think one of the big step forward in 2023 was around the new mining fiscal and regulatory regime. Ourselves and our sort of industry partners, Barrick, have spent the last couple of years working with the Ministry of Petroleum to look after the hard rock sector, looking to bring Egyptian sort of mining and fiscal and regulatory regime in line with international standards. Delighted that after a fairly sort of engaged and lengthy process that we came to in principle terms with the Ministry of Petroleum during the third quarter of last year. Delighted with that. And what we believe we have now is a fair, transparent, and balanced sort of regulatory regime and fiscal regime. One of the things that we were very keen as an industry group is to recognize a sort of a win-win partnership with government in line with international standards that gives mining investors the protections and incentives they need to make long-term decisions balanced with a fair outcome for the state to make sure that they participate in the exploitation of their natural resources that are effectively state assets or national assets at that stage as well. So delighted with the outcome there. I think we've all seen if that partnership is skewed in one favor or the other, it doesn't work and it leads to sort of imbalanced outcomes. I think we've seen that in industry very recently. So I think what we have here is a balanced, fair, and international standard outcome. So delighted with that. That will move through Parliament now, slight delay given the presidential elections in December and then the more recent economic sort of reforms in Egypt around foreign investment. But with those two steps undertaken now, moving forward to get this in place from there as well. And if we move on to the next slide, of course, while this sort of regulatory negotiation was ongoing, given our sort of presence in Egypt, given our confidence in the country and confidence in the outcome, we actually did start work rather than wait for the finalization of the code. Obviously, we focused on Nugrus first, the area adjacent to Sukari. And have been busy over the last 2 years doing that early-stage generative work, leg sampling leading to soil sampling and mapping, and then ultimately target generation as well. And middle of last year, we generated 8 targets within trucking distance of the Sukari mill. And we took an RC rig in there and started a very early-stage sort of scout program to start sort of drill testing those 8 targets. Delighted to say that of the 8 targets tested, 2 became very interesting in terms of results. As you can see there to the left-hand side of that slide on the diagram, out west of Sukari, Little Sukari and the Umm Majal prospects started to return some pretty interesting widths and grades at both of those targets as well. And sort of the indication of the levels of mineralization that we're seeing across the widths that we're seeing, fairly shallow deposits that certainly have the potential for further investigation that could ultimately lead to the generation of resources and ultimately reserves that could augment this Sukari life of mine plan as well. So with that success that we announced in January this year, we've been busy with the follow-up for that, a full program planned in 2024 and the team getting very busy. And the intention is to get rigs back onto both of those targets post the holy month of Ramadan and the Eid celebrations of April and really start looking at that infill and extensional drilling around those two targets. I would stress that we continue to work in parallel both at Um Rus and Najd blocks to the north. We're not neglecting those. We'll continue to try and generate targets there as well. But really, obviously, from a Nugrus perspective, really looking to focus in on those two deposits there and look to update you later in this year as we take those forward. And finally, moving on to Doropo. Obviously, Côte d'Ivoire, from a West African perspective, I think still one of the more attractive jurisdictions within Côte d'Ivoire, political stability, security stability, and of course, a significant endowment of the Birimian geology that has been fairly prolific across the country over the last 10, 15 years or so. I think the work we've done over the last few years, Doropo, to my mind, previously was a cost center, lots of dollars going in to generate lots of ounces, but no real direction to the project. I think over the last couple of three years, we put some real focus into that. And that work now has taken Doropo from being a cost center now to a genuine asset that we can take forward. And if we step into the next slide, we'll just have a little look at the outcome of that pre-feasibility that we announced last year as well. So I think, look, as I've said a few times before, in reality, a fairly technically simple project, the geology is relatively simple, sort of shallow sort of dipping structures of simple geology leading to a multi-pit scenario with a centralized processing facility, shallow pits with a moderate strip ratio, simple metallurgy into an industry-standard flow sheet, normal mill grind sizes, giving us good gold recoveries as well. Infrastructure-wise, again, fairly simple standard infrastructure with the ability for a national