Good day, ladies and gentlemen, and welcome to Centamin Investor and Analyst Presentation 2024. 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. I would like to remind all participants that this call is being recorded. I will now hand over to Martin Horgan, CEO, to open the presentation. Please go ahead. Thank you. Good morning, everybody, and thanks for joining us here today as we look at the fourth quarter and then the roll-up full year 2023 results for Centamin. As mentioned, I'm Martin Horgan, Chief Executive Officer, as ever, joined by my colleagues, Ross Jerrard, CFO, and Alexandra Barter-Carse, Head of Corporate Comms. Well, thank you for joining us, and look, very happy with the results this morning. We're able to talk through, I think, a really good, strong quarter to close out the year. Very happy to see that. From an operational perspective, 128,000 oz for the quarter, and that led us to that full year of just over 450,000 oz and in line with their guidance. From a cost basis, the all-in sustaining costs came in at the quarter for $1,172, and that led us to a full year of $1,220 dollars per oz AISC, and that's a beat on forecast. So really happy that there's production in line, and a beat on costs. And of course, that's our third year now of successive delivery in line or beating guidance as well, so very happy with that. And of course, the really pleasing point, of course, was that it was all delivered safely. We had a single LTI for the year, and that led us to obviously have excellent results around our forward-looking, sorry, respective metrics as well. I've always said that, you know, from my perspective, you know, safety is often a proxy for management. And where you've got a good safety record, you generally tend to find that you've got a good management team, and I think that speaks volumes to the team at Sukari. So very, very happy for that as well. Away from Sukari, in terms of the quarter, some excellent milestones for the business as well. Obviously, we released our new Life of Mine Plan. Delighted with the outcomes of that. You know, more gold, lower costs and carbon, and albeit with a lower risk profile as well from a technical operation perspective. So really happy with the outcomes of that new Life of Mine Plan, and that really does reset and reframe Sukari as that tier one global asset we know it is effectively. So delighted after that three years of work to pull that together. And we still think there's more to come. You know, we think from a, you know, additional resource and growth and reserve conversion, plus further optimization opportunities. But I think that sort of baseline now is sending us back to that tier one asset. It was a great achievement. And speaking of reserves, during the quarter, obviously, we released our resource reserve update, and very happy with that. We set ourselves a target of 3 million oz reserve growth back in 2020. We made that public statement, sorry, early 2021. And delighted that with the reserve update last year, that now has seen about 3.5 million oz added to the Centamin portfolio over the last sort of 2.5 to three years, which is a great result of beating that 3 million oz target. Split between obviously Doropo, but also that continued growth at Sukari as well. And sticking with geology, although we annozd the results in early January, obviously, the work was completed mainly through the fourth quarter. And delighted with the outcomes of that maiden drill program at our Eastern Desert exploration. Those two emerging targets in close proximity to Sukari, Umm Majal, and of course, excitedly, Little Sukari. Delighted with those very first-stage holes. Early in the process, we're starting to see some real potential there, of good widths and grades, and we continue to push on those into 2024 as well. So a really strong quarter operationally, and some major milestones achieved, for the group as well over that period. So very happy with the, just to close out 2023 on that basis. Maybe a little bit more sort of granularity now around some of the operational metrics at Sukari. If you start at the open pits, so total material mined for the year was in line with plan. We moved the volumes that we planned to mine in terms of ore and waste, so very happy with that, that outcome. That compliance to plan is something of a mantra that we've stuck with over the last two to three years to make sure that we stay online and on target with our long-term development operational strategy. Capital Limited obviously continue with their waste program for us. We pushed those a little bit harder last year. They performed very well for us. They were slightly ahead of original budget at our election. We asked them to push on, and that, of course, means that they will be finishing their waste stripping program a little bit earlier this year and making a few savings for the business as we go forward. So we expect those guys to be finalizing onsite through sort of the middle of the year, May, June. And an excellent bit of work for us has really helped to reset the pit and give us greater operational flexibility and resilience in that pit as well. So we've seen Capital move through and then we'll finish that program. And if I look back to 2020, when we annozd the accelerated waste stripping program, it was sort of 3-3.5 years ahead of us of stripping, and we're now down to single months to go. So delighted with that work as well. In terms of the open pit, a slight sort of interesting point that's happened around what we call Stage VII or the Sukari Hill. That's at the north end of the pit. That's that sort of, you know, mountainous pinnacle that sits just to the north of the pit. That had to be mined through, and we tackled that pretty well through the fourth quarter. And what we actually saw is that, that, you know, it was given the steepness of the terrain, initially, we didn't have much drill coverage within that area, so we had assumed that that was predominantly waste... as we've mined down through that area now, we've seen quite a bit of conversion of waste into lower grade ore, actually. So we've seen a nice pickup of additional tons and oz. Albeit lower grade, they are oxide and transitional, and will report directly to the dump heap, so that's a real positive for us. But it meant that, of course, that waste being reconverted to ore has had quite a sort of material impact on the stripping ratio within that area, and then more broadly for the year as well. It's positive for us. We moved the volumes as planned, so very happy with that. We found more gold than we thought was there, very happy with that. And that did adjust the strip ratio. And that's had a flow-on effect to how we look at the CapEx and OpEx for the year. And I'll leave Ross to talk about that a little bit later as well. But a very positive result around stage seven. Very happy with that. But as I say, that slight accounting adjustment from there, which Ross will take you through. When we think about the underground, another excellent year. Back in 2020, when I first joined, I think we did about 620,000-650,000 tonnes