Kingsgate

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, next up we have Jamie Gibson, who's the managing director and chief executive of Kingsgate Consolidated. Cheers. OK. OK. Thanks Ross. I am thrilled to be here at the Mining For Europe today to tell you the Kingsgate story. Kingsgate is a company that's undergone a seismic shift in recent years, we've undergone a really strong transformation, and I'm keen to outline to you how the company plans to position itself so that we can continue to prove our operational performance, how we can continue to generate cash, But importantly, how we can deliver future growth opportunities and value creation opportunities as well. So let's get into it. Please take note of the forward looking statements because I will be making a few. And just before we start on the key metrics, just a couple of housekeeping notes, where possible, the dollars and the number figures in the presentation are in USD and of course the Australian financial year runs from 1 July to June 30. OK, Kingsgate today, if this is the first time you are seeing us or or hearing about us, we are an ASX listed gold producer. we have a capital structure at the moment of about $1 billion US dollars. share price on Friday was trading around $5.22. we've got around 267 million shares on issue, and I want you to remember that because that's quite small on a peer comparison basis in Australia. And that's one of the key planks of our value proposition, and I'll talk about that a little bit towards the end of the presentation. got a strong cash position, we've got around $150 million US dollars in cash, bullion and Dore. And very modest debt, we've got $10.6 million in a revolving credit facility, and that's from the Nabari guys, actually I saw them here before and look, a quick shout out to them, they were a friend to us at a time when we didn't have many, so we certainly appreciate that. that's our share register in the top center. What has been pleasing actually in the last five years, we've had a very large retail component, but we've noticed that, As we've been coming back to life and doing a few things, we've got some really strong institutional support, particularly here out of Switzerland and Germany. A couple of our largest shareholders are here, so this is always a good conference for us to get to. And underneath that you can see what we've done in the last 12 months, because if you don't pump your tires, who will? We were so delighted, we were up 260%, for the year to date, so that's been fantastic. And how we've done that is through our two key assets, the Tatcheri goldmine. And the highly prospective Nueva Esperanza project, which is in the Marakanga region of the Atacama part of Chile. So I'll talk about those a little bit more, but I just wanna do a quick rolling 12 month highlight reel before we get there. We were, and I'm so proud of this, Kingsgate was the best performing mining stock on the S&P All Ordinaries to December 2025, we were the second best overall, we're up nearly 350% for the year. Of course we were included in the ASX 300 index on the back of that as well, which was great. Of course we achieved that through very strong cash build. We closed out this March quarter at the $150 million US mark, and of course we also did that by de-gearing. In January this year we reduced our overall debt position by around 70%. We paid down debt from $33 million US down to 10.6 million, and again that's a revolving credit facility, so we can knock that off any time. And we are very, very focused on shareholder management and shareholder returns as well. We did commence a share buyback program in May last year, which is important. And of course flipping over to some of some of the operational highlights, we've been working very hard to improve our safety record, we're getting the frequency rate of injuries down, and of course we've been doing a lot of work on some of the assets and opportunities around the Chatterri Gold Mine, and you can see last year we posted an inaugural resource on an exploration area that's very close to the mine itself, and I'll talk a little bit more about that in a minute as part of our organic program or program. But a couple of intersections I wanna call out there, we did get some really, really significant intersections up at Chatterree, you know, we've got 8 m at 20 g from about 35 m, so it's, it's obviously very high grade near surface. I think we got also a 15 m intersection there at 5 g, and literally from 1 m, it's, it's so shallow you can almost dig it with your hands, so that's that's. It's been fantastic. And there's a little bullet point there at the bottom right, as well, and I just want to call this out cause this will help the rest of the presentation make sense. I want you to think of Kingsgate in two distinct er, 2001 to 2016, 2016 onwards. What happened in 2016 is the Thai government didn't renew a key operating license that we needed. Pleased to say we were able to work through an international legal process with the Thai government. Had that license and the mine restored back to Kingsgate in about 2023, so since then we have been flat out putting the mine back together, and you'll see the evidence of that in the next few slides, so that's important. Obviously since then too, our relationship with the Thai government has been excellent. The regulators, you can see another dot point on the page there, we've won a number of awards. Since we've come back for our corporate governance and our sustainable mining practices. So having