Q2 2021 Sierra Metals Inc Earnings Call
Okay.
[music] from.
Yes.
Net.
Yes.
Yes.
Okay.
I will now turn the call over to Mike Alastair VP of Investor Relations for Sierra Metals. Please go ahead.
<unk> operating and good morning, everyone.
Welcome to Sierra Metals second quarter 2021 results conference call on.
Today's call we are joined by Louis Mark David on <unk>.
CEO as well as add demand on CFO.
We are assuming that on published materials have been Brian.
Today's presentation highlight the.
Key issues of the quarter. However.
However, I would like to highlight as always we are open for questions at the end of the presentation, which you can expand upon the other issues that might be of interest to those lifting the.
The accompanying presentation for today's call is available for download.
Webcast from the company's website.
Euro not on Dot Com yesterday's press release, the financial statements and the management discussion and analysis on also posted on the company's website.
Turning to slide 3.
Before I turn the call over the management I would like to indicate the big.
The earnings call contains forward looking information on a day.
From the company is pretty tight.
The patients and believe these.
These forward looking in this forward looking information.
So the number of risks uncertainties and other properties.
Results could differ materially from our conclusion forecast or projection of Brooklyn.
Adjusted in the forward looking information.
Additional information about the material factors that could cause.
Cause actual results to differ materially from the conclusion forecast or projection in the forward looking information on the material factors or assumptions that were applied in drawing the conclusion or making a forecast or projection as well.
Reflected in the forward looking information.
Contained in the company's annual information form, which is publicly available on SEDAR or Edgar filing the form 40.
Or on the company's website. Please note that all dollar amounts mentioned on today's call are in U S dollars unless otherwise noted.
I would now like to turn the call over to Lewis <unk>, our CEO, who will provide us with the second quarter highlights as well as an outlook for the remainder of the year afterwards at the mirror, our CFO will take us through the company's financial highlights for the quarter of.
The input call Lewis <unk> TB.
Provide a brief statement on the update of the strategic review process with the.
That I will now turn the call over to do with market.
Thanks, Mike.
Good morning, everyone.
Turning now to the second quarter highlights on slide 4.
Why don't they view of tissues, the skin affecting of our daily operations of all 3 mines, the the COVID-19 pandemic.
But as always the safety of our workforce on the communities in which we operate remains paramount to the company.
The pandemic has in bowls.
<unk> direct or indirect challenges to the accompanying managements, which have chamber in the our real new RMB you can mute on mute.
Yourself by pressing star fix.
As expected this year.
The host would like you to 1 of the 2 microphones you can press star 2.
<unk>.
Some of the COVID-19 issues are still ongoing or a receivable effect from previous quarters from current operations.
The rig impact issues have included lower workforce availability.
Additional costs related to management of prevention of COVID-19.
Receivable effects on the lakes on mine development has forced production to come from lower grade.
Permits area in order to reach throughput targets.
Lower grades of directly affect the metal production of.
3 of our mines.
Although the company was able to secure the production response from permit to 3600 tons per day of the re culture.
<unk> with the delay from our initial expectations on.
On the other half of the company also encountered problems related to significant underground water temperatures of it.
Could remind which may be amenable to the planned production rates.
The issues of course, the RV and breakthrough rectified with the completion of our race book, which we provide relief to the tight.
Temperatures.
Aligning the pumping capacity at the seems to be having some technical difficulties.
Hey, good morning, good morning, everyone.
The pickup we're.
And the leaves liftoff.
If we turn to slide 4.
1 of the biggest issues still affecting daily operations of all 3 mines as the COVID-19 pandemic.
As always the <unk>.
Safety of our workforce and the communities in which we operate.
Remains Paramount to the company I believe Luis are you able to join now or.
Okay.
The pandemic has imposed various direct and indirect challenges to the company.
Yes.
And management, which which have hindered our ability to operate as effectively as expected.
This year.
Some of the COVID-19 issues are still ongoing.
Or are of residual effect from previous quarters on current operations.
Direct impact issues of included lower workforce availability.
And additional costs related to management and.
In prevention of COVID-19.
I believe the movies.
Trying to connect.
The.
I think you're on mute debt.
Okay.
Apologies, everyone, we are having some technical difficulties.
Turning it from Lima.
For the effect from delays on mine development as force production to come from lower grade higher tonnage areas.
And in order to reach throughput targets.
Lower grades of directly have directly affected metal production at all 3 of our mines.
