Evolution Mining Limited (EVN) Earnings Call Transcript & Summary

Got it. And then just second one, sort of connecting the 2 themes to your earlier comments as well. You highlighted earlier the rising capital intensity in the mining sector. And if we look at Australia as an example, the capital intensity of building a gold project has doubled in the last three years. Evolution, you've obviously had the expanding cash generation in the portfolio ahead of peers. But given the nature of the business and the growing skew to large underground, it's fair to say your capital intensity is probably also higher than what your peer average is. So if we look at the broader strategy, what do you think the right level of growth capital intensity either the asset or the portfolio is? And is it just a matter of if the project is above an investment hurdle, you'll do it if you can afford to? Or do you need to sequence some of these projects as well?

Yes. So this hasn't got my presentation, but in the appendix has got the guidance. If I use that as a base for this year, -- we need to spend -- so our depreciation per ounce equates to about $800 million to $1 billion a year. That's sort of what we've got to be reinvesting back in the business to keep our mine life at 17 years. I've said that if we get back, we're only investing $700 million of total capital in the year. Therefore, we've lost any optionality in the portfolio. So I'm happy that we're spending at the rate we're spending at. In terms of then that growth piece, yes, it is capital intensive. If we go caves at both Ernest Henry and Northparkes, a lot of the capital is upfront, but then you do get the lower operating cost and you get the economies of scale there. I would say from our perspective, you're going to be seeing $300 million to $330 million of sustaining capital over the next -- and we said that with our guidance. That's sort of the rate you're going to see in the next three to five years. Then the mine development and the growth capital is going to depend on when each of these projects sequence. So your mine development has to be ahead of your construction so that when you then finish the construction, the mine is ready to deliver. So hence, we've got that high mine development this year. If the studies are successful and we go to that 11 million or 15 million tonnes, it's going to need to be ready. So therefore, that mine development probably continues for longer than the next few years. And then it just depends on when you sequence to do that construction. That is a way of saying that if we're spending in the $1 billion to $1.3 billion each year over the next 10 years, and we've still got 17 years of reserve life in 10 years' time, I'll be very happy. So should our shareholders based on the rates of return those projects are generating.

David Radclyffe again from Global Mining Research. Just a follow-up question, if I can, on the Coarse Particle Flotation. Newcrest was really excited about the technology. Newmont seems less so. It's not that widely used, so we can't see a lot of examples. And obviously, at Cadia, we can't see the numbers or the uplift for well-known reasons with their issues. So could you talk maybe about how you've sort of -- how you think about those risks, how you've derisked it? Because it tends to be with these recovery improvement programs in the back rear mirror, if you like, it's very hard to actually see that uplift in recoveries with a lot of these projects.

There was a lot of work that was done before we approved this project. So there was a lot of test work, and we had a pilot plant as well that was running on site. So we can prove the technology and be very controllable with the technology. We are still running in parallel right now in the lab almost like every day, like some feed sample and just make sure we understand what will be the impact when the project will be up and running. So we have those up and running. So we are quite confident. We have started a big group of a consortium, I will say, or a group with the University of Queensland. And Newmont and a lot of other peers are with us in that one, so we can share and learn about the technology and make sure we are going in a good direction. In this slide, we have the Coarse Particle Flotation, but we have other improvements as well that are identified metallurgical improvement that are part of our pathway, and that will help us to make sure we have minimum this recovery.

Yes, David, as all metallurgists promised the recoveries and you'd be at 120%, but we don't get there. But what Nancy and the team did and the site team, so you will see on site at the lab, how we've got our own sort of works that we've done there to sort of test it. We did do a lot of work with the team at Cadia in understanding their project and what worked and what didn't and the like in choosing what we've done here. And so that's giving us the confidence on that side. The proof will be in early FY '28 when we start running it, turning it on -- end of FY '28, sorry. All right. We are going to break now for a short while so that Glen can get set up. We'll have some afternoon tea and other coffee for anyone who wants, and we'll come back what time Rocky is it can pass through. [Break]

