Ramelius Resources Limited

Thank you for standing by and welcome to the Remelius Resources September quarterly conference call. All participants are in all this lonely mode. There'll be a presentation followed by a question and then a session. If you would like to ask a question via the phone, you'll need to press the star key followed by number one on your telephone keypad. If you would like to ask a question via the webcast, please enter it into the ask a question box and click submit. I'd now like to hand the conference over to Mr. Mark Zeptner, Managing Director and Chief Executive Officer. Please go ahead.

Thank you. Good morning everyone and thank you for taking the time to dial in this morning for our September 2026 quarterly results. In addition to the quarterly report, we've released a quarterly results presentation that we'll speak to during this call. Both documents have been uploaded on the ASX platform and will also be available on our website shortly. I'm joined this morning by members of the executive team, our COO Tim Hewitt and our CFO Darren Millman. Initially I will be speaking to the highlights for the quarter which is the first quarter of FY27 and then I'll pass on to Tim who will speak to the operating and project highlights which will include Mount Magnet plant upgrade, Dalgaranga mine development ramp up and Rebecca Road. Darren will then speak to the financial highlights before I sum up at the end. While the presentation is relatively high level I do note that more detail can be found within the quarterly report released today As usual, there will be an opportunity for listeners to ask questions at the end, whether that be through the teleconference or the webinar, depending on how you have joined the call. So if we can make a start, I'll be initially speaking to slide three. Gold production for the quarter was 48,839 ounces at an all-in sustaining cost of 2,656 Aussie. In summary, this was a solid start to FY27 underpinned by the processing of 135,000 tonnes of never-never underground ore at an average grade of 4.15g per tonne. A clear demonstration of the positive impact Dalgaranga is now having on overall production. Importantly, we remain on track to achieve our FY27 production guidance of 205,000 to 225,000 ounces. Tim will talk further to the mining and milling detail shortly. We finished the quarter with cash and gold of $768 million up from $650 million at the end of June. The quarter generated operating cash flow of $186 million and underlying free cash flow of $62 million after continued investment in growth capital and explorations. The cash balance was boosted by the completion of the sale of the Ednamay Hubs to Forestania Resources which completed on the 4th of September for a total consideration of $300 million made up of $210 million in cash and $90 million in Forestania shares. These proceeds more than offset the $131 million that we paid in Spartan stamp duty during the quarter. On our growth projects we were pleased to have secured Primero as the EPC contractor for stage 2 of the Mount Magnet processing plant upgrade being the new circuit 2. Upgrading the existing circuit, circuit 1 is underway and the broader upgrade has been focused on plant engineering works and preliminary site establishment. At Dalgorengas the focus has been on continuing to increase production rates from the Never Never Underground mine and we are now also in the final stages of commissioning the PACE plan. At Rebecca Rowe, importantly we received EPA approval of the Part 5 works application for Rowe well ahead of schedule. Exploration continues to deliver with exceptional results at virtually all of our projects across the portfolio focused on extending mine life at our existing operations. We had eight surface rigs and four underground rigs in use and exploration spend including resource definition was just under $23 million for the quarter. Now we won't be getting into the detail today on our reported exploration results as we will provide a more fulsome update in January but I would encourage you to read the quarterly report which does include some excellent results particularly at Galaxy and Gilby's Underground with grades generally above the exploration targets that we have set for those projects. On the corporate front, we completed a further $15 million in share buybacks during the quarter, taking the total since announcement to $156 million, or 62% of the $250 million share buyback program. Our growth projects remain fully funded, and we remain focused on increasing our returns to shareholders as we grow cash flows. On to slide four, which shows a breakdown of gold production by all source over the last four quarters. What you can clearly see is the growing contribution from Dalgaranga, which was again our largest single source of production in the September quarter, following the step change that we saw in the June quarter. The contribution from Dalgaranga will continue to grow quarter on quarter. Production of 48,839 ounces was below the 53,466 in the June quarter, Largely due to wet weather impacting the processing of high-grade penny ore and also lower grades from both penny and never-never underground, which Tim will expand on shortly. The map on the right shows our two high-quality hubs in Western Australia, Mount Magnet, fed by Dalgaranga Q and Penny, just noting that the Algoo needs further drilling before being considered for development, and also our Rebecca Road project east of Cowgawling. With that, I'll now hand over to you Tim.