Although the company was able to secure the production expansion permit to 3600 tonnes per day at the crusher.
The team with the delayed from our initial expectations.
On the other hand, the company also encountered problems related to significant underwater underground water and high temperatures.
Good morning.
Which made it less amenable to the planned production rates.
The issues that <unk> are being rectified with the completion of the race bore which will provide relief to the high temperatures and streamlining the pumping capacity at the mine.
I will now turn it over to Luis.
Thank you Eric for recovery of premium from Covid.
We have force ingredient Friedman the charges, we have also increased the genuine charges.
Due to price participation from income per month basis.
Unit costs were also affected mainly due to indirect costs, which is 2 of among the incur inspite of lower metals production.
We continue to take proactive measures to mitigate potential impacts of the COVID-19.
And we continue to bid on warranty and pleased before the turn during the month.
The money on.
These days.
I Wouldnt want information about when the Korean on Mexican governments as the nature of aircrafts are bringing Maxine.
The population our areas of nutrients.
Starting with the most of risk in the communities with completion, however, with no debt on the components.
And COVID-19 remains a significant risk of on a personal note communities on RV.
The company has engaged brought with news of the local authorities to support.
Corporate Air force and to facilitate ex the mutual efforts nearby operators.
Turning now to slide 5.
The reflecting the previously mentioned the challenges on their input on operations from the first half of fiscal 'twenty..1 we felt the need to revise our production cost on your EBITDA guidance from the line will be online for the year.
We continue to work with challenging conditions with the simple couple of the year expected to be the stronger on their current path.
We've got the copper equivalent production.
Now expected to fall between 100 on bank our Premier.
This year.
Cash flow on trending higher due to the previously mentioned recently.
And we will see increased overall cost increases in Q1.
Based on the new production on growth guidance range monitoring of also related to the EBITDA guidance, which is now expected to range.
Okay.
The $140 million per year.
Finally, we've inclusion of the Capex to construct the new iron ore processing power of a lever. We are now revising upward on expenditures for the year to 100 million.
The company balance sheet remains strong.
On a COVID-19 ingredient message on expenditure.
On the repayment of loans for approximately $19 million, which will be lower.
Our own share position grew approximately 50, new mill at the yield.
Despite the challenges we faced in relation to the pandemic in the second Parker the.
The company continues to see improvement in consolidated throughput revenue EBITDA net income our decision previously.
On the previous quarter in terms of Duke.
Looking ahead into 2021.
Turning to slide 6.
I am looking on head and entered into the mine.
Despite the unexpected challenges, we're facing we continue to see strong growth opportunities for the complex the remark.
Once we emerge from the dynamic we've increased by the commission rate amongst our employees.
Short term opportunities include the production of iron ore concentrate on.
Cumulated stage production increases from the Europe.
Continuous improving the in each of the current 30% growth.
While we are completing preliminary feasibility studies to go on.
The new consensus group of expansion of the reports on Mike.
April based on volume of production that there won't be 1 on food.
Okay.
We also continue with our brownfield exploration products was the reactivation.
Our grief from our extensive land position in Peru on mix.
We continue the script further cash flow on degrees of improvements of the future a range.
The fate of expected production on great improvement on a stronger mix on price.
The company is making the necessary capital investment on the infrastructure of improvements to continue growing production and improving costs.
We remain committed to the company's growth on consumer loan growth of more.
Importantly, the improving the current sort of value weighted coupon full circle.
We've not I will now turn the call over to Ed for the <unk> I would like to join the queue microphone you can call to.
Turning now to slide 7.
The company had a relatively tough second quarter, despite COVID-19, and other operational challenges.
We reported of 50%, 54% increase to our consolidated throughput.
As well as adjusted EBITDA of $38 million.
We also reported positive free cash flow and net income and we finished the quarter with approximately $76 million in cash.
These results are the product of evolving optimized operations and expansions ramp up despite the negative effects of COVID-19.
Overall, the company continues to have solid financial and operational performances, which we expect to continue into the second half of 'twenty 'twenty 1.
Our revenue mix by metal continues.
Upper followed by silver and zinc.
It is expected the copper will continue to take a leading role in the companys metal mix of production and revenue going forward.
In Q2, 2021, we saw an improvement and an all realized metal prices.
Copper continue to improve in the first half of 2021 and remained strong currently.
The precious metals and zinc of also remained relatively strong.
Turning now to slide 8.
Compared to the same period in 2020.
Cash costs were higher at all mines.