Well, good afternoon, everyone. A couple of things to begin with. I'm going to run through a couple of slides just to really talk about how we think about Discovery at Evolution and how it supports Evolution's growth goals. I think when I came in this morning really early just to set up and make sure the models were going to run okay, I realized that my aging eyes were really struggling. So I had to duck out to the pharmacy for the $5 set of pharmacy glasses to read this first time ever. But anyway, first time I'm running actual models in an Investor Day presentation as opposed to movies of them. So we'll see how that goes as well. So bear with me. Look, yes, I'm pretty keen to get through these just to get into the models because that's the way we like to see these opportunities that we're drilling, and it's really the way in which I can share why we're excited about them. Disclaimer, get through that. So my theme today is pretty simple. It's creating value through discovery success. And over the years that I've been at Evolution, which is over 10 now and dating back before then as well, we put together a portfolio in what I consider some of the best geological addresses you can find. And that builds on the point that Lawrie made earlier, and that is acquisitions create the opportunity, but the value add comes from what you do with the asset once you own it. And for Evolution, it starts with discovery. What excites me is that we're drilling around our operations at Cowal, Northparkes and Ernest Henry, where our discoveries have the potential to make a direct contribution to future production. And in the near term, we're supporting the growth opportunities that Nancy and Scott talked about earlier. So for example, at Cowal, we're looking for ways to improve both the scale and grade. Now that could be by growing the open pit resources or through what we think may become a new underground mining front at the operation. At Northparkes, we're focused on finding accessible ore sources that could support the expansion and provide greater operating flexibility. At Ernest Henry, we're combining deep drilling success, the proposed Carnaby acquisition, and the regional exploration program that give us really a genuine opportunity to grow production and extend the mine life. And then Mungari and Red Lake are equally important, improving life of mine grade at Mungari, as Lawrie spoke to earlier, and as well at Red Lake targeting high-value future ore sources. But we're not only thinking about the next few years. We're also asking what could Evolution look like in 5 to 7 years from now. And that's where our greenfields portfolio comes in. So our investment in Arizona Gold & Silver, the recent one gives us exposure to the Philadelphia high-grade zone project in Arizona. And in British Columbia, we have Two Times Fred and an option over the Clisbako project. So these are 2 drill-ready opportunities with the potential to discover high-grade resources. They are earlier stage opportunities, but they're in the right rocks and in the right locations, and we believe they can be big enough to move the dial for Evolution. Underlying all of this is a significant increase in drilling and exploration investment this year. That's a deliberate choice, as we see genuine high-value opportunities across the portfolio, and we're investing to unlock it. This slide shows where we're putting the rigs and what we're doing with the money. So we have 11 rigs currently turning across 3 of our key operations, 4 at Cowal, 4 at Northparkes, and we have 3 at Ernest Henry. That level of drilling activity reflects both the quality of the opportunities that we have in front of us and confidence that we have in delivery. So at Cowal, we're running 1 RC rig and 1 diamond rig at E41, alongside 2 underground diamond rigs. Together, they're testing near-surface growth, extensions to E41, the potential connection from E41 back to E42, and the emerging underground opportunity along the Oban corridor. At Northparkes, we have 2 diamond rigs drilling at E44 that Nancy spoke about earlier. One rig testing depth and strike extensions around the E31 open pits and the E51 as well and 1 underground rig delineating mineralization at E26 South. And at Ernest Henry, we have 2 directional diamond rigs drilling very deep holes to test the down-plunge extension of the ore body below the current mineral resource. And we have a third rig at Ernest Henry, which is drilling the regional targets. So this is a great point for me to actually pause on the presentation and actually jump into some of the models. So let's do that next. All right. So we are going to start at Cowal. But before we dive into the drilling, it's worth just stepping back and remembering what we're trying to achieve. So we're targeting 2 opportunities. The first is growing the open pit inventory by extending mineralization around E41 and potentially linking it back to the main open pit at E42. The second is what we think could become a new underground mining front. It's higher risk, but it's also where some of the bigger upside is. And the reason it matters is because every additional quality tonne we can bring into the mine plan has the potential to improve the feed grade and create additional operational flexibility. So in the open pits, that can mean displacing lower-grade stockpile material and kicking it down the road as far into the future as we possibly can. And in the underground, we're talking about ore that is roughly twice the grade of the open pit feed. So here on this leapfrog image, and sorry, I've got to put the glasses on now, we have -- we're going to start with Cowal. It's not far from Northparkes, over here in the center of the image. And what you can see is we have large land positions around each of the mines. And the other thing to point out here is that these green shapes represent the rocks that are really important in New South Wales. They're the most important for hosting the best gold and copper-gold deposits. And Evolution controls 2 of these belts, 1 here, 1 here of the 3 main ones that exist in New South Wales, Cadia being out here to the east. So let's go and look at the site itself. And this is really just to bring some orientation to what it is we're actually looking at. So here's the E42 pit that I'm circling there. As Lawrie mentioned, we commenced production here at E46. Here is the sort of OPC North area with the Northern Lake Protection Bund, as Scott mentioned, that's due for completion shortly. And what I'm going to do next is just switch on where the planned pits are going, and we'll flip down the -- we'll just make that topo a bit more transparent. So these are the design pits for E46. So this is what they'll look like at the moment when they finish up, so E46, Regal and Galway here. This is the Stage I, cutback at E42, and the 2 E41 pits are located down at the bottom. So what we're going to do now is then just look at what we have underneath. So I'm going to flip that topo off, get you off. We're going to go in here and looking from east to west now, and we'll just turn up some of the mineral resource. That's the regularized one. So here, we have the resource that sits outside of the pit and also define some of the underground. So the dark brown is the indicated. The beige is our inferred resource. So we'll get that down again and then look just coming on the underground, which is quite separate as we spin that around and look at how it's quite separate from the pit at E42. And then obviously, the top of the underground, as we can see, is the Regal and Galway pits in through there. So the blue shapes that we have here are the reserve stopes. And if we come in a bit more, we can look at some of these gray shapes in here. These are the mined-out stopes that have already been extracted at the mine. And so the other thing that we can do now is turn on some of the planned development in the underground. So this should show you our current life of mine development for the underground at Cowal. So now we know where we are. Let's have a look at some of the drilling results. So here is the slide that was in the ASX announcement this morning for the exploration results. So on this slide, we are looking at E41. So here is one of the E41 pits. It's a slice through there. Here is E42. The Oban drilling results are sitting over here on the right-hand side. I'm going to firstly really talk about what we're trying to do at E41. And I think importantly, what we're starting to see in some of these new results are some really impressive grades. And we're also drilling in an orientation that we now believe has the ability to get -- to actually expand the resource, not only at depth, but to bring it back towards the E42 open pit and take it through the sort of ridge area through here. Now one of the reasons we believe that is if we look at the historic drilling directions, I'll turn that off, I will turn you off and you off, and so if we just rotate the whole mine around. What we can see is that the historic drilling direction was predominantly east-west. So you can see these drill fences here. These are east-west lines. You can see the same orientation through the pit. And we started that same drilling orientation when we were drilling the underground at Cowal off to the east side of E42. Now one of the lessons we learned at -- in the underground is that many of the veins, the predominant vein set, are roughly parallel to these east-west fences. They're in the same direction. So we are either getting them randomly or we were stepping over them and missing them when ideally we want drilling to cut across them so that we can link them up from hole to hole, and that's how we estimate our resources. So we've applied our learnings from the underground where we're able to do that, and we're starting to get the results at E41. And as we can see in the saddle here, as we sort of go across, that dominant drill direction is still east-west. And so we don't believe the program has really effectively tested that opportunity. So the idea is to understand whether that gap is real or to prove it's wrong and understand if we're dealing with a much larger mineral system. So what we'll do is we'll have a bit of a look at the RC program, so we can see this is what we're doing this year. I'll just flip off all of the historic stuff so that it doesn't confuse us. So that's the RC drilling program that's going to close up, a lot of that inside of that Southern Lake Protection Bund. And we've got a bunch of diamond drilling going in here through the course