of ore from the underground using a contractor. We're now looking in 2023, we've gone fully owner mining, and actually we achieved 1 million tonnes of ore from the underground last year. So really good result there to see our owners team taking that on, and building back that confidence and getting up to those run rates as required as well, so I think that's a fantastic effort. And of course, when we think about our long-term new Life of Mine Plan, that sees us heading towards that 1.4 million tonnes per annum from the underground. We're very much on track to continue our momentum for that as well. So a really good year from the underground team, to sort of, you know, go owner-operated, and then hit those volumes from the underground. That's a fantastic result. From a process perspective, obviously, we had those unscheduled maintenance decisions that we took in Q3 to do some preventative maintenance to protect the long-term viability of the asset. So, you know, I think that was prudent and the correct thing to do. Despite that, we still managed to process 12 million tonnes, so I think that was a great result by the team. And that, to me, talks of an agile response from management. It talks to me of contingency within the operating system, within the open pit, underground, and also processing. And we're able to sort of have this small sort of speed bump in the road, navigate it without any major issue, and still bring in the processing facility on track with the year as well. So, so delighted with that outcome. And in terms of recovery, slightly ahead of where we thought we were going to be as well. So, so I think that's a great effort by the team. So, so when I look at that... I look at the operational performance in the fourth quarter and more broadly over the year. I think another great year of delivery, done safely, hitting those metrics, able to sort of deal with issues as they arise, take them in the stride with the flexibility and the plan that we've got, and then still deliver the year. And set us up very nicely for this year, heading onto there. So maybe I'll pause there and hand over to Ross. He'll take you through a little bit of the cost and CapEx, and then we'll have a look at the year forward. Thank you, Martin, and good morning, everyone. As Martin said, we're delighted in terms of the delivery, both in terms of the ops and with oz produced of just over 450,000, and oz sold of 456,000 thousand oz, at an average realized gold price for the year of $1,948, resulted in revenue of $891 million. It was a great result. So notwithstanding that, those oz were towards the bottom end of the range, but within guidance, we were really able to deliver a good, and, and we're really pleased with our cost metrics. So together with our cost savings and also an average fuel price, which averaged at just over $0.80 or$0. 81 for the year, we saw cash costs come in at $895 an oz. And all-in sustaining costs was a beat to our guidance range, which came in at the $1,220 level. The all-in sustaining result was a great result. And it was driven by, you know, that much lower-than-expected strip ratio that Martin mentioned, predominantly from stage 7, which meant that a lot less deferred waste was capitalized in the balance sheet. In fact, you'll see in the quarterly that there was a reversal in terms of that accounting adjustment. But that, capitalized waste, together with the new rebuild program, and not paying the, a $12 million deposit, for the, the tie-in to the power grid, meant that there, there was a much, lower, CapEx spend. It was a great, great performance, both, operationally and financially, and that's meant that we've, closed the period with cash and liquid assets of $153 million, together with, the, the RCF facility, which remains undrawn, through the period. So our total liquidity sits at over $300 million dollars at the end of the year. I will say these are, early, you know, quarterly results, and, you know, we wait for our full-year financials, which will be released out in March. But, one other mention is the implementation of the SAP system, which is our group financial accounting systems, and we've been rolling that out over 2023. In fact, we launched the project and went live within a period of 10 months, and this is our second month of month-end close under that SAP system. So great credit to the team. We're really seeing the benefits of that system already, as we implement that and produce a much stronger business framework and much more data insights and integrity. But look forward to updating with full financials in due course. But overall, a great performance, and we're very pleased with it. Thanks, Martin. Thanks, Ross. Yeah, look, I think really well done there on the cost and the CapEx, and that's a real fillip. Obviously, oz are great, but oz at the right cost base drive cashflow, which is critical for us as well, so well done. In terms of now just pivoting to look forward to 2024, you know, guidance, another step up this year now, we're moving to that 470,000 oz-500,000 oz level. From an all-in sustaining cost basis, we're looking at $1,200-$1,350 per oz. A fairly wide range, but we think that's prudent because what we've done is we've looked at a range of diesel prices from $0.75 up to $0.90. We think that sort of, you know, we've been watching sort of the diesel price delivered in country over 2023. It's averaged $0.81, as Ross mentioned, in 2023. We have seen month-on-month variation as well, so we thought it was prudent to come out with a reasonable range. And of course, as the year rolls on, as we sort of get that diesel price delivered, we'll be able to narrow that down accordingly as well. And in terms of production for the year, we see that balanced, you know, roughly between first half and second half of the year. It's pretty well balanced between the two halves. I would say that the first quarter of this year will be slightly softer than Q4 last year, but broadly within that context, 50/50. From CapEx perspective, some major projects in there. I think most notably, the connection to the national grid infrastructure. That's one of our sort of, you know, key projects for this year, about a $45 million CapEx program, but should say it was around about $40 million-$45 million a year in OpEx as well on an ongoing basis. So that's a real focus for us, as well as expanding the open pit fleet by a small number of trucks, and some underground work as well. So, so that brings us in total a bit of adjusted CapEx when we back out the those operating costs that are reallocated to CapEx around strip ratio. For the open pit, brings us to adjusted CapEx of $215 million for the year, and that's $112 million sustaining, versus $103 million non-sustaining. More broadly then, within the year, some exciting news still to come. We've got our Doropo feasibility study and ESIA ready for the middle of the year. Should be being able to release that. Looking forward to that. As I mentioned earlier, a waste contract rolling off with Capital, starting to see those open pits volumes reducing, and therefore reducing those