Earnings Call: Q1 2026

Oct 26, 2025

Thank you, Ashley, and welcome everyone to the September 25 Brighton quarterly results call. Joining me on the call today is our chief operating officer, Simon Tyrrell, and chief development officer, Rowan Krasnoff. I'll go through the deck briefly, and then we'll open up for questions and answers. And as I slide through the deck, look, just note the disclaimer, but I'll leave people to review that from our website. So moving to slide four. During the quarter, we produced just under 81,000 ounces of gold plus, 3,400 tons of, copper for the quarter. And we achieved this production whilst consolidating the significant improvements, we've made, in safety since Greatland's acquisition of Telfer. In terms of the full year production guidance of two sixty to 310,000 ounces, that remains unchanged. Of course, we're really pleased with such a strong quarter, but I do note there's a slight weighting of our production outcome towards the first half of the year. Yeah. Pleasingly, I think one of the highlights of the quarter was the all in sustaining cost came in at $2,155 per ounce Australian. This is a really good outcome. And it's a reflection of our continued focus on cost control whilst we continue to participate in really strong gold market pricing. A highlight for the quarter was the gold recoveries at 88.6%. This is the highest quarterly gold recovery since FY 2010, which is a great credit to Simon and the team at site. During the quarter, we realized a gold price of 5,277 per ounce. Yeah. Greatland fully participates in the market price of gold. Greatland, as you're aware, you know, adopted an approach of purchasing put options. This provides us a measure of insurance whilst allowing us to fully participate in the upside of the gold price. This approach has worked really well, and purchasing put options are the path of least regret. In terms of cash flow, this quarter delivered good revenue, driving an operational cash flow of just on $284,000,000 and you saw a further cash build up to 175,000,000 for the quarter. Remarkably, just three quarters, Greatlands has generated $750,000,000, cash at bank with no debt. Yeah. This can be compared to the acquisition price of 541,000,000. We achieved a payback on the acquisition inside of six months, which is just a splendid outcome. In addition, we're investing in the asset. In FY '26, we're undertaking a record amount of drilling at Telfer. That's off to a strong start. We've got eight, RESDES, rigs plus another two on regional exploration, but we did more than 53,000 meters drilled, in the quartering, resource development. Plus together with this, we maintain significant stockpiles at surface containing over 300,000 ounces plus over 12,000 tonnes of copper in that same volume. I'll now pass across to Simon Tyrrell to walk through the operational slides. Thanks, Sean. As Sean mentioned, it was a good quarter operationally, and we'll go through some key details. So on to Slide six. We'll start with West Dome Open pit. We've returned to a two digger mining plan this quarter, and open pit total material mined has increased quarter on quarter to 5,900,000 tonnes with ore sourced from stages two and eight and stage seven. We have commenced reporting mined tonnes to dump leach to provide further insight to the operation. And this quarter, 274,000 tonnes of ore mined went to dump leach. Stage two and eight contributed the bulk of ore mined. And as it's at the base of the pit, very low strip ratios of 0.1 were achieved. Stage seven gross stripping continues with 3,700,000 tonnes waste mined for the quarter, a strip ratio of 7.2. It should be noted that this is relative to the overall Stage seven design strip ratio of 1.1. During the quarter, we reviewed a short term metal pricing strategy and coupled with an updated cost structure and higher recoveries, this has identified up to 2,000,000 tonnes of additional low grade material within the existing pit designs in FY 'twenty six alone. This will give us some optionality for mill feed further in the year. The open pit fleet renewal program is in full swing with orders for a Caterpillar sixty sixty excavator, two Komatsu WA 1,200 front end loaders and two Caterpillar seven nine three dump trucks being placed. The first two of a planned twelve seven nine three truck rebuilds have just returned to site this weekend. Now that we have confirmed delivery schedules for these equipment, we will look to include the productivity improvements into the open pit schedule moving forward. Resource grade drilling progressed at the tighter 25 by 25 spacing, whilst infill drilling practices are in the process of transferring from blast hole sampling to reverse circulation sampling. This will provide additional resolution in the grade control modeling as the blast hole sampling provides one sample over 12 meters depth whilst the RC sampling will provide an assay every two meter interval. Moving on to Main Dome. Underground ore mined was 20% above plan at point two eight million tonnes and mostly from Aerese, Ray and Eastern Stockwork Corridor. Underground development was again solid with 1,325 meters of development, including 368 