Thank you, operator, and thanks everyone for attending K92 Mining's 2026 First Quarter Financial Results Conference Call. We hope you and your families are doing well.

In addition to myself, we have on the line John Lewins, Chief Executive Officer and Director; Justin Blanchet, Chief Financial Officer; and Rob Smillie, VP Exploration. I would also like to remind everyone that after the remarks from management, the call will be followed by a Q&A session.

As we will be making forward-looking statements during the call, please refer to the cautionary notes and risk disclosure in our MD&A and slide two of the webcast presentation. Also, please bear in mind that all dollar amounts mentioned in the conference call are in United States dollars unless otherwise...

Thank you, David, and welcome everyone. We begin with safety, K92's highest priority.

We were deeply saddened by the tragic incident in the first quarter that resulted in the death of a contractor. As previously disclosed in our February 6 press release, the incident involved a contractor supporting surface roadwork activities near the Kumian Creek Camp operating in the designated area located approximately 1.5 km northeast of the process plant, 8 km northeast of the underground mine, respectively.

The contractor and relevant authorities, with K92 oversight, conducted comprehensive safety audits and implemented a series of mitigation measures to strengthen safety systems well beyond that that was mandated by the regulator at K92's request. With K92's approval, on March the 1st, a progressive restart of the contractor's activities commenced, and the contractor has been fully operational since March the 7th.

We take every incident very seriously and extend our condolences to the family, friends, and colleagues of the deceased. I think it's important to highlight that for many years, K92 has been operating with one of the best safety records in the Australasian region.

Our total reportable injury frequency rate, as shown in the chart, has been, for the past several years, well below the average reported by the International Council on Mining and Metals, which includes many of the world's largest mining companies. Before the contractor incident, K92 recorded 10 quarters without a lost-time injury, which coincided with a substantial increase in proactive risk assessments, safety technologies, and safety and training team capacity, all strong leading indicators of a safety-first culture.

Our safety-first focus continues to strengthen, and I'm pleased to report that in Q1, we made significant progress integrating our new Skytrust cloud-based safety and compliance platform into our operations. The platform is designed to centralize and enhance the management of safety and environmental incidents, frontline safety interactions, injury management, inspections, audits, and broader health and safety documentation.

Safety Always is one of K92's core values, and we remain steadfast in our commitment to achieving our ultimate goal: zero harm across our entire workforce. On sustainability, K92 looks forward to publishing our 2025 sustainability report later this month, highlighting our strong commitment to delivering sustainable value to the people and country of Papua New Guinea.

The report also reflects our strong commitment to transparent disclosure in aligning with international standards, including the Sustainability Accounting Standards Board Metals & Mining Standard and the Task Force on Climate-related Financial Disclosures framework. K92 is extremely proud of the positive impact it's having on the prosperity and development of Papua New Guinea, and we encourage you to read our report when it is published on www.k92mining.com.

Moving on to operations, during the quarter, the Kainantu Gold Mine produced 46,743 ounces gold equivalent, with a mill throughput totaling 142,017 tonnes and a head grade of 10.9 g/t gold equivalent, benefiting from a positive gold and copper grade reconciliation versus the latest independent mineral resource estimate. Cash costs of $785 per ounce gold and all-in sustaining costs of $1,421 per ounce gold were recorded for the quarter on a byproduct basis.

On a co-product basis, cash costs of $991 per ounce gold equivalent and an all-in sustaining cost of $1,587 per ounce gold equivalent were reported. As annotated on the chart, all-in sustaining costs have been notably higher than cash costs since the beginning of 2023 due to K92's significant investment in the Stage 3 expansion, with costs expected to decline considerably after delivering the Stage 3 expansion.

We highlight that these temporarily elevated costs still fit well within the lower half of the industry all-in sustaining cost curve, which reflects the very high asset quality of the Kainantu Gold Mine and K92's ongoing commitment to cost discipline. In light of the global supply chain disruptions in the Middle East, it's important to highlight that Kainantu Gold Mine remains highly operationally resilient.

We currently maintain approximately 3 months of fuel storage across the site and at the Port of Lae. Our energy supplier, Puma Energy, which is owned and controlled by Trafigura, who are also our offtake partner, and in early April, we increased our storage capacity in Lae.

