Q2 2024 OceanaGold Corp Earnings Call

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Operator: Good day, ladies and gentlemen, and welcome to the Oceana Gold Corporation Q2 2024 earnings conference call. At this time, all lines have been placed on hold in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. And if at any time during this call you require immediate assistance, please press star zero for the operator. Also, note that the call is being recorded on Wednesday, July 31, 2024. And I would like to turn the conference over to Rebecca Hanari. Please go ahead.

Unknown Executive: Good day, ladies and gentlemen, and welcome to the Oceana Gold Corporation Q2 2024 earnings conference call. At this time, all lines have been placed on hold. In a listen on the mode.

Speaker Change: Good day, ladies and gentlemen, and welcome to the Oceana Gold Corporation Q2, 2024 earnings Conference call. At this time all lines have been placed on hold.

Rebecca Harris: In a listen only mode. Following the presentation, we will conduct a question and answer session and if at any time. During this call you'll require immediate assistance. Please press star zero for the operator also note that the call is being recorded on Wednesday July 31st 2024, and I would like to turn the conference over to Rebecca minority. Please go ahead.

Unknown Executive: Following the presentation, we will conduct a question-and-answer session. And if at any time during this call you require immediate assistance, please press star zero for the operator.

Unknown Executive: Also note that the call is being recorded on Wednesday, July 31, 2024.

Rebecca Henare: And I would like to turn the conference over to Rebecca Henare. Good morning and welcome to Oceana Gold's second quarter 2024 results webcast and conference call. I am Rebecca Henare, Director of Investor Relations. We are joined today by Gerard Bond, President and Chief Executive Officer, Marius Niekerk, Chief Financial Officer, David Londonio, Chief Operating Officer America, and Peter Sharpe, Chief Operating Officer Asia Pacific. The presentation that we will be referencing during the conference call is available through the webcast and on our website.

Rebecca Harris: Good morning and welcome to OceanaGold's second quarter 2024 results webcast and conference call. I'm Rebecca Tanari, Director of Investor Relations. We are joined today by Gerard Bond, President and Chief Executive Officer, Marius Niekerk, Chief Financial Officer, David Londono, Chief Operating Officer, Americas, and Peter Sharpe, Chief Operating Officer, Asia Pacific.

Rebecca Harris: Good morning, and welcome to Oceana Gold's second quarter 2024 results webcast and conference call.

Rebecca Harris: And in our eight director of Investor Relations.

Speaker Change: We are joined today by Jared Bond, President and Chief Executive Officer, Mary <unk>, Chief Financial Officer, David Lund, Donyell, Chief operating Officer, Americas, and Peter Sharp Chief Operating Officer is Asia Pacific.

Speaker Change: The presentation that we will be referencing during the conference call is available through the webcast and on our website.

Rebecca Henare: I would also like to remind everyone that our presentation will be followed by a Q&A session.

Speaker Change: I'd also like to remind everyone that our presentation will be followed by Q&A session.

Rebecca Henare: As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release, and MD&A, as well as the risk factors set out in our annual information form. All dollar amounts discussed in this conference call are in US dollars.

Speaker Change: As we will be making forward looking statements during the call. Please refer to the cautionary notes included in the presentation news release and MD&A as well as the risk factors set out in our annual information form Aldo.

Speaker Change: All dollar amounts discussed in this conference call are in U S dollars I will now turn the call over to Jared for opening remarks.

Gerard Bond: I will now turn the call over to Gerard for opening remarks. Thank you, Rebecca. Good morning, everyone. And thank you for joining us today. The first pillar of our corporate strategy is to safely and responsibly deliver goal production.

Rebecca Harris: The presentation that we will be referencing during the conference call is available through the webcast and on our website. I would also like to remind everyone that our presentation will be followed by a Q&A session. As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release, and MD&A, as well as the risk factors set out in our annual information form. All dollar amounts discussed in this conference call are in U.S. dollars. I will now turn the call over to Gerard for his opening remarks.

Gerard Michael Bond: Thank you, Rebecca. Good morning, everyone, and thank you for joining us today.

Jared: Thank you Rebecca and good morning, everyone and thank you for joining us today.

Gerard Michael Bond: The first pillar of our corporate strategy is to safely and responsibly deliver gold products. I'll start off by acknowledging that we did not do that this quarter because one member of our Didipio team, Christopher Magistino, did not go home to his family. This was OceanaGold's only fatality since 2016, and Dadipio's only fatality since 2012, before it stuttered. This loss has been profoundly upsetting to all of us at OceanaGold, particularly for Christopher's friends and colleagues at the DDPO mine, and, ultimately, most importantly, to his family and local community. Early findings of the investigation indicate that he fell from heights while completing a work-related task in the paste plant area.

Jared: The first pillar of our corporate strategy is to safely and responsibly delivered gold production.

Gerard Bond: I'll start off by acknowledging that we did not do that this quarter because one member of our Dibio team, Christopher Magistino, did not go home to his family. This was Oshana Gold's only fatality since 2016, and the Dibio's only fatality since 2012 before starter production. This loss has been profoundly upsetting to all of us as Oshana Gold, particularly for Christopher's friends and colleagues at the Dibio mine, and ultimately, greatest to his family and local community. The preliminary findings of the investigation indicated he fell from heights while completing a work-related task in the paste plant area.

Speaker Change: I'll start off by acknowledging that we did not do that this quarter because one member about the DPI team Christopher <unk> did not go home to his family.

Speaker Change: This was actually on the gold only fatality since 2016, and the DPA side any fatality since 2012 before it started production.

Speaker Change: This loss is being profoundly upsetting to all of us at Oceania coal, particularly for Christopher as friends and colleagues at the DPI mine.

Speaker Change: And ultimately greatest to his family and local community.

Speaker Change: Preliminary findings of the investigation indicated he fell from heights, while completing a work related task in the paste plant area.

Gerard Bond: Operations was suspended for about 24 hours while the area was secured and crews were notified. The paste plant with incident occurred, remains shut down for about a week. We continue to drive our safe workplace across all our sites, particularly in the wake of this tragedy. And continue to implement our key safety programs, namely our safe Avis and Stop and Think. Keeping it our workforce safe remains a critical focus for all of us, and we are making it clear to our workforce that the only work we want is safe work.

Gerard Michael Bond: Operations were suspended for about 24 hours while the area was secured and crews were notified. The base plant where the incident occurred remained shut down for about a week. We continue to drive for a safe workplace across all our sites, particularly in the wake of this tragedy, and continue to implement our key safety programs, namely our safe behaviors and stop and think. Keeping our workforce safe remains a critical focus for all of us, and we are making it clear to our workforce that the only work we want is safe work. We have a number of other actions being implemented or considered in this never-ending pursuit of zero fatality or life-alternate injury.

Speaker Change: Operations were suspended for about 24 hours, while the area was secured increase were notified.

Speaker Change: Based upon where the incident could remain shut down for about a week.

Speaker Change: We continue to drive for site with types across all our sites, particularly in the wake of this tragedy.

Speaker Change: And continue to implement our case 30 programs, namely assay Ivs and stop and think.

Speaker Change: Keeping our workforce safe remains a critical focus for all of us and we are making it clear to our workforce at the only work we want is stifling.

Gerard Bond: We have a number of other actions being implemented or considered in this never-ending pursuit of zero fatality or life, alternate injuries. From a production perspective, we produce just over 98,000 houses during the quarter. And despite a week and an expected quarter of both the Dibio and Waii, we expect to deliver our 2024 consolidated guns with production strongly pack-half-weighted, as we outlined at the beginning of the year. In the first half of the year, our focus was on waste tripping at our two open pit mines, Hale and McCraze, to allow us access to high grade awe.

Speaker Change: We have a number of other actions being implemented all considered in this never ending pursuit of zero fatality or life altering injuries.

Gerard Michael Bond: From a production perspective, we produced just over 98,000 ounces during the quarter. And despite a weaker than expected quarter at both the DPO and YEE, we expect to deliver our 2024 consolidated guidance with production strongly back half-weighted, as we outlined at the beginning of the year. In the first half of the year, our focus was on waste stripping out our two open pit mines, Hale and McRae, to allow us access to higher grade ore.

Speaker Change: From a production perspective, we produced just over 98000 ounces during the quarter and despite a weaker than expected quarter, both the GPO and why we expect to deliver at 2024 consolidated guidance with production strongly back half weighted as we outlined at the beginning of the year.

Speaker Change: In the first half of the year F. Swiss on waste stripping that had two open pit mines title in the crisis to allow us access to high grade all.

Gerard Bond: I'm pleased to say that Hale reached awe in phase two of the lead bitter pit in May, and we expect to reach awe in phase seven of the inner smill pit at McCraze in this current third quarter. At the same time, we've been ramping up production of the horseshoe underground mine at Hale, and this month we achieved target production run rates of around 2,000 tons per day. We were free caselo positive in the quarter, assisted by the proceeds from selling the non-core black water asset. We also successfully completed the initial public offering of OceanaGold Philippines, the subsidiary that owns the DIPI-O mine, and we listed the OceanaGold Philippines on the Philippines Stock Exchange.

Gerard Michael Bond: I'm pleased to say that Hale reached ore in Phase 2 of the Lead Better Pit in May, and we expect to reach ore in Phase 7 of the Innes Mill Pit at Macraes in this current third quarter.

Speaker Change: I'm pleased to say that hydro reached or in phase two of the late <unk> in may and we expect to a Jordan <unk> 70 in the Smeal pit at Macquarie is in this current third quarter.

Gerard Michael Bond: At the same time, we've been ramping up production at the Horseshoe Underground Mine at Hale, and this month, we achieved target production run rates of around 2,000 tonnes per day. We were free cash flow positive in the quarter, assisted by the proceeds from selling the non-core Blackwater asset. We also successfully completed the initial public offering of Oceana Gold Philippines, the subsidiary that owns the Didipio mine, and we listed Oceana Gold Philippines on the Philippine Stock Exchange.

Speaker Change: At the same time, we've been ramping up production of the Horseshoe underground miners hail and this month, we achieved taco production run rates of around 2000 tonnes per day.

Speaker Change: We were free cash flow positive in the quarter assisted by the proceeds from selling the non core Blackwater assets.

Speaker Change: We also successfully completed the initial public offering of the Oceania golf, Philippines the Sip.

Speaker Change: <unk> that the.

Speaker Change: The <unk> line and we listed Shannon Goldfield pains on the Philippine stock exchange.

Gerard Bond: The proceeds of this offering, which we do not include in our free caselo number, in combination with the quarters free caselo, put us in a net cash position at the end of the second quarter. We also continue to deliver on the capital allocation framework outlined at our recent investor date, with progression of our attractive growth options, a strong balance sheet, and a focus on returning capital to shareholders.

Gerard Michael Bond: The proceeds of this offering, which we do not include in our free cash flow number, in combination with a quarter's free cash flow, put us in a net cash position at the end of the second quarter. We also continue to deliver on the Capital Allocation Framework outlined at our recent Investor Day, with progression of our attractive growth options, a strong balance sheet, and a focus on returning capital to shareholders. We declared our latest 1 cent per share semiannual dividend and recently introduced a share buyback.

Speaker Change: The proceeds of this offering which we do not include in that free cash flow number in combination with the quarter's free cash flow puts us in a net cash position at the end of the second quarter.

Speaker Change: We also continue to deliver on the capital allocation framework outlined at our recent Investor day.

Speaker Change: With progression of our attractive growth options, a strong balance sheet and a focus on returning capital to shareholders.

Gerard Bond: We declared our latest one-cent per share semi-annual dividend, and recently introduced a share buyback. This slide shows how we're tracking compared to our guidance ranges. As outlined, when we set guidance at the start of the year, production was expected to be 60% per half weighted. We've reduced just under 40% of the midpoint of guidance in the first half, reflecting weaker production from the DIPI-O and Y here, but we're expecting a stronger second half to deliver our consolidated production guidance. In addition to overpid, all sources coming online at Hale and shortly in Macrae's, we expect the DIPI-O to have improved second half as well, driven by a progressive sequencing of the high grade bracket stoves, and an increase in underground all-tons hauled with the addition of new mining equipment on site.

