Q1 2026 Gold Fields Ltd Earnings Call

May 7, 2026

Speaker #4: And I'll hand back to Mike now to talk about the growth on the portfolio. Thanks very much, Alex. And so just a quick update on our portfolio and some of the growth options that we prosecuting.

Operator 6: We're not asking to reverse roles so long rehearsed. Give us an equal share. That's fair. We're all American girls, and we love the life that we lead. We're all American girls. Hear what we say, know what we mean. We're all American girls, and we love the life that we lead. We're all American girls. Hear what we say, know what we mean. All American. All American girls.

Speaker #4: So on Windfall, we are on track and remain on track for our base plan of first gold in H1 of 2029. We have, in the quarter, reached an in-principle agreement with Cree Nation relating to the Impact Benefit Agreement.

Speaker #4: And we expect to be in a position to sign that agreement in the coming weeks. We also held the public hearings at the end of April 2026 as the final step of the EIA process before the issuing of the final reports and permitting.

Speaker #4: And we remain confident that we are on track towards a final investment decision around mid-year which will provide an update on as part of the H1 2026 results.

Speaker #4: But at this stage, we are comfortable that we remain on track in respect to windfall. The second big corporate work that's underway is really around the Tarqua lease extension.

Speaker #4: As you'll recall, we submitted the application for the lease extension in November of 2025. And we've had a number of engagements with the Government of Ghana in relation to the Tarqua lease renewal.

Operator 7: Good afternoon, ladies and gentlemen, and welcome to the Gold Fields Q1 2026 operating update market conference call. I will now hand the conference over to Chief Executive Officer, Mike Fraser. Please go ahead, sir.

Operator: Good afternoon, ladies and gentlemen, and welcome to the Gold Fields Q1 2026 operating update market conference call. I will now hand the conference over to Chief Executive Officer, Mike Fraser. Please go ahead, sir.

Speaker #4: That are due to expire in 2027. And these remain ongoing. We obviously really focused on the constructive engagement in this process and our focusing on trying to bring this to early resolution.

Speaker #4: Just another thing that I'll talk to is that we continued to look at the internal options to improve the quality of our portfolio. And at our capital markets today, we outlined a number of discretionary investment opportunities with a potential to deliver value through volume growth, life extension, and cost optimization.

Mike Fraser: Thank you very much. Good morning, good afternoon, everybody, and thank you for joining us for the Q1 2026 operational results update. Joining me today in the room in Ghana are the following members of our leadership team, Alex Dall, our Chief Financial Officer, Francois Swanepoel, our Chief Operating Officer, Chris Gratias, our EVP, Strategy and Corporate Development, and Jongisa Magagula, our EVP, Investor Relations and Corporate Affairs. I'm gonna make a few introductory remarks before we move on to Q&A. I think firstly just on safety, we absolutely remain steadfast in our ability that fatality and serious injury-free mining is achievable. I'm encouraged to report that our safety improvement program continues to gain momentum, and we had no fatalities or serious injuries recorded in the quarter.

Speaker #4: Some of the major projects included material handling infrastructure at St. Ives and Granny Smith, the stripping activities at the Agua Margaret at Solaris Norto, the investment in south of Wrench at South Deep, and as well as additional renewable energy.

Speaker #4: In addition to this, we included further work to develop the greater invincible complex at St. Ives and the Golden Highway project at Gruyère. During quarter one, we continued to progress all of these activities across the portfolio.

Speaker #4: And we'll provide an update material decisions of these projects as they progress. In addition, one of the other key levers of growth is around the evolution of our greenfield portfolio.

Mike Fraser: We do know that this requires constant focus and we've continued to execute our safety improvement plan, focusing on our strengthening our leadership capability, risk and safety systems and ongoing partnership and collaboration with our business partners. Just moving on to the operational delivery. Our production really was a solid start to 2026. We had 15% higher gold equivalent production compared to Q1 of 2025 at 633,000 ounces, supported by strong contribution from Salares Norte, which produced 173 ounces of gold equivalent ounces in the quarter. That was largely due to improved recoveries on both gold and, but particular silver, and then also supported by the benefit of the higher silver price in the gold-silver ratio.

Speaker #4: And at the end of Q1 2026, our greenfield portfolio comprised 21 active projects. And we have now prioritized these within our top-tier opportunities.

Speaker #4: We advanced multiple draw programs in eastern Australia. Whilst in South America, permitting is advanced across the Vietati in Chile. And the Moquique projects in southern Peru.

Speaker #4: Positioning in both for initial drilling and H2O 2026. In Canada, regional drilling and generative work continues across the windfall district. With the Phoenix joint venture with Bontera advancing towards earning completion.

Speaker #4: We also increased our equity position in Founders Metals to circa 12.5%. Representing a selective investment into a high-quality district scale opportunity in Suriname. Overall, the greenfield opportunities are really focused disciplined and allocating capital within our global portfolio to focus on real high-quality opportunities to grow our portfolio into the longer So I think just in conclusion, we feel that the quarter was largely as planned.

Mike Fraser: Production in the quarter was 7% lower than Q4 last year, that was obviously a planned higher Q4 in 2025. We remain on track to meet full year production guidance provided in February. We did have certain softer start at Gruyere, Agnew, and Tarkwa. These assets are all on track and have certainly shown improvement towards the back end of the quarter. Gruyere was really impacted by heavy rainfall and equipment and operator availability. Agnew, we had seismic events in the Caph ore body in the beginning of the quarter. At Tarkwa, we ended up processing a high proportion of lower grade stockpile due to unplanned downtime on our operating fleet which impacts the delivery of primary ore into the plant. We are seeing improvements in these operations.

Speaker #4: We did have a few variations at some of the operations. But at a portfolio level, we certainly comfortable that we're well placed to deliver on our market guidance for the full year.

Speaker #4: And those assets that add slight variation are well on track to recover for the full year. I think the other key theme is just the monitoring of the market volatility and particularly as a result of the war in Iran and what that could mean in respect of our cost guidance.

Speaker #4: And so today, we did provide a bit of a sensitivity, particularly on the material consumables and fuel inputs. We also have a number of measures underway to mitigate these cost pressures, including asset optimization and broader optimization issues across the portfolio.

Mike Fraser: I'll now just hand over to Alex to take us through some of the financials for the quarter.

Alex Dall: Thank you, Mike, and good day, everyone. Our costs were under pressure during the quarter with our all-in sustaining cost at $1,829 an ounce or up 13% year on year, and our all-in costs were at $2,046 per ounce or 10% higher year on year. This was mainly due to external pressures, primarily higher royalties linked to the gold price and stronger Australian dollar and rand which is our producer currency, so when converted to US dollars, that affects our assets, as well as inflation across key inputs. I think it is important to reiterate that we are on track to meet the cost guidance. However, we have seen some increases in some of our inputs since the Iran war commenced.

Speaker #4: So I think from that point of view, it leaves us comfortable that despite some of these headwinds, we remain on track for our cost guidance for the full year.

Speaker #4: So with that, I'll pause and can hand over to Q&A.

Speaker #1: Thank you, Sal. We will now begin the question and answer session. If you would like to ask a question, please press star and then one on your phone.

Speaker #1: You will hear a confirmation tone that you have joined the question queue. If you decide to withdraw the question, please press star and then two.

Speaker #1: Again, if you would like to ask a question, please press star and then one now. The first question we have comes from Renee Hochreiter, of NOAA Capital.