Since the Middle East disruptions began at the end of February, fuel shipments in mid-March and late April have been received, and another shipment is scheduled for early June. Our strategy is to avoid drawing down on inventory, and instead continue to replenish at market rates.

Given that Kainantu is a high-grade underground operation supported by grid hydropower, our fuel cost sensitivity is well below the industry average. In 2026, our budget, which was approved in January, sees diesel costs represent approximately $70 per ounce.

In terms of reagents, on average, we currently hold approximately 6 months' supply. This elevated inventory level is partly due to the earlier than expected idling of the Stage 2A process plant in Q4, driven by the strong performance of the new Stage 3 plant during its commissioning.

Our supply chain team continues to actively monitor the latest developments to ensure that Kainantu remains resilient during this period of uncertainty. In terms of processing, Q1 marked the first quarter in which all material was processed exclusively through the new plant, which delivered a very strong performance.

Overall metal recoveries were 95.1% for gold, exceeding the updated definitive feasibility study parameters by a substantial 2.5%. Copper recoveries were also strong at 94%, in line with the DFS results.

In terms of key operational quarterly physicals, record total material moved to surface of 410,356 tonnes was achieved, benefiting from the positive impact of the first material pass, the commencement of surface trucks operating in the twin incline, the completion of the decline-incline convergence projects connecting the main mine with the twin incline via an internal ramp access, which occurred in late January 2026, and the surface breakthrough of the Puma vent incline in late February, which resulted in primary ventilation rates increasing by 75%. Total mine development for the quarter reached a record 3,007 meters, up 21% year-on-year, including a monthly record of 1,067 meters in March.

I'm also pleased to report that in April, a new monthly record of 1,109 meters was achieved, marking consecutive monthly lateral development records. Lateral development rates are now well exceeding the Stage 3 requirement of 1,000 meters per month.

Importantly, these have been achieved even with the continuing allocation of some jumbo capacity to capital projects, including pastefill excavations and Stage 4 primary ventilation work. Further improvement in development rates are expected as these projects are handed over to the project construction team this quarter, alongside additions to our load and haul fleet and continued operational improvements, including a transition to 12-hour firing implemented during the quarter.

We're very pleased that even with record lateral advance, we also achieved a reduction in total waste mined, driven in part by improvements in development drill and blast and tighter control of our overbreak. As discussed later in the presentation, multiple key project enablers have been completed in Q1 or are nearing completion, and when paired with the introduction of the additional mining fronts, are expected to continue to drive physicals higher.

I will now turn over to our Chief Financial Officer, Justin Blanchet, to discuss our financial results for the first quarter.

Thank you, John, and hello, everyone. During the first quarter of 2026, K92 generated revenue of $236.3 million, an increase of 63% when compared to the same period in the prior year.

We sold 44,854 gold ounces at an average selling price of $4,641, compared to 45,886 ounces at an average selling price of $2,739 in the prior year. As at March 31st, 2026, there were 12,318 gold ounces in inventory, including both concentrate and dore, a decrease of 1,714 ounces when compared to December 31st, 2025.

During the first quarter of 2026, K92 had cost of sales of $57.3 million, compared to $34.1 million in the same period prior year, or $45.5 million compared to $27.4 million when excluding non-cash items. The increase in cost of sales was driven by significantly higher tonnes mined and processed when compared to prior year.

This is consistent with the higher mining and processing activity associated with the ramp-up of the Stage 3 expansion. During the first quarter of 2026, cash flow from operating activities before changes in working capital was $132.9 million, compared to $80.9 million in the same period prior year.

As of March 31st, 2026, K92 had a record $287 million in cash and cash equivalents, a record working capital balance of $343.3 million, and a record net cash position of $242.6 million. Importantly, the Stage 3 and 4 expansion projects are fully funded and our financial position is strong.

We also have access to significant amounts of liquidity through undrawn credit facilities, with $60 million available to draw down on demand and $5 million repaid during the quarter. We would also like to highlight that our commodity price downside is protected through the cost-effective purchase of put option contracts, which extend until the end of 2026, allowing for 10,000 ounces of gold per month at a strike price of $3,500 per ounce.