meters of growth capital in the second development drive to the West Home underground to support exploration activities. Moving on to Slide seven. Moving to processing operations. There are a number of highlights in the quarter. We milled 4,700,000 tonnes in line with plan, and recoveries were exceptional at 88.6% recovery for gold and 81.3% recovery for copper. As Sean mentioned, gold recovery was the highest quarterly recovery at Telfer since 02/2010, and this was achieved primarily due to operational focus on improving the pyrite flotation and leaching circuit performance. Where maximizing the sulfur flotation recovery in the CIL utilization directly relates to an increased gold recovery. We are increasingly confident in maintaining high recoveries for FY '26 based on the operational experience to date. Together, this delivered nearly 81,000 ounces of gold on a similar grade but lower tonnage to last quarter. Onto ROM stockpiles. This quarter, we processed two two point five million tonnes of ROM stockpiles with 4,500,000 tonnes remaining at quarter end. These are expected to be largely utilized by the March 26 quarter. In terms of grade, this quarter's stockpiles performed in line with the assumptions that our FY 'twenty six guidance is based on, and this gives us confidence that our FY 'twenty six guidance adequately calibrates for these stockpiles. Some key projects progress during the quarter. The largest planned shutdown of the year occurs in July, and we've taken the approach to progress works that will have benefits past 2027. For example, we have commenced the gas turbine maintenance program that will that will refurbish all gas turbines over a three year period. Another example is we have commenced a structural refurbishment program, which will extend the infrastructure use into the following decades. These are examples of the conference we have in delivering a multiyear life of mine plan mid next year. We don't talk much about the Dumbleach and don't intend to moving forward, but it is a modest but efficient contributor to production at approximately 4,000 ounces for the quarter. A pipeline replacement project is underway that will extend the dump leach operations through the end of mine life. TSF eight Stage three lift construction is progressing well to schedule and expected to complete it in the December. This this lift will provide tailings capacity until the March. When we acquired Telfer, there was very little scheduled float on tailings capacity. This is one of our key risks. So getting ahead of this in terms of capacity was an important derisking of our operations. TSF-eight Stage 4 construction is scheduled to commence in the fourth quarter of this financial year. Moving on to Slide eight and costs. As Sean mentioned, we achieved an all in sustaining cost of $21.55 per ounce below the low end of guidance, and this sets us up strongly to deliver on this year's target. Cost control continues to be a strong focus, and we've essentially kept costs flat over the preceding three quarters. As a result, with an average realized sale price of $5,277 per ounce, we have achieved greater than 100% margin, an excellent outcome as we prepare for our future investments. Some of the key details, site services costs were in line with plan. This quarter will be a high watermark for site services as there were one off costs during the quarter such as $4,000,000 allocated to TSF seven remediation. Mining costs of $65,000,000 were below plan. The quarter on quarter increase was due to a higher portion of ore mined relative to waste in Stage seven, which is capitalized cost. Processing cost of $80,000,000 were in line with plan with the quarter on quarter increases, largely due to the cost of the planned maintenance program in processing plant and power station discussed previously. Sustaining capital was $18,000,000 and below plan due to delays and timings of costs for projects and lower on a quarter basis due to the completion of the TSF eight Stage two lift last quarter and the allocation of Stage three lift to grow CapEx this quarter. Moving on to Slide nine. This slide recaps the growth initiatives. And as you know, FY twenty six is a significant year of investment at Telfer with a view for a multiyear life of mine extension. Our growth capital program at Telfer is progressing well and in line with plan at $70,000,000 spent across the TSF eight Stage three lift, the West Dome Stage seven open pit growth stripping, the underground development, and the mining fleet renewal program. Spend is tracking to our full year guidance of 230,000,000 to 260,000,000. And at Habron, we spent 10,000,000 on feasibility study cost and early works. The early works included commencement of installation of a concrete tunnel connecting the portal to surface. This will eliminate risk associated with high rainfall events often seen in Northern WA. The blind bore design and fabrication continued with the cut heads ready to be delivered to site. Our record resource development drilling program of 240,000 meters is well underway with 53,000 meters across 711 holes drilled ahead of plan, which Sean will speak to now. Over to you, Sean. Thanks a