operating non-capital costs associated with that. We've got our Eastern Desert exploration. We're obviously gonna aggressively follow up now and successfully out there, late last year, early this year, around those satellite targets from Sukari, the more further northerly block to Najd. And of course, that grid connection, lower cost, lower carbon, and a significant benefit to us as we go forward from there. So I think that means that after, you know, a pretty substantial period of three years of heavy lifting around reinvestment, and resetting of the assets, I think we find ourselves very well positioned now, for 2024 and beyond. Very excited about where we can take this now. Some key milestones coming on, for us this year, as well as that operation performance as well. And of course, it's all about the people. You know, I think the team this year have done, or last year, done another wonderful job for us. As I say, that, that safety record speaks for itself. Hitting the metrics as required, despite a couple of operational sort of, sort of, you know, potholes in the road as we've gone through there, navigated them very well to still deliver that outcome safely, and delivering that future upside as well. So a big thank you to our team right across the Centamin group and our sort of partners, stakeholders across Egypt and West Africa that allow us to do that. So, yeah, look forward with a real sense of excitement and confidence in 2024, see where we can take this business from there. So with that, I think we'll pause at that point in terms of the review of Q4 and 2023 and the look forward. And we're very happy now to open it up to questions that we may have, that Ross and I should hopefully be able to answer for you. Thank you, and 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 press star one to raise your hand and join the queue. Again, for those on the conference line, please press star one to ask a question, and we'll pause for just a moment to assemble the queue. We'll take our first question from Marina Calero from RBC Capital Markets. Your line is open. Good morning. Thanks for the call. I have a question about the current situation in the Red Sea. Have you experienced any disruptions to your supply chains? What potential measures do you take if that were to happen? Thank you. Hey, hey, Marina. Happy New Year to you, Marina. Hope you're well. Yeah, look, obviously, we very carefully monitor the whole regional situation, and of course, the Red Sea is a part of that. You know, perversely, when we look back to the COVID situation starting in 2020, you know, as a business, you know, we did an awful lot of work at that time looking at, you know, with the uncertainty around just the global environment around COVID, around supply chain resilience, and alternatives. So actually, you know, the sort of experience of COVID puts us in quite a strong place that we look at, you know, for all our sort of major consumables and numerous different sort of, you know, suppliers and routes into Egypt for us as well. So actually we have quite a strong sort of knowledge base around alternative providers of cyanide, grinding media, sort of, you know, mill liners, tires, and so on. So, actually, that work is, as sort of said at the outset, when we first started to see sort of the rising sort of tensions and escalations within the Red Sea and that risk, potential risk to consumables or, you know, supplies, is we actually sort of dusted off that work and sort of did a big refresh of where we were. So, we have sort of, you know, proactively looked at that. I think what that's showed us and what we knew but what confirmed for us, that actually, you know, we believe that the sort of the current sort of situation in the Red Sea should have, you know, minimal impact on us going forward. We've certainly not had any impact to date. We've continued to operate on an uninterrupted basis with no impacts whatsoever. You know, a lot of our consumable base actually comes from Europe, but it's Sinai, grinding media. A lot of that actually comes through there, and hence comes through the Port of Alexandria on the Mediterranean and doesn't actually have to pass through Suez or the Red Sea as well. So that makes things an awful lot easier for us. And where there are things that would use the Red Sea, so for example, mill liners, one of our suppliers is from India. And you know, we do have on hand quite a bit of working capital in terms of critical, well, not critical spares, but normal spares on hand. So, you know, we don't operate a just-in-time, sort of approach to these things. So we carry sort of reasonable levels of stock, for exactly these types of issues, where if there is a disruption to supply, is that we've got enough on hand. So if we then have to reroute things around South Africa and come this way, the longer way effectively, is that, you know, it's not a critical item that's going to impact as well. So I think that sort of, you know, I think that the short answer, I mean, but all around there is that no impact at this stage. We've got a resilient supply chain that we benefited from our COVID work. A lot of our supply base comes from Europe, doesn't impact the Red Sea. And where there are Red Sea implications, it's on a sort of elevated stock level that we hold on hand, and therefore plenty of time to reroute things around the other way with no impact from there as well. So I think the team did some really good work over the last few weeks around just looking at that and looking at the resilience of where we go. So I think we're well set to navigate sort of, you know, the current situation. And even if it were to sort of, you know, unfortunately, end up being a more prolonged sort of disruption, I think we're in good shape to be able to sort of see that through. So I think we're in good shape around that. Well, that's great. Thank you. Your next question comes from the line of Yuen Low from Liberum. Your line is open. Hi, can you hear me? Yes, Yuen. Good morning, and happy New Year to you as well. Hi, yes, hi, good morning, happy, and happy New Year, New Year to you, too, as well. I've some questions regarding CapEx. Because back in October, you maintained guidance on the premise that you were going to be bringing forward some CapEx from 2024. So if I exclude that, and also if I consider that you reduced the sustaining stripping expectation from $48 million, I think it was to $25 million. So if I consider all that, then it looks like you underspent CapEx about $22 million in 2023. Now, in the 2024 guidance, you've increased that by $16 million, so versus this 22.22 and a bit, plus the stuff that you were supposed to have brought forward, that makes about $50 million underspend somewhere over the two years. I was just wondering if you could go over that first. And later, I've got a question about unit costs as well. Okay, Yuen, no problem at all. Look, I'll fast-forward in a second, but I would say that when we look at last year's CapEx, there was sort of three major buckets that we looked at. So, you know, first and foremost, as you mentioned, was