Q2 2025 Ivanhoe Mines Ltd Earnings Call

David van Heerden: Good morning, ladies and gentlemen, and welcome to the Ivanhoe Mines Ltd Q2 earnings call. At this time, our mines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Thursday, July 31st, 2025. I would now like to turn the conference over to Matthew Keevil, Director of Investor Relations and Corporate Communications. Please go ahead.

Good morning, ladies and gentlemen, and welcome to the Island Gold Mines Limited Q2 earnings call at this time all lines into listen only mode.

The presentation, we will conduct a question and answer session.

If at any time during this call you need assistance. Please press you have with your operator. This call is being recorded on Thursday July 31st 2025.

Now, let's turn the conference over to Matthew Campbell Director of Investor Relations and corporate Communications. Please go ahead.

Operator: Thanks very much, operator, and good morning and afternoon, everyone. It's my pleasure to welcome you to Ivanhoe Mines' second quarter 2025 financial results conference call. As the operator mentioned, my name is Matthew Keevil. I am the Director of Investor Relations and Corporate Communications with Ivanhoe Mines. On the line today with the company, we have Founder and Executive Co-Chairman Robert Friedland, President and Chief Executive Officer Martie Cloete, Chief Financial Officer David Heerden, Chief Operating Officer Mark Farren, and Executive Vice President Corporate Development and Investor Relations Alex Pickard. We will be finishing today's event with a Q&A session. You can submit a question using the Q&A box on the webcast as well as through the conference operator via your phone line. Please do contact our Investor Relations team directly if your question is not addressed during the call.

Thanks, very much operator, and good morning and afternoon everyone.

My pleasure to welcome you to Ivanhoe mines second quarter 2025 financial results Conference call.

As the operator mentioned my name is Matthew Keevil, I am the director of Investor Relations and corporate communications with Ivanhoe mines on the line today with the company. We are a founder and executive co Chairman, Robert Friedman, President and Chief Executive Officer, Martin <unk>, Chief Financial Officer, David Van Hamilton, Chief Operating Officer, Mark Ferron, and executive Vice President corporate develop.

An investor Relations Alex <unk>.

We will be finishing today's event with a Q&A session. You can submit a question using the Q&A box on the webcast as well as through the conference operator via your phone line.

Please do contact our Investor Relations team directly if your question is not address during the call we'd be more than happy to follow up with any unanswered questions.

Operator: We'd be more than happy to follow up with any unanswered questions. And before we begin, I'd like to remind everyone that today's event will contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Details of these forward-looking statements are contained in our July 30th news release, as well as on CDAR Plus and at www.ivanhoemines.com. It is now my pleasure to introduce Ivanhoe Mines' Founder and Executive Co-Chairman Robert Friedman for opening remarks. Robert, please go ahead.

And before we begin I'd like to remind everyone that today's event will contain forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements details of these forward looking statements are contained in our July 30th news release as well as on SEDAR, plus and at Www Dot Ivanhoe mines Dot com.

It is now my pleasure to introduce iron ore mines, founder and executive co Chairman Robert Friedman for opening remarks, Robert Please go ahead.

Daniel Major: Thank you, and best of wishes to everybody from Switzerland. It's a beautiful day here, and I want to start by thanking everybody on the operating team at Kumho Kukula for having experienced a bump in the road, immediately getting to work on restoring Ivanhoe Mines as the fastest growing and best new major mining company in the world. I also want to thank very much the people in our Chinese office and our partners at Sijin and Sitic who expedited a major effort to get world-class pumping systems in place on the site already in record time. And we're going to be telling you more about that pumping and our plans for the future imminently, but never have I seen such a great effort by such a diverse group of people responding to a challenge and working rapidly to overcome it.

Thank you and best wishes to everybody from Switzerland, It's a beautiful day here and I want to start by thanking everybody on the operating team.

At come OCA cooler for having experienced a bump in the road.

Immediately getting to work on restoring I have in our minds is the fastest growing and best New major mining company in the world.

Want to thank very much.

People in our Chinese office, and our partners at <unk>.

The gin and Citic.

Expedited a major effort to get World class public systems in place on the site already in record time, and we're going to be telling you more about that pumping and our plans for the future imminently, but never have I seen such a great effort by such a diverse group of people responding to a challenge and working wrap.

Lead overcome it so with that and without further Ado, let's go on to the management team. Thank you.

Daniel Major: So with that, and without further ado, let's go on to the management team. Thank you.

Martie Cloete: Thank you, Robert. This is Martin. If I maybe just flick back to that previous photo where Robert was talking, so there you can see the team. That's the first submissible pump that arrived on site. It was flown there on a Boeing. So we are all flying in four of these pumps, and then we're also bringing in a spare pump on a ship. So quite a magnificent effort by our team. If we can then go over to my highlights, I think this picture tells a big story. We've been in operation for five years now, and the old truck you see there in the back was one of the first fleet that we used underground at Kumho Kukula. We have now successfully rebuilt this fleet, and you can see the maintenance team standing in front of it that's very proud of its first rebuild.

Thank you Rob that this is not and I might be just a flip back to the previous forecast.

And Wayne Robbins Stoke inside there you can see the team that's the first a submersible pump that arrived on site and it was flying there on our borrowing so we are all flying in a false. These bumps and then we also had bringing in a speed bump on the ship side quite the magnificent if it Bob theme if we can.

They can go over to my highlights.

And I think that's the case a task that was a big story and we've been in operation for five years now and the end.

Old truck you see there in the back so that's one of the first 10.

But we used underground at the mouth cooler we have now successfully rebuilt the fleet and as you can see the 19 and steam standing in front of it that is very proud of its fifth Street Bolton's. We used this exercise as our skills strong say exercise and it also shows how the mine is slightly maturity.

Martie Cloete: And we use this exercise as a skills transfer exercise. And it also shows how the mine is slowly maturing to become one of the biggest-based copper mines in the world. So with that as an intro, I will quickly talk you through the highlights of the quarter. So despite our operational challenges, and it feels like I've been engaging with most of you and surely our team out of London and Vancouver as well continuously and Robert over the past two, three months, we have returned a positive net cash flow of about 169 million for the second quarter. And we've spoke about the dewatering activities. All our dewatering activities are on track, and we should be dewatered by the end of this year. Our phase one and two concentrators are operating at between 80 to 85 percent capacity, and phase three is operating at above 30 percent capacity.

Did they come one of the biggest based copper mines in the world.

That doesn't instead of I will quickly talk you through the highlights of the quarter.

And despite the operational challenges and it feels like I've been engaging with nice to few.

And truly our team I'll, just London in Vancouver as well.

Continuously and then drop it.

Two three months, we have returned a positive net cash flow of about 169 million for the second quarter and we're excited about the people. We're training activities. All the old idea of motoring activities are on track and we shouldn't be devoted by the end of this year. Our first wanted to concentrate is all about.

Sitting at between 80% to 85% capacity and so I see it's operating at a bus to keep the same capacity. So really just one off that success stories and we are planning to start a smelter in September so and what's quite exciting for us as you know as I say you could get closer to production.

Martie Cloete: So really just one of those success stories. We are planning to start the smelter in September still. And what's quite exciting for us is, you know, as we get closer to production at Platt Reef here in South Africa, we see a turn in sentiments around PGMs with platinum and palladium prices at a high. So bringing online Platt Reef just at the right time. And then we're also in the final stages of completing the Capuchini bottlenecking project, and that should enable us to increase our production capacity with about 20 percent. You can see the statistics there on the left-hand side of the slide. I'm not going to delve into that because David Vanuren, our CFO, will talk you through the financials.

Not a flashy theater in South Africa, we see a turn in the statements around P. J M Smith with platinum and palladium prices.

And at a at a high so bringing online platforms is just at the right time and then we all time the final stages of completing the completion Debottlenecking project.

And then that should enable us to increase our production capacity was about 20%.

You can see the statistics there on the left hand side of the slots I'm not gonna Dallas into that because Davidson, yet and our CFO will talk you through the financials. If we think out to the next slide.

Martie Cloete: If we then go to the next slide, I think it would be a miss not to just discuss our safety achievements that we've had during the quarter. I think when a company experienced the type of event that we did in May and you get through it without any lost time injuries, it's a significant accomplishment. And I would like to commend the team at Kumho Kukula for handling the situation with absolute maturity and professionalism and looking after all our people. And it's a team effort. It's not just one person that makes a mine safe. It's a culture of safety, and it's everybody working together to ensure that we look after each other.

I think it would be a mess not to just discuss our safety achievements that we saw during the quarter.

I think when our company experienced the type of thing that we did in my own to get through it without any lost time injuries. It's a significant accomplishment and I would like to commend the team at Karnataka cooler for handling the situation with absolute maturity and professionalism and looking after all our people.

And it's a it's a team effort. It's not just one person that makes a mine site. It's a culture of safety and everybody working together to ensure that we look after each other but also another significant achievement that she thought that I noticed is that the could push a project engineering team that's not recorded a single loss.

Martie Cloete: But also another significant achievement that should not go unnoticed is that the Capuchi project engineering team has not recorded a single lost time injury since the construction of the Capuchi concentrator and throughout the de-bottlenecking program. So that's also a significant milestone and something that we are very proud of. And then going to the next largest on our sustainability efforts, and there's a little deck we produce with our quarterly news releases where you can see what we are up to. But this quarter, we decided to showcase Capuchi. I think we rarely show sort of the photos of what we achieve at Capuchi, but what we've done over the years is we've replicated what we've done in Kumho Kukula at Capuchi on a slightly smaller scale. But we started aquaculture and agricultural community projects.

An injury.

And since the construction of the Campos it concentrated to Amsterdam. The de Bottlenecking program. So that's also had a significant milestone and something that we are very proud of.

And then I'm going to the next slide just announced sustainability, if its and they said there's a little deck reproduced with all quarterly news release. This way you can see what we are up to but this quarter, we decided to showcase capuche them I think we really show a sort of the photos of what we achieved that could push it but.

We've done that over the years, we've replicated what we've done and come out the cooler. That's kept this year on a slightly smaller scale, but we started to aquaculture and agricultural community projects.