Speaker Change: We declared our latest one cent per share semi annual dividend and recently introduced a share buyback.

Gerard Michael Bond: This slide shows how we're tracking compared to our guidance range. As outlined when we set guidance at the start of the year, production was expected to be 60% back half-weighted. We've reduced just under 40% of the midpoint of guidance in the first half, reflecting weaker production from Didipio and Wahi, but we're expecting a stronger second half to deliver our consolidated production guidance. In addition to open pit ore sources coming online at Hale and shortly McCrae's, we expect Didipio to have an improved second half as well, driven by progressive sequencing of the high-grade brachystopes and an increase in underground ore tons hauled with the addition of new mining equipment on site.

Speaker Change: This slide shows how we are tracking compared to our guidance ranges.

Speaker Change: As outlined when we set guidance at the start of the production was expected to be.

Speaker Change: 60% back half weighted we produced just under 40% at the midpoint of guidance in the first half.

Speaker Change: Reflecting weaker production from the deep you have and why we're expecting a stronger second half to deliver on our consolidated production guidance.

Speaker Change: In addition to open pit all sources coming online of tile and shortly Mccray's, we expect <unk> to have an improved second half as well driven by progressive sequencing at the high grade breccia stopes and an increase in underground ore tons whole with the addition of new mining equipment on site.

Gerard Bond: Increased production from the DIPI-O will also result in higher copper production in the second half of the year. From a cost perspective, our first half outcome was above our all-it-sustained cost guidance for the year. The major driver for this is mostly due to lower answers produced in the first half, and we expect a unit cost to come down across the remainder of the year as production increases. Capital projects remain on track for the year, including open pit stripping and TSEF expenditures at Hale and Macrae's continued capital development of horsey undergrounds at Hale, and ongoing permitting and study costs at WKP.

Gerard Michael Bond: Increased production from Zadipio will also result in higher copper production in the second half of the year. From a cost perspective, our first half outcome was above our all-in-sustaining cost guidance for the year. The major driver for this is mostly due to lower ounces produced in the first half, and we expect unit costs to come down across the remainder of the year as production increases. Capital projects remain on track for the year, including open pit stripping and TSF expenditures at Hale and McRae's, continued capital development at Horshew Underground at Hale, and ongoing permitting and study costs at WKP. I'll now turn the call over to Marius to discuss our financial highlights for the quarter. Thank you.

Speaker Change: Increased production from the DPI will also result in higher copper production in the second half of the year.

Speaker Change: From a cost perspective first half outcome was above our all in sustaining cost guidance for the year.

Speaker Change: Major drivers of this is mostly due to lower ounces produced in the first half and we expect unit cost to come down across the remainder of the year as production increases.

Speaker Change: Capital projects remain on track for the year.

Speaker Change: Including open pit stripping and Tcf expenditures at Highland cries continued capital development at Horseshoe underground at Haile and ongoing permitting and study costs at W. K P.

Marius Niekerk: I'll now turn the call over to Maris to discuss our financial highlights for the quarter. Thank you, Gerrads, and good morning, everyone. During the second quarter, we generated $251 million in revenue on the back of record average real-est gold prices. AIC for the second quarter was slightly over $21 anit per ounce. The increase was mainly related to lower gold sales across all operations. Lower copper credits at DIPI-O and higher maintenance spent to improve reliability at Hale and DIPI-O. This was partially offered to provide less reliance on lower grade stockpiles at both Hill and Macrois. Our free cash flow in Q2 was $31 million, which included the sale of the Blackwater project.

Speaker Change: I'll now turn the call over to Maurice to discuss our financial highlights for the quarter.

Speaker Change: Okay.

Marius Van Niekerk: Thank you, Gerard, and good morning, everyone. During the second quarter, we generated $251 million in revenue on the back of record average realized gold prices. AIC for the second quarter was slightly over $2,100 per ounce, but the increase was mainly related to lower gold sales across all operations. Lower copper credits at Didipio and higher maintenance spending to improve reliability at Hale and Didipio. This was partially offset by less reliance on lower-grade stockpiles at both Hull and McRae.

Maurice: Thank you Jarrod and good morning, everyone.

Maurice: During the second quarter, we generated $251 billion in revenue on the back of record average realized gold prices.

Maurice: AIC for the second quarter was slightly over $21 per ounce. The increase was mainly related to lower gold sales across all operations.

Maurice: Copper credits at <unk>.

Maurice: And higher maintenance spend to improve reliability at Haile and the Zip yet.

Speaker Change: This was partially offset by less reliance on leawood right stockpiles.

Speaker Change: And the price.

Marius Van Niekerk: Our free cash flow in Q2 was $31 million, which included the sale of the Blackwater project. Adjusted earnings of $0.04 per share was in line with analysts' consensus estimates, and operating cash flow was $0.14 per share. With the net proceeds of $100 million from the WIPO and the $50 million from the sale of Blackwater, we entered a net cash position of $30 million at the end of the second quarter, which is mainly made up of our available cash and lays strong bank debt of $125 million.

Speaker Change: Our free cash flow in Q2 was 81 million, which included the final of the Blackwater project.

Marius Niekerk: Just the earnings of $4 cents per share was in line with analysts' consensus estimates, and the operating cash flow was $14 cents per share. With the net proceeds of $100 million from the WIPO and the $50 million from the sale of Blackwater, we entered a net cash position of $50 million at the end of the second quarter, which is mainly made up of our available cash less drawn bank debt of $125 million.

Speaker Change: Adjusted earnings of <unk> 14 per share was in line with analyst consensus estimates and the operating cash flow was 14 cents per share.

Speaker Change: With the net proceeds of $100 million from the IPO and the $15 million from the sale of Blackwater, we aimed at a net cash position of $50 million at the end of the second quarter.

Speaker Change: Which is mainly made up of available cash lace drawn bank data of $125 million.

Marius Niekerk: As our fund, at our recent Investor Day, our capital allocation framework is clear. With a strong vantage sheet, we want to be able to fund our attractive growth options and increase returns to shareholders. In line with that framework, the board declared a one-scene per share, semi-annual dividend, and in July, we announced a share buyback program to buy back up to $35 million, million common shares, representing approximately 5% of our shares outstanding. We are expecting a much stronger quarterly production profile throughout the second half, and combined with the current gold price environment, we anticipate strong free cash flow generation for the remainder of the year.

Marius Van Niekerk: As outlined at our recent Investor Day, our capital allocation framework is clear. With a strong balance sheet, we want to be able to fund our attractive growth options and increase returns to shareholders. In line with that framework, the board declared a one cent per share semi-annual dividend, and in July, we announced a share buyback program to buy back up to $35 million in common shares, representing approximately 5% of our shares outstanding. We are expecting a much stronger quarterly production profile throughout the second half, and combined with the current gold price environment, we anticipate strong free cash flow generation for the remainder of the year. The free cash flow profile, coupled with our strong balance sheet, sets us up to continue generating shareholder value. I will now turn the call over to David to discuss the HALE operation.

Speaker Change: As outlined at our recent Investor day, our capital allocation framework is clear.

Speaker Change: With a strong balance sheet, we want to be able to fund our attractive growth options and increase returns to shareholders.

Speaker Change: In line with that framework the board declared a <unk> <unk> per share semi annual dividend and in July we announced the share buyback program to buyback up to $35 million.

Speaker Change: Common shares representing approximately 5% of our shares outstanding.

Speaker Change: We are expecting a much stronger quarterly production profile throughout the second half and combined with the current gold price environment, We anticipate strong free cash flow generation for the remainder of the year.

Marius Niekerk: The free cash flow profile, coupled with our strong balance sheet, sets us up to continue generating shareholder value.

Speaker Change: The free cash flow profile, coupled with our strong balance sheet sets us up to continue generating shareholder value.

David Londono: I will now turn the call over to David to discuss the Hale operation. Thank you, Marius, and hello, everyone. Safety remains at the forefront of our mindset, Hale, and we are committed to identifying and eliminating assets and save behaviors as part of our company-wide programs to ensure a workforce calls home safely. Gold production at Hale in the second quarter was approximately 38,000 Answers. At the start of the quarter, milpid was comprised of portion of the ground ore and low grade open pit stockpiles. In May, we began accessing ore from phase two of the level of open pit, displacing ore from the stockpile to the mill, and we continue mining ore from level of phase two through the remainder of 2024 and in early 2025.

debate: I will now turn the call over to debate to discuss the whole operation.

David Londono: Thank you, Marius, and hello, everyone. Safety remains at the forefront of our minds at HALE, and we are committed to identifying and eliminating hazards and unsafe behaviors as part of our company-wide programs to ensure our workforce goes home safe. Gold production at Hale in the second quarter was approximately 38,000 ounces. At the start of the quarter, the mill pit was comprised of portions of ground ore and low-grade open pit stockpiles. In May, we began Accessing All from Phase 2 of the Lab-Development Pit, placing ore from the stockpile to the mill, and will continue mining ore from Ledberg Phase II through the remainder of 2024 and into early 2025.

Debbie: Thank you Marius and Hello, everyone.

Debbie: Okay, two remaining for the forefront of our minds and.

debate: And we are committed to identifying and eliminating high fares.

Jose: Jose behaviors as part of our company wide programs.

Jose: Sure.

Jose: <unk> calls home safely.

Speaker Change: Gold production of pain in the second quarter was approximately 38000 ounces.

Speaker Change: At the start of the quarter.

Speaker Change: With less comprise a portion of underground ore and low grade open pit stockpiles.

Speaker Change: It may be.

Speaker Change: Began accessing ore from phase two of the Pip displacing ore from the stockpile. So the meal, which contain your mining ore from phase two through the remainder of 2024.

Speaker Change: Through early 2020.

David Londono: With phase two pre-stripping now complete, the stripping will continue in level of phase three as part of the mining sequence for 2025 and beyond. Production during the quarter was impacted by an eight-day planned maintenance shut down at the mill, resulting in lower throughput, as well as by harder than expected open pit ore encounter in the upper benches of leather places to open pit. With addressing these are the ore by increasing blast fermentation through tighter blast patterns, evaluating additional Russian capacity and optimizing the mid blend. Respet costs come down in the second half of the year as production increases.

David Londono: With Phase 2 pre-stripping now complete, pre-stripping will continue in Leadbeater Phase 3 as part of the mining sequence for 2025 and beyond. Production during the quarter was impacted by an eight-day planned maintenance shutdown at the mill, resulting in lower throughput, as well as by harder than expected open pit or encounter in the upper benches of the lead-based to open pit. We're addressing this other ore by increasing blast fermentation through tighter blast patterns, evaluating additional crushing capacity, and optimizing the feed blend. We expect costs to come down in the second half of the year as production increases.

Speaker Change: With phase II, Mississippi now complete.

Speaker Change: Stripping with continuing their better phase III as part of the mining sequence for 2025 and beyond.

Speaker Change: Production during the quarter was impacted by an eight day planned maintenance shutdown at the meal.

Speaker Change: <unk> lowered throughput.

Speaker Change: Wireless by hardwood was unexpected encounter in the upper benches have led them to open pits.

Speaker Change: We are addressing these are there are by increasing glass fermentation through tighter glass patterns.

Speaker Change: In addition, our crushing capacity and optimize.

Speaker Change: Glen.

Speaker Change: We expect cost to come down in the second half of the year as production increases.

David Londono: Francis. Now, from an exploration perspective, our dreams were focused on defining a potential new resource at Horseshoe Extension, converting resources at Horseshoe Adept, and our surface drills continued at Leonard Baseball and our other regional targets. I'm pleased to say that, as of today, the underground ramp at Horseshoe is complete. I will now minding at target production rates. Increase development rates in the first half of the year to solve three more headings and allows us to drop on two stops at all times, and having a first stop in process. These are all underground production rates to an average of two thousand tons per day, starting at the end of July, in line with planned.

David Londono: Now from an exploration perspective, our drills were focused on defining a potential new resource at Horseshoe Extension, converting resources at Horseshoe depth, and our surface drills continued at Leadberg Phase 4 and our other regional targets. I'm pleased to say that, as of today, the underground ramp-up at Horseshoe is complete, and we're now mining at target production rates. Increased development rates in the first half of the year resulted in more headings and allowed us to drop on two stops at all times by having a third stop in the process.