that reallocation of CapEx back into OpEx for those waste stripping costs, around that sort of- Mm-hmm ... strip ratio performance. And that, that's a, you know, that's an accounting, a reallocation. You know, from my perspective, Yuen, is that those tons were physically moved by the open pit fleet. You know, the waste was moved, the ore was exposed. In some cases, we know we had more ore than waste because of the, because of the access to that area. But, you know, the compliance to plan was correct. So, and the key thing, of course, is that the dollars are spent, so, so that cash is out the door. And whether it sits in an OpEx budget or whether it sits in a CapEx budget, you know, the key thing is dollars are spent and that the material is moved as per the plan. So, so that's, so I think that's the first thing. We did benefit from a bit of a tailwind on the diesel price. So, you know, we were able to complete that work somewhat cheaper than planned because of a, you know, a better diesel price realized than budgeted. So we did have some savings within that overall program. In terms of the midlife rebuilds of our maintenance schedule for our open pit fleet, that's something that we looked at through 2023. And we've worked closely with our sort of maintenance team and Caterpillar and our main sort of dealer, Mantrac, in Egypt. And we've been able to extend the midlife rebuild intervals as well, and sort of effectively reduce the CapEx spend on rebuilds on that basis. So when I look at last year, there are two major components, that reallocation of costs into OpEx from CapEx. So yes, it might be a CapEx underspend, but the dollars have been spent and the material moved. We did have basic savings on diesel. We have basic savings on maintenance in terms of the midlife rebuilds. And of course, the other final item was the grid connection. We had anticipated paying about a $12.5 million deposit in the fourth, late in the fourth quarter of last year around the grid connection. That didn't eventuate. That's going to be paid in this first quarter now, so that slips across as well. So when we think about that, that sort of, that $12.5 million, that's just a timing issue. And that accounts significantly for that 200 becoming 215, in terms of the 2024 budget. The major delta there is that, is that sort of deposit on the, on the grid, effectively. So when we think back to last year, reallocation of costs, all the dollars spent, saving the diesels, for sure, midlife rebuilds, being extended as well. So they account for the substantive sort of, you know, you know, sort of underspend, in inverted commas, of the CapEx target. And then the increase to this year results predominantly from that, that moving out of the, the deposit. That's my simplistic CEO understanding, but my colleague and CFO, Ross Jerrard, is the man with the real detail into all the nuts and bolts. But on a high-level basis, that were the main movements from there. We may well pass to Ross at that point. ... No, you're absolutely right, Martin. That's exactly what happened. And Yuen, the—I guess the key thing from a 2024 perspective is, it's not a rolling position that we take into. So yes, while there's underspend, for instance, on that rebuild schedule, the 2024 number is a reset. It's not as if they, any underspend gets rolled into 2024, and we start again with that. So the $44 million that you'll see in equipment rebuilds is basically a zero-based budget that we start again in 2024, and together with the CapEx, so in that non-sustaining, the $58 million, we've got the grid power, and we've got the replacement strategy on that equipment, and that again is zero-based. So it's not an underspend that we then roll into this year, and it's a cumulative effect. We basically challenge the teams and get it back to a zero-based starting point. But Martin's correct in terms of those movements. Yeah, I do. I do pay attention to you, Ross. Yeah, wonderful. ... when you talk to me. I do listen. Sorry, Yuen, sorry, sorry, your second question was? Yeah, no, no, that actually that's very helpful. Kind of on a related note before I move on to my OpEx question. The sustaining element of open pit stripping for 2024 has given us 91. So that implies that your gross CapEx for 2024 is $306 million. Is that right? Yes. Yes. Mm-hmm, that's right. Mm. Okay, wonderful. Just looking at your cash cost guidance of $700 to, I think it was $700-$850, if memory serves. If I were to add back that $91 million of deferred stripping to the cash cost, that gives me a cash cost of $882-$1,044 per oz. Which I believe is compares with... I'm sorry, I'm just trying to find the figure in the Life of Mine Plan. $820-$890- Oh. in the Life of Mine Plan. So that, that is actually, roughly, well, quite a bit higher than the Life of Mine Plan. I acknowledge that the Life of Mine Plan use $0.75 a liter diesel, but in your guidance, you also say you use, I think, $0.75-$0.90 in your range. So- Yes. Yes, Yuen, so- It looks like costs have gone up. So I would say, Yuen- Yep, go ahead. ... just to be clear, as when, when we hit the when we give the AISC guidance for 2024, we obviously have our- Mm ... you know, sort of, our OpEx and CapEx that applies to AISC, and we have a total dollar number. We then flex that between $0.75 and $0.90 diesel, and that flexes a range of total dollars from the $0.75 to the $0.90. We've got an upper and a lower total dollar limit. We then divide those numbers by either 470,000 or 500,000 oz to give us that AISC range as well. So that's how we think about the AISC range, using a $0.75-$0.90 Mm ... sort of diesel price. When we look at the CapEx budget, this is a slight sort of inconsistency in approach here, but we just use $0.90 for the CapEx. You know, 'cause if we started to then sort of flex the CapEx up and down for $0.75... Well, that element of CapEx that has a diesel component, we just picked a $0.90. So we've been slightly more prudent on the CapEx estimate using the $0.90, but when we give you the AISC range, we're using that on a range of diesel prices from there as well. So there is just a slight inconsistency there. So, you know, if you were to apply the $0.75 at the bottom end, you would see some of that CapEx reduce because of that diesel price. But it all ends up becoming horrendously complicated in terms of ranges of AISC, ranges of CapEx, and so on. So we've taken this approach, which we think is prudent, which we think is the right way to go. But there is, just to understand that little miss, sort of, you know, slight misalignment between the two approaches on CapEx versus AISC, but we're happy that it's the, it's the right side of prudent, on that basis. So it, I mean, so that's just to explain on that basis. So there will be an element of diesel in there that will relate to that change effectively, on that basis. So sorry, and the second point of your question, Yuen, was around sort of- Oh, no, no, that, that- the fact that the costs are a little bit higher. No, no. So yeah, that actually explains why your cost might be higher. Because you, you're actually using- Yeah ... when I add back the sustaining stripping to the cash cost, you're actually using that on a higher fuel price basis. Yes. That, that probably accounts for the- That's pretty close. ... difference. Yeah, yeah. Yeah, to be honest with you, Yuen, we had a bit of a philosophical debate inside the, you know, as we were sort of looking at this as well, and you end up with putting ranges around everything, right? And you end up, those ranges compound on each other, so you end up. So we thought, "Okay, let's fix in this on a prudent basis for the CapEx, and then let's give the range on the OpEx, and sort of mix up the two as well." And we just thought that, you know, for prudence and simplicity of explanation, as well. But that, so there is, yeah, you're exactly right. You've picked up on that, and that's just where we ended up. That's great. One final question, sorry for taking so long. The strip ratio, what are you expecting the Strip Ratio to be in 2024? Because the size of the sustaining stripping is much larger than I expected it would be. It's about between 5 and 5.5 for the year. ... 5-5.5 for the year. Well, why is the sustaining stripping so large then? Because you are supposed to only be capitalizing if it's above the average, and- Ah, Yuen, well, you've now asked the magic question that I ask every time that Ross and I sit down as well. I'll let my good colleague, Mr. Jerrard, explain the joys of accounting treatment on a stage-by-stage basis, not a total pit spit basis. Yeah. Ross Oh, no, I do understand that- ... but- It's just quite a lot, quite a big variance for the year. Yeah, it depends on the zones or the stages. So we've got our split, and you're absolutely right in terms of a strip ratio on the total. You know, in terms of that overall strip ratio. But if we use this year's example, you know, we are mining across four different stages of the pit. Some of those had, you know, were basically entirely in ore, others were totally in waste, and others had a strip ratio anywhere between 3 and 15 to 1 strip ratio. Now, depending on the areas that we're mining and those particular strip ratios, anything that is above the Life of Mine strip ratio gets capitalized, and then unwind as that ore is produced, and others go through OpEx, depending where it sits. So we've got a very large range when you look at the individual zones within the pit in terms of those strip ratios, and that distorts it. And that's why in the strip ratio, we do it monthly, quarterly, and it's the year-end reconciliation where we true it all up. But it's very hard with these peaks and troughs, and depending on where the mining fleet is actually working in terms of that particular strip ratio that is accounted for on a stage-by-stage basis, rather than as one whole global unit- So, the best way to think- in terms of the overall strip ratio. Awesome. So the simplest way to think about it, Yuen, and, Ross, you know, Ross is under... And, believe me, Yuen, I, I've also asked the question. So if you think about it, is that... So when you think about the pit, on the east side of the pit wall, that is the wall that moves to allow the pit to go deeper. The west wall is fairly fixed, the north wall moves, so but the south and the east walls are, are the walls that effective- sorry, the north and the east walls are the ones that move as the pit gets deeper. So, so in terms of the ore exposed at the bottom of the pit, we've now got the large area of ore exposed in the current bottom of stage five. So therefore, in terms of our of our sort of focus of waste stripping, that waste stripping will be on the east side of the pit and the north end of the pit. And we're stripping waste there that is effectively sort of, you know, gonna benefit from gold production towards the back end of this of this decade, you know. So we're moving ore now, sorry, moving waste now, that will have a an impact on the Life of Mine Plan. Or sorry, that will deliver ore to the Life of Mine Plan, you know, six, seven, eight, nine years from now. So that waste there almost has no ore element to it from a strip ratio basis. So when we look at that, then that ore all has to be capitalized, because on an individual stage-by-stage basis, that's almost pure stripping, because there's no gold associated with that in this period. So that will all report to the capitalized waste stripping element of it as well. So when you look at the average for the year, the sort of, you know, between the 5 to the 5.5, that's great. But when the accounting rules force us to basically allocate waste tons to the gold associated with that waste, where we're focusing now on the stage six, sorry, the Stage 6 east pushback, that is Life of Mine, sort of end of life, almost, gold production, and all that waste will have no gold for a number of years associated with it, and therefore it gets capitalized as well. So, Yuen, again, you picked up on the right question. I've asked it, and it's not on a pit-by-pit basis or a year-to-year, it's a stage-by-stage basis. Where that waste is being stripped, when do those oz, you know, report to that stripping that you're doing now? and what we're looking at next year is a lot of, a lot of waste being stripped from the Life of Mine Plan schedule, that the ore will only come out a number of years from now, and hence it all gets capitalized. Okay, that's clear. The joys of accounting, Yuen- Thank you very much, Martin. ... the joys of accounting. That's right. All you need to- Yeah, thank you very much. ... all you need to know is that from a Life of Mine compliance basis, we're moving the right tons at the right time, in line with the overall Life of Mine plan. So that's kind of the you know the operational sense of it. So we get that, we spend the money, we move the tons, that's fine, and unfortunately, Ross and the team then have to sort of start allocating waste tons to oz and capitalizing as well, and it all becomes an accounting exercise. But from an operational perspective, it's in line with the Life of Mine Plan. Thank you, Yuen. Okay, that's wonderful. Thanks. Thank you, and there are no further questions on the conference line. I will now hand over to Alex, Head of Corporate Communications, to address written questions submitted via the webcast page. Thank you, Paulie. Hi, Martin and Ross. First question is somewhat in keeping with what we've been discussing, but do you expect to see similar levels of the waste-to-ore conversion into 2024, and has this been factored into the CapEx guidance? Thanks, Alex. So, so I think in short, the answer is no, we don't expect that, that sort of variance to continue. And I think it was, you know, why did that happen? I mean, that, that's the question. Why did we have this, you know, waste-to-ore conversion? Which is positive, but, but, you know, you'd like to know what you're gonna do and have that planned out. So, so, you know, the, the, the top end or the north end of the pit has that's what was called, Sukari Hill, Stage 7. You know, that's pretty steep, mountainous terrain. And, the ability to, to effectively put drill rigs, any drill