29Metals Limited

Good morning all. James Palmer here and thanks for joining this 29 Medals update for the September quarter 2025. Today we'll be speaking to the presentation released this morning alongside our September quarterly report. Joining me are Ed Cooney, our Chief Operating Officer, Peter Herbert, our Chief Financial Officer and Christian Stella, our Group Executive, Corporate Development. Today we'll provide some details on our plans for the rest of the year at Golden Grove given recent events and talk through the ongoing progress being made by the team at Capricorn Copper. Slide four lays out our key priorities. They remain the same as when I spoke to you three months ago. Health and safety first always. Mid single digit TRIF and an LTIF of zero, reflecting zero lost time injuries for the 12 months to the end of September quarter. Massive credit for the teams across the business, living our most important company value, safety, particularly when faced with adversity. Safety first, always, even when it's hard, in fact, especially when it's hard. And across the group, discipline in productivity and cost improvements, which remains the focus. At Golden Grove, even as we work through the challenges, maximising operating cash flow, efficient capital allocation to maximise long-term value guides our decision-making and, of course, we remain focused on delivering Gossan Valley for first door by the end of 2026, which remains on track. At Capricorn Copper, the team continues to make steady progress on the imperatives for a successful and sustainable restart. Now to slide five to talk through the September quarter in more detail. Our safety metrics continue to improve. Our 12-month rolling TRIF and LTIF both down quarter on quarter. A good outcome and a result of remaining focused on safety first always. Zero lost time injuries over the last 12 months is great to see. Operationally, a challenging quarter. Solid for copper production at Golden Grove with 5.8 kilotons of copper. Zinc production, however, impacted by restricted access to Xantho Extended with two kilotons of production. Accordingly, we have revised our 2025 guidance for zinc and precious metals, assuming that access to Xantho Extended will continue to be restricted for the rest of the year and alternate Gotham Hill oil sources will feed the mill for the remainder of 2025. These alternate ore sources are lower zinc grade, but copper grades are broadly equivalent to what we would have accessed at Xantho Extended, resulting in no change to 2025 copper production guidance. In a moment, I'll pass to Ed to talk through the Xantho Extended issues in more detail. At Capricorn Copper, the team continued to make good progress on water level reductions and regulatory approvals required to enable a future successful and sustainable restart of operations. with 1.5 gigalitres of water level reduction since suspension of operations and an application for tailing storage facility 4 submitted during the quarter. We finished the quarter with $168 million of available liquidity positioning as well as we adjust near-term plans at Golden Grove and continue to deliver Gossam Valley. Where we've commenced the box cut excavation during the quarter, a great milestone and that keeps us on track to fire the portal by the end of the year as per the plan. So I'll now pass to Ed to talk through the Golden Grove events in a little bit more detail and then I'll provide an update on Capricorn Copper prior to Peter providing a corporate and finance update for the quarter. So over to you Ed.

