Good morning, all. James Palmer here, and thanks for joining this 29Metals Update for the September Quarter 2025. Today we'll be speaking to the presentation released this morning alongside our September quarterly report. Joining me are Ed Cooney, our Chief Operating Officer, Peter Herbert, our Chief Financial Officer, and Kristian Stella, our Group Executive Corporate Development. Today we'll provide some details on our plans for the rest of the year at Golden Grove, given recent events, and talk through the ongoing progress being made by the team at Capricorn Copper. S o, slide four lays out our key priorities. They remain the same as when I spoke to you three months ago, health and safety first, always, mid-single digit TRIF, and an LTIF of zero, reflecting zero lost time injuries for the 12 months to the end of September quarter.
Massive credit for the teams across the business, living our most important company value, safety, particularly when faced with adversity. Safety first, always, even when it's hard. In fact, especially when it's hard. And across the group, discipline in productivity and cost improvements, which remains a focus. At Golden Grove, even as we work through the challenges, maximizing operating cash flow, efficient capital allocation to maximize long-term value guides our decision-making. And of course, we remain focused on delivering Gossan Valley for first ore by the end of 2026, which remains on track. At Capricorn Copper, the team continues to make steady progress on the imperatives for a successful and sustainable restart. Now, to slide five to talk through the September quarter in more detail. So our safety metrics continue to improve.
Our 12-month rolling TRIF and LTIF both down quarter on quarter, a good outcome and a result of remaining focused on safety first, always. Zero lost time injuries over the last 12 months is great to see. Operationally, a challenging quarter. Solid for copper production at Golden Grove with 5.8 kilotons of copper. Zinc production, however, impacted by restricted access to Xantho Extended with 2 kilotons of production. Accordingly, we have revised our 2025 guidance for zinc and precious metals, assuming that access to Xantho Extended will continue to be restricted for the rest of the year, and alternate Gossan Hill ore sources will feed the mill for the remainder of 2025. These alternate ore sources are lower zinc grade, but copper grades are broadly equivalent to what we would have accessed at Xantho Extended, resulting in no change to 2025 copper production guidance.
In a moment, I'll pass to Ed to talk through the Xantho Extended issues in more detail. At Capricorn Copper, the team continues to make good progress on water level reductions and regulatory approvals required to enable a future successful and sustainable restart of operations, with 1.5 gigalitres of water level reduction since suspension of operations and an application for Tailings Storage Facility 4 submitted during the quarter three, sorry. We finished the quarter with AUD 168 million of available liquidity positioning, as well as we adjust near-term plans at Golden Grove and continue to deliver Gossan Valley. Where we've commenced the box cut excavation during the quarter, a great milestone, and that keeps us on track to fire the portal by the end of the year, as per the plan.
So, I'll now pass to Ed to talk through the Golden Grove events in a little bit more detail, and then I'll provide an update on Capricorn Copper prior to Peter providing a corporate and finance update for the quarter. So, over to you, Ed.
Thanks, James. And morning, everyone. I'll briefly touch on slides seven and eight to talk through the quarter outcomes, and then I'll talk to Xantho Extended in some further detail. So, on production, as James mentioned and as shown on slide seven, a solid quarter for copper production up versus the prior quarter with 5.8 kilotons of copper produced, driven by more copper ore milled at higher feed grades and improved recoveries. Zinc and precious metals, however, were lower. A planned 10-day mill shutdown, which was the largest for this year, occurred during the quarter for a mid-life rebuild of the primary crusher, reline of the mills, and installation of a replacement zinc rougher cell. And that contributed to lower overall mill tons.
More significantly, however, the zinc ore sources were deferred as we completed rehabilitation of ground support impacted at Xantho Extended by the prior seismicity and resulted in significantly lower zinc ore volumes through the mill. Site and unit costs for slide eight were higher, largely due to the maintenance spend associated with the planned 10-day shutdown and a AUD 24 million stockpile movement charge versus a AUD 9 million credit the prior quarter. Increased capital versus the prior quarter reflects a ramp-up of spend at Gossan Valley as planned, with commencement of the box cut excavation a major milestone during the quarter. I'll now move on to slide nine to talk through events at Xantho Extended and the forward plans. S o, to recap, in the March and June quarter reports, we noted impact of seismic events at Xantho Extended.
