Q4 2021 Eldorado Gold Corp Earnings Call
Thank you for standing by this is the conference operator.
Welcome to the Eldorado gold fourth quarter and year end 2021 results end of the market. The technical study conference call.
As a reminder, all participants are in a listen only mode and the conference is being recorded.
After the presentation, there will be an opportunity to ask questions.
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I would now like to turn the conference over to Toby So Pilkington Vice President Investor Relations. Please go ahead Mr. Wilkinson.
Thank you operator, and good morning, everyone I'd like to welcome you to our Q4 and full year 2021 result, and Lamaze Technical study conference call.
Before we begin I would like to remind you that we will be making forward looking statements. During the call. Please refer to the cautionary statements included in the presentation as well as the risk factors set out in our annual information form.
Joining me on the call today, we have George Burns, President and Chief Executive Officer, Phil Yee Executive Vice President and Chief Financial Officer, and Joe <expletive> Executive Vice President and Chief operating Officer.
Other members of the senior leadership team will also be available for the Q&A session.
Our release yesterday details or 'twenty or 'twenty, one fourth quarter financial and operating results. This should be read in conjunction with our fourth quarter financial statements and management's discussion and analysis.
We also released highlights of the new <unk> Technical study. These documents are available on our website and have been filed on SEDAR and Edgar.
All dollar figures discussed today are U S dollars unless otherwise stated.
We will be speaking to the slides that accompany this webcast you can download a copy of these slides from our website.
After their prepared remarks, we will open the call for Q&A at this time, we will invite analysts to queue for questions.
I will now turn the call over to George.
Thanks, Lisa and good morning, everyone.
Here's the outline for today's call.
I'll provide a brief overview of 2021 highlights before passing it to bill to go through the financials.
Joe will discuss discuss operational performance and provide some additional color on the new La <unk> Technical study before we open it up for questions from our analysts.
I am very proud of our team for achieving several key milestones in 2021 spin.
Specifically, we delivered full year production of over 475000 ounces, which was at the high end of our increased guidance range.
In January we released our five year production outlook that shows continued growth at our current operating mines.
The key highlight is the midpoint of annual gold production has increased on average by approximately 4% or 21250 ounces per year for the period between 2022 and 2025 compared to the guidance provided last year for the same period.
In 2022, we expect first half production to be lower than second half due to the construction and ramp up of the <unk>.
Year to date weather challenges in Turkey, and Greece, and the impact of COVID-19 on recon varying across our operations, which has resulted in increased absenteeism.
We are still confident that we will deliver our 2022 production guidance range of 468 to 490000 ounces.
We continue to evaluate opportunities that our operations with a goal of providing potential upside to our future production outlook.
Our scurried financing discussions continue to advance.
Valuation all available options, including joint venture equity partners project debt financing and lastly streams.
Our focus on selecting a financial package will continue to be driven by value optimization and derisking for the future.
Yesterday, we released the results of the new law market Technical study, which showcases the growing value at the asset and the significant upside potential from lower triangle and remarked deposits.
The property has been an outstanding acquisition for us.
We quickly develop the project and brought it into commercial production, we have been replacing reserves year over year, and we have even exceeded peak production levels beyond the 2018 pre feasibility study.
Now the new study shows robust economics, specifically the upper Triangle reserve MPV is $459 million at a 5% discount rate and using a 1500 dollar gold price assumption in.
In addition, the lower triangle and remark inferred resource deposits have incremental NPV of $162 million and 170 $597 million respectively.
Joe will speak more about this study later in the call.
But the triangle SYGMA decline project now complete we are focused on an exploration drift and resource conversion at a remark.
Our 2022 exploration strategy is focused on new targets within our expanded license area to support continued growth at Walmart.
We're also strategically positioned in the Abitibi region, providing us additional exposure to the potential upside in this world class mining jurisdiction.
Switching gears, we have noted in previous quarters, we continue to have faith pervasive inflationary pressures similar to the wider market.
In the fourth quarter, we have seen increased volatility with inflation in Turkey. However, we continue to benefit from the weakening lira, which offset the majority of these inflationary pressures in 2021.
In the Abitibi region mining work has picked up which is impacting availability of contractors and labor.
We continue to successfully mitigate this challenge.
We have reviewed our major spend categories to ensure resilience in our supply chain and we will continue to monitor the inflationary risk going forward.
Finally, I'd like to highlight another significant step forward in our sustainability strategy.
We recently published our inaugural climate change and greenhouse gas emissions report.
In this report we target mitigating greenhouse gas emissions by 30% by 2030 on a business as usual basis.
In other words, we intend to remove approximately 65000 tons of carbon dioxide equivalent by 2030, we.
We have made tremendous progress to better understand and address climate change risk.
And opportunities facing our business, which will help us achieve our greenhouse gas emissions target and support our journey to decarbonization.