The reasons have been previously disclosed on this call, but again this is mainly due.
To lower metal production, which is attributable to lower head grades from reduced tonnage contributions from higher grade zones and operational issues at <unk>.
We finished the quarter and if we turn to slide 9.
We finished the quarter with $76 million in cash and have total net debt of $17.2 million.
The company has commenced the repayment.
Of its debt facility in June this year with an initial installment of $6.5 million.
And we will continue to make the whole board of 90 to $1.2 million of installment you can price of the large installment occurring in March 2025.
The company continues to have a strong balance sheet working capital and cash position to support capital expenditures.
Debt repayment and growth initiatives.
Based on our current budgeting process and current strong metals price environment. This scenario could provide support for an attractive dividend policy in the future.
Management remains committed to the company's prudent and sustainable growth plan and more importantly, improving the per share value benefiting all shareholders.
With that I will now turn the call back over to Luis who will provide a brief update on the strategic review process announced in January of this year.
Please.
Thank you Ed.
Turning now to slide 10.
I would like to be from a recompete on the strategic review process of we originally announced in January of this year.
Let me first of the state.
But we strongly believe the health I'd like everyone on profit.
Awesome.
We are on the Mark to a new return per even sort of order.
Despite the current challenges the company benefits from a stronger beta performance of current metal prices.
Solid incremental locations to build additional value into the future.
The constant current number of exciting external organic growth opportunities, particularly of delivering the reports on a.
The largest non package for growth from the future both from the year mining on.
On further.
The purpose of existing online on considering all options we.
We expect to be able to provide a more detailed report on the profit in the coming weeks.
Let me finish my presentation by highlighting the strengthening of our company's focus on <unk>.
Farm income social on growing on structure and.
And the nature of these.
For a variety of increasingly complex and challenging environment in which to operate.
The investing.
It's important to mention the outlook considering the ongoing changes from the political landscape, both the near future.
2 of Mexico for our current the strategic plan.
Okay.
But the type of visual portion of this call we would like to open the book of questions from participants.
The April please open the line.
As a reminder, if you would like to ask a question that is star followed by the number 1 on your telephone keypad. Once again that is star 1 of your line's on mute, we won't be able to hear you.
Okay.
Okay.
Okay.
If you would like to ask a question that is star 1 once again that is star 1.
Once again that of star 1 to ask a question.
Okay.
Okay.
Yes.
Okay.
Yeah.
Uh huh.
Okay.
Yes.
Thanks.
Great.
[noise] operator can you open the line.
The line is open.
Well, you've been announced the first of all of its Mark Reichman novel basketball and open the line.
Okay.
Your first question comes from Mark Reichman.
Good morning, and thank you.
I was just had 2 questions. The first was on the iron ore processing plant.
If there was any of you can just kind of elaborate on the timing there when you might expect it to go into production in 2022.
You know the ramp up of perhaps when you might provide a little more guidance around that asset.
Yeah.
Thanks Martin.
Yeah.
We are free.
Continued weakness for you from a profit book basis.
So as we speak we are.
Looking at the different parts of the part of your with the same time.
We'll be shooting at the or when you are moving the magnet.
The I mean, we are finalizing it.
That will give you some of them on diesel.
The actual economics.
From the very exciting the economics of this price.
In terms of timing, we're expecting the 2 we are on football auction and the sick.
On quarter of next year.
Okay and the second question was just on the production guidance.
The full year 2021 production guidance looked pretty straightforward the only 1 that I called caught my attention was on the zinc.
Given the first half production numbers relative to the full year guidance and I was just wondering if there were any.
If you want on maybe comment on kind of the differences between say the first half and whats your expectation is in the second half relative to the zinc production.
The thank you Mark the thing the introduction of <unk>.
Yeah.
Very much.
Influenced by the sequencing of the mine.
So on.
The plan adjusted reflects what.
Uh huh.
On the sequencing is allowing us to bring to the market.
So it's possible.
As we've mentioned before.
Just on the seasonal effects from on the coming.
Coming from the news.
The cost influence our be relevant Glenn its Mike.
So we are.
Turning to reach on soon as possible with higher grade areas.
What is on the kind of fees.
We can.
We feel that we can achieve with the now on the unit.
Great. Thank you very much.
Thank you.
The next question will come from Heiko Ihle with H C. Wainwright. Please go ahead.
Hey can you guys hear me okay.
Yes.
Can you hear me okay.
Yes.
Okay perfect.
Thanks for taking my questions.
