I would now like to hand the conference over to Mr. Brian Quinn, Managing Director and Chief Executive Officer. Please go ahead.
Thanks, Darcy, and thanks for those who have joined us today for our release of our FY 2024 Q4 results. I would like to firstly introduce everyone on the call from Aurelia. We have Martin Cummings, our Chief Financial Officer, Andrew Graham, Chief Technical and Business Development Officer, and Angus Wyllie , our new Cobar Regional General Manager, who's just been recently promoted from our GM Dargues' role after several good years of performance at Dargues. We will use the slide pack presentation that was released for the purpose of talking through the quarterly results, and at the end, I will ask the team members to answer any specific questions you may have from the presentation. We'll focus today on our quarterly results and be providing a more fulsome forward look at the FY 2025, sorry, at the end-of-year results for FY 2024.
We will be talking through our FY 2025 guidance, projects, discussion on portfolio optimization at that sort of time at the end of August. Hope you can all join for that call at the end of August. If I just start with the first slide, really the four key messages I'd like to relay are: we have delivered on our FY 2024 guidance for production and costs. Two, we have continued with our operational improvement plans, both with our Cobar Regional team in place and stepping up performance. Three, our Federation remains on track for first stope in late Q1 FY 2025. And four, we have reported in the last quarter some exceptional results in our exploration, and we'll have Andrew talk through some of that. Just on the slide four, our guidance result shows a strong delivery in last quarter for all commodities and costs.
This has been a great team effort for the last quarter, and the broader operational teams have really stepped up to show what's possible. In our previous announcements, we talked about the final quarter being a big quarter with higher-grade stopes coming online, and I'm pleased to basically provide that feedback that we have achieved that. We're so successful in both recovering the ore and getting some good recoveries through the processing plant. On slide five, our safety performance has improved with less injuries this quarter, but unfortunately, still one too many. We have a renewed focus in the quarter on using our Take Fives and JHAs and quality field leadership to really ensure people are working safely and have the time and the tools and skills to complete the work safely. It's non-negotiable that people go. It's actually non-negotiable. We need our people to go home safely every day.
The majority of the injuries have been cuts, slips, and trips on the site, but still, there's much we can do to sort of stop that from occurring and work with our teams to really ensure we do go home every day safely. Looking forward into FY 2025, our focus on the field leadership and the training around that will be very much a step up, and we'll also be focusing on fatal risk protocols to ensure we can really get our fatal risk understood and updated in line with where our business is going. A real positive for Aurelia has been the sign-off of our sustainability strategy for the business. Going forward, we'll now have clear strategies for safety standards, a clear focus on reducing emissions and the use of town water.
In addition to that, we'll have some real clear plans around adding value to our communities that we're working with, and we want to be good neighbors with these communities going forward. On slide six, operationally, firstly, operationally, we delivered a strong fourth quarter, delivering both strong production at Dargues and at Peak. Peak delivered well in the mining and the processing areas. Mined ore is 18% up this quarter at 175,000 tons. Meters remained above 700 meters per quarter that we've discussed on several of the different quarterly conversations. Mining unit costs per ton reduced again from AUD 134- AUD 120 per ton from the previous quarter. Our processing plants also delivered a great result with record recoveries in zinc and lead commodities, which was also very pleasing for us.
The combination of all these good results provided an all-in sustaining cost for the June quarter at AUD 1,277 per ounce, noting that the four-year number was AUD 2,035, which was also within the guidance that we'd reported for the full year. The Peak mine continued over the quarter to deliver also copper from Chesney, which continues to provide good grades and good recoveries through the mill. This has been very encouraging for us. Obviously, as we transition over the coming years into the Peak North Mine , having these good grades and good recoveries is very much in line with our business plan going forward.
On slide seven, Dargues is mainly focused on production drilling, stoping, and processing of the quarter, and we'll finish in Q1 FY 2025. The operational team has delivered very consistent results at a low cost, and they continue to look for those cost opportunities as we progress. We're on the final stopes now, and some of the mining crews have already started to finish on site as their rosters come to an end. At this stage, mining will finish at the end of July, and processing will finish towards the end of August.
At this point, there will be a small crew moving to care and maintenance while we start selling off the assets and demobilizing the site ready for remediation over the coming 12 months. A full plan has been developed of all the activities and organizational structure signed off for the ongoing works, and we're still in the process of selling off the plant and equipment to understand, and basically to understand through the various options and offers we've been given what our sale proceeds will be versus our cost remediation.