Martie Cloete: There's about 53 fish ponds at Capuchi and 21 hectares of agricultural farming, as well as poultry farming, similar to what we have at Kumho Kukula. And these projects really influence the whole town. It provides food security and business opportunities for the local community members that are not employed at the mine. So with that as an intro, I will now hand over to David Vanuren to take you through our quarterly financials. Thank you, David.

About 53 fish bonds at <unk> and 'twenty, one hate this off of agricultural farming and as well as poultry farming similar to what we have at <unk>.

And these projects really influenced the whole town.

It provides food security and business opportunities for the local community named US that's not employed at the mine so but that doesn't incur I will now hand over to dive a ton yes into check is through our quarterly financials.

Thank you thank you manav.

Andrew Mikitchook: Thank you, Martin. And good morning and good day to everyone joining the call today. We can move straight into the next slide. Notwithstanding the impact of the seismic activity in May, Kumho Kukula sold almost 102,000 tons of copper in the second quarter. That's just 8 percent down from the 110,000 tons sold in Q1. Contained copper in concentrate inventory on hand increased to 53,600 tons, up from the 48,000 tons on hand at the end of Q1. Approximately 31,500 of those tons are located at Kumho Kukula's onsite copper smelter for a buffer during the ramp-up. And 18,500 tons of the remaining unsold copper were stored at the nearby Luolaba copper smelter, awaiting toll treatment. We expect that to decrease gradually over the next few months, which would mean that sales tons would exceed tons produced in the coming quarters.

Good morning, and good day to everyone joining our call today.

We can move from struggling to the next slide.

Notwithstanding the impact of the seismic activity in my <unk> cooler sold almost a 102000 tonnes of copper in the second quarter. That's just 8% down from the 100 <unk> thousand tons sold in Q1.

Contained copper in concentrate inventory on hand increased to 53600 tons.

From the 48000 tons on hand at the end of Q1, approximately 31500 of those tons are located at.

Come out coolers onsite copper smelter.

For our buffer during their ramp up and 18500 tonnes of the remaining unsold copper restored at the nearby <unk> copper smelter why think toll treatment.

We expect that to decrease gradually over the next few months, which would mean that sells tons would exceed tons produced in the coming quarters.

Andrew Mikitchook: Kumho Kukula recorded revenue of $875 million in the second quarter of 2025, and that at a realized copper price of $4.34 per pound of payable copper. Revenue included a gain of $6 million on the mark-to-market of provisionary price sales, and while the Q1 results included a gain of $51 million. Moving to the next slide, Kumho Kukula recorded EBITDA of $325 million for Q2, which was impacted by the lower tons sold, lower grade processed, and abnormal costs as a result of the seismic activity. But more on that on a later slide. And cash cost for the second quarter was $189 per pound of payable copper, with cash costs for the year to date sitting at $1.78 per pound of payable copper. The increase in cash costs in Q2 2025 was driven primarily by lower grade of ore processed, which included stockpiled ore since May.

<unk> recorded revenue of $875 million in the second quarter of 2025, and I realized copper price of $4.34 per pound of payable copper.

Revenue included a gain of $6 million on the mark to market of provisionally priced south.

And while the Q1 results included a gain of $51 million.

Moving to the next slide.

Tomorrow I could cooler recorded EBITA of $325 million for Q2, which was impacted by the lower tons sold lower grade processed and abnormal costs as a result of the seismic activity, but more on that on the.

On a like to slide <unk>.

Cash costs for the second quarter was.

<unk> 89 per pound of payable copper with cash costs for the year to date I'm sitting at a $1 78 per pound of payable copper the increase in cash cost in Q2, 2025 was driven primarily by lower grade of ore processed which included stockpiled ore since.

Hi.

Andrew Mikitchook: And the quarter's results just really show how well-diversified and resilient Kumho Kukula is as a mining complex with its various mines, concentrators, and ample infrastructure. Moving to the next slide where we illustrate Kumho Kukula's EBITDA waterfall. The EBITDA waterfall highlights the drivers of the quarter-on-quarter EBITDA change. The decrease in tons sold contributed $49 million to the quarter-on-quarter EBITDA decrease, and that can sort of be seen in red there on the left-hand side of your screen. And while there were favorable changes on the copper price and logistics and treatment and refining charges. And in Q1, as I'd mentioned previously, we recognized a $51 million gain on the market-to-market of provisionary price sales, which was only $6 million in Q2, and that resulted in a $45 million delta when comparing the two quarters.

The quarters results, just really show, how well diversified and resilient come all cuda is.

As a mining complex with its various mines concentrate and ample infrastructure.

And moving to the next slide where we and the strike Homolka Kudos EBITDA waterfall.

The EBITDA waterfall highlights the drivers of the quarter on quarter EBITDA change the decrease in tons sold contributed $49 million to the quarter on quarter, EBITDA decrease and that can sort of be seen in rate. There on the left hand side of your screen.

While they were favorable.

And just on the copper price and logistics and treatment and refining charges.

And in Q1 as I've mentioned previously we recognized $51 million gain on the market to market of.

And provisionally priced cells, which was only $6 million in Q2 and that resulted in a $45 million delta when comparing the two quarters.

Andrew Mikitchook: Realization cost was slightly up from Q1, and then there was the big standout abnormal cost due to seismic activity. So for Q2, the costs that did not contribute to production from May onwards were identified and ring-fenced and classified as abnormal costs. As per the accounting standards, these costs are not included in inventory and expensed straight into cost of sales. So in simple terms, the abnormal cost strips out the cost in the quarter related to the downtime at Kakula. And as an example, and I'll go into a bit more detail because I've seen there's some analyst questions around the abnormal costs. So as an example, all the costs at Kakula as a business unit were classified as abnormal since the mining ceased until it recommenced.

<unk> costs were slightly up from Q1.

And then there was the big standout abnormal costs due to seismic activity. So for Q2, the cost that did not contribute to production from May onwards were identified and ring fence and classified as abnormal cost.

So the accounting standards. These costs are not included in inventory and didn't.

Didn't experienced strike into cost of sales.

In simple terms, the abnormal cost strips out the cost in the quarter related to the downtime at Cote cooler.

As an example, and I'll go into more detail because it does seem there is some analyst questions around the abnormal cost. So as an example, all the costs at cooler as a business unit.

It was classified as an abnormal since the mining ceased until it recommenced.

Andrew Mikitchook: So abnormal costs therefore include the dewatering response costs, both permanent and temporary underground pumps, and infrastructure to regain the lost pumping capacity, stabilize water levels, and resume the limited mining in the waste, and would, of course, include the electricity for the dewatering effort. It also includes the cost of idle crews until we were able to utilize them at Kakula Waste or at Kumoho, as well as similar costs that did not contribute to production. And the abnormal cost treatment was applied to the Kakula mine operations, both east and west, until the operations recommenced on the waste, and thereafter it was applied to the east and dewatering only.

The abnormal cost stay four includes the dewatering response costs, both permanent and temporary underground bumps and infrastructure to regain the lost bumping capacity.

Realized water levels and resume the limited mining into waste and would of course include the electricity for the dewatering effort. It also includes the cost of idle crews until we were able to utilize them at cooler waste or tomorrow as well as similar cost and.

Not contribute to production.

The abnormal cost treatment was applied to the cooler mine operations, both eastern waste until operations recommenced on the waste and they all state was applied to that.

The eastern Dewatering ugly.

Andrew Mikitchook: So with the mining crews now and no longer idle, we do expect that the abnormal cost for the third and the fourth quarter will only be the cost linked to the dewatering and likely only the electricity costs because of the fact that the pumps are already procured, still new, and limited maintenance is required. So not a reoccurring item, essentially. And of course, the seismic activity resulted in additional inefficiencies over and above the abnormal costs, and that resulted in further quarter-on-quarter impact on cost of sales, which also impacted on Q1. We're all going to a little bit more detail on the following slide. And Kumho Kukula recorded an impairment of $59 million in the second quarter of 2025, where specific assets, including fleet, pumps, and other assets impacted by the seismic activity and resulting water inflow, were identified that may be lost or irrecoverable.

So with the mining crews not now and no longer idle, we do expect that the abnormal cost for the third and the fourth quarter will only be the cost linked to the dewatering and likely need electricity costs and because of the fact that the pumps all over.

Already procured stole new and limited maintenance is required.

Not a reoccurring item essentially.

Of course, the seismic activity resulted in additional inefficiencies over and above that normal costs and that resulted in further quarter on quarter impact on cost of sales, which also impacted on C. One where I'll go into a little bit more detail on the following slide and Kumar.

<unk> also cooler recorded an impairment of $59 million in the second quarter of 2025, very specific assets, including fleet bumps and other assets impacted by the seismic activity and resulting water inflow.

<unk> identified that might be lost or irrecoverable.

Andrew Mikitchook: And this included a full assessment of assets that the team believes are completely unrecoverable, as well as an impairment charge on the assets that are potentially recoverable using a probability assessment. So ultimately, a fairly small number given the scale of the incident, I think. Moving on to the next slide. We have revised our 2025 cash cost guidance range to between $1.90 and $2.20 per pound of payable copper. The increase from our previous guidance is driven by the impact of the lower expected feed grade of ore into the concentrators for the remainder of 2025. Grade mined at Kakula was roughly 5 percent before the seismic activity, and now we expect the average feed grades into the phase one and phase two concentrators to be approximately 3 percent of copper until the end of the year.

This included a full assessment of assets and the team believes are completely unrecoverable as well as an impairment charge on the assets that are potentially recoverable robo using I probability assessment.

Timothy a fairly small number given the scale.

Of the incident I think.

Moving on to the next slide.

We have revised our 2025 cash cost guidance range to between $1 90, and $2 20 per pound of payable copper the increase from our previous guidance is driven by the impact of the lower expected feed grade of ore.

The concentrate this for the remainder of 2025.

Great mind at cooler was roughly 5% before the seismic activity and now we expect the average fee grades into the phase one phase two concentrate this to be approximately 3% of copper until the end of the and will be sourced from both surface stockpiles as well.