The Bolivar you state in the released the the Seattle is a larger ore body with greater tonnage of so far so good but you also mentioned that the head grades and recoveries are lower than at Bolivar West.
<unk>.
Going to the recoveries as the change in the recoveries attributable to just being different rock is the tougher to chase grade.
Just the shortening of what is the difference how meaningful is it in the whole long lasting is it.
Yes.
With the lower grade yes.
Miami competitor from.
2 of Alere.
And the reason for the lower recoveries, because the midnight or feel free cash I'm ammonia.
So on 1 hand.
The metallurgy as compared with volume with.
On the understanding of getting out of the opportunity to bring the magnetite.
I'll say.
The important byproduct.
So on 1 kind of demand.
It's mainly non res and maybe lower recoveries because of the mix of data.
The sort of or the new address both on the economy. Despite.
On the channel.
Revenue coming from the Miami and the new.
Near future.
That makes sense.
You also mentioned sort of delayed capital expenditure in the release debt.
And also especially taking the oversight as it relates to the impact from Covid.
Just thinking out loud I mean, how much of it is actually the long lasting longer lasting and constantly permanent.
And can even cracked a little bit on what exactly is in the admin costs incurred please.
I just wanted heidrick, who the Hungary on your question pretty well.
You mentioned delayed capital expenditures in the release related to Covid.
And you mentioned.
Centralized technical oversight also related to Covid I assume that some consultants on some safety people, but.
But I mean, just just thinking of how much of that of those expenditures are longer lasting possibly permanent and can you just say the granular delve a little bit on what exactly they are.
Okay.
Due to Covid.
First of all delayed capital expenditure.
Tycho, what we had to.
We've kind of.
I would think 1 of the profit lockdowns in the world.
And that's pretty much good people on growing at the site and also as you are aware.
And you might be aware, Peru have had the highest number of deaths in the world with the pump.
So that the comps made us prioritize.
Within the strategy the strategy our extension of the mine.
So for example, the jelly folks on top.
While it's growing.
The stuffy folks on time on malware.
Some of the expenditure in terms of the relevant.
The delay.
Expenditure on us.
And that's going to roll with the now or potentially even next year.
The other the specialized technical consultants on.
For example on our.
Greenfield exploration.
We wanted to bring some.
Fairly especially on life.
First of all of that the Knowhow.
Out of the smartphone or value that we are willing to explore.
Many of them have been.
The spike in their own countries due to.
Due to these.
The lockdowns on over the place. So these lockdowns changing from 1 country to another class of the.
The restrictions that we have on site.
Hi.
The stops us from from <unk>.
Bringing these specialized.
Personally into into operation and then the has pretty much delayed our ability to to move forward with these initiatives.
Very good. Thank you guys. So much earlier back in queue.
Thank you.
Your next question comes from Lee Cooperman from Omega family.
Hi.
There's a lot of things I want to cover.
But I have to say that I'm very confused about what you're saying the better the strategic review process.
You just said a moment ago that it was it over.
It was initiated in January of this year, you've had 8 months to figure out what's going on.
And I think the shareholders deserve.
Serving of a more fulsome explanation have we gotten bids that were inadequate and we got no bids what is the story what is the change of next 2 or 3 weeks that did not the.
Yeah that the.
We didn't have any decision the last 8 months.
The you held out the comment you said you have more to say on 2 or 3 weeks.
What are you the share that with you investors and an open mic.
That's question number 1 very disappointed in how you've addressed it with weighted 8 months for an explanation of what's going on and then you gave a very superficial inadequate explanation.
Okay. So why don't you just come clean on tell us whats going on.
We realized was that of distressed situations. So we don't have to take any bid is it that we got inadequate bids we got no bids what it's going to happen. The next 2 or 3 weeks of it didn't happen the last day much help.
Okay. That's question number 1.
The book.
So you do need the you want to bring on the questions and value of a client.
Yes, yes, yes, that's number 1 number 2 how are you.
You kept on reiterating up until today of 170.180, whatever it was the EBITDA guidance.
But it's not a good thing for you in the Investor Relations.
And the shareholders to basically be so far off of your prior guidance and not make any revisions well before the earnings report so I would cash dies you frankly.
<unk> Singh of investors and the analysts that cover you if they care as to why you did not give a profit warning well before you reported.
That'd be the second question.
Question, just the statement okay.
The third well.
Do you have any kind of view of that 2022, and the words in a broad scale of things.