Speaker Change: Now from an exploration perspective.

Speaker Change: <unk> focus on refining our potentiality of resource at Horseshoe expansion come back to your sources that torture adapt and rayos.

Speaker Change: <unk> continued <unk>.

Speaker Change: Sure.

Speaker Change: And our other regional targets.

Speaker Change: I'm pleased to say that as of today the underground ramp up at Horseshoe is complete now.

Speaker Change: Now mining at target production.

Speaker Change: Production rates.

Speaker Change: Increased development rates in the first half of the year softer even more headings and allows us to draw from to stop several times, having that theyre stopping process.

David Londono: Please drop underground production rates to an average of 2,000 tons per day, starting at the end of July, in line with plan. I'm very proud to deliver The Horseshoe Underground into full production and on schedule. And this, in combination with Let Better Open Pit Our Pit, positions us for a strong second half to deliver our 2024 guide as well. I will now turn the call over to Peter to discuss the DPO and a New Zealand asset.

Speaker Change: Thanks, Rob on the ground.

Speaker Change: Production rates on average with 2000 tons per day, starting at the end of July in line with plan.

David Londono: I'm very proud to deliver the Horseshoe and their cloud into full production and on schedule. And these, in combination, will let better open pit or pit positions asked for a strong second half to deliver our 2024 guidance.

Speaker Change: I'm very proud to deliver the horseshoe underground production and on schedule and beef in combination with better positions us for a strong second half to deliver our 2020 for guidance.

Peter Sharpe: I will now throw the call over to Peter to discuss the IPO and our music and assets. Thank you, David, and good morning, everyone.

Speaker Change: I will now turn the call over to Peter to discuss the IPO and that music assets.

Peter Sharpe: Thank you, David, and good morning, everyone. I'll first echo Gerard's comments earlier regarding the loss of our colleague Christopher Magastino and the impact this has had on his family, friends, and the broader community. Unfortunately, since Christopher's passing, we have suffered another serious injury at Didipio when last week a contractor sustained head injuries while attempting to remove a metal blockage from a jaw crusher. He is currently in critical condition in the hospital, and the investigation into this incident is underway.

Speaker Change: Thank you David and good morning, everyone.

Peter Sharpe: I'll first take out your comments earlier regarding the loss of our colleague Christopher Megastina and the impact this has had on his family, friends, and the broader community. Unfortunately, since Christopher's passing, we have suffered another serious injury at the IPO. When last week, the contractors sustained head injuries while attempting to remove a metal blockage from the jaw crusher. He is currently in critical condition in the hospital, and the investigation into this incident is underway.

Speaker Change: I will first ask Gerry to.

Gerry: Comments earlier regarding the loss of our colleague Christopher magazine and the impact. This has had on the family friends and the broader community.

Speaker Change: Unfortunately since Christopher is passing we've suffered another senior senior into DPM.

Speaker Change: And last week a contract this sustained head injuries, while attempting to remove the middle block from the jaw crusher.

Speaker Change: He is currently in critical condition in the hospital and the investigation into this incident is underway.

Peter Sharpe: With two serious incidents recently at the IPO, our commitment to ensuring that everyone goes home safely to their families and all of our operations is more steadfast than ever. At the IPO, we're increasing the level of infuel coaching for the our Safe Babies program as well as increasing infuel verification of critical controls of high risk tasks. Our people are our most important asset at Oceanigold, and nothing is more important than ensuring they go home safely at the end of their workday.

Peter Sharpe: With two serious incidents recently at Didipio, our commitment to ensuring that everyone goes home safely to their families and all of our operations is more steadfast than ever. At the DPO, we're increasing the level of infield coaching for the Our Safe Behaviors program, as well as increasing infield verification of critical controls of high-risk tasks. People are our most important asset at OceanaGold, and nothing is more important than ensuring they go home safely at the end of their work day.

Speaker Change: The two serious incidents recently at the DPI, our commitment to ensuring that everyone goes home safely to their families and all of our operations. These more steadfast in Nevada.

Speaker Change: At the DPA, we are increasing the level of infield coach Inc. For the al side by these program as well as increasing infield verification of critical controls of harvest tasks.

Speaker Change: People are our most important asset at IGN in golf and nothing is more important than ensuring that got them safely at the end of their work day.

Speaker Change: Yes.

Peter Sharpe: From an operational perspective during the quarter, the IPO delivered second quarter goal production of approximately 23,000 ounces and copper production of 2,800 tons. Production was lower than the previous quarter as a process plan experienced a number of unplanned maintenance shutdowns, which impacted throughput. Great mind from underground was also lower in Q2, impacting total production due to the re-sequencing and redesign of the high-grade breacher stoves. The impact of the redesign is smaller stoves and some deferral stoves into the second half of 2024. However, the value that we get is higher recovery and lower delusion of these high grade ortons in the medium for longer term mind schedule.

Peter Sharpe: From an operational perspective, during the quarter, the DPO delivered second quarter gold production of approximately 23,000 ounces and copper production of 2,800 tons. Production was lower than the previous quarter, as the process plant experienced a number of unplanned maintenance shutdowns, which impacted through. Grave Mine from Underground was also lower in Q2, impacting total production, due to the re-sequencing and redesign of the high-grade breccia sto The impact of the redesign is smaller stopes and some deferral of stopes into the second half of 2024.

Speaker Change: From an operational perspective during the quarter.

Speaker Change: <unk> delivered second quarter gold production of approximately 23000 ounces and copper production of 2900 tons.

Speaker Change: Production was lower than the previous quarter as the prices plant experienced a number of unplanned maintenance shutdowns, which impacted throughput.

Speaker Change: Alright mined from underground is also lower than Q2 impacting total production.

Speaker Change: Due to the re sequencing and redesign of the high grade stopes.

Speaker Change: The impact of the redesign a smaller start ups and some deferrals types into the second half of 2024.

Peter Sharpe: However, the value that we get is high recovery and lower dilution of these high-grade ore tons in the medium to longer term mine shaft. Mined tonnes were in line with the previous quarter, though, and we expect this to increase throughout the year as we add additional working phases and new underground equipment to increase the mining rate. This is in service of our goal to increase the underground mining rate to 2.5 million tonnes per annum and is part of the ongoing pre-feasibility study that is on track for delivery in early 2025. We're currently still expecting to meet 2024 guidance, albeit at the lower end.

Speaker Change: However, the value that we get high recovery and lower dilution of these high grade ore tonnes in the medium to longer term on schedule.

Peter Sharpe: Mindtons were in line with the previous quarter day, and we expect this to increase throughout the year as we had additional working faces and new underground equipment to increase the mining rate.

Speaker Change: Mine tons were in line with the previous quarter and we expect this to increase throughout the year as we add additional working faces a new underground equipment to increase <unk> morning, Ryan.

Peter Sharpe: This is in service of our goal to increase the underground mining rate to 2.5 million tonnes per annum and is part of the ongoing pre-feasibility study that is on track for delivery in early 2025. We are currently still expecting to meet 2024 guidance, albeit at the lower end, and we are also forecasting costs to come down throughout the remainder of the year's production and goal sales increase.

Ryan: This is a service if you have already increased the underground mining rate to $2 5 million tonnes per annum.

Speaker Change: And as part of the ongoing pre feasibility study is on track for delivery in early 2025.

Speaker Change: We currently still expecting to make 2020 full guidance, albeit at the lower end and we're also forecasting cost to come down throughout the remainder of the year as production in golf's housing price.

Peter Sharpe: And we're also forecasting costs to come down throughout the remainder of the year's production and gold sales impact. McRae delivered the plan during the quarter and produced approximately 27,000 ounces of gold. Continued operating excellence in the mill resulted in another quarter of record throughput. The feed was largely from low-grade stockpiles, as waste stripping continued in Phase 7 of the Innisfil open pit.

Peter Sharpe: Craig delivered a plan during the quarter and produced approximately 27,000 answers of gold. Continued operating excellence in the mill resolved in another quarter of record throughput. The feed was largely from low-grade stop poles as waste tripping continued in phase 7 of the inner smills open pit. We expect to reach all there this quarter, which will displace the stop pole material in the mill feed for the remainder of the year and bring the head grade up. Access to ordinary inner smills will draw stronger production for the second half and positions us to deliver on our 2024 guidance, with production approximately 55% back half weight at the inline with plan.

Speaker Change: Macquarie delivered to plan during the quarter and produced approximately 27000 ounces of gold.

Speaker Change: Continued operating excellence in the mill resulted in another quarter of record throughput.

Speaker Change: The feed was largely from low grade stockpiles as why stripping continued into <unk>.

Speaker Change: Peter.

Peter Sharpe: We expect to reach ore there this quarter, which will displace the stockpiled material in the mill feed for the remainder of the year and bring the head grade up. Access to ore in Innisfil will drive stronger production for the second half and positions us to deliver on our 2024 guidance, with production approximately 55% back halfway in line with plan. In our efforts to assess opportunities for additional mineralization in Macraes that could be economic at these higher gold prices, we've scheduled an additional 6,500 metres of drilling at the site to target resources outside of the current life and mine pit shell. We only produced just over 10,000 ounces of gold in the quarter, which is roughly in line with what we produced in Q1.

Speaker Change: We expect to reach all day, this quarter, which will displace the stockpile material in the mill feed for the reminder of the year and bringing the head grade up.

Speaker Change: Access to orienting us mills will draw this will draw stronger production for the second half and positions us to deliver on that 2024 guidance with production of approximately 54% back half weighted in line with plan.

Peter Sharpe: In our efforts to assess opportunities for additional mineralisation and appraise, there could be economic at these higher goal prices, with schedule of an additional 6,500 metres of drilling at site to target resources outside of the current life of mine pit shells. Why you produce just over 10,000 answers of gold in the quarter, which is roughly in line with what we produced in Q1. We did anticipate an increase in production in Q2, but continued to encounter geotechnical issues in the remnant mining areas that prevented us from establishing crown pillars in certain stoves and caused us to pivot to mining stoves out of sequence.

Speaker Change: Efforts to assess opportunities for additional mineralization in <unk> it could be economic it takes how long oil prices. We've schedule, an additional 6500 meters of drilling it sought to target resources outside of the current life of mine pit shells.

Speaker Change: While we produced just over 10000 ounces of gold in the quarter, which is roughly in line with what we produced in Q1.

Peter Sharpe: We did anticipate an increase in production in Q2, but we continued to encounter geotechnical issues in the remnant mining areas that prevented us from establishing crown pillars in certain stopes and caused us to pivot to mining stopes out of sequence. We've engaged an external geotech consultant to assist in reviewing the design and installation methods for establishing crown pillars in these areas and hope that the outcome can provide a longer-term solution and allow us to increase our compliance to the stope sequence in the mine plan.

Speaker Change: We did anticipate an increase in production in Q2, we continued to encounter geotechnical issues in the remnant mining areas that prevented us from establishing crown pillar as you certain steps and caused us to pivot to Morningstar Genesis evenings.

Peter Sharpe: We've engaged an external geotech consultant to assist in reviewing the design and installation methods for establishing crown pillars in these areas and hope that the outcome can provide a longer-term solution and allows to increase our compliance to the stoves sequence in the mine plan.

Speaker Change: Moving guys <unk> consultants to assist in reviewing the design and installation methods for establishing cramp deals in these areas and heightened the outcome can provide a longer term solution and allow us to increase our compliance to this type sequencing the mine plan.

Peter Sharpe: Advancement of the Whitey North project, which includes WKP, remains on track with the pre-feasibility study expected by the end of this year. During the quarter, we progressed diamond drilling at WKP, targeting continued resource conversion and growth of the EG vein, and expect to share further results with the market later this quarter. I'll now turn the call back to Gerard for closing remarks.

Peter Sharpe: Advancement of the Way North Project, which includes WKP, remains on track with the pre-visibility study expected by the end of this year. During the quarter, we progress diamond drilling at WKP, targeting continued resource conversion and growth of the EEG vein and expect to share further results for the market later this quarter.