Alex Dall: If we model the oil price at $100 a barrel, this we expect to be about $50 an ounce for the portfolio cost to beat. We are still confident that we have adequate mitigation plans in place to remain within our guidance range. We have included some sensitivities in our results today on diesel, key commodities, and freight costs, and we'll continue to monitor the macro environment closely. From a cash flow perspective, we did generate strong cash flows supported by the higher sales volumes and gold prices. We were able to reduce net debt to $1.3 billion at quarter end. This is after paying a final dividend of $1.2 billion. We allocated $100 million to our share buyback program.

Speaker #1: Please go ahead.

Speaker #3: Hello, Mike and Team. Pretty good first quarter. Despite the lower grades, I've noticed that you have lower yields right across many, if not all, of your mines.

Speaker #3: Are you doing except for Tarqua, of course, are you doing are you actively dropping your pay limits because of the higher gold price? Or am I misreading that?

Speaker #4: Hi, Renee. Good to chat. No, I don't think that's the case. It's probably there's not been any deliberate decisions to change cut-off grades. I do know at certainly at both Tarqua and Gruyère, we would have seen slightly lower grades because of higher stockpile feed.

Alex Dall: Execution under the buyback has been limited given the recent market volatility in our share price. We will continue to pursue opportunities for share repurchases with this. I'll hand back to Mike now to talk about

Speaker #4: And probably in some degree at St. Ives as well, where we've actually loaded some more low-grade stockpile. But François, anything else?

Mike Fraser: Thanks very much, Alex. Just a quick update on our portfolio and some of the growth options that we put prosecuting. On Windfall, we're on track and remain on track for our base plan of first gold in H1 of 2029. We have in the quarter reached an in-principle agreement with Cree Nation, relating to the Impact Benefit Agreement, and we expect to be in a position to sign that agreement in the coming weeks. We also held the public hearings at the end of April 2026 as a final step of the EIA process before the issuing of the final reports and permitting.

Speaker #5: I think from a matterly additional stockpiles coming through, but also I think the ratio of opened but to underground might be changing slightly. So therefore, the high volumes and slightly lower grade.

Speaker #4: Yeah. And then probably the other one would be at AgNew. We did probably move into some different grade phases because of the impact of the seismic event at Kath.

Speaker #4: But it's not a deliberate strategy to change the cut-off grades.

Speaker #3: Okay. Fine. Thanks. Sorry, just to clarify, oil price of $100 a barrel is at an extra $50 an ounce cost?

Speaker #4: So on so we ran our guidance at $75 a barrel. So then if you run a sensitivity at 100 and you and we've just used that as a benchmark of what that's done to other key commodity prices as well, such as cyanide, LNG, explosives, etc.

Mike Fraser: We remain confident that we're on track towards a final investment decision around mid-year, which we will provide an update on as part of the H1 2026 results. At this stage, we are comfortable that we remain on track in respect to Windfall. The second big corporate work that's underway is really around the Tarkwa lease extension. As you'll recall, we submitted the application for the lease extension in November 2025, and we've had a number of engagements with the government of Ghana in relation to the Tarkwa lease renewal that are due to expire in 2027, and these remain ongoing. We obviously really focused on the constructive engagement in this process and are focusing on trying to bring this to early resolution.

Speaker #4: And that hits us about $50 an ounce higher cost. Yeah. So it's a read-through. If we factor in the $100 and we read it through to the other input commodities, we think that the roll-up impacts probably another $50 an ounce.

Speaker #4: If it holds for the full year.

Speaker #3: Yeah. So $25 a barrel equals $50 an ounce extra.

Speaker #4: Roughly. Yeah.

Speaker #3: Okay. Good. No, thanks very much. Thanks, Mike. Thanks, Team.

Mike Fraser: Another thing I will talk to is that we continue to look at the internal options to improve the quality of our portfolio. At our capital markets day, we outlined a number of discretionary investment opportunities with the potential to deliver value through volume growth, life extension, and cost optimization. Some of the major projects included material handling infrastructure at St. Ives and Granny Smith, the stripping activities at Agua Amarga and Salares Norte, the investment in South Ribbons at South Deep, and as well as additional renewable energy. In addition to this, we included further work to develop the greater Invincible complex at St. Ives and the Golden Highway project at Gruyere. During Q1, we continued to progress all of these activities across the portfolio and will provide an update material decisions of these projects as they progress.

Mike Fraser: In addition, one of the other key levers of growth is around the evolution of our greenfield portfolio. At the end of Q1 2026, our greenfields portfolio comprised 21 active projects, and we have now prioritized these within our top-tier opportunities. We advanced multiple drill programs in Eastern Australia, whilst in South America, permitting has advanced across the Vieja Tati in Chile and the Moquegua projects in southern Peru, positioning them both for initial drilling in H2 of 2026. In Canada, regional drilling and generative work continues across the Windfall district with the Phoenix joint venture, with Bonterra advancing towards earning completion. We also increased our equity position in Founders Metals to circa 12.5%, representing a selective investment into a high-quality district-scale opportunity in Suriname.

Mike Fraser: Overall, the greenfields opportunities are really focused, disciplined, and allocating capital within our global portfolio, to focus on real, high-quality opportunities to grow our portfolio into the longer horizon for growth. So I think just in conclusion, we feel that the quarter was largely as planned. We did have a few variations at some of the operations, but at a portfolio level, we're certainly comfortable that we're well-placed to deliver on our market guidance for the full year. Those assets that had slight variation are well on track to recover for the full year. I think the other key theme is just the monitoring of the market volatility, and particularly as a result of the war in Iran and what that could mean in respect to our cost guidance.

Mike Fraser: Today, we did provide a bit of a sensitivity, particularly on the material consumables and fuel inputs. We also have a number of measures underway to mitigate these cost pressures, including asset optimization and broader optimization issues across the portfolio. I think from that point of view, it leaves us comfortable that despite some of these headwinds, we remain on track for our cost guidance for the full year. With that, I'll pause and can hand over to Q&A.

Operator 7: Thank you, Sal. We will now begin the question-and-answer session. The first question we have comes from René Hochreiter of Noah Capital. Please go ahead.

Operator: Thank you, Sal. We will now begin the question-and-answer session. The first question we have comes from René Hochreiter of Noah Capital. Please go ahead.

René Hochreiter: Hello, Mike and team. Pretty good Q1, despite the lower grades. I've noticed that you have lower yields right across many, if not all, of your mines. Except for Tarkwa, of course. Are you actively dropping your pay limits because of the higher gold price, or am I misreading that?

Mike Fraser: Hi, Rene. It's Chad. I don't think that's the case. It's probably there's not been any deliberate decisions to change cut-off grades. I do know at, certainly at both Tarkwa and Gruyere, we would've seen slightly lower grades because of higher stockpile feed and probably in some degree at St. Ives as well, where we've actually loaded some more low-grade stockpile. Francois, anything else?

Francois Swanepoel: Nothing from that. Merely, additional stockpiles coming through, but also, I think the ratio of open pit to underground might be changing slightly, so therefore the high volumes and slightly lower grade.

Mike Fraser: Yeah. Probably the other one would be at Agnew. We did probably move into some different grade faces because of the impact of the seismic event at Caph. It's not a deliberate strategy, René, to change the cut-off grades.

René Hochreiter: Okay. Fine. Thanks. Sorry, just to clarify, oil price of $100 a barrel, is that an extra $50 an ounce cost?

Alex Dall: We ran our guidance at $75 a barrel. If you run a sensitivity at 100 and we just use that as a benchmark of what that's done to other key commodity prices as well, such as cyanide, LNG, explosives, et cetera. That hits us about $50 an ounce higher cost.

Mike Fraser: Yeah. To read through, if we factored in $100 and we read it through to the other input commodities, we think that the rollout impact is probably another $50 an ounce.