rig, exploration rigs, let alone grade control rigs, you know, we had limited drill data, in that area. So as we sort of planned to work our way through it, we made the assumption, again, prudently, that that would be predominantly waste. And that then we knew that once we'd taken the top off that hill and started to mine down, we would eventually start sort of hitting mineralization. So in terms of the year, you know, it's impossible to get a drill rig up there, you know, to get some good coverage. We made the prudent assumption it was waste, and we started mining. Once we got into the mining, once we established those platforms, we were able to put drill rigs, you know, to grade control and blast hole control, ahead of actually the mining of that zone. What we realized, of course, is actually there was a lot more ore there that had been sort of, you know, prudently assumed to be waste. And then as we sort of, you know, created a mining platform, that space for the machines to operate, we've been able to advance, drill, and get out ahead of that. So we're now—we've got a much better understanding of what sits beneath those benches as you move down and take that hill down effectively as well. So that was kind of the last area within the open pit footprint, where we had limited drill data because of the topography. Now, as we look forward, you know, we're back to our normal case of being able to drill in advance of production, and then much more accurately predict what we believe will be the ore and waste, sort of, you know, schedules for the year. That's also been aligned to the fact that we created, or we did our next iteration of our resource model that we use for, you know, the geological resource model we use for reserve conversion and mine planning. There's been a further iteration of that last year. We think that's now even further refined and accurately reflects the likely sort of encountered geology that we'll encounter as we go forward. So no, look, I think that was a last artifact, if you like, of that sort of, you know, topography, and lack of sort of forward information because of that. We're through that now, and we should be back to being able to more accurately and confidently predict, you know, ore-to-waste ratios because of that, access to drilling, and the modeling we can do on that as well. So not anticipating that to go forward, from this point. With the increase in low-grade material, does this accelerate your plans to expand the dump leach? No, no. Well, it doesn't accelerate them. We've already got our foot to the floor on that. The North dump leach is currently under expansion. It's one of our projects on the weekly updates. You know, we track that quite carefully. No, so the good news is that because we have got those... Because we do have those dump leach cells ready to go, as we got this increased volume of low-grade ore from stage seven, we were able to place that straight away onto the dump leach and start to hopefully bring that through this year in terms of it contributing to production levels as well. So it was a nice thing that we got out ahead of the dump leach. We had that prepared. The cells were being built out. We were ready, and as the geos and the production guys said, "Listen, there's more low grade here," we didn't have to rehandle. We could just take it straight from stage seven and then place it straight on the dump leach, and then we'll start spreading that and bring those oz through as well. So no need to accelerate, but it was good that we were out ahead of that, and had the cells ready, so we didn't have to do a double handling of that material, which obviously starts to kill you a little bit from a margin perspective. Thank you. With the delay in grid, when do you expect to connect to the grid and benefit from the carbon and cost savings? So grid connection, we're saying calendar 2024. Yeah, that, that's the current strategy, dealing with the- or working with our, our, our sort of implementation partner. So that is the plan to the physical connection. So we're in the process of, you know, contract finalization now. You know, then into procurement and then execution. Not a technically, you know, complex project, to be blunt, and it's been done multiple times in Egypt by this particular contractor before. So it's permitting execution from there as well. So we're hopeful that that can be completed this calendar. Most likely sort of, you know, Q4, and sort of into Q4, not at the start of Q4. So I think if people want it to be prudent, you could assume first of January 2025 would be a reasonable assumption to take forward. Mm-hmm ... at this stage of grid connection, at this stage. So if we can nip that forward a little, you know, a few weeks, that might come in late 2024. If there's any slight delays, it might nudge into early Q1 2025, but a reasonable assumption would be first of January 2025. Great, thank you. A random question: Is executive pay linked to share price performance, and if so, over what time period? So the simple answer is yes, it is. In terms of our sort of, you know, we've got a very standard, you know, from a London perspective, remuneration structure. That's been put together with the help of Korn Ferry, who's the international consulting group. They've worked with the remuneration committee and the broader board to design a remuneration structure for the management team in terms of its architecture, and then importantly, benchmark that as well to market as well. So I think there's quite a rigorous process around how that is, one, constructed, and then two, benchmarked as well. So that's kind of the first point. Then within that, there's the usual elements of a base pay, short-term incentive programs, which effectively is annual cash bonuses. And then we have the LTIP, the long-term incentive plan, which is the equity equity awards. So the short-term sort of program, the annual bonus, that's based on sort of company performance in terms of physical metrics, of gold production, cash cost, cash flow generation, safety, obviously as well. And that and then obviously a number of personal objectives, so that then calculates the annual bonus on company performance within the year. On the longer-term basis, the LTIP, that is where we have an element of share price performance element in that as well. I'm going to ask Ross here, but off the top of my head, 50% of the share price performance is linked to, sorry, 50% of the share award potential is linked to share price performance on that basis. And to be clear, that's on a three-year rolling basis. So you're awarded shares within the period, and then on the third anniversary of that award, the share price performance of the business is then assessed against sort of on a total and a relative basis. And then a portion of those potential shares could vest depending on that performance as well. And I think that construct is there to sort of lock in sort of management, and be aligned with the shareholders on a long-term basis. We're not looking for short-term wins. It's about long-term basis, and it's about sort of relative