Post these events, we expected to be able to rehabilitate the ground support in impacted areas to reestablish access to high-grade zinc stopes planned for the rest of the year, and we were on track to achieve this with a large amount of rehab completed by September. On 30th of September, however, we reported a further event, and although the damage to ground support associated with this third event appears less than the prior events, with contingency in the mine plan fully absorbed by the prior interruptions, it did result in those planned high-grade stopes being deferred beyond 2025 and resulting in a need to restate the rest of using precious metal production guidance. It is important to note that Golden Grove has historically been a seismically active mine. Prior events that interrupted production at Hougoumont and Scuddles ore bodies were successfully navigated.
The more recent events are the first time we've seen these impacts at Xantho Extended and have occurred in the footwall and are associated with slip- crush damage around certain locations of the decline and level access infrastructure. While the final investigation and third-party review is ongoing, the additional controls we are contemplating include rehabilitation of affected areas, upgrade of ground support in identified access and decline locations to withstand high energies, refinement of a structural geology model, engagement of external geotechnical industry experts to review and validate identified controls, and potentially review of our future decline design. I would say we are confident that with these controls in place and the caliber of our site team, we will safely and successfully resume production from Xantho Extended.
In the short term, to enable the safe installation of upgraded ground support, we have temporarily stopped production from the ore body with an exclusion zone in effect below a certain level. The diagram on slide nine aims to provide some context to the area of the mine impacted by the exclusion zone and, importantly, the significant areas within Gossan Hill and Scuddles that are not impacted. We anticipate that rehab and upgrade of ground support down to the decline phase may take up to six months. However, the team will clearly be looking at opportunities to increase resources, such as an additional cable bolter, which arrived on site late last week, and parallel work fronts to reduce that time.
In the interim, alternate ore sources from both Gossan Hill and Scuddles will be mined while the site team progress to rehab and evaluation of controls to better assess appropriate timing to restart production from the ore body, and to give you a bit of context from a cost perspective, we don't anticipate a material impact with near-term ground support upgrades representing perhaps 1% to 2% of total annual site costs. Moving on to slide 10, we have ramped up exploration spend across the asset during the year. The objective of the drilling is to both identify new ore bodies and extensions of existing ore bodies within the Gossan Hill complex to provide further operational flexibility in terms of production sources, particularly relevant given the current interruption.
And as shown on slide 11, we are getting good return on investment for the exploration spend year to date with high-grade copper intercepts in easily accessible areas of Gossan Hill, which, in addition to mine life extension, provides opportunity to leverage existing underground infrastructure and development to build ongoing flexibility into the life of mine plan. It's been particularly great to see such wide high-grade extensions in the upper areas of the mine at Tryall. This drilling was undertaken at a tighter drill spacing than typically adopted for extensional drilling, with notable intercepts being 12 meters at 2.8% copper and 17 meters at 2.6% copper. And given these results, we've decided to allocate further drill meters to continue testing for extensions in this area, given its obvious operational benefits at relatively shallow depth.
And additionally, the mine planning team are evaluating options for how we bring this material into near-to-medium-term plans. M oving on to slide 13, Gossan Valley project remains on track for first ore by the end of 2026. The team have made fantastic progress with commencement of the box cut excavation during the quarter and currently sitting about 70% complete, and in parallel, award of various surface infrastructure contracts. W hen in production, Gossan Valley is expected to enhance the Golden Grove life of mine plan by providing production flexibility as an additional mining front, replacement high-grade ore source for the declining Scuddles ore production, relative mining simplicity given its shallow mining depth, and potential to extend the Gossan Valley mineral sources, which remain open at depth. I'll hand back to you now, James. Thanks.
Right. Thanks, Ed, for that on Golden Grove.
So moving to Capricorn Copper, slide 16, where production remains suspended due to the impact of the extreme weather event in 2023, we are working towards rebasing the asset in preparation for a future successful and sustainable restart of operations because the size of the prize is significant: 64 million tonnes in mineral resources, 1.2 million tonnes of contained copper, established surface infrastructure, established development directly to the ore body, all within the highly prospective Mount Isa Inlier. So on a look-forward basis, we see an immense amount of value to be unlocked at Capricorn Copper. We just need to deal with the water on the surface so that we can realize the value of the significant copper endowment underground. Slide 17 shows it is a prize worth chasing.