René Hochreiter: Okay.

Mike Fraser: If it holds for the full year.

René Hochreiter: Yeah. $25 a barrel equals $50 an ounce extra.

Mike Fraser: Roughly, yeah.

René Hochreiter: Okay, good. No, thanks very much. Thanks, Mike. Thanks, team.

Operator 7: Thank you. The next question we have comes from Josh Wolfson of RBC Capital Markets. Please go ahead.

Operator: Thank you. The next question we have comes from Josh Wolfson of RBC Capital Markets. Please go ahead.

Josh Wolfson: Yeah, thank you very much. On the cost side, just continuing that conversation, I had two questions. One is just to clarify on the sensitivity that was provided, that was just discussed. Does that include the secondary impacts and then the other sort of reagents, items that was disclosed on, that also had some increases? You know, more broadly on the Australia front, you know, can you comment on maybe what you're seeing in the market there and what the effects of that are expected to be on the business?

23rd, that was provided. Uh, it was just discussed, does that include the secondary impacts and then the others are reagents, uh, items that were is disclosed on uh the Earth and also had some some increases and then you know more broadly on on the Australia front. Uh, you know, can you comment on maybe what you're seeing in the market there and and what the effects of that are expected to be on the business?

Mike Fraser: Look, I can hand over to Alex to comment, but I think on that first one, yes, that ZAR 50 would include secondary impacts. It is through the input value chain. I think just on Australian, Mark, do you wanna talk about it? I mean, the key thing for us in Australia is definitely labor availability is starting to have a bit of an impact on our operations. Obviously with the increased interest rates, you're probably gonna see some, you know, potential, again, pressure in the tight labor market for higher rates, higher wages. You know.

Alex Dall: I mean, the key thing for us in Australia is definitely labor availability is starting to have a bit of an impact on our operations. Obviously with the increased interest rates, you're probably gonna see some, you know, potential, again, pressure in the tight labor market for higher rates, higher wages. You know.

Yeah, I I'm look, I can hand over to Alex to comment but I think on the first 1, yes, that that $50 would include secondary impacts. So it is a it is through the input value chain. Um, I think just on the Australian, Mark, do you want to talk about? I mean, the key thing for us in Australia is definitely labor. Availability is starting to have a bit of an impact um, on on our operations and

Chris Gratias: They do feel the impact of the oil price higher than the other jurisdictions.

Mike Fraser: They do feel the impact of the oil price higher than the other jurisdictions.

Mike Fraser: Yeah

Alex Dall: Yeah

Chris Gratias: because of the freight distances, particularly.

Mike Fraser: because of the freight distances, particularly.

And obviously, with the uh increased interest rates, you're probably going to see some, you know, potential again pressure in the tight labor market for higher rates, High wages. But anything else and they do feel the impact of the oil, price higher than the other jurisdictions because of the the freight distances.

Mike Fraser: Yeah.

Alex Dall: Yeah.

Chris Gratias: We are seeing that, I think labor and then obviously the flow through into contract rates as well, I'm not sure.

Mike Fraser: We are seeing that, I think labor and then obviously the flow through into contract rates as well, I'm not sure.

Chris Gratias: Yeah. I mean, there's been some noise from suppliers about the impact, but it hasn't yet flowed through outside of the direct market-linked commodities.

Alex Dall: Yeah. I mean, there's been some noise from suppliers about the impact, but it hasn't yet flowed through outside of the direct market-linked commodities.

Yeah, so we're asking that but I think labor and then obviously the flow through into contractor, right?

Yeah.

I mean, it's been some noise from from suppliers about the impact, but it hasn't yet flowed through the outside of the direct Market. Links commodities.

Josh Wolfson: Sure. Okay. You know, good job on progressing the Windfall permitting. Just looking forward, and looking at the update in August, you know, what should we be thinking about for the upcoming, I guess, feasibility study refresh? How are you thinking about CapEx in light of some of these pressures kinda globally?

Okay. And then um you know, good job on progressing the windfall permitting. Um

Just looking forward, um, and looking at the update in—in, I guess, you know, what should we be thinking about for the upcoming, I guess, feasibility study refresh? And how are you thinking about capex?

Related to some of these structures kind of globally.

Mike Fraser: Yeah, look, I think, certainly, Josh, what we will do is provide an update in August with our full year results, because I think by then we would probably, that's the timing of when we would formally approve the project. We're doing the final review on the capital estimates now and, you know, I think we'll be in a better position to talk to that in August. Probably don't wanna call out anything outside of that now. Again, I wouldn't say that we would see material differences to what we were talking about in November.

Yeah. Look I think um,

Chris Gratias: I mean, we will obviously assess key commodity inputs on the current pricing environment.

You know, I think we'll be in a better position to talk to that uh in in August so probably don't want to call out anything outside of that now. Um but again, I wouldn't I wouldn't say that we wouldn't see material differences to to what we were talking about in in November.

Mike Fraser: Yeah. There might be some of that will come through.

I mean, we are, we will obviously assist key commodity inputs on the current pricing environment. So there might be some of that will come through.

Josh Wolfson: Great. Those are all my questions. Thank you.

All my questions. Thank you.

Mike Fraser: Thanks, Josh.

Operator 7: Thank you. The next question we have comes from Raj Ray of BMO Capital Markets. Please go ahead.

Operator: Thank you. The next question we have comes from Raj Ray of BMO Capital Markets. Please go ahead.

Thank you. Thank you.

The next question we have comes from Roger of BMO Capital markets. Please, go ahead.

Raj Ray: Thank you, operator. Good afternoon, Mike and team. Got 3 questions, if I may. First is on the Tarkwa lease extension. As I understand, you have a stability agreement at Tarkwa. Not that it mattered with respect to the increase in royalties, but as part of the lease extension, will that stability agreement stay, or is that a different discussion? Secondly, on Tarkwa again, given the arbitration with the contractor, is there a risk of any impact on the productivity of at Tarkwa? The other question I had was more related to your project readiness and mobilization in Australia, then Windfall. When I was in Val d'Or a few weeks ago, what I was hearing was, like, the unemployment rate was, like, 2% or lower.

Thank you, Alberto. Um, good afternoon. I'm making team. Um, got three questions, if I may. Uh, first is on the TCO leave extension?

um,

As I understand, you have a stability agreement at at Tua not that it mattered with respect to the increasing royalties. But as part of the lease uh extension will that stability agreement uh stay or is that a different discussion? And secondly on tarkwa again. Um, given the arbitration with the contractor.

Is there a risk of any, any impact on the productivity of of, uh, at uh, at Target?

Raj Ray: You talked about the labor issues. Just want to get a sense of where you stand. As of the H2 of this year, there is a number of projects you are looking to execute. If you can give us some color on that. Thank you.

Um the other question I had was more related to your project Readiness and mobilization in Australia. And and um and that windfall and I was in valdor a few weeks ago. And what I was hearing was like the unemployment rate was like, 2% or lower

Uh, and you talked about the labor issues.

Just want to get a sense of where you stand because as of the second half of this year, there's a number of projects you're looking to execute. Um so if you can give us some uh some color on that. Thank you.

Mike Fraser: Thanks very much, Raj. Good questions. Just on the Tarkwa lease extension, I think a couple of things that are at play here is firstly, what we are dealing with really, with respect to the Tarkwa lease extension is that there's not a very clear policy framework that the government has around what is the fiscal kind of template that they're looking to achieve in respect to this. They have made changes to the royalty rates, which are being published. They have offset that by a reduction in the stability levy, the general stability levy. Those are kind of, as you know, one component of the lease extension. There's a number of other things that are kind of floating around about, well, what are the expectations on term of lease?