outlined that, let's have a quick look at Chatria itself. So this is our flagship asset, really proud of this. It's located in central Thailand, about 280 kilometers north of Bangkok. It actually straddles three provinces, but the two main ones are Pichi and Pechabu. It is a large, low grade epithermal gold deposit. Got about 1.2 million ounces of gold in reserve, so that, Is about a 9 year life of mine at a run rate of about 100,000 ounces a year, which is what Chattery is known for and of course up until 2016 we know it was good, it had a proven operating history. We got close to 2 million ounces of gold out of it, 10 million ounces of silver, which was great, and since we've been coming back to life, we've put back together the two large processing plants that sit there. So they're fairly standard flow sheet, they're carbon in leach. Their combined nameplate capacity is 5 million tons, but I've been pleased to say we've been running it at 5.6, 5.8, we've even touched 6 million tons there at various periods as well, so very happy about that, and of course as part of coming back we had to buy a whole lot of new yellow Caterpillar equipment. That's the best fun, isn't it, when you get a new mining fleet. We got 40 pieces, we actually added a new 60-30 digger to the rotation in January to help us get on top of a bit of waste movement, so that's been, Really pleasing as well, certainly helped with the throughput, and one of the key competitive advantages we have with the 700 strong workforce that we have there, We have some very, very highly skilled local Thai workforces, in fact, there's only 2% expats, the rest are Thai, and I'll talk a little bit more about that as part of our ESG measures. And of course, to welcome us back, the Thai government gave us a big tax incentive. We got a US $100 million tax holiday through their board of investment. We got other tax holidays on withholding tax and taxes on equipment and duty free incentives as well, so that's been quite valuable for us in terms of helping the bottom line. So that's Thailand, that's Chatterri. Just having a quick look at the chatre production, so for FY 26, I guess the key point for us is that we are firmly on track to achieve guidance. Our guidance is 85,000 to 95,000 ounces of gold with an all-in sustaining cost range of about 1550 to 1750. Now that is quite modest. Chattery is known to be over 100,000 ounce producing asset on an annual basis, and we'll, we'll, Get back to that, but I want you to think that we've been putting it back together. In 2025, we started on low grade stockpiles. We're slowly ramping up, we've been producing, we produced 75,000 ounces from that last year, we're well on track to get into the 85, 90, growing again towards the 100,000 ounces as we go. And what's been really pleasing too is our cost curve. Obviously with a start-up, when you're coming back to life, you have some unexpected costs, one-off costs, you have some. Usual capital costs. Pleased to say we've kept a, a strong focus on keeping those down, and you can see there that our average all-in sustaining cost pre-royalties is around $1234 US an ounce, which is well below our guidance range. And the reason we talk about it, pre-royalty and post-royalty, one of the downsides of Thailand, I do have to say this, is that their gold royalty is a sliding gold royalty, so if the gold price goes up, it goes up with it. So to compare us a little bit more on a peer for peer or like for like basis, we obviously report it pre-royalty and post-royalty, so you can see that, but of course even with the gold price where it is and our operating costs, we've been able to, Achieved some record ASIC margins, particularly last quarter, nearly 1900 US an ounce, which is fantastic, and of course, we've just posted our preliminary March quarter production results, so we've had 5 quarters now of + 20,000 ounce production, which is fantastic, produced as at the end of March, close to 66,000 ounces of gold. And 545,000 ounces of silver, and I just wanna pause quickly and just highlight the silver. One of the great things we have at Chattery is is a large silver component as well, and in fact, I found out recently we are the 4th largest silver producer on the ASX just with the byproduct credits that we get at Chattery, and of course, silver has had a stellar year as well. Appreciate obviously, recent geopolitical events. knocking prices around a little bit. There's a few sawtooth charts around, including our share price chart, but silver's been fantastic. It's up 3 times where it was this time last year, so that is a fantastic byproduct credit for us, really great problem for us to have. And in fact, at the end of the full year, we're looking at producing something like 700, 750,000 ounces of silver, which will be fantastic. So I want you to keep that in mind because our project in Chile, is a silver focused project as well. So that's Chattery, you can see the graph on the left, we're certainly trending in the right direction, looking to have a strong June quarter to finish, land well into the guidance range, and, hit our targets. OK, so how are we gonna support the growth ongoing? We have been in Thailand a very long time, and Chatter is located in a very, very prospective area. It's in the center of the Loi Fold Belt. You can see it there in the graphic. We are effectively the only gold mine in Thailand and we've got more than 1200 square kilometers of the Loy fold Belt pegged down, and it's well-known in the upper parts, particularly Laos. It comes down through