I will stop there and turn things over to Phil for a review of our financial results.
Thank you George good morning, everyone.
We had a strong year of operation results in 2021.
As George mentioned full year production of over 475000 ounces was at the high end of our increased guidance range. Our full year 2021 cash operating cost was $626 per ounce sold.
And all in sustaining costs for 2021 were $169 per ounce sold both within our guidance ranges.
Full year 2021 free cash flow was $62 million, which was in line with our expectations. Despite lower free cash flow in Q2, 2021 related to increased growth capital spending increase tax cash payments and the timing of annual royalty and interest payments.
Eldorado reported net loss of 43 million or negative <unk> 24 per share in Q4, 2021, and net earnings of $11 million or <unk> <unk> per share and full year 2021.
This is down compared to full year 2020, net earnings of $131 million or <unk> 77 per share driven mainly driven mainly by lower production and higher taxes in 2021.
After adjusting for onetime nonrecurring items, including a 31 million expense related to moving stir Tony into care and maintenance.
31 million expense related to debt refinancing and $55 million and net loss on foreign exchange due to translation of deferred tax balances, which increased because of the weakening Turkish lira.
Adjusted net earnings increased to $25 million or <unk> 14 per share in Q4, and 119 million or <unk> 66 per share and full year 2021.
Adjusted net earnings in the fourth quarter impacted by a $14 million impairment at for Tony.
And the significant weakening of the Turkish lira in the quarter, resulting in higher tax expense on unrealized foreign exchange gains in Turkey.
Cash operating costs averaged $571 per ounce sold in Q4 and $626 per ounce sold for the full year 2021.
Cash operating costs in Q4 benefited from larger volumes of base metal sales at Olympias.
All in sustaining cost per ounce sold averaged $1077 per ounce sold in Q4 and $1069 per ounce sold for the full year 2021.
Capital expenditures were $81 million in Q4 and $294 million for the full year.
This reflects a planned increase in growth capital spending at <unk> with.
With the New HP Jr project.
And at La <unk> with the underground decline project.
Current tax expense was $38 million in Q4 and $90 million for the full year.
Current tax expense in the fourth quarter was driven by higher unrealized foreign exchange gains due to the weakening Turkish lira, which was partially offset by the investment tax credits received in Turkey related to the kitchen day heap Leach capital improvements.
Deferred tax expense was $57 million in Q4 and $50 million for the full year.
As I mentioned earlier deferred tax expense in the fourth quarter was primarily due to the weakening leer at as well as $13 million related to the closure of <unk>.
Depreciation expense was $47 million in Q4 and $201 million for the full year depreciation.
<unk> expense for 2021 was at the low end of our guidance range.
At year end, we had unrestricted cash and cash equivalents of $481 million, we continue to focus on maintaining a solid financial position, which provides flexibility to unlock value for our kids and our assets in Greece.
I will now turn it over to Joe to go through the operational highlights.
Thanks, Bill and good morning.
I will start with an important health and safety highlight from our operations.
The teams at our mine sites are truly engaged in building our safety culture and we are proud of the success. We are seeing in focusing on leading indicators to improve safety outcomes, specifically, we have enhanced preventative health and safety engagements in the field and our corrective action closeout rate is 82%.
This demonstrates the proactive nature of health and safety at our operations and build a culture of care.
Now moving to our operating results, we produced 122582 ounces of gold in the fourth quarter and full year 2021 production of 475850 ounces, which was at the upper end of our increased production guidance range of 460 to 480000.
Ounces.
This was driven by stronger than planned performance at just let out and Lamont.
Starting in Turkey, just split out production in the fourth quarter was 33136 ounces and cash operating costs were $737 per ounce.
Construction and wet commissioning of the <unk> circuit were completed in December and we are now ramping up production and metallurgical adjustments.
We're currently balancing agglomeration in tons place with Leach kinetics, and permeability to obtain optimal performance.
The HP Jr. Circuit is expected to increase heap Leach life of mine recovery by an estimated 4% to approximately 56%.
So far the performance of the <unk> circuit is meeting our expectations and we believe there is potential.
Further enhanced recovery with additional optimization.
Our debt from two groups.
Fourth quarter Gold production was 22631 ounces at cash operating cost of $606 per ounce.
Both production throughput.
And average gold grade at <unk> were in line with expectation.
Now moving to our Canadian operations.
Fourth quarter gold production of the Mark was 51354 ounces.
A 37% increase over last quarter, driven by higher than planned gold grades in the seaport zone.
Cash operating costs were $482 per ounce.
Finally, let's move degrees.
At Olympias fourth quarter Gold production was 15461 ounces, a 12% increase over last quarter cash operating costs were $441 per ounce as a result of stronger base metal revenue in the quarter.
Olympias performed better in the fourth quarter, delivering the strongest quarter of the year.
This was driven mainly by efficiency initiatives started earlier