Evolution Mining Limited

Thank you Darcy and good morning everyone. Firstly, on behalf of us all here at Evolution, I express our condolences for those impacted by the tragic and senseless event that occurred here in Bondi on Saturday afternoon. The loss of lives and injuries suffered by many people going about their daily life is hard to comprehend. Our thoughts and prayers are with everyone, as are our thanks and appreciation to the emergency services response to the event. Today we released our quarterly report and an exploration update. The exploration results continue to drive the mineral resource growth at Ernest Henry and Mungare. Specifically at Ernest Henry, we're gaining more confidence around Ernie Jr. connecting to the main ore body. This provides potential for additional metal per vertical metre, further enhancing the value of this world-class deposit. At Mungare, the results are really positive for the potential of additional high-grade mineral resource at Kandana to increase the value of the expanded processing plant. The March quarter saw us deliver materially to our plans despite the adverse impact of the wet weather. The improved performance has set us up for a strong June quarter. The momentum in the cash bill continued from the December quarter with group cash flow up 7.5%. to $85 million at an average price that was $545 per ounce and $1,350 per tonne below the current spot gold and copper prices. With regards to our copper revenue, a key thing to note about the shipments that went in late March will mostly be settled using the average copper price in April, which provides further upside to our cash flow. The planned higher production in the June quarter, matched with the current high metal prices, will allow us to materially increase our cash flow and further reduce our gearing from the current 28%, which is down nearly 5% from the start of the financial year. We will realise the full benefit of the record gold price, with only 10,000 hedged ounces due to be delivered this quarter. Overall, 95% of our production in the next two years is unhedged while we have no copper hedging. The improved cash generation was driven by the 15% increase in production to 185,000 ounces and a 10% reduction in our all-in sustaining cost to $1,464 per ounce. Due to the quarter end happening over the Easter period, our sales were lower than production, and as such, our all-in sustaining cost would have been about 4% lower at $1,405 per ounce and cash around $25 million higher. These benefits will go through in the current quarter. North Park's delivered strong positive cash flow at $37 million in our first full quarter of ownership and post-stream obligations. This exceeded our expectations and demonstrates the quality of the asset as we said on acquisition that it would be cash generative from day one. The performance in the March quarter and specifically the way we ended the quarter has enabled us to maintain our group guidance. Production will be at the bottom end of guidance at around 749,000 ounces with the weather across Australia in March adversely impacting production by around 8,000 ounces. Copper production is expected to be at the high end of the guidance range, around 65,000 tonnes. Our all-in sustaining cost will be towards the high end of the range of approximately $14.10 per ounce, reinforcing our position as one of the world's lowest cost gold producers. Group capital guidance remains unchanged. Pleasingly, the performance in the quarter was done in a very safe manner. Our total recordable injury frequency reduced from 9 to 8 and a real highlight was the performance at Red Lake where they reduced their TRIF to its lowest level under our ownership. More importantly, our operations were well controlled to keep our people and assets safe during the difficult wet weather conditions experienced during the quarter. There were many highlights and milestones in the quarter. At Cal, we achieved commercial production in the underground with an annualised mining rate of over 1.5 million tonnes achieved in March. This is a mine which Evolution discovered and will transform Cal into the future. In the month of March, post the major plant shutdown, Cal exited at a quarterly run rate of around 93,000 ounces. When considering the increased contribution from the underground, Cow is expected to deliver over 100,000 ounces in the June quarter. Ernest Henry continued its consistent and outstanding performance, generating over $100 million of operating cash flow again. It has now fully repaid all acquisition and subsequent capital investment. This means the billion dollars that we paid to acquire the remaining interest has now been fully repaid in just over two years and the operation has at least 17 years of life remaining. North Parks had a very good quarter producing to plan, as mentioned. It delivered $37 million of cash flow. The E22 feasibility study remains on schedule, which will provide us with a good baseline of the physicals, economics and timeframe of the project. Having gained a good understanding of the operation and the options of the many ore bodies, we are now confident that an E48 sub-level cave will be a viable next source of ore to supplement the E26, given the installed infrastructure and timing to bring E48 into production. We look forward to outlining the plans when we host a site visit on 19 and 20 June. At Mungaree, the operation delivered a 15% increase in production at a lower cost, despite the regional power outage in January and wet weather in March. Looking at the June quarter, the higher grade material from Paradigm and an extra campaign of the EKJV material will deliver a further increase in production and lower all-in sustaining cost. The AISC was impacted in March by the need to process lower grade, higher cost stockpile inventory due to the wet weather. Good progress was made on the 4.2 project and it remains on schedule and on budget. Red Lake made good progress towards more consistency during the quarter with a 26% increase in production to over 30,000 ounces. They have now delivered over 10,000 ounces for four consecutive quarters. The all-in sustaining cost reduced by 15%. This is a positive shift in the performance of the asset. With the higher tonnes end grade from Barmer and Upper Campbell this quarter, we expect production to increase to 40,000 to 45,000 ounces. I was on site last week and saw firsthand the good work being done and the high level of commitment for the site to maintain that performance at Red Lake. In summary, at a group level, the June quarter performance will deliver a step up in cowl underground production, higher grades and additional underground EKJV campaign at Mungaree, plan further improvements at Red Lake and consistent performance at the other operations. Lastly, we announced in the quarter the appointment of Nancy Guay as the Chief Technical Officer. Nancy is a highly experienced mining executive who will join us from Agnico and we look forward to Nancy commencing with us on the 1st of June. I'll now hand over to Glenn to provide all the details of the exploration successes for the quarter.