Laos, Thailand, curves into Cambodia. There's some very, very large copper porphyry and gold systems as well. We're there, there's nobody else with us, so we have first mover and and only mover competitive advantage on, on that. And part of our field program this year, is we're looking to go out the left-hand side of the of the Chatterri gold mine itself into the Pitchet province. as I mentioned earlier, we posted an inaugural resource on an area we call the Southeast Complex. That's the little box on the right-hand side, if you can see the diagram where the yellow shading is, that's the Chatterri Mining complex itself. The little smaller box inside that is the Southeast complex. That's less than 2 kilometers in some parts from our processing plant. So you can see. economies, the efficiencies of scale to bring that in. We posted 550,000 ounces of gold on that last year. I'd be surprised if we couldn't get that up over 1 million, 1.5 million ounces, at probably a head grade of 1 g or better. We know it's good, we know there's some super gene enriched halo at the surface, and we're very excited about that. So that's one of our, our near-term organic growth pathways. Of course, concurrently, we're working at getting a mining lease over that area as well, so we can bring that into our production profile sooner. Certainly bump up our metrics and make a huge difference to our bottom line as well, so we've got a lot to be happy about. There'll be a huge amount of work going on in this space, as we go forward, and again, we've got first and only mover advantage in a very large area, we've pegged all of these areas, really only limited by the amount of resources we can put into it. We've got a geological team that's 40 strong at the moment, and we're obviously working these areas as hard as we can, and you can expect to see some news flow. On the left-hand side, the pitch it side, as we, we go ahead later this year as well. So that's part of our organic growth program. Now just quickly, obviously wanna talk about social license to operate. We are in a obviously very interesting area and have an interesting history. Obviously with no social license to operate, there is no mine. One of the things I'm most proud of, and Kingsgate has a very strong track record on this, because Chattery was founded in the early 90s, we've had an ESG or a CSR program since then. as I mentioned earlier, 98% of our workforce is Thai, more than 85% of that workforce come from villages within 10 kilometers of the mine. We have 5500 households within 10 kilometers of the mine. Just last year alone, we went to 3300 of them. I am told we've been to the whole 5500. Quite a lot of work. We've participated in more than 100 village meetings, and the reason we do that, one of the things, one, we want the community to know what's happening, two, we need them to vote for us for licenses and permits, a little bit like a popular election, so we bring them with us, and I'm pleased to say in most cases, we get better than 90% votes for us, so that's very important. Of course, we run a whole range of macro and microeconomic programs as well. We run free health checks, we've recycled waste, nearly 700 tons. We've planted 17,000 trees across 12 community forests. We run a water filtration plant, we've done that for more than. For years we've also built hospitals and schools, and a whole range of other agricultural projects to support the community. So very proud of that, we've had it for a very long time. Obviously very important to our long-term and long sort of relationship with the community, very important. And this is just a quick photo tells 1000 words. This is our people out engaging with governments of all levels, local, state and federal. Just wanna tell you a quick story on this. Recently we had the, our key regulator, the director general of the Minning department, he came to the mine twice in a month, and we had the mining minister there for the first time in 10 years, which is a huge win for us, it's a really great, Thing, and he didn't just say, I wanna be your regulator, he said, I want to work with you to make Thailand a global gold player, and there's no reason we can't work with them and vice versa to do that. So we're really encouraged by that. I know it seems like a little thing, but it's a really big thing for us, really important for our future. OK, finishing in Thailand, jumping across the Pacific now, this is the other part of our future. This is Nueva Esperanza Silver Gold Project. Now it is easily one of the largest underdeveloped silver projects in South America. I think, in fact, probably globally, I think if you look at the size of the resource, it's probably in the world's top 10. In fact, Kinross had this in the late 90s and it was the largest silver mine in the world. I think those guys got something like 35 to 40 million ounces out of it in about 13 months, so we know it's got scale, we know it's got ability, and we like silver. We think that there's a strong structural shift underway in silver. I think we're experiencing the 5th year. Of a supply deficit for silver, we think that's gonna continue, we think that's gonna drive the price, so we like that. We got at the pre-feasibility stage in 2016, obviously had our speed bump with Thailand, so we had to go a little bit slower, but we're now strongly focused on bringing that back to life and production as soon as we can. We know it's in elephant country, it's in really good company, it's between Solaris' goldfields, Goldfields Solaris Norte, which is