Do you anticipate a material improvement and EBITDA, we think will remain at this low level of EBITDA compared to previous expectations. What is your thinking about 2022 with all of the.
The ESCO patients and all of the.
And the hedges that you have.
Can you tell us about 2022.
And then getting back to 2021, what is your expected year end cash position likely to be used.
Do you expect to be the net cash position and the.
Then.
Capex for the year end.
Your free cash flow for the year on year end cash position.
And of similar for 2022.
It would be interesting.
And then you made an allusion to of dividend policy.
You, obviously weren't ready to pay a dividend now.
What's kind of have to happen for you to.
Pay a dividend in the future.
Will it be some of my questions.
Okay.
Thank you the.
I'll give you 1 I'll give you 1 other quick who's in charge you know the chairman of the board of isn't the critical call. The chairman of the board isn't even on the call who's in charge of making decisions for the company.
The generally the chairman of the board represents the shareholders. He said on the call, which disappoints me. So you know.
In terms of corporate governance who's in charge.
Okay.
Okay.
But the recent charts of the board of directors, which will call on with the broader range.
Managed from coal.
Mercury's, where we are.
Okay.
Because of the strategic review process has been a major issue. It seems to me that the chairman of the board should be involved on the call debt.
My personal opinion.
Which you could disregard, but thats my personal opinion.
So I don't know, we don't with regard to well.
Yeah.
The alerted you people in the past of whereas the what you should be covering and we don't cover. It. So you you you've done a good job of ignoring what was well intentioned sophisticated input. The good we don't want to change the nature of the call I'm trying to figure. Most important thing is what were you trying to say about the strategic review process, that's going to change. The next few weeks that is not.
Happened in the last 8 months and then secondly year end cash position. This year anticipated and what you think 2022 could look like I see big increases in production plan and the I got to imagine efficiency of approved so I would think that the 2022 could be of very good year for us and.
But you made no covenant of better than even here we are in the.
This year is almost over but go ahead of.
The floor is yours.
Entity preliminarily from without question.
<unk> 2022.
And that's very important question for Deborah.
We are counting on is probably a nice marker is thus flow. Our aim is on we are.
We're being the backlog growth.
It's been the 2 of them.
To make sure that we went through the courts.
Our season moving this first half of the year is 1 of sequencing.
The orange.
No Derrick nor is it buildup of we are.
Our sequencing of different.
So we have not.
Going to higher bonus from the area because the work.
Closer.
On a refi.
Tonnage, who make sure that we were pleased with the fluid power.
Sure.
With our infrastructure, so that kind of indicate as.
So we are coming out of the Covid.
The 19th secretion with trucking of real funded Brahma.
We are.
Bring in.
You mentioned the.
On the higher grade areas to the.
The <unk>.
Non.
Oh.
Yes.
So that's most of the company on.
The tool and we all sort of speaking to.
The higher production.
On the permitting and getting closer to bringing true.
<unk> thousand 600 tonnes per day, which is good news.
So on <unk>, we're expecting 23 months of production.
So on.
And we will get it back on.
Our guidance once we put them on.
Those are the process.
We certainly understand that this has taken longer than usual, but we are moving from different items.
The rework on 2 different jurisdictions.
On.
The the visit from the mine from the Brazilians.
Our complex processes.
In this total.
The situation with environment, usually will take longer.
Thus far for making the comment in terms of the profit.
We've pivoted the processes ongoing.
And on.
We'll come back to the market once we have the.
We saw some of it.
On the where we are working very hard on debt.
Well My question is what are you going to learn in the next 3 weeks that you didn't learn on the last day of much. If you said something like the virus has made it very difficult for the interested parties to get access to the mine.
Did I understand that because of giving no explanation as to why the process has taken so long and this is where I think you hurt yourself.
But that's the least from pretty much.
Yeah, when we say that why do you have to be asked that question. Why did you just say that the voluntary based.
Basically the the practice is taking longer because of the virus is complicated.
You know of.
Whatever.
I don't know forever from Triple.
On the anyway.
I will leave the cash position on dividend policy.
At the right time, thank you.
Great. Thanks.
Thanks Lee.
In terms of just on our EBITDA.
We did provide the EBITDA 130 to 140.
And that we have not yet provided guidance for 2018, but.
We can expect.
For next year.
But given the extra revenue stream from iron ore production as well as increased production.
And if we if we assume that metal prices will remain indications appear to be that way.
And despite COVID-19, we should see.
Higher higher EBITDA.
