Rio2 Limited

you know companies put out quarterlies they regurgitate or do a flash presentation about what they just announced the day before or a few days before and there's very little interaction from from shareholders apart from some analysts asking questions etc and we've decided We don't want to regurgitate numbers. We've been quite explicit in the way that we've put out our quarterly numbers with an update as well. to put everything out there as far as how we're progressing and where things are going and how we're performing. So really this is just a casual discussion and an ability for anybody and everybody to ask questions either via text or verbally. And we like to be as open as possible. There's no judgment if you're a retail investor and own a thousand shares, but you've got a question that's burning a hole in your brain about what you want to ask us, please go ahead and ask us. As you know, I deal with emails a lot. I put my email address out there. It's in the press releases. People do communicate with me by email and I do answer those emails. So I try and communicate with people as best as possible. We do interviews, but unfortunately those interviews are not interactive. and this is one way of getting over that by having some sort of interaction with investors. So please feel free to ask questions. I can see now on my screen, already three messages, three text questions have come through. So that's good, we'll attend to them. We'll also attend to people who raise their hands to ask questions as well. So it's a very open forum and very relaxed, okay? So I'll start off and kick off by saying we have here four of us from Rio too. As myself, I'm the Executive Chairman. Mariano Alarco, he's the Director of Operational Excellence. Andrew Cox, President and CEO, and Kathryn Johnson, who's our CFO. Mariano, myself and Andrew are in Lima, in Peru. and Catherine's in Vancouver on this call. So the thing I want to do is just open up with the fact that we did put out our quarter. You can see that our quarter from a numbers perspective was an improvement on the first quarter that we put out this year. We've only reported Two quarters from both Condé Stable and Phoenix Gold. As you know, Condé Stable was an acquisition that we made in January or closed in January. It's been under our belt for five months and is doing very well on a steady state basis. Phoenix Gold's in ramp up and we've been as explicit as possible about all the challenges that we've gone through in respect to ramp up. So The key issues that we identified in Q1 were in regards to recruitment of people. We are over that hump now and we reported that in our Q2 results. Space, mining space, Phoenix South taking off the peaks and you can see the deposit here, there's Phoenix South there, Phoenix Central and Phoenix North, extinct volcano, We reported on fragmentation. We said that there was some and acidic material, which is hard material in relation to the Brecciated Volcanics. It's about 30% of what we're mining at the moment is breaking to oversize, oversize being greater than four inches. And we talked about the fact that we're dealing with our explosive contractor and looking at trying to optimize that. and reduce the fragmentation on that harder material. Throughput, we are aiming to get to a steady state of 20,000 tonnes a day. With throughput, we were hitting our straps in early July and we were actually I'm feeling quite confident that we could declare that we were at a steady state of more than 20,000 tons a day during Q3 but that appears not to be the case because of the extreme weather events that we've been through and we're going to talk more about that. Andrew's going to show some photos as to what we're dealing with that at Phoenix Gold with regards to weather. So we've lost some time in production at Phoenix Gold during these weather events. No damage. No safety issues. We've looked after our people, but getting ore onto the pad has been problematic from the point of view of working safely and having people available at site to do that. And so right now it looks like we've lost about two weeks of production during July. and it looks like we're going to lose about two weeks again in August because of the weather. Once again, Andrew will talk more about that in a minute. So I'll just hand over to Andrew to go through that. I think we'll Look at what we're dealing with, have a look at some photos on both Phoenix Gold and Condé Stable and then deal with the questions. I now have about five written messages or questions presented here so we'll get through those as quickly as possible after Andrew does the presentation. Andrew, I don't know if you want to talk more about some of the things that I just brought up.

Sure, just bear with me for a second while I pull up the file. Okay, can you see that?

Yeah, it's starting to come up. It's just loading now. Just let me know. Yeah, there is. Yep.