To be clear, this is not a hedge. We will sell at spot if it is higher than $3,500 an ounce.

This is insurance, and we retain full exposure to the upside in commodity prices. As John mentioned, during the first quarter of 2026, the Kainantu gold operations produced 44,022 ounces of gold, 1,696,714 pounds of copper, and 38,845 ounces of silver, or 46,743 ounces of gold equivalent.

We sold 44,854 ounces of gold, 1,874,270 pounds of copper, and 41,467 ounces of silver. On a byproduct basis, we recorded a cash cost of $785 per ounce and an all-in sustaining cost of $1,421 per ounce of gold in Q1 2026.

Our all-in sustaining cost in Q1 was significantly below our realized selling price of $4,641 per ounce, reflecting our strong cost discipline and the Kainantu Gold Mine's high asset quality. Our cash and all-in sustaining costs increased when compared to the prior period due to lower head grades than prior year and higher costs as operations ramped up to support the Stage 3 expansion.

This was partially offset by higher byproduct credits. It is important to note that we will see downward pressure on costs via economies of scale as operations ramp up and the Stage 3 expansion is complete.

I will now turn the call back to John to discuss growth and exploration.

Thank you, Justin. Turning to growth and exploration, we begin with an update on the Stage 3 and Stage 4 expansions, which are expected to fundamentally transform K92 into a Tier 1 mid-tier gold producer.

The Stage 3 expansion, as outlined in our updated definitive feasibility study, supports a 1.2 million tonne per annum throughput rate, or equivalent to 300,000 ounces gold equivalent per annum. Stage 4 will take this to over 400,000 ounces gold equivalent, targeting commissioning late 2027 with a throughput of 1.8 million tonnes per annum.

The 600,000 tonnes per annum Stage 2A plant, which has been idled, provides additional capacity for future expansions beyond Stage 4. Now in January, we announced our 2026 operational guidance, targeting another year of strong production growth with 190 to 225,000 ounces gold equivalent, alongside significant sustaining and growth capital investments as we advance K92 toward a Tier 1 mid-tier producer status.

Production is expected to be weighted to the second half of the year as additional mining fronts come online, ramp-up continues, and key expansion enablers are completed. Growth capital is forecasted at $100 to $108 million in 2026, including $25 to $28 million of Stage 3 capital, primarily for the pastefill plant and river crossings, and $75 to $80 million of Stage 4 and accelerated growth capital.

Importantly, following the strong Q1 performance, we are well positioned to achieve our 2026 production guidance. The delivery of the Stage 3 expansion ramp-up is driven by several key enablers.

Starting with underground, a major infrastructure transformation is progressively being executed. The twin incline, internal ramp system, first material pass, and the Puma vent drive are now complete.

The breakthrough of the Puma and the internal ramp has already resulted in very significant increase in underground primary ventilation, with our latest ventilation survey showing an increase from 200 cubic meters a second to approximately 350 cubic meters a second, representing an increase of 75%. This meets the initial ventilation requirements for the Stage 3 expansion.

Delivery of the pastefill system will be another key enabler for Stage 3 and Stage 4 expansions, particularly Stage 4, providing greater flexibility in mine sequencing and improving stoping performance, including lower dilution, reduced waste, rehandling, and higher mining recoveries. In terms of the twin incline, it's already begun to transform underground material handling efficiencies, as shown in the image on the right versus the image on the left, which is the existing incline to access the main mine since commercial production started.

The twin incline can run about 50% larger trucks at much faster speeds and eliminates rehandling at the portal by hauling directly from underground to the process plant. We expect these larger 60-tonne payload trucks to begin operation in mid-2026, following the completion of the key river crossings and surface haul road upgrades.

As noted previously, the first material pass has been operational since August last year, leveraging gravity to deliver tonnes approximately 350 meters vertically from the main mine to the highly productive twin incline. The operation of surface articulated trucks in the twin incline continues to deliver material movement benefits, which will notably increase upon the introduction of larger trucks, as noted in the previous slide.

Development of a second 5-meter diameter material pass is complete, and that goes from the 1110 level to the 910 level, and obviously that can be easily accessed from the twin incline. The civil construction works are underway, targeting operation late Q2.