of FY '27 as well. And so a lot of that diamond drilling is actually looking at the links between the 2 separate pits at E41 and exploring that area between 41 and 42. So that is how we're viewing E41 as the opportunity to grow that mineral resource. So next we -- not that one, we are going to go to Oban, and we'll go to that one. Okay. So here is the other schematic in the ASX announcement this morning. So this is a depth slice of the underground. So it's about the 700-meter RL, or if you like, we will turn on the planned pit. So this is the planned pit for E42 Stage I. So it's basically the bottom of the pit. That's the level at which we've cut this horizontal section. And we can see those drill results, some of the historic ones and the one we announced this morning, which was quite attractive. And what I'm going to do now is really talk about what we're seeing and why we really like this opportunity. So I'll turn off this plan, get that off. What I'm going to also do is just sharpen up this pink shape here. And I'm going to get rid of some of those built and some of the planned developments and the drilling. So all we're showing here at the moment is just a few things. So obviously, here is the bottom of Stage I in E42. We have this sort of gray-black surface through here. That's the Glenfiddich fault. And all of these red dots are everything that's above 1 gram in an assay result in our drilling. And if you can -- so that I can pan in a bit, you can see some purples in there, that's everything above 5 grams. What is immediately apparent is that the gold likes contact, and it particularly likes this contact where it's hosted in volcanics, so that's everything out here in contact against this pink solid, which is what I call a diorite. It doesn't matter what a diorite is. It's -- that's the name of the rock. It just happens to like that contact. It doesn't happen to really be inside the diorite, and we can rotate that around and show everything like that. The fault basically cuts mineralization, so it terminates against the fault. But what we found is as we've been drilling at Oban, and the reason why we did that drilling was it was linked to grade control. And we were doing grade control in the southern area of the underground, and we decided to push a handful of holes through that Glenfiddich fault, where we knew the underground would terminate, but just to see what was on the other side. We've always known we've had this diorite because we've mined it deep into the E42 pit. So we knew it was there. We didn't always know where that eastern contact was. So we put a couple of drill holes all the way through till we got that contact. And these are these yellow disks here, which are -- which is the mineralized intervals that we've seen at Oban. And so we have an identical contact that's been repeated over here. So this is that contact of that diorite. And what I'm going to put on now is just show the level of drilling. So here is all the drilling in the underground. And what we can see is we've got a lot of drilling just in here, which is really what we've done for Oban. But when you look along the length here and on the length there, there's not a lot to go by. And we know we have another diorite body up in here with not much drilling information on the contact. So if we play a little bit of what is here. So this is a ruler. And I can work out how long that is. It's about 1.5 kilometers. That's pretty good. That's the scale of the existing underground. So if I take the southern end of this contact and take it up to the northern end of that contact, I get 1.5 kilometers again. So we're repeating the scale. And then we have a little bit more up here. And if I can get that to work, we've got about 500 meters. So there's a couple of kilometers of scale on a contact in the diorite against volcanics, which we believe is -- let me get rid of that first, which we believe is as equally prospective as the existing underground. So what are we going to do about that? We are going to put in a bucket load of drilling this year. So here's the drill program. A lot of it is going to be from the underground, and that's just Phase 1. And you can see when you look at what we've done, and this is just, again, a depth slice in that underground. When you look at what we've done, it's a lot. So there's a lot more work to do here. This is the phase of drilling we believe we need to do first to understand do we have an ore body that's going to start to develop along the eastern edge of this contact in the diorite. So that really is the story at Oban. So next cab off the rank. We're going to take a bit of a look at Northparkes. So I'll let that come up and correct itself. Here we go. Bring you over. So there we were just looking at Cowal right there. So we're now up here at Northparkes. And I think one of the things at Northparkes that's actually quite interesting is that it's a really clear example of how the drilling bit plays a role at the front end of the growth options that Nancy was talking about earlier. So if we expand the plant, we'll need additional ore sources, as Nancy mentioned. These need to be easily accessible and in locations that can be accelerated to production to support that growth when it's needed. And so what's really encouraging at Northparkes is we're seeing these opportunities really close to existing ore bodies and in established mining areas. So where we can leverage existing infrastructure. So let's dive into what we're seeing there. So this is the 3D image, when it arrives, for Northparkes, and it's essentially what Scott was showing earlier in the 2D, but let's just have a bit of a look at what we're actually dealing with here. So you can see the topography underneath, E26 here, E48 there, and this is E22 over here. The E22 plan development. So here's the box cut. That should be in the right location. I think Scott, right there, and the dual declines that he described, and we also show the link -- the linkage drive back to E48. What we're also showing in the blue are our reserves. So that's great. We've got E22 in reserves. Here is E26 Lift 1 North. And if I rotate around the side, we can start to see some of the ore bodies that Nancy was describing in that sequence for -- in the current sequence that we're looking for the underground. So let's start with what we have. So here's Lift 1 North in the blue there. This was Lift 1 in the gray, so that's mined out. This was Lift 2 in the gray. That's the Lift 2 extraction level. This is MJH there. That's the MJH ore body. It sits under Lift 1 North. This is Lift 3 that Nancy also described. GRP is this big one over here, so that's GRP in there. What I might do, because it's confusing matters, is to switch the topography off for now. In the background, we just move over here. This is E48. Let's just go in and have a quick look at the sublevel cave. So you can see the sublevels there. That's the portion of E48 in the SLC, and this is Lift 2. So this is the sequence that Nancy was describing earlier. And then, if we look at the open pit story that we have, this is E28 Northeast. So it's the next pit that is in the sequence for development. These are the mined-out areas, E31 South and E31 North, and the newly declared resources at E51 and Major Tom. So it gives you a bit of an impression of what we're dealing with at Northparkes. So let's go to some drilling results, and we'll start really with E26 or E26 South. So what has our attention here. So let's just zoom in through here. So what we think we have is a new porphyry system emerging here adjacent to an existing one. So that is the really attractive opportunity. So what -- if we look at -- here are the results that you can see in the callout boxes, they are shown as the yellow discs again. So the yellow discs are everything above 0.3% copper. And what you can see just by those grades there, and those grades there, it's a copper-dominant system. So there's a couple of things for me, which really stand out. The first is the consistency of those mineralized intervals. So you're getting a couple of hundred meters in each of these deeper drill holes. These have been drilled from the Lift 2 extraction level at E26, and what we also like about these intervals is that we have some internal runs at much higher grade. So that's what we're really starting to like. So let's turn off this 2D image for now and have a bit more of a look at where we think this is going to go. So here we go, here's that drilling again. So what we've been doing is sort of drilling out to the south of E26. We've been following it up plunge using some of the existing development to drill off out here. And the next phase of work is going to look like this. And in fact, I've been reliably informed, we're pretty much almost concluded this drilling program underground at E26. So we will have results in the hopper pretty soon, and that's going to sort of guide and drive what we do next. Now this is also where some of the geology becomes important. So you need to bear with me. We've always got to talk about a little bit of geology in one of these. So I'm going to turn off that surface topo, and I'm going to put on a solid stock below Altona, it's called. And let's sharpen that up a bit. And that's what we want to see. There we go. All right. So this is an intrusive body. And why it's important is that we see these shoulders that sort of run off into sort of cliffs or really steeply dipping zones. So here's the shoulder here, runs off into this really steep dipping zone. Guess what, the porphyries at Northparkes love these positions around this intrusion. They love these steep shoulders that roll off the intrusion. We have E26 here. We rotate, we can see that ridge or shoulder position there at E48. If I bring it around, you'll be able to see that again. So it is -- here we go, it's right there. So there's that shoulder position again. It's a fundamental control on the localization and emplacement of these porphyry systems. E22, it's a little more subtle, but there's a ridge coming in through here, and we can sort of lift it up. You can run your eye through there, and you can imagine it being there. It's a really important control. And in terms of where do you go next? Well, you're looking for these positions around this big intrusive stock. Now, the other piece about the geology here that's actually quite interesting is when we transition out of the stock into the overlying and surrounding volcanics. So here's the contact of the stock there. When we transition into the overlying volcanics, we typically