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Thank you for standing by, and welcome to the St Barbara SBM briefing on Q2 December FY '21 results. [Operator Instructions] I would now like to hand the conference over to Mr. Craig Jetson, CEO. Please go ahead.
Thank you very much, and good morning, everybody, and thank you for joining us at St Barbara's December quarterly report briefing. On the call with me today, I have Garth Campbell-Cowan, our Chief Financial Officer; Ms. Val Madsen, EGM, People; Mr. Evan Spencer, our Chief Operating Officer; Ms. Meryl Jones, Head of Business Development; and Mr. David Cotterell, Manager, Investor Relations. If I'd like to just point out on Slide 2 and encourage everybody to read through our standard disclaimer. I would also like to begin by recognizing our traditional owners of the First Nations people in the lands of where St Barbara operates in Australia, Canada and Papua New Guinea, and pay my respects to elders of the past, the present and the emerging. So now moving to Slide 5. Four of our five commitments are related to our operating safely and sustainably: safety always, empowered people and have diverse teams, stronger communities and respecting the environment. As part of our commitment to the communities, we continue to support a number of programs including sponsoring the education and training of community members and partnerships with community groups. On Slide 6, safety always, we take a holistic approach to safety and is at a forefront in everything that we do. Unfortunately, during the quarter, we had 6 recordable injuries, most of them extremely low severity. And unfortunately, we had 1 lost time injury with the injured worker now returning to work. Three priority areas of focus in the December quarter were: contractor management, and that's where 70% of our injuries are coming from; line of fire and prevention, the type of damage that we've been incurring; and of course, the COVID-19 management plan and strategy and continues to be ongoing. And with that, on Slide 7 shows our COVID-19 management framework: developed infectious diseases critical control standard; at all sites, screening controls for all employees, visitors and contractors with reduced personnel on site where possible is an aim; reinforcing COVID-19 management plan with effective applications and protocols across the organization; hygiene monitoring and use of masks and effective controls to prevent community transmission is all ongoing and will continue for the future. On Slide 8, moving to Slide 8 now, the highlights of quarter 2. Consolidated production of the quarter was 90,000 ounces and all-in sustaining costs were $1,517. This was a big improvement over the September quarter performance driven by a higher production from Gwalia. Building Brilliance, which we launched late last year, has already driving improvements across the organization. I'll talk more about that in the operational section. Operational cash flow for the quarter was AUD 83 million. Cash at the end of September was $118 million, with a debt of $102 million. Key items impacting the cash flow were $18 million of investments in other financing, which included $3 million invested in Catalyst; a $9 million gold loan as part of a toll agreement for the Second Fortune Project; $9 million exploration expenditure; $8 million of growth CapEx; and $7 million of taxation payments. On our growth options, we've outlined detailed permitting time line for Atlantic Gold projects, and at the same time, appointed a general manager community engagement and permitting to take those projects through to fruition. Reviewing of the Leonora Province has been completed and has now been developed into a strategic action plan. This Simberi Sulfide Project remains on schedule for quarter 3 March FY '21 board review. Moving on to Slide 9. As many of you would know, we launched our Building Brilliance program in late of FY '20, with the principal objective of improving our bottom line performance. It's a company-wide program to rapidly and sustainably improve performance. It also focuses on creating enduring value for St Barbara addressing historical challenges and constraints. We have a detailed plan to deliver on this objective, will see $80 million to $100 million of cash flow contribution by FY '23. Roughly 1/3 of the value comes from reductions in costs, and the other remaining 2/3 from volume increases. We are already seeing the benefits of productivity and cost improvements at 2 out of 3 of our operations. Progress is in delivering the target annualized cash contribution will be reported in future quarterly reports. Some of the initiatives at each of the operations are outlined here on Slide 10. Atlantic and the team's debottlenecking the mill has already seen improved recovery through gravity circuit grinding efficiency, which drove improved throughput through the December quarter. At Leonora, the rollout of tele-remote operations, automation in the underground loaders and long-haul rigs has seen an increase in development efficiency and drill speed. At Simberi, we're looking to increase availability and productivity in the mining fleet. Across all 3 operations, this has an increased focus on cost reduction opportunities and review of all contracts and discretionary spend. On Slide 11 shows the consolidated quarterly production and all-in sustaining costs. The December quarter result, largely driven by an improved production at Gwalia, compared to the September quarter, both Atlantic and Leonora have improved their performance in costs and on production. Moving on to Atlantic, specifically on Slide 12. Production was 26,693 ounces and all-in sustaining costs of $999 per ounce. Production was comparable to the previous quarter, which is marginally lower due to mill grades being offset by throughput and gravity circuit recovery. FY '21 guidance for Atlantic remains unchanged. Production