Thanks James and morning everyone. I'll briefly touch on slide 7 and 8 to talk through the quarter outcomes, and then I'll talk to Xantho Extended in some further detail. So on production, as James mentioned, and as shown on slide 7, a solid quarter for copper production up versus the prior quarter with 5.8 kilotons of copper produced, driven by more copper ore milled. at higher feed grades and improved recoveries. Zinc and precious metals, however, were lower. A planned 10-day mill shutdown, which was the largest for this year, occurred during the quarter for a mid-life rebuild of the primary crusher, re-line of the mills and installation of a replacement zinc rougher cell. And that contributed to lower overall mill tonnes. More significantly, however, the zinc oil sources were deferred as we completed rehabilitation of ground support impacted at Santa extended by the prior seismicity and resulted in significantly lower zinc ore volumes through the mill. Site and unit costs, first slide eight, are higher largely due to the maintenance spend associated with the planned 10-day shutdown and a $24 million stockpile movement charge. versus a $9 million credit the prior quarter. Increase in capital versus the prior quarter reflects a ramp-up of spend at Gosselin Valley as planned, with commencement of the box-cut excavation a major milestone during the quarter. I'll now move on to slide nine to talk through events at Zantock Standard and the forward plans. So to recap, in the March and June quarter reports, we noted impact of seismic events at Xantho Extended. Post these events, we expected to be able to rehabilitate the ground support in impacted areas to re-establish access to high-grade zinc stoves planned for the rest of the year. And we were on track to achieve this with a large amount of rehab completed by September. On 30 September, however, we reported a further event. And although the damage to ground support associated with this third event appears less than the prior events, with contingency in the mine plan fully absorbed by the prior interruptions. It did result in those planned high-grade stoves being deferred beyond 2025 and resulting in a need to restate restive-year zinc and precious metal production guidance. It's important to note that Golden Grove has historically been a seismically active mine. Prior events that interrupted production at Hugamont and Scuttles or bodies were successfully navigated. The more recent events are the first time we've seen these impacts at Xantho extended and have occurred in the footwall and are associated with slip crush damage around certain locations of the decline and level access infrastructure. Whilst the final investigation and third beta review is ongoing, the additional controls we are contemplating include rehabilitation of affected areas, upgrade of ground support in identified access and decline locations to withstand higher energies, refinement of a structural geology model, engagement of external geotechnical industry experts to review and validate identified controls and potentially review of our future decline design. I would say we are confident that with these controls in place and the calibre of our site team, we will safely and successfully resume production. In the short term, to enable a safe installation of upgraded ground support, we have temporarily stopped production from the ore body with an exclusion zone in effect below a certain level. The diagram on slide 9 aims to provide some context to the area of the mine impacted by the exclusion zone, and importantly, the significant areas within Gossam Hill and Scuttles that are not impacted. We anticipate that rehab and upgrade of ground support down to the decline phase may take up to six months. However, the team will clearly be looking at opportunities to increase resources, such as an additional cable bull zone, which arrived on site late last week, and parallel work fronts to reduce that time. In the interim, alternative resources from both Gossam Hill and Scuttles will be mined, while the site team progress to rehab and evaluation of controls to better assess appropriate timing to restart production. And to give you a bit of context from a cost perspective, we don't anticipate a material impact with near-term ground support upgrades representing perhaps 1% to 2% of total annual site costs. Moving on to slide 10, we have ramped up exploration spend across the asset during the year. The objective of the drilling is to both identify new ore bodies and extensions of existing ore bodies within the Gossan Hill complex. to provide further operational flexibility in terms of production sources, particularly relevant given the current interruption. And as shown on slide 11, we are getting good return on investment for the exploration spend year to date, with high-grade copper intercepts in easily accessible areas of Gossan Hill, which in addition to mine life extension, provides opportunity to leverage existing underground infrastructure and development to build ongoing flexibility into the life and mine plan. It's been particularly great to see such wide high-grade extensions in the upper areas of the minor trial. This drilling was undertaken at a tighter drill spacing than typically adopted for extensional drilling, with notable intercepts being 12 metres at 2.8% copper and 17 metres at 2.6% copper. And given these results, we've decided to allocate further drill metres to continue testing for extensions in this area, given its obvious operational benefits at relatively shallow depths. And additionally the My Planning team are evaluating options for how we bring this material into near to medium term plans. And moving on to slide 13, Gossam Valley project remains on track for first of all by the end of 2026. The team have made fantastic progress with commencement of the box cut excavation during the quarter and currently sitting about 70% complete. And in parallel award of various surface infrastructure contracts. And when in production, Gossam Valley is expected to enhance the Golden Grove life of mine plan by providing production flexibility as an additional mining front, replacement higher grade ore source for the declining scuttles ore production, relative mining simplicity given its shallow mining depth and potential to extend the Gossam Valley mineral losses which remain open at depth. I'll hand back to you now, James.