see the best grades at Northparkes in all of the porphyry systems. So E48 is the same. Where it is out of stock -- sorry, I'm just bringing in here to convince you. We have some of the higher grades that we're mining in the SLC at E48. It is hosted above that contact in the volcanics. And all of the E22, you can see is above. So they are where we're getting the best grades. So what I like about this new E26 South target, and bear with me, is the current drilling is in here, and we're chasing it up plunge to see where it continues because we don't know where it projects to surface. But if I put the surface back on, that is -- that's not going to show up quite like that, here we go. So that's the surface there. Here's the contact there. There's a lot of space to move in here, where we can drill for higher grade. And that's going to be the objective of the surface program, assuming these results come back in -- confirming the orientation and the grade continuity in this new system. So that is E26. And what we also like about it is its proximity to the existing infrastructure. It's right there. So this is the challenge I'm going to put in front of Nancy, as she considers her mining sequence is these types of opportunities, where do they belong in the sequence as we start to drill them off. So that is the story around E26 South, and we are going to now go to some of the open pit drilling. And as Nancy mentioned, this is also a really important stuff for us to understand in terms of what is the sequence and can we find more of these open pits. So here we have -- here's this funny-looking stock again. It's a -- this is a bit of a different relationship to what we saw below. There's a couple of things to point out. Major Tom here, E51 here, the E31s up in here, and here, all around the edge of the stock. So it's not just coincidence. This is a common position where these ore bodies tend to localize. And what we've done in the last 12 months is a first phase of work that's understanding what are we getting as we drill around the stock, are there other opportunities? Pleasingly, there are. And these -- we're seeing these in the results. So these yellow discs, again, above 0.3. So we're seeing an ore body in through here. We're seeing an ore body in through here. Our best results occur in between E31 North and South. And so this is really the opportunity. The gray surface underneath is quite interesting because it's the Altona fault. So it's a big fault discontinuity. So everything here that's developed here came from somewhere down here. It slid all the way up here. So they are not -- these porphyry systems are not spatially related to these. They are in time, but in space, they're not. So this fault has also been -- so it's actually pulled mineralization from depth and pulled it up. So it's actually been helping us. Geology tends not to, but in this case, it has. So it's brought deep stuff up to surface. And what it also did, it was a little bit annoying because it came up over the top of part of E26, but completely hides GRP and completely hides E48. So that took a lot of deeper drilling to understand where they were located and took us a little bit longer. So this is the other consideration at Northparkes, we have to see through this fault as we're doing more drill targeting. But that is essentially what we're going to be doing. And I do have a drill program just to show you all that we are going to be doing more work here. So we've actually just completed a fair bit of drilling around E31 South and North. And as you can see, we're following up on a number of these anomalies. And my comment to the team when we were talking about this about a week ago, so I think we're under-testing this. So I expect to see a fair bit more drilling, particularly given some of the results that we've been getting at Northparkes. So that's really what we're trying to do. So testing for additional open pit targets, and we're taking a geological model and really using it to deliver future success. So that is that story. So I'll wrap Northparkes up there, and then, we'll transition over to Ernest Henry. So we're going to finish the slide show here. And in many ways, this is probably the easiest discovery story in the portfolio to explain because we've been successful here for a long period of time. And I'll show you sort of how that's evolved over time. But each time we drill deeper at Ernest Henry, we keep demonstrating the remarkable continuity of this ore body. And what we're trying to understand now is just how far that continuity extends. All right. So here we are near Cloncurry, which is located here, Mount Isa to the west over here. The mine leases at Ernest Henry have this sort of little white inset there with the yellow circle. This is the land position that we've assembled around the mine. Here are the tenements that will come across with the Carnaby acquisition. And so really, what we're dealing with here is an opportunity really on 3 fronts. I think we have multiple avenues for growth, which is the ore body extension at depth. We've got the land position and the Royal Duchess at Carnaby, and then, we've also got that exploration ground around the mine. All right. So let's go into and have a bit of a deeper look at Ernest Henry. So here's the pit here. That was -- that has been mined out. This is the resource as it would have been in the day. It's obviously been extracted. The shaft is here, and the processing facility is over there with the coarse ore stockpile right there. So that's essentially the basic infrastructure on surface. So let's just rotate this up and have a look at the ore body underneath. So we'll do that. I'll switch the topo off, get you out of the way. All right. So one of the stories really at Ernest Henry is a remarkable resource growth that we've been able to deliver since we took the keys to the 100% ownership in 2022 -- early 2022. So this was at the end of '21, the resource model. And now, if I switch on all of the drilling traces, now this is everything that's been done at Ernest Henry, and that now informs the latest resource update. But if I switch that on, you can see the growth, all right? So in fact, back in the day, I'll turn that drilling off because it gets in the way, this is all it was. In fact, it wasn't even in resource. It was just a couple of drill hits off to the side of the open pit. And we said -- we asked the question, what's that? We should get some more drilling into it, and we're able to extend it at depth, and there's a really lovely development story happening there. This was the only junior area. So we've done -- we've expanded the resource into these areas, and we know that the ore body is open at depth. So if we now take a look at the reserves, we'll just quieten down the resource, we'll get that one off. So that's the resource underneath. The blue shapes are the reserve. So that's taking sort of -- that's the bottom of the current reserve, which Nancy was illustrating earlier. We do have some reserves sort of up in the mine in those eastern areas. And we can just -- well, Scott has already done it, but we'll just do it again for some giggles here. So here's the -- this will be the Bert development and here are the stopes that will be mined at Bert. So that's essentially what we have at Ernest Henry. So the next slide really takes us to the result that was announced this morning. So here's the schematic that was in the slide deck. Here's the result that Lawrie has already mentioned in his presentation, but we really love the copper interval here and the gold. And the fact that really, we're sort of over 500 meters off the nearest drill hole up plunge. So it's really illustrating some remarkable continuity. And I think if we just -- if I turn that image off, if we just come back in on it and rotate it around, you can see that's -- let me just do that. You can see the ore body is a little bit twisted, comes down here and then sort of rotates back the other way. But its down-plunge projection is right on target. So it's really, really predictable. We can see if we rotate -- look from -- that's going to be from west to east, we look there, yes, it's right where it should be. So the question is not so much is it there. The question is how far does it really go at this type of thickness and grade and continuity. And that's the really exciting piece around what we're doing next. And if I just switch that on, these are the pierce points for the deep directional drilling program that we have currently running at the mine at the moment. Now you can see this is a -- this hole went something like 2.5 kilometers deep. It's a really deep hole. Now one of the reasons why we're drilling with a surface rig is we wanted to decouple the drill program from the underground mining because that was -- we couldn't get it into the schedule when we needed to, to drill from underground. And we really just don't have the development down to a depth at the moment where we can launch from underground and drill shorter holes. So we're doing -- we've got a directional drilling program from surface. This rig will stay in this position for a very long time as it drills part of this pattern. We actually have another rig side by side. So they sit, they're collaring on the west side of the waste rock dump here. We've got another rig. It's just drilled its first hole. And these rigs will sit here until we basically pick off this drilling pattern at depth to understand really the geometry, which is the important thing that we need to understand. We're confident we're going to get the grade. So I really look forward to sharing those results as they come to bear through FY '27, but a really exciting opportunity to really keep pulling this ore body down at depth. And really, that's where I was going to leave it. But so as I look across the portfolio, Cowal, Northparkes and Ernest Henry. I see 3 pretty different discovery stories. So at Cowal, we're growing and connecting mineralized systems while testing the potential for another underground. At Northparkes, we're looking at identifying the next generation of ore sources that could support the expansion. And at Ernest Henry, we're continuing to extend one of Australia's really incredible copper-gold mineral deposits. So there are different opportunities. The common objective is to convert that exploration success into resource and over to reserves and provide those options for future growth. So I will leave it there, and I can open it up to questions and get rid of these pharmacy glasses, which would be great.