There's obviously going to be a trade-off there, and we'll continue to look at that over the coming months. On slide eight for Federation, the Federation project has continued to deliver work packages, including surface construction, which has involved the ROM stockpile build as the haulage routes have been put in place. Also, these things are important for our preparation for our production ore in Q1 FY 2025. Those hauling roads will be what we take the ore from Federation to Peak on and join the Burthong Road , which then joins the main highways up towards Peak.
The power project upgrades have also been progressing in parallel to be ready in time for the site growth, and there was an acceleration in the construction of water dams and infrastructure to manage the heavy rainfalls we experienced over this quarter. Noting this will be important for both wet and dry seasons, having dam capacity to capture water in wet and to use the water in the dry is obviously something we're very mindful of in terms of laying out the site properly for the future. On the people side, we've continued to onboard new employees, and in parallel to that, our focus has been to really look at the operations readiness works to include operational contracts, people planning and systems, and doing a lot of work around completing risk assessments and management plans for the operations when we go into full production.
But as reported, we have had some challenges this quarter with water, both at Federation and some water issues at Dargues. Rainfall, firstly at Dargues, has continued to increase water levels in the TSF at a time when mining has come to an end, and it's going to put pressure on our remediation works timing. Nothing that can't be managed, but it's just one thing we're working through. But the multiple rain events at Federation have created more rainfall than the project can manage while we're in this middle of the project build.
Even all the evaporators and pumps that were installed in February were not as effective as planned. Fortunately, we had in our planning and approved through the regulator to install a large water management dam and associated infrastructure. So these were fast-tracked, and now we are really bolstering up the water management capacity going forward. To preserve some of the cash for the project, we paused underground works.
People were sort of redeployed under other works through our contracting partners, and we recommenced operations in early July. The impact of these delays has meant that our ore drive development and infill drilling programs have been delayed, and hence that impact our ability to finalize our geological models and stoping plans for the remainder of FY 2025 ramp-up. But these will be finalized now. Our development has resumed and will be releasing some of that information in our four-year results with our guidance in August. We've also experienced some inflation pressures on the project for labor, diesel, concrete, and equipment hire. These cost inflations have drawn down some of the contingency, but also we've continued to review the scope of the project and look for improvements in our capital to keep us within our approved budget.
It's our intention at the four-year results to provide some details of the changes to the project scope that we've used to stay within budget. Ultimately, the result of the production performance for the business and the capital works has resulted in AUD 116 million cash in our balance sheet, which is a great finish to the year. I'll obviously have Martin talk to some of those results later. In the meantime, I'll pass over to Andrew to speak through some of the exceptional exploration results we've continued to unlock in our region. Thanks, Andrew.
Thanks, Bryan. And for those who've been reading our releases, certainly the exploration results have been exceptional. So just to touch on a few of those. During the quarter, first of all, those following along were on slide nine. We received assays from our Federation drilling that we did discuss at the last quarter, though at that stage, the results were visual rather than having assays. As expected, the assays came back and certainly confirmed what for us is a very exciting development for Federation. And the release was the 14th of June, and if you haven't had a look, I'd suggest it's worth a look. Basically, drilling to the west intercepted a high-grade mineralization at about a 140-meter offset to the north of the strike of the main ore body. Now, why is this exciting? Well, certainly exciting.
On the slide, you can see some of the grades there. We're talking 50%+ lead plus zinc with great copper and great gold. So that in itself is exciting. But the real exciting thing there for me is it opens up the potential for Federation mineralization to continue to the west on that offset. So certainly plenty there for our exploration team to get into. There's a photo on slide 9 of Owen from our Cobar district team. Certainly got his work cut out for him in the next while. That release, we also put out information on Lancelot. Those who have good memories will recall that we put out some IP polarization work on Lancelot some time ago. We'd followed that up following our progressive approach to exploration, to keeping costs low through soil and ore sampling, which certainly came out with some very interesting results.
We got some coincident copper, lead, and zinc anomalies, and that was coincident again with the IP result. So, given us some good targets, and we'll be drilling that in FY 2025. Moving away from the Nymagee district and onto the Cobar district up around our Peak mine on slide 10. During the quarter, we also released an exploration update on a range of drilling that we've been doing there. And again, if you haven't had a look, 17th of July, we put out that release, and it's worth following up with a look. Particularly pleasing to me in this release was the copper success that we had. And Peak does transition this year from two being dominantly fed by copper ores, and definitely getting some good copper exploration success will support a long life for Peak as a copper mine.