Andrew Mikitchook: And it will be sourced from both surface stockpiles as well as from the western side of the Kakula mine. And I would like to stress that this elevated cash cost level is only temporary while the Kakula mine is undergoing the turnaround, and we will get back to the higher portions of Kakula later this year, and then cash costs will obviously drop again. And it's also noteworthy that we will, of course, get the cash cost reduction benefits of the smelter from very early next year. And as we've explained in the past, this will, at the very least, halve the logistics cost, which was 49 cents in Q2, as shown on the breakdown on the right.

As from the western side of the crude online.

I would like to stress that this is that this elevated cash cost level is only temporary.

While the cooler mine is undergoing the turnaround and we will we will get back to the higher portions of cookies.

Cooler.

Like the Russia and cash costs, we'll will obviously drop again.

It's also noteworthy that we will of course and the.

<unk> cash cost reduction benefits of the smelter from very early next year and as we've explained in the past this will at the very least half the logistics cost, which was and 49 cents in Q2 as shown on the breakdown on the right.

Andrew Mikitchook: And this decrease is due to the smelter halving the volumes that will be transported due to the anodes being more than double the grade of the copper concentrate currently being produced and transported. As we turn to Capuchi on the next slide, Capuchi has again contributed positively to our EBITDA while the ramp-up to optimal levels continue. Mark will talk you through the production results, which have been positive since the completion of the first de-bottlenecking step, but we look forward to seeing improved financial results once step two is completed later this year. The cash cost of Capuchi has been controlled nicely and sitting right in the middle of our 2025 guidance range, and we expect that mining support services and processing costs will come down as production increases in the remainder of the year. Turning to Ivanhoe Mines' consolidated profit and EBITDA on the next slide.

And this decrease is due to the smelter hogging the volumes that will be transported to the I know, it's being more than double the grade of the copper concentrate currently being produced and transport.

As we tend to push you on the next slide.

Depreciate has again contributed positively to our EBITDA, while the ramp up to optimal levels continue.

Nick will talk you through the production results, which has been positive since the completion of the first Ebola, making step, but we look forward to seeing improved financial results. One step two is completed later this year.

The cash cost of Capri, She has been controlled nicely and sitting right in the middle of 2025 guidance range.

And we expect that mining support services and processing cost will come down as production increases and the reminder of the Ah.

Turning to our of in our minds is consolidated profit and EBITDA on the next slide.

Andrew Mikitchook: Ivanhoe recorded a quarterly adjusted EBITDA of $123 million in the second quarter of this year, and that's lower than the Q1 EBITDA and due to the lower attributable EBITDA from Kumho Kukula, for reasons I've already explained. And adjusted EBITDA for the first six months of the year was $353 million. Even with the seismic activity experienced at Kumho Kukula during the quarter, Ivanhoe still recorded a profit of $35 million in Q2 and a profit of $158 million for the first six months of the year. Turning to the liquidity snapshot on the next slide, I mean, this slide is pretty clear that Ivanhoe had $672 million of cash and cash equivalents on hand at the end of June, while Kumho had cash on hand of $246 million. So we are very well placed to weather this short period of recovery.

I haven't reported quarterly adjusted EBITDA of $123 million in.

The second quarter of this year and thats lower than the <unk>.

Q1, EBITDA and due to the lower attributable EBITDA from Comerica cooler and for reasons I've already explained.

Adjusted EBITDA for the first six months of the AR was $353 million.

Even with the seismic activity experienced at <unk> during the quarter Ivan I stole recorded a profit of $35 million in Q2, and a profit of $158 million for the first six months of it yeah.

Turning to the liquidity snapshot.

On the next slide.

I mean, the slide it's pretty clear that.

<unk> had $672 million of cash and cash equivalents on hand at the end of June while Kamala had cash on hand of $246 million. So we are very well placed to wave of this short period of recovery.

And.

Andrew Mikitchook: We look at Kumho's CapEx guidance revision on the next slide. And after careful review of the capital expenditure requirements for the recovery and optimization efforts at Kumho, we lowered the top end of our 2025 guidance range. The change includes deferring certain non-essential capital projects while the cost required for the phase one and phase two pumping, as well as a new box cut, an additional decline at Konsoko, and a decline at Kumho too, has been incorporated. We have also updated our 2026 guidance to cater for the latest mine plans and to include the portions of this recovery capital that will be spent next year. This range has been made wide enough to provide ample contingency for additional work as the plans are firmed up. But the top end might very well decrease as these plans are finalized.

We look at <unk> Capex guidance revision on the next slide.

And after careful review of the capital expenditure requirements for the recovery and optimization license if it's if the moa.

Lowered the top end of our 2025 guidance range. The change includes deferring certain nonessential capital projects, while the costs required for the phase one and phase two pumping as well as a new box got an additional decline at <unk> and a decline at come out too.

And that's been incorporated.

We have also updated our 2026th guidance to cater for the lightest mine plans and to include the portions of this recovery capital that will be spent next year.

This range has been made wide enough to provide ample contingency for additional work as the plans are firmed up.

But the top end, Mike very well decrease as these plans are finalized.

Andrew Mikitchook: Now turning to our CapEx plans for Platt Reef and Capuchi on the next slide. And we have kept spending on our growth plans on track during the second quarter and keep our guidance unchanged. Expenditure at Platt Reef is tracking at the lower end of our 2025 guidance and with phase one almost complete. We drew an additional $30 million on Platt Reef's senior deck facility during the quarter. And we also continue to advance phase two development and negotiations for a $700 million phase two senior project finance facility, which is expected to close in the first quarter of 2026, is going well. And the first phase of Capuchi's de-bottlenecking program was completed in June, and with the second phase on schedule to be completed in August. And Mark will talk more about that later in the presentation.

Now turning to our Capex plans for batteries and could push you on the next slide.

And we have kept spending on our growth plans on track during the second quarter and keep our guidance unchanged.

Chad <unk> is tracking at the lower end of our 2025 guidance and with phase one almost complete.

We drew an additional $30 million on flattery senior debt facility during the quarter.

And we also continue to advance phase two development and negotiations for a $700 million.

Phase III Senior project Finance facility.

As expected to close in the first quarter of 2026, it's going well.

The first phase of depreciation Debottlenecking program was completed in June with the second phase on schedule to be completed in August and Mark will talk more about that later in the presentation.

Andrew Mikitchook: Looking at our pro-rata financial ratios on the next slide, our leverage ratio has increased a little from where it was at the end of Q1, but it remains relatively low, even with the well-timed completion of our $750 million notes that was closed in January. Our target net leverage ratio remains one times through the cycle, and although it's higher than the self-imposed target on a backward-looking basis at the moment, it will come down pretty quickly when the Kakula recovery plan is complete. And as I already mentioned, we're in a very healthy pro-rata cash position, and at the end of June, our pro-rata cash on hand was $774 million. With that, I hand over to Alex Pickard, our Executive Vice President Corporate Development and Investor Relations, to cover the exciting operations and project updates together with Mark Farren, our COO.

Looking at our pro rata financial ratios on.

The next slide.

Our leverage ratio has increased a little from where it was at the end of Q1 and but it remains relatively low even with the wealth on completion of our $750 million notes that was closed in January.

Target net leverage ratio remains one.

One times through the cycle and although it's higher than the self imposed target on a backward looking basis at the moment it will come down pretty quickly win and Deca cooler recovery plan is complete.

And as already mentioned, we are in a very healthy pro rata cash position.

At the end of June our pro rata cash on hand was $774 million.

With that I hand over to Alex because our executive Vice President corporate development and Investor relations to cover the.

Exciting operations and project updates together with Marc <unk> our CFO.

Alex Pickard: Thank you, David, and good days to everyone on the line. It's Alex Pickard here first, and then I'll share the honors on this section with our Chief Operating Officer, Mark Farren. You can see on the photo here two of our mine superintendents recently underground at Kakula, so we can certainly prove to you that the mine hasn't gone anywhere. But for the avoidance of doubt, that is not myself and Mark pictured in the photo. We can move to the next slide, please. So this slide is the usual recap of production at Kumho Kukula during the second quarter of 2025.

Thank you David and good day to everyone on the line hi, its Alex pick out here for something that I wish I will share the Amazon This section with our Chief operating officer.

Mark.

You can see on the photo here two of our mine superintendents recently underground that could cooler and so we can certainly prove to you that the mine hasn't gone anywhere.

For the avoidance of doubt that is not myself and mark pictured in the photo.

We can move to the next slide please.

And so this slide is the usual recap of production at America during the second quarter of 2025.

Alex Pickard: So as David alluded to, overall, the drop in production quarter on quarter was not actually that dramatic, but we did have the benefit of a record month in April, which was our first month operating at over 50,000 tons of copper production, which is over 600,000 tons of copper annualized. So that was a huge milestone prior to the unfolding of the seismic events. So those events, as mentioned, really began in mid-May, and they did have a significant impact on our mining and processing at the Kakula operation, at least from that point onwards. We lost around three weeks of operations at Kakula in total due to stoppages, but since we restarted underground mining on June the 7th, we have been operating at a curtailed mining rate supported by the stockpiles.

So as David alluded to overall the drop in production quarter on quarter was not actually that dramatic but.

But we did have the benefit of a record month in April which was our first month operating out of.

Over 50000 tons of copper production.

<unk>, which is a 600000 tonnes of copper annualized so that was a huge milestone.

<unk> to the unfolding of the seismic events.

Those events as mentioned really began in mid May and they did have a significant impact on our mining and processing at the cooler operation at least from that point onwards.

We lost around three weeks of operations that could cooler in total due to stoppages.

Since we restarted.

Brown mining on June seven we have been operating at a curtailed mining rates supported by the stockpiles.

Alex Pickard: But Mark will comment in much more detail on our plans to resolve that in the next few slides. Looking at phase three in isolation, I think Martina mentioned this, it was a fantastic quarter coming from the Kumho operations. A record throughput of 1.6 million tons from Kumho or phase three, which was very close to 6.5 million tons annualized, and that's without any further spending on de-bottlenecking. It was also a record in terms of grade at 2.92 percent, so getting very close to three. And then the recovery of 86 percent was basically closing in on the design parameter before any of the sort of project 95 or project 92 optimization. So over 41,000 tons of copper was produced during the quarter from phase three alone.