Mike Fraser: You know, is there expectation of additional free carry? I think the way that it's being presented to us is that the government are expecting us to enter into a broader negotiation about the sharing of value that is gonna be delivered out of the asset over time. Certainly, we're open to that conversation. Part of what we're trying to present is for them to balance, you know, cash out of these assets now versus creating an environment for longer term investment. Because quite clearly, we've presented a case that Ghana, as it stands today, is probably on the outlier side on global competitiveness. You know, over 50% of our cash flows already goes to the government in terms of the benefits out of this project.

So, just on the talk with lease extension, I, I think a couple of things that, um, that are at play, here is firstly what we are dealing with, with really, with respect to the time police extension, is that there's not a very clear policy framework that the government has around, what is the fiscal, kind of template that they're looking to achieve in respect to this? Um, they have made changes to the royalty rates, which have which have been published. They have offset that by reduction in the uh, stability Levy, the general stability Levy. Um, but those are kind of as, you know, 1 component of the lease extension, there's a number of other things that are kind of floating around about. Well, what are the expectations on term of lease? You know, is the expectation of additional free carry and and I think the way that uh it's being presented to us, is that the government are expecting us to enter into

a broader negotiation about the sharing of value that is going to be delivered out of the out of the asset over time.

And certainly we open to that conversation and part of what we're trying to present is for them to balance, um, you know, cash out of these Assets. Now, versus creating an environment for for longer term investment because quite clearly we've presented a case that Ghana as on its as a

Mike Fraser: To maintain competitiveness, we've got to be quite sensible about what it looks like going forward. In respect to the stability agreements, I think their general preference is that the stability agreements as a standard should not be part of the landscape going forward. I think that's their preference. We believe that as part of the negotiation on the lease extension, there are certain elements of that we should consider including in the lease at least, even if it's not in a formal standalone stability agreement. I think it's still kind of a little complex now, but it is gonna come down to a value and a financial conversation with the government. I think that's where it stands today.

Extends today is probably on the outley side on on global competitiveness and you know, over 50% of our cash flows already goes to the governments in terms of uh in terms of of the benefits out of this project. So um to maintain competitiveness, we've got to be quite sensible about what it looks like going forward. Um in respect to the stability agreements, uh, I think their General preference is that the stability agreements as a standard should not be part of the the landscape going forward. So I think that's their preference. Um, we believe that as part of the um, agree negotiation on the East extension, there are certain elements of that that we should consider including in the lease at least even if it's not in a formal Standalone, stability agreement. So I think it's it's still kind of a little complex now but it's kind it is going to come down to a value and a financial

Mike Fraser: I think the idea that we would have a standalone stability agreement in the long term possibly may not exist. Whether we have it for a period of time could be part of the negotiated outcome. I think in respect of ENP, look, I think what we are seeing is certainly ENP still committed to the project and delivery and making sure they deliver productivity. They're clearly incentivized to move tons. You know, they certainly feel the pain financially if they don't move the volumes. I think the bigger concern maybe is that ENP have now also been appointed as the operator of the Dubai mine, and certainly have interest in growing their business elsewhere.

conversation with the government. I think that's where it stands today. But I think the idea that we would have a, a standalone stability agreement in the long term.

It possibly might not exist. Whether we have it for a period of time could be part of the negotiated outcome.

Um I think in respect of enp. Um look I think what we are seeing is is certainly enp still committed to to the project and deliver and and and making sure they deliver productivity, they clearly incentivized to move tons. Um and you know they will they certainly feel the pain, financially, if they don't move the volumes. Um, but I think the bigger concern, maybe is that entp have now also been appointed as the operator of the domain mine

Mike Fraser: The bigger concern is probably just a distraction from them rather than the dispute with us as being the reason that they're underperformed. You know, again, I think they've got the right capacity on site to deliver the outcomes and our teams continue to work well with them. There's nothing that's stopping us from working together. I think just lastly on Windfall, you've probably picked up on one of the key concerns that we have in finalizing the capital estimates is, are we gonna see not just an availability issue on labor, but declining productivity levels?

Mike Fraser: What we are seeing in Canada is probably the experience levels of available artisans and project people is probably coming off and that's impacting, potentially impacting productivity levels in the project over time. That's probably more of a concern. I think in the next six months, a large part of the project work is really around the camp construction, bulk earthworks, you know, a few of the ponds construction. I think the big kind of mechanical work really only starts post-winter into 2027, where we've mapped the general market projects, and we don't see that as a significant concern. I think the bigger impact from a labor point of view is gonna be productivity factors, I think is our bigger concern. Hopefully that answers that.

Um, and certainly have interest in growing their business elsewhere. So so the bigger concern is probably just a distraction from them rather than, um, the dispute with us as being the, the reason that that underperformed. Um, but I, you know, again, I think they've got the right, uh, capacity, um, on site to deliver the outcomes and, and our teams continue to work well with them. So, there's nothing that's stopping us from from working together. Um, and then, I think just lastly on on windfall. Um, You probably picked up on 1 in finalizing, the capital estimates is, um, are we going to see? Not just, uh, an availability issue on labor, but declining productivity levels. Because what we are seeing in Canada is probably the experience levels of, uh, available. Um,

Raj Ray: Yeah, that's great, Mike. Can I quickly ask a follow-up on the ENP situation? Like, if you were to, let's say, look for another contractor, how easy it is given that the government of Ghana has now mandated like it's gonna be 100% Ghanaians ownership of the contractors.

The bigger impact from, from a labor point of view is going to be productivity facts as I think is our a bigger concern. So hopefully that answers that

Yeah, that's great. Mate, can I quickly ask a follow-up on the, on the enp situation? Like, if you were to, let's say look for another contractor, how easy it is, you know, that the government of Canada has no mandated, like it's going to be 100% like an alliance ownership of of the contractors.

Mike Fraser: Yeah. Look, I think it is a conversation that is still pending for us, we have flagged this with the government and the Minerals Commission. The one thing that we do anticipate with our preferred plan going into Tarkwa, is that there is a heavy lift on additional material movement. You know, we flagged that all in our capital market day estimates in November, is that you will see a big lift in material movement from 2028, 2029. The question is, would it help us to actually start considering bringing in some alternative capacity, so that we're unloading and creating single contractor risk on some of those volumes? That's a conversation that we'll also engage on.

Yeah, and look at things. It is a conversation that is still pending for us and we have flagged this with, uh, with the, the government and the minerals commission. Um,

Mike Fraser: It's not a discussion for today, certainly, over the next 2 years we need to be prepared to how we're going to respond to those additional volumes. It's not an impossibility, but there is a sensitivity that we need to manage to. Yeah.

The one thing that we do anticipate with our preferred plan going into talks with, uh, is that there is a heavy lift on additional material movement. And, you know, we flagged that all in our Capital Markets Day estimates in November, is that you will see a big lift in material movement in from 2028, 2029, 2030. And so, the question is, would it help us to actually start considering bringing in some alternative capacity, um, so that we aren't loading and creating single, single, uh, contractor risk on some of those volumes? So, that's a conversation that we'll also, uh, engage on. It's not a discussion for today, but certainly, um, over the next two years, we need to be prepared to—

How are we going to respond to those additional volumes? Um,

Raj Ray: Okay. That's great. Thank you very much. That's it from me.

So, it's not an impossibility, but it is. There is a sensitivity that we need to manage to. Yeah.

Okay, that's great. Thank you very much. That's it from me.

Mike Fraser: Thanks, Raj.

