A significant proportion of our exploration budget is directed towards replacing the reserves depleted through mining and further building the resource base at our operations.

A smaller—but important—proportion of allocated funds are directed to exploration outside of the regions where we are currently mining but in jurisdictions that have a track record of discovery, development and successful production. In these jurisdictions we are focused—although not exclusively—on high-grade, low-sulphidation epithermal and orogenic styles of gold mineralisation.

In 2018 we significantly increased our inferred resource base by 42 per cent to 3.6 million ounces.This is largely due to the success at Martha Underground and Wharekirauponga in New Zealand. We also offset reserve depletion by 36 per cent.