and total performance as well. It's about 50%, is that right, Ross, off the top of my head? ... That's right, 50% TSR, TSR production and cash flow for up to 2023. Then the new metrics going forward, we've included an ESG component on the more recent awards and metrics measurements. Yeah. Great. So- Thank you. Yeah, so hopefully that comprehensively sort of, obviously- Yeah ... all in the annual report as usual. But, but I think, you know, it's a robust process that the board and the Rem co go through, with external expert advice and benchmarking, and go from there. Great. And interestingly, we have two questions asking for an update on the Sukari solar plant expansion. Okay, no problem at all. So at this stage, we are in the technical evaluation phase. So we're looking at, firstly, you know, physically, where can we put that solar plant? So those that are familiar with the Sukari site, or you can go and check it out on Google Earth, is that, you know, it- it's lightly dense... It's lightly populated. There's not a high population density, so it, you know, there's not people there that we have to move. There's not exactly too much, sort of, in the way of vegetation or wildlife. So in one sense, you know, that's easy. The actual reality on the ground, though, is it's fairly rocky, sort of hilly terrain in and around the Sukari footprint. Obviously, we're competing for sort of, you know, floor space, waste dumps, infrastructure, access roads, and so on. So one of the things we're looking at now is, where can we place that? We've identified a number of areas adjacent to the existing solar plant. So we're looking at sort of just working through that. You know, where can they go? Do things have to be relocated, I should say. What cut and fill is required to sort of level the areas? So we're looking at that right now. That's under evaluation. We're looking at sort of the technical sort of specification of how we then expand the footprint and how we tie into the existing solar infrastructure. That's relatively straightforward, to be honest with you. Then we're looking at things like battery. At the moment, we've got a 7.5 meg battery that acts as a, like, sort of a buffer or a damper between the processing, sort of the power draw within the infrastructure, and then the solar generation. So if the cloud cover comes across, it allows us to fire up the diesel engines. And then, of course, if the mill was to stop turning suddenly and unexpectedly, somewhere for the power being generated to actually go, as well. So we're looking at the requirement. And of course, that's now been further sort of, work needs to be looked at, because now we're bringing the grid into this situation. We now need to look at how that solar, that battery works in connection with both grid connection and backup diesel as well. So, so I guess long story short, is that the, the technical evaluation is underway, we're harmonizing that with grid, and, and sort of backup diesel generation. Let's get the grid sort of finalized and bottomed out, and we can go from there. So, so it's actively under, under evaluation, and, and investigation. I would imagine that during 2024, we will come up with a, with a plan, so effectively a little mini feasibility for that, and then we'll get on with the implementation. And I think in reality, is that by the time we've got grid connection in during this year, that's next cab off the rank is then to finalise that solar expansion. And of course, the plan then is to have effectively 100% solar during daylight hours for the operations. That's about 50 MW AC. And then outside of sunshine hours, a reliance on grid from the local infrastructure. And then within that mix as well, retention of our diesel gen sets as a complete backup, sort of fallback system, as well. So we'll harmonize that through 2024, and I think that solar will kick in in terms of the expansion project through early 2025. Another quick question on projects. So is there any progress on the gravity circuit construction, and when will that be complete? So at this stage, we're still in the engineering phase. So in terms of the preliminary test work, or the test work, I should say, that's largely done now. We're now in the phase of engineering, so that kind of engineering leads FEED, which is different engineering design. Then we'll look at procurement and implementation schedules as well. So I think we're now into the detailed phase of that. Again, I suspect that by the time that we've kind of run through the engineering and implementation, that'll sort of be a construction will kick off, and that could be procurement and so on, sort of later this year. I think that will plan to come on stream sort of early 2025 at this stage. Great. Can you tell us any more about Little Sukari? The drill results look excellent. You mentioned in a previous presentation that you're looking for satellite deposits with potential to deliver perhaps 300,000 oz. Do you think Little Sukari and Umm Majal fall into this category? So, so I think in previous presentations, what we've said, is that, that when we've done some sort of, you know, desktop economic analysis, and this was to help the exploration geos focus on commercial potential targets, is that we think that something in the order of 300,000 oz at about sort of 1.2 g-1.3 g, if a target had that sort of scale, we think then that would be economic, to develop a satellite, mining operation, and then truck that ore into the Sukari mill. So that was our kind of, you know, sort of, you know, our internal sort of modeling that we did to help guide the exploration geos as they were filtering out opportunities, you know, what should we pursue, what should we drop? We gave them those parameters as we do. So that's what we're working to, as a sort of, you know, an indicator of the achievable barrier to sort of geological sort of exploration success. So still very much stand behind those numbers. That's what we're sort of targeting. In terms of these two deposits, they were found through the exploration phase. The team have done a great work to do that. Look, it's very early stage at this point. You know, we've done, we've worked at the sort of the drill targets through soils mapping, and so on. We've rolled an RC rig out there, so we've got, you know, that's not a diamond core, it's an RC rig. And we've poked in some, you know, some very sort of, you know, very few holes, admittedly, on fairly sort of wide spacing on fences and then along the fence as well. And it's really that kind of like initial scout program, is that, is there something here of interest? And clearly there is. You know, clearly, you know, we're also, you know, very happy as a first drilling program goes, which is scout holes. I think they sort of exceeded sort of hope or expectation as to what could be there. So very happy with that. In terms of Little Sukari, you know, it's a granodiorite, so in that sense, you know, the emplacement of the mineralization looks similar, and I stress, looks similar to the main Sukari ore body, on this basis. I would stress that again, it's RC, it's