grid connection as well. So I think from a technical perspective, what I see, what I envisage is a technically simple, robust project that doesn't have any material sort of technical challenges around the geology, the mining, or the processing as well. I think the art with Doropo is going to be around the environmental and social setting. I think it is a rural area with mixed land use with local communities dotted through the project area. And therefore, one of the things that we've really focused on over the last couple of years is getting a really good understanding of that environmental and importantly social baseline. And I think then really importantly for us, making sure that we take that baseline data and we incorporate that into our technical planning around pre-feasibility and ultimately feasibility. We think by having early identification of potential issues, by looking to avoid, minimize, mitigate, or potentially ultimately compensate, is that when we've got that additional lens over there, we end up with a much more robust project from a construction and operational perspective as well. Just looking onto the next slide, really in terms of that project then that came out of pre-feasibility study, we think it screens very well. It certainly meets our internal metrics in terms of scale, quality. That's sort of a couple hundred thousand ounces of production in the early years, an excellent sort of AISC of sub-$1,000 as well over those early years again. We think our construction CapEx, including contingency of $350 million, that puts us kind of mid-range in terms of CapEx intensity. So we think it's a very real number based on experience elsewhere within the region, our own experience. We think it's a number that as a business of our scale that we can execute on as well in terms of delivery. So we're really happy with the outcome of the DFS, sorry, the PFS. Of course, with those outcomes of sort of 41% IRR on a post-tax basis, that, when we saw that, clearly gave us the confidence to move immediately into a feasibility study and associated ESIA. If we just slip onto the next slide, as we look forward now, that really has been keeping us busy over the second half of this year and into sorry, second half of last year and into this year. Obviously, we released our updated resources late last year, a very strong sort of upgrade in terms of ounce content between PFS and DFS and that building block really gives us the confidence as we've drilled out the ore bodies, they certainly haven't fallen apart, quite the opposite, they've improved. And that's a great base then to further both the mining, metallurgy, and processing workstreams alongside that. Broadly at this stage, PFS is sorry, DFS is tracking along very similarly to PFS outcomes. And from a sustainability perspective, lots of work around the ESIA. And delighted to say that the ESIA was submitted recently to the local authorities to start the permitting process and public consultation on that as well. So that now is underway. And I think importantly as well, our community engagement continues. When we look at livelihood restoration programs, one of the experiences we've had previously is that rather than tell people about projects around livelihood restoration, if you can show them by starting early pilot work schemes as well and demonstrate proof of concept, you get great community buy-in. We've certainly been very active on that and had some great success with local community schemes as well. Still on track to deliver that feasibility middle of this year. Then onto government application for permits. Of course, in parallel with all that, we've been very busy testing the market around how we can look at funding the project into construction as well. I think fair to say at an early stage of market evaluation and testing, delighted with the response actually, there's been a very strong level of interest in funding Doropo. I think that's a function of that there's generally a lack of projects out there for project financiers or out there to look at. I think then with that sort of scarcity within the market, you've actually got a robust project in a good jurisdiction with, dare I say, a good sponsor in Centamin. And I think that's led to some very strong appetite to support Centamin around the construction funding as well. So we'll continue to work on that workstream through the second quarter of this year in parallel with the feasibility submission and the permitting as well. So it's all on track at Doropo. And I think the emergence there of a really nice project with some really robust economics that will take to a decision point later this year. So we just now slip onto a summary slide and moving onto the sort of the potential of our portfolio. Slightly self-congratulatory slide at this stage. When you pause to look back over the last sort of four years of operation, I joined 5th of April 2020. So coming up to my four-year anniversary in the CEO chair. And it's sometimes quite astonishing when you stop and pause and look back about how much work that we've actually achieved over the last four years. And I think it's generally led to a sort of complete transformation in the business. It's still the same suite of assets. It's Sukari, it's Doropo, and so on. But I think if