To touch on a few of those, Queen Bee, it's a historical mining area 10 km south of the Peak processing plant. Results did include 17 meters at 4.7% copper, which I'm sure everyone agrees is a fantastic result. Within that, up to 17% copper grade. Early days for Queen Bee, but the hope for us is it develops into an ore body that supports a mine, which will then feed the Peak processing plant only 10 km away. We also saw some really good interception Mount Pleasant. Grades up to 11% copper. Mount Pleasant is effectively the next ore body along from Burrabungie, and you may recall that we released Burrabungie results in March last year. It's in that North Mine at Peak, and it's really starting to build as an interesting copper picture in North Mine beyond Great Cobar. We all know about Great Cobar.
So we're now extending the known ore bodies and with this drilling, continuing to delineate additional ore to the south. And while on existing ore bodies, the release also included some Jubilee North drilling. That also is in the Peak North Mine, just north of our mining areas. And we've been able, with that drilling, to extend mineralisation about 150 meters to the north. Now, interestingly, that is on the way to Great Cobar. So, certainly some great potential for that to come into the plant. Photo in slide 10 of Fernanda from our Cobar district team. The reality is these results, be it around Federation, in that Nymagee district up around Cobar, are a real credit to our exploration team who have continued to deliver the goods. Pass over now to Martin, who's going to cover off on the balance sheet.
Thanks, Andrew. I'll be turning to slide 11. As Brian mentioned, this quarter, we've continued to strengthen our balance sheet with total cash on hand growing to AUD 116.5 million. That's up from AUD 116.9 million in the March quarter. In turn, it's taken total liquidity now to over AUD 150 million. This is a fantastic performance and was the result of strong cash from our assets. To put this into perspective, Peak and Dargues almost completely funded our investments in Federation and in exploration this year with a total of around AUD 75 million of cash flow generated. Peak had a very strong finish to the quarter with over AUD 25 million of cash, which took cash flow to AUD 37 million for the year.
It was pleasing to see further progress in improving our mining efficiencies, which led to lower unit rates, and this will continue to be a focus area for us in FY 2025. As I mentioned last quarter, our goal of AUD 100 a tonne remains and will be driven in part from cost efficiencies, but also from transitioning to higher volumes from the North Mine. Our processing costs were slightly higher this quarter, really driven by higher variable costs on reagents and power, as well as some labour to cover the additional processing time. With Federation ore coming to Peak in FY 2025, our plans are now underway to set up the process plant to run for longer periods. The record recoveries achieved were also very pleasing, given as it sets us up well once this higher grade ore comes to the mill.
For Dargues, again, the operation performed admirably and another strong quarter with cash flow of AUD 10.2 million. That contributed to a full year result, again, of around AUD 37 million for that side as well. Our operating costs are trending lower as we planned, and as the team starts to ramp down activity on site. As Brian mentioned, we do expect mining to complete at the end of this month and processing in August. We will be continuing with shipments of concentrate through the remainder of the quarter. Once processing concludes, we also will transition the site into closure mode. In terms of Dargues, around closure costs and around other related items such as tax losses, I'll carry those items over to next month when we talk through FY 2025.
Brian has gone through the achievements at Federation this quarter despite the wet weather, but in terms of spend, we came in slightly below the bottom end of the revised guidance. And again, I'll update you on what FY 2025 looks like next month. For exploration, the great results that Andrew has just taken us through in total was an investment of just over AUD 11 million and a very pleasing investment in terms of the outcomes. And finally, I'll just cover off your note. With these attractive commodity prices, we did add to our hedge book during late June and early July. So the hedge positions there are final, but what we did do is add around 14,000 ounces of gold, just under 6,000 tonnes of zinc, and just under 7,000 tonnes of lead. And they will be settled monthly out to June 2025.
The average prices, you can see of the total book are on that page. As previously mentioned, hedging for me is not a punt on commodity prices. It's really about providing protection to our revenue and our cash flows while we're still constructing Federation. But that said, more than 50% of our revenue remains exposed to spot price movements. So that's all I'll cover today. Thanks for your time. I'll hand it back to Bryan.
Thanks, Martin. Look, obviously, just on the final slide, to keep the message very clear, really around the focus on delivering our operation performance to the right level to really get our mills filled in the coming years. And really, to do that, I'll just talk through the six key dot points. We are focused on getting our first stope ore FY 2025 late Q1.