lot, Hans. Look. Telfer is a big site, so I'll just do a brief around the grounds of the Telfer mining area, just focusing on on that drilling program. So if I looking at slide 10, we we start with the West Dome Open Pit. Look. During the quarter, we completed 25,000 meters of growth drilling and 16,000 meters of resource conversion conversion drilling, and we're taking this to the 25 by 25 meter spacing, which we implemented basically, at at the point of, acquisition to give us that improved, confidence in the resource. The the stage seven extension is the immediate focus for us. This is intended to provide Telfer's base load fee through FY '27 and FY '28. So that's the immediate target. But then we move into the stage two extension, and this is the key area beyond FY '28. And it's it's worth taking a moment to pause here and and just look at that slide. When you look at just the volume of that opportunity, it really stands out. In terms of volume, it's a multiple of the stage seven to a year opportunity. And at the present gold gold price, we think it's just an exceptional opportunity for, significant life extension at Telfer, and that continues to be our focus. During the September, we've actually exceeded, plan in terms of that open pit drilling. That's put us ahead of schedule on the stage seven, drill out, which means we're able to pivot early to focus on that stage two extension drilling, which I think is a really exciting opportunity for the organization. Turning to to slide 11 in the deck. This is the Telfer West Dome Underground. This is likely my favorite slide in the deck. West Dome Underground is undoubtedly the most exciting discoveries in Telfer's recent history, and it's a really key growth opportunity for us. Just to put it in context, the main dome underground began in the nineteen nineties, and it continues operating today some thirty years later, having produced more than 3,000,000 ounces, of gold. This is our first drive into the West Dome, underground. You've got the same geological units, so the size of the price here is extraordinary. We announced that first set of drilling from the West Dome underground, that phase one drilling results in February 25. This delivered the really high grades, the highest average grades you've seen at Telfer since 02/2005. Excellent mining with great strike length. And we confirmed that those same key geological units that you see in the West in the main dome underground that carried out higher grade mineralization repeat in the West Dome Underground. So say we've got two rigs on West Dome Underground. We've completed nine holes. We did that quarterly exploration drilling update last week. You just saw the first two holes come back with assays from that. The the three intercepts, probably the highlight there is the Hole 99, which had two, separate intercepts in it covering over 75 meters combined, including, yeah, 5.6 grams plus, point two five copper. So we really like what we're what's coming together here. It's a very promising opportunity for us. And what we're seeking to do is just try to bring a small start of this West Dome underground into that into that York resource update that we wanna do around the end of the March. So it continues to be a real focus on us, for us, this West Dome underground. In in terms of, staying in the underground but moving to slide 12, the Telfer Main Dome underground, we drilled another over 7,000 meters, across 67 holes. The focus for us was very much that, ESC, the Eastern Stockworks. ESC, central area, six we were able to successfully, take from the ResDes team and pass across to the, underground team. Delivering donations like this to the operating teams is part of our really clear focus here of creating greater flexibility and resilience in the underground. That's why development meters has been a real focus for us since acquisition, and we think this just continues to bear fruit as we create additional mining areas in the underground. Slide 13. Again, still in that Kelva Underground, just looking at some of the main dome underground, just looking at some of the higher grade donations that we're drilling out. If you have a look at the Kilo area, this is just successfully extended mineralization as we continue to kinda drill this forward. And whilst Tarkin further to the right of screen, we completed the resource conversion drilling program for the quarter. And, again, another area that's been able to pass across from ResDev to the operating team to again provide that greater flexibility and resilience, which has been a focus for us as we wanna we inherited a mine where that the mine faces right up next to mine planning. And over the last ten months, we've really started to to improve that and and get ahead on mine planning and development. Slide 14 is Main Dome Underground still, the Ray area. Ray is a really high grade area for us, but particularly copper rich. We're going in and we're taking out the secondary stopes. There's a paste plant at at surface at Telfer. It was effectively a a new plant built a while ago, but was hadn't been used. That was commissioned. It's allowed us to take out these secondary stopes in Ray. But in addition to