Operator 7: Thank you. Ladies and gentlemen, just a reminder, if you would like to ask a question, please press star and then one now. The next question we have comes from Nkateko Mathonsi of Investec Bank. Please go ahead.

Operator: Thank you. Ladies and gentlemen, just a reminder, if you would like to ask a question, please press star and then one now. The next question we have comes from Nkateko Mathonsi of Investec Bank. Please go ahead.

Thanks Ro.

Thank you, ladies and gentlemen, just a reminder, if you would like to ask a question, please press star and then 1 now.

The next question we have comes from ini of investec bank, please go ahead.

Nkateko Mathonsi: Good afternoon, and thank you for taking my question. I have a follow-up question on fuel-related questions that have been that you have spoken about. My question is related to how you are managing the possibility of fuel shortages, especially in other consumables, but especially in Australia where there is minimal refining capacity. How much stock levels do you keep in an eventuality where or in a scenario where there are fuel shortages? The second question is related to Salares Norte and the good recoveries we've seen in Q1. How sustainable are these recoveries or is there even a potential upside to the recoveries that we're seeing?

Good afternoon, and thank you for.

Nkateko Mathonsi: The last question, I just wanna know if you are able to share a bit more color on the contractor dispute in Ghana, especially related to Tarkwa, especially when we consider that the figures are not insignificant. Yeah. Thank you. Those are my three questions.

Related questions that have been um that you have spoken about. Um uh my question is related to how you are managing the possibility of well shortages especially in other consumables, but especially in Australia where there is a minimal refining capacity. So how much stock levels? Do you keep in in, in in in an eventuality where or in a um, in a scenario where the Earth will shortages? Uh, and then the second question is related to salaries not and the good recoveries. We've seen in quarter 1. Um, how sustainable are these recoveries? Or is there even a potential upside to the recoveries that we're seeing? Um and then the last question, I just want to know if you are able to share a bit more Colour on the contractor dispute in uh in Ghana especially related to tapa

Um, especially when we consider that the, the, the figures are not insignificant. So yeah, thank you. Those are my 3 questions.

Mike Fraser: Yeah. Thank you. They're very good questions. I'm gonna break them up and ask Alex to talk to the fuel and stock levels, Francois to talk about the recoveries at Salares Norte.

Mike Fraser: Yeah. Thank you. They're very good questions. I'm gonna break them up and ask Alex to talk to the fuel and stock levels, Francois to talk about the recoveries at Salares Norte. Finish on the Tarkwa contractor disputes.

Alex Dall: Finish on the Tarkwa contractor disputes.

Mike Fraser: Perfect, thanks. On the fuel levels in particular across the group, we monitor them every couple of days. We get reports as an export that comes through Mike Fraser and myself, and we look at those fuel levels. I think we have had discussions with our key fuel providers in Australia, and we did actually put in a request that they would give some extra shipments so we could up our levels where we had capacity and storage to do that, which was actually quite limited. They are not willing to do that because of some, just they want to keep the market balanced. They are committed to delivering on their schedules, and we have not seen any issues there.

Alex Dall: Perfect, thanks. On the fuel levels in particular across the group, we monitor them every couple of days. We get reports as an export that comes through Mike Fraser and myself, and we look at those fuel levels. I think we have had discussions with our key fuel providers in Australia, and we did actually put in a request that they would give some extra shipments so we could up our levels where we had capacity and storage to do that, which was actually quite limited. They are not willing to do that because of some, just they want to keep the market balanced. They are committed to delivering on their schedules, and we have not seen any issues there.

Mike Fraser: They confirm with us that they have sufficient in-country storage to keep us going for quite a while. We are not quite concerned there, and we're on continuous discussions with our key suppliers in Australia. Across the rest of the group, we actually have reasonable fuel storage, and we don't have any concerns.

Alex Dall: They confirm with us that they have sufficient in-country storage to keep us going for quite a while. We are not quite concerned there, and we're on continuous discussions with our key suppliers in Australia. Across the rest of the group, we actually have reasonable fuel storage, and we don't have any concerns.

Yeah, thank you. That was a very good questions. I'm going to break them up and ask Alex to talk to the, uh, the fuel in stock levels France, while they talk about the recoveries at Solaris and then, I'll, I'll finish on the topic contract to dispute. No, perfect, thanks. Um, on the fuel level fuel levels and, and in particular, we monitor them on a every couple of days, we get reports of some exposure that comes to my heart or myself. And we, we look at those fuel levels. I think we have that discussions with our our key fuel providers in Australia. And we we did actually put in a request, um, that they would give some extra shipment. So we could up up our levels where we had capacity and storage to do that which was actually quite limited and they are not willing to do that because of some just they want to keep the market balanced. But they are committed to delivering on their schedules. And we have not seen any issues there and they confirm with us that they have suspicions in countries or actually keep us going for quite a while.

So, we are not quite—we are not concerned there, and we're in continuous discussions with our suppliers in Australia. And, of course, with the rest of the group, we actually have reasonable fuel storage, and we don't have any problems.

Francois Swanepoel: Thanks. On Salares Norte, we're quite pleased with the progress on the recovery. In terms of gold, what we currently have is entirely sustainable. In fact, we're probably looking for another 2 percentage points between now and the end of Q3. We are, there are a number of initiatives that we're currently working on. Silver, we probably at the moment 10% above what we estimated for our feasibility study. I think that's probably a good number and, yeah, we fully see that to be sustainable. I'll just say that this is in support of us trending towards the upper end of market guidance for Salares Norte at the end of year. We're quite confident with our current projections.

Thanks, um, yeah, I'm so sorry. We quite pleased with the the progress on the recovery.

Mike Fraser: Thanks, Francois. Look, I think just on the contractor disputes at Tarkwa, in fact, just so you understand, there's actually two areas of dispute, one in relation to Damang and one in relation to Tarkwa. The combined value of those two disputes amounts to around $740 million as the size of the claims. We have a contractual dispute resolution process, and we've been through those contractual dispute resolution processes. The last step in the process is to pass it through to arbitration. That's the contractual basis for it.

The season support of um us training, towards the append of Market guidance for Solaris noted at the end of year. So we're quite confident with our current projections.

Mike Fraser: We certainly do not believe there's any substantive basis around those claims, we've suggested to the contractor that if they're not comfortable with the way that the dispute is being managed through the contract, that their next step is to take it to arbitration. We're quite comfortable that our position is well defendable and we don't believe that there's any substantive basis for that claim. You know, again, in the interest of managing the relationship to the question earlier, we're fully supportive of seeing this through the dispute process because we have to continue to work together. I, you know, I think this unfortunately is gonna take some time for resolution.

Thanks, um look, I think just on the, the contract to dispute about taqwa uh in fact, just so you understand, there's actually 2 areas of dispute 1, in relation to domain and 1 in relation to talk with. So, the combined value of those 2, uh, disputes amounts to around 740 million dollars to the side of the flags. Um, we have a contractual dispute resolution process and we've been through those contractual dispute resolution processes and the last step in the process is to pass it through to arbitration. That's the contractual basis for it. Um, we certainly do not believe there's any, uh, substantive basis around those claims. And hence, we've we've suggested to the contractor that if they're not comfortable. With the way that the dispute has been managed, uh, through the contract that their next step is to take it to arbitration. So we quite comfortable that

Mike Fraser: I think we should expect that this could be on foot for up to 2 years, and we'll just have to manage around it. To the question that Raj raised earlier, we certainly don't see this having any impact on our, on their productivity and our relationship with them, whilst it's underway. Again, to put this in context, this conversation around this dispute has certainly been alive and real with me and their principals since the day I started. It's not a new issue, certainly.