So if you have questions on any of these models, I can pull them back up quite easily.

Jon Scholtz from Argonaut. Just a question on -- like especially the greenfields, if you're looking at gold versus copper, where do you align with what you chase more in that sense?

It's a good question. So the way we do that, we -- when we look at the greenfields portfolio and screen for those opportunities, there's a higher abundance of gold targets that are available for us to explore. When you go and look in the copper space, those -- it's a much smaller pool of exploration opportunities that we're screening for. And if I had to pick a ratio, it's not unlike what our sort of gold to copper production ratio is. It's that sort of 25% of the targets we would look at from a greenfields perspective in copper. The other challenge in the greenfield space around copper is that there's a lot of competition for a really small pool of projects. So we feel we have more opportunities in the gold space. It doesn't mean that we're putting a line through copper. We're still looking really hard at it. But it generally means that we turn up more sort of gold exploration opportunities to bring into the portfolio.

And just at Cowal, that Southern bund that goes in, does that end off the exploration there, you won't go any further out to try and look something? Does it...

Yes. So right now, so I can prove I got the bund there. I don't have the bund there. So we'll just take a quick look at this underground because it's an important question. So the bund position, I'll come back to that. But this sort of shows what we're trying to do in the underground. So we are exploring out to the east, but there's a real sort of methodology and strategy to that. So what we see, and if you can get your eye in, we have a series of splay structures. So most of the ore body lines up along the diorite contact here. We have a couple of these splays. This is the main fault where we have a lot of high grade sort of coming off to the east. This is another one here. You start to see another one here. We do have drilling targeting the eastern extensions of those splays because they are high grade. We do want to know how far east they go. Now back to your question on the lake bund. So if we go to -- let's go to this one. Actually, no -- we'll go to the E41, so I'll turn off that slice. There's the bund there, and I will get rid of that long section. All right. So -- and let's turn on some of the drilling. I'm going to do that in that. So if we spin that around -- sorry, I'll just declutter that a bit for you, get rid of field traces and the assays. What we can see here is most of our drilling at -- in the E41 area occurs inside this Southern Lake Protection Bund or the OPC South, if you like. So this is -- so these blue dots are all the RC drilling that we're going to be doing around up to the sort of edge of that lake protection bund, and we have some deeper diamond holes going in under those pits. These diamond holes are well and truly on land. So the edge of the lake is over here. And we are drilling over here because we know, and you can see just by the shape of the pit, it's quite linear through here. There's a high-grade structure known as the Clara fault. It comes through all the way through here. So we are drilling that outside of the bund, but on land. So that would be way out into the future. We're just trying to understand does that high grade continue beyond where we have it currently delineated.

Glen, Matt Frydman from MST again. I apologize because I'm going to ask you about one of the assets that you didn't just talk about. But Red Lake FY '27 exploration budget, $25 million to $40 million. That's, I think, the broadest range across the assets, but it's also at the upper end, potentially the most across any of the assets. And obviously, that's for an asset that Lawrie was kind of indicating might not even really have room to grow in the portfolio for maybe 5 or 7 years. So can you talk through, I guess, here, what's driving that range? What's the sort of opportunities that you're seeking? And is that sort of budget reflective of that's just the cost of reserve replacement at Red Lake? Or is there other specific things that you're sort of targeting there?

Yes, there's a number of things there, Matt, inside of that. We do have a large range because a lot of -- we have some contingent funding that's in there that would -- that is contingent on positive results being delivered by the existing program. We believe we will get those and we'll be able to award some of that to continue those drilling programs, but that's all success-based. So there's a portion of that up to $40 million, if you like, that's allocated there. The other thing, if you look at the reserve to resource, basically conversion factor, it's at about 25% at the moment. And so that means there's a long resource tail. And part of the mission at Red Lake is to start improving that conversion factor, so to get it up to closer to at least 40% -- I think between 40% and 50% is about as good as you'll expect at a mine like Red Lake. It's very similar at Mungari, the similar types of systems. So the idea is to -- there's a fair bit of resource definition drilling that's going to be done that consumes that budget, but that comes back to delivering that -- those future high-value ore sources. So it's not going to take us long to work through the underground reserves. We need to keep a lot of it in front of us. So that is really what we're doing. We do have some other exciting extension targets that we're drilling, and I hope to be able to talk about that in the next 12 months, but we've got to do the work first.

The extension targets you're talking about, is that the sort of contingent funding component that you were just referring to? Or yes, can you maybe just give us a bit of color on what the upside case could look like if some of those contingent programs come through positively?

Yes. So look, I think we're looking at areas such as aviation. So right now, that constitutes one of the largest resource areas. It's where we have a considerable amount of our reserve and production in FY '27 coming from aviation. So we've been looking or working pretty hard on extensions. And I expect to be able to award more of that contingent program into some of those extensions around aviation as we work through the year. So we will definitely be consuming some of it.

Just turning to Ernest Henry. You say that there is an additional 10,000 tonnes per annum copper from regional exploration. Can you tell us where you'll be focusing to make up that 10,000 tonnes?