we look at the business, it's a now fit for purpose Sukari, reestablished as a Tier 1 operation, delivering consistently into ounces and costs and strong cash flows with upside to come. I think it's a revitalized, energized West African strategy with the developing sort of pipeline there of a real asset at Doropo. We've got the upside potential coming through from EDX in the Eastern Desert as well. We've got a revitalized corporate team, both in terms of the management team, restructuring, and sort of upgrades across that, then leading into now the use of available RCF credit facilities and the endorsement of our plans by a bank lender group leading into this robust position as we head into 2024. I think the business is the same, but at the same time, remarkably different from where we were back in 2020. I think it gives us a great platform into the future. If we look at 2024, still more to come, that grid power connection, the waste stripping to be completed, solar expansion, pushing on with EDX, and of course, delivering that Doropo DFS as well. So hugely exciting times and looking forward to that as well. Really then if we slip onto the very last slide, is that when I joined back in 2020, the question was, why did you do it? What's your vision for Centamin? Where do you think you can take this business? And I think at that time we articulated the idea of a reset Sukari as the engine room of a multi-asset, multi-jurisdictional business. And I thought at that stage, to be honest with you, that a reset Sukari would fuel M&A to be able to do that. But I think what I'm delighted about, of course, is that with the emergence of Doropo is we can deliver that multi-asset, multi-jurisdictional vision, but with our own internal projects from our own pipeline and can deliver that organically. I think that graph there nicely represents where we can take this business over the coming years. Of course, what's not included there is the ability for EDX to leverage into that as well. So I think it's really exciting times. I think we've got some real momentum. We've got the team in place to deliver. We're financially robust in a good position. We've got a reset Sukari at the heart of that business driving forward that vision as well. So at that point, I'll pause there. I'm sure you're all bored of hearing Ross and I chat. And so what I would like to do, if that's okay, is that we'll now head over to questions. And Ross and I will be delighted to answer any questions we might have. So operator, if we could open the lines, please, and we'll take questions. Thank you. We have now opened the floor to questions. 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 one on your telephone keypad to raise your hand and join the queue. If you are called upon to ask your question and are listening to the conference on loudspeaker, please pick up your device handset to ensure your question can be clearly heard. Again, that is star one to ask a question. And your first question comes from the line of Marina Calero from RBC Capital Markets. Please go ahead. Good morning. Thanks for the call. I have a question about Doropo. I know you are having the financing discussions at the moment. Given it's a new jurisdiction for you, would you consider bringing another mining group as a partner in the project? Hey, Marina. Good to hear from you. Hope you're well. Maybe if I fill that one, Ross. So look, it might be a new jurisdiction for Centamin in inverted commas, but I think that when I joined, quite a few of the team I've worked with previously came across with me to sort of augment the existing team that we had in place. And I think we've got quite a bit of Francophone West African experience now within Centamin. So from a brand logo, Centamin's associated with Egypt, from a management team experience basis, I think we're quite comfortable in Francophone, I'd say comfortable and dare I say successful in Francophone West Africa. So certainly from a management perspective, we have no concerns about our ability to operate in Côte d'Ivoire in terms of that environment as well. So I think that's the first thing to say. I think we've got a sense of comfort around operating there. I think then in terms of would we joint venture the asset or go along on that basis? I think the reality is that an asset with a couple of 100,000 ounces of production profile, a ±2 million ounce reserve, a couple of 100,000 ounces a year in the early years, it doesn't to me feel that certainly for a business of our scale, that if we were to sort of go 50/50 or 60/40 on a partnership with that, the level of scale and applicability to our business doesn't seem to fit. If it was, say, a 300-350 thousand ounce project, then would we like to get our hands we'd like to be part of something that gave us a triple 175 possibly as well. But if we've got a couple of hundred thousand ounce asset per annum, sort of having a triple 100,000 ounces, I don't think that really moves the scale for us, quite frankly. And I would question that the partners that would come in with us on that basis, what would they bring that we don't already have? We've got the management capacity to execute both the build and the operation. And we've got the financial wherewithal to be able to deliver the project as well. So I don't