Thank you Laurie and good morning everyone. I'd like to turn your attention to the exploration announcement we released this morning. describing recent exciting drilling results that we expect will continue to drive resource growth at Ernest Henry and underground in the Kandana Mine at Mungare. Firstly at Ernest Henry, where two weeks ago I had the pleasure of spending a few days with our site geologists to see firsthand some of the exciting drill core intercepts that were proudly on display from the recent drilling program. I always know when an exploration drilling program is going well. Algeologists are unable to wipe the smiles from their faces and can't wait to get me to the core shed to show me where all the action is happening. It is also one of the easier conversations during the budget cycle, with the success of the program speaking for itself when it comes to asking the business to support continuation of drilling programs that add resources at the rate Ernest Henry has over the last two years. Before I describe the significance of the Ernest Henry results announced in this morning's exploration update, I would like to firstly recap on the journey we've been on since assuming full ownership of the asset at the beginning of 2022. As you heard from Laurie, we have reached the milestone of repaying all the investment and acquisition costs for Ernest Henry and have at least a 17-year mine life ahead of us. The long mine life is driven by a large ore reserve which we have been able to double since taking the keys two years ago. The drilling results outlined in Figure 1 on page 2 of this morning's exploration announcement reflect additional upside to the recently delivered mineral resource and ore reserve growth. The new results are important because they will be incorporated in a mid-year block model update that will inform the feasibility study and the associated ore reserve update which we expect will be completed in the March 2025 quarter. The drilling has highlighted that the Ernie Junior ore body is geologically continuous width and joins into the main ore body. This is significant because it will enable us to maintain constant copper and gold grades in the production profile as the cave progresses through this area of the mine. I'd like to focus your attention on the current mineral resource outlines illustrated by the yellow shapes on the long section illustrated in Figure 1. The more drilling we complete into the areas of open white space, the more the yellow mineralisation shapes expand to close out previously modelled waste areas. What's exciting is the potential to convert this growing mineral resource into ore reserves, which we will be able to do with further infill drilling. The addition of reserves adjacent to the feasibility study footprint is beneficial as its future potential mining inventory can be conceivably accessed from planned development being designed in the mine extension study. Turning to Manggari, where last year at Diggers and Dealers, you will recall we revealed the discovery of the Genesis load in the Kandana Underground. New drilling has continued to grow the mineral resource, and as I said at the time, I would update our investors as new results come to hand. What we're seeing in the results on the long section in Figure 2 of the exploration announcement are some exceptionally high grades hosted by narrow intercepts through the genesis load. Rate thickness intervals across these intercepts range from 10 to in excess of 100 gram metres. In my experience, Anything exceeding 30 to 40 gram meters has the hallmarks of an exceptional drill result. This range of results is similar to that in historic drilling, which delineated the Christmas load, where we are currently mining in an adjacent location 30 to 50 meters into the football of Genesis. We are confident that the mineralized geologic corridor our drilling is unearthing at Genesis. will continue a long strike towards the historically mined Barker's ore body. This new search space spans a large area of prospective geology which was poorly tested by previous drilling. We will continue to explore this area aggressively, which, if we succeed, is one of the more exciting opportunities to continue to extend the high-grade life in the Kandana underground. In conclusion, there are two key messages I'd like to leave with you from this morning's exploration update. Firstly, the ONIS 10 results are significant in that they are adding more metal per vertical metre in areas adjacent to the mine extension footprint, which we are confident have the potential to convert to additional reserves over and above the large increases we have delivered since taking full ownership of the assets. Secondly, I'm excited by the potential at Mangari where we continue to learn more about the geology that hosts the high-grade veins that we are mining at Kandana. Application of this new knowledge is driving success with the drill bit where we continue to identify mineralisation in areas that have been poorly tested by historic drilling. This leaves open the possibility for new high-grade discoveries in what is generally assumed, but not by us, to be a very mature exploration search space. With that, I'll hand over to Barry.

Thank you, Glenn, and good morning, everyone. During this quarter, we continue to generate cash and deleverage. Gearing reduced from 30% at the end of December to 28%. and we ended the March quarter with $215 million in cash and available liquidity of $713.4 million, up $24 million from December. Operating cash flow increased by 14% to $384 million, with all operations cash positive before major capital. We are very pleased that North Parks generated strong operating and net mine cash flow during its first full quarter of ownership with a contribution of $37 million. Net mine cash flow for the group was $139 million. Our focus continues to be on margin, and I was especially pleased that the quality of our portfolio was clearly demonstrated by our all-in cost margin per ounce increasing 40% from $676 per ounce to $947 compared to only a 3% increase in the achieved gold price. Since the September quarter, it is up 82%. The AISC per ounce was down 10% quarter-on-quarter at $1,460, driven by decreases at Ernest Henry, Red Lake, Mount Roden, and the first full quarter from North Parks. The quarter ended over the Easter weekend, resulting in 7,000 produced ounces not being sold. This would have lowered the AISC by 4%. I'm pleased to confirm that there's no change to our original cost guidance with our AISC expected to be at the top end of the range of $1,410 as the benefits of the final quarter material uplift in gold production is realized. Group cash flow for the quarter was $85 million and $164 million for the last two quarters during which we expected to start deleveraging. We paid $60 million of stamp duty and other transaction costs for North Parks, paid a $32 million working capital adjustment to CMOC, and received $32 million from the share purchase plan. All material transaction costs related to North Parks have now been settled. We are significantly leveraged to the current high spot gold and copper prices and have only approximately 5% of gold sales hedged over the next two and a half years. This is aligned with the capital expenditure for the Mangari 4.2 project. We will note that the average realized gold price in the March quarter was $3,171 and the copper price $12,885. With gold and copper currently trading significantly higher and with our production increasing materially, cash generation and deleveraging will build further momentum for the remainder of this financial year. I will now hand you back to Darcy to open the line for questions. Thank you.