Speaker Change: Advancement of Hawaii, North project, which includes W. W. K P remains on track with the pre feasibility study are expected by the end of this year.

Speaker Change: During the quarter, we progressed diamond drilling at W. K P targeting continued resource conversion and growth of the AG guidance and expect to share the results with the market might be this quarter.

Gerard Bond: I'll now turn the call back to Jared for closing remarks. Thank you, Peter. We remain committed to creating a safe and sustainable workplace and will drive further review of and training through our two key safety programs to ensure everyone goes home to their families.

Speaker Change: I'll now turn the call back to Jerry for closing remarks.

Jerry: Thank you Peter.

Gerard Michael Bond: We remain committed to creating a safe and sustainable workplace and will drive further review of and training through our two key safety programs to ensure everyone goes home to their families. We expect to deliver on our 2024 guidance, with production a little more than 6% second half weighted, and all in sustaining costs are expected to decrease in line with this increase in production. The balance sheet is strong, with the company now in a net cash position.

Jerry: We remain committed to creating a safe and sustainable work Tyson, We will drive further review of and training throughout two key safety programs Chinchilla.

Speaker Change: Everyone goes home to their families.

Gerard Bond: We expect to deliver on our 2024 guidance, with production a little more than six percent second half-weighted, and all in sustaining costs are expected to decrease in line with this increase in production. A balance sheet is strong, with the company now in a net cash position, and we continue to progress our growth options and deliver on our commitment to increase returns to shareholders with our existing dividend and now the share buyback program.

Speaker Change: We expect to deliver on that 2020 full guidance with production a little more than 6% second half weighted and all in sustaining costs are expected to decrease in line with this increase in production.

Speaker Change: Our balance sheet is strong with the company now in a net cash position.

Gerard Michael Bond: We continue to progress our growth options and deliver on our commitment to increase returns to shareholders with our existing dividend and now the share buyback program. We look forward to providing further updates on the results from our exciting exploration targets across the business throughout the year and on delivering the WKP PFS by the end of the year. I'll now return the call to the operator and open up the line for any questions.

Speaker Change: And we continue to progress at growth options and deliver on our commitment to increase returns to shareholders with our existing dividend and now the share buyback program.

Gerard Bond: We look forward to providing further updates on the results from our exciting exploration targets across the business throughout the year and on delivering the WKP and PFS by the end of the year.

Speaker Change: We look forward to providing further updates on the results from our exciting exploration targets across the business throughout the year.

Speaker Change: And on delivering the WK Pete PFS by the end of the year.

Unknown Executive: I'll now return the call to the operator and open up the line for any questions. Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please press star followed by one. on your touch on the phone. You will then hear a three-tone prompt acknowledging your request. And if you would like to withdraw from the question, please press star followed by two. And if you are using your speaker phone, we do ask that you please lift the handset before pressing any keys. Please go ahead and press star one now if you do have any questions.

Speaker Change: Now return the call to the operator and open up the line for any questions.

Operator: Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please press star followed by 1 on your touch-tone phone. You will then hear a three-tone prompt acknowledging your request. And if you would like to withdraw from the question queue, please press star followed by 2. And if you are using a speakerphone, we do ask that you please lift the handset before pressing any keys. Please go ahead and press star 1 now. If you do have any questions... And your first question will be from Wayne Lam at RBC. Please go ahead.

Speaker Change: Thank you Sir.

Speaker Change: Ladies and gentlemen, if you would like to ask a question. Please press star followed by one on your Touchtone phone you will then hear eighth Retold prompt acknowledging your request and if you would like to withdraw from the question queue. Please press star followed by two and if you are using a speaker phone. We do ask that you. Please lift the handset before pressing any keys. Please go.

Wayne Lam: Yeah, thanks. Morning, guys.

Speaker Change: <unk> ahead in breast Star one now if you do have any questions.

Wayne Lam: And your first question will be from Wayne Lam at RBC. Please go ahead. Yeah, thanks. More on guys. Just wondering at the DPO, if you could kind of clarify the stopping redesign there. Have you seen a change in ground conditions that necessitates a re-evaluation of the mining methods or re-sequencing of the mine plan there? And does that have any broader implications for a future ramp up underground if you move forward to support the expanded milk capacity?

Speaker Change: And your first question will be from Wayne Loeb with RBC. Please go ahead.

Wayne Lam: I'm just wondering at DPO if you could kind of clarify the stopping redesign there. Have you seen a change in ground conditions that necessitates a re-evaluation of the mining methods or re-sequencing of the mine plan there? And does that have any broader implications for a future ramp up underground if you move forward to support the expanded mill capacity?

Wayne Lam: Hey, Thanks, good morning, guys.

Wayne Lam: Just wondering if the <unk> if you can.

Wayne Lam: Just kind of clarify the stoping redesign there have you seen a change in ground conditions that necessitates a reevaluation of the mining methods or with sequencing of the mine plan there.

Speaker Change: Does that have any broader implications for future ramp up under.

Speaker Change: The ground if you move forward to support the expanded mill capacity.

Peter Sharpe: Thanks, Wayne. Peter. So, Wayne, now we haven't seen changed ground conditions. What we have been experiencing when we've been mining the breaches starts has been challenging ground conditions. So, we've got one of the things about the DPO is really healthy: we get big stoves. We've got 20 by 20 by 30 meter stoves. But the I guess the weak nature of the breacher material, what we're finding is that when we're looking to mine larger stoves in breacher, we're seeing fire in the shoulders and the roof. And we're just not getting the full recovery of those stoves.

Wayne Lam: Thanks, Wayne. Peter?

Peter: Thanks Peter.

Peter Sharpe: So, Wayne, no, we haven't seen changed ground conditions. What we have been experiencing when we've been mining the Breccia stopes has been challenging ground conditions. So, we've got it.

Wayne Lam: So.

Speaker Change: No we haven't seen change grant conditions, what we have been experiencing when we've been mining the richest types.

Speaker Change: <unk> been challenging ground conditions.

Peter Sharpe: But one of the things about Didipio that is really healthy is we get big stopes. We've got 20 by 20 by 30 meter stopes, but the, I guess, the weak nature of the Breccia material, what we're finding is that when we're looking to mine larger stopes in Breccia, we're seeing failure in the shoulders and the roof, and we're just not getting the full recovery of those So, what we're seeing, what we're looking to do is redesign with smaller stopes. It will result in a small, what we call a hydraulic radius, which means the span is smaller, which means it's got a greater chance of staying open, and we can then paste fill cleanly.

Speaker Change: So we've got it in one of the things that did you guys really healthy feedstocks, we got 20 2030 minus types, but the.

Speaker Change: <unk>.

Speaker Change: Yes, the week nature of the breech material, what we're finding is that when we.

Speaker Change: We're looking to mine largest stripes in richa, we're seeing filing here in the shoulders in the roof.

Speaker Change: And we're just not getting the full recovery of that so what we say what we're looking to do is redesigned with smaller snipes.

Peter Sharpe: So, what we're looking to do is redesign with smaller stoves. It will result in a small, what we call a hydraulic radius, which means the span is smaller, which means it's got a greater chance of staying open. And we can then paste filled cleanly. And ultimately, it gives us greater certainty around resource recovery. So, what it does, but smaller stoves means you're not going to mine as many tons as fast. We do have that benefit in the monsoon area, but in the breacher just means that the mining cycle will be slower. So, it probably just spreads out over the next two to three years.

Speaker Change: Resulting in a smaller what we call a hydraulic radius, which made the Spain is smaller which means it's got a greater chance of staying.

Speaker Change: Staying open and we can then pipe fill.

Speaker Change: Cleanly and ultimately gives us greater certainty around resource recovery when it does much smaller stripes means you are not met him on as many times as fast.

David Londono: And ultimately, it gives us greater certainty around resource recovery. So, what it does, much smaller stopes mean you're not going to mine as many tons as fast. We do have that benefit in the Monzenite area, but in the Breccia, it just means that the mining cycle will be slower. So, it probably just spreads out over the next two to three years our ability to mine at that previous rate in the Breccia zone.

Speaker Change: We do have that benefit in the <unk> area, but in the Brexit just names.

Speaker Change: Good morning soccer will be smaller.

Speaker Change: So probably just spreads out over the next two to three years.

Peter Sharpe: Our ability to mine at that previous rate in the breacher zone. So, from a long-term perspective, it's a benefit. From a mining ramp-up perspective, it'll be a benefit. So, all of the PFS work that we're doing, probably on the back of that, the design change was mine. So, that in summary is where we're at.

Speaker Change: Our ability to achieve more than previous right I mean, the brick designed.

David Londono: So, from a long-term perspective, it's a benefit. From a mining ramp-up perspective, it'll be a benefit. All of the PFS work that we're doing, probably on the back of that, the design change was made. So, that, in summary, is where we're at. I think, while it's going to take a short-term hit, from a long-term perspective, it'll be an overall benefit.

Speaker Change: From a long term perspective, it's a benefit.

Speaker Change: From a mining ramp up perspective, it'll be a benefit.

Speaker Change: All of the paint Pittsburgh you've been doing.

Speaker Change: Probably on the back of that you have.

Speaker Change: The <unk>.

Mike: Just on China, Mike.

Speaker Change: So.

Speaker Change: In summary is where we're at.

Speaker Change: Yes.

Peter Sharpe: I think it's going to take a short-term hit. From a long term perspective, it'll be an overall benefit.

Speaker Change: I think it's.

Speaker Change: It's going to take a short term hit.

Speaker Change: From a long term perspective, it'll be an overall benefit.

David Londono: And then maybe just curious about the harder ore experience at Hale this quarter. Was that from the lead better pit? Just trying to understand if the higher grades from phase two will be partially offset by lower throughput as we think about the back half of the year.

Wayne Lam: Great, thanks. And then maybe just curious on the harder or experienced at hail this quarter. Was that from the Lead Better pit? I'm just trying to understand if the higher grades. From phase two, will be partially offset by lower throughput as we think about the back half of the year. Did it? Yeah, so the harder all is exactly coming from the better to in the upper bench. So we said we're also getting higher grade, which, as you said, is going to offset the lower throughput that we're actually having right now. But at the same time, we are testing some new at base in Unreal bits sizes and in later to make sure that we don't lose too much throughput.

Speaker Change: Okay, Great and then maybe just curious on the harder ore experience at Haile This quarter was.

Speaker Change: Was that from the lead better.

Speaker Change: Trying to understand if the.

Speaker Change: The higher grades.

Speaker Change: From phase two will be partially offset by lower throughput as we think about the back half of the year.

Speaker Change: Got it.

David Londono: Yeah, so the hardware is coming from Leadbetter 2 in the upper benches, as we said. We're also getting higher grade, which, as you said, is going to offset the lower throughput that we're actually having right now. But at the same time, we are testing some new spacing and drill bit sizes in Leadbetter to make sure that we don't lose too much throughput. We're also improving and optimizing our blend.

Speaker Change: Yes or the.

Speaker Change: Secondly, coming from labor to.

Speaker Change: In the upper benches, how we said.

Speaker Change: We are also getting higher rate, which as you said is going to offset the lower throughput that we actively having right now but at the same time.

Speaker Change: We are testing some new.

Speaker Change: Spacing in drill bits sizes in ledbetter.

Speaker Change: To make sure that we don't lose so much drop but it also improving optimization of Glenn.

Peter Sharpe: We're also improving optimization of blend.

Wayne Lam: Okay, great, thanks. And then maybe just last one for me, in terms of guidance for the year, you guys have been fairly consistent in messaging the 60% waiting in H2. But the incremental commentary had previously been to expect a steady improvement through the year, with Q2 better than Q1 and then a further ramp up into the back half.

David Londono: Okay, great. Thanks. And then maybe just last one for me, in terms of guidance for the year, you guys have been fairly consistent in messaging the 60% weighting in H2, but the incremental commentary had previously been to expect a steady improvement through the year with Q2 better than Q1, and then a further ramp up into the back half. Given some of the operational challenges encountered this quarter, do you view the cost guidance as still being achievable given the big decline in cost need to get there in the second

Speaker Change: Okay, great. Thanks, and then.