This will enable a dedicated material pass for ore and a dedicated material pass for waste, providing considerable boost to our material handling capabilities in the main mine and lower Kora. Development of a third material pass is planned to commence mid-year to further enhance our material handling capabilities.

As previously highlighted, the internal ramp breakthrough was achieved during the quarter, effectively joining the upper and the lower mines into one mine. Prior to the completion of the internal ramp, we were effectively running two sets of crews: one for the upper part of the mine, which was accessed by the old incline as shown on the prior slide, and one for the lower part of the mine, which was accessed by the twin inclines.

This connection means there's now only one crew, with improved equipment utilization, more resource sharing, improved supervision, shorter travel times between working areas, and importantly, all mining fronts being connected to the highly productive twin incline, resulting in a notable boost in operational efficiencies. As shown in the images, substantial progress has been made with the two 1.85-megawatt primary fans now mechanically complete, with significant progress made during the quarter on the required high-voltage electrical installations and switch room development and construction in the twin inclines.

With the ventilation rates already achieving the initial requirement for Stage 3, we plan to complete electrical commissioning around mid-year. Upon commissioning of the fan chamber, primary ventilation capacity increases to over 600 cubic meters per second and can be expanded to over 740 cubic meters per second through benching the Puma vent incline.

This more than meets the requirements for the Stage 3 and Stage 4 expansions and life of mine. As the fans are variable speed and variable pitch, they will initially be run at lower speed to conserve power and be progressively ramped up as the operation expands and ventilation demands increase.

These images show the Puma vent incline breakthrough to surface, which was achieved in late February, and subsequent surface civil works around the area. With the breakthrough of Puma and the completion of the internal ramp, as noted, we've seen a 75% increase in underground primary ventilation, which meets the initial ventilation requirements of the Stage 3 expansion.

We note that this development was completed through challenging ground conditions and a long single-heading configuration, which required constant equipment utilization and our most experienced jumbo operators. Work on this is now complete.

Those resources have been redeployed to higher productivity headings, further increasing our overall development capacity. Remaining civil works at the surface breakthrough area include installation of a reinforced, weather-protected steel arch tunnel canopy, which will enable long-term ground stability.

All materials for this project are on-site and completion is expected mid-year. In addition to completing various infrastructure enablers for the expansion, mine development continues to open up two new fronts: the twin incline and the lower Kora, with five and four new sublevels being opened up, respectively.

Both fronts are expected to be notable contributors to the production in 2026, with the first long-hole opening stope production ore from front two, the lower Kora mining front, delivered in late April. This is a key milestone for the company, as production ore has been sourced primarily from a single mining front, front one, since commercial production.

Production from front three is expected in Q3, ramping up to four production fronts in 2027. With a demonstrated progressive ramp-up in development rates highlighted by a record development exceeding 3 kilometers in the first quarter, we will continue to advance new sublevels to build greater operational flexibility.

Currently, we have meaningful equipment upgrades underway this year, as shown in the table on the left, with nearly 25 new major equipment units arriving between late last year and the end of 2026. Between older unit replacements and new additions, this will increase our fleet size by 15 units.

This substantial fleet investment ensures that we have adequate capacity to meet not just Stage 3 expansion, but also the Stage 4 expansion equipment requirements. Four new loaders have been added to the fleet, three additional, one replacement, all of which are now operating on-site, with the fourth unit commissioned earlier this month.

A new long-hole production drill rig was also commissioned in late April, replacing an older unit, to further improve equipment reliability and increase production capacity. We're scheduled to also add two new underground haul trucks in the third quarter, as well as a new development jumbo, an additional explosive loading rig, a cement agitator unit, all towards the end of the year, and that will be further expanding our fleet.

The fleet of surface trucks is also significantly expanding for the operation in the twin incline, with eight new 60-tonne trucks planned to arrive in 2026, with the first batch of trucks entering operation mid-year. The trucks will haul from the twin incline to the process plant, tripling the payload capacity at much higher speeds than the existing fleet.

Five new 30-tonne haulage trucks arrived on-site in the second half of last year, and these are being used initially to augment haulage in the twin incline ahead of the arrival of the 60-tonne trucks and completion of the enabling river crossing upgrades. These trucks will then later be repurposed to haul filter cake for pastefill underground.