Thanks. Moving to Capcom Copper, slide 16, where production remains suspended due to the impact of the extreme weather event in 2023. We are working towards rebasing the asset in preparation for future successful and sustainable restart of operations because the size of the prize is significant. 64 million tonnes in mineral resources, 1.2 million tonnes of contained copper. established surface infrastructure, established development directly to the ore body, all within the highly prospective Mount Isa in Lyre Province. So on a look-forward basis, we see an immense amount of value to be unlocked at Capricorn Copper. We just need to deal with water on the surface so that we can realise the value of the significant copper endowment underground. Slide 17 shows it is a prize worth chasing. In 21 and 22, the asset generated $100 million and $66 million of EBITDA respectively, was running an all-in sustaining cost of $3.70 per pound and producing more than 20,000 tonnes of copper per annum. Hence, operations could be very profitable at today's prices. Quick recap on slide 18 on what we need to do to rebase the asset in preparation for a future successful and sustainable restart of operations. Once we get these two imperatives in place, we can then progress work towards the restart of operations. So firstly, we need to reduce the water levels on site and secondly, we need a long-term tailing storage solution to set the asset up for long-term success. upon restart. Great progress on this front during the quarter with an application for TSF3 to the regulator submitted during the quarter and confirmed as being properly made. This progresses the application to a detailed assessment ahead of any requests for additional technical information which are anticipated during the December quarter 2025. The team continue to make excellent progress with water level reductions as shown on slide 19. Total water level reductions of 1.5 gigalitres has been achieved since the decision to suspend operations in March last year. Surface water levels re-established below the maximum operating level, an important and significant milestone towards resetting the compliance footing of the asset. Water level reductions were achieved during the quarter by natural and mechanical evaporation. Preparedness activities were progressed during the quarter in readiness for potential treated water releases to Gunpowder Creek which is only possible when creek flows occur typically during the wet season which officially kicks off beginning next month. The team were well prepared for another successful wet season with the receipt of an EEO from the regulator during the quarter for this wet season similar to the one that facilitated our successful outcomes last wet season. Slide 20 outlines the ongoing progress on operating and capital cost reductions at Capricorn Copper. The team continue to look for opportunities to reduce costs while ensuring environmental compliance and progression of our two restart imperatives, water reduction and tar links approvals. So a great result all around at Capricorn Copper. I'll now hand over to Peter to talk through finance and corporate.

Thanks James. Gross revenue was $155 million for the September quarter, $14 million higher than the prior quarter result, with the sale of a lead concentrate parcel contributing to higher quarter-on-quarter sales. 29 Metals finished the quarter with unaltered available liquidity of $168 million, comprising $153 million in cash and available headroom under the group's off-take facility of US$10 million. As we work through the 2026 planning process for Golden Grove, We expect additional costs to remediate and apply the ongoing upgraded ground support standards to be immaterial to overall annual site costs, and we expect to see the benefit of the high-grade ore, for example, extended divert from 2025 into 2026. The 2026 planning process is ongoing, and we're well positioned to manage the near-term challenges from delays caused by recent seismic events as we focus on delivery of our priorities. Back to you, Jason.

Thanks Peter, thanks Ed. So globally we're seeing increased frequency of major copper mine supply disruptions and new mines are becoming harder to find, lower grade, harder to mine. On the demand side as the world electrifies, the world is going to need a lot more copper. 29 Metals remains well positioned to capitalise on this favourable copper supply demand dynamic quite simply because we have a lot of copper. Over 2 million tonnes of contained copper and mineral resources across two Australian based assets both with long life potential and significant geological upside. The team remain focused on leveraging this position by delivering safe production and prudently allocating capital to deliver long term value to all stakeholders. With $168 million of available liquidity, we're well positioned to adjust our near-term mine plans at Golden Grove and continue to position the business to capitalise on increasingly attractive copper market fundamentals. So with that, we're happy to take your questions.

Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2 and if you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Daniel Morgan from Baron Joey. Please go ahead.

Hi, James and Tim. First question is just the mine sources, which obviously have been heavily disrupted by Zento extended in the months there. So you've been caught, I imagine, a little bit on the hop on planning for future ore sources. Just how are you positioned? but for these all sources through to not just the end of 2025, but into 2026, you know, will you be able to fill the mill during this period?

Yeah, great. Thanks, Daniel. Yes, so other mine sources, I'll throw it at Ed shortly to go into a little bit more detail, but at the highest of levels, so certainly when we were putting the budget together and that's why we've been ramping up ZAMFO, it is the highest on a copper equivalent grade because of all of the zinc. But we do and did, we had a lot of contingency sources. Obviously, as Ed mentioned, we've drawn into those contingencies. At one point, we understood we had some upside to our forecasts and plans. Obviously, we're chewing into those, but we certainly do have resources that come out of the broader Gossan Hill right through 26, 27 and beyond. Obviously, we'll be pulling some of those forwards as the big high-grade zinc ore is moving into 2026. So, yeah, it's a deferral of xanthotons. bringing forward some of the broader Gossan Hill, but we've certainly got a lot of particularly copper in broader Gossan Hill. But maybe some detail on the ore bodies themselves, Ed, that we're drawing on.