Speaker Change: Maybe just last one for me in terms of.

Speaker Change: Our guidance for the year.

Speaker Change: It's been fairly consistent messaging that 60% weighting in H two.

Speaker Change: The incremental commentary you had previously been to expect a steady improvement through the year with Q2 better than Q1, and then a further ramp up into.

Speaker Change: Into the back half.

Marius Niekerk: Given some of the operational challenges encountered this quarter, do you view the cost guidance as still being achieved, Paul, given the big decline in cost need to get there in the second half?

Speaker Change #118: Given some of the operational challenges encountered this quarter.

Speaker Change: Do you view the cost guidance is still being achievable given the big.

Speaker Change: A decline in costs need to get.

Speaker Change: To get there in the second half.

Gerard Michael Bond: Thanks, Wayne. Yeah, sure. I think there were two questions there. One, yes, we do expect the second half to be stronger in that it's a step-ladder effect up, with Q3 being stronger than Q2 and Q4 stronger again, and cost guidance is expected to be achieved. You know, like most mining companies, we have a fairly significant degree of fixed costs, and the benefit of that higher grade and higher volumes absorbs a lot of those fixed costs, and we remain of the view that our oil and sustaining costs will come inside the guidance range by the end of the year.

Marius Niekerk: Thanks, Wayne. Yeah, two questions. One, yes, we do expect the second half to be stronger, and it's a step ladder effect up, with Q3 being stronger than Q2 and Q4 stronger again. And cost guidance is expected to be achieved. You know, we're like most money comes, you have a fairly significant degree of fixed costs, and the benefit of that higher grade and higher volumes absorbs a lot of those fixed costs, and we remain of the view that our oil and sustain cost will come inside the guidance range by the end of the year. Okay, great.

Speaker Change: Okay.

Wayne Shaw: Thanks, Wayne Shaw tubes, I don't know two questions. Then one yes, we do expect the second half to be stronger than that it's a step ladder effect up.

Speaker Change: With Q3 being stronger than Q2, and Q4 stronger again.

Speaker Change: And cost guidance is expected to be achieved.

Speaker Change: We like most mining companies.

Speaker Change: Fairly significant degree of fixed costs and the benefit of that high grade and high volumes absorbs a lot of those fixed costs.

Speaker Change: We remain of the view that al all in sustaining costs will.

Speaker Change: Come inside the guidance range by the end of the year.

Wayne Lam: Okay, great. Thanks for taking my question.

Speaker Change: Okay, great. Thanks for taking my questions.

Wayne Lam: Thanks for taking my questions.

Unknown Executive: Thank you, Wayne.

Speaker Change: Thank you.

Cosmos Chiu: Next question will be from Cosmos Shoot at CIBC, please go ahead. Thanks, Jared and team. Maybe on your guidance as well, Jared, you know, given what you've done in the first half, and I hear you that 60% of the production is going to be in the second half. Is it more realistic that you're now targeting the lower end of guidance for the year for production and the higher end for cost?

Cosmos Chiu: The next question will be from Cosmos Chiu at CIBC; please go ahead.

Cosmos Chiu: Next question will be from Cosmos <unk> at CIBC. Please go ahead.

Cosmos Chiu: Thanks, Gerard. Maybe on your guidance as well, Gerard, given what you've done in the first half, and I hear you that 60% of production is going to be in the second half, is it more realistic that you're now targeting the lower end of guidance for the year for production and the higher end for cost?

Speaker Change: Thanks, Jared and team.

Speaker Change: Maybe on your guidance as well Jarrett.

Speaker Change: Given what you've done in the first half and I.

Speaker Change: I hear you that 60% of the production is going to be in the second half.

Cosmos: Is it more or less take that Youre now targeting the lower end of guidance for the year co production and the higher input costs.

Gerard Michael Bond: Hi Cosmos. No, we don't target the lower end. We're targeting achieving the guidance and, you know, just to point out that, as Wayne said at the start, we kind of said it was going to be around 60-40. At the end of the first half, we're 38 points, something of the 40.

Gerard Bond: I'm Cosmos. No, we don't target the lower end. We're targeting achieving the guidance, and you know, just to point out that, as Wayne said, the start, you know, we kind of said it was going to be around 60 40 at the end of the first half. We're 38 points, something of 40. So, you know, it's a little off, and we're a little off in those driven by low-than-expected performance from two sites, and they happen to be our two smaller sites. Why he and the IPO in production sense, they represent around a little over a third of our production.

Cosmos: No.

Speaker Change: We then target the lower end, we are targeting achieving the guidance.

Speaker Change: And just to point out that the.

Speaker Change: As Wayne said at the start we kind of said it was going to be around 60 40 at the end of the first half were 38 point something.

Wayne: Of the 40.

Wayne: So it's a little off and we were a little off in days driven by.

Speaker Change #108: Lower than expected performance from two sides.

Gerard Michael Bond: So, you know, it's a little off. And we're a little off in those driven by lower than expected performance from two sites. And they happen to be our two smaller sites, Waihee and Didipio, in a production sense. They represent around a little over a third of our production.

Speaker Change: And I happened to be at two smaller sites why he and <unk> production since I represent around <unk> of that reduction so the big engines.

Gerard Bond: So the big engines perform well. That's when the craze and hail, and we're expecting them to perform even stronger. So if that continues and you know, not putting pressure on the craze, I mean quarter on quarter. It's getting the fabulous million rates. Now we're going to get higher grade or into it. Hail, as David and our materials have said, is into good or both open pit and underground. That you know, great is king, and the benefit of that gives us a belief that we'll be able to achieve the guidance. We don't tie that the lower obviously when two assets at their lower end of guidance. I think we put pressure, but we kind of factor those judgments in when setting guidance overall.

Speaker Change: Well listen the craze and hail and we're expecting them to perform even stronger so if that continues and not putting any pressure on Macquarie you mean quarter on quarter. It's getting these fabulous million right now, we're going to get high grade ore into it.

David: Hi, David.

Speaker Change #129: In our materials has said is into good oil both open pit and underground.

Gerard Michael Bond: So, the big engines performed well, that is, McRae's and Hale, and we're expecting them to perform even stronger. So, if that continues and, you know, not putting any pressure on McRae's, I mean, quarter on quarter, it's getting these fabulous milling rates. Now we're going to get higher-grade ore into it, Hale, as David and our materials have said, is into good ore, both open pit and underground. Grade is king, you know.

Bryan Keane: Bryan Keane and <unk>.

Speaker Change: The benefit of that gives us a belief that we will be able to.

Speaker Change #104: Achieve the guidance, we don't target the lower <unk>.

Speaker Change: Obviously went to assets.

Speaker Change: At the lower and the guidance, obviously put some pressure, but we kind of factor those judgments in when setting guidance overall, but no.

Cosmos Chiu: But now our goal remains to hit guidance. The only ask is if I take your first half production, divide by point four, I get to something. and very close to the lower end of guidance. So maybe I'll rephrase it. I think you'll hit, at best, the low end of guidance. But, to your words, that would still be within guidance.

Speaker Change: Our goal remains to hit hit guidance.

Speaker Change: I only ask because if I take your first half production.

Speaker Change: Production and divide by four ish I get to something.

Gerard Michael Bond: And the benefit of that gives us a belief that we'll be able to achieve the guidance. We don't target the lower. Obviously, when two assets are at their lowest in the guidance, it arguably puts pressure, but we kind of factor those judgments in when setting guidance overall. But no, our goal remains to hit guidance.

Speaker Change #142: Very close to the lower end of guidance, So maybe I'll rephrase it I think.

Cosmos Chiu: I only ask is if I take your first half production divide by 0.4-ish, I get to something... very close to the lower end of guidance. So maybe I'll rephrase it. I think I, I think you'll hit at best the low end of guidance. But to your words, that would.

Speaker Change: Youll hit the.

Speaker Change #114: The low end of guidance.

Speaker Change: But to your words that would still be within guidance.

Cosmos Chiu: Maybe another question here in terms of the two underperforming assets, Gerard. As you mentioned, Didier Piot and Wang Yi both have had geotechnical issues. It sounds like you have a solution for Didypio, and it will do better in the second half.

Gerard Bond: Maybe another question here in terms of the two underperforming assets, Gerard. As you mentioned, De Dipio and Wahee both have had geotechnical issues. It sounds like you have a solution for De Dipio, and it will do better in a second half.

Speaker Change: Yes, maybe another question here in terms of.

Jared: The two underperforming assets Jared.

Speaker Change: As you mentioned <unk>.

Speaker Change: E.

Speaker Change: Both.

Speaker Change: How about geotechnical issues.

Speaker Change #107: It sounds like you have a solution for <unk>.

Speaker Change: And they will do better in the second half.

Cosmos Chiu: How about Wahi? The reason why I ask is geotechnical risk is always challenging, geotechnical issues are always challenging. So, you know, what's the best case scenario here in terms of Wahi? And then maybe if you could talk about how much of your ore is actually coming from versus remnant ore? And is there a way that maybe just we could mine from the fresh mining areas, would that be a potential alternative

Peter Sharpe: How about Wahee? The reason why I ask this, geotechnical risk is always challenging. Geological issues, always challenging. So what's the best case scenario here in terms of Wahee? And then maybe if you can talk to how much of your ore is actually coming from fresh ore versus remnant ore? And is there a way that maybe we just mind from the fresh mining areas? Would that be a potential alternative?

Speaker Change: Wahid.

Speaker Change #100: The reason why I ask is geotechnical risk is always challenging geologic technical issues are always challenging so.

Speaker Change #127: What's what's the best case scenario here in terms of Lockheed and then maybe if you can talk to how much of your or is actually coming from crushed ore versus remnant ore.

Speaker Change: And.

Speaker Change: Is there.

Speaker Change #101: Maybe just.

Speaker Change #102: <unk> from the fresh mining areas would that would that be a potential alternative.

Peter Sharpe: Great question.

Peter Sharpe: Great questions, which I'll hand over to Peter.

Speaker Change: Great questions.

Peter Sharpe: So, cause I'll hand over to Peter. Thanks. The question around remnant mining in Wahee, the challenge we have, I mean the challenges around the establishment of the component crown pillar. In the remnant areas, we actually need to establish a crown pillar, which is effectively a stable roof over the top of the stoves that we want to mine, so that we can safely mine the stoves beneath because we do undertake a top-down mining sequence. Now, in the remnant areas to establish a component crown pillar, we've got to mine out all of the old remnant fill and fail material previously because we just don't know the condition of that material.

Speaker Change: Because I'll hand over to Pedro.

Peter Sharpe: Yeah, thanks, Cos. How are you? So the question around remnant mining in Wahi, the challenge we have, I mean, the challenge is around the establishment of a competent crown pillar. In the remnant areas, you know, we actually need to establish a crown pillar, which is effectively a stable roof over the top of the stopes that we want to mine so that we can safely mine the stopes beneath because we do undertake a top-down mining sequence.

Pedro: Yeah. Thanks.

Speaker Change: It.

Pedro: So the question Ryan remnant mining.

Speaker Change #106: And why.

Pedro: The challenge we have.

Speaker Change: Challenges around the establishment of the component Crown pillar.

Speaker Change: In the remnant areas, we actually need to establish that.

Speaker Change: Crown pillar, which is effectively a stable.

Speaker Change: The top of the steps that we want a margin that we can safely mine stopes be nice because.

Speaker Change: We do on the Tiger talked Dan morning segments now in the remnant areas to establish a competent cramp. Your line. We've got a mine at all of the old remnant fill and filed material previously because we just don't know the condition of debt that matures, we have to mine that out.

Peter Sharpe: Now in the remnant areas, to establish a competent crown pillar, we've got to mine out all of the old remnant fill and fail material previously because, you know, we just don't know the condition of that material. So we have to mine that out. And then we have to refill it with competent material, and we fill it with cemented rock fill, CRF. And what we're finding is that, in addition to the CRF, we're actually having to install spiling rods, drilling in through the CRF. You have to drill it in from the foot wall to the hanging wall, and then we have to grout or resin-inject to ultimately create an engineered crown pillar that we can safely mine beneath.