In 2021 and 2022, the asset generated AUD 100 million and AUD 66 million of EBITDA, respectively, was running an all-in sustaining cost of AUD 3.70 per pound and producing more than 20,000 tonnes of copper per annum. Hence, operations could be very profitable at today's prices. Quick recap on slide 18 on what we need to do to rebase the asset in preparation for a future successful and sustainable restart of operations. Once we get these two imperatives in place, we can then progress works towards the restart of operations. So firstly, we need to reduce the water levels on site. And secondly, we need a long-term tailings storage solution to set the asset up for long-term success upon restart. Great progress on this front during the quarter with an application for TSF 3 to the regulator submitted during the quarter and confirmed as being properly made.
This progresses the application to a detailed assessment ahead of any request for additional technical information, which are anticipated during the December quarter 2025. The team continue to make excellent progress with water level reductions as shown on slide 19. Total water level reductions of 1.5 gigaliters have been achieved since the decision to suspend operations in March last year. Surface water levels reestablished below the maximum operating level, an important and significant milestone towards resetting the compliance footing of the asset. Water level reductions were achieved during the quarter via natural and mechanical evaporation. Preparedness activities were progressed during the quarter in readiness for potential treated water releases to Gunpowder Creek, which is only possible when creek flows occur, typically during the wet season, which officially kicks off beginning next month.
The team are well prepared for another successful wet season with the receipt of an EEO from the regulator during the quarter for this wet season, similar to the one that facilitated our successful outcomes last wet season. Slide 20 outlines the ongoing progress on operating and capital cost reductions at Capricorn Copper. The team continue to look for opportunities to reduce costs while ensuring environmental compliance and progression of our two restart imperatives, water reduction and tailings approvals. So a great result all around at Capricorn Copper. I'll now hand over to Peter to talk through finance and corporate.
Thanks, James. Gross revenue was AUD 155 million for the September quarter, AUD 14 million higher than the prior quarter result, with the sale of a lead concentrate parcel contributing to higher quarter-on-quarter sales. 29Metals finished the quarter with unaltered available liquidity of AUD 168 million, comprising AUD 153 million in cash and available headroom under the group's off-take facility of $10 million. As we work through the 2026 planning process for Golden Grove, we expect additional costs to remediate and apply the ongoing upgraded ground support standards to be immaterial to overall and on-site costs, and we expect to see the benefit of the high-grade ore from Xantho Extended deferred from 2025 into 2026. The 2026 planning process is ongoing, and we're well positioned to manage the near-term challenges from delays caused by recent seismic events as we focus on delivery of our priorities. Back to you, James.
Thanks, Peter. Thanks, Ed. So globally, we're seeing increased frequency of major copper mine supply disruptions, and new mines are becoming harder to find, lower grade, harder to mine. On the demand side, as the world electrifies, the world is going to need a lot more copper. 29Metals remains well positioned to capitalize on this favorable copper supply demand dynamic, quite simply because we have a lot of copper, over two million tonnes of contained copper and mineral resources across two Australian-based assets, both with long-life potential and significant geological upside. The team remain focused on leveraging this position by delivering safe production and prudently allocating capital to deliver long-term value to all stakeholders. With AUD 168 million of available liquidity, we're well positioned to adjust our near-term mine plans at Golden Grove and continue to position the business to capitalize on increasingly attractive copper market fundamentals.
So with that, we're happy to take your questions.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. And if you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Daniel Morgan from Barrenjoey. Please go ahead.
Hi, James and team. First question is just the mine sources, which obviously have been heavily disrupted by Xantho Extended and events there. So you've been caught, I imagine, a little bit on the hop on planning for future ore sources. Just how are you positioned for these ore sources through to not just the end of 2025, but into 2026? Will you be able to fill the mill during this period?
Yeah, great. Thanks, Daniel. Yeah, so other mine sources, I'll throw it in shortly to go into a little bit more detail, but the highest of levels, so certainly when we were putting the budget together, and it's why we've been ramping up Xantho, it is the highest on a copper equivalent grade because of all of the zinc. But we do and did, we had a lot of contingency sources. Obviously, as Ed mentioned, we've drawn into those contingencies. At one point, we understood we had some upside to our forecasts and plans. Obviously, we're chewing into those, but we certainly do have resources that come out of the broader Gossan Hill right through 2026, 2027, and beyond. Obviously, we'll be pulling some of those forwards as the big high-grade zinc ore is moving into 2026.
So yeah, it's a deferral of Xantho tonnes bringing forward some of the broader Gossan Hill, but we've certainly got a lot of particularly copper in broader Gossan Hill. But maybe some detail on the ore bodies themselves, Ed, that we're drawing on.