We're relentlessly going after improvements in unit costs and performance at Peak, which is going to be our focus over the next 12 months, especially as we move into the North Mine and transition into a copper predominantly in the next couple of years. We're progressing optimization works for Cobar. This includes finalization of a trade-off piece of work that we're doing between expanding Peak processing facility versus restarting Hera. Once that is actually done, we'll release that information in the coming months. We've also been really focused on attracting good talent into our regional Cobar regional team. They've got some really exciting work coming up, especially with obviously improving the current operations, the development project at Federation, the Great Cobar sort of project beyond that, and some other sort of optimization work we're doing also. So this is an exciting time for people to join Aurelia.
Our focus is also to continue to operate Dargues safely and with good cash generation till the end. As I mentioned earlier, that end is coming in the next couple of months. Then we're deep in the process of looking at what we're selling in the market and also the closure plan that goes behind that as well. Last but not least, it's important to keep our eye on the prize for the future. Our exploration is fundamental to us. It's really looking at what's next beyond Great Cobar and how do we prioritize that. Our mills have the capacity well beyond Great Cobar. As Andrew talked to, there's a lot of exciting information coming out around Federation, and Queen Bee and Nymagee.
So obviously, our focus will be on making sure we have that project and that program that works well to really advancing our options. All of these actions will build our portfolio to be a strong company with multiple options in the future and obviously transitioning to copper dominance in the future as well. So thanks, Darcy. I will pass over to you to facilitate the questions, and I'll take it back after the questions. Thank you, Darcy.
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. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Adam Baker from Macquarie. Please go ahead.
Good morning, Bryan and team. Good quarter. Peak ore mined, 175,000 tonnes, ramping up nicely there. Just wondering how you're thinking about the time to Federation bringing the ore online there, tracking that up to Peak, and then thinking about potential mill capacity limits at Peak. In addition to that, how do you think about Hera in context of the strong performance at Peak on its own basis in addition to bringing Federation online? Thank you.
Thanks for the question. Look, I think broadly speaking, the kind of baseline plan that we have is we will continue operating Peak and obviously transitioning over the next couple of years from South Mine and more into the North Mine. Obviously, you recognize that the North Mine has got obviously a dominance around copper and less lead zinc. We will be ramping up Federation in line with the plan we'll put out with guidance in late August. And that volume will move its way from Federation to Peak in the sort of period. And obviously, the current base case we've talked to the market about is once the right volume is achieved, then we'll be restarting the Hera plant. We're obviously in parallel running an optimization process through Andrew Graham at the moment to look at what are the options around putting more through Peak.
That study hasn't been released yet. Obviously, the engineering is being done on the optionality around that. Once we have a view of if there's a change, we'll release that information to the market. At this stage, it'll be ramping up volume into the Peak processing facility. Once we have the view of what that looks like in terms of volume, Hera will restart and be processing the remainder of the ore. But like I said, we'll provide more details of that as we progress that project in the background.
Thanks. And can you just remind me the current capacity of the Peak plant as it stands at the moment?
The Peak plant's 800,000 tons capacity.
Got it. Thanks. In context of the strong exploration results you've been having in light of the stronger copper price environment, are you looking at spending more on the belt heading into FY 2025? Or you might defer that question to next month, I guess.
More on exploration, you're saying?
Yeah, that's right. More on exploration, more drill meters into the ground.
Look, I think our drilling has been great for FY 2024. We'll release information on the drilling as we provide guidance and sort of the outlook at the end of August is probably the best way to deal with that one.
All right. Thanks, Bryan.
Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Paul Kaner from Ord Minnett. Please go ahead.
Hi, Jens. Yeah, thanks for taking my questions. A couple, if I may. Firstly, on gold production versus sold, it seems like there's a bit of a con build-up at both Dargues and Peak. How much should we assume sort of gets unwound next quarter? Obviously, all the con at Dargues should unwind, but how much was sort of sitting there at the end of June?
Hey, Paul Martin here. Look, yeah, the con, just to sort of walk you through what took place towards the end of the quarter, we tried to maximize our sales sensibly. So I guess the first message is I wanted it to be a sustainable sales period so that we didn't just trash July and August. So we do have in total similar dollar value concentrates sitting on the ground that we did in March. Now, some of that has been price-driven as well in terms of the dollar value. But look, there'll be a little bit of unwind. The reason being is given it was year-end at Peak, we did some of our advances, which are in the normal course. We did them slightly earlier just to make sure the cash came in.
