Evolution Mining Limited

Thank you for standing by and welcome to the Evolution Mining Limited March 2026 quarter results. 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 will 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, Ashley, and good morning, everyone. I'm joined on the call today by Matt O'Neill, our Chief Operating Officer, Glenn Masterman, our VP Discovery, Fran Summerhays, our CFO, and Peter Rockey-O'Connor, our GM Investor. Today, we released our March quarterly report and an exploration update, which will be the reference points for the call. A key milestone and highlight for the quarter was the transition to a net cash position on the back of another very good quarter. After generating $406 million in group cash flow at just under $2,500 per ounce, we are now in a net cash position of over $40 million. Our cash balance at the end of the quarter was $1.37 billion and we have no debt repayments until FY29. The rapid deleveraging, where we have moved from over 30% gearing to net cash in just over two years, is a reflection of Evolution's high margin portfolio consistently delivering to ensure the benefits of the high metal price environment are banked. To put this into perspective, we have removed around $1.7 billion of net at average achieved gold and copper prices that were $2,100 per ounce at $3,200 per tonne below current spot prices, while still investing in high-grade projects and paying dividends to our shareholders. We are on track to generate approximately $3.6 billion of operating mine cash flow in FY26, where the June quarter is planned to further improve our net cash position. The charts on page one of the quarterly report are a great graphical representation of our cash generating capability and the momentum being built while at the same time investing in high return projects that either grow production or extend mine life. This outcome is a credit to everyone involved in evolution. We continue to safely deliver the plan with the right level of cost and capital discipline. In the March quarter, we produced 170,000 ounces of gold and 11,000 tonnes of copper at an all-in sustaining cost of $2,220 per ounce for continuing operations. The high all-in sustaining cost for the quarter was driven by the lower production and especially the lower copper by-product credits at Ernest Henry. We delivered the quarter safely with our TRIF remaining low at 5.9%. The March quarter was expected to be a lower production quarter due to the impact of the weather event at Ernest Henry in December and the planned semi-annual maintenance work at Cow. Ernest Henry is now back to normal operations. The outcomes of the weather impact at Ernest Henry will mean that we are expected to be around the low end of the group copper guidance. We remain on track to deliver our FY26 group production at the all-in sustaining cost guidance of $1640 to $1760 per ounce. This all-in sustaining cost guidance is 6% lower or better than our original guidance. The group cash flow was on the back of $769 million and $486 million of operating and net mine cash flows respectively. It should be noted that these were achieved despite Ernest Henry being cash flow negative for the quarter. Mine cash flows are on track to lift significantly in the June quarter. All our projects remain on plan and budget. The recently approved North Park's E22, coarse particle flotation and expansion study projects have progressed well in the first six weeks, while the preparation to commence development of the BERT deposit at Ernest Henry is underway. I want to make a couple of comments about the current global fuel supply situation. To date, we've had no material operational impacts, not just from fuel, but our overall consumables. Matt and Fran are actively managing our supply chain logistics and have appropriate response action plans in place. The greater focus of the team is ensuring continuity of supply of all goods and services. Specifically on fuel, supplies are contracted with major oil distribution companies who continue to fulfil their obligations. Fuel represents 2% of our total costs, and while there is a current elevated pricing, it is not having a material impact on our cost base. On the exploration results released today, Glenn and I are very excited at what they offer in terms of adding low-cost ounces to the portfolio. They show that Mangari and Cow, there is a lot more gold to be discovered at what are already long-life operations. Some key highlights include the very encouraging results in the underground areas of Genesis and Arctic at Mangari, which supports our aim of extending the high-grade underground mine life at current production rates. While at Cow, significant high-grade results were received at the Oban underground target. Meanwhile, significant new results in multiple locations across the planned E41 open pit will provide useful insights into the full scale of the deposit ahead of its development. Regional exploration around Ernest Henry will be accelerated over the next six months following our consolidation of large tenement holdings surrounding the mine. We've also started work on the two most recent projects in British Columbia. With that, I'll now hand over to Matt to take us through the operational performance. Thanks, Laurie.

As Laurie's already mentioned, the operational performance for the March quarter was in line with our plan on the back of the rain event at Ernest Henry in the December and the normal plant maintenance schedules at Our safety performance remains in a very healthy position with the continued strong performance in this area thanks to the tireless work occurring across all parts of our business. And I'd like to take this opportunity to say a big thank you to all our employees who contribute to this. On the production front, we are on track to meet full year guidance for gold and to land at the lower end of guidance for copper. The most significant operational milestone through the March quarter was the resumption of normal operations And for me, the highlight of the work conducted by this team was the fact that it was completed without any significant injuries or incidents. Throughout the March quarter, the Cloncurry region continued to experience higher than average rainfall, which did slow our recovery activities, resulting in additional impacts to the full year production for Ernest Henry, which are now estimated to be between 9,000 to 11,000 ounces of gold and 6,000 to 8,000 tonnes of copper. At Cow we also saw wet weather have an impact on the completion of mining stage H in the E42 pit. Pleasingly the processing plant operated uninterrupted with additional feed sourced from surface stockpiles throughout these weather events. We also completed the regular plant maintenance program on schedule at Cow. As we move into the June quarter we will be mining the final ore from stage H. And as previously advised, we will then move to the stage I cutback and be processing stockpile ore in FY27. This will see cow producing around 10% lower ounces next year. However, importantly, we'll not see a material change in cash flows from the processing of the already mined ore. North Parks, Red Lake and Mount Rawdon all performed in line with expectations, with the quarter's highlights at these operations being the approval by the board of the growth projects at North Parks, The cash flow generated at both Red Lake, which was a record $104 million for the quarter and nearly $225 million year to date, and at Mount Rawdon, which was $13 million in the quarter and over $30 million year to date from processing very low stock material. Mount Rawdon is planned to complete processing at the end of this financial year. Mangari delivered a raft of new records over the quarter, with the fully commissioned mill operating at nameplate capacity throughout the quarter. Most notable of these records are the quarterly net mine cash flow of $175 million and gold production of 51,000 ounces. Mangari has generated over $320 million of net cash flow so far this year, confirming the decision to invest in the plant expansion and the establishment of the Castle Hill mining hub. Looking forward, we are well set for a strong final quarter with the return of Ernest Henry to normal operations the continued strong performance at Mungaree and Cow having completed its annual maintenance program and mining back in Stage H. I'll now hand over to Glenn to talk through the exploration announcements made.