Yeah, so, I mean, Scuddles will likely deplete sometime next year, hence the investment in Gossan Valley, but there remains remnant ore sources in Scuddles between now and then. Multiple other areas, I think on slide nine, there is a bit of a diagram with some of the distribution of ore sources for the remainder of this year. You'll see this quite varied. So up in the upper areas of the mine, Daniel, Tryall, D Zinc, we've still got access and inventory in upper Xantho above the exclusion zone and also Hougoumont and other areas. I mean, one thing to draw your attention to also are some of the results from Tryall. So that is encouraging. It's shallow. It's quite thick at good copper grade. So we'll allocate more drill meters to see in the near to medium term if we can introduce some inventory, further inventory from that area.
In addition, we do continue to develop access into Oisin to commence production from that area as well.
Thank you. Just a second question. So obviously, your guidance, you've reduced your zinc treatment charges costs, which makes sense given the off-takes that you've got. Just wondering, can you remind us on what your off-take agreements are? Because you've got some legacy contracts which are very high cost versus spot terms, and getting rid of those, the finality of that is a positive catalyst when that comes. So could you just reiterate how much you've got left outstanding?
Yeah, certainly. I'll throw to Peter again for some detail on that. But Daniel, yeah, I think you pretty much hit it. So yeah, you're seeing the guidance change. We have, given the bulk of the TCRCs, as we've mentioned previously, is associated with the zinc and those Trafigura off-take contracts. So Peter, just some more detail on how long those have got to run.
Yeah, thanks, James. On the sort of out-of-market zinc contracts that we're into, we expect that when we come into next year, we would have about 90, 000 to 100,000 tonnes of concentrate to be delivered under those contracts remaining. So, it depends a little bit on how much we can produce this year. And clearly, that amount is higher given the reduction in zinc production for this year with the balance being pushed into 2026 as a result.
That's very helpful. Thank you, James and team.
Thanks, Daniel.
Thank you. Your next question comes from Adam Baker from Macquarie. Please go ahead.
Yeah, good morning, James, Ed and Peter. Just on Xantho Extended and the issues that you've been having this year with the three events over the course of this year, just wondering how can we have confidence that you'll be able to regain access to these areas? And just wondering if these are definitely only deferred tonnes into 2026 and they're not sterilized tonnes. M aybe if you could just quickly talk through some of the geotechnical events that you have had there. I know you indicated on the call previously that this has been along the footwall of the declines. Could you maybe talk through some of the stopes that you've mined in Xantho Extended so far and whether there's been any issues in the stoping fronts as opposed to the development? Thank you.
Yeah, I'll take that one. So there's a few parts to your question. Firstly is the confidence. Look, I mean, we're very confident that we can put in enhanced ground support to withstand higher energies. The support is more bolt mesh below grade line, so below 1.5 meters in the lower part of the sidewall. It's pretty heavy, dense cable bolting in the backs. And the intention is that we will upgrade the support to those standards in certain sections of the decline and the level accesses, hence the nominal six months to complete all that work. We're not really seeing damage in Xantho Extended in the ore body, as I said. So we're seeing it more in the footwall. We don't really necessarily believe it's due to stope sequence, potentially more related to the design layout of the decline.
And that may be something we consider in future as well. The initial thoughts were that it was related to local structures from the early events, but three events have prompted us to review it more regionally. And there are some similarities between the events in terms of locations impacted and hence the need to take the time to do a more regional upgrade of ground support in affected areas. But as to the point, I'm not seeing a lot of impact in the ore bodies. We're not considering that this is a sterilization at this point. We're confident we can upgrade the support in the infrastructure for all infrastructure and therefore just defer all of production into next year once we complete the rehab.
That's very clear. Thank you. And moving to Tailings Storage Facility 3 at Queensland, have you had any initial feedback from the regulator? Just wondering about the timeline from here. Do you think we'll get an update before the end of the year, or could that be pushed into 2026? Noting that there's been some good votes of confidence from the federal and state government on Mount Isa that it's a AUD 600 million facility there, and also saw one of your peers today get a grant from the QIC, Critical Minerals and Battery Technology Fund. Is there any possibility for grants or cheap cost capital debt when you do get to that stage of going down the line of pursuing TSF 3? Thank you.
Yeah, great. Thanks, Adam. I'll start at the top of some of that, and then more of the detail of TSF 3 I'll throw to Ed. So yeah, I'd start, and you mentioned a few things there. So yeah, definitely government making all the right noises. So from the top of government, and then you've seen in the area around the Glencore announcements and otherwise. So certainly, yeah, lots of meetings from the top of government flowing down. People want to have this mine be a mine again. Hence why we've been very clear on the things that we need to achieve. And you get down there, and DETSI is the key department that we're working with. So water level reductions, we've got that EEO, so very happy that we'll be able to have another successful wet season. So water being the number one priority.