Peter Sharpe: We have to mine that out, and then we have to refill it with component material, and we fill it with cemented rock fill or CRF. And what we're finding is that, in addition to the CRF, we're actually having to install sparring rods, drilling in through the CRF. You have to drill it in from the foot wall to the hanging wall, and then we have to grout or resin injects to ultimately create an engineered crown pillar that we can safely mine beneath. And it's been a bit of, I'll say, troll an arrow, but fundamentally we've done that.

Speaker Change: And then we have two rigs drilling with competent material and we feel that we've cemented rock fill with Crs.

Speaker Change: And what we're finding that in addition to the CRF, we're actually having to install spalling Raj drilling even through the CRF.

Speaker Change: Drilling in the footwall of the hanging wall and then we have to grant or resident jacks.

Speaker Change: To ultimately create an engineered <unk> fuel and that we can slightly more on tonight, and it's been a bit of.

Peter Sharpe: And it's been a bit of trial and error, but fundamentally, we've done that. We've learned that we have to get to that point. And that's taken quite a number of months.

Speaker Change: Once I trial and error, but fundamentally we've we've done that we've learned that we have to get to that point and thats taken a quite a number of months.

Peter Sharpe: We've learnt that we have to get to that point, and that's taken quite a number of months. Remembering that this is new for us in the wide mining of these remnant areas. So we are now starting to see that we've got the design that is now holding up. And that will allow us to obviously be better at our stage sequencing compliance, which means we'll mine the areas that we're saying we're going to mine. It has meant that we've just had to learn what is the process and I guess the mining cycle to be able to get confidence that we can safely establish those ground plums. So I think what we've seen is we've had to effectively learn how to create those safety and conditions so that we can mine.

Peter Sharpe: Remembering that this is new for us in the wide mine into these remnant areas, we are now starting to see that, you know, we've got the design that is now holding up. And that will allow us to obviously be better at our stage sequencing compliance, which means we'll mine the areas that we say we're going to mine. It has meant that we've just had to learn what the process is and the, I guess, the mining cycle to be able to get confidence that we can safely establish those crown pillars.

Speaker Change: Remember that this is new.

Speaker Change #120: For us in wide mining delays remnant areas.

Speaker Change #120: Beyond they are starting to say that we've got the design that is now holding up.

Speaker Change: And that will allow us to obviously be better than <unk> sequencing components, which make it more on the areas that we signed we got them on.

Speaker Change: Has meant that we've just had to learn what is the prices.

Speaker Change: I guess, the Morningstar hope to be able to get confidence that we can safely establish that as Graham poles.

Speaker Change: I think what we have.

Peter Sharpe: So I think what we've seen is that we have had to effectively learn how to create those safe geotech conditions so that we can mine. The remnant area is very important to us. I'd say over the last six months plus, when we haven't been able to mine the remnant areas, we have been going into the fresh ore or the fresh zone areas. So we've effectively chewed up a lot of the inventory that we had in the fresh areas.

Speaker Change: I will say is we've seen that we've had.

Speaker Change #111: Thank you.

Speaker Change #111: Great.

Speaker Change: The site conditions, so that we can win the remnant areas is very important to us.

Peter Sharpe: The remnant area is very important to us. I'd say over the last six months plus, when we haven't been able to mine the remnant areas, we have been going into the threshold or the fresh zone areas. So we've effectively chewed up a lot of the inventory that we had in the fresh areas. So making sure that we do mine in the remnant areas is important. We have 40 to 50% of remnant mining for the rest of the year, and it is higher grade. So it is important, but again the positive signs is we've actually now got a design.

Speaker Change: Outside of that in the last six months plus when we haven't been able to mine the remnant areas, we had been going into the fresh all will the fresh down areas.

Speaker Change: So we've established effectively chewed up a lot of the inventory that we had in the fresh areas.

Speaker Change: Making sure that we do mining remnant areas as important we have 40% to 50% of remnant mining for the rest of the year entities higher grade.

Peter Sharpe: So, you know, making sure that we mine in the remnant areas is important. We have 40 to 50% of remnant mining for the rest of the year, and it is higher grade. So it is important. But again, the positive sign is that we actually now have a design. We're starting to see that, you know, the design and the execution are working, and we're actually maintaining a safe crown pillar. So we certainly expect the second half to be a better performance than the first. Hopefully, that's answered your question. Yep, that's good.

Speaker Change: So it is important but again the positive <unk>, we're actually now got a design responding to say that.

Peter Sharpe: We're starting to see that the design and the execution are working, and we're actually maintaining a safe crown pillar. So we certainly expect the second half to be a better performance in the first.

Speaker Change: The design and the execution is working and we are actually maintaining eye sight crown pillar.

Speaker Change: We certainly expect the second half.

Speaker Change: To be a better performance in the first half.

Peter Sharpe: How do we let you answer your question?

Speaker Change: Hopefully that's answered your question.

Cosmos Chiu: Yep, that's good to hear, Peter. Thank you.

Cosmos Chiu: Yep, that's good to hear, Peter. Thank you. And then maybe one last question on your capex budget for the year.

Speaker Change #109: Yes, that's good to hear.

Cosmos Chiu: And then maybe one last question on your CapEx budget for the year. I noticed that you did a bit of a switcheroo. Sustaining CapEx was previously $150 million, but now the new guidance is $110. Prestripping or stripping was $110,000 and is now $150,000. That kind of makes sense given what you've spent on, say, stripping 86 million dollars year to date. But my question is... Is this really just a reclassification of the same work?

Speaker Change #115: Then maybe one last question.

Speaker Change #115: On your Capex budget for the year.

Marius Niekerk: I noticed that you did a bit of a switcheroo, I guess, sustaining capex was previously 150 million, but now the new guidance is 110 and pre-stripping or stripping was 110 and now 150 million. That kind of makes sense given what you've spent on, say, stripping 86 million dollars year to date.

Speaker Change #124: I noticed that you did a waiver switcheroo I guess.

Todd: Sustaining capex was previously $150 million, but now the new guidance is one Todd.

Speaker Change #131: Pre stripping or stripping was 110 and 140 million.

Speaker Change #119: That kind of makes sense, given what you've spent on say stripping $86 million.

Speaker Change #130: To date.

Marius Niekerk: But my question is, is this really just a reclassification of the same work, or is it really, are you doing more stripping this year versus what you have planned and, you know, inversely, the capex, sustaining capex that you're not spending this year, is it going to come up soon next year?

Speaker Change #138: But my question is.

Cosmos Chiu: Or is it really, are you doing more stripping this year versus what you have planned? And, you know, inversely, the capex, sustaining capex that you're not spending this year, is it going to come up, say, next year?

Speaker Change #117: Is this really just a reclassification of the same work or is it really are you doing more stripping this year versus what you have planned.

Speaker Change #113: And Diversely.

Speaker Change #113: The capex sustaining capex that youre not spending this year.

Speaker Change #123: Is it going to come up say next.

Speaker Change #113: Next year.

Marius Van Niekerk: Hi Klaus, it's Marius here. From a reclassification perspective, no, it's not a reclassification as such; we're not bringing any CapEx forward from next year. All that's happening is there's some activity that is classified that relates to stripping that's longer term that relates to growth. Other than that, you know, from a total perspective, we still expect to be in line with the guidance. And you would have seen, actually, from a year to date perspective, you know, we're heading down that track. All activities that we plan to do this year are on track as per the plan.

Marius Niekerk: Hi, Cos, it's Marius here. Marius, from a reclassification perspective, no, it's not a reclassification as such; we're not bringing any capex forward from next year. All that's happening is there's some activity that is classified, that relates to stripping that's longer term that relates to growth. Other than that, you know, from a total perspective, we still expect to be in line with the guidance, and you would have seen actually from a year-to-date perspective, you know, we're heading down that track. All activities that we plan to do this year are on track as for the plan. Great.

Speaker Change #113: Hi.

Speaker Change #112: Mara Acs.

Speaker Change #110: Tomorrow from.

Speaker Change #110: From a reclassification perspective.

Speaker Change #110: Not a re class b.

Speaker Change #110: Our reclassification as such we're not bringing any capex forward from from next year.

Speaker Change #110: OLED is happening is there is some activity that is classified as it relates to stripping that's longer term debt.

Speaker Change #110: It's to drive other than that from a total perspective.

Marius Van Niekerk: We still expect to be in line with the guidance.

Speaker Change #110: You would've seen actually from a year to date perspective, C&I heading down that track all the activities that we plan to do this year.

Speaker Change #110: <unk> is on track as per the plan.

Speaker Change #110: Yeah.

Cosmos Chiu: Great. So, in that case, the sustaining CapEx, the decrease in sustaining CapEx guidance from 150 to 110, is the $40 million going to show up next year then?

Speaker Change #105: Great. So in that case, the sustaining capex to decrease in sustaining capex guidance for 115 to one time is a 40 million going to show up next year then.

Marius Niekerk: So, so in that case, the sustaining capex, the decrease in sustaining capex guidance from 150 to 110, is a 40 million going to show up next year then? I'm not driven by production stripping because if I go back to your early question, those campaigns are on track. Okay, okay. Thanks, Gerard, and you can go on a question to have. Thank you. Thanks.

Gerard Michael Bond: I'm not driven by production stripping because, if I go back to your earlier question, those campaigns are on track.

Speaker Change #105: We're not driven by production stripping cost if I go back to your earlier question those campaigns are on track.

Speaker Change #134: Okay. Okay.

Cosmos Chiu: Thanks, Gerard and team. Those are all the questions we have. Thank you.

Todd: Thanks, Garrett and team goes out of the questions I have thank you. Thanks. Thank you Todd.

Gerard Michael Bond: Thanks. Thank you, Carl.

Unknown Executive: Thank you, Cos.

Ovais Habib: The next question will be from Ovais Habib at Scotiabank. Please go ahead.

Horwaiz Habib: Next question will be from Horwaiz Habib at Scotia Bank. Please go ahead. Hi, Gerard and Oshina Gold team. A lot of the questions I've had have been answered. Just a couple of questions from me.

<unk> Habib: Next question will be from <unk> Habib at Scotia Bank. Please go ahead.

Ovais Habib: Hi Gerard and the Oceana Gold team. A lot of the questions I've had have been answered. Just a couple of questions from me. At Didapio, just following up on Wayne's kind of first question, maybe I've missed some of the answers, but again, in terms of, you know, accessing those higher-grade breccia stopes at Didapio, will you be able to access those in Q3 or is this kind of a spillover into Q4?

Ovais Habib: Hi, Jared and Oceana golf game.

Speaker Change #144: A lot of the questions I have.

Speaker Change #128: <unk> have been answered.

Ovais Habib: Any sort of color that you can provide for that would be great.

Speaker Change #132: Just a couple of questions from me.

Horwaiz Habib: At did IPO, just following up to Wayne's kind of first question, maybe I've missed some of the answers, but again, in terms of, you know, accessing those higher grade, breathier stoves at did IPO, will you be able to access those in Q3 or is this kind of a spillover into Q4? Any sort of color that you can provide another degree rate?

Speaker Change #140: <unk> just following up to wins kind of first question, maybe I missed.

Speaker Change #128: Some of the answers but.

Speaker Change #125: Again in terms of accessing those higher grade breccia stopes added appeal.

Speaker Change #126: Will you be able to access those in Q3 or is this kind of a spillover into Q4 any sort of color that you can provide on that that'd be great.

Peter Sharpe: Peter. Hi, Emma. So we can still access the breacher stoves, but what we've done with the readers on by actually making them smaller stoves, and we're doing that again because, you know, from a geretic perspective, we know that the smaller stoves means that there's a higher recovery certainty. We're still accessing the breacher stoves and still mining, but it's because of smaller stoves. We're not as productive, and it's taking longer, which means the total tons that you can mine in a certain period is not as much. So it's almost like our original mine plan. The first two to three years, we got in and we mine all of the high grade stoves in breacher area, which is up to the top of the mine.

<unk> Habib: Peter.