Yes, I can. I go back to Ernest Henry. Stay with me. I'll not only tell you where we're doing, I'll show you. So this is probably the best image to use. We don't have all of our targets displayed. But what we're -- essentially, this ground came together, most of it anyway. We've sort of -- there's been 3 acquisitions over the last several years. But a big chunk of it came from when we bought about just a little over 1,000 square kilometers from Rio Tinto. So Rio had done -- been up in the district for many years, have done a lot of work. They had screened it for Rio-scale copper gold systems in the IOCG space. Now we would love to find a Rio-scale IOCG copper-gold deposit, but we're probably not going to given that Rio are pretty good at what they do. So what Rio did, they found a number of mineral occurrences. They screened them at drill spacing that would essentially filter out anything that was going to be of a scale of interest or that would move the dial. But because we are looking at targets, and you can see the radius here, so that's pretty much everything is within 50 kilometers haulage distance at Ernest Henry, we're looking for much smaller style resources. So there are mineral occurrences where we feel that we can deliver small open pits. And I'm envisaging in the range of 3 million to 5 million tonnes. I'd love them to be bigger, but let's just be modest for now. And if we -- and we do have targets that we're currently drilling. So for example, 10 kilometers north of the mine, just in here is our SC4 target. We have a diamond rig on there right now. And we're just drilling in this area here. So we'll be able to share a bit more color on some of the outcomes of this exploration in the regional sense at the -- towards the end of the summer. So we'll drill right up to the summer -- start of the summer period, which is the wet season in Cloncurry and in that part of the world. And then we'll essentially pull together all of the results to determine where to next. And so I expect to be able to have an update later in the year around sort of what we're getting.

Daniel Morgan again, Barrenjoey. Glen, I'd just like to understand Northparkes a little bit more. If you could expand on what is a resource, what is a reserve, what needs to happen to bring a resource into reserve? Is that drill density? Is that you need a concept study, you need a feasibility study? And then as we're looking at some of these resources, what is the historical conversion of resource into reserve? And when I look at these resource blocks of different locations, what would you think about with regard to grade when you go from a resource to reserve? Because I imagine you're taking the center of a bigger pit.

So I'll start answering the question, and I might call a friend if Nancy has got more to add. So look, if we go back to this image here, and I'll just get rid of the topography. It's just a bit -- I'll get you back down there -- confuses matters a bit. So everything, Dan, that we're showing here, I'll just explain that again. So just to give you some perspective here. Everything in blue is reserve. So that's the Lift 1 North. Here, you can sort of see E48, SLC22 in reserve and then the reserve for E28 Northeast. That is essentially the reserve base at Northparkes at the moment. Everything in brown, so these footprints are resources. So we have sufficient drilling in them to at least classify inferred, but most of them are better. We have a reasonably high proportion of indicated resource at Northparkes. And so really, some of these ore bodies require a bit more drilling. That's mainly because particularly as we're investigating block caves, it's really important to know where the edges of your cave footprint are going to be and not all of the edges have been that well defined in the drilling. So that's essentially what the drilling program is doing. In terms of grade continuity within those footprints, it's really good. These are porphyry systems. So the grade continuity is geologically in the record, they are typically the best for continuity. So when you talk about reserve conversion, you basically get most of the resource converting within the footprint. Now the dilution is the thing that really affects the grade. It's just how much waste are you going to take around your ore body and incorporate it into your block cave, and that's the thing that's going to drive the grade. But if you could mine perfectly to the edges of these footprints, the grade wouldn't change by much. Nancy?

Yes. I can just add that most of them are quite well drilled, and we understand quite well the, I would say, mineralogy or grades and content of them, but we have to do the study. So that's why we have those big program in study, so we can have the study numbers and there's some geotech information that needs to come in those studies as well.

Brenton Saunders from Pendal. Glen, sorry, just back on Ernest Henry, Greater Duchess, where and what is that?

So the Greater Duchess is down in here.

And what stage of development or exploration? I mean, I see you've got it in a profile, you've got a copper and gold number next to it. Is that a satellite ore body?

Yes. These are the satellite ore bodies that we would be looking to truck to the Ernest Henry plant. Currently, at the moment, we've looked at the open pit resources, which do have studies that Carnaby has completed on them. And once we take the keys, we will be progressing those studies in terms of the open pits. Other opportunities there looking at sort of underground beyond the open pits and other exploration opportunities would need to be drilled. So there's a fair bit more work to come in terms of how we would expand that resource. But we've essentially acquired on the basis of the existing open pits.

[ David Wilson ] for [ First Sentier ]. Just back to Northparkes. So there's already quite a large resource at E26 South. I don't know how many tonnes, but the grade was at 0.5%. So you're drilling off to the side of that. Are you just chasing more grade? Or is there more size that you need to convert that area into reserves?

So I think there are 2 opportunities there. One is we -- the thing that stands out to me the most, and I'll just -- let's put the new assays put the new assays on. So that's the drilling so far. If we really come into it, the thing that excites me the most is the proximity to E26 and the existing infrastructure. Now we don't have a resource on this. This is a long way off that. We've got a lot more drilling to do. I'd say it's another 12 months away from being a resource in terms of what we understand. So what we're going to be doing is we're starting to track it up plunge, so up towards surface. And there's a lot of space up in here. When I switch -- when we look at the existing drilling, there's a lot of space to keep one of these. So I think the opportunity is we've got grade, copper dominant down here. Where it fits in terms of the sequence, et cetera, we don't know that yet. But the real opportunity here in addition to being adjacent to existing infrastructure because that's really important. We've got the extraction level here already established. There's crushers, there's access to the material handling system, all of that. So that's one really important aspect. I also spoke about as we move out of the -- do I have it here? Yes. Out of this, you recall, I was talking about the stock -- so as most of the drilling at the moment, you can see sort of is in the stock over the contact here. So what we're seeing is 200-meter runs of 0.35 with shorter intervals within that of 0.5. So that's -- it's got to be 0.5 to make a difference. The way we're going to look at that is to bring it up out of the stock because as I said, we know that when you transition out into the volcanics, that's where you get -- typically get the best grade. So we're following it up, and then there'll be a surface program in here to determine whether or not we have something meaningful.

David Radclyffe again from GMR. If we could go back to Ernest Henry -- so that deep hole is obviously really, really interesting. So could you maybe talk about how it is in the context of what you had expected as you were drilling down? So is it typical what you've seen in the deposit as you move down plunge? So you said it was in the right position, but is the tenor of the grade about what you expected? And then what actually happens if you are successful with that program of the holes you put up? Does this promote potentially rethink of what you were working on in terms of the infrastructure? Or is this why this program is happening because you identified it as a potential upside risk?

