Evolution Mining Limited

Thank you for standing by and welcome to the Evolution Mining September 2025 Quarter Results Call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you'll need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr Laurie Conway, Managing Director and Chief Executive Officer. Please go ahead.

Thank you Darcy and good morning everyone. I'm joined on the call today by Matt O'Neill, our Chief Operating Officer, Peter Rockey-O'Connor, our General Manager Investor Relations and Fran Summerhays who joined us a month ago as our CFO. It's great to have Fran on board and she's made an impressive start in her first month. I will have Fran make a couple of introductory comments about herself soon. Today we release the September quarterly report which will be the reference point for the call. There are three key things to take away from the call today. Firstly, we're on track to deliver on our FY26 commitments. That is for group guidance, production, costs and capital. Our projects are on schedule and on budget and our five-year capital outlook remains unchanged. Secondly, there's been a structural shift in the sector both for gold and copper. Gold as a financial reserve has accelerated with central banks being net buyers of gold for 27 of the last 28 months. For the first time since 1996, central banks are holding more gold in reserves than US treasuries. In terms of copper, short-term supply issues match with an increasing long-term demand forecast but no clear pathway for increased supply is seeing rising near-term and long-term copper prices. Lastly, evolution with a long life, low margin portfolio including two high quality copper assets and minimal hedging is able to take advantage of the current metal price environment, invest for future growth, generate high margin returns for our shareholders for the long term, not just the next few years. The September quarter was another quarter where we safely delivered to plan and starts FY26 very well for evolution. On the safety front, we maintained the improving trend with our trip remaining below five. Production for the quarter was 174,000 gold ounces and 18,000 copper tonnes at a very low all-in sustaining cost of $1,724 per ounce for continuing operations. This performance delivered record net mine cash flow of $366 million and our second highest operating mine cash flow of $676 million. Netmine cash flow for the quarter was up 23% against only a 4% increase in the achieved goal. The benefit of copper in the portfolio is further evidenced with the price up 15% in the quarter. A couple of record netmine cash flows to call out include $55 million at North Parks and $39 million at Red Lake, with that operation continuing their safe and reliable delivery of positive cash. Importantly, the cash generated in the September quarter was at prices well below the current spot prices. Spot prices are $1,200 per ounce and $1,300 per tonne above what we achieved in the September quarter. The two cash flow charts on the first page clearly demonstrate the potential for the year should these high prices remain. It means we would generate over $3.3 billion in operating mine cash flow. and around $3.1 billion in mine cash flow before major capital, an improvement of around $570 million compared to where the spot prices were when we released our FY26 guidance in August. It would also be $1 billion more cash flow than what we generated in FY25. Group cash flow for the quarter was $196 million. As outlined at the June call, we expected a working capital unwind in the September quarter. In the June quarter we had higher capital predominantly associated with the plant expansion completion at Mungaree, the commencement of the OPC project at Cow and ventilation and truck work at Ernest Henry. This resulted in $35 million in higher liabilities balance at the end of June which were paid in the September quarter. We also had $26 million in higher receivables at the end of September due to higher volumes of concentrate sales outstanding compounded by the rising copper price in the quarter. This is actually a positive though as we will receive those proceeds in the December quarter. We now expect working capital movements to return back to a normal rhythm where on a full year basis the movement would each either in an inflow or an outflow. Our balance sheet flexibility further improved with gearing now at 11% and a cash balance of $780 million. Our discipline capital management continued during the quarter, repaying $170 million off our term loans. Post the quarter end, we paid the remaining $110 million. These loans are now fully repaid and we have no debt repayment commitments until FY29. On the projects front, Mangari has successfully completed commissioning the expanded plant and will be in commercial production this month. The final project cost is now forecast at $212 million, which is 15% below the original budget. Given the $43 million of net mine cash flow for the quarter, Mangari is well on its way back to being a material cash contributor for Evolution and quickly paying back the project investment. At Cow the OPC made a solid progress during the quarter with commissioning of the open pit trucks and completion of the northern lake protection barn. The project remains on schedule and on budget. With that I'll now hand over to Fran to introduce herself before Matt takes us through the operational performance.

Thanks, Laurie. I'm delighted to have joined Evolution Mining at a pivotal time for both the business and the broader industry, especially with the structural change happening with gold and the supply disruptions in copper. With increasing metal prices and a clear strategic focus, Evolution is well placed as one of the lowest cost gold producers, consistently and safely delivering robust margins and cash flows. In my first month, I've had the opportunity to visit three of the operations and participate in board meetings. What stood out for me is the depth of the safety culture and the openness and enthusiasm people have across the business for being part of evolution. As the CFO, my initial focus is on listening, learning and building relationships, including with our current and future investors and the analysts who cover us. I bring a disciplined, value-driven approach to capital allocation and operational efficiency. It's an exciting time to be part of the evolution team, and I am committed, along with the management team, in elevating the business and making a meaningful contribution to evolution. Thank you. Over to you now, Matt.