Position is is well defendable. And, uh, we don't believe that there's any substantive basis for that claim, but, um, you know, again in the, in the interest of, of managing the relationship to the question earlier, um, we fully supportive of seeing this through the the dispute process, um, because we have to continue to work together. So um, I you know, I think this unfortunately is going to take some time for resolution, I think we should expect it. This could be on foot for up to 2 years, um, and we'll just have to, to manage around it. But to the question that Raj raised earlier, we certainly don't see this having any impact on our on their productivity and our relationship with them uh whilst that's underway. And and again to put this in context uh this conversation around this dispute is certainly being alive and real with me and their principles since they are started. So it's not a, it's not a new issue. Um, so

Certainly.

Nkateko Mathonsi: Thank you.

Thank you.

Operator 7: Thank you. The next question we have comes from Bruce Williamson of Integral Asset Management. Please go ahead.

Operator: Thank you. The next question we have comes from Bruce Williamson of Integral Asset Management. Please go ahead.

Bruce Williamson: Good day, Mike and team. Thank you very much for the opportunity to chat. Mike, I know it's, I think you're still in the pre-feasibility stage with the south of the Wrench Fault project. You know, given 30-odd years of massive learning and experience, up dip, can you give us any hope of a significant or at least a useful increase in gold output south of the Wrench Fault? Likewise, I mean, with that, could we look forward to very competitive costs? I would add the labor issue that you raised about with Windfall is similarly, how far are we down the line at South Deep to having a world-class trackless team?

Thank you. The next question we have comes from Bruce Williamson of integral Asset Management. Please go ahead.

Today, Mike and team, uh, thank you very much for the opportunity to chat. Um, Mike, I know, it's, uh, I think you're still in the pre-feasibility stage with the South of the Wrench Fault project.

But, you know, given 30 odd years of massive learning and experience, um, up dip. Um, can you give us any hope of a significant or at least a useful increase in gold output? Uh, south of the, the range fault. Um, and likewise, I mean with that would do, we could we look forward to very competitive costs and then I would add the labor issue that you raised about, uh, with windfall is similarly,

Um, how far are we down the line itself, deep, to having a world-class tracklist team?

Mike Fraser: Yeah. Thanks for those questions, Bruce. I'll ask Francois to add some color, and particularly to the third question. Look, I think the one thing that we know about South Deep is there is significant reserves. You know, South of Ribbons is an important part of our future horizon to add flexibility, which will allow us to add more ounces. The key constraint at South Deep is really the mining process. We've got enough in-store capacity from the time that we have rock on ground. Getting South of Ribbons developed really gives us the opportunity to add production.

Yeah.

For those questions Bruce, um, and I'll ask France for to add some some color and quickly to the third question. But but look, I think the 1 thing that we know about Southeast is there is significant uh, reserves. Um and you know, the south of the branch is an important part of our future Horizon to add flexibility which will allow us to add more ounces. And um, the key constraint at at South deep is really the mining process. We've got enough in store capacity, uh,

Uh from the time that we have Rock on the ground. So getting south of ranch developed really gives us the opportunity of um

Mike Fraser: Within our plan, and our strategic plan of South Deep, certainly getting up to, you know, 380,000 ounces is part of the delivery of that is really getting south of Wrench developed. I think that as an intermediate horizon is, in our view, quite comfortably achievable. From a cost structure point of view, as we know, South Deep is a very high fixed cost asset. So when we're able to add, you know, 20% to 25% of production to our current levels, we should see that as being highly dilutive.

Gives us the opportunity to to add add production and within our plan, uh, and our strategic plan of sa deep. Certainly getting up to, you know, 380,000, Oz is part of the delivery of that is, is really getting south of range developed. And, and I think that is an intermediate Horizon is, is in our view quite comfortably. Achievable

Mike Fraser: Whilst we see, you know, real cost inflation because of real cost increases in labor, this would be highly dilutive, and we would see certainly strategically a pathway back to $1,500 an ounce as being a strategic goal for the South Deep team. I think, you know, Francois can talk about the TMM capability and the underground productivity that we're looking to achieve. Part of that is not just about our current team, but it's how we adopt technology to accelerate productivity at the site. There's a lot of good work going on underway. Again, you can only do the kind of work that's required for long-term productivity and uplift when you have the kind of reserve life horizon that we have at South Deep.

Mike Fraser: That's why we continue to get excited about what South Deep can offer us. But we always say that South Deep is a big ship, and it's about incrementally improving. You know, I just shared with Vincent this morning when we were chatting, I said, you know, it's a great quarter when we don't have a lot to say about South Deep because they just continue to deliver to their plan. That's really what we wanna do, is see incremental improvement out of South Deep. When we do that, we'll see that margin expansion and productivity improvement. Francois, you wanna talk to that? You were there on Friday, I believe. Yeah.

Because of a real cost increase in labor. Um, this would be highly diluted, and we would see certain strategically a pathway back to 1,500 dollars, an ounce as being a strategic goal for the South ET. Um, and then I think, you know, France Rock can talk about the TMM capability and, and underground, uh, productivity that we're looking to achieve, but part of that is not just about um our current team but it's how we adopt technology uh, to accelerate productivity at the at the site. And and there's a lot of good work going on underway and again you can only do the kind of uh work that's required for long-term productivity and uplift when you have the kind of reserved life Horizon that we have at Southeast and that's why we continue to get excited about what's out, the can offer us. Um, but we always say that Southeast is a is a big shift and it's about increment.

Francois Swanepoel: Yes. That's right. I think as Mike says, it's really an incremental journey. Certainly the discussions we've been having 2 years ago is how do we actually just have people to maintain and operate our machines? I was glad on Friday that that conversation is something of the past. I think we're investing a significant amount in training, dissemination, and upskilling the people in our teams. I think we are making significant progress in that. Obviously linked to that is the technology that Mike spoke to. For us also, what's very important is the actual mine design. If you create optimal conditions for your fleet to operate in, it's just so much easier to reach your overall equipment effectiveness targets.

Incrementally improving. And, you know, I'll just shared with with Ben said this morning when we were chatting. I said, you know, it's a, it's a great, uh, call to when we, we don't have a lot to say about Southeast because they just continue to deliver to their plan. And, and that's really what we want to do is see incremental Improvement out of Southeast. And when we do that, we'll see that margin expansion and productivity Improvement. Franco, you want to talk to anybody on Friday? But yeah. Yes, that that's right. Yeah. Um I think that

And as Mike says, it's really an incremental journey. And and certainly the discussions we've been having 2 years ago. How do we actually just have people to maintain and upgrade our machines? Um, I was glad on Friday that, that conversation is, is something of the past. I think we're investing a significant amount in training to simulation and upskilling, um, the people in our teams. Um, so I think we are making significant progress in that. So, obviously linked to that

Francois Swanepoel: We are doing a lot of work at South Deep around mine sequencing and just creating better conditions that we can deploy our equipment. That coupled with training, I think is starting to show positive improvements for us at South Deep specifically. At Windfall, obviously, we are looking at that full remote sort of capabilities and really pushing the technology that barrier. That is right.

Is that technology that Mike spoke to? But, um, for us also, what's very important is the actual mind design because it creates create optimal conditions for your Fleet to operate in. Um, it it's just so much easier to, to reach your, um, overall equipment. Effectiveness targets. Um, so we are doing a lot of work at South deep, Brown mind sequencing, and just creating better conditions, um, that we can deploy our equipment. Um, and that's coupled with training I think is, um, is starting to show positive, um, um, improvements for us at at South Beach specifically. But windfall, obviously, we're looking at that full remote so capabilities and, um, really pushing the technology. But yeah,

Bruce Williamson: Okay, guys. Yeah. Thank you very much. I'd actually look forward to a discussion about exactly how the sequencing works, et cetera. You know, I've been excited about this for a long time, and it would be fantastic to see some good progress. Thank you very much. Cheers. Bye.