And then moving to tailings, where we've submitted, it's been properly made, and we're expecting an RFI, Request For Information, to which then, yeah, Ed, some of the other conversations we've had before that RFI and where we think we're at with TSF 3.
Yeah, so we've had a lot of engagement with the regulator on this proposed facility ahead of the application submission. So that went in the 1st July. We've been doing a few consultants in the background helping us with some of the technical supporting work. We are expecting an RFI this quarter. Typically, DETSI will give us six months to respond to the RFI. And the timing of our response really depends on the content of the RFI. So we'll be looking to address any request for information as quickly as we can. Post the response, t here is a public notification period as well. So there's a few variables in terms of timeline. Probably can't be too definitive, but hopefully that gives you a sort of sense of timing from here on in.
That's helpful. Thank you.
Great. Thanks, Adam. Maybe I think I missed one of them there. On grants, yeah, we're certainly always having conversation with government around those sorts of things. Thanks.
Thank you. Your next question comes from Jon Sharp from CLSA. Please go ahead.
Yeah, hi, James and Peter. Just a first question on processing costs. They're quite a bit higher this quarter, up I think about 27%. How much was due to the shutdown, or how much will be a one-off cost? And potentially, is there anything we should factor in sort of looking forward with costs being a little bit higher for processing?
Yeah, great. Thanks, John. Yeah, essentially, I think you've got it. The big one is one-off. It is related to the shutdown. Ed, anything else that was in behind the shutdown was the biggest?
Yeah, that's the biggest contributor by far. I mean, some of the activities in the shutdown will be one-offs. We won't be doing another mid-life rebuild on the crusher. There were some other maintenance activities that were one-off. But having said that, there's probably one of the rougher replacements will aim to replace another rougher. So a good portion of that additional maintenance spend is likely one-off. And I think that contributed largely to all the cost, the higher relative cost for the quarter.
Yeah, I'll just add that. I mean, we certainly, with the team managed to the overall site costs. We had a planned shutdown and then a couple of one-offs within that. So this was going to be a higher quarter as far as because it had a big shutdown. That's now behind us, and then some of the elements also behind us. Peter, unless you had anything else to add?
No, nothing from me. I think that's been well covered. There's nothing that we would flag as step changes in the processing cost structure at this stage.
Yep. Great. Thank you.
Okay, second question then. Maybe you've just answered this one. Just a follow-up with the metallurgy. I know the recoveries are down quite a bit. Is there any difference in what's going on there? Is there any grinding reagent requirements that are changing? Can you just talk to that, please?
No. So yeah, so that's zinc I think you're referring to there. So the copper recoveries were good, obviously, higher feed grades. The reported zinc recovery, so that's an aggregated recovery reported on total ore milled. And we had a very small portion of zinc ore milled, only I think 35,000 tonnes for the quarter. So that's distorting that aggregated zinc recovery. Actually, the actual zinc recovery was pretty closely in line with our model. It was just not reflected in the aggregated number.
Okay, great. Clear. I'll pass it on.
Thank you.
Thank you. Your next question comes from Tim Hoff from Canaccord. Please go ahead.
Hey, Tim. I was just looking at, I think, slide 11. If we look at Europa, Oisin, Huma, Extended, and Cervantes, they're all at a fairly similar depth to Xantho Extended. And so I guess the question is, do you have a good handle on the rock conditions in those areas? And with the center of gravity moving deeper underground at the mine in general over time, is this sort of seismicity going to impact the ability for this operation to continue to put out the tonnes?
Yeah, I think so, and as the central, obviously, if some of those reserves move lower, I mean, that really was part of the rationale for the Gossan Valley investment. That's a much shallower independent mining front. We'll be pulling every lever we can to increase development there and enable as many sort of production fronts as we can just to de-risk the operation. In terms of your other questions on some of those other ore bodies, Oisin probably a bit early to tell, to be honest. We haven't started producing from there yet because it's a new ore body, but we will obviously apply the learnings from the recent activity at Xantho Extended into that ore body. Hougoumont, a little bit shallower. We have had a seismic event there in the past, which we successfully navigated. I think that was about 2021, and that was specifically stope sequence related.