All very good questions. And some of them we don't really have the answers to at the moment because we still -- we just don't have the level of information. But in terms of where we're taking it. So to come back to the first part of your question, is it what we expected to get? Look, I was a little bit nervous that this thing may have disaggregated into a series of lenses, but in fact, it's just held together. So it's the main ore body that we've intersected in this hole. And I'll get that off, take that around. It is exactly where it should be, right? In terms of -- you can just see how it lines up beautifully. That's dipping down that way. It goes right through. So we know -- and that's about the thickness of the main ore body, plus or minus 10, 15 meters, it's pretty close. So in terms of where to next, so if we just take a look at the west, so Nancy was talking about the study that she's doing below the 750 RL, which is the bottom of the reserve here. So that was down a couple of hundred meters through there. What I'm giving to Nancy is, well, we have a look at another 200 meters down because we're essentially -- so that's at the 750. We're down at the, call it, the 220 here. It's another 500 meters of potential mineralization that can be factored into the study that we're doing. Obviously, we need to drill it, but that's the direction which we're taking.

Yes. So Dave, what Glen's objective this year is to finish that drill program to see if there's enough mineralization below that study area that Nancy has got to hand that over to Nancy to say, well, okay, how deep does this go? What does it do to the infrastructure? What do we do with the mine longer term? And that's what we're targeting by the end of this year. Glen, as much as everyone wants to keep going through all your -- you have to move on to finance, tell us what she's doing with all this money that everyone else is making for it.

Well, today marks my first year anniversary with Evolution. And over the past year, I have been continually impressed by the commitment of our people, the quality of our assets and the opportunities within our portfolio. It is a privilege to be part of Evolution, and I'm excited about the value we can create for all stakeholders going forward. Across more than 20 years in the resource sector, including almost 17 years with BHP, across multiple commodities, geographies and market conditions, I have seen that long-term value is consistently created through a combination of quality, high-quality assets, strong margins, disciplined capital allocation and financial resilience. These attributes are highly relevant to Evolution today. Our portfolio of high-quality assets provide us with the foundation for a high-margin business. We then remain focused on operating discipline and continuous improvement, converting favorable metal prices into significant cash flows. Now the real value doesn't come from just generating cash, but from consistently directing that capital to the highest returning opportunities across the portfolio while retaining balance sheet flexibility and delivering cash returns to our shareholders. The life of mine planning process that Nancy has discussed with us today gives us confidence both in the quality of our operations and future projects. It provides a framework to our disciplined capital allocation and long-term value creation. So what our long-term plans demonstrate is that our high-margin operations will generate the cash flows and resilience needed through the cycle. Our balance sheet provides the flexibility to execute our strategy through the cycle. Our disciplined capital allocation prioritizes the highest returning growth opportunities, and we're continuing investing in the longevity and uplifting the quality of our portfolio while also rewarding our shareholders with fully franked dividends, supported by our increase in dividend policy, targeting 60% of annual group cash flow. Sorry, I was on the wrong slide. I can see it down there. Okay. So the quality of our portfolio is demonstrated by the financial outcomes on this slide. While we have benefited from strong gold and copper prices, our focus remains on converting favorable market conditions into record EBITDA margins and record free cash flows. In FY '26, we delivered a record EBITDA margin of 57% and generated approximately $1,958 per ounce in group cash flows at an average realized gold price of around $6,000 per ounce. Looking ahead, at a gold price of $6,200 and based on the midpoint of FY '27 guidance, as shown on this slide, we estimate operating mine cash flows of approximately $3.6 billion. Our focus then turns to the disciplined deployment of that cash to the highest returning opportunities across the portfolio. In FY '27, we are expected to invest approximately $1.3 billion to $1.4 billion in sustaining capital, major growth projects and growth initiatives, while increasing exploration investments by approximately 65%, as shared by Glen, as we continue to unlock the value across the business. Now Mungari is an excellent example of this in action. The mill expansion was delivered around 9 months ahead of schedule, 15% below budget and successful commissioning and ramp-up in FY '26. The resulting uplift in margin is shown on this slide. And cash generation highlights that value is created through disciplined investment and strong project execution. As Lawrie noted earlier, we prioritize maintaining a sector-leading all-in sustaining cost through productivity, operational excellence and cost discipline. Now Red Lake is a great example for this on the left of the slide and demonstrates this well. Despite operating in a high tariff Canadian environment, the team held the all-in sustaining cost broadly flat while increasing the EBITDA margins to 62% and delivered record net mine cash flows of $286 million in the year. As a result of banking the upside, we enter FY '27 with a significant financial flexibility, holding approximately $1.4 billion of cash and undrawn $525 million revolving credit facility and in a net cash position. We have a fully unhedged gold and copper portfolio, allowing our shareholders full exposure to strong metal prices and the substantial cash generation of the business. As we have said before, we do not intend to hold excess cash on the balance sheet. If favorable metal prices persist, then capital will be allocated in line with our approach to reward our shareholders with higher returns. Our low-cost debt structure is aligned with our long-term plans with no debt maturities until November '28. This provides certainty and flexibility, allowing us to remain focused on operating and enhancing our portfolio rather than near-term refinancing requirements. Our investment-grade credit rating and our strong relationships with a diverse group of global lenders provides us access to attractive long-term capital and further financial flexibility. We are comfortable to operate with a gearing of approximately 10% to 15% through the cycle. This reflects our philosophy that the balance sheet should enable long-term shareholder value creation, not constrain it. We have also demonstrated the ability to temporarily move outside the range while compelling value-accretive opportunities arise. For example, in FY '23, net gearing peaked to 33% through strong operational performance, higher metal prices, disciplined capital allocation and robust cash generation, we returned to a net cash position in FY '26 ahead of plan. Our focus remains unchanged, operating high-quality operations safely and reliably, generating high cash margins and allocating capital in a disciplined manner to maximize long-term shareholder value. As demonstrated on this slide, we do this via accretive deals, organic growth and shareholder returns via fully franked dividends. Importantly, our cash flow and our balance sheet provides capacity to fund organic growth without having to sacrifice rewarding our shareholders with fully franked dividends. A key differentiator for Evolution is our disciplined use of equity. Historically, equity has been raised only to support value-accretive acquisitions, not to repair the balance sheet, refinance debt or address operational challenges. This track record is reflected on this slide, with shareholders who have participated in acquisition-related equity raising benefited from strong long-term returns. As Lawrie called out earlier today, our success demonstrates the value is not created through acquisitions alone, but through the integration, optimization and growth delivered thereafter. As Glen and Nancy have outlined, Evolution has multiple growth opportunities supported by intensive technical work, scenario analysis and financial modeling through our annual life of mine planning process. This planning process is one of the most important disciplines and underpins capital allocation across the business. It takes a long-term portfolio view, assessing opportunities across different metal prices, operational scenarios and development pathways to ensure that capital is directed to the highest risk-adjusted returns. It helps preserve future options by continuing to invest in studies, exploration, drilling, permitting and technical work. The process also identifies operational constraints and bottleneck, helping us target investments that can increase productivity, extend mine life and enhance returns. And I particularly like this slide because it demonstrates the value created through our disciplined planning and capital allocation approach. While internal rate of return is only one of the several factors considered in an investment decision, it does provide a useful illustration. At current gold and copper prices, expected project returns are materially above the original Board-approved assumptions, highlighting both the quality of our portfolio and the significant value upside available to our shareholders. We continue to reward our shareholders. We are a consistent dividend payer. Our record FY '26 final fully franked dividend of $0.21 per share marks our 27th consecutive dividend and reflects both the cash generation of our portfolio and our commitment to sharing the benefits with our shareholders. In August '26, the decision to increase our target dividend payout ratio to 60% reflects the confidence in our operation, the cash flow generation expectations and the flexibility of our balance sheet. This decision was not made based on current metal prices or our current financial position. Rather, it represents a structural increase in shareholder participation in our cash flow generation. We continually test our portfolio and our balance sheet across a wide range of operational scenarios, development pathways and metal price assumptions. This includes funding all current approved projects, advancing future opportunities as shared by Glen and Nancy and maintain appropriate balance sheet investment grade through the cycle. As the graph on the left shows, we have delivered significant value for our shareholders, with total shareholder return of 258% in the last 3 years. Now this equates to 53% annualized total shareholder returns. So as I reflect on my first year at Evolution, what stands out most is the caliber and energy of our people, the quality of the portfolio and the way we operate the business. Throughout today's presentation, we have highlighted a portfolio of high-quality option-rich operations that generate strong margins and robust cash flow with significant leverage to both gold and copper. We have also demonstrated that our financial strength is not an outcome of the current metal price environment. It reflects 15 years of disciplined operational execution, balance sheet management and thoughtful capital allocation. Looking ahead, we are in exceptionally well positioned. Our high-margin operations provide the cash flow and resilience to invest through the cycles. Our balance sheet gives us the flexibility to execute through the cycle, and our capital allocation ensures we continue to direct the capital to the opportunities for the greatest long-term shareholder value. Thank you. I will now hand you over to Lawrie for final remarks.