between 100,000 and 115,000 ounces. All-in sustaining costs between $955 and $1,100. So moving on to Slide 13. Gwalia's production was 42,198 ounces at all-in sustaining cost of $1,573. As we highlighted, last quarter 2 was much better than quarter 1, and the forecast for the second half of this year is much better than the first half. The underground Wi-Fi network has been completed, enabling long-haul drilling from the surface at shift change, which together with auto drill functionality, is delivering an additional 30 to 40 meters of drilling meters per day. The Sandvik AutoMine, also utilizing the newly installed Wi-Fi network, has improved bogging rates and running multiple loaders from one operator from the surface. The next step is remote operating the new development jumbo from the surface to allow development drilling over shift change, which is expected to give further lift in development rates.We toll processed 84,000 tonnes during the quarter. We also entered into a toll processing agreement with Linden Gold Alliance for a minimum of 300,000 tonnes of ore processing over the next 22 months with potentially up to 900 -- 390,000 tonnes. I'll talk a little bit more about this in a few slides' time.FY guidance for Gwalia is unchanged, production between 175,000 and 190,000 ounces. All-in sustaining costs, $1,435 and $1,560 per ounce.On Slide 14, Simberi's had a poor production quarter with a production of 20,779 ounces at an all-in sustaining cost of $2,070 per ounce. The quarter was significantly impacted by lower recovery resulting from processing high proportion of transitional ore. This was due to a negative reconciliation of Samat pit, which limited availability of the high-grade oxide ore. The remainder of the original RopeCon was also replaced during this quarter, which will enable higher mill throughput going forward.FY '21 guidance for now is unchanged. Production between 95,000 and 105,000 ounces. All-in sustaining cost between $1,665 and $1,840 an ounce.Slide 15 is new and designed to show indicative development time line for all St Barbara brownfield projects. It's a compilation of the 3 detailed project time lines from last month's investor briefing, which will also -- is in the appendix of today's presentation. The plan is to include each presentation -- this includes in each presentation and update the time line if necessary.Now on to Slide 16. So this slide from last month's investor briefing shows the plan to maximize throughput at Gwalia. A few slides ago, I mentioned the new toll processing agreement with Linden Gold Alliance. One of the key benefits of this agreement is it immediately delivers the toll processing arrangements outlined here in Uplift 1, and the fact that it delivers over 200,000 tonnes annually highlighted in the chart. We are considering additional suitable one-off tolling arrangement third party from the region also.The Gwalia Shallows on Slide 17, the Gwalia Shallows resource estimate is well advanced. Drilling at Gwalia Shallows continued during the quarter and will be continued in this quarter to come, with 20 holes underground already completed. An additional 8 holes is planned this quarter, and prior to commencing a resource estimate and publishing that estimate. The Gwalia Shallows is one of the new mining fronts, which we outlined as part of Uplift 1 on a previous slide.In terms of Gwalia moving forward in the Leonora Province on Slide 18, an internal review on the Leonora Province was completed in December. The review identified a current resource and mineral inventory base reserve contained in the regional tenement package together with historical stockpiles. Some of these low-grade stockpiles were trucked and processed in December and January. There are additional stockpiles in the Braemore Sands and Tower Hill, but there is additional work to be carried out before we understand what that could do for us.A strategic action plan is now being developed to define the options and opportunities in the region. A key area is fully to understand throughput capacity of the Leonora mill. This objective to ensure the viability of lower-grade resources and multiple options that are currently available, including further tolling arrangements.On to Slide 19. Exploration at Gwalia continues to focus on targets to fill the mill. I spoke about Gwalia Shallows a couple of slides ago, but you will note on this slide, there are 5 prospects we are targeting in the Leonora region. We expect to receive assays and results from these programs in this current quarter.On to exploration in Nova Scotia. During the quarter, exploration Nova Scotia targeted the Higgins-Lawlers-Stillwater target. This is very close to Touquoy. This target will continue to be a focus of drilling during the March quarter. Drilling is also underway at targets in the northeast region and the southwest region of Nova Scotia.Exploration at Simberi continues to drill for oxide targets with 5 areas close to existing pits to focus on drilling in this quarter. Drilling is expected to continue all through the March quarter in this area.On to Slide 22, so what's next? In conclusion, we've had an improved December quarter, led by the production increases at Gwalia. Building Brilliance initiatives are starting to deliver with increased productivity and cost reduction leading to improved performance across our organization. The recent toll processing agreement shows we're on track to fill the mill and deliver our first uplift at Leonora as per our Building Brilliance program.The balance sheet remains solid at $118 million of cash and $102 million of debt. In the near term, we will outline the results of the Simberi sulfide feasibility study, continue to advance the Leonora Province action plan and submit the environmental impact statements and growth projects at Atlantic Gold.And with that, after strong quarter results, I'll now open up and take questions. Thank you.