And in terms of Cervantes, Europa, I mean, they're subject to future studies. So obviously, again, we will consider the learnings from the recent activity and incorporate those into the development designs and ground support standards. So we have navigated in the past, and I'm confident the site team will be able to navigate it in the future. It may just require a bit more smarts from a design perspective and obviously probably slightly higher ground support standards going forward. And one last point, sorry, I should make, just coming back to some of the remnant areas, just that opportunity higher up in Tryall from those recent drilling intercepts. I can't emphasize enough. We want to test that as thoroughly as we can given the opportunity of relative depth and good copper grade. So that's a bit more flexibility in the mine plan.
Yeah, okay, understood. Perhaps moving over to Capricorn Copper, I guess it's early days. The studies, I guess you haven't completed them. But in terms of an order of magnitude on a restart, how should we start thinking about that? Is that AUD 50 million, AUD 100 million, AUD 200 million? I guess, yeah, can you sort of point us, I guess, in the right direction for, I guess, how big that restart could be?
Yeah, I think, Tim, that you've started answering your own question there. Yeah, we haven't gone and done a detailed scoping study on it, so certainly haven't guided for those costs. We're really focused on dealing with the water and then de-risking a tailings permit before we go and do too much detailed analysis. But you will be able to, obviously. Tailings then is the biggest thing that we need to do before we can restart.
Water treatment plan, that we did have something a couple of years old now, but put that out into the market. That would be the second biggest. And then it's refurbishing underground, refurbishing surface infrastructure is sort of the tail of that. So you can get a bit of a build-up of it, but no, we haven't guided to a number.
Okay, excellent. Excellent. All right, thank you. I'll hand it over.
Thank you. Once again, if you do wish to ask a question, please press star one. Your next question comes from Paul Wiggers de Vries from RBC Capital Markets. Please go ahead.
G'day, James and team. Maybe building on Adam's question from earlier, how do you think about development and rehab costs for Xantho Extended for the remainder of this year, maybe even next year? You obviously didn't make any changes to your guidance this year. But is it fair to say we'll see probably higher development or CapEx costs for Xantho Extended next year?
So, on the rehab, from a total site cost perspective, it's probably not that material. It might be 1%-2%. If you said it was 1.2-1.5 pays of rehab required for immediately over the next six months, and it's a few thousand bucks a meter, then that gets you to sort of a range of probably AUD 6-AUD 8 million. So that will address the near-term rehab. Because of the amount of interruption this year, we will need to catch up on development next year. So therefore, I would suggest that the capital development at Xantho next year will need to be higher than this year. Hopefully, that gives you a bit of a steer in terms of your query.
Yeah, that's perfect. Thank you. And maybe just a little bit on Gossan Valley. Previously, you sort of said first ore half two for 2026, but today it's the same ore now towards the end of 2026. Has this been impacted at all from the Xantho Extended seismic issues?
No, not at all. Completely independent. Probably a little bit slower on the approvals, but we're well advanced in the box cut now. As I said, about 70% complete. So, we're still aiming to get the portal fired this calendar year. And then subject to how we perform in development next year, aiming to have first ore at some probably in the second part of the second half of 2026.
Fantastic. Thank you. I'll squeeze one more in, just really around Gossan Hill. And obviously, with Xantho Extended, tonnage will be limited. What's your sort of max haul rate or material movement through Gossan Hill on an annualized basis?
Sorry, I'm not quite sure what you're asking. Are you asking how many tonnes can we get out of Gossan Hill?
Yeah, on an annualized group basis, excluding Xantho Extended.
That's a tricky question to answer because it depends on where the ore sources are coming from. Ultimately, we operate within the constraints of the ventilation, so we have a certain size trucking fleet, if it's all from depth, the TKMs will beat us and we'll get less tonnes, but if they're shallower, you can obviously get more production. Typically, we'd probably get sort of 1.2 million tonnes, 1.3 million tonnes out of Gossan Hill, and the remainder from Scuddles, and that's from a range of ore sources at different depths, so it will depend on the work that we complete in terms of evaluating the different locations of the remnant sources and how many TKMs ascribed to each.
I think that's actually really helpful. Thank you.
Thank you. There are no further questions at this time. I'll now hand back to Mr. Palmer for closing remarks.
Great. Well, yeah, thank you. Thanks for the questions. A challenging quarter for sure. Some near-term challenges that we're going to safely solve as we continue to focus on long-term value for shareholders. So thanks. Have a safe and productive day.
Ciao.
That does conclude our conference for today. Thank you for participating. You may now disconnect.