In terms of ancillary buildings, the warehouse, Kumian Creek, and Phase 1 primary power stations are all complete. The maintenance facility, which is a lower priority and not on the critical path for Stage 3 expansion, is targeting completion mid-2026.

As shown in the pictures, is progressing rapidly, with steel structural works largely complete and electrical installation underway. The next phase of the expansion for the full standby power station from 10.7 to 15.3 megawatts is well advanced, with all major electrical infrastructure installed, the switch room in place, and commissioning expected to be completed in Q2, providing increased standby power capacity meeting Stage 4 expansion requirements.

Since commissioning of the new primary power station last October, the operation has seen minimal power disruptions across both the process plant and underground mine, highlighting the effectiveness of these upgrades. The addition of a spinning generator reserve now allows the station to stabilize fluctuations from the hydroelectric grid power that would have previously caused mining and processing operation interruptions.

Significant progress has been made on the surface pastefill filtration plant, surface storage facility, and the underground pastefill plant packages. All pastefill long-lead items have arrived on-site and all major construction contracts are executed and rapidly progressing.

Importantly, the entire pastefill plant is being constructed to the capacity required for the Stage 4 expansion. Tailings filter plant is now practically complete, with the first filter cake produced in late April.

Commissioning is ongoing and completion of commissioning is expected well in advance of the other pastefill infrastructure. This footage captures a significant milestone for K92: the first ever filter cake discharge from the new surface tailings filtration plant.

The filter press squeezes process tailings between two large plates, dewatering the tailings to produce a solid cake seen here falling into the bunker below. Following filtration, the water is then recycled and used at the Stage 3 process plant.

Following this first successful discharge, the team conducted transportable moisture limit testing, confirming that the filter cake moisture content achieved can be safely loaded and transported to the surface binder blending plant near the mine portal. Once fully operational, the pastefill system is expected to divert approximately 60 to 70% of tailings to the underground pastefill, significantly reducing the operation's required capacity for surface storage.

This filter cake will ultimately be used as pastefill to fill mined-out stopes to improve ground stability and unlock higher mining rates as K92 continues to scale up production. Moving to the surface storage area near the portal, civil works at the binder blending plant are now complete, with structural steel erection of the filter cake storage facility underway and expected to be completed in Q3 2026.

At the underground pastefill, concrete pours are well advanced across the 1205 level, with silo chamber lining concrete works ongoing, as shown in the picture on the right. Overall pastefill plant design is complete and all long-lead items have arrived on-site, with practical completion for the pastefill circuit scheduled for the end of 2026.

The major surface haul road and river crossing projects are also progressing well during the quarter, highlighted by the completion of the Baipa Bridge, as shown in the two photos on the slide from early April. These projects enable the surface truck payload to increase from 20 tonnes to 60 tonnes, with lower traffic congestion and faster operating speeds, resulting in improved cycle times.

It involves upgrading the three river crossings, as shown in the images, plus widening, straightening, and gradient improvements in selected areas to improve haulage efficiency and payload. Phase 1, which is focused on the river crossing upgrades and haul road widening to enable the higher capacity 60-tonne trucking fleet, is on track for completion mid-year.

Phase 2, which is focused on road alignment and gradient improvements in selected areas of the haul road, is scheduled for completion by the end of the year. In summary, as shown in the Gantt chart and from prior slides, a significant number of key enabler projects have been sequentially completed or are nearing completion in the first half of the year for the Stage 3 and 4 expansions.

I will now turn over to Rob Smillie, VP Exploration, to provide an update on our exploration activities.

Thank you, John. 2026 is shaping up to be a record year for exploration.

We've guided a $31 to $35 million exploration budget in 2026, an increase of more than 50% from 2025, highlighting both the exceptional prospectivity of our land package and our commitment to delivering meaningful near-term resource growth. We currently have seven underground drill rigs operating at Kora and Judd, five surface rigs at Arakompa and Maniape, one at Wera, with a new rig that arrived in early April, and one additional surface rig scheduled to arrive this quarter, bringing us up to 15 rigs operating.