Okay guys. Yeah, thank thank you very much. Um, I actually look forward to a discussion uh, about exactly how the sequencing Works Etc. Because uh, you know, I've been excited about this for a long time and it would be a fantastic to see some good progress. But thank you very much cheers. Bye.

Mike Fraser: Thanks.

Operator 7: Thank you. The next question we have comes from Tanya Jakusconek of Scotiabank.

Operator: Thank you. The next question we have comes from Tanya Jakusconek of Scotiabank.

Yes.

Thank you, ladies and gentlemen. Just a final reminder: if you would like to ask a question today, please press star, then 1, now.

The next question we have comes from Tanya yakusa Bank. Please go ahead.

Tanya Jakusconek: Great. Good afternoon, everyone. Thank you so much for taking my three questions. Mike, I just wanted to come back to Windfall. You had your public hearings. Was there anything out of the public hearings of concern in terms or any issues in terms of what the communities want or are concerned about in terms of the permitting?

Oh great. Uh, good afternoon everyone. Thank you so much for taking my 3 questions. Um, my I just wanted to come back to um windfall. Just uh you had your public hearings. Was there anything out of the public hearing of concern in terms of any issues in terms of what the communities want, uh, or or or are concerned about in terms of the permitting?

Mike Fraser: No. Tanya, nothing material came out of that we believe would impact either the IBA or the EIA.

Uh know, so Tanya nothing, uh, material came out of that that we believe would impact.

Either the RBA or the EI.

Tanya Jakusconek: Okay. Can you just remind me, Mike, if we don't have this permit in place by September, October of this year, do we lose 6 months? Is that it because of the winter scheduling? I'm just trying to remember. I don't remember the sensitivity.

Okay. And then can you just remind me, Mike? If we don't have this permit in place by September or October of this year, do we lose six months? Is that it, because of the winter scheduling? I'm just trying to remember—I don't remember the sensitivity.

Mike Fraser: The big challenge that we've got is that if we do not get the permit by July, I think we run into real challenges on getting the earthworks completed. Certainly it would impact our ability to do some of the civil works during winter. That potentially does push us back probably at least 6 months or so on our schedule. We don't think that's likely at this stage. We think the probability of remaining on our base case is certainly better than even odds. Much better than even odds, I should say.

Yeah. So so the big challenge that we've got is that if we do not get uh the permit by July. I think we we run into real challenges on getting the Earthworks.

Tanya Jakusconek: Okay. That's good. Just to follow up on Josh's question on what are we expecting in August when you give us an update. Would it be fair to say that it is not just capital that you are reviewing, but with this labor, we are also reviewing operating costs and your reserves and resources from the drilling that you are doing? Would that be safe to assume?

Okay, um, um, that that's good and then just to follow up on Josh's question. Um, what are we expecting in August, when you give us an update, would it be fair to say that? It's not just Capital that you're reviewing? But with this labor, we're also reviewing operating costs

And your reserves and resources from the drilling that you're doing, would that be—

Mike Fraser: Yes. I think. Yes, absolutely right. I think what we'd be looking at is a kind of telling the whole story about Windfall as we see it today. I.e., the capital for the first ten-year phase of the project. I think we probably also wanna start talking to how we see the long-term potential of and putting that in the context of the long-term potential of Windfall. We'll also do a reserve declaration at the time of it, and that will include our expected operating costs during the next ten years, as well as the capital and schedule estimates.

safe to assume, uh,

Yes. So I think you? Yes. Absolutely. Right. So, I think what we'd be looking at is a, a kind of, uh, turning the whole story about wouldn't fall as we see it today. So, IE the capital for the first 10 year phase of the, the project. I think we probably also want to start talking to how we see uh, the long-term potential of and putting that in the context of the long-term potential of windfall. Um, we'll also do a a reserved declaration at the time of it. Um, and that will include, uh, expected, uh, operating costs during the next, uh, 10 years as well as the, uh, the capital and schedule estimates.

Tanya Jakusconek: Okay. It's the Folsom, and I guess that would also be an update on the timing as well if there's any timing to be.

Mike Fraser: If there's any change.

Tanya Jakusconek: Updated.

Mike Fraser: Yeah. I end up.

Tanya Jakusconek: Yeah.

Mike Fraser: Exactly.

Tanya Jakusconek: Yeah.

Mike Fraser: I think at this stage we feel that that would be a time when we say we've got a project underway. Yeah.

Tanya Jakusconek: Okay. Okay, that is my first technical question. The second one, I just wanted to understand, I know we asked on the conference call, your year-end, how the year shapes up. You did have a maintenance downtime at Tarkwa in Q1. As I think for the rest of the year, are there any mine sites that have downtimes that I should be aware of from a quarterly standpoint? Should I be thinking that everything's been factored in and the rest, you know, the next three quarters are going to be relatively similar to put you at that 2.5 million ounce range for the year?

Okay, so so so it's it's a false and and I guess that would also be an update on the timing as well. If if that if there's any timing to be if there's yeah and yeah, exactly. But I think at this stage, we feel that that would be a a time where we we say, we've got a project underway.

Okay. Okay, so that's my first technical question. The second 1, I just wanted to understand. I know we asked on the uh conference call your year end. How the year shapes up? You did have a maintenance downtime uh tarkwa. Um in q1 as I think for the rest of the year. Um, are there any mine sites that have downtime that I should be aware of from a quarterly standpoint, or should I be thinking that everything's been factored in and the rest? The, you know, the next 3 quarters are going to be relatively similar to put you at that 2 and a half million ounce range for the year.

Mike Fraser: Yeah. Look, I think for us, there's gonna be slight ups and downs, but I don't think there's any material change in the profile. I think we might see, you know, Q1, we did have a few offsets from, you know, from Tarkwa, Gruyere, and Agnew, which we should see a bit of a recovery into Q2. We might see Salares Norte slightly down just because we've probably got a slightly different ore sequencing and a bit of downtime. We also have planned for, obviously winter days, which probably see Q2 and Q3 slightly lower than Q1 and Q4, but they all kind of slightly plan activities.

Speaker #1: lines.

yeah, look I think the um for for us there's going to be slot ups and downs, but I don't think there's any material change in the in the uh,

In the profile. Um I think we might see you know quarter 1, we did have a few offsets from um you know Sal from

Mike Fraser: When you look at it at a portfolio level, I think we probably see Q1 as being kind of at the low end of our average numbers for the quarter if all things go well. I think if we deliver in that kind of 630 to 650 range for each quarter in the full year, we'd probably be quite happy that we've delivered well within our guidance.

Talk where gri and and uh, egg new, which we should see a bit of a recovery into Q2. We might see Solaris slightly down, just because we've probably got a, a slightly different or sequencing and a bit of downtime. We also, um, have planned for, um, obviously winter days which probably see Q2 and Q3 slightly lower than q1 and Q4. But they, they all kind of slightly turned.

Activities. But when you look at it at a portfolio level, I think we probably see, you know, Q1 as being, um, kind of at the low end of our average numbers for the quarter if all things go well. Um, but you know, I think if we deliver, you know, in that, uh,

Kind of 6, uh, 630 to 650 range for each quarter in the full year. We’d probably be quite happy that we delivered well, within our guidance.