Mark will comment in much more detail on our plans to resolve that in the next few slides.

Looking at Phase III in isolation, I think Marty mentioned that it was a fantastic quarter coming from the <unk> operations a.

A record throughput of one 6 million tons from Camilla will phase III, which was very close to $6 5 million tonnes annualized and thats without any further spending on debottlenecking.

It was also a record in terms of grade of 290% are getting very close to three.

And then the recovery of 86% was basically closing in on the design parameter.

Before any of the sort of project 95, a project ninety-two optimization and some over 41000 tons of copper was produced during the quarter from phase III alone.

Alex Pickard: I'll pass to Mark Farren to take you through the next few slides on the dewatering progress and the mining side of things.

I'll pass to Mark fire and take you through the next few slides on the dewatering progress on the mining side of things.

Mark Farren: Thank you, Alex. Yeah, maybe just to reflect backwards to, I think Robert referred to it as the bump in the road. It's not a brick wall. It's a bump. It's a big bump, but it is a bump. So since the seismic activity happened in May, we had to do two stages of dewatering. The one was to stabilize the water levels as they were flowing into the mine because there's a water inflow of 3,700 liters per second every second all the time on the mine. All the vertical pumping infrastructure remained intact, so it was really figuring out how to get how to feed that vertical pumping infrastructure from different areas within the mine.

Thank you Alex.

Maybe just to reflect backwards too I don't think Robert referred to it as the bump in the road, it's not a breakthrough it's a bump it's a big bump.

<unk>.

So.

Since the seismic activity happened in mood.

We had to do two stages of dewatering. The one was to stabilize the water levels as they reflect into demand. Because these are water inflow of 3700 liters per second if resistant overtime on demand.

All the vertical pumping infrastructure remain intact. So it was really figuring out how to get how to feed that vertical pumping infrastructure from different areas within the mine. So if you ever look at the dotted lines on the eastern side, So basically to the top of your approach to the lift inside of your page those dotted lines.

Mark Farren: So if you have a look at the dotted lines on the eastern side, so basically to the top of your page, to the left-hand side of your page, those dotted lines are the areas that are currently being mined, and basically that sort of shows you where the water levels are in a saddle between the east and the west. So stage two is really to lower that water completely down, all the red areas basically on the west and the east. And once we've done that, we would have dewatered the mine completely. And I'll talk a little bit about that on the next slide. Next slide, please. So if you have a look at what we've done, is we've got the delivery of the first, the first pump is actually on site at the moment.

It is currently being mined and basically that sort of shows you where the low water levels all settled between the eastern the weakest so states too.

Really to lower the water completely down.

All the right areas basically on the waste in the east.

And once we've done that we would have deepwater demand completely.

Talk a little bit about that on the next slide next slide please.

So if you ever look at what we've done.

We've got.

The delivery of the first the first pump is actually on site at the moment, we're going to put in for four of these big 650 liter <unk> pumps in 2000.

Mark Farren: We're going to put in four, four of these big 650-liter per second pumps. They're 2,000 kilowatt pumps each, and they're going to go in sets of two. I think it's about 150 tons of steel and pump that's going to be lowered down two of the raised bores that we have. One is the old multi-stage pump area and one is a vent shaft, which sort of moves right into the center of the footprint. And if you can imagine, so these are submersible multi-stage pumps. They'll be lowered into the water, basically to the bottom or close to the bottom of the mine and then switched on. With that infrastructure pumping, it's at about 2,600 liters per second, and you've got your other infrastructure being lowered downwards. You'll quickly dewater the mine. The plan is actually to be completely dewatered by December. That's the plan that we have.

So 2000 kilowatts pumps each.

And Theyre going to go in seats of two I think it's about 150 tonnes of steel and pumped it's gonna be lowered down two of the raise booz at work one is the old multistate Bumpier and when is the main shaft, which sort of moved into the center of the footprint and if you can imagine. So these these are submersible multi stage pumps.

There'll be lowered into the water basically to the bottom or close to the bottom of Vermont and then switched on.

With that infrastructure pumping at about 2600 liters per second and you've got your other.

Infrastructure being lowered downwards youll quickly deepwater demand.

Our plan is actually to be completely dewatered earned by December.

It's a plan that we have but as we move down relative excess on the western side of demand, which also happens to be the higher grade areas that Alex was referring to just know VIX Nazis.

Mark Farren: But as we move down, we'll have access on the western side of the mine, which also happens to be the higher grade areas that Alex was referring to just now. Next slide, please. So if I can refer you guys to this slide, the one, the two, and the two, those are the areas that you're mining at the moment. And then that dark red in the middle is the area actually east to west, east to west, where your high-grade mining zone sits. It also happens to be at the bottom of the mine. And in terms of where we are, we've done stability. We've managed to create stability. So in other words, we're pumping all the water that flows into the mine is being removed from the mine. It's stable.

So if I can refer you guys to this smart.

The one to two and the two those are the areas that you're mining at the moment.

And then the door grid in the middle.

Is the area actually east to West East to West, where you have higher grade mining zone. Since it's also happens to be at the bottom of the mine and in terms of where we are we've done.

Stability.

<unk> creates stability so in other words, you're pumping all the water that flows into the mine is being removed from the monitor it's stable.

Mark Farren: We have started mining on the west with a number of crews, about between 10 and 15,000 tons per day. But it's not the grades that we want to mine in the longer term, obviously. So 10 to 15,000, we need about 15,000 tons a day to run one of those concentrators, one of the two concentrators. So the rest to get to the 80, 85 percent production or feed is being fed from stockpiles at the moment. Then there's a plan on the eastern side to develop new mining to the areas beyond the area that was impacted by the seismic activity. That development's already underway. It's going quite nicely. And then we said we're going to dewater the Kakula mine. So the target is from August.

We have started mining on the west with the number of crews.

Between 10, and 15000 tonnes per day.

It's not the grades that we want to mine in the longer term. Obviously, so 10 to 15000, we need about 15000 tons a day to run one of those concentrates is one of the two concentrators. So the risk to get to the 80, 85% production feed is being fit from stockpiles at the moment.

And discipline.

On the eastern sought to develop new mining to the to the areas beyond the area with that was impacted by the seismic activity that development already underway, it's growing quite nicely and then recede weekend to dewater. The coolamon. So the target is from August or the first set of pumps, who seem to have too big.

Mark Farren: So the first set of pumps, a set of two big multi-stage pumps, will be switched on towards the end of August, and then the next set will go in in September, and then we'll be dewatering that mine. Complete geotechnical assessment and then redesign basically from there. We have done a lot of work with David Beck, and we've got some of the best geotech experts in the world looking at what happened, number one. Number two, also looking at how we're going to lay the mines out going forward, not only this mine, but obviously the rest of the mining footprints at Kumho and Kakula and Konsoko. We're quite excited about what we're seeing, and I'll get to it when I refer to it on the next slide. Next slide, please.

Multi sites pumps will be switched on towards the end of August and then the next it will go in September and then will be dewatering that one.

Complete geotechnical assessments and then redesigned basically from there we've done a lot of work.

David Big and we've got.

Some of the Beast.

First in the World looking at what happened number one number two also looking at how are we going to learn demands out going forward.

This one but obviously the rest of the mining footprint at the moment.

And can soccer.

We're quite excited about.

What we see.

Get to open or referred to on the next slide next month fees.

Mark Farren: So if you have a look at this slide on the right-hand side of the east, we are doing redevelopment. We're planning it, and we've started executing that redevelopment to open up the footprint on the other side of where the seismic activity occurred. We won't have a full assessment of the damage of the areas that were mined until we've completely dewatered the workings on the eastern side, and that will be by December, as I said before. It is very possible that we'll get through some of those areas and reestablish mining on the other side, but the backup plan is this black redevelopment that you see. That redevelopment will be done by next year, and after that, we'll be back into the footprint on the east. On the western side, it's really lowering the water levels.

So if you have a look at those slot on the <unk> side as the east.

We are doing redevelopment, we're planning it and we've started executing that redevelopment to open up the footprint on the other sort of with the seismic activity occurred.

It won't have a full assessment of the damage of the areas that we were that room month until we've completely devoted to working on the eastern front.

And that will be about the same as I said before it is very possible that we will get through some of those areas and reestablish mining on the other side, but the backup plan is this.

Is this black.

Redevelopment that you see the entry development will be done by next year and after that we will be back into the footprint on the east on the western side.

It's really lowering of water levels, we are.

Mark Farren: We are in on the south and the north, as I said earlier, but to lower the water levels, what's important is to get back into the plus 5 percent copper. As we lower the water levels, it should happen in this year. So quarter four in this year, we should start seeing an improvement in the mine grade on the western side. So I think all in all, it's really getting the water levels down, reestablishing the east as a worst-case scenario, and then getting the mine up and going. And we're talking about this mine only. In terms of where we are, I think the next milestones for us will be to come back to the market and the people that are listening on this call and explain what things look like for the future, short-term future.

On the south and the north as I said earlier.

But to lower the water levels, what's important is to get back into the plus 5% copper.

It is below the water levels. It should happen in this year's accrued to full and the issue we should start seeing an improvement in demand grades on the western side. So I think all in all.

It's really getting the water levels down reestablishing the east as a worst case scenario, and then getting demand up and up and going and we're talking about this one.

In terms of where we are.

I think the next milestones for us will be to come back to the market and the people that are listening on this call.

And explain what things look like for the future short term future.

Mark Farren: And we'll have something by September, which will look at the remainder of 25, which has already been forecast, 26 and 27, and then I'll probably look forward to what the steady state looks like. I'm personally quite upbeat that we will be in the year 27, and we'll be up and around the numbers that we were aiming at before. That's where I am personally, and we'll have to come back to you on those issues. And then we will complete a full life of mine integrated development plan by quarter one 2026 with the right building blocks, with the right sequencing of all these mines for the next 40 years. It still remains a fantastic all-body, the best all-body in the world.

And we'll have something by September.