Peter Sharpe: Hi Ovais, so we can still access the breccia stopes, but what we've done with the redesign by actually making them smaller stopes, and we're doing that again because, you know, from a geotechnical perspective, we know that the smaller stopes mean that there's a higher recovery certainty. We're still accessing the breccia stopes and still mining, but it's because it's smaller stopes that we're not as productive, and it's taking longer, which means the total number of tonnes that you can mine in a certain period is not as much.

Speaker Change #105: Hi.

Peter: So we can still access the breakfast stripes.

Speaker Change #121: We have done with the readers on by actually making them smaller start ups and we're doing that again because from a genetic perspective.

Peter: The smaller steps.

Speaker Change #121: High recovery.

Speaker Change #121: Certainty.

Speaker Change #121: We're still accessing the richest actions to mining, but it's because it's small steps were not as productive and thats, taking longer which means the total tons that you can mine at a certain period is not as much. So it's almost like.

Peter Sharpe: So it's almost like our original mine plan, the first two to three years, we got in, and we mined all of the high-grade stopes in the breccia area, which is up to the top of the mine. What we're seeing now is a bit of a flattening of that.

Peter Sharpe: The original mine plan in the first two to three years, we got in and we more than all of the high grade Stopes and breccia area, which is the top of the mind. What we're seeing now is a bit of a flattening of that.

Peter Sharpe: What we're seeing now is a bit of a flattening of that. So we're still mining all of the breacher area, but it's just going to take us a year or two longer. What we plan to do, because obviously that will drop the average mine grade slightly over the next couple of years, what we plan to do obviously is mine at a much higher mining rate. So we've talked about the underground optimization, taking the mine to two and a half million tons. By getting up to that rate, more than offset through extra total tons mine, the slight reduction in average grade by just having the soil rate through the breacher zone.

Peter Sharpe: So we're still mining all of the breccia area, but it's just going to take us a year or two longer. What we plan to do, because obviously that will drop the average mine grade slightly over the next couple of years, what we plan to do is obviously mine at a much higher rate. So we've talked about the underground optimisation, taking the mine to two and a half million tons.

Speaker Change #121: So we're still mining all of the breccia area, but it's just going to take us.

Speaker Change #121: A year or two longer.

Speaker Change #121: What we what we plan to do.

Speaker Change #121: Because obviously that will drop the average mine grades slightly.

Speaker Change #121: The next couple of years.

Speaker Change #121: We plan to do obviously is these mine at a much higher mining rates and we've talked about the underground optimization, taking them on to two 5 million tonnes.

Peter Sharpe: By getting up to that rate, we'll more than offset, through extra total tonnes mined, the slight reduction in average grade by just having the solar right through the breccia zone. So, yeah, again, from a longer-term perspective, we see this is an actual factor positive because we'll get higher recovery out of the breccia area.

Speaker Change #121: We're getting up to that rate more than offset.

Speaker Change: Through extra titled tonnes mine the.

Speaker Change #121: The slight reduction in Africa.

Speaker Change #145: Just having the smaller right through the branches on sorry.

Peter Sharpe: So, yeah, again, from a longer term perspective, we see this is an actual fact of positive figures. We'll get a higher recovery out of the breacher area.

Speaker Change #121: Yes.

Speaker Change #121: From a longer term perspective, we say this is <unk>.

Speaker Change #121: Actual fact positive figures.

Speaker Change #121: We'll get a heart recovery out of the breccia area.

Peter Sharpe: Yeah, thanks for that. And in addition, you did bring in some additional equipment, or you're looking to bring in additional equipment. Is that kind of according to plan as to your increasing down-to-ground production from underground, or kind of re-sequencing of the stops? Yeah, absolutely. So I think we've shared previously that even though we're actually undertaking the pre-feeds ability study this year, we're actually gearing up to ramp up. So, in parallel, we've actually been onboarding additional equipment. And we do expect to be exiting this year at a mining rate in and around that two million tons per annum.

Peter Sharpe: Thanks for that. And in addition, you did bring in some additional equipment, or you're looking to bring in additional equipment. Is that kind of according to plan as to your increasing the underground, you know, production from underground, and or any kind of resequencing of the stokes?

Speaker Change #135: Okay. Thanks for that.

Speaker Change #135: In addition.

Speaker Change #137: You did bring in some additional equipment.

Speaker Change: Or are you looking to bring in additional equipment is that is that kind of according to plan as to as to your increasing the underground.

Production from underground.

Speaker Change: And we're kind of at Resequencing of the stopes.

Peter Sharpe: Yeah, absolutely. So I think we've shared previously that even though we're actually undertaking a pre-feasibility study this year, we're actually gearing up to ramp up. So in parallel, we've actually been onboarding additional equipment, and we do expect to be exiting this year at a mining rate in and around that 2 million tonne per annum. So we're looking to mine and actually increase our mining rate and get to that 2.5 million tonne mining rate as fast as we possibly can.

Speaker Change: Yeah, absolutely. So I think we've shared previously that even though we're actually undertaking the pre feasibility study.

Speaker Change #137: We're actually gearing up to ramp up so in parallel we've actually been onboarding additional equipment and we do expect to be exiting.

Peter Sharpe: This year at a mining rate.

Speaker Change #137: In and around that 2 million tonne per annum. So we are looking to mine and exiting crazy morning, right and get to that $2 5 million ton.

Peter Sharpe: So we're looking to mine and actually increase your mining rate and get to that two and a half million ton mining rate, as fast as we possibly can. Okay, perfect. Thanks. Thanks for that, Peter.

Speaker Change #135: Morning write as fast as we possibly can.

David Londono: Perfect. Thanks for that, Peter. Just moving on to hail, then, maybe this is a question for David. You know, in terms of achieving that 2000 tons per day from the horseshoe underground in July, is that a sustainable rate that you're expecting going into Q3, Q4?

Speaker Change #133: Okay perfect. Thanks for that Peter just moving onto Hail then.

David Londono: Just moving on to hail, then maybe there's a question for David. You know, in terms of, you know, achieving the two thousand tons per day from the horse you underground in July, is that a sustainable rate that you're expecting going into Q3 Q4? Thank you for the morning of base. Yes, right now, we're going to be mining two stops at any given time with a terbin, tossers, drills, et cetera. So we expect to be mining an average of two thousand tons per day for the remainder of the year.

Speaker Change: Maybe this question for David.

David Londono: In terms of achieving that 2000 tonnes per day from the Horseshoe underground.

Speaker Change #121: July.

Speaker Change: Is that a sustainable rate that you are expecting going into Q3 Q4.

David Londono: Good morning, Ovais. Yes, right now, we're going to be mining two stops at any given time with a turbine process, drills, etc. So we expect to be mining an average of 2,000 tons per day.

David: Hi, good morning.

David: Yes, right now are we going to be mining two stops at any given time, we have a caribbean.

Speaker Change: For three of <unk> et cetera, So we expect to be.

Speaker Change: On average over 2000 tonnes per day.

David: For the remainder of the year.

David Londono: And David, thanks for that. And just on that, I mean, in terms of the second half, any sort of color on the grade profile that we should be expecting in the second half?

David Londono: And David, thanks for that. And just on that, I mean, in terms of the second half, any sort of color on a great profile that we should be expecting in the second half? Yeah, we've seen an increase in the letter two. So that we expect that the grade to continue to also in letter two. And the underground, the grade that is coming is exactly what we predicted in the model. So what we see is what we expect to see. Okay, thanks for that, David.

David Londono: And David Thanks for that and just.

David Londono: On that I mean in terms of the second half.

Speaker Change: Any sort of color color on grade profile that we should be expecting in the second half.

Speaker Change #139: Got it.

David Londono: [inaudible] Yeah, we've seen an increase in Leadbetter 2, and we expect that grade to continue in Leadbetter 2. And underground, the grade that is coming is exactly what we predicted in the model. So what we see is what we expect to see.

Speaker Change: Yes, we've seen an increase in DMV ledbetter too. So we expect that to continue bolstering library and the underground grade that is coming is exactly what we predicted in the model.

Speaker Change #139: But what we see is while we expect to see.

Ovais Habib: Okay, thanks for that, David. That's it for me, guys. Thanks for taking my question.

Speaker Change: Okay. Thanks for that.

Horwaiz Habib: That's it for me, guys. Thanks for taking my questions.

David Londono: Okay.

Speaker Change #143: That's it for me guys. Thanks for taking my questions.

Unknown Executive: Thank you, guys.

Marius: Thank you.

Farooq Hamed: Once again, ladies and gentlemen, if you do have any questions, please press star followed by 1 on your touch-tone phone. And your next question will be from Farooq Hamed at Raymond James. Please go ahead.

Unknown Executive: Once again, ladies and gentlemen, if you do have any questions, please press star followed by one on your touched-on phone. In your next question, we'll be from follow up on the dipio again. Obviously, there's been a lot of discussion already. I just want to understand; you know, you're going with these smaller stoves in the breachy of the areas. Is that like how do you see that impacting, you know, the cost, the mining costs at the dipio going forward while you're, while you're, you know, for the next couple of years while you're kind of running these smaller stoves, you maintain your guidance for the year.

Speaker Change: Once again, ladies and gentlemen, if you do have any questions. Please press star followed by one on your Touchtone phone.

Speaker Change #143: Next question will be from Farooq Ahmed.

Speaker Change: And James Please go ahead.

Farooq Hamed: Hey, good morning, everyone. I just wanted to follow up on DiPio again. Obviously, there's been a lot of discussion already. I just want to understand, you know, you're going with these smaller stopes in the brecciated areas. How do you see that impacting the mining costs at Didipio going forward for the next couple of years while you're running these smaller stopes? You've maintained your guidance for the year, but can you talk a little bit about what you expect in terms of mining cost impact from these smaller stopes?

Farooq Hamed: Hey, good morning, everyone.

Farooq Hamed: I just wanted to follow up on the <unk> again, obviously theres been a lot of discussion.

Speaker Change #143: Already.

Farooq Hamed: I just wanted to understand you are going with these smaller stopes in the bright shaded areas.

Speaker Change #111: Is that like how do you see that impacting the cost the mining costs at <unk>.

Speaker Change: <unk> going forward, while your while your for the next couple of years, while you're kind of running these smaller stopes.

Speaker Change: You've maintained your guidance for the year.

Peter Sharpe: But can you talk a little bit about what you expect in terms of mining cost impact from the smaller stoves? Yeah, sure. The actual cost, yeah, we don't think it's going to be a significant impact. You know, it'll be absorbed in the ramp up to a high mining rate. Majority of our stoves are all 20 meter by 20 meter by 30 meter in the monsoon area. You know, the breacher zone is more of a higher grade. All body in the higher lifts of the actual all body itself. So we really don't mine many tons out of the breacher anyway.

Speaker Change: But can you talk a little bit about what you expect in terms of mining cost impact from the smaller stopes.

Peter Sharpe: Adam? Yeah, yeah, sure Farooq. The actual cost, we don't see that it's going to be a significant impact; it will be absorbed in the ramp up to a higher mining rate. The majority of our stopes are all 20m x 20m x 30m in the Monsonite area. The Breccia zone is more of a higher-grade ore body in the higher lifts of the actual ore body itself.

Speaker Change #141: Yes, yes sure.

Speaker Change #136: The actual cost yes.

Peter Sharpe: Is that we don't see that is going to be a significant impact.

Farooq Hamed: Yes, it will.

Peter Sharpe: Would be absorbed.

Peter Sharpe: In the ramp up to a higher mining right majority of asset types.

Peter Sharpe: All 20 made up by 20 made about $30 million in the <unk> area.

Yes, the breccia zone is more of a high right.

Peter Sharpe: All body in the higher.

Speaker Change #136: Lifts of the of the actual ore body itself.

Speaker Change: So we really don't mind, many times out of the breech anyway. The majority of Vale S starts on Monday morning, and.

Peter Sharpe: So we really don't mine many tons out of the breccia anyway. The majority of our stopes are mined out of the monzonite, and they will be maintained at those higher productivity levels. There will be some costs associated with the smaller stopes, predominantly just with the cycle and the pace fill. So smaller stopes mean that you'll need to build pace walls and then backfill, and then mine another slot. So there will be some, but it won't have a material impact on the overall mining costs. And again, as we see the overall mining rate increase, all that will be absorbed. So we actually see that the mining unit rate will reduce over time.