Yeah, so, I mean, Scuttles will likely deplete sometime next year, hence the investment in Gossan Valley, but there remains remnant ore sources in Scuttles between now and then. Yeah, multiple other areas. I think on slide 9 there is a bit of a diagram with some of the distribution of ore sources for the remainder of this year. You'll see it is quite varied. So, you know, up in the upper areas of the mine, Daniel, trial, de-zinc, we've still got access and inventory in upper Xanto, above the... the exclusion zone and also Hugamont and other areas. I mean one thing to draw your attention to also is some of the results from trial. So that is encouraging, it's shallow, it's quite thick at good copper grades so we'll allocate more drill metres to see in the near to medium term if we can introduce some further inventory from that area. And in addition, we do continue to develop access into oison to commence production from that area as well.

Thank you. Just a second question. So obviously your guidance, you've reduced your zinc treatment charges costs, which makes sense given the off-takes that you've got. Just wondering, can you remind us on what your your offtake agreements are because you've got some legacy contracts which are, you know, very high cost versus spot terms and getting rid of those, you know, the finality of that is a positive catalyst when that comes. So could you just reiterate how much you've got left outstanding?

Yeah, certainly. I'll try to feed it again for some detail on that, but Daniel, yeah, I think you've pretty much hit it. So, yeah, you see in the guidance change we have given the bulk of the TCRCs, as we've mentioned previously, is associated with the zinc and those Trafigura offtake contracts. So, Peter, just some more detail on how long those have got to run.

Yeah, thanks, James. On those sort of out-of-market zinc contracts they're referring to, we expect that when we come to next year, we would have about 90,000 to 100,000 tonnes of concentrate to be delivered under those contracts remaining. So it depends a little bit on how much we can produce this year, and clearly, that amount is higher given the reduction in zinc production for this year with the balance being pushed into 2026 as a result.

That's very helpful. Thank you, James and Tim. Thanks, Daniel.

Thank you. Your next question comes from Adam Baker from Macquarie. Please go ahead.

Good morning, James and Peter. Just on the extended and the issues that you've been having there, this year with the three events over the course of this year. Just wondering how can we have confidence you'll be able to regain access to these areas and just wondering if these are definitely only deferred tons into 2026 and they're not sterilized tons. And maybe if you could just quickly talk through some of the geotechnical events that you have had there. I know you indicated on the call previously that this has been along the footwell of the declines. Could you maybe talk through some of the, you know, the stoats that you've mined in Xanto extended so far and whether there's been any issues in the stoping fronts as opposed to the development? Thank you.

Yeah, I'll take that one. There's a few parts to your question. Firstly is the confidence. We're very confident that we can put in enhanced ground support to withstand higher energies. The support is small bolts mesh below grade line, so below 1.5 metres in the lower part of the sidewall. It's pretty heavy, dense cable bolting in the backs, and the intention is that we will upgrade the support to those standards in certain sections of the decline and the level accesses. Hence, you know, the nominal six months to complete all that work. We're not really seeing damage in the Xanthox standard in the ore body, as I said, so we're seeing it more in the footwall. You know, we don't really necessarily believe it's due to stope sequence, potentially more um related to the design layout of the decline and that may be something we consider in future as well the initial initial thoughts were that it was related to local structures um in the from the early events but you know three events has prompted us to review it more regionally and there are some similarities you know between the events in terms of locations impacted and, again, hence the need to take the time to do a more regional upgrade of ground support in affected areas. But, you know, as to the point on not seeing a lot of impact in the ore bodies, you know, we're not considering that this is a sterilisation at this point. Very confident we can upgrade the support in the infrastructure for all infrastructure and, therefore, just defer all of production into next year once we complete the rehab.

That's very clear. Thank you. And moving to Sailing Storage Facility 3 at Queensland, have you had any initial feedback from the regulator? Just wondering about the timeline from here. Do you think we'll get an update before the end of the year or could that be pushed into 2026? noting that, you know, there's been some good votes of confidence from the federal and state government on Mount Isa, the $600 million facility there, and also saw one of your peers today, you know, get a grant from the QIC, Critical Minerals and Battery Technology Fund. Is there any possibility for grants or cheap cost of capital debt when you do get to that stage of going down the line of pursuing TSF3? Thank you.

Yeah, great. Thanks, Adam. I'll start at the top of some of that and then more of the detail of TSF3 I'll throw to Ed. I'd say you mentioned a few things there. So yeah, government, definitely government making all the right noises. So from the top of government and then you've seen in the area around the Glencore announcements and otherwise. So certainly, yeah, lots of meetings from the top of government flowing down. People want to have this mine be a mine again. Hence why we've been very clear on the things that we need to achieve and you get down then DETSI is the key department that we're working with. So water level reductions, we've got that EEO, so very happy that we'll be able to have another successful wet season, so water being the number one priority. Then moving to tailings where we've submitted, it's been properly made and we're expecting an RFI, request for information. to which then you add some of the other conversations we've had before that RFI and where we think we're at with TSF3.