Which will look.

The remainder of 'twenty, five which has really been focused 26, and 27, and then probably I look forward to what the steady state looks looks luck.

To be quite a bit that we will be.

In the year 2007.

We will be up and around the numbers that we are aiming at before.

And we will have to come back to you on those issues and then we will.

Complete our full life of mine integrated development plan for quarter, one 2026 with the right building blocks with a variety of sequencing of all of these mines for the next 40 years. It still remains a fantastic orebody based over in the world.

Mark Farren: We've managed to look at a number of opportunities, especially around Kumho one and two, and Konsoko, in fact, as well, which open up more opportunities for us short-term and long-term. And obviously, we'll have to completely relook at geotechnically at the way we've been mining at Kakula. But I think all in all, the long-term prognosis to me is solid, as solid as you'd like to see. Thank you. Next slide. Do you want to talk about the processing strategy, Alex?

We've managed to look at a number of opportunities, especially around camera.

Turning to consortium in fact, as well, which open up more opportunities for us short term and long term.

And obviously, we don't have to completely re look at.

Technically the way repeat mining.

Cooler, but I think all in all.

The long term prognosis to be as solid solid as you'd like to see <unk> excellent.

Do you want to talk about the processing strategy Alex Yeah. Thanks, Mark I think it's back to me on this one.

Alex Pickard: Yeah, thanks, Mark. I think it's back to me on this one. So this is talking about the concentrators, and we did show a similar slide to this on a previous conference call. This is really the processing strategy for the remainder of 2025. So in the bar charts on the right-hand side, first of all, looking at the left-hand bar, that's the phase one and two concentrators with 9.2 million tons of nameplate capacity. Really, our aim and where we are right now is filling those concentrators at roughly 80 to 85 percent of total capacity or potentially more if we can possibly manage it. So today, around 50 percent of that capacity is being fed from the ore stockpiles that we have at a grade of 2 to 2.5 percent copper.

This is talking about the concentrated and we did show a similar slide to this on a previous conference call.

This is really the processing strategy for the remainder of 2025.

So in the bar charts on the right hand side first of all looking at the left hand bar. That's the phase one and two concentrate is with $9 2 million tons of nameplate capacity and really our aim and where we are right. Now is filling there is concentrated at roughly 80% to 85% of total capacity or potentially more if we can possibly.

Possibly manage it so today around 50% of that capacity is being fed from the.

The ore stockpiles that we have at a grade of two to two 5% copper and the remaining 50% is being fed from the successful restarted mining operations from Coca Cola West, albeit.

Alex Pickard: And the remaining 50 percent is being fed from the successful restart of mining operations from Kakula West, albeit in that kind of limited footprint until the dewatering advances. So that is sort of roughly a 3 percent grade. We'll hopefully be a 4 percent grade before too long and then getting back up towards 5 percent grade by the end of the year. Through the year, you will start to see a bit of a shift in this balance, probably in favor of more ore tons coming from the run of mine, both from Kakula and then also potentially supplemented by run of mine ore coming from the Kumho side. And obviously, that stockpile contribution will also start to reduce. In terms of those stockpiles, we do have enough to basically keep on running until they're depleted in Q1 of next year.

In that kind of limited footprint until the dewatering advantage. So that is sort of roughly a 3% grade.

Hopefully we are 4% grade before too long and then getting back up towards 5% grade by the by the end of the year.

Through the year, you will start to see a bit of a shift in the balance probably in favor of more tons coming from the run of mine and.

Both from cooler and then also potentially supply supplemented by.

Run of mine ore coming from the <unk> side, and obviously that stockpile contribution will also start to to reduce.

In terms of those stockpiles, we do have enough to basically keep on running until that depleted.

In Q1 of next year and by that time, we should have ramped up the mining areas too to support the the concentrates.

Alex Pickard: And by that time, we should have ramped up other mining areas to support the concentrator. The right-hand bar is showing phase three, which, as I mentioned, is continuing to be the star performer. Our intention is to basically run phase three at its 6.5 percent capacity, which is well in excess of its nameplate, and really squeeze as many tons out of that side of the mining operation as we can. So we are very much on target to meet the revised 2025 production guidance, which was 370,000 to 420,000 tons of copper in concentrate. But noting that year-to-date, and this is just up until the end of June, we've produced already 245,000 tons of copper in concentrate. Next slide, please. So moving on to the director busker smelter, and this is really probably the most exciting thing that's happening in the upcoming quarter.

The right hand bar is showing phase III, which as I mentioned is continuing to be the star performer. Our intention is to basically run phase III at <unk>.

Six 5% capacity, which is well in excess of its nameplate.

And really squeeze as many tons out of that side of the mining operation as we can.

So we are very much on target to meet the revised 2025 production guidance, which was 370000 to 420000 tonnes of copper in concentrate.

But noting that year to date and this is just up until the end of June we've produced already 245000 tonnes of copper in concentrate.

Next slide please.

So moving onto the director plus the smelter and this is really probably the most exciting thing that's happening.

In the upcoming quarter. The smelter is now basically mechanically complete and you can see a great photo here with the blending facility in the program and the smelter in the background.

Alex Pickard: The smelter is now basically mechanically complete. You can see a great photo here with the blending facility in the foreground and the smelter in the background. So we're in the final stages of commissioning, and then the heat-up of the furnaces is planned in September. So that will be a big milestone for Kumho Kakula to basically turn into a fully integrated underground mine to blister copper or anode copper operation. So we look forward to updating you on that in our next results. And as David mentioned, we do have a lot of copper in inventory at present. There's 31,500 tons of copper at the smelter ready to support the startup. So we're looking forward to working down that balance to roughly 17,000 tons, which will be the sort of working capital in the circuit at the smelter at a normal point in time.

So we're in the final stages of commissioning and then the heat up of the furnaces as planned in September and so that will be a big milestone for come out cooler basically turned into a fully integrated and underground underground mine to blister copper or copper operation and so we look forward to updating you on that in <unk>.

<unk>.

And as David mentioned, we do have a lot of copper and inventory at present.

1500 tonnes of copper at the smelter ready to support the startup.

Looking forward to working down that balance to the roughly 17000 tons, which will be the sort of working capital in the circuit at the smelter ethane at a normal point in time.

Alex Pickard: We've spoken many times as well about the dramatic reduction in C1 cost that the smelter will bring. If anything, that is more pronounced currently because as we produce ore from lower-grade sources, that does produce a slightly lower-grade concentrate than what we would typically get from Kakula. So that has higher associated logistics and realization charges. And so the smelter really can't come soon enough from that point of view to assist with what David was saying to bring those cash costs back down again. The next slide is moving on to power. And power availability was really the big challenge that we used to discuss in the previous quarters. It really feels quite trivial in comparison to some of the operational issues that we've faced during the second quarter.

We've spoken many times as well about the dramatic reduction in seawater costs at the sell through will bring.

If anything that is more pronounced currently because as we produce ore from lower grade associated that does produce a slightly lower grade concentrate than what we would typically get from cooler and so that has higher associated logistics and realization charges inside the smelter.

I really can't come soon enough from that point of view too to assist with what David was saying to bring those cash costs back down again.

The next slide is moving on to power.

In power availability was really the big challenge that we used to discuss in the previous quarters. It really feels quite trivial in comparison to some of the operational issues that we faced during the second quarter, but I think one of the hallmarks of this world class team is the ability that we've shown to address key challenges over time.

Alex Pickard: But I think one of the hallmarks of this world-class team is the ability that we've shown to address key challenges over time, make a plan, and then execute on that plan very successfully. And in power, I think you will very soon see the fruits of our labor as the giant Inga turbine number five is now mechanically complete. So that's what you can see on this image. The pre-commissioning activities have already started, and then the wet commissioning of that turbine is on track for early next quarter, which will start to supply 178 megawatts of clean energy into the grid. In terms of the supply of that energy into Kolwezi and ultimately Kumho Kakula, there is a big milestone taking place in Q1 of next year when we will complete a new static compensator at the substation.

Make a plan and then execute on that plan very successfully and in power I think you will very soon see the fruits of our labor.

As the giant ingot turbine number five is now mechanically complete.

That's what you can see on this image the.

Pre commissioning activities have already started and then the wet commissioning of that turbine is on track for early next quarter, which will start to supply 178 megawatts of clean energy into the grid.

In terms of the supply of that energy into Colaizzi and ultimately come out the cooler there is a big milestone taking place in Q1 of next year, when we will complete a new static compensated at the substation.

Alex Pickard: So that will basically allow for much more stable voltage coming from Inga to reach Kumho Kakula. And so I think it's very realistic to say that by early next year, we will have broken the back of our power challenges, and that also dovetails quite nicely onto the next slide. So the additional power that we will be generating from Inga, which is close to 180 megawatts, will also be quickly followed up by the completion of a 60 megawatt battery solar energy project. So that's now in execution. The site clearance and early earthworks are underway. That's actually built in two modules of 30 megawatts each, and they are both separate independent power providers that are funding that CapEx and will complete that project by mid-2026.

So that will basically allow for much more stable voltage coming from ingot to reach comerica cooler.

And so I think it's very realistic to say that by early next year, we will have broken the back.

All of our power challenges and that also dovetails quite nicely onto the next slide.

So the additional power that we will be generating from Ingo, which is close to 190 megawatts will also be quickly followed up by the completion of a 60 megawatt battery solar energy project.

That's now in execution the site clearance and Elliott works are underway.

And that's actually built in two modules of 30 megawatts each.

Both separate independent power providers that are funding that capex and we'll complete that project by mid 2026, So comerica Cola will be the offtake.

Alex Pickard: So Kumho Kakula will be the off-taker of that power, and that power will cover up to 25 percent of Kumho Kakula's total energy requirements coming from a captive and very green source. The project is also very scalable, so we plan to move up to 120 megawatts. There's no reason that we can't continue to move beyond that. So we are now actually facing a realistic possibility. It didn't seem so realistic a few years ago, but we may actually have a surplus of power by this time next year. So with that, that really concludes Kumho Kakula, and I'll pass back to Mark Farren to take you through some of the progress we've been making at Capuchi.