in Côte d'Ivoire, I don't feel is an intrinsically risky place. So I don't see that there's any risk sharing. I don't see that there's any sort of capacity benefits of bringing funding or management ability to us. And if we were to sort of split the pie, it doesn't feel like it's big enough to make a difference to us if we were to get half of the production as well. So it doesn't jump out to me as an obvious route at this stage, Marina. If I'm honest with you, it's something that we either do ourselves completely or we don't do. But I can't say it's imagining sort of some sort of JV approach to it. That's very clear. Thank you. Your next question comes from the line of Daniel Major from UBS. Your line is open. Hi, Martin. Ross, can you hear me okay? Yeah, perfect, mate. Great. Thanks. Yeah, a few questions. Yeah, first of all, just on the sort of bigger picture to some extent, if we look at the current or a gold price similar to where we are today, and look out over the next two to three years based on your kind of dividend policy, it seems you could comfortably fund Doropo and still have a higher free cash flow yield than the dividend yield, implying you would continue to build cash on the balance sheet. Is debt financing still the primary objective or proportion for Doropo or in this kind of rates environment, does it make more sense to transfer some of that cash from Sukari to fund Doropo? Yeah, if you're generating excess cash flow above paying that sort of yeah, paying the dividend as such. That's the first question. Sure. So maybe if I take that first one, Dan. No, look, I think you're exactly right. I think we've banged the drum about capital allocation for the last couple of years, that now with alternative uses for cash flow within the business, whether it's optimization or growth of Sukari, EDX, Doropo, is that now and of course, the dividend, is now we've got genuine sort of competition for capital within the business. How as a group, we look to that art of balancing out, replacing reserves with growth, adding diversification of scale into the business while maintaining our commitment to the dividend. I think that is at the heart of a number of the discussions that we have both at a management board level. So to how that applies to Doropo, well, look, we're in that discovery phase right now. As you can imagine, there's everything from a sort of very standard vanilla project finance structure at the asset level with then a contribution from sort of corporate treasury for the equity portion, all the way through to fairly highly leveled geared levels of gearing to sort of almost completely funded off balance sheet that comes at, as you imagine, a fairly significant cost, through to sort of a current RCF hybrid sort of structures as well. How does that interplay there? So I think we're right in the middle of that sort of discovery process of how much is available at what cost to us around Doropo. And then once we've got that sort of discovery process done and looked at the various structures that we could employ, and there's all sorts of wonderful, very dull things around security and intercreditor and all those wonderful things that are quite frankly, I don't miss from my days in banking. But once we've rounded out capacity available to us at Centamin and what structures, then we can look at sort of Sukari cash flows and sort of gold price assumptions. And then we can look at sort of dividend sort of requirements or potential ability to look at that and look to round out that balance. But I think when we're looking at that sort of matrix or that mix, effectively, I think one thing that you can definitely take away is that the commitment to the dividend isn't going to go away. I think that's sort of a very strong core belief of the board there. And the question is, do we trade off dividend versus more equity versus a lower cost of debt and so on and so forth as well? So I think that's kind of the art and the challenge of what will sort of progress over the next six months as we look at that. And all of those things will be factored into a decision when we sit down with the board for an FID later this year. And assuming the project stacks up and we get permitted, it's yeah, trading off those different uses of cash between those different sort of allocation potential for it as well. So I think you're at the nub of one of the big sort of corporate discussions and decision points we're at right now. A little early to give you any clear commentary now because we're still in that discovery process. But be assured that that sort of capital allocation is at the core of some of those discussion points as well. Yeah, thanks. Maybe just to push slightly on that. I mean, if you use partial debt financing for Doropo, it looks on my numbers that you could certainly significantly exceed the kind of run rate of 30% of free cash flow payout unless you decide to build a bigger and bigger net cash position. Is that the right assessment? So you could pay excess dividends above the 30% comfortably if you put debt into the asset. Is that the way of thinking about it? Yeah, well, yes. And look, and the question is, how much debt do we put in the asset? Do we more lowly gear Doropo to reduce the financing costs around it, but have a bigger drain