that, we've completed a program that's extended mineralization along strike, again, with a view to kind of delivering that to the ops team during this present quarter. So, again, really positive development there on at RAIN. If I just switch to slide 15, which is HAVRON. HAVRON, the feasibility study continues to be progressed, and we're really targeting getting that to market during the current quarter. I think I think realistically, that's December, but we wanna try to get that as early in December as possible, and that will follow the the review by SRK. The the permitting process continues there at Tavron. We've actually got some pretty positive engagement with the relevant EPA department, so we feel that is tracking well. And then in in parallel to this, as we prepare to kind of re we're already entered. We effectively have reentered. We're doing a lot of work around ventilation. The box cut where we're actually taking that to be a surface portal to manage kind of rainfall events into the future. So we're just kinda walking the chain or moving the chain forward as we approach the feasibility study and final permitting. So Slide 15, which just gives a bit of an overview on the financing. There's quite a lot of information on this slide. But in essence, we generated $476,000,000 of revenue during the quarter from the sale of just over 82,000 ounces of gold. But, again, three just over 3,000 tons of copper as well, which is a great kicker. Gold sales was about $5,277 an ounce. And what's yeah. The key takeaway on that is that's roughly a thousand dollars lower than the current gold price, which, yeah, again sets us up for good success in the quarter ahead. The waterfall chart on the left of screen just shows the buildup then from original cash position, which was already a very healthy $575,000,000. We generated $385,000,000 of operating cash flow, and then we invested in the site. We spent around $87,000,000 on the opportunities to extend the life of Telfer, but we still ended the quarter with over 700 well, just over $750,000,000 cash at bank, zero debt. We remain exposed to the market gold price, which we think is positive, the same for copper, but we do have the that portfolio, which just gives us protection. It's insurance. We don't expect it to use it, but it's nice to have the insurance in. And even at those what look like low price is today, $4,200 gold, when we entered them, you know, we're giving ourselves high fives. It looks so attractive, but we're very glad that we did that as put options, so we continue to, participate in the gold price. A few just items to to remind people for this quarter. We've just paid $46,000,000 to the, Office of State Revenue here in Western Australia for stamp duty for the acquisition. So you're gonna see that in the December numbers. And we do flag and just to remind people when we released our financial statement, you would have seen the tax liability of 76,000,000. We expect that to be paid in the March. Effectively, that profit generation you've seen has meant we've gone through those carry forward tax losses a little bit quicker than otherwise. So we'll pay that in the March, and thereafter, we'll move to regular monthly installments of tax. In addition, particularly for the analysts, we just want to give updates, which you see in the body of our quarterly announcement in terms of the noncash inventory movement, a credit of 18,200,000.0. And we also give a bit of guidance on, depreciation and D and A, depreciation and amortization, which was $20,000,000 for the quarter. But that should grow to about 120,000,000 $140,000,000 for the full year because we do continue to invest in the site, and the acquisition, depreciation is a little bit slower than some of that new assets that we're putting in. But importantly, just kind of turning back to that cash flow position, that 750,000,000 at bank, no debt. I think that really sets us up for success in terms of Havron. It derisks and provides a lot of flexibility about delivering Havron, which we think is hugely attractive. I'll just turn to slide 17 as well. This just puts in context the cash generation we've delivered since Greatland's taken ownership of Telfer. $885,000,000 of operational cash flow that's translated into, you know, zero debt, that big cash that big cash balance, but the upfront consideration was just 541,000,000. And even by June, we delivered over $600,000,000 in in cash flow. A payback of insight of six months was somewhat 1.6 times already. So it's it's been really, really strong outcome for us in what we've been able to achieve at, Telfa. It's a remarkable achievement, and, yeah, to do a payback that quickly, I think, is rare. And, again, it sets us up for success and financial flexibility for for delivering HAVROF. Just to conclude the presentation on Slide 18, the September was really successful operating quarter and a great credit to the operational team at site. At Cheltenham, there's really been two key focuses for us, just continued operational delivery but also completion of this ambitious program around investing in the drill bit, which we think where you'll see part of that manifest in that Telfer mineral