Of that power and that power will cover up to 25% of colorectal coolers total energy requirements coming from a captive and a very green cells.

The project is also very scalable so we plan to move up to 120 megawatts. There is no reason that we can't continue to move beyond that.

So we are now actually facing a realistic possibility it didn't seem to really really take a few years ago, but.

We may actually have a surplus of power by by this time next year.

So with that that really concludes come out the cooler I haven't but I'll pass it back to Mark to take you through some of the.

Progress, we've been making at <unk>.

Mark Farren: Well, thanks, Alex. Okay, so Capuchi, just in a nutshell, no big surprises. We're busy with basically a few, two big shots through the year, which will really finish the de-bottlenecking and a bit of upgrade to take the circuit to be able to produce around about 250,000 tons per anemone zinc. That whole project plan has gone very well. You'll see the first half, basically we've done 84,000 tons of zinc, and we forecast 180 to 240, I think, or 1,000 tons of zinc. And we're maintaining guidance, which means that it's sort of back-end loaded. We've got, if you can go to the next slide, I think it's better. So there's one more big shot that's going to happen in August, and then we finish the de-bottlenecking, and then that sort of unlocks an additional 20 percent capacity.

Okay. Thanks, Alex Okay. So pushy just didn't Nacho novo.

No big surprises.

Busy with basically two big shots through the year.

Which we're ready to finish the debottlenecking and a bit of upgrade to take the circuit to be able to produce ran about 250000 tonnes per annum of zinc that so project plan has gone very well.

Youll see the first horse basically we've done 84000 tons of zinc and we forecast 100 atg to 40 I think.

Tons of zinc.

And we are maintaining guidance, which means that it's sort of backend loaded.

We've got if you can go to the next one I think it's Peter.

So.

There's one more big shot that's going to happen in August.

And then we finished the Debottlenecking and then that's sort of Amdocs, an additional 20%.

<unk>.

Mark Farren: In the first half, we've had a number of shots, so basically about 11 days of production taken off, and I think there's about five days left in August of shots. And then we should be at the rate of running at beyond 20,000 tons of zinc per month, short term, and then longer, probably 25,000 tons of zinc. So all in all, Capuchi, no surprises on the feed grades, no surprises on the mining, a good result with the work that we've done on the concentrator. This final shutdown is the last one in August, and I think we're going to, it's going to shoot the lights out. It's going to go well as a zinc mine. It's really one of the major zinc mines in the world, can you believe it? Okay, next slide. I think I've discussed this. No, sorry. Yeah, Platt Reef.

In this first half we have had a number of shut so basically about 11 days of production taken off.

I think there's about five dose lift in August of shirts, and then we should be at the rate of running it beyond.

20000 tons of zinc per months.

Short term and then longer probably 25000 tons of zinc. So all in all pushy no surprises on the feed grades no surprises on the mining. The good result, with the work that we've done on the concentrate.

This final shutdown is the last one in August I don't think we're going to it's going to shoot to launch that's going to go well as ink month, So really one of the major zinc mines in the world can you believe it.

Excellent.

I think I've discussed this.

Sorry, yes.

<unk>.

Mark Farren: Platt Reef, if you cast your minds back, we planned the small phase one concentrator that you see in the foreground over there, and that was going to be fed with the Shaft One mine, which was really a bulk sample shaft in the beginning. And then we made a decision last year to do Shaft number three to equip it for wasting and to move quickly into, let's call it phase two, into phase two, and then schedule the phase two concentrator to go with that. So the phase one concentrator is ready. We are mining in reef at the moment, and we will feed that first concentrator in quarter four, which is exciting for us. At the moment, we are mining development ore with stockpiling and on surface, and we will start commissioning that concentrator in quarter four this year.

Plus if you cast your minds back.

We plan to smooth the small phase one concentrated at two <unk>.

The ground over there.

And that was going to be fit with the short one.

One which was really a bulk a bulk sample shaft in the beginning and then we made a decision last year to do show up number three to equip it for wasting and to move quickly into let's call. It phase II into phase III, and then shipped to the phase III concentrated to go with it.

So.

The phase one concentrated is ready and we all mining in <unk> at the moment and we will feed that first concentrate to include <unk>, which is exciting for us.

At the moment, we are mining development or we stockpiling on surface and we will and.

And we will.

Start commissioning that concentrate.

In quarter four this year.

Mark Farren: At the same time, we are completing the construction of Shaft number three, which really is a game changer for us. It takes a wasting capacity to 5 million tons per annum, and as part of that, we are going to accelerate, and we have committed to accelerate phase two, which basically unlocks Platt Reef. Next slide. So this shaft that you're looking at, the one there here in front of you with the blue roof, Robert, the roof is now on. This is Shaft number two. It's a 10-meter diameter shaft. It can be used for some of phase two work, but it's actually.The

At the same time, we are completing.

The construction of shaft number three which really is a game changer for us. It takes a wasting capacity to 5 million tons per annum and as part of that we are going to accelerate and we have committed to accelerate.

<unk> II.

Basically unlocks countries.

Next month.

Okay.

So.

This show up that Youre looking at the one <unk>.

In front of you with the Blue roof, Robert the roof is now on.

This is Sean number two it's a 10 meter diameter shaft.

It can be used for some phase two work that is actually.

David van Heerden: phase three expansion shaft. This shaft can hoist eight million tons. So if you add that, you can add five and eight to 13. So there's a massive amount of hoisting capacity that goes in when the shaft is complete. As we go with phase one and phase two, we will also be scheduling phase three. That is in the published study that we've released. Thank you. Next slide. I think tailwinds for a change on the platinum side is really going around pricing. It's been a massive change in platinum and palladium prices in this year alone. It has a massive impact on our new net present value running through our FS and our phase three PEA. So I mean, if you ever look at sensitivities, it takes the NPV from 1.7 to 3.8. And that's in a long lead time to get to phase three.

The phase III expansion shaft. This shelf can reach 8 million tons. So if you add that you can add pavan <unk>. So there's a massive amount of boosting capacity that goes in when the shaft is complete.

And as we go with phase one and phase two.

We will we will also be scheduling phase III.

That is in the published.

Studies that we've released thank you Nick.

Next slide.

Yes.

I think tayo.

Total wins for change on the platinum on the platinum side is really going to is really going around processing.

Its been a massive change in platinum and palladium prices in this in this year alone potentially a massive impact on.

Now new.

Net present value running running three or if it's in a phase III.

So I mean, if you ever look at sensitivities. It takes the NPV from one 7% to $3 eight and Thats in a long lead time to get to phase III.

David van Heerden: So I think we are here, is we're walking into this year, the quarter four. We will start producing PGMs and selling them. And I think you'll start seeing the major shift from quarter one when shaft number three is running. So quarter one next year, shaft number three is running, and we can accelerate the development of phase two. And in my opinion, then you sort of get the right kind of scale that you want. What's also very important, Chair, is our $599 per ounce of 3E. It's going to be the lowest in the industry, I believe. I'm not sure that anyone will be able to beat this cost. Thank you. Next slide. Alex, are you going to cover this?

So we I think we all here.

As we.

Walking into the series a fool.

We will start producing pjm's and selling them.

And I think you'll start seeing the major shift from quarter, one which off number three years running so quarter. One mixture short term of three years running and we can accelerate the development of phase III in my opinion that did you sort of get the right kind of scale that you want.

What's also very important Jos Allo 501 to non dollar per ounce of.

<unk>.

It's going to be.

The lowest in the industry I believe I'm not sure that any one real to be discussed.

Thank you your next month.

Alex So youre going to Youre going to cover this yes. Thanks Mark.

Alex Pickard: Yeah, thanks, Mark. I'll close out the presentation as usual with an update on exploration and starting with the western forelands. So during the second quarter in mid-May, which feels like a long time ago now, we did announce a very significant resource increase at the combined Mokoko district, which you can see in the image on the right-hand side. So what this really boils down to is that in the space of about 18 months' worth of drilling, we almost doubled the total resource, and we are fast closing in on 10 million tons of contained copper. And really, to put it in context, in terms of the efficiency of what we're doing in the western forelands, that probably came at a cost of somewhere in the region of $30 to $40 million to basically add another four or five million tons of contained copper.

Closeout the presentation as usual with an update on exploration and starting with the western Poland.

So during the second quarter in mid May, which which feels like a long time ago now and.

We did announce a very significant resource increase at the combined Makoko district, which you can see in the image on the right hand side.

And so what it really boils down to is that in the space of about 18 months worth of drilling.

We almost doubled the total results and we are fast closing in on 10 million tonnes of contained copper and really to put it in context in terms of the efficiency of what we're doing in the western fall into that probably came at a cost of somewhere in the region of $30 million to $40 million to basically add another four to 5 million tonnes of contained copper.

Alex Pickard: So the strike rate is exceptionally high. On that plan on the right-hand side, you can see the increased dimension of the new resource base. So in red, it's a little bit faint, but you can see the inferred resource outline of the 2023 update. And so now what we've added to that footprint at Mokoko is the new discoveries at Mokoko West and Kitoko. And then we've significantly infilled the ground between Mokoko West, Kitoko, and Mokoko. So they're not really new discoveries anymore. They're really shaping up to be a new combined sort of cohesive copper district, which we sort of refer to as Mokoko Kitoko now. And that is really already comparable in scale to, for example, a Kamoa mine. So it does feel quite similar to that discovery story from 2008 onwards. The mineralization is open in multiple directions, including to the south.

The strike rate is exceptionally high.

On that plan on the right hand side, you can see the increased dimension of the new resource space.

In read it for a little bit faint, but you can see the the inferred resource outline of the 2023 update and so now what we've added to that footprint that makoko is the new discoveries that makoko west and ketoconazole and then we've significantly infill the ground between Makoko West Quito Cowen Makoko. So.

They're not really new discoveries anymore, they already shaping up to be a new combined.

<unk>.

Sort of a cohesive copper district, which we sort of refer to as Makoko Katanga now and that is really already comparable in scale to for example, the AAM.

They come our mindset does feel quite similar to that discovery story from 2008 afterwards.