So there was production, very good production for the last around 9 days of June that wasn't sold. So yes, there'll be a little bit from Peak, but not extraordinary. At Dargues, yeah, there is, I think, around 2,500-odd ounces of metal in con that will be unwound. So we will have the positive cash flow impact from that coming through in the September quarter.
Yeah, great. Thanks, Martin. And then just secondly, on Federation, that infill drilling, obviously a little bit behind because of the wet weather. How much do you think that's sort of going to impact the ramp-up in terms of tonnes out of the ground and ultimately production in FY 2025, or should we hold off until we get guidance in August?
Yeah, look, I think the best result there is just to wait till we give you guidance. A couple of things. There was obviously the underground ore development. We were actually wanting to get in there and actually do the underground ore development into those stope areas to be able to reconcile the current models and what's happening underground, which is just normal for a brand new mine. Secondly, the infill drilling is obviously critical for establishing the area. We're also waiting for the infill drilling results to come back with the assays as well from previous drilling. So there's kind of a combination of things we want to sort of bring together and correlate and then provide confidence about where we're going as a company.
So it's sort of just more making sure we triangulate all the bits of data we have, and we'll be getting out of the coming weeks as well. So we'll provide guidance on that in the August meeting.
Yeah, no, understood. I guess what I'm trying to get a sense of is, can you fast-track some of that infill drilling to catch up versus what you had sort of originally planned?
We'll be going as fast with the infill drilling as possible. 100%.
Too easy. Thanks. That's it from me.
Thanks, Paul.
Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from David Coates from Bell Potter Securities. Please go ahead.
Morning, Brian. Morning, Martin. Morning, Andrew. Thanks for your time this morning. Congratulations on the strong quarter. My question is just a broader one. The great quarter, obviously, really good sort of production cost result for Aurelia. If you could sort of pinpoint what's really kind of been the underlying driver of that, is it sort of mining sequence and grades, or are there some more kind of operational issues that you've seen strong improvement in that have driven that result?
Yeah, thanks, David. I might answer it then hand over to Angus to make a comment too. Look, I think ultimately, what we said in the previous quarter was we'd had obviously to change some of the sequencing around in quarter three due to some technical issues and online analyses that failed. So we had to change the sequence around inside the mine, which is never ideal.
Obviously, coming into this quarter, the team has delivered that. I'd say in addition to that, we've had some really good results from both mining to get the ore out and from processing to be able to get really good recoveries that we sort of announced as well. I think overall, we sort of described that in the third quarter, what our plan was, and what's been pleasing as the team has delivered that in the fourth quarter. I think in terms of Dargues, obviously, they've been consistently performing and taking out the stopes in the sequence that was planned and have obviously been able to recover the grade and the volumes that they'd committed to on an ongoing basis. They really, both sites, both teams have delivered in line with the plan, both at the mining and the planning, the mining and the processing.
Anything you want to add to that, Angus, at all?
Yeah, thanks, Bryan. Look, really just a lot of focus on the maintenance side as well from the underground equipment, making sure we're getting the reliability out of the equipment as well as working on utilization with the mining teams. That's been a strong focus, and that will continue into this new year. We're really looking to ramp up and make sure that availability and utilization is maximized.
Excellent. I suppose that question, another way of asking that question, I guess, is how sustainable, I guess, is that it sounds like some of it's mining sequence, which will ebb and flow, but it sounds like there's some operational issues that are sort of, I guess, fundamentally sustainable and positively production outlook from the operations?
Yeah, look, I think the key thing here, David, is there's nothing done this last quarter to shortcut to get the results. I think moving into quarter one of FY 2025, it's business as usual. There was no sort of last-minute sprint to the end and then leave a mess for FY 2025. The team has been very much around, "We've got a plan. We need to deliver it.
It needs to align to our life of mine plan and keep pushing on towards that." As Angus mentioned, a lot of it's about getting the fundamentals right, have a plan, deliver the plan, make sure the available utilization's right, and make sure we've got it done at the right cost. So there's nothing untoward or unusual about what we're doing. I think the sequencing was because of the OSA that failed in quarter three, that sort of reshuffled things. But as we've mentioned in previous quarters, our focus has been about getting development leaders ahead, providing us a couple of months of sort of time to be able to get in there, do the support work, get the production drilling, get the services done, and get stoping ready so we're not just in time on every stope.