[Operator Instructions] Your first question comes from Alex Barkley from Morgan Stanley.
A few questions from me. Firstly, a question on the transitional ore impact recovery at Simberi. Do you expect this to be a one-off for the quarter? And when do you expect those issues around the uncertainty of the Samat ore to be resolved? And also, what sort of outlook on oxide blend and recovery should we be expecting up till around FY '23 before you hit your transitional FY '24?
Yes, Alex, all good questions. I think there's multi answers to each and every one of those. So we're currently going through a mine plan. So as you'd appreciate, to understand the orebody even more than what we do now, we're frantically drilling to get as much orebody knowledge as we possibly can.The high-grade material in Samat, for example, and other areas of the mine still intact, and we haven't been able to access those areas at this point, and that will certainly come into the new mine plan. One of the things that we certainly need to make sure that we're well versed on is the transition from oxides to sulfides in a couple of years' time. And the future drilling will certainly give us that orebody knowledge.So I expect to see a significant turnaround this quarter in Simberi's performance. But the oxide and sulfide transition material as the oxide runs out is becoming more and more problematic. It's certainly creating some challenges in the mine sequencing, but I'm optimistic that the technical team will get through and resolve those issues in the very short term.So as you can see, we're not changing guidance at this point. Given the loss in this quarter because of this transition material, we'll certainly be on the lower end of guidance. But we still know we have some high grade, and we still know that we have improved reliability. So with, I guess, some wins behind us, we'll certainly have a better quarter this quarter.
Okay. And at Beaver Dam, so it looks like you're about to submit the EIS and getting a response later this calendar year. At the Investor Day, you mentioned there might have been some flex in the timing around first gold production maybe in FY '23 or '24. Do you know if you're any -- are you any closer to knowing whether we should expect that earlier gold production? And could we get an update on that process, please?
Yes. Look, sure. So one of the things that we've refocused the, I guess, the business, in particular, the development of the business in Nova Scotia, is the appointment of a general manager that's going to take the lead on that permitting, certainly interface with the First Nations and all the key stakeholders to make sure that doesn't become problematic or managed accordingly and that permits are delivered on time from a sequencing perspective in the project perspective. So that's going very well. And Laird and the team are certainly engaging quite well.I think Beaver Dam, in terms of its sequence, will be really subject to the permitting. And I think we're working with the First Nations and the government. We've put it in that time line where we think the permitting will be, in my view, that's conservative, and we'll certainly try to shorten that term -- that time line down, without guarantees, of course. So a lot of things have to work. And as you'd know, Alex, the permitting is not really something that we can control other than work with.So I guess, the quality of our applications is extremely important. So we make sure that we answer all the questions. We have all the technical solutions in place and well and truly explained as we submit the permit. So I'm confident that the time line will be less than what we have in our project plan, and we'll certainly guide on that as time changes.
Yes, sure. And a last quick one at Gwalia. What kind of cost benefit did you see from that tolling of the third-party ore? And where should we expect that number to sit for the remainder of the year?
Yes. Look, I think -- and there's a few parts to this. And I think the real issue, I guess, with your question is there's a lot of commerciality tied up in these agreements and -- which I'm certainly not going to talk about. But the fact of the matter is it makes some very good cash for our business, St Barbara and the shareholders. It's certainly in the benefit of our business.We need to make sure we get the development of our mine site, so the Gwalia mine, to a point where it's robust, it's stable, and it can deliver its maximum that it can deliver. In the meantime, while we do that development, we've got this latent capacity that we could fill. And we're doing that by, obviously, the tolling agreements. We've gone into an agreement with Linden, which I'm very excited about. And Meryl and the team have done a great job landing that forth for the next 20-odd months. And there are other opportunities as well.So while I have our mill -- our mine being developed and growing for the future and being optimized, we will top the mill up with cash-generating production that helps us. It's a bit -- if you look at it like a byproduct, for example, like a copper credit or whatever, it is good cash, reduced our overall operating cost, and it's a good business to be in. But in terms of those actual numbers and commercial terms, that's in confidence at this point.