resource in the March, plus then the following quarter, the June when we can come out with the, ore reserve update. But that those rules are gonna continue to, run-in the second half of the year. So, yeah, we continue just to add inventory potentially. At Havron, we just continue to focus on that delivering that feasibility study in in December. In combination, we think the development of HAVRON and the opportunity to extend the life of Telfa gives us this exceptionally strong platform. We we can capitalize on this current strong gold price and and copper price environment. We can leverage the Telfa operations in delivering, Havron. And we also have this wonderful opportunity to extend the life of Telfa because the strongest you're gonna see Greatland is when you're operating Havron and Telfa together. So this is a pretty rare confluence of immediate cash flow generation and complementary growth. With that, I'll now ask the moderator, Ashley, to open it up to questions. Thank you. Your first question today comes from Daniel Morgan with Baron Joey. Go ahead. Hi, Sean and team. Just can you remind us, at Haveron, just step us through the permitting again? Where are you in the process? What is your expectation of timing? Understand that, that is outside of your hands to some extent. And just assuming permits are received at a certain point, what does that mean for FID on the project? Thanks, Daniel, for the question. Look. Havron terminalling is significantly advanced. It was certainly started by Newcrest well well before we we took ownership. The and we continue that that advancement, both with the state EPA and the federal EPA. It it is in the final kind of part of that process. It's gone out for public comment and and and other elements of that, which we think is encouraging. And we do seem to have a good relationship with the EPA both at a state and federal level. The the sequence of events will effectively be we'll we'll release the feasibility study. At at some point in time, we'll get the the those final EPA permits. And then subsequent to that, we'll announce the the the official FID. That will probably mean we when we release that feasibility study, we do it somewhat the way Capricorn did where they kinda did the p plus one, p plus two. I. E. The timetable is, permitting plus one, permitting plus two. We might use a slightly different vernacular, but I think that's a a positive way. Albeit, we do think we're in the end phases of of that EPA permitting process. I'm quietly optimistic, but I guess as optimistic as anyone can be in terms of describing the timeliness of the government department. But it does seem, yeah, I'll just leave it as encouraging. Yeah. Thank you. And maybe if you could just expand on recoveries. So that was a clear highlight this quarter, and there's been a few quarters since ownership of good recoveries. I understand there are several ore bodies with lots of complexity to different ore types and its influence on recoveries. But, you know, is there a way you can simplify it for us on how you're thinking about recoveries going forward across the across the site versus perhaps your business plans? Thank you. Thanks, Daniel. Why don't I pass that one across to Simon who's been leading the charge on that? Thanks, Sean. Thanks for the question, Daniel. Look. As you've noted, exceptional achievement by the team, best quarterly result since 02/2010. Look. This was due to that focus on the pyrite circuit and leaching circuit at the back of the plant. This was often overlooked as an area that didn't contribute significantly to recovery, But the background knowledge that team we've brought on had the original feasibility study has allowed us to unlock these higher recoveries. There was a point where we thought as we progress through the new stage seven cutback that those, that that that ore from the oxide and transitional part of the pit may cause us some lower recoveries. However, at the current, blend rates, which is around 15% of stage seven material in the overall blend, that's not causing us any concerns. And so we expect to achieve those mid eighties or above moving forward for FY '26. When we go into FY '27, we do move to 40% of stage seven as a blend. So we'll need to do a bit more work to see whether we can maintain those into FY 'twenty seven, but certainly FY 'twenty six, as noted, we're getting that mid-80s or above. Yep. Thanks, Simon. And I think, again, a credit to the team that they've delivered this, but it was also an opportunity we saw through that due diligence, and I think the team's done really well to execute on that opportunity. Thank you. And and, last question is just, so there's been a heavy focus on waste stripping at Stage seven. Just wondering when do you get into a sort of an ore harvest phase? And how does that sequence with your expectations of when the high grade stockpile will be exhausted? Thanks, Daniel. So as I mentioned, we've got about 15% of Stage seven in the blend this year. That goes up to 40%. So we'll have somewhere in the order of 8,000,000 to 10,000,000 tonnes of ore from Stage seven in FY '27. The hybrid stockpiles, they wind down or they're consumed in the March next