That's been the focus over the last 12 months to move that forward, catching up from the previous year. That's got to continue on. Nothing's going to change with that, and we need to get our development ahead even further. We'd like it to be even further ahead than we currently are now, going into FY 2025 and FY2026. Excellent. I'll look forward to seeing the FY2025 guidance in August. Cheers. Thanks, guys.
Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question, it comes from Paul Kaner from Ord Minnett. Please go ahead. Pardon me, Paul, your line is live.
Sorry, the mute function there. Yeah, sorry, just to follow up for myself. On that optimization plan, when can we expect that this quarter? And then just sort of on top of that, I guess, how should we be thinking about Great Cobar, obviously sort of transitioning to Peak North, but then thereafter, do we just see Great Cobar sort of replacing Peak North?
Look, I'll firstly just mention most of that information will come out at the in terms of our plans will come out in the full year results as far as the project is concerned. And we'll also be providing information on FID in FY 2025. So we'll have an FID sort of process moving forward with FY 2025 for Great Cobar. Obviously, we've been very fortunate to have the Chesney and the Jubilee area to be able to get some really good copper out of and good recoveries and grades out of. That has actually allowed us to push back that capital and that sort of progress to Great Cobar. But yeah, our aim in FY 2025 is to push Great Cobar to FID in this financial year. Andrew, do you want to talk briefly about the optimization project? I don't want people to be distracted by it.
We have a current base plan, which actually is to fill Peak Mill, and then obviously the option is, current default is we move into Hera. But the optimization project is really looking at what else could we do to improve our value of our business. Andrew, do you want to just talk to any key points there for the optimization?
Yeah, no problem, Bryan. And I think that point is very valid. We have a plan that works. We have a plan that's permitted that we can deliver on straight away, which is the one Brian talked about, filling up Peak and then restarting Hera. And we have had some involvement from an engineering firm working with us on Hera to have a look at the restarts and the costings and those sorts of things. And that'll be part of when we come out with a Cobar optimization. The good news on that is there were no surprises, and Hera will shut down well and should restart relatively easily. But what we are looking at is can we do better? And so the way you should think about it is we have a base plan, and there's a value to that plan.
And we will engage with and take forward an approach that improves that value on a fully risked basis. So there's other elements around permitting and those sorts of things that we're well advanced on. But we just need all that to come together to look that there's a risk value improvement to taking it through Peak. But conceptually, it makes some sense, and we've got engineering support working with us on coming out with that right info.
Yeah, understood, Andrew. Thanks, Colin. So I guess our base case should be fill Peak Mill and then sort of add in Great Cobar thereafter. And yeah, I guess potentially have Hera coming on, or if not, expanding the Peak Mill.
Paul, just to touch on your question on Great Cobar. So thinking about the evolution of Peak, we're certainly targeting some South Mine ores at the moment, supplemented with North Mine. The higher NSR materials, particularly leading gold material, is coming from South Mine. We will continue to do that, but you'll see proportionately more North Mine coming in. That's Chesney and other ore bodies, so all that we have available and developed today. At the right time, we make an approach towards Great Cobar. We are doing a series of work on Great Cobar at the moment, looking at things like the geotech hole we drill, the vent raise, for example, ventilation, for example, just to be sure that when we do go, it's a low-risk project that we know we can deliver.
But if you look at the life of mine for Peak, it does transition to North Mine, and it does transition to being a large proportion coming from Great Cobar. So when I talk about some of these exploration successes in North Mine, the bit that gets me so excited is it takes our dependence in some ways off Great Cobar and allows us to then be able to feed copper ores from a range of ore bodies, which has de-risked our ability to deliver.
No, that's great. No, that's all the color I need. Thanks. Thanks, Andrew.
Thank you. There are no further questions at this time. I'll now hand back to Mr. Quinn for closing remarks.
Thanks, Darcy. Look, firstly, I want to thank the relay team for this quarter. Obviously, we delivered what we said we're going to deliver, and that's been based on quarter by quarter, we've been focused on doing that. The executive team has really stood up and sort of made sure we're sort of focusing on the right things, and we've been well supported by the board and shareholders to continue building our business as well. We look forward to sort of providing some more information at the full year results in late August. As I mentioned in my opening, we'll provide updates on our projects, our production and cost guidance and outlook, and we'll sort of have a lot more information going forward so we can provide that to our investors and shareholders where we're going as a company. Otherwise, thanks everyone for dialing in today.
Thanks for the questions, and we look forward to working with you guys in the coming months. Thank you very much.
Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.