Ramelius Resources Limited

Thank you for standing by and welcome to the Remelius Resources March Quarterly Conference Call. All participants are in listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question via the phones, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via webcast, please enter it into the ask a question box and click submit. I would now like to hand the conference over to Mr. Mark Zebner, Managing Director. Please go ahead.

Good morning, everyone. Thank you for dialling in this morning. In addition to the quarterly report, we have released a presentation that we'll speak to during this call, noting that it also includes information from our Dalgaranga exploration update. released last week. Both documents have been uploaded on the ASX platform and will be available on our website shortly. This morning I'm joined by members of the executive team. I'm our COO Tim Hewitt, CFO Darren Millman and our EGM of exploration Peter Rezeka. Initially I'll be speaking to highlights for the quarter and we will then pass on to Tim who will speak to the operating highlights. Peter will obviously talk to the exploration results and Darren will speak to financial highlights before I close out with our priorities for the remainder of FY26. While the presentation is relatively high level, I do note a lot more detail can be found within both the quarterly report released today and the Dalgaranga exploration update I just mentioned. As usual, at the end there will be an opportunity for listeners to ask questions. whether that be through the teleconference or the webinar, depending on how you have joined the call. So, assuming you have the presentation deck handy, I'll initially be speaking to slide three. Goal production for the quarter was 38,093 ounces at an all-in sustaining cost of 2,211 Australian. This was a solid result, generally in line with our expectations given the planned six-day mill shutdown. and weather related disruptions late in the quarter. This has resulted in some production moving into Q4, but importantly our FY26 production guidance is unchanged with a strong fourth quarter expected. Tim will talk further to mill grades and expectations for the remainder of the financial year. It was exciting to see the processing of the first ore from Never Never in the quarter marking a significant milestone as we transition Delgaranga into the mouth magnet hub mix. We look forward to a more significant contribution from Delgaranga in this current quarter. For full year guidance in terms of oil and sustaining costs, we have updated the range to 1900 to 2050 per ounce, reflecting three things. The earlier than expected declaration of commercial production at Nevernever, which Stan will talk to shortly. Diesel price escalation and higher royalties from stronger gold price. I will note that the $175 increase in the oil and sustaining costs midpoint is pretty much accounted for by these three items alone. Work on the Mount Magnet plan expansion has accelerated across the quarter with a strategy to front end load the engineering design work. We have commenced preliminary site works and the establishment of the project execution there are two areas of focus for the engineering design. Firstly, the existing 1.9 million tonne full mill drivetrain refurbishment is underway and we did appoint a third party contractor subsequent to the end of the quarter who will oversee the project that we're referring to this project as stage one. And secondly, the new 3 million tonne circuit, we are focused on the front end engineering design feed And then the EPC contract is targeted to be awarded early in the September quarter. We're referring to this part as stage two. On the financials, we have completed $110.2 million worth of share buybacks, equating to 44% of our announced share buyback program, which I know is one of the largest amounts by value spent in the quarter by any Australian gold producer. But in addition to this, we closed our our FY27 hedge book and pre-delivered the Q4 FY26 hedge commitments. And despite this, we still finished the quarter with a very strong cash and gold balance of $606.5 million. Our growth projects are fully funded and we remain focused on increasing returns to our shareholders as we grow the company. And Darren obviously will talk to us in more detail a little later. On slide four, We'll see a breakdown of all sources during the quarter. What you can see here, as mentioned, that Q4 will be our strongest quarter of the year with Dalgaranga expected to contribute over 30% of production. Haulage to Mount Magnet is expected to materially increase in the June quarter with haulage rates ramping up as we speak. The 56,000 ounces planned for Q4 puts us right in the midpoint of FY26 production guidance. And with no further hedge commitments leaves this strong quarterly production 100% exposed to the current strong $8 gold price. With that, I'll now pass over to Tim.

Thanks, Mark. Good morning all. Moving on to slide five to discuss the production metrics. We mined 550,000 tonnes of ore at a grade of 2.45 grams a tonne, with both metrics being comparable to the prior quarter. Open pit tonnes mined for Kew were 26% down on the prior quarter, with a focus on stage two cutback of break of day and the commencement of big sky pit. Both of these are in a higher life of mines trip ratio for the quarter. This was offset by increased targes from the higher grade underground operations from Galaxy, Penny and Dalgaranga, all increasing quarter on quarter. Mine grades, while marginally down on the prior quarter, were in line with the model expectations. At the Mount Magnet processing plant, tons processed were down compared to the previous quarter due to the planned six day mill shutdown. Grade was similar to the previous quarter, resulting in the gold production of just over 38,000 ounces. Moving on to slide six, we take a more detailed look at the mount magnet operations. Open pit mining continued at both Kew and Dalgaranga with operations impacted by significant rainfall associated with cyclone Narelle towards the end of the quarter. All underground mines delivered strongly on development meters with focus on capital development at both Galaxy and Dalgaranga. Significantly, production commenced at Dalgaranga with the first stoke fired in Nevernever. Galaxy's oil delivery was much stronger in this quarter compared to prior. Looking forward, production is expected to be significantly higher in Q4 with increased haulage of high grade oil from Dalgaranga. The team's focus will continue for the remainder of the year on operational excellence, safe production and cost management. On to slide seven and penny. Mining at penny totaled 80,000 tonnes at a grade of 6.33 grams per tonne. However, given the weather related events late in the quarter, not all that material made it to the processing plant with 74,000 tonnes milled at a grade of 6.72 grams per tonne. for just under 16,000 ounces of recovered gold. Production has now commenced in Penny West and stoping at both Penny North and Penny West will deliver similar ounces in Q4. On to slide eight and Galaxy. Here we've combined both the operational statistics and some recent drilling results. We saw improvement in both tonnages and grade at Galaxy in the quarter, with Galaxy delivering their best quarter this year. 145,000 tonnes of this was processed at a grade of 2.24 grams for just under 10,000 ounces. Peter will speak to Galaxy exploration plans later, but as noted on the slide, we continue to see mineralisation at depth within the target zone. some of the high-grade drill results to highlight are 4.1 metres at 22.4 grams per tonne from 463.9 metres, 8.1 metres at 10.3 grams per tonne from 109.7, and 14.2 metres at 3.07 grams per tonne from 473.8 metres. Now, moving on to Q, as mentioned earlier, The focus on cure of the quarter has been on the development of stage two cutback at the break of day pit and Big Sky. So we did see that reduction in tonnes mined. Of the 252,000 tonnes mined, 128,000 tonnes were processed at Mount Magna at a grade of two grams per tonne for 7,900 ounces. Haulage was down in the prior quarter with the fleet prioritising the additional higher grade oil from Penny and the reduced mill requirements with the plan shut down. The photo there shows stage two cutback and in the background you can see some of our recent progressive rehab on the waste dump. Moving on to Dalgaranga, slide 10. The image on the left shows the current underground development, both the incline and decline positions on the Never Never deposit, with the right image showing progress made to date on the paste plant. You can see the paste pad in the background. Total lateral development at the underground was 1,690 metres, which is largely nine of the prior quarter, while good progress was made in the open pit. Still with Dalgaranga in slide 11. As you can imagine, there was a lot going on at site besides the underground and open pit mining, including the paste plant and workshop construction and the completion of the first underground pump station. The team fired their first stope successfully mid-March, containing just under 41,000 tonnes at a grade of 7.41 grams per tonne. At the end of the quarter, there's a total of 58,000 tonnes of ore at a grade of 3.23 grams per tonne ready and awaiting haulage to Mount Magnet. Haulage is expected to increase notably in the current quarter. With this, I'll now pass over to Peter.