year. So that'll give you a flavor, for how that sequencing happens. As I mentioned, we are looking at uplift plans for the open pit. As as we've locked in the schedules for the new equipment, we can start to put that into the open pit schedules, and that might bring forward some of that Stage seven material. But that's work in progress at this point in time. Thank you very much for your perspectives. David. Your next question comes from Hugo Nicolese with Goldman Sachs. Please go ahead. Morning. Sean, Simon and team, thanks for the update this morning. I just want to dig into some of the costs a little bit more in the quarter as well, particularly around just the processing and site services costs. Obviously, some increases over the last couple of quarters. You've touched on some of the plant work. But are you able to just give us a sense of where those costs should sit going forward from here? Yes. Thanks, Hugo. Look, in regards to site services, we see that sitting in that lower 20s type mark. I think we're at 29,000,000 for the quarter million. So that will drop back down to somewhere around that $23,000,000 mark moving forward. That's where we expect it to be. On the processing side, on a unit rate perspective, Q1 was always expected to be higher because of the large shutdown. It's the cooler part of the year. So when you're talking about labor productivity and so forth, aligning the longer shutdown in those cooler periods. Additionally, it's not raining either, which also can delay, shutdown. So we do that bulk of that work in, the July shut. So that would be a high watermark for processing costs for the year as well. So you'll see the processing costs on a unit rate drift down over the year, over the financial year. And maybe just to add to that in terms of site services, during this quarter, you've seen us do some work on TSF seven rehabilitation. That's currently not an active tail storage facility. But for those who've been at site, it's a very large tail. It's still tail storage facility. It's got five lifts still approved on a We see recommissioning that and bringing that back in. It's a much more efficient, tail stand in terms of cost. It's it's the upside risk. If we can bring that in, I think you'll see us be able to walk down, sustaining CapEx. That's that's part of our our opportunity. So we're we're we wanna spend some time, energy, and effort to see if we can achieve that. But if we do, I think it will be really beneficial for us. Perfect. Thanks for that. And then and then if I can sort of get into the price realizations on the copper piece and how you're seeing the TCRCs, should we expect copper to continue to sell at that sort of 10 to 20% discount as a con and and then where you see those treatment and refining charges for the rest of the year? Yeah. Let me answer that in in two parts. So the the TCRCs, I I think, are are really a good outcome for, Greatland. Yeah. I've spent a little bit of time, around marketing, COPCOMs in a previous life, and I've bought some of the people I've worked with previously to to to deliver this, which is doing really well. I think the t c r CCRC outcomes we're getting are exceptional. The one of the reasons for that is just Telfer is a very accepted product in the market. It's just got a long, long history of being a reliable Australian producer, and it doesn't have any deleterious elements. So it's an attractive con. And and I will add to that. The once we bring Hevron online, it looks even better. That's going to be one of the best copper concentrates on the market. So we really like where we're seeing, and you're seeing a little bit of positioning already by those by those, you know, buyers of the concentrate just wanting to preposition to to get an opportunity to to acquire, Hefron, Concentrate. In terms of the pricing on it, look, our focus is actually on that gold pricing, which I think is is really strong. When we did look at the copper pricing, there is some, payability in there, which I think is pretty market standard. But overall, we're participating in the, in the copper price. There's no TP or price participation or, kind of, long fuses on pricing index. So, again, it's a it's a really attractive pricing mechanism within those, within those, copper, concentrate offtake agreements, which just reflects the quality of the product and the reliability of Telfer as a producer of it. So I don't know if I could just dig in a little bit further. So just to clarify, are you seeing TCRCs at the moment then still as a a net benefit, or is those returned to a a modest charge? They're they're a net benefit. And when you look at those benchmarks, you can actually outperform those benchmarks pretty substantially. So that I don't I don't wanna kinda, you know, discuss them specifically in terms of numbers, but what I will say is the latest round of contracting we've done is materially better TCRCs from a great perspective than the last batch that you're already seeing in the numbers. So if anything, it gets a bit better from here. Thank you. Expectors are passed on. Your next question comes from Andrew Bowler with Macquarie. Please go ahead. Good day, Sean, Simon and Ron. Excuse