Your next question comes from Levi Spry from JPMorgan.
Just on Slide 16 on your sort of bar chart on filling the mill. Can you maybe just talk me through the, I guess, the critical path to delivering that extra 400,000 tonnes into the plan of your own fleet and then displacing the toll milling stuff later on with your own feed, post '23. I noticed that you started drilling the Shallows, but what are the milestones along the way?
Levi, again, good questions. And I wish I had a crystal ball for a lot of them. But what we are certainly focusing on is primarily getting the shallows drilled out to get a good understanding of what that opportunity would look like, and we'll talk about that, hopefully, in a lot of detail at the end of this quarter.What that's going to do is open up another significant mining area to debottleneck our own mine site. So with some tailwinds, if that comes online at some stage, that will certainly displace the tolling material.Now the tolling material itself, as I said, it's commercially sound, it's makes a lot of cash for us. We have the facility at low cost for us, in particular. That's making cash for now. Longer term, I prefer to own the ore. And certainly, as you can see by our drilling program, we're not only developing the Shallows, but also the region, and we have some really good targets to be able to do that. We still need to put into play where Harbour Lights and Tower Hill fits in the scheme of production and future production. But over the next 2 years, as we grow that strategy and understand the region and the province plan in a lot more detail, we have this capacity to make some money.So if I look at the Gwalia mine for now for the next 2 years is capable of x amount of tonnes. Then we've got the mill sitting there that's capable of y tonnes and there's a significant delta in between. So we're going to fill that with cash material.The second part of that is there are a lot -- well, the third part of that, there's a lot of juniors, a lot of start-ups. There are a lot of other opportunity for tolling arrangements in the region in the future years to come. So what does that look like for our mill? Fill it from our own material first. Top it up above that or whatever we can possibly do with short-term tolling arrangements. But then if we also have in a province plan to upgrade our mill and be a tolling mill for the region for years to come as our mine gets deeper and lower grade, and we have more opportunity in the mill, that could be a really good business plan for long term for Gwalia.So it's a long story, but quite exciting with the opportunity we have in the region and particularly some of the tolling material that's becoming available for us. That's quite good material for us to process.
Yes, that's great. But so maybe just if I can just simplify a little bit. So the Shallows, you've got to drill some more and then you're going to revise the resource, did you say at the end of the quarter?
I'm hoping to do -- to have enough information by the end of the quarter to do that, Levi. Yes.
Okay. And just in terms of the potentially expanding the plant. Like how do we sequence these things? That's over and above the 16 -- sorry, the 1.3 to 1.4 that you're talking about. Is that correct? And why are you flagging it so early when we're still filling in the yellow and the orange?
Yes. Look, again, I think the opportunity to fill the mill is now, and there's some good contracts and some good opportunity out there. And Meryl and the team have certainly been proactive in that space. So I think from my mind, at the moment, we're trying to get the province plan to such a mature level that we can understand what that looks like in 3 and 5 years and beyond right, not just 1 year and 2 years. And when you look at the province of what's available, well, not just on our tenements, but also what's growing in the region, we've got some significant opportunity to be the miller of choice for the region. All that's got to come into our strategy that we're currently building internally with our province plan.It's way too early to call it. It's a vision, if you like. But it's opportunity and it's becoming real as we do more and more work on it. So we'll talk about that at the end of this quarter because we'll have more information. And we'll also talk a lot more because we'll have -- I think we've got about 8 holes to drill this quarter, and we'll get the results in and be able to see what the opening up the Gwalia Shallows will actually do for us, what that does then for topping up the mill of our own material or filling the mill with our own material. And also, as you've seen in the exploration slides, there are some targets very, very close to our operation on our own tenements that we're looking at. So optimistic, but you've got to put it together in a province plan, not a budget, which only lasts 1 or 2 years, and that's what we're pursuing at the moment.
Your next question comes from Matthew Frydman from Goldman Sachs.
Firstly, I just wanted to follow up on the reconciliation issue at Simberi. Just wondering if you can expand on that a little further. Was that mining reconciliation or resource model reconciliation issue, was that isolated to the Samat pit? And then, I guess, how does that affect your thinking around the drilling density required at Simberi, particularly thinking about, obviously, your pretty large sulfide reserve endowment? Do you then have any questions around doing further infill drilling in certain areas to better understand that?
