Evolution Mining Limited

Thank you, Kayleigh, and good morning, everyone. I'm joined on the call today by Barry Munderverve, our Chief Financial Officer, Matt O'Neill, our Chief Operating Officer, Glenn Masterman, our VP Discovery, and Peter O'Connor, our GM Investor Relations. Today we released our September quarterly report and an exploration update. We laid the foundations during the second half of FY24 to enable safe and reliable delivery of our FY25 plan and and a continuation of high-margin cash flow generation. The September quarter delivered exactly that. It was very satisfying to start the year in a positive way with a first quarter on plan and an improved safety performance where our TRIF reduced to 7.2, which was a 7.5% improvement. We are well on track to deliver our production guidance of 710,000 to 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper at an all-in sustaining cost of $14.75 to $15.75 per ounce. The charts on page one of our report clearly demonstrates the solid start to the year, the material amount of cash we are generating and the opportunity ahead of us for even higher cash flow levels. Our first quarter production was around 26% of the midpoint of guidance, while cash flows were about 24%. Given the current spot prices are materially higher than the spot prices at the time we released our guidance, there is potentially an excess of $105 million of further upside in cash flow this year. We produced just under 194,000 ounces of gold and 19,000 tonnes of copper. Group production was in line with plan. A highlight for the quarter was further improvements at Red Lake to over 37,000 ounces. In addition, the Cowell Underground mine achieved an annualised mining rate of 2 million tonnes. Our all-in sustaining cost of $15.69 per ounce for continuing operations was better than planned, even considering our achieved copper price was around $900 per tonne below our guidance assumption. It's a credit to the team to manage our operating costs and sustaining capital to deliver these low-cost ounces. The all-in sustaining cost margin was an outstanding 57% or over $2,100 per ounce based on the September quarter achieved price. This increases by another $290 per ounce if the spot price is sustained. Brute cash flow of $108 million continued the downward trend for gearing, which reduced by 1.5% to 23.8%. Our cash balance at the end of the quarter was $484 million, giving us liquidity of over $1 billion. With the cash being generated and the profile of our debt repayments, we are very satisfied with where our balance sheet is placed. The group cash flow was on the back of strong operating and mine cash flow before major capital of around $430 and $380 million, respectively. As I mentioned earlier, and as shown on the charts on page one, the September quarter gives us the platform to generate more than $1.9 billion of operating mine cash flow, which would be around 24% higher than what we achieved before. Considering this would be at a gold price only 18% higher than last year, it does demonstrate the cash-generating capacity of the portfolio and sector-leading cost position we have. Some standouts in the cash flow include Cal at $125 million net mine cash flow, placing it well on track to be above the $350 million top end of our previously announced guidance range. Red Lake delivered a record quarterly cash flow under Evolution's ownership at $27 million. With consistency starting to materialise at Red Lake, it is now focused on building on the great start to the year. Mount Rawdon delivered $21 million of net cash in the last quarter of its mining operations. Lastly, we also released our exploration update today with excellent results at Ernest Henry's Burt ore body, a potential new ore source at the Cowell Underground, and further positive results at the Major Tom Target at North Parks with healthy copper grades. All of these results give us confidence about additional production sources over and above the areas we are currently mining. These programs will continue during the year, and I'm sure Glenn and the team will deliver further success in the coming quarters. I'll now hand over to Matt to provide an update on the operations.