my croaky voice. You've already answered my question about West Elm Underground making an appearance in the March 26 resource update. Simon, I think I heard you said in the prepared remarks that you're looking at a multiyear life of mine plan in in mid CY twenty six. Just wondering what are the key changes we should look out for there. It it sounds like we might get a, a scenario with the stage two of West Dome open pit, but is that too early to expect some numbers, from the West Dome underground in that in that life of mine plan mid next year? Thanks, Andrew. The key building blocks of that life of mine plan are the 240,000 meter drill program for this year. So that will inform the MRE, and the reserves that come out of that will form the building blocks of that life of mine plan. So until we do that, we we won't have the the detail to talk about. Certainly, we're optimistic about the stage two extension on West Elm Open Pit. And given it's open pit, given we're a large processing plant, having that volume of material as the cornerstone of Telfer is would be very, very accretive moving forward. So strong on that. With with regards to you specifically asked about West Dome underground. So we will have a resource on that next year, but we need to do some engineering works and some study works to determine the best approach to mining that. And at this point in time, you can see it's open in a number of areas, So we have to be sure that when we, go and approach this area to mine it, we got a a full understanding of the scope of where the ore sits. So, look, we'll we'll communicate our our approach to those studies in due course. So in that plan for mid next year, it it wouldn't make it into that plan for mid next year. And and, Andrew, if I if I just augment that, the, yeah, I think we're we're really positive about the trajectory for for Telfer mine life extension, but the the lovely thing here is the opportunity for that to coexist with the Havron production because not necessarily in terms of volume, but in terms of ounce profile given the grade at Havron. Havron becomes that base load feed, and then you take a little bit of the pressure off Telfa, the run rate slows down at Telfa, and it can generate ounces in parallel. And look. If you're a little bit if you share my optimism about West Dome underground, that's a a a lovely little addition to the to the mill feed. Alright. Understood. That's all from me. Thanks. Your next question comes from Paul Hissy with Mollis. Please go ahead. Hi. Morning, guys. Just a couple of questions on on some of the numbers here. Firstly, the inventory inventory charge, I think, 18,000,000 you say in the notes. In in reporting this outside of all in sustaining costs, which would probably be contrary to what we see across the peer group, is this is this a discretionary move, or is this because of its nature as an acquired part of the business that it enables that to be booked separately? Yeah, Paul. Thanks for your question. You know, that number's a a credit, but you're exactly right in the question. It's a it's a function of the thing, acquisition or stockpiles acquired at acquisition, which if you go through the World Gold Council definition means you exclude it from all in sustaining costs. So we are we are sticklers for the rule book on this one. Yep. And then secondly, just the, the additional waste movement in stage seven, I don't, I don't see any sort of stripping charge or stripping contribution here in your in your all in in sustaining, is that is that all capitalized? And is there is that therefore included in your other capital disclosures? Yeah. So, look, that is that that is capitalized, that that pre strip, and will be amortized, I'd expect, across FY '27 and FY '28 when that becomes the base load fee for for for Telford. So, again, I think that's pretty standard there with effectively doing the pre strip that the lifting's being done right now by stage two and and and the high grade or the ROM stockpiles. And then into FY '27, FY '28, you'll see the DNA coming out of that prestrip. Okay. Thanks. Your next question comes from Ben Lyons with Jarden. Please go ahead. Thank you. Good day, Sean, Simon. If we cast our minds back three months ago, there was a lot of concern about the reconciliations in the in the stockpiles and the ore feed for the next twelve months. Now, obviously, you've done a lot of work in the intervening period, but I was just wondering if you'd sort of talk through your experiences there and just give us an update on, yeah, the increased level of confidence, I guess, in the the metallurgical recoveries and reconciliations. Thanks very much. Yeah. Look. You know, we we think you just see from the the outcome this this quarter that that that kind of worked, you know, really well for us. What we've done is we've switched and, again, we did this acquisition to the 25 by 25 meter drill spacing program as opposed to the 50 by 50 meter that that we inherited. That gives us a a more informed view around the the, block model resolution. Yeah. We don't think any of these impacts FY '26 guidance because what we've seen is those stockpiles kind of performing to that, expectation