Yes, so we've had a lot of engagement with the regulator on this proposed facility ahead of the application submission. So that went in the 1st July. We've been doing, you know, a few consultants in the background helping us with some of the technical supporting work. We are expecting an RFI This quarter, typically we, DESI will give us six months to respond to the RFI and, you know, the timing of our response really depends on the content of the RFI. So we'll be looking to, you know, address any request for information as quickly as we can. Post the response, there is a public notification period as well. So, you know, there's a few variables in terms of timeline. Probably can't be too definitive, but hopefully that gives you a sort of sense of of timing from here on in.

That's helpful. Thank you. Great. Thanks Adam. Maybe I think I missed one of them there. On grants, yeah, we're certainly always having conversation with government around those sorts of things. Thanks.

Thank you. Your next question comes from John Sharp from CLSA. Please go ahead.

Yeah, hi, James and Peter. Just the first question on processing costs. They were quite a bit higher this quarter, up, I think, about 27%. How much was due to, you know, the shutdown or how much of it will be a one-off cost and, you know, potentially, is there anything we should factor in sort of looking forward with the cost being a little bit higher for processing? Yeah.

Yeah, great. Thanks, Sean. Yeah, essentially, I think you've got it. The big one is one-off. It is related to the shutdown. Ed, anything else that was in behind the shutdown was the biggest figure?

Yeah, that's the biggest contributor by far. I mean, some of the activities in the shutdown will be one-offs. We won't be doing another midlife rebuild on the crusher. There was some other... maintenance activities that were one-off but having said that, there's probably one of the rougher replacements will aim to replace another rougher. So a good portion of that additional maintenance spend is likely one-off and I think that contributed largely to all the cost, the higher relative cost for the quarter.

Yeah, I just said that. I mean, we certainly, with the team, managed to the overall site costs. We had a planned shutdown and then a couple of one-offs within that. So this was going to be a higher quarter as far as because it had a big shutdown. That's now behind us and then some of the elements also behind us. Peter, unless you had anything else to add?

No, nothing for me. I think that's been well covered. There's nothing that we would flag as step changes in the process and cost structure at this stage.

Yep. Great. Thank you. Okay. Second question then. Maybe you've just answered this one. Just a follow-up with the metallurgy. I know the recoveries are down quite a bit. Is there any difference in what's going on there? Do you need to... Is there any grinding reagent requirements that are changing? Can you just talk to that please?

So that's zinc I think you're referring to there. So the copper recoveries were good obviously, higher feed grains. The reported zinc recovery, so that's an aggregated recovery reported on total ore milled and we had a very small portion of zinc ore milled, only I think 35,000 tonnes for the quarter, so that's distorting that aggregated zinc recovery. Actually, the actual zinc recovery was pretty closely in line with our model. It's just not reflected in the aggregated number.

Okay, great. I'll pass it on. Thank you.

Thank you. The next question comes from Tim Hoff from Canaccord. Please go ahead.

Hey, Tim. I was just looking at, I think, slide 11. You know, if we look at Europa, Oyphosan, Humont, Extended and Cervantes, they're all at a fairly similar depth to Xanthel, Extended. And so I guess the question is, you know, do you have a good handle on the rock conditions in those areas? And does, you know, with the centre of gravity moving deeper underground at the mine in general over time, Is this sort of seismicity going to impact the ability for this operation to continue to put out the tunnels?

Yeah, I think, so as a centroid, obviously, if some of those reserves move lower, I mean, that really was part of the rationale for that Gossam Valley investment. That's much shallower independent mining front. You know, we will be pulling every lever we can, you know, to increase development there and... enable as many sort of production fronts as we can just to de-risk the operation. In terms of the other questions on some of those other ore bodies, Poison probably a bit early to tell to be honest. We haven't started producing from there yet because it's a new ore body but we will obviously apply the learnings from the recent activity of Xantho extended into that ore body. Cougarmont a little bit shallower. We have had a seismic event there in the past which we successfully navigated I think it was about 2021 and that was specifically STOPE sequence related and in terms of Cervantes Europa I mean they're subject to you know future studies so obviously again we will consider the learnings from the recent activity and incorporate those into you know the development designs and ground support standards so we have navigated in the past and i'm confident you know the site team will be able to navigate it in the future it may just require you know a bit more smarts from a design perspective and obviously probably slightly higher higher ground support standards going forward and and one last point sorry i should make just coming back to some of the remnant areas just that opportunity higher up in trial from those recent drilling intercepts we i can't emphasize enough we want to test that you know as thoroughly as we can given the opportunity of relative debt and good copper grade, so that's a bit more flexibility in the mine plan.