In February, we reported results from 101 diamond drill holes at Kora South and Judd South, continuing to demonstrate strong high-grade growth near existing infrastructure, along strike, and at depth. At the K2 vein, drilling expanded a near-mine dilatant zone adjacent to the twin incline, with intercepts including 20.5 meters at 14 g/t and 10.7 meters at 10.8 g/t gold equivalent.

This zone sits approximately 50 meters from development and represents a potential near-term mining area following pastefill commissioning. Initial Kora Deeps results were particularly exciting, intersecting thick high-grade K1 mineralization up to 350 meters below the twin incline.

The quality and continuity of mineralization we're seeing in the deep core is very encouraging and suggests the system has strong depth extension potential at Kora. Mineralization continues to extend up-dip and along strike at both K1 and K2, with multiple intercepts exceeding 20 g/t gold equivalent, reinforcing significant growth potential in multiple directions.

The results have also delineated a substantial high-grade copper zone to the south of Kora, with copper grade tenor also increasing at depth within the K1 vein. The consistency of these high-grade copper hit rates, with grades exceeding 4% copper, shown in magenta on the long section, is very encouraging and points towards a meaningful copper-gold corridor developing towards the A1 porphyry target.

At Judd, bonanza grade intercepts near the upper mine infrastructure, including 5.45 meters at 67 g/t and 3.9 meters at 56.75 g/t gold equivalent, continue to reinforce the high-grade nature of this system. Initial Judd Deeps results have now intersected mineralization up to 300 meters below the twin incline and 350 meters below the resource, recording multiple thick high-grade intersections.

Like Kora Deeps, we are very encouraged by the mineralization in the drill core, which shows strong depth extension potential. At Judd North, near-surface intercepts, including 20 meters at 14 g/t and 3 meters at 15.5 g/t gold equivalent, highlight a compelling 800-meter strike target with up to 500 meters of vertical extent, which we plan to ramp up from the surface in the second half of the year.

The Judd system remains significantly underexplored and open in all directions, and we believe the best is still ahead of us. Exploration activity at the Arakompa vein system, located 4.5 km from the Kainantu process plant, is progressing well.

Drilling is supported by five active rigs, and the deposit has grown substantially in both scale and geological understanding ahead of our maiden resource estimate planned for mid-year. As shown in the graphic, the Arakompa bulk tonnage zone has now expanded to approximately 1.1 km of strike and 800 meters vertically, with an average true thickness of 39 meters, remaining open in multiple directions and demonstrating strong potential for large-scale, near-surface bulk mining.

A standout development is the discovery of porphyry copper-gold mineralization in hole KARDD0065, a 250-meter step-out to the south, returning 690 meters at 0.3% copper equivalent, including 395 meters at 0.38% copper equivalent. Interpreted as distal to a potential high-grade porphyry core, this is the first porphyry-style mineralization identified at Arakompa and supports our growing view of this as a larger integrated system, one potentially linking epithermal vein mineralization to an underlying porphyry center.

Follow-up drilling is underway alongside detailed geochemistry and paragenesis work to help vector towards higher-grade zones. Latest drilling continues to define the high-grade AR1 and AR2 lodes, with a potential high-grade thick zone emerging, highlighted by intercepts of 7.1 meters at 27.9 g/t, 14.5 meters at 17.3 g/t, and 20.6 meters at 9.9 g/t gold equivalent, demonstrating strong vertical continuity over 200 meters at an average true thickness of 7.3 meters.

We've commenced closer-spaced drilling within this core zone to support the maiden resource, which we are targeting for mid-2026. In addition to Arakompa and Maniape, we continue to drill test the recently discovered Wera vein system, a large 2.5 by 3.5 km low-sulfidation epithermal gold system located about 10 km southwest of Kora and Judd.

Our maiden scout program is currently underway with one contract drill rig. What makes Wera particularly exciting is that this area has never been accessed or tested by previous operators, yet rock chip samples have already returned grades up to 26.3 g/t gold, sitting within the same major mineralized corridor that hosts Kora, Judd, and Arakompa.

We look forward to sharing initial drill results from what we believe is a very promising new discovery in due course. Lastly, this graphic reflects the scale of opportunity in front of us and a deep pipeline of highly prospective targets across our 836.8 square kilometer land package, with drilling planned across multiple targets concurrently.