on, shall we say, group cash position? But it comes with a lower gearing and a lower sort of financing charge to Doropo. Do we look to absolutely gear Doropo up to the eyeballs and really sort of put a lot of sort of stress on the cash flows coming out of that so we don't get as much cash out of Doropo, but it is ring-fenced largely from treasury, and then give us more access to cash that we can use either for dividends or other alternative uses we might be pushing on with other works at Sukari or EDX and so on as well? So, look, I think that in part, how we the risk appetite and the structuring appetite the board wants to have around with a management recommendation around that structuring, that'll come into it. But they're two ends of the spectrum effectively. So, absolutely gearing the eyeballs out of it and giving ourselves as much flexibility with the corporate cash flow as we can, or taking a much more sort of prudent approach, not putting too much gearing into it, lowering the sort of financial risk profile and financing costs to it, but that would come at a cost of corporate cash flow as well. So, I think, look, we need to find out what the battery limits are in terms of those two ends of that particular spectrum. Then we need to sit down with the board and have a look at what we think is coming out of Sukari, what that gives us from a cash flow, and where we want to sit on that spectrum of opportunity for Doropo. Okay, thanks. And then, yeah, a couple of questions first for Ross on the financial side. The kind of cost recovery dynamic, minority dividends, somewhat fiendishly complicated, but trying to make it slightly simpler. Can you give us just direct guidance on what you expect cost recovery to be? If I refer to slide 14 of the presentation, $45 million was where the number was last year. Where would you expect that number to be this year? Dan, so the financing, we financed slightly less in 2023. So that $36 million that went in was slightly lower than we originally anticipated. And it's just based on project by project. With the power line grid connection, we have factored in a bigger number. So that's going to be about $70 million depending on where those projects sit and particularly where the power line sits in that time horizon. So there's approximately $70 million, potentially up to $80 million that goes in and financed in. And then on a cost recovery coming back, it's about $25 million-$30 million per six months that drip feeds out. So almost a wash in terms of cost recovery being received back out and then financing going back into the project. Okay. Right. So the cost recovery is 50, but the CEY-funded projects is going to be more like 70. Is that so, just to be clear on that? Yes, could potentially be a little bit higher. This is a function of timing in terms of what we've invested, what gets audited, comes out, and then, yeah, going in. That's sort of. A little bit higher than this year, or? Yeah, this year. Yeah. Yeah. Right. Okay. And then just on the minority interest in the P&L and the cash flow statement, seen some differential between the ownership relative to what you recognise. Looking forward, should we just assume that 50% of net income is minority interest relative to the kind of effective economic interest? Is that what we should assume? Yeah, it's 50%. But on the face of the income statement, comprehensive income, we must remember that we consolidate. So it's 50% at the Egypt level. So I'd rather point you to the segment note and showing the earnings there where you'd have that split. But then on a consolidated level, where you're seeing the distortion is because we pay corporates and West Africa and everything else that's coming out. So 50%, but in the segment note. Yeah. Okay, thanks. Just one final one, if I could. Just on the CapEx, this differential between gross CapEx and adjusted CapEx, looks like you've made a restatement relative to first half because you booked sustaining elements of waste stripping capitalized was $10 million in the first half, and it's only $43 million in the second half. I'm not kind of too worried about the rationale. But looking forward, where do you expect that number to be, the sustaining element of waste stripping capitalized? So basically, it's a difference between what real CapEx is and what your guided CapEx is. It's going to drop off. So yeah, one in terms of that adjustment and it's a cumulative approach. So we're truing up our strip ratio as we go through a particular year. So whilst we're booking, we've got a rolling year-to-date true-up that happens. But as we fall off, fall out of this non-sustaining and the capital waste strip, we'll end up coming back into our normal sort of, I guess, strip ratio horizon that goes back to a normalized type level. Right. So that number will be zero going forward? So we shouldn't expect a meaningful difference between gross CapEx and adjusted CapEx going forward? Not immediately. No. Yeah. Okay, great. Thank you. Oh, that's someone else over there. A reminder for those that are on the webcast, you may submit a question in written format by clicking the Ask a Question button. For those on the phone lines, you may join the queue by pressing star one. Your next question is from the line of Richard Hatch from Berenberg. Please