Questions (basic rough notes … I *do* really hope there will be...

Questions (basic rough notes … I *do* really hope there will be a proper transcript )


William Park  -  Citi
re Keinana concentrator and Covalent delays - will there be extra costs  ?

Jules reply referenced the Citi  note -  said change is just weeks due largely to client variations
Eg airstrip variations. Responsibility is the client’s for   access to site/equipment variations.

question on civil competition being an issue?

Jules - no, only up against one or two other players in the West …. we are very  cost-focused  in regards getting costs pricing right
- Undercutting leading to wins : “ If a competitor has to feed the beast, then we can’t make a fair return but we won’t take risks on aggressive pricing!”
We are more than comfortable with where we are.

q on revenue guidance;
Jules : We put out a low guidance - conservative because ..eg currently dealing with weather impacts on daily base …
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Nicholas Robinson - Jefferies (?)
q: on Ebitda
Jules: $30-$40m impact from weather  on Queensland mining contracts ( volume potential ?)
Weather appears to ve getting better last week or two.
q: on METs feed studies by  Primero
Answer : There  are 10 or 15 projects -  all a bit different - will be full or partial reimbursement
in N America the margin on standard engineering studies is 20% …
Where this is not being booked it’s due to strategic positioning aiming to enter ECI contracts
… the feed studies may lead to  extra ECI work - investing in the work  - revolves around some pretty large opportunities.

q; Mining - whats’s changed the margin?
A: Stanmore,  Isaac Plains,  Boggabri. We have  new starting …hoping second half margins will return to normal.

q: Civil are you hostage to client decisions .. can you elaborate on ECI works?
a:   news  this quarter maybe ?

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Jakob Cakarnis -  Jarden
q; labour … labour teams  where there are delayed projects are they tethered?
a: yes to their projects

Re more workers, the visa process offshore very slow

q; Cashflow improvement - how will that cash be deployed ? Paying down debt?continuing balance of bank debt
a: We won’t accelerate payments as debt is at a comfortable limit.

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Gavin Allen — EurozHartleys
Other qs covered Karara  - firsr full half/steady production
…and a billion dollars of METS tenders
How do we think about outcomes being revealed?

a:  There will be decisions  in next few months .. Said the larger projects were timed later due to them having long leads for equipment purchase etc…
smaller ones sooner.
Civil projects that have been delayed/moving to right - tenders in expect decisions, mobilising within months

Re METS
looking at a couple  of very large and some smaller ones

“We are seeing new opportunities every single day”

re Karara; NRW is  in full production - delivering to the capacity of the mind  -
- indeed re contract “overperforming at present”

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Evan Keratzas -  UBS
On losses in Queensland:
$30-$40m revenue lost in Queensland - probably a fifth of that being civil-related which has ‘slipped to right’ (just delayed?)
Capex next half?
The run rate similar to norms - no material growth needed so just  repeated sustaining capex - $4o million or thereabouts

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Matthew Chen - Foster (?)
q: can you give some colour on order book to FY’25 (???)

Sorry I didn't note response :/



nb once again, this is a translation of rough notes and so is meant to convey the gist I perceived and nothing more!

cheers