Yes. Look, I think the -- so Samat was a bit of a surprise, but not a total surprise. And if you look, I think, at the way that we've technically managed the operation for a number of years, given I think the life of Simberi year-on-year has probably been 18 months, 2 years for the last 4 or 5 years, so a lot of uncertainty. That's led us to, obviously, the feasibility into the sulfide project. And we really have been learning over the last 3 or 4 years, whether we had a project there or not.So that really, I guess, has allowed us to underdevelop where we'd like to be, and that's not the position we wanted to be in. So Samat orebody knowledge is nowhere near where it should be. So the reconciliation really bit us hard. We know there's some high-grade there that we still -- that's still in the ground, and we'll go after to catch up. I think the biggest issue that we face at that operation at the moment is not the transitional material. I think we're getting a very good handle on what that could look like with the mine plan and the extra drilling we're doing. We're also doing some infill drilling as we speak. And we'll get the mine plan a lot more robust and reliable over this quarter than it's potentially been for a number of years. And we've had to do that twofold. One is you just saw the, I guess, the result of not having good orebody knowledge in that one specific area of the pit. I don't want have that knowledge to transfer or the way of operating to the other areas of the operation. But we're doing a significant amount of drilling looking for extending oxides, but also getting the sulfide orebody knowledge well and truly understood before we go into that program.So it really is an operation that is towards the end-of-life for oxides, but with some upside potential. And hopefully, we can talk about that at the end of this quarter with the drilling that's going on there at the moment. But we're increasing our orebody knowledge from a sulfide perspective before we go into the sulfide project. So we do have very clear and robust and good mine plans and strategies going forward.So it's a bit of a juggle at the moment to get things right. Now coupled with the recovery issues that we've had in the mill because of the amount of sulfide material being fed to the mill hurt us as well, along with some reliability issues. But now that we have the RopeCon, that, in theory, should be no longer an issue considering we've replaced all the belt now. The fleet reliability still becomes problematic that Evan and the team are working on to resolve that problem through Building Brilliance. So I think Simberi will bounce back. But it has some catch-up work to do before it bounces back fully as well, and that's clear.
Sure. And then I guess you've reiterated that you're looking to take the FID on the sulfides project to the Board before the end of the quarter. Are you expecting any update, I guess, in terms of the financial agreement or the Mining Act agreement from the PNG government before the Board makes a decision on the project? Or will that decision basically be predicated on the current terms of the mining lease, the current financial agreement, et cetera, and just underpinned by, I guess, the status quo?
Yes. Look, I think it will be underpinned by the status quo. There are some things that -- the PNG government is certainly not progressing the Mining Act. [ To me ], the Mining Act changes. The level of -- the assurance that we do have is their ML does not need to be renewed, I think, until 2028, 2029. And well, truly, we'll be into the sulfides project we paid for and will be into some serious cash before we have to worry about a new ML.What we have been doing in the recent 2 weeks, for example, has been talking to local-level government, the landowners and certainly the provincial governor of where we're at, what we're doing and what we need from the government to get Board across the line for the investment, in-country investment and certainly what does it mean moving forward for projects and legacy projects, in particular, to help people of the island and the Tabar group of islands.So it's coming together quite well. We have certainly got significant support from the provincial government, the governor and the land owners. We just now need to make sure that we're working very closely with the key people in CEPA, the MRAs at the mining house. And we're not held up by PNG red tape. So it's all going well, but it's all verbal. And we'll look for future commitments in writing from the government over the next few months.
Sure. Just switching over to the Building Brilliance program. You've said there in the text that you're looking to, I guess, track that or report on the cash contributions from that program in future quarterlies. Just wondering what we can expect there in terms of how you're going to present that data. Are you measuring that versus, say, a FY '20 cost base, FY '20 production base? How should we think about the way you present that $80 million to $120 million target and where you're tracking versus that?
