Vault Minerals Limited

Thank you for standing by and welcome to the Red 5 March 2024 Quarterly Activities Report Investor Call. All participants are in listen-only mode. There will be a presentation followed by a question and answer session. First, for telephone participants followed by online questions from webcast participants. For teleconference participants, if you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. For webcast participants, if you wish to ask a question, please type this into the live Q&A section located on the right-hand side of your webcast. I would now like to hand the conference over to Matthew Collings, Corporate Development Manager. Please go ahead, Matthew.

Thank you, Kayleigh, and good morning, and thanks to everyone for dialing in today. On the call today here, we have Mark Williams, Red 5's Managing Director, along with Chief Operating Officer Richard Hay and Chief Financial Officer David Coyne. We'll be presenting Red 5's third quarter results for FY24. We'll be referencing the slide deck that was released to market this morning alongside the quarterly report. And as outlined by the operator, we will have time for Q&A at the end of presentations. But for now, I'll hand over to Red 5's MD, Mark Williams, for opening remarks on our Q3 results. Thank you. Thank you, Matthew.

Good morning, everyone. Red 5 has three active mines, being King of the Hills Openpeck, King of the Hills Underground, and Darlow Underground. with oil being centrally processed at the King of the Hills processing plant, a large, efficient and modern facility which produced its first gold bar less than two years ago. The March quarter saw reds' inclusion in the ASX 200 recognition of production scale and maturity of red. This follows inclusion in the BANEC GDX ETF during the December quarter last year. It's worthwhile taking a minute to refresh memories that Red bought King of the Hills and Darlow for $34.5 million in a unique business transaction. And after viewing King of the Hills differently and acting with courage, six and a half years later, Red has a market cap exceeding $1.4 billion. Red also owns... a 3.25% royalty from the Siena Gold Project in the Philippines, which we pivoted out of in 2017. The project owners have stated publicly that they have commenced mining and processing of Siena during the March quarter after securing their debt earlier within the year. Next slide, please. It's pleasing to see the continued trend downwards of the TRIFA, which over the past 12 months has reduced from 9 to 3.1. However, the L TRIFA has increased from 0 to 1, showing that there is always more work to do in this area. The strong field-led focus and presence by the Site Operations Team will continue. The March quarter saw the fourth time the team have produced over 50,000 ounces in a quarter. A great result. Details being 50,132 ounces produced at an oil and sustain cost of $1,926 per ounce. With 158,000 ounces produced by the end of March, and with the King of the Hills processing plant performing well, we're targeting to achieve the top end of guidance for the year regarding ounce production and within guidance for the oil and sustaining cost. The strong production has underpinned the decision to accelerate waste stripping of King of the Hills open pit in stage 2, which will further de-risk all production in FY25. As a consequence, the growth capital forecast has been revised upwards to 50 to 53 million for the year. Next slide, please. The proposed merger between Red and Silver Lake is progressing well, with the first court hearing for the scheme scheduled for today. Additional progress updates will be issued in the near future. The scheme implementation remains on track and subject to approval is expected to be complete during the month of June. Subject to a successful completion, it will create a leading mid-tier gold company with a combined FY24 guidance production of up to 445,000 ounces. It will have a sector-leading production balance sheet with strong near-term cash generation, and also have a very strong platform poised for organic and inorganic growth. I will now pass over to Richard, who will take us through the operations in more detail. Over to you, Richard.