go ahead. Yeah, thanks, guys, for the call. I've got a couple on the webcast, but I just thought I'd do them on the call instead. Ross, just to clarify, just on the Egyptian pound situation, am I just reading it correctly that the devaluation is broadly offset by the inflation situation, and therefore, it's a bit of a wash, plus it's 10% of your operating costs? So it's fairly small. Is that the correct way to look at it? That's right. In terms of a wash and where we sit, so it's been relatively marginal gain on it, but all things being equal, it's basically a wash. Okay, cool. Thanks. And then the second one is just on I mean, look, we're nearly at the end of the first quarter, right? So I'd just be interested to hear, just can you give us any flavor as to how the mines performed first quarter of the year? Should we be expecting any seasonal impacts? Is there anything we just need to remember just as we go into Q1 reporting season? Thanks. Thanks, Richard. Maybe if I take that one. No, look, I think obviously we spoke to you and gave guidance back in January when we reported the Q4 numbers. I think on that call, as I remember, we sort of did signal at that point that there was a broadly sort of 50/50 split between H1 and H2, a slightly sort of second-half weighted. But I did flag that sort of Q1 was planned to be a little bit lighter within the overall H1 number. And that was around a couple of things. So there was a scheduled reline on the mills. And then also, we were putting some fan upgrades into the underground, some fan chambers were going in, and then some ventilation in. So there was going to be a little bit of disruption within Q1. So Q1 was going to be softer than Q4 within the overall sort of balance between H1 and H2 being roughly split, but slightly towards H2 as well. So within that context, we're pretty much where we thought we would be. So Q1 is tracking along in line with plan. So we've got the relines done, the ventilation upgrades are largely in place right now. There's obviously been a little bit of impact on sort of the run rate because of those two sort of scheduled projects. But no, broadly tracking along where we thought we would be. So yeah, you can't draw a straight line. You can't take the number and divide by four. It's not quite as simple as that. So Q1 was planned to be slightly lighter. It will be down, planned to be down on where Q4 number was, but all scheduled because of those project works as well. But no, but against that strategy, the guys are cracking on with it. They're doing what they said they were going to do, which is kind of the cadence that we're at now is that they put plans in front of us, and they delivered them to an excellent from there. So they're happy with where we are from a Q1 perspective. Then, as I say, maintaining overall sort of annual guidance where we thought we'd be and carrying on from there. Yeah, okay, cool. I mean, I guess Q4 was a strong one just because you had some catch-up from your operational headwinds in Q3, right? So it was always going to be a bit lighter. Yeah, I can't resist. Yeah, good. Yeah, clear. All right, thanks very much. Thanks, Richard. Yeah, follow-up question from Daniel Major of UBS. Your line is open. Hi. So I thought there might be a few other questions, but I'll ask my follow-up anyway. Yeah, slightly higher-level one. And this is perhaps not a criticism of sentiment per se, but when I look at your medium-term profile of costs declining to $1,000, I can't help seeing parallels with the vast majority of the rest of the companies in the gold industry that have published the same slides for the last three years and net costs across the industry have continued to go up. What gives you the confidence that this is not another kind of cost going to come down $300 in three years and that gets pushed out further and further like almost every other gold company in the industry? Thanks, Dan. I'll take that one, Ross. Well, look, we're obviously very different and very special, Dan. I mean, that's the first thing to point out, of course, is that but no, look, I think of course, you'd expect me to say that. No, look, I think when we touched on that before is that if I go back to my consulting days at SRK or my banking days at Barclays, there is that these plans would come in, and you'd look at them, and you'd see costs going down and production going up, and it'd be 5% year-on-year. And you'd sort of say to management, "Well, how are you going to achieve this 5% year-on-year cost reduction?" Shows the projects. And they say, "Oh, well, we've got to work on that yet, but head office has told us we need to reduce costs, so that's in the model." So I've always been deeply cynical around, as you say, sort of, "Oh, costs will go down. Gold production will go up, and five years from now, we'll be worth more than Google," type thing. So I'm kind of always there on that as well. So the question is, why are we different? Or why don't I believe that's the case here? Well, I think, as I mentioned on that slide before, is that within our operating parameters, dig rates at shovels, productivity in terms of trucks, underground sort of productivity in terms of tons moved, and so on and so forth, is that the plan that we've put on the table is based on the current