Banter and general comments, page-29606

Received a call back from IR Natalie yesterday, and as we started our conversation, Gareth came onto the room, so I ended speaking to him.

FY26 Production
The ore will come from Grants and/or BP33. They're trying to extend the life of Grants, and get BP33 online asap.

Drilling
It started back in April, and I can't quite recall his response here, but the results or an announcement isn't imminent.

Communication
He's gone back at the their announcements, and has believed he has kept the market informed. I pressed him on perhaps providing April and May production numbers (as some were optimistic), but he said they only managed to remove all the water in April, and only had 7 or 8 weeks to get to the ore after dewatering. The flooding issue has been addressed. Other announcements were too early to reveal because they required further analysis.

Weather/FY 23 Production
The second last sentence of the above topic.

Yahua Price Ceiling
He shares SB's sentiments from February 2022 (SB was quite happy with the revision to the ceiling). Not a material issue.

Wording of Yahua Prepayment Deal
Gareth thought the wording was pretty clear, and the pricing would be adjusted at delivery. He said he'll look at it again, and perhaps the announced terms were a summary of the contract, and left out some detail.

Overall it was a 19 minute chat, and perhaps I was the one who ended the call as I had an appointment. He was calm and well spoken, and I have more confidence that he'll succeed with Core operationally given his background.

I suppose when prices recover towards the end of the year, drilling results, as well as cash inflow, we should see positive movement in our SP.