Operator

Thank you for standing by, and welcome to the 29Metals Limited March Quarter 2026 Conference Call. [Operator Instructions]

I would now like to hand the conference over to Mr. James Palmer, CEO. Please go ahead.

James Palmer
Chief Executive Officer

Thank you, and good morning, all. James Palmer here, and thanks for joining the 29Metals update for the March quarter 2026. Today, we'll be speaking to the presentation released this morning alongside our March quarter report. And joining me are Ed Cooney, our Chief Operating Officer; Peter Herbert, our Chief Financial Officer; and Kristian Stella, our Group Executive, Corporate Development.

So a quarter with some strong results and post quarter-end, a challenging decision to undertake additional work to further derisk Xantho Extended, which are now underway.

So zooming out first before I talk to the quarterly, the 29Metals investment thesis remains strong. The company's intrinsic value underpinned by 2 large copper resources across Golden Grove and Capricorn Copper. As outlined on Slide 4, both assets have long-life potential and significant geological upside.

At Golden Grove, we're nearing the end of a significant investment phase to enable mining of high-grade ore sources. So from the end of 2026, we expect reduction of capital expenditures and progressive ramp-up of mining from the high-grade ore sources of Xantho Extended, Oizon and Gossan Valley to support metal production growth and free cash flow generation.

At Capricorn Copper, the team are progressing rapidly towards a restart of production. Water levels have been significantly reduced and are no longer an impediment to a