The mineralization is open in multiple directions, including to the south.

Alex Pickard: And so you can see there's a zone that we are planning to infill, which is really between the bottom edge of the resource shell, and then there is a step-out hole that you can see labeled KTK 48, which is well mineralized. That's two kilometers to the south. So there's a lot of potential to keep on adding to this resource. It was really a technical cutoff at a point in time to update and QP the statement, but we've continued drilling since then. If you move to the next slide, this is really just looking at the western forelands, what we've discovered alongside Kamoa Kakula on a global scale. And I think you can already see it's certainly one of the largest discoveries of the past decade or more. We count number five, but still very much growing.

And so you can see there's a zone that we are planning to infill, which is really between the bottom edge of the resource shell and then there is a step out hole that you can see label them K Teekay 48, which is one of the mineralized about two kilometers to the south.

There's a lot of potential to keep on adding to this resource. It was really a technical cutoff at a point in time to them to update and keeping the statement that we've continued drilling since then.

If you move to the next slide.

This is really just looking at the Westin <unk> and what we've discovered alongside Comerica cooler on a global scale and I think you can already see is certainly one of the largest discoveries of the past decade or more.

We count number five.

It's still a very much growing and the stars as always are highlighting the great that we have at west in Poland, which is very similar to come out the cooler.

Alex Pickard: And the stars, as always, are highlighting the grade that we have at the western forelands, which is very similar to Kamoa Kakula, in between 2.5 and 3% copper. And it really is sort of unsurpassed on a global scale. Just repeating, I see the resource number again. So now we have over 500 million tons of resource tonnage. So this really already has the scale to be a major development and a standalone mine, or in fact, multiple standalone mines. But we are by no means finished. The drilling is underway. We're in the middle of the dry season now. We have nine rigs turning in the western foreland, and we are focusing on some new licenses that we acquired in the western foreland. So I would watch this space very carefully over the next quarter and beyond.

Between two 5% and 3% copper and it really is sort of unsurpassed on a on a global scale.

Just repeating I see the number the results number against that now we have over 500 million tonnes of resource tonnage.

It is really already has the scale to be a major development in a standalone mine in fact, multiple standalone mines and but we are by no means finished the drilling is underway. We are in the middle of the dry season now.

Have 90 rigs turning into west control.

And we are focusing on some new licenses that we acquired in the west in fall and so so I would watch the space very carefully over the next next quarter and beyond.

Yeah.

Alex Pickard: The final slide in the presentation, and moving to our new exploration horizons, the logo of Ivanhoe Mines did use to say new horizons, but we dropped it at a point in time. But we are now very active in our neighboring countries, Angola and Zambia, as well as much further afield in Kazakhstan. But all of this is following a similar thesis, which is chasing sedimentary copper, which we know as much as anybody in the world about from what we've done at Kamoa Kakula and in the western forelands. So in Angola, we are making steady progress on a massive land package. This is very greenfield exploration. But we have a first drilling contract that's been awarded to drill over 6,000 meters that will commence later on this year and progress into 2026.

The final slide in the presentation.

Moving to our new exploration horizons, the logo of Ivanhoe miles did used to say new horizons that we dropped it at a point in time.

But we are now very active in our neighboring countries Angola in Zambia as well as a much further afield in Kazakhstan, and but all of this is following a similar thesis, which is chasing sedimentary copper, which we know as much as anybody in the world about from what we've done at comerica cooler than the western photos.

So in Angola, we are making steady progress on a massive land package that has very greenfield exploration.

We have our first drilling contract that's been awarded to drill over 6000 meters that will commence later on this year and progress into 2026.

Alex Pickard: And in Kazakhstan, I think you'll recall that we announced in January, we signed a vending exploration partnership to stake a very large batonal position in the Chu Sarisu Belt in Kazakhstan. The Chu Sarisu Belt is thought to be the third largest sedimentary copper belt in the world. And so since January, we've actually moved very quickly there together with our joint venture partner. We've been awarded already close to 17,000 square kilometers of licenses in the space of six months. So that's a licensed position roughly seven times larger than the western forelands. It's kind of quite comparable to what Ivanhoe Mines started with in the DRC going way back to the late 1990s. And as always, our thesis is to focus very much on drilling as much as possible within the confines of our budgets.

And in Kazakhstan, I think you'll recall that we announced in January we signed a vending and exploration partnership to stake a very large base and our position in the <unk> belt in Kazakhstan. The <unk> belt is thought to be the third largest sedimentary cup of belts in the world and so since January that we've actually moved very quickly that will together with our joint.

Venture partner and we've been awarded already close to 17000 square kilometers of licenses in the face of six months.

Thats a license position roughly seven times larger than the western Poland is quite comparable to what I haven't had mine started within the DRC going way back to the late 19 nineties.

And as always our thesis is to focus very much on drilling as much as possible within the confines of our budget.

Alex Pickard: So the drilling has already commenced in this month of July, and we have 17,500 meters planned and some exciting initial targets to focus on. So with that, I think we will wrap up the presentation, and I'll pass back to Matt Keevil to chair our Q&As.

Drilling has already commenced in this month of July and we have 17500 metres planned.

Some exciting initial top targets two to focus on.

So with that I think we will wrap up the presentation I will pass back to Matt cable to chair our Q&A.

Matthew Keevil: Thanks, Alex. Yeah, we now will begin the question and answer session. First and foremost, I'll hand it back to the operator to proceed with any questions we have waiting on the phone line with analysts. And then if we have some time at the end, we'll answer any web questions as the time allows. So operator, please do proceed with the questions on the phone.

Thanks, Alex.

We now will begin the question and answer session first and foremost I'll hand, it back to the operator to proceed with any questions. We have waiting on the phone line with analysts.

And then if we have some time at the end, we'll answer any web questions.

The time allows so operator, please do proceed with the questions on the phone.

Operator: Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have any questions on the phone, please press star one. You will hear a prompt that your hand has been raised. First question comes from Daniel Major at UBS. Please go ahead.

Thank you ladies and gentlemen, we will now begin the question and answer session should you have any questions on the phone. Please press star one you will hear a pump that Johan has been raised.

First question comes from Daniel Major UBS. Please go ahead.

Daniel Major: Hi, thanks. Can you hear me okay?

Hi, Thanks can you hear me okay.

Matthew Keevil: Yes, you sound great.

Yes can you hear me alright, okay.

Daniel Major: Can you hear me all right? Okay, great. Thanks. Yeah, so a few questions. The first one, just thinking about the timeline of information around guidance at Kamoa Kakula. I understand you're going to give an update to the market in September around a site visit. Can you give us a sense of what you expect to communicate to the market then? And then in Q1, as you're kind of working through the dewatering and the kind of work on redesigning geotechnical?

Okay, great. Thanks.

So a few questions the first one.

Just thinking about the timeline of information around.

Guidance come out to the.

And you're going to give an update to the market in September around the site visit.

Can you give us a sense of what you expect to communicate to the market then.

In Q1.

As you're kind of walking through the dewatering and the.

Yes, and the work on redesigning geotechnical.

David van Heerden: I can maybe help. So we would want to guide the market on the year 26 and 27. That will be the September guidance. And then at the end of Q1, it will be a full life of mine planning with the 43.101 March next year, a new full life of mine plan.

I could maybe I hope so.

So we would want to got to market on 'twenty.

<unk> 26 and 27.

That will be the September guidance.

And then at the end of Q1 will be to life of mine planning with the 43 101.

March next year.

Full life of mine plan.

Daniel Major: Okay. Just a question on the kind of guidance for 22, 26, 27. What gives you the confidence that you're going to be able to have conviction in that if you haven't actually fully dewatered the mine or redesigned the mine plan yet?

Okay. Just a question on the new kind of.

Guidance for 'twenty to 'twenty six 'twenty seven.

What gives you the confidence that you're going to be able to have conviction in that if you haven't actually fully dewater the mine ore or redesign the mine plan yet.

David van Heerden: That's a good question. So the assumptions you can assume would be conservative. Let's put it that way. We won't assume that.

That's a good question.

So there are assumptions you can assume would be.

Conservative.

Let's put it that way.

I assume.

Martie Cloete: Maybe also just to jump in here, what we were planning to do is also to just isolate the section that we cannot access yet and provide certain sensitivities around that. But it will show you what it looks like in terms of our future plans based on the new mining method. And then what will still be uncertain would be that central block. And that we will then be able to communicate once dewatered. So that's the section where you will have to make certain assumptions. But for the rest of it, I think we will have a pretty high level of confidence as it will flow into our life of mine plans that will be published early in 2026.

Just to jump in here, but we what we were planning to do is also to just isolate the section that we cannot access yet.

Provide certain sensitivities around that but it will show you what it looks like in terms of our future plans based on the new mining method and then what will still be uncertain would be that central block.

And that will then be able to communicate one Steve voltage Saturday, that's the section where you will have to make certain assumptions, but for the rest of it I think there's less.

A fairly high level of confidence as it will flow into our life of mine plans that will be published in 2026.

Daniel Major: Okay, thanks. And then the second question, I mean, if we took a step back and look at what was the cause of the kind of seismic issue and how that might impact mining method productivity and cost going forward, I mean, should we be thinking about this as smaller blocks, ultimately less productive to prevent these issues happening going forward and having a knock-on impact on the cost outlook for the operation over the life of mine?

Okay. Thanks.

And then the second question.

It took a step back in.

Uh huh.

Look at what was the cause of the kind of seismic issues.

And how that might impact mining method productivity and cost going forward.

I mean should we be thinking about this as us.

Smaller blocks.

Ultimately less productive to prevent these issues happening going forward and that's having a knock on impact on the cost outlook for the operation over the life of mine.

Uh huh.

It's a mix thing.

Martie Cloete: It's too soon to say. I think where we are, from what we are seeing, as Mark alluded to earlier, we're actually quite optimistic around production volume. But it's too soon to say if we still need to schedule crews, we still need to schedule phases. So you can only really make an assumption around cost once you've done that work. So you will unfortunately have to wait until we make the information available.

It's too soon to say I.

I think we all from what we're seeing as Mark alluded to earlier, we're actually quite optimistic around production volume.