Perhaps moving over to Capricorn copper, I guess it's early days, the studies, I guess you haven't completed them, but in terms of an order of magnitude on a restart, how should we start thinking about that? $50 million, $100 million, $200 million. I guess, yeah, can you sort of point us, I guess, in the right direction for, I guess, how big that restart could be?

Yeah, I think, Tim, you started answering your own question there. Yeah, we haven't gone and done a detailed scoping study on it, so certainly haven't guided for those costs. We're really focused on dealing with the water and then de-risking a tailings permit before we go and do too much detailed analysis. But you will be able to, obviously, tailings dam is the biggest thing that we need to do before we can restart. water treatment plan that we did have something a couple of years old uh now but put that out into the market that would be the second biggest and then it's um refurbing underground refurbing surface infrastructure is sort of the the tail of that so you can get a bit of a build up of it but no we haven't got it to um to to a number yeah that's excellent all right thank you thank you

Once again, if you do wish to ask a question, please press star 1. Your next question comes from Paul Wiggers-DeVries from RBC Capital Markets. Please go ahead.

G'day James and team. Maybe building on Adam's question from earlier, how do you think about development and rehab costs for Xanto extended for the remainder of this year, maybe into next year? You obviously didn't make any changes to your guidance this year, but is it fair to say we'll see probably higher development or capex costs for Zento extended next year?

So on the rehab, you know, from a total site cost perspective, you know, it's probably not that material. It might be 1% to 2%. If, you know, if you said it was 1.2 to 1.5 Ks of rehab required, for immediately over the next six months and it's a few thousand bucks a metre, then that gets you to sort of a range of probably $6 to $8 million. So that will address the near-term rehab. Because of the amount of interruption this year, we will need to catch up on development next year. So therefore, I would suggest that the capital development at Xanto next year will need to be higher than this year. So hopefully that gives you a bit of a steer in terms of your clearing.

Yeah, that's perfect. Thank you. And maybe just a little bit on Gossan Valley. Previously you sort of said, you know, first or half to the 26th. Today you're sort of saying more now towards the end of 2026. Has this been impacted at all from the Xantho extended seismic issues?

No, not at all, completely independent. Probably a little bit slower on the approvals, but, you know, we're well advanced in the box cut now. As I said, about 70% complete, so we're still aiming to get the portal fired this calendar year and then, you know, subject to how we perform in development next year, aiming to have first all at some, probably in the second part of the second half, 26th, Perfect.

Thank you. I'll squeeze one more in, just really around Gossan Hill. Obviously, with Xanto extended, tonnage will be limited. What's your sort of max haul rate or material movements through Gossan Hill on an annualised basis?

Sorry, I'm not quite sure what you're asking. Are you asking how many tonnes can we get out of Gossan Hill?

Yeah. Yeah, on an annualised group basis, excluding Xantho extended.

That's a tricky question to answer because it depends on where the ore sources are coming from. Ultimately, we operate within the constraints of the ventilation, so we have a certain size trapping fleet. If it's all from depth, the TKMs will beat us and we'll get less tonnes, but if they're shallower, you can obviously get more production. Typically we probably get sort of 1.2 million tonnes, 1.3 million tonnes out of Gossam Hill and the remainder from Scuttles and that's from a range of all sources at different depths. So it will depend on the work that we complete in terms of evaluating the different locations of the remnant sources and how many TKMs ascribed to each.

I think that's actually really helpful. Thank you.

Thank you. There are no further questions at this time. I'll now hand back to Mr Palmer for closing remarks.

Great. Well, yeah, thank you. Thanks for the questions. A challenging quarter for sure. Some near-term challenges that we're going to safely solve as we continue to focus on long-term value for shareholders. So thanks. Have a safe and productive day. Ciao.

That does conclude our conference for today. Thank you for participating. You may now disconnect.