fantastic. Rio 2's Phoenix is across the road and they're doing very well. and of course it's to the north of Lacoypa's, Kinross's Lacoypa as well, which is another, Really highly respected mine, so we know it's good, it's got multiple deposits, it's got two open pits and one underground, and as I said, we updated the resource on it last year, posted 61 million ounces of silver. In fact, it's got about 300,000 ounces of gold in it as well, and we were told actually, prior to us owning it, it was never actually assayed for gold. So we'd be very surprised if we couldn't find some more significant gold intercepts there as well. So that's why we like it. Big work stream going ahead on it now, now that we're looking to, to really advance it, obviously last year there was a quite a bit we were undertaking, Topographic surveys, we were doing infrastructure repair works, things like that, geochemical rock chip work, sampling, we've hired new legal and environmental consultants, in fact we've just appointed a geologist, we're updating our assumptions from the pre-feasibility study in 2016. 1 of the key things we're looking at, and we're about to undertake some metallurgical test work drilling, because if we can show that we can heat bleach this project, then that significantly shortens both the time to production. If that's where we go, and it also significantly reduces our capex, which would be fantastic as well, so you can expect to see some more news flow on that shortly. Also, we're really pleased to say that we've been doing some work on our long-standing water that we've had there as well, and that's looking very positive, and you can expect to see some market news from us on that in the near future as well. and as the clock winds down, I wanna leave you with our value proposition. So you're gonna see some great presentations here, you've probably already seen some. So then what you're, you're thinking, well, what makes Kingsgate an interesting and compelling story, why should I buy that, why should I invest in that more than anything else? And I think we've got a few things that can differentiate us out. Obviously we're bringing the Chatterri Gold Mine back to life. We haven't fully optimized it yet, but we're on the way, and you can see that from our production uplift, we're showing you that we can do it. We've had 5 consecutive quarters of 20,000 ounces. That'll continue to grow. We've been managing to set new all in sustaining cost records per quarter. We're generating a significant amount of cash. The other thing is we've got two large hungry processing plants. We want to up the feed, we wanna really put some throughput through those pump some ounces out the other side. That's enabling us to build a really strong balance sheet as well. As I said, we've completely deleveraged except for a modest debt fund. We also don't have any large capital items to spend. We've put our plants back together. We've bought new Caterpillar equipment, so there's nothing on the horizon that should be a surprise for us. We're unhedged to the gold price again. Appreciate a little bit sore tooth in the current times, but we think it'll snap back like a rubber band when that calms down. Point I made at the start about our capital structure, if you look at us compared to say another ASX producer, they've got 34, maybe 5 times as many shares out there on issue as we do. We don't, so if we give a distribution or we do a buyback, it means something. I'm pleased to say, just last Friday, if you're a shareholder of ours, you were part of a 10 cents Australian dividend distribution, roughly $19 million US. And that's really on the board's mind is to keep returning cash to shareholders, keep the capital structure tight. And of course how we're gonna do that, we've got a huge organic growth platform, as I said, we've got 1200 square kilometers of exploration potential, really good exploration potential because we know, cause we've been there for so long to support Chatterree. Got 10. Life and M, pretty much as it is if we don't do anything else, and we've got the Southeastern complex who we know could be potentially, nearly as big as Chatter itself once we get going, and we've got the very exciting silver project in Chile. We think that's only gonna go from strength to strength. So on that note, this is our ticket code, it's been really fantastic to be able to outline our story to you today, and thank you very much for listening. Thank you. Thank you, Jamie. I think we've maybe got time for one question from the audience, we can pass the mic. Yeah, thank you, great presentation. By my calculations, Kingsgate may hit the ASX 200 in the June rebalance, which could stimulate, you know, close to $100 million of passive buying. Is that an analysis that you guys have done? Is that something you can comment on, Jamie? Look, look, that is a great question, Nick, and thanks for, for asking us that. Look, we, we like to be modest, if, if that happens, yes, that, that's great. but we, we have it in the back of our mind, we, we have actually had some, some people say that to us, and I, and I should say we are covered by Can Accord that's on our, our thing there, and they have a price target of more than $9 Australian on us, which is another reason to buy us. But if we, if we do make it into the $200 yes, of course, it, it is something on our mind, but our focus at the moment is just to keep focusing on growth. Thank you. Perfect, thank you very much, Jimmy, thank you. It's the last presentation of this session is Alberto Morales.