Tanya Jakusconek: Okay. Understood. The reason I ask that as well is because I wanted to come to your share buyback, your capital returns, particularly the share buyback. You mentioned that in that Q1 you did minimal share buyback because of the volatility in the market. I'm kind of just wondering how you see, how you look and how you implement the share buyback. Is it based 'cause it looks like-

Mike Fraser: Yeah.

Tanya Jakusconek: The rest of the year is operational, you know, forecast because if you're in that 630 to 650, those mines are performing in line. Your capital, is it, you know, you've got more capital if Windfall starts at the H2 of the year. I'm just trying to understand what are you monitoring? Like the gold price will be the gold price, you know, that we, none of us can control that.

Mike Fraser: Yeah.

Tanya Jakusconek: Do you look at it from a, you know, an operational standpoint from your cash on your, on your balance sheet and obviously your dividend payment you had to make, but how should I be thinking of it? Like, is it a gold price call where we've seen gold price fall, you know, $1,000 an ounce, yet you weren't active? I am just trying to understand how I should think about your share buyback and what I should look for to see that you implement it or not.

Okay, understood. And then the reason I asked that as well is because I wanted to come to your, um, share, share your buyback, your Capital returns, particularly the, the share buyback. And you mentioned that in q1, you did minimal, uh, share buyback because of the volatility in in, in, in, in the markets. So I'm kind of just wondering how you see how you look and how how you implement this share buyback. Is it based? Because it looks like the rest of the year operational you know forecast because if you're in that 6:30 to 6:50, those lines are performing in line, your capital is at, you know, you've got more Capital at windfall starts at the second half of the year. I'm just trying to understand what are you monitoring. Like, the goal price will be the goal price, you know, that we none of us can control that. Yeah. Um, so do you look at it from a, you know, an operational standpoint from your cache on your, on your bank?

Balance sheet and obviously your dividend payment, you have to make. But how should I be thinking of it? Like is it a gold price call where we've seen gold price fall you know a thousand dollars an ounce yet you weren't active I'm just trying to understand how I should think about your share buyback. And what I should look for to see that you implemented or not.

Mike Fraser: Yeah. I'll probably ask Alex Dall to give a little bit of color on this, but I'd say just the one thing, Tanya Jakusconek, is that the reason that we had a fairly low execution in that Q1 up till our reporting is that essentially, we only approved this at the back end of February. We had a very short period, and that was at the time that we saw all this huge volatility. We were actually quite aggressive in how we set the guidelines on the buyback program to our banks. Because we were going into a closed period, it also limited our ability to be active on reflecting on how we execute it.

The color on this, but I'd say it's just the one thing. Tanya, is that the reason that we had—

Fairly low. Um,

Mike Fraser: We did do a very small portion of buybacks at a fairly, kind of, very low average price on our last 2 years. Alex, you wanna talk about how we think about it going forward?

Alex Dall: Yes. No, no. Thanks, Mike and Tanya. I think exactly what Mike has said is we put out a bit of a mandate, then we went into a closed period, so we weren't able to be active. Now that the program has been announced and communicated to the market, we have more ability to be active. The way we look at it is we actually wanna outperform the VWAP over the period. That's how we are gonna look at trying to deliver the buyback. I'm very confident that we will deliver the full 100%. Yeah.

Execution, in that first quarter, uh, up to our reporting is that essentially, we only approved this at the back end of February. So we had a very short period and that was at the time that we saw all this huge volatility. So we were actually quite, uh, aggressive in how we set, the the guidelines on the barber program to, uh, our um, to our banks. And because we were going into a closed period. It also limited our ability to be active on on, on reflecting on how we execute it. But um, we did do a very small portion of the barbacks at a fairly kind of very low average price on the on, on our last 2 years. But Alex, you want to talk about how we think about it? Go. Yes, no, thanks. Mike and Tanya so I think exactly what Mike has said. As we we put out a bit of Amanda, then we went into a closed period so we weren't able to be active. Now that the program has been announced and communicated to the market. We have more

Ability to to be active and the way we look at it is we just we actually want to help perform the vwap over the period and and that's how we how we are going to look at trying to deliver the buyback and I'm very confident that we will deliver the 40000. Yeah, yeah.

Mike Fraser: It's not I think the way that we're looking at this buyback, Tanya, and we've always said that this year is really the first time we've ever done it, but what we wanna do is to put in a program that is actually consistent. If we do it in a very consistent way and we allow those that are executing this on our behalf to be active when there are dips below the average, then we should be able to provide the outcome that we're looking for, which is to outperform the average price.

But it's not a, I think the the way that we're looking at this barbecue and we always said that this year, is really the first time we've ever done it. But what we want to do is to put in a program that is actually consistent. So and if we, if we do it in a very consistent way and we allow um, the those that are executing this on our behalf to to be active, when there are dips below the the average then we should we should be um, able to, to provide the outcome that we're looking for, which is to outperform the, the average price

Tanya Jakusconek: Okay. Okay, it's not nothing that you would be matching cash flow to payments and stuff that I should be thinking about, you know, high CapEx payments.

Mike Fraser: No, not at all.

So, it's not nothing that you would be matching cash flow to payments and stuff that I should be thinking about, you know, High tax payments.

Tanya Jakusconek: Okay.

Mike Fraser: No, Tanya.

Tanya Jakusconek: Understood.

Mike Fraser: From a capital allocation perspective, that cash has been provided for. It's been allocated. That's there for execution. It's not linked to operational cash flows.

Tanya Jakusconek: Okay. Thank you for that.

Okay. No Tanya from my Capital allocation perspective that cash has been provided for us. It's been allocated. So that's that's the execution. It's not linked to operational cash flows.

Okay, thank you for that.

Operator 7: Thank you. Sir, at this stage, there are no further questions in the question queue. Would you like to make any closing comments?

Operator: Thank you. Sir, at this stage, there are no further questions in the question queue. Would you like to make any closing comments?

Thank you.

So, at this stage, there are no further questions in the question queue. Would you like to make any closing comments?

Mike Fraser: Just to firstly, thanks very much for the interest to all those that asked questions. They're all very, very relevant to what we're managing and dealing with. I do think that Q1 for us, although we had a bit of variation, is absolutely we are delivering on our strategy to deliver safe, reliable, cost-effective operations. We have a lot of really good work underway and, you know, I think that this year remains on track to deliver the outcomes that we planned for. For us, that's that means a good year. I think from the two big corporate activities for us is really delivering Windfall into execution timeously and also getting progress on the Tarkwa lease extension. Those would be two material portfolio issues for us.

Mike Fraser: You know, apart from that, I think our team's working really well, very well aligned. For us it was largely a, you know, a boring quarter that we want. Thank you everyone for joining.

Yeah, just uh, firstly, thanks very much for the interest. For all those that ask questions. They all very, very relevant to, to what we managing and dealing with. Um, I do think, um, that the first quarter for us, although we had a bit of variation, um, is absolutely. We are delivering on our strategy to deliver safe, reliable cost-effective operations, we have a lot of really good work underway and, um, you know, I think that this year remains on track to to deliver the outcomes that we found for. And, and for us, that's uh, that that means a good year. I think from the 2, big corporate activities for us is, is really, um, delivering windfall into execution. The time is the and also getting, uh, progress on the top where at least extension those would be 2 material portfolio issues for us. But, you know, apart from that, I think our team is working really well, very well aligned and for us it was largely a, you know, a boring quarter that we want.

So thank you everyone for joining.

Operator 7: Thank you, sir. Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your lines.

Operator: Thank you, sir. Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your lines.

Thank you, sir. Ladies and gentlemen, that then concludes today's conference thank you for joining us. You may now disconnect your lines.

Rachel Smith: Realize your love is more than anything.