not core, so you know, we're working off rock chip samples and assays at this point. You know, the next stage, of course, will involve some core drilling, and we'll get a much better idea around structure, around lithologies, of that. We'll be able to do some proper met test work and some sort of mineral identifications with thin section work and so on, gold deportment. So the next phase will really give us a good sort of understanding or much better understanding of, you know, what Little Sukari is as a target, in terms of its sort of, you know, host rocks and so on. And of course, where does it go? I mean, you know, we've kind of... Have we found a smallish plug of interesting mineralization that sits there, or that's one end of the spectrum, or the other end of the spectrum is, have we nicked the top of a larger system that that's then gonna have legs to depth and a long strike to know as well? We've got no idea at this stage, but we've identified a target, put some scout drilling in an RC rig, and it's certainly given us some encouragement around the widths and grades that we're seeing, on that basis as well. So look, we're very keen to follow up now. You know, if it's 300,000 oz at 1.2 g, 1.3 g, it's great. It's gonna be accretive to the mine plan, and we'll take it on from there. If it's bigger than that, then even better. So we'll see where we go soon. But yeah, look, in a real sense, and for us, it's kind of proof of concept. You know, we pushed to get involved with Eastern Desert exploration. We've long talked about the potential of, you know, what's outside of Sukari? Is there potential within the Eastern Desert? You know, we've put a team in place in Marsa Alam. They've gone out, they've done the basic work in the field. They've made a discovery, you know, they've found some drill targets. They've drilled them and made, you know, some pretty interesting intercepts. So it's kind of proof of concept of the potential of the Eastern Desert and our team to operate within that as well. So if nothing else, I'm delighted with the process and the validation of that, and, of course, the scale of the potential opportunity will eventuate as we go forward from there. So that's that. Umm Majal, slightly different to Little Sukari. Same sort of structural setting in terms of it sits within a belt. Slightly different sort of geology, but again, no less interesting in terms of some of the widths and grades being identified there. So, next stages are to aggressively follow up. We'll do some more detailed mapping around that, maybe do some ground-based IP and gravity survey work to try and understand a bit more about the sort of structure, and then get a rig out there to do a combination of RC and core to really start to push that forward and see where that takes us from there. So, pretty exciting times. You know, really delighted with it as well. Very happy with that. Great, and the last question is: With the DFS near complete at Doropo, are there any plans to start building infrastructure to get the timeline ahead? Ah, very, very good question. Look, look, absolutely. There's always the, you know, time, time kills you, as somebody said to me a long time ago. And, and when I say that, I mean that, that sort of, you know, with projects, when you've got a fixed, a fixed overhead of a projects team and an operations team and so on, you know, the more time you add to the system, the more expensive things are as well. So, so if you can get things done in a timely manner, you can actually save quite a bit of cost in terms of CapEx, for, for project development. So we're very, you know, we're very aware of that, and that's an approach that we sort of, you know, as a management team, employed very successfully elsewhere in West Africa. So really the you know... We'll get our feasibility done with the ESIA. We will get our applications into government for our permits, our mining license, and so on. And then the question from, you know, from the management team and then ultimately to the board is, you know, what's our risk appetite to put dollars on the table ahead of having, you know, say, a formal license, a decision by the government, ahead of having a fully finalized sort of funding package, you know, how we're gonna take the project forward, and ultimately that board-sanctioned FID that, yes, we're gonna build this project. So there will be a period of a number of months while we pursue licenses, funding package, and ultimately leads to that FID, and that could be, you know, three, four, five, six months. What we recognize, of course, is that work done during that period can have a hugely beneficial impact on the future sort of development, sort of, timeline. You know, putting a deposit down on the long lead items like a mill, for example, getting yourself in the queue by putting, you know, relatively small dollars down as a deposit, you know, that saves you weeks, if not months, down the track. Pushing infrastructure in, you know, some access roads, some cofferdams, you know, preparing a construction camp in terms of people for people. All those sorts of things are relatively low cost in terms of, you know, sort of, you know, $1 million-$9 million in total, that you're putting at risk, as you still haven't got your license, you haven't got your financial package in place, you haven't got your board FID to go forward. But if we're prepared to put a little bit of risk money on the table, it can save us weeks, if not months, in terms of the overall production schedule, and then really sort of help to bring that CapEx in as well. So it's something that we discussed at the board in December. You know, the board are aware and supportive of this type of approach. It's been very successfully employed by us before, elsewhere in other companies. I think that's an engagement we'll have with the company, or as a group, as a management team, with a board about an ability to put some risk dollars upfront, recognizing that we're taking a little bit of risk in terms of, you know, not full sanction for the project, but could lead to significant savings down the track as well. So it's always a trade-off, right? You know, about how hard you wanna go early, with risk dollars versus the benefits down the track. Great. That, that's all from me, so back to you, to close out the call. Thank you, Alex. Well, look, thank you, everybody. Look, as I say, just to resay, I won't bore too much but, you know, a great Q4, leading to a great delivery for 2023. Some real excitement about what 2024 can bring as we're through that sort of, you know, significant through that reinvestment phase, heading back to that 500,000 oz level of good costs, cashflow generation. Lots of excitement to come at Doropo, at EDX, and a real sense of momentum across the business, as well. So, I'd like to thank everybody for taking the time to listen in today. As ever, follow-up questions or thoughts, feel free to reach out through the usual channels, and looking forward to seeing you all about 2024. Thank you again on behalf of the company, and look forward to speaking to you soon. Thank you.