Peter Sharpe: Majority of our stoves are more and more and more, and they will might be maintained at those higher productivity levels. There will be some costs associated with the smaller stoves, predominantly just with the cycle. And the pace will say smaller stoves mean that you will need to build pace walls and then backfill, and then you know, mine another slot. So there will be some, but it won't have a material impact on the overall mining costs. And again, as we see the overall mining rate increase, all that will be absorbed. So we actually see that the mining unit rate will reduce at the time.

Peter Sharpe: And I will be maintained.

Peter Sharpe: Higher productivity levels.

Peter Sharpe: There will be some cost associated with smaller stripes predominantly just with the cycle.

Speaker Change: And the Pie school say smaller stripes mean that you will need to build high schools, and then backfill and then more than another.

Peter Sharpe: So there will be some.

Peter Sharpe: It won't have a material impact on the agro mining costs and again as we see the overall mining right increase on all of that will be absorbed so we actually say that the mining unit rate will reduce at the time.

Peter Sharpe: Okay, that's good. And then maybe just following up with the new equipment that you've brought in underground at Adipio, does that new equipment have any issue from a sizing perspective as it relates to potentially having these smaller stopes? Is it still appropriately sized for kind of your redesign?

Peter Sharpe: Okay, that's good. And then maybe just following up with the new equipment that you've brought in underground at the DPO, does that new equipment, is there any issue from a sizing perspective as it relates to potentially having these smaller stoves? Is it still appropriately sized for kind of your redesign? Yeah, the actual draw point is not going to change. So the size of the loader that will mine the stoves, it's actually the shape of the stoves. So we'll be going from a 20 by 20 to 30 to a 20 or a 15 by 5. So what we're trying to do is reduce the span that is open at any one time, because again in this week and monsoon material, we're seeing fails in the shoulders and the backs on all the roof.

Peter Sharpe: Okay.

Speaker Change: And then maybe just following up with the new equipment that you've brought in underground at <unk>.

Speaker Change: Does that.

Speaker Change: New equipment.

Peter Sharpe: Is there any issue from a sizing perspective as it relates to potentially having these smaller stopes as it still appropriately sized for kind of your redesign.

Peter Sharpe: Yes, it is. The actual draw point is not going to change. So the size of the loader that will mine the stope is actually the shape of the stope. So we'll be going from a 20x20x30 to a 20 or a 15x5. So what we're trying to do is reduce the span that is open at any one time because again, in this weaker monsoon material, we're seeing failures in the shoulders and the backs or the roof.

Speaker Change: Yes, the actual draw point.

Speaker Change: He's not going to change to the size of the lighter that room on the.

Speaker Change: <unk> is actually.

Speaker Change #136: No.

Peter Sharpe: The shape of the stope, so we'll be going from a $20 32, a 20 or a 15 by five.

Peter Sharpe: And we want to just make sure that we don't have as big an opening at any one time, and then we'll backfill it with paste, and then we'll go to the next stop next door. But the actual equipment itself, none of that will be impacted.

Peter Sharpe: What we're trying to do is reduce the span that is open at any one time, because our guiding this weaker months raw material, we're seeing files in the in the Charlotte and the backfill in the roof and.

Peter Sharpe: And we want to just make sure that we don't have as big an opening. At any one time, then we'll back fill it with paste, and then we'll go to the next start next door, but the actual equipment itself, none of that will be impacted at all.

Peter Sharpe: And we wanted to just make sure that we don't have as bigger opening.

Peter Sharpe: At any one time, then we'll backfill it with price and then move onto the next next door, but the actual equipment itself none of that will be impacted at all.

Peter Sharpe: Okay, good. And then maybe just lastly on Didipio, so you talked about the redesign, but then you've also mentioned re-sequence. Can you just talk a little bit about what the re-sequence entailed and why you had to do a re-sequence?

Unknown Executive: Okay, good.

Speaker Change: Okay. Good and then maybe just lastly on <unk>.

Unknown Executive: And then maybe just lastly on the DPO. So you talk about the redesign, but then you've also mentioned consequence.

Speaker Change: You talked about the redesign, but then you've also mentioned re sequence can you just talk a little bit about.

Peter Sharpe: Can you just talk a little bit about what the consequence entailed and why you had to do a consequence? Yeah, it's just fundamentally what I said earlier around because it is a smaller a stope and the actual mining cycle means that your I guess the productivity levels will be slower. You just can't mine as many tons in a certain period. So what it's doing is rather than probably mining it all in the first two to three years, all the richer high grades going into the three years, it's adding another year or two to the overall shape.

Speaker Change: The re sequence entailed and why you had to do a re sequence.

Peter Sharpe: Yeah, it's just fundamentally what I said earlier, because it is a smaller scope and the actual mining cycle means that your productivity levels will be slower; you just can't mine as many tons in a certain period. So what it's doing is, rather than probably mining at all in the first two to three years, all the breccia high grades gone in two to three years, it's adding another year or two to the overall shape, so you're flattening it over those two years, but you're extending it into years three and year four.

Speaker Change: Yes, it's just fundamentally what I said earlier around because it is a smaller.

Peter Sharpe: And the actual mining cycle.

Speaker Change: Is that your dog is the productivity levels will be smaller you just can't mine as many tons in a certain period. So what it's doing is rather than every morning at all in the first two to three year old the breech of high grades going into industries.

Speaker Change: Adding another year or two to the overall shapes that you're flattening in <unk> two to three years, but you're extending it into your three new fore sight.

Peter Sharpe: So you're flattening it over those two to three years, but you're extending it into year three and year four. So that's all that means is it's not the fact that we can't mine in particular areas, because it's a smaller stope. It just means the cycle time is a little bit longer, which means you just can't mine as many tons in a certain period.

Peter Sharpe: So that's all that means, it's not the fact that we can't mine in particular areas because it's a smaller scope; it just means the cycle time is a little bit longer, which means you just can't mine as many tons in a certain period.

Peter Sharpe: That's all that means is it's not the fact that we mine in particular areas.

Peter Sharpe: It's a smallest just means the cycle time is a little bit longer which means you're just counting on as many tons in a certain period.

David Londono: Okay, thank you for that. Then maybe just switching to Hale, really the question here on the Underground, David, you talked about kind of reaching the 2,000 ton per day steady state in July from operating two stoves at the same time, and it sounds like a third on standby or ready to go, you know, as you switch out. Can you just talk a little bit about what your forward development is? How far is your development in advance of where your mining rate is or where your mining is right now?

Unknown Executive: Okay, thank you for that.

Peter Sharpe: Okay. Thank you for that.

David Londono: Then maybe just switching to Hill. Really, the question here on the end of round, David, you talked about kind of reaching the 2000 ton per day steady state in July from operating two stopes at the same time. And whether it sounds like a third on standby or ready to go, you know, as you switch out. Can you just talk a little bit about what your forward development is? How far is your development in advance of where your mining rate is or where your mining is right now? Yeah, we're mining in the nine 50 and I 75 levels, and the development, the decline is on at the 900, and we already passed the 900.

David Londono: And then maybe just switching to hill.

Speaker Change: Really the question here on the underground David you talked about kind of reaching the 2000 ton per day steady state in July from operating two stopes at the same time.

David Londono: And it sounds like a third on standby or ready to go as you switch out.

David Londono: Can you just talk a little bit about what your forward development is how far is your development in advance of where you are mining right, where you're mining is right now.

David Londono: Yeah, we're mining at the 950 and 975 levels. And the development, the decline is down at the 900. And we've already passed the 900. So we're 50 meters ahead. So we're very good at development. So we're over almost 12 months ahead of schedule.

David Londono: Yes.

Speaker Change: We're mining the 950 995 levels.

David Londono: And the development the decline is down up to 900, we already passed the 900.

David Londono: So we've 50 meters ahead. So we're very good on the development. So we've over the almost 12 months ahead of the mining.

Speaker Change: We can meet US ahead. So we are very good on that.

David Londono: Development of it.

Speaker Change: Almost 12 months ahead of me.

Speaker Change: All the mining.

Farooq Hamed: Okay, that's good. And then maybe last question for me, where, you know, obviously, based on your guidance, 60 to 65% of 2024 production at Hale is expected in the second half, and that's obviously going to be key in hitting your overall guidance for the year, where, you know, one month into the third quarter, you're accessing from Leadbetter, and now you've ramped up at Underground.

David Londono: Okay, that's good. And then maybe last question for me, we're, you know, obviously based on your guidance, 60 to 65% of 2024 production in hell is expected in the second half. And that's obviously going to be key in hitting your overall guidance for the year. We're, you know, one month into the third quarter, you know, you're accessing from Lead Better and now you've ramped up at Underground. So just the question is what have you seen so far into the third quarter is is what your mining and what you're milling and what you're recovering. Is that all according to your plan so far into?

Speaker Change: Okay. That's good and then maybe last question for me, where obviously based on your guidance, 60% to 65% of 'twenty 'twenty four production at Haile is expected in the second half.

Farooq Hamed: And that's obviously going to be key in hitting your overall guidance for the year.

Farooq Hamed: We're one month into the third quarter.

Speaker Change: Youre accessing from led better and now you've ramped up at underground. So just the question is what have you seen so far into the third quarter is is what you're mining and what's your milling and what Youre recovering is that all according to your plan so far into the third quarter.

Gerard Bond: on the third quarter. So I'll be honest with you. Go ahead, Gerard, sorry.

Gerard Michael Bond: So are we seeing a spread of COVID-19? Yeah, Farooq, we'll give updates on the quarter at the end of each quarter. It's basically in line with the plan, but I don't want to get into the habit of giving intra-quarter updates one month in. So, in a broad sense, we're comfortable with it, but I don't want to be confirming.

Speaker Change: So are we saying that.

Speaker Change: Got it.

Gerard Bond: Yeah, I just, um, Farooq, we'll, uh, give updates on the quarter, uh, at the end of each quarter. It's, it's basically in line with plan, but I don't want to get into the habit of giving intra-quarter updates one month in. So, um, in a broad sense, we're comfortable with it, but I don't want to be, uh, confirmed specifics. Okay. Okay, that's fine. Uh, okay.

Gerard Michael Bond: Farooq.

Gerard Michael Bond: <unk>.

Farooq Hamed: Updates on the quarter.

Gerard Michael Bond: At the end of each quarter, it's basically in line with plan, but I don't want to get into the habit of giving intra quarter updates one month in so.

Gerard Michael Bond: In a broad sense, we're comfortable with it but I don't want it be configured specifics.

Farooq Hamed: Okay, no, that's fine. Okay, that's it for me. Thanks, guys.

Farooq Hamed: Okay, No thats fine.

Unknown Executive: That's it for me. Thanks, guys.

Farooq Hamed: Okay. That's it for me thanks, guys.

Unknown Executive: Thank you for it. Thank you.

Speaker Change: Thank you for.

Operator: Thank you. And at this time, it appears we have no further questions. Please proceed.

Farooq Hamed: Thank you.

Unknown Executive: And at this time, it appears we have no further questions. Please proceed. Well, thank you, everyone.

Speaker Change: It appears we have no further questions. Please proceed.

Gerard Michael Bond: Well, thank you, everyone. That concludes the call. A replay will be available on our website later today. On behalf of the management team and everyone at OceanaGold, we appreciate you joining us and wish you a very pleasant rest of the day. Thank you.

Speaker Change: Well. Thank you everyone that concludes the call a replay will be available on our website later today on behalf of the management team and everyone that actually on a go I. Appreciate you joining us and wish you a very pleasant rest of the day. Thank you.

Unknown Executive: That concludes the call. A replay will be available on our website later today. On behalf of the management team and everyone at OceanaGold, we appreciate you joining us and wish you a very pleasant rest of day. Thank you.

Operator: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending, and at this time, we do ask that you please disconnect your lines.

Unknown Executive: Thank you, sir.

Speaker Change: Thank you, Sir ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending and at this time, we do ask that you. Please disconnect your lines.

Unknown Executive: Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines. Thank you.

Operator: [music].