Yes. Look, the building -- the program itself has obviously been a bottom-up and a top-down assessment the entire business, looking at value, value leakage and organic growth and inorganic as well, but mostly the organic growth because that's what's really in our engine room waiting to be developed. So what you will see is the significant improvement in bottom line cash performance. You'll see things reported like recovery improvements that the team is doing and seeing at Atlantic, for example, development meters and specific KPIs that create the value. And at the back end of that will come a significant cash performance over a baseline. So we'll put that together in a better picture, so it's well and truly understood as we go forward. Because this is part of our plan to get us to over -- or up towards that 500,000-ounce mark to get us to an additional $80 million to $120 million by 2023. It's a 2 -- 18 months to a 2-year project. I would like it to be less than 18 months but we're calling it 18 months now. And you will see -- it won't be a linear approach. You won't see production month on month on month on month or quarter-on-quarter, I probably should say, improve or increase. You'll see some headwinds and some tailwinds [ in of your ] sawtooth approach. But by 2023, our operations will be stabilized at a number that's well and truly within our guidance and targets that we set out by Building Brilliance. But that will become more of a 1-pager report each quarter going forward because it's so important to creating that value in our business that the market sees how we're doing and where we're getting it from.
Yes, sure. And you mentioned that you're already starting to see some of the fruits of those cost-out programs. Just wondering how much, if any, cost out is already baked into FY '21 guidance. I guess, given for the first half, you are tracking above all-in sustaining cost guidance. Are you expecting a stronger second half purely on grade and volume? Or are you also expecting some -- the cost production programs to have a material impact in the second half?
Yes. There's, I guess, a lag between actually signing off that we've implemented the project and seeing the cash come through to the bottom line, as you would expect. There are a lot of projects and cash-out projects that have already been implemented, which is great.But the ones that really move the needle and the high complex commercial agreements that we're reviewing are the ones that take the longest to deliver. But we're a significant way down the road on those projects and delivering. There were some announcements, hopefully, at the next quarter review of where we're going and what we're doing and what the value of those projects will deliver as we will report.But the actual cash following through will be sometime down the track after the implementation because it takes a while for these things to kick in. So I'm very encouraged with, I guess, the Building Brilliance team and the organization, the way it's take the cost out. These cost out are sustainable cost out. It's not just cutting costs for the sake of it. It's strategic, and certainly will give us a sustainable business for longer term. The grade and the tonnes, given, I guess, the automation that we're rolling out and successfully rolling out at Gwalia, we're still learning, and we've seen significant improvement in drill meters per shift per day. We're now drilling and bogging across the shifts where we never used to. So all these small incremental changes create an uplift in productivity that you'll see at the back end. But we're 3 months into this program. We've resourced it. Developed a strategic plan to deliver and announce with that. And now we're starting to see some benefits of those. But that's in 1 quarter. So with a bit of luck and some more tailwinds, we'll certainly continue on with that improvement.
Your next question comes from Nick Herbert from Crédit Suisse.
Just, Craig, just clarify a comment you made earlier regarding targeting the lower end of guidance. Was that Simberi specific on issues or the challenges you've had there? Or are you also expecting bottom end of range at Gwalia? And then also, just on Gwalia, can you just clarify please how much toll treated ore within the first half, and that 200,000 tonnes is still a target for the full year in terms of that toll treatment?
Yes. Look, I certainly can. And look, yes, it was in the forecast. So the toll treatment and the guidance at Gwalia still remains the same. Everybody knows we had significant headwinds in the first quarter. The second quarter, we've rolled out Building Brilliance. We've certainly got back in front of the -- on the horse, if you like, in the second quarter with Building Brilliance and some other initiatives to help us start to claw back to where we know we can operate, which is part of our 1- to 2-year plan for Gwalia anyway.So we've left the launch pad. It's going reasonably well and has still got some opportunity. So look, I don't think the headwinds of the quarter 1, the uplift of quarter 2 and that -- we've already forecasted a strong second half. So that will be measured quarter-on-quarter, I think, and there's no change to the tolling tonnage as such.So -- and I think the issue with Simberi is a bit more problematic. That's when I was talking about the bottom end of guidance. That's the only one that I see that may be there. But knowing we have high grade, knowing that Samat has still got some high grade in the area, knowing that we have improved programs on fleet reliability and availability, and now the RopeCon, we should come home with a strong second half provided we get back on where grade should be, recovery should be and understand the pit a bit more, which Evan and the team are working through.So it's -- unfortunately, we've had the tough quarter at Simberi. It's still producing significant cash for the business. It's operating safely. So I'm still optimistic about meeting guidance there as well.
Okay. Great. And just are you able to disclose that the volume of toll-treated ore that went through Gwalia in the first half? Or can follow-up with Dave later?
Look, follow-up with Dave. I think -- look, I won't quote any numbers. I don't have the exact numbers for the half in front of me now. But follow-up with Dave, that will be good.
Thank you. There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.