Fran left the stage too quick. I'm sure there's some questions for Fran. So we will open it up for questions before closing remarks. I do reiterate, we do have a hard close because if we miss our flight slot this afternoon, we'll be spending the night here in Sydney. I'd prefer you to be out at the cold of [ Parkes ] tonight.

Any questions for Fran? Well done, Fran. Here we go. Matt, come on...

It's a bit cheeky and facetious, but obviously, balance sheet is in a really strong position, net cash, business is generating strong operating cash flow, so you can fund CapEx, you can fund more than the CapEx that you've outlined. Why not pay out 100% of group cash flow? I mean it's post CapEx. So if you wanted to increase your CapEx budget, you could. Yes, what are the considerations that drive that? And could that change going forward?

Yes, sure. So I guess the 60% was done over the life of mine plans as we sort of done various growth programs and its structural change. As I mentioned before, if the metal prices continue to persist, then we will absolutely be back looking at all forms of allocating out that cash to our shareholders.

Yes. I mean, Matt, we do have projects to invest in, and we've got the debt coming up in a few years. So our position is -- and it's fair that over the last 12 months, the most feedback we've had from shareholders is what we should do with the money. What we -- that extra 40%, what do you need with that? And it's a good problem to have. And as Fran said, we're not going to build up this large amount of cash. I think going from 50% to 60%, paying out 1/3 of all of our dividends over the last 13 years in 1 year is not a bad way to look at it. And as our franking credit balance has lifted nicely in the last 18 months, that's another avenue for us to look at.

Just while we -- Daniel Morgan, Barrenjoey. That debt piece that you've got, are there rights to potentially buy back that debt? I mean, noting that interest rates are very much on the rise, that 4.47% is quite low. So I imagine that if you were to repay it, it might be profitable.

Yes. So we have looked at it as part of our decisions going to the Board. And we won't stand and just look to gearing for the sake of gearing. We'll do it to make sure it maximizes shareholder value. You can pay it back with a make provision. But given it's at a fixed average of 4.47%, it made sense to hold that on the balance sheet. It's long term and matches our life of mine cash flows.

Do you want to just touch on that you can pay out the cheaper ones?

Yes, earlier in the years, you can look to them and balance them with the longer-term ones, which have a higher interest rate attached to them, absolutely. But as I said, we did look at that, and it made sense to keep the debt on the balance sheet. We'll continue to reassess every reporting period when we go to the Board with our recommendations.

Yes. Our cheapest one is the first one, Dan. So you could pay those without any sort of penalty. The ones that are longer dated are higher interest and they're the ones that have the make-whole. So right now, our view is that we'll let them sit where they are. All right. Thank you for your time this afternoon. Really do appreciate you coming along and showing an interest in Evolution and where we're trying to go and to enable us to give a bit of an insight as to the company, the strategy, where we're heading over the next sort of 3 to 5 years and then go a little bit deeper into Cowal, Ernest Henry and Northparkes, which have got most of the exploration upside right now and have also got the projects that are underway at those assets. I'll leave you with the key messages from the start of the day. I think what we've shown over the last 11 years is that we've acquired well, we've sold assets at the right time. And what we've done with the assets once we've acquired them has really generated a significant value for our shareholders. In the last 5 years, with the portfolio we've got, we've demonstrated growth in production, but also growth in margin by keeping our costs focus and discipline in place and by having an approach whereby it is margin over ounces in the way that we manage the portfolio. I do think that copper in Ernest Henry and Northparkes provide a differentiator for us in the industry and provides a differentiation for us in an industry where short-term supply is not matching the increase in demand in the short term and the ability to bring long-term production into the mix for what is needed in terms of a 50% uplift in demand for copper over the next 15 years and us having ore bodies at Ernest Henry and Northparkes with ready available ore sources to bring into production is certainly going to be a differentiation for us. We do look forward to those who are traveling out to Northparkes and Cowal over the next 2 days for you to firsthand see each of those operations. But thank you on behalf of all of us at Evolution for your ongoing interest and support of us and for making the time today. Thank you.