But it's too soon to say, if we still need to schedule crews, we still need to schedule faces.

And you really make an assumption around cost once you found that works.

Hum.

Unfortunately, I have to wait until we make that information available.

Daniel Major: Okay. That's clear. And just one more question on Kamoa Kakula. When I look at the sort of implied C1 cost relative to the difference between revenue and EBITDA, there seems to be quite a large, a much larger adjustment this quarter in terms of reconciling the costs. Are those costs kind of additional costs associated with the incident? Can you just provide a bit more color on that?

Okay.

Okay, and just one more.

<unk> come out.

When I look at the.

So the implied seaborne cost relative to the difference between revenue and EBIT dollar seems to be quite a large a much larger adjustment this quarter.

In.

A reconciling the costs.

Is that yes.

Are those costs kind of additional costs associated with the incident.

Can you just provide a bit more color on that.

David van Heerden: Yeah, it's happy to, Daniel. So our EBITDA reconciliation is included in our MD&I. So if you look at that and you've still got questions about any of those line items, please do reach out. But it is the impact of the abnormal costs that has played the biggest role as that is ultimately added back for C1 purposes.

Yes.

Pepe to Daniel.

EBITDA reconciliation.

It is included in our Indian ISR.

If you if you look at that and you've still got questions about any of those line items. Please do reach out but it is the it is the impact of the abnormal costs and debt.

That has played.

The biggest role as that is ultimately add it back for <unk> purposes.

Daniel Major: Right. Okay. That's clear. Yeah. Because I wasn't really actually talking about the reconciliation of group EBITDA. It's the specific EBITDA, the 325 million for Kamoa Kakula. But there is a, yeah, there is additional costs associated with the incident that aren't captured in the C1. And with those expected to.

Right, Okay, that's quite yet because I wasn't really actually talking about the reconciliation of group EBITDA.

A specific EBITDA was <unk> 5 million.

We will come out of cotulla, but there is a yes. There is additional cost associated with the incident on captured in the <unk>.

With those expected exactly Q3, and Q4 I would expect that would be the case.

David van Heerden: Exactly.

Daniel Major: Q3 and Q4, I would expect that would be the case as well.

David van Heerden: So no, we don't expect those additional costs to be reoccurring in Q3 and Q4, other than maybe a little bit of abnormal costs related to the dewatering. But I mean, we currently estimate that that would be roughly in the range of $10 million for the remainder of the year. So that won't move the needle much.

So so no we don't expect those additional costs to be re reoccur in Q3, and Q4 other than maybe a little bit of abnormal costs related to the dewatering, but I mean, we currently estimate that that would be roughly in the <unk>.

In the range of $10 million for the remainder of the year. So does that move the needle much.

Daniel Major: Great. That's really helpful. Thanks a lot. I'll go back in the queue.

Great. That's really helpful. Thanks, a lot I'll get back in the queue.

David van Heerden: No problem.

No problem.

Operator: Thank you. Next question comes from Andrew Michicho at BMO Capital Markets. Please go ahead.

Next question comes from Andrew Mcgee at BMO capital markets. Please go ahead.

Andrew Mikitchook: Hi. I just wanted to come back to, I think it was slide 24, if I can see this correctly, where you showed the updated and long-term mine plans. I guess if we stare at that in fine detail, and I'm sure some of this is still being addressed, there's an additional ramp there. Is that kind of a ramp that would have gone down anyway to access the Kakula West portion, not the west part of Kakula? Or is that something that's just being done to adjust tonnages in the near to medium term?

Hi, I just wanted to come back to I think it was slide 24, if I can see this correctly.

Where you showed the updated long term mine plans.

I guess, if we stare at that and find detail I'm sure. Some of this is still being.

Address.

There's an additional ramp there is that kind of a ramp that would've gone down any way to access fee.

Cooler west portion not the worst part of the cooler or is that something that's just being done to adjust.

Tonnages and in the near to medium term.

Yeah.

David van Heerden: That's mainly for logistics. Basically, I think it's a belt section. It might not be the only solution at that line. We're looking at rice boring as well in the central block of the west. So it's logistics-minded.

That's my new food logistics base.

Basically I think it's a belt section, it's mark not be the only solution that language.

Looking at him raise boring is wrong in the central block of the east.

Turning to logistics Monday.

Yeah.

Andrew Mikitchook: Okay. And then I just wanted to just confirm because you guys put some pictures of what I interpret to be a dewatered portion of Kakula East and made commentary in the press release that some port that you had modest continued dewatering of that with the existing pumping capacity. From what you've seen, has there been any surprises or any material damage dewatered so far?

Okay and then.

I do.

Just wanted to just confirm because you guys put some pictures of.

What I interpret to be Dewatered portion of good cooler east and made commentary in the press release that some ports that you have modest continued dewatering of that.

With the existing pumping capacity.

From what you've seen has there been any surprises or any.

You know material damage dewatered so far.

David van Heerden: At the moment, no. So what we have been doing is slowly lowering the pump trains as we go. But we can't really move fast until we put these big pumps in. And that's where we are. On the west, we're not seeing any damage at all. And on the east, we've been rehabilitating those top drifts as we go down. So yeah, that's where we are. It's actually looking okay for now.

At the moment Noah so what we have been doing.

Slowly.

The pump trains as regard.

But we can't really.

Move fast until we put these big pumps.

And that's where we are on the waste, we're not seeing any damage.

Image at all.

And on the East we've been rehabilitating those top drifts as we go down so that's where we are actually looking okay.

Oh no.

Andrew Mikitchook: Okay. Well, that's good to hear. And I guess we'll all look forward to the September update where we get kind of the medium term. Under the current very near-term plan, I think, again, there's wording in the press release similar to the last disclosures that the stockpile runs out in Q2. Is that a Q1? Is that an early Q1, mid, late? What's the best-case scenario?

Okay, well, that's good to hear and.

Yes, well I'll look forward to.

The September update when we get kind of the medium term.

Under the current and near term planned I think again theres wording in the press release similar to the last disclosures that the stockpile runs out in Q2 is that a or is Q1 is that in early Q1 mid late what's the best case scenario.

Alex Pickard: I'm not sure, Andrew. We can sort of predict that with accuracy because it's a bit of a moving target in terms of exactly how much tonnage we can push out of the western section as we continue to dewater. You know, obviously, that dewatering is not a kind of binary process. It's a linear process. So as we dewater, it's likely that we might be able to open up more areas of the mine sooner. And it also depends to some extent on how quickly we can push more tonnage coming out of the Kamoa side of the mine. So it's difficult to say exactly how we will manage that stockpile within Q1.

Im not sure Andrew we can we can sort of predict that with accuracy, because it's a bit of a moving target in terms of exactly.

How much tonnage we can push out of the western section as we continued to dewater.

Obviously that deepwater dewatering is all that kind of binary.

Process. It is a linear process. So as we dewater. It is likely that we might be able to open up more areas of the mine.

And it also depends to some extent on how quickly we can push more tonnage coming out of the <unk> side of the mine so it's difficult to say exactly.

How we will manage that stockpile.

We didn't we did in Q1.

Andrew Mikitchook: Okay. Just one last quick question. As the dewatering does start on the west of, let's say, on the east of Kakula, this stage two, would that conceptually open up some portions of the upper mine just to restart a mining, or is that really all kind of closed off until it's completely dewatered?

Okay. Then just one last quick question.

The dewatering does start on the west.

On the east the cooler the stage two.

Would that conceptually open up some portions of the upper.

Mine just two of a restart of mining or is that really all kind of close off until it's completely dewatered.

The dewatering process itself once its big pumps are running will be quite quick.

David van Heerden: The dewatering process itself, once those big pumps are running, will be quite quick. So it's sort of putting in the first two and then starting them up and then putting in the next two and starting them up and then lowering quite quickly. So you'd be assessing them, I guess, on the eastern side. But what we're saying is by December, we'll be completely dewatered, and we'll be able to do a full geotechnical assessment of the east. And so within that timeframe, there might be some mining and whatever, but we will make sure that we've done the geotechnical assessment properly before we re-enter the east.

So it's sort of.

Pretty good in the first two.

And then starting them up and then putting into nexgen, starting them up and in lowering.

Quite quickly I'm sorry.

Assessing the markets on the eastern side, but what we're saying is by December we completed Dewatered and we'll be able to do a full geotechnical assessments of the east and so within that timeframe there might be some mining and.

We will make sure that we've done the Geo technical assessment.

And to the east.

Andrew Mikitchook: Okay. Well, thank you very much. I'll step back and let others ask questions. Congratulations on navigating these difficult weeks and months so far. Successfully so far.

Okay, well, thank you very much I'll step back and let others ask questions. Congratulations on navigating these are difficult the weeks and months so far.

Congress successfully so far.

Operator: Thank you. We have no further questions on the line. I'll turn the call back over to Matthew Keevil.

Thank you we have no further questions on the line I'll turn the call back over to Matthew Chemo.

Matthew Keevil: Thanks very much, operator. We actually have no questions waiting in webcast either, and we are coming up on the hour. So we will wrap up the call here. Again, I'd just like to reiterate, if you do have unanswered questions, please do reach out to our IR team, Alex, Tommy, Matt, myself, with any questions that require follow-up. But thank you again for attending today's event, and we very much do look forward to speaking with everyone and updating you on the many exciting milestones management outlined here through the remainder of the year and moving forward. So with that, have a great day, and we'll talk to you soon. Thanks, operator. You can wrap up.

Thanks, very much operator, we actually have no questions waiting in webcast, either and we are coming up on the hour. So we will wrap up the call here again I would just like to reiterate if you do have an answer to your questions. Please do reach out to our IR team, Alex Tommy Matt myself.

With any questions that require a followup, but thank you again for attending today's event and we very much look forward to speaking with everyone and updating you on the many exciting milestones management outlined here through the remainder of the year and moving forward.

Have a great day, and we'll talk to you soon thanks, operator, you can wrap up.

Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

Ladies and gentlemen, this concludes your conference call for today, we thank you for participating and we ask that you. Please disconnect your lines.

Okay.

Yeah.

[music].