Okay.
Higher EBIT for 2022 in terms of wafer per hour.
The weighted average range of net.
The words.
It's too early the magnetite until we release the economics on the Magnetek, which is coming on it makes me ex.
That's going to play a very important factor in.
I prefer to wait until we have that PGA announced and then we could speak to the economics.
On that.
In terms of year end and the cash balance if you look at the revised guidance, we expect end of the year.
The between 40% and 45 million cash app share of the Capex requirements that we're factoring in of $100 million.
And in addition.
To pay $18.718 $75 million of debt.
So, but I expect next year.
Capex 1 of the likely remained strong we earned the significant.
The plant expansion.
Across.
Of our mines so.
We.
The.
We.
So on that.
Heavy capex.
It should be a much better year compared to the 2021.
1 of the $93.8 million of debt.
Debt, you're saying at the end of the year will be debt minus $18.75, right that what you're saying so.
So $80 million.
The 70 to 75 point of $5 million.
And you have cash of 4 should have net debt of about what we have now.
But you have spent a lot of money on Capex that you were funded.
Right.
And would you expect to generate cash next year.
That all depends on the Capex.
It's too early but I can see why we couldnt given given the strong production profile increased the 20% increase the guidance.
The increase.
Metals stream from iron ore.
That said on drive positive cash flow and again, if I could make it observation with your permission.
Generally speaking when you're going through a strategic review process and you let people into your data room, you'll give the numbers. So you must be giving prospective buyers of the company. Your best cash of about 2022 with all of the exco patients and all of the possible scenarios. What are you telling of buyers. It seems to me with increased production with the <unk>.
<unk> plant and you could do EBITDA well over $200 million next year.
Kind of hesitate to make any forecast because we've been so from what we've said in the past they would seem to me with the kind of capex spending and present prices an improvement in efficiency.
This company should generate EBITDA of well over 200 million next year.
Is that something that is the.
Net realistic in your mind.
We're in that range of possibilities.
I can't comment on that it's still too early.
Awesome.
We need to comment on December 31 of 2022.
Excuse me.
In the coming weeks.
Coming weeks.
You've had 8 months to prepare for this call and everything is on the coming weeks doesn't make any sense to me the goodwill.
Do I know.
Very good.
Yeah.
So 1 of the questions that I ask that we didn't get to.
Why would you wait so long to revised guidance why do you want on bearish of analytical community and produce results $40 million less than you were telling people.
The did not give the revised guidance.
Accounting system, such that you didn't know about this.
The month or 2 ago.
We issued our production.
The results in August early August.
No.
We are in the room.
The considering revising guidance given the sequence of initiatives that Bruce referred to.
It's not this isn't the desktop exercise, where you're just basically the let's just changed any.
The price assumptions.
But in the lower lower production than less.
But of the revised EBITDA.
Youre essentially updating the more of your life of mines.
And the it's a very complicated process right. Let me ask you this in.
In the past you used to produce the slide with the <unk> the of the company.
If you're taking what you guys know now do you have an opinion on your net asset value.
There's quite a lot of research on that in terms of the published data on that.
I know, what you're referring to lead that debt PTA from.
3 years ago, I believe back in 2018, we pulled back yes.
The Ppas are.
Our much larger than that.
What was published spin on it and if you look at the the recent banked independent research.
That should give you an indication as well in the of anything and that's that's above where we're currently trading nitrogen.
I will show the <unk>, we'd be approaching $6 per share of U S. Do you disagree with that number.
I don't disagree with that number.
Okay. Thank you no more questions. Good luck guys.
There are no further.
There are no further questions in queue I would now like to turn the call back over to Mike Mcallister for closing comments.
Operator that concludes today's call on behalf of the management team I would like to thank all participants for joining us today and I'd like to offer sincere apology.
Technical difficulties because of our conference call service operator, this will be rectified does not happen again on the future a replay of the webcast and all of the materials can be found on our website at Sierra metals Dot com. If there are any further questions or concerns you may reach out to the.
After today's call on our contact information can be found in today's presentation as well as on the company, but great. Thank you operator, please conclude the call.
This does conclude today's conference call. Thank you for the year of participation you may now disconnect.
Okay.
Yeah.
Hi.
The return.
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[music].
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Good day.
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Good morning Welles.
From to the Sierra metals second quarter 2021 financial results Conference call I would now like to turn the call over to Mike Mcallister VP of Investor Relations for Sierra metals. Thank you. Please go ahead Sir.
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