In the near term, new heli-portable rigs arriving this quarter will unlock drilling at Matimisa zone and Judd North, both situated within 1.6 km of current mine workings. Near-mine surface exploration is also commencing north of Matimisa and Maniape, a large, underexplored area within just 1 km of the processing plant.

Underground programs remain focused at Kora, Kora Deeps, Judd, and Judd Deeps, while regional drilling continues at Wera. A record $31 to $35 million exploration program positions us well to deliver meaningful resource growth across multiple fronts in 2026.

I will now turn the call back to John for concluding remarks.

Thank you, Rob. In summary, Q1 2026 operational, financial, and project delivery performance was strong, and substantial progress was made to strengthen contractor safety systems and to further improve safety performance.

Notably, we have grown the cash balance to $287 million while investing significantly in exploration and long-term infrastructure to support the Stage 3 and Stage 4 expansions. The first quarter production and cost performance sets us up well in terms of meeting our 2026 production guidance of 190 to 225,000 ounces gold equivalent.

We're very excited about the next few months, which will see the completion of several key surface and underground infrastructure enabler projects, a maiden resource estimate at Arakompa, and further ramp-up in drilling activities from the arrival of two new drill rigs this quarter. Concurrently, we will continue to advance our community projects and deliver sustainable benefits to all project stakeholders, which will be highlighted in the delivery of our sustainability report this quarter.

With that, operator, we're happy to open the line for questions. Thank you.

Hi, John, David, and team, thanks for the presentation and update. Apologies if this came up through the presentation and I missed it, but on the Q1 grade profile, the press release talks to positive grade reconciliation, but doesn't quantify the magnitude of that reconciliation.

Excuse me. Can you talk to what was your budgeted Q1 grade profile, and how much was a surprise to the block model?

Thank you, Bryce. I'm going to jump in here.

John in Papua New Guinea at a location with a connection that's not quite stable. I'd say if you look at last quarter, positive grade reconciliation was around 8 to 10%.

What we've had is, when you look at our resource model, when you are in areas which are medium to low grade, it reconciles incredibly well with the resource model. When you are in areas of high grade which have a cutting factor applied, a top cut, you tend to get a positive reconciliation.

What we will look at doing is, on our next resource updates is, we'll look at refining the geostatistical parameters, but I would say that it is a consistent relationship that in the high grade, there is a positive grade reconciliation.

Q1 was around that 10%?

Yes, and I would also note that John is on the call, it's just his connection is not good right now. Correct, yeah.

Perfect. Thanks so much.

Then, just following on from that, the top cut that you talk to, is that the update that you mentioned you could increase that in the next resource update?

It's something that we are looking at. What we've found is that if you look at the iterations of the resource model, we've worked with the same independent consultant, and over the years, he has increased the top cut because he is getting more confidence and more data.

What I will point to is that there is a much longer mining history and grade reconciliation from Kora, and in Judd, there is less of a mining history and grade reconciliation from Judd. Where we are seeing the positive grade reconciliation is, however, in both Kora and Judd.

Thanks, David. Appreciate that.

I'll jump back in the queue.

Great, thanks, Bryce. Once again, if you have a question, please press star then one.

Hey guys, yeah, congrats on another really good quarter here. You gave a lot of operational details there, I don't have any operational questions at the moment, but question I do have is, your balance sheet continues to get very strong, you're still paying down debt a little bit, even further down your balance sheet.

Have you guys given any more thought to a capital return program? What are you thinking of managing your cash balance over the course of this year and into 2027?

Any plans on any returns?

Thanks for the question, Alex. We have been having discussions at the board level with respect of return of capital to shareholders, whether it is through a buyback or a dividend.

Our thinking at this point is late this year, early next year. We certainly are having those conversations, and you are absolutely correct that we are generating a lot of cash.

You'll see last quarter, we did a big tax installment, it's one of three tax installments, spent a considerable amount of money on capital, and we still generated a significant increase in net cash. Then as you look at the year, obviously the second half of the year is expected to be the strongest, and we expect the cash flow generation to continue to increase.

Perfect. Looking forward to it.

That's it for me. Thank you.

Great. Thanks, Alex.