Thanks, Laurie, and good morning to all. As this is my first full quarter in the role, I thought I'd start today by answering a question I've most frequently asked, and that's what are my initial observations after some time in the job? So now having spent time at all the operations, and not just in management forums, but also in less formal situations such as shift changeovers, safety interactions, even breakfast or dinner conversations in the camps and local communities, One clear observation for me has been around the quality of both the people and the assets. What I've seen is a willingness from people to work as part of a team, but also for me really importantly is a strong desire to be part of a successful team, which has made the start to the year really pleasing. In relation to the quality of the assets, this observation for me is based on what I've seen in the building blocks. So the ore bodies, the infrastructure and the life of mine plans. which in a number of our operations is 15 years and beyond and includes optionality to either extend or to grow. So bringing the conversation back to the first quarter's performance, we've seen an improvement in our lagging safety indicators, as shown in the reduction in the recordable injury frequency rate. Probably a key driver of the improved safety outcomes has been a focus or our focus on the leading indicators, indicators such as critical control verifications and material risk actions, and we'll continue this into the future. As a group, we produced just under 194,000 ounces in the September quarter, which was in line with plan. And as noted, Cal was a standout performer, delivering a cash flow of $125 million for the quarter. For me, in terms of highlights, Cal's performance was very closely followed by Red Lake, which, as Laurie indicated, produced its highest quarterly cash flow under Evolution Ownership. Cow's production was in line with plan, and as noted, was the group's major cash flow contributor, and it's set to continue to deliver strong returns for the remainder of the year. Ernest Henry's production also in line with plan. The highlight here at Ernest Henry for me was the drilling results that Glenn will talk to later. North Park's had a solid quarter, completing a major shutdown in the shaft, and it met plan for production. North Park's cash flow for the quarter was impacted, though, through the timing of concentrate shipments, which we'll see the cash flow realised in the December quarter. At Mungaree, we're slightly below our plan. This was due to some wet weather in July, which impacted some ore movement between the Paradigm mine and the mill. I'm pleased to be able to report since then we've brought online the Rajax mine, as well as building up some buffer at the mill, so that should prevent that from occurring again. The expansion project is tracking well, running slightly ahead of schedule and on target for cost. and the team on site are very much looking forward to the opportunity the new mill will unlock. As I've already noted, Red Lake performed well, with record cash flow on the back of a strong focus on cost control and the operation producing in line with plan. Of note for the quarter here was that we drew down on the surface stocks, which was in line with our plan, and these surface stocks will be replenished over the course of the next quarter. Mount Rawdon completed mining this quarter and will continue to process stockpiles through into the final quarter of this financial year, where it will then move into care and maintenance. So as a whole, the outlook for the operations for the remainder of the year is positive and we're on target to achieve our full year plan. I'll now hand over to Glenn to report on the exploration results for the quarter.

Thank you, Matt, and good morning, everyone. I'd like to turn your attention to the exploration announcement released which highlights a number of very pleasing and significant exploration results delivered in the September quarter and which nicely complements the way in which our operations have started the year. As Laurie alluded earlier, we received further exciting drilling results from Ernest Henry, North Parks and Cow, all of which confirm the geological endowment at each operation and the potential to deliver future incremental production from various alternative oil sources. Firstly at Burt, which as a reminder to everyone is a separate football body at Ernest Henry, returned an impressive intercept in hole 1426 with copper and gold grades well in excess of average reserve metal grades. This result follows on from our Burt exploration announcement last quarter of the best gold intercept ever drilled at Ernest Henry in hole 1402. The two holes are highlighted in figure one on page two. which clearly show the continuity of strong metal grades between them both. The BERT drilling program will continue through the December quarter to further delineate the extent of mineralisation. We will run an update of the BERT resource model at the end of March next year, which will include these latest holes and all others completed between now and then. The new results are expected to increase the size of the resource, which continues to shape as a future potential incremental production target. At North Parks, drilling during the September quarter focused on extending zones of near-surface copper mineralisation at the Major Tom and E51 targets. Both are located within a kilometre of each other and represent potential open-pit resources only three kilometres from the processing plant. Results from Major Tom confirmed the healthy copper grades in holes we previously reported and shared during our site investor visit back in June. For those of you who attended, You'll recall the entertaining experience at the core shed delivered by our geologist Jonathan Hoy as he described Porphyry Copper Geology 101 as we were looking over spectacular intervals of abundant bleby boronite mineralisation which is the driver of grade at Major Tom. I'm happy to report that we're seeing more of the same mineralisation in holes drilled above and below the hole on display that day. The ongoing drilling program aims to expand this zone of copper mineralisation along Strike to the south where it has the best opportunity to continue to grow. Nearby at E51 we are closing in on having sufficient information to commence geologic modelling as the next stage of evaluation with the aim of moving towards estimation of maiden resources at either or both of these targets next year. Moving west to Cow, we are pleased to report our first result in our new exploration target situated between the open pit and the southern end of the underground mine. We originally budgeted to test this target later in the year. However, one of our underground break control rigs was drilling from a platform at Delwini South when our geologist decided to extend a hole which hit the target at a pretty reasonable angle to return this very good result. We're confident we have identified a repetition of the key geological contact relationship which localises high-grade mineralisation in the underground. The contact zone is open along Strike and down Dip in an area that has not been previously explored. Assuming we're right, this area potentially represents a new future underground mining front at Cow. In other news, we commenced drilling during the quarter at our Concurring North earning JV, located 10 kilometres northwest of Ernest Henry. We're drilling copper gold targets in rocks analogous to those hosting the Ernest Henry ore bodies. Although we're yet to get a hole into a new discovery, we're pleased with the visual indicators that we've drilled in the early holes, which suggests we may be on the edge of a copper gold mineral system. I look forward to being able to report back next quarter on the ongoing drilling progress we're making at Ernest Henry, North Parks and Cow. I'm confident we'll continue to grow and unlock resource potential at these exciting near-mine exploration opportunities. With that, I'll hand over to Barry.