Thanks Mark. Good morning all. Moving to slide 5, where I'll discuss the key production metrics. We mined 0.7 million tonnes of ore at a grade of 2.56g per tonne for the quarter. Ore tonnes were up 9% on the June quarter, with each increased oil contribution from Kew and Dalgaranga. The mine grade was lower than the June quarter, reflecting an increased contribution from the open pits both at Kew and Dalgaranga and lower grades at Penny. At the Mount Magnet processing plant we milled just over half a million tonnes, consistent with our recent quarters and representing an annualised run rate of 2.1 million tonnes until the plane expansion is complete. Mill grade was 3g per tonne, down from 3.59 in the June quarter. and the key contributor to this was haulage from Penny which was limited in September due to wet weather. This combined with lower grades from Penny earlier in the quarter and also Nevernever reduced the head grade. Higher grade material is planned at both Nevernever and Kew resulting in an overall higher processing grade quarter on quarter for the rest of the year. Overall this resulted in gold production of 49,000 ounces for the quarter with a further 4,000 ounces stockpiled at penny at the end of the quarter, noting that we remain on track to achieve a full year guidance of 205,000 to 225,000 ounces. Moving to slide 6, Mount Magnan update, the processing plant bringing that up to 4.3 million tonnes per annum. For those on the call not familiar with the upgrade, the addition of Circuit 2 and the upgrade of Circuit 1 will take the mill capacity to 4.3 million tonnes and increase the recovery of Dalgaranga ore. As we have outlined previously, Circuit 2 is very conventional, a proven flow sheet designed around the matte magnet feed lens. We have treated it for years and we know well. It has the flexibility to potentially take the combined plant to 5 million tonnes per annum in the future by relaxing the Circuit 1 grind size. The key milestone in the quarter was the award of the EPC Contract 2 Primero to deliver the 3 million tonnes per annum circuit tube. On circuit 1 the new crusher and cyclone tower were integrated into the circuit in October. The next step is the additional bore mill refurbishment and relocation which is underway. As a reminder, grinding the never-never ore finer to improve recovery only requires refurbishing the existing second bore mill, along with some other enhancements such as the new leach feed thickener. The photos on the slide show some of the progress across the border site. Of note, all wind turbine sections are now on site, with the assembly to commence shortly. The additional camp rooms and associated facilities have all landed at the magnet camp. Longleat items for the site pairing structure have been ordered and the ancillary work package is in the final phase of design or out to tender. The table at the bottom of the slide sets out the growth capital for the upgrade, considers how we set up the whole site for success. FY27 guidance is $195 to $215 million Aussie for the processing expansion, $35 to $40 for processing infrastructure and upgrades, and an additional $40 to $50 million for mine infrastructure including road and power upgrades, water, camp and buildings. This is a total of $270 to $305 million FY27 with a further $52 to $73 in our FY28 outlook. Moving to Dalgaranga on slide 7 where we continue to ramp up the mine, this remains on track As Mark mentioned, we processed 135,000 tonnes of NeverNever ore at an average grade of 4.15 grams per tonne during the quarter. The chart on the right shows monthly ore tonnes mined, which have increased steadily from under 2,000 in October 2025 to a record 46,500 tonnes in September 2026. We are on track to mine 500,000 tonnes in FY27. and DeepLine Development is on track to open up the longest strike of never-never as we ramp up to 1 million tonnes per annum for FY28. The chart on the left shows the Life of Mine profile released with our updated plan in September incorporating actuals from FY26 and our FY27 guidance plus longer-term outlook. Through the FY36 and beyond, our ground will continue to produce high-grade tonnes as a globally relevant low-cost asset. On site, the team's focus during the quarter has been on completing and commissioning the PACE plan. On to slide 8 and Rebecca Rowe, where we continue to make good progress on approvals. During the quarter we received the Environmental Protection Authority Part 5 works approval for Rowe and planning has commenced to obtain the associated mining approvals. Rebecca is already fully permitted, the DFS is complete and the no title agreement has been signed. Rebecca Rowe is a greenfield development that will cooperate our 3.25 million tonne per annum processing plant. We have established most of the project team to build Rebecca Rowe and have been advancing early stage activities. We will remain on target for first goal in the fourth quarter of calendar 2028. This project hosts a combined mineral resource of 67 million tonnes at 1.5 grams a tonne for 3.2 million ounces. With that, I'll pass over to Darren.