that we set in the market. So we're kind of pleased we did that. And then, what you're seeing is a bit of outperformance in the underground performance and in recovery that's, knocked us up a little bit, which has been pleasing. Okay. Thanks, Shaun. And, there was also a comment in the release about a review of the short term metal pricing strategy where you've identified some additional lower grade material that might come into the the mix over the next twelve months. Can you just elaborate on that a little bit more, please? Like, have you increased your internal sort of price projections, obviously, very strong gold and copper prices at at present? And what sort of grade we're actually talking about for some of that marginal material? Thank you. Thanks, Ben. Simon here. Look. When we went through and reviewed our planning model, and we reviewed the metal pricing in there, we see an opportunity where when the metal pricing, might you know, is above, say, that $5,000 an ounce pricing point, we've got the opportunity of bringing this low grade material in at good margins. So that coupled with a review or or putting our current cost structure through that model and also building in the upside to the recoveries, ended up with identifying that 2,000,000 tonnes. So I see it's on the low grade side. So typically, grade ran about that point three three, point three five grams per tonne. This material does sit, below that point three grams per tonne. But as I've said, this material is already mined. It it is a truck pass to crusher to the waste dumps. So we'll we'll take that into account. If there's an area of the mine schedule where we're predominantly mining waste, we can look at bringing that material into the plant, but we'll work through that, how that looks like for the second half. The if I can add there, Ben, like, the keyword is optionality there. It's just we're already remove moving that material to to get through the crusher feed ore, which provides the the the financial basis of of the size of the cutback or the material move. And we've got this ore. It's economic at today's prices. It runs past the mill, particularly if there's an opportunity to direct it that it it looks attractive. But it's just optionality. Yep. No. I completely understand. And what an extraordinary gold market environment when point three gram dirt is economic. So just broadening that to the sorry. Sean? And on that thing, like sorry. It is worth noting that what is exceptional about Telford is just the size of the rock factory. It's big, and we've got really low processing costs. The improved recovery really helps. And you look at what we've done to the cost structure since acquisition. We've walked that down. Yeah. Yes. We've got that gold price tailwind, but I think we've made some adjustments that have also added to that opportunity. But the size of Telfer, it's Australia's third largest mill, it's the largest mill in the mid cap section, creates that optionality for us. Yep. Yep. Noted, and and great work on the cost base. Maybe as you're sort of thinking about, yeah, protecting the downside and, you know, again, awesome strategy by just having a few sort of puts in place, but not having any forward commitments. So you've got that full exposure to current gold prices. Any any change in in thinking about the the hedging strategy? Obviously, you don't have any debt. You got a truckload of cash on the balance sheet, but, yeah, just how you're currently thinking about protecting the downside. Thanks, Sean. Yeah. Look. Thanks, Ben. And, look, I think great learned at the time of acquisition were the first ones to pursue that kind of put option strategy. It was a a credit to the finance team to put that together. And also the board. Not often, the boards actually accept, paying the put option and and buying the insurance. But in the end, I think we got payback on that put option strategy literally in the first month. So it was it was really successful. I think you'll continue to see us roll forward that kind of put option strategy. We really like it, particularly in this market. Sometimes the extension question there is we've got the HAVRON financing coming up. Will the bank seek to impose hedging? Look. I think that HAVRON financing, when you've already got 750,000,000 in the bank, You know, for the finance market out there, it's like bees to honey. So I think, that's gonna give us an opportunity to resist, any forward pricing, as part of that financing and maintain that that put option strategy. So we're we're pretty confident we can maintain that into the future. And, again, you're doing a major project, but we can resist we can resist any kind of banking imposed hedging because of the strength of Telfer, because of the strength of the platform that we've established. No. That's very clear. Thank you very much, and well done, Sean and team. Thank you. There are no further questions at this time. I'll now hand back to Mr. Day for closing remarks. Look. Just briefly, I just wanted to say thank you for everyone for dialing in this morning. We appreciate that. And the also, just thanks Ashley for moderating so smoothly today. Thanks again, everyone.