operation performance we're achieving. So we don't say, "Oh, but we're going to get 10% more efficiency out of our trucks, or we're going to get 5% more efficiency out of this." So we're not sort of playing the game where we're sort of trying to layer in unaccounted for sort of product in inverted commas, productivity gain. So the underlying assumptions we use are the ones we're actually achieving now. So that's the first thing to say. I think the second thing, then, is that there's sort of what drives that cost base. The thing I really like about it because I'm a simple mining engineer is that there's some really simple identified projects. So on the open pit, Geotech allowed us to make the slopes a bit steeper. That means we have to move less waste rock. So we're taking 160 million tons out of the open pit plan. So there's $300 million plus of OpEx savings from the open pit. That allowed us to bring some of those ounces forward as well. So that's nice and easy. Underground, it's a tons game. We've got to open up the headings, get the stopes open, and build up from the current 1 to 1.4 million tons of ore run of mine from underground to be hauled there as well. And we've gone from year-on-year increase the last three years as we head towards that as well. So again, it's about sort of pushing on extra equipment, extra headings, move on from there as well. The grid connection, basically plugging into the grid, taking diesel out of our power mix, big chunk of savings there as well, and that gravity circuit. So these are all really simple identified projects. Put really simply, they take hard dollars out of the cost base. So the total number of dollars that we spend each year is reducing because of the waste, because of the grid connection. And we're getting more ounces out: open pit redesign, underground improvements, gravity circuit as well. So we're dividing a smaller number of dollars by a bigger number of ounces on identified projects using current assumptions as well. So when I stand here and feel comfortable now, what's the sort of risk factor in there? Diesel cost, but we're reducing our exposure to diesel by the grid connection and having a lower level of stripping and open pit material moved. Labor, relatively small part of our cost component. Reagents, cyanide, grinding media, so we don't have any control over that, but we're looking to optimize our use there. So do I have confidence in those numbers? Look, I think they're built on some very real science and sort of engineering. They're built on some actual sort of what we're achieving today at site. And there's actually some very simple projects that drive them rather than sort of ambiguous, "We'll just make 5% improvements as well." So I'm as confident as I can be. But the cynical analyst in you, quite right, he says, "Well, how are you going to do that?" But I think we can demonstrate in those building blocks how we're going to deliver those ounces of cost down to come out with that outcome effectively. Great. Thanks, Martin. For what it's worth, I think it's a bit more credible than some of your peers. Well, that's it. We'll have a gin and tonic three years from now, and then we'll work out whether I was right or wrong. Yeah, sounds good. Thanks. All right. Thanks a lot. Thank you. There are no further questions on the conference line. I will now hand over to Michael to address written questions submitted by the webcast page. Okay, thank you. Probably through the call Q&A, we've covered off a number of the items being addressed. But we've got one here on the rebasing of costs, where we're at in the process, and how much more there is to play for, referencing the solar build-out and other efficiency drives. Martin, you've just covered off a lot of that, but could you just remind us of kind of long-term where we're looking to take group AISC and sustaining costs? Yeah. So well, if we look at Sukari, that slide 24 there is a good spot for that. So look, once we've got grid connection on, gravity in, a normalized strip rate, shall we say, within the open pit, and normalized development in the underground to maintain production, I think that puts Sukari on a standalone basis in and around that sort of $1,000 an ounce as it now, obviously, you've got corporate G&A to sit on top of that. But generally, that puts us in that sort of $1,000 mark as well. So when I look at the sort of the next sort of six, seven years through the middle of this decade and towards the start of the next decade, Sukari sits at that sort of level. Clearly, as you get towards the end of the mine life at Sukari, your stripping reduces, your underground development reduces, so you get a big step off down from there. But on the assumption that rolls forward, that's that sort of normalized rate from there. I think, as I touched on before, I think the life-of-mine plans, we see it now, probably catches 80%-90% of the total value of the mine site at this stage. Solar expansion, an extra 20 megawatts of power. Well, we know that 21 million liters of diesel at a sort of $0.90 diesel price, that saves us like $18 million a year. Of course, what will happen, of course, is that the solar expansion won't be working against diesel. It'll be working against grid power. So although we'll have some cost savings, it won't be as impactful as when we're displacing diesel, when we're displacing sort of grid power connection, shall we say, on that basis. And some of those other opportunities that we see in there, further reagent optimization, waste hauls dumping as well, it feels like the sort of the total wins there is that is there another 5%-10% to come out of the cost base, possibly, if we're able to deliver all those initiatives in there as well? I think it's that sort of level that we're playing for. I don't see that the $1,000 becomes $750, for example, as we go forward. But could the $1,000 dip below a sub-$1,000 if we're able to deliver all those cost initiatives? I think that's the sort of thing we're playing for here now, that sort of 5%-10% mark rather than any sort of next step change that would bring a 25% reduction in or 20%-25% reduction in costs from here. Okay, thank you. Then on inflation expectations in Egypt, given the recent currency devaluation, has the currency devaluation yet fully impacted costs on the ground? Oh, look, it's very, very new, isn't it? I mean, it only happened a couple of weeks ago. So I think I'm currently in Cairo right now. Look, it's going to take time to flow through to the man on the street in terms of sort of impact on sort of retail prices. So when we look at that, those funds are being used now that have come into the country to allow the sort of flow of goods back into ports, to allow sort of oil and gas companies to be paid, and so on and so forth, importation of foodstuffs. So I think the system is starting to unclog and unglue. That will then naturally sort of see a normalization of sort of sort of day-to-day activities in the country, and with that, that inflation coming out of it as well. So look, two or three weeks in, far too early to see a material impact. There's certainly a sense of optimism down here, and dare I say, relief that from being in a difficult situation, I think the government's pulled a rabbit out of the hat with the three or four deals that they've done. And certainly, I think people are very sort of happy around sort of the first steps along this path to back to sort of economic stability and ultimately prosperity. So I think the sort of the mood music down here is one of relief and excitement. But I think the reality is that to the man and woman in the street, it's going to be a little while yet before you see that starting the benefits starting to flow through to sort of day-to-day inflation. But certainly, it's a much happier place down here on an economic basis. I think there's a sense of relief around the place. Martin, just to add, in terms of from a grid perspective, in US dollar terms, those costs aren't inflating. No, absolutely, Ross. Sorry, I was on mute there. No, look, absolutely, Ross. Yeah, I think that's right. I think we've seen ourselves that sort of the inflationary pressures that we saw on sort of our consumables inputs over 2021 and 2022, I think 2023, we saw much more stability. We didn't see the rate of change. Certainly, a lot of things didn't go down in price, but we didn't see the rate of change of increase that we'd seen previously. Now, referencing the first quarter, we said we've mentioned a softer Q1. Does this mean that mining volumes and ore tons delivered are down, or is this on the back of processing volumes being down due to upgrades and maintenance? Oh, very detailed question there. Look, no, I think obviously, underground, we've been putting those vent fans in, those new vent fans. So that obviously has impacted a little bit on underground mining volumes. In terms of open pit, we'd schedule to be in a slightly lower-grade area, the top of Stage 7, working through the oxides that sit on top of the old Cleopatra zone. So naturally, as part of the mining sequence, we were just in a slightly lower-grade area. We had that reline, a scheduled planned reline in the mills as well. So just a combination of factors of where we are in the pit, the work going on in the underground, the scheduled reline on the mills as well, just a combination of those three things together are what are going to drive that slightly lower ounce profile for Q1. Perfect. Thank you. Maybe we wrap up there. I think the remaining questions have been covered, but we will double-check and go back to any directly. But very conscious we've been going an hour and a half. Perfect. Well, thank you, Michael, for that. And thank you, everybody, for listening in. Look, just to reiterate, very happy with 2023 performance, operational and financial sort of economic delivery around the asset, that new life-of-mine plan, excitement at EDX, the Doropo progressing nicely, and sort of operationally, that performance delivered those cash flows that has allowed us to continue to support that dividend payment as well, entering 2024 with a sense of momentum and confidence, looking forward to a further step up this year as we head into that from there. So thank you, everybody, for your time. As ever, if you've got follow-up questions or comments, feel free to reach out to any one of us here through the usual channels, and happy to take that offline with you. Otherwise, wish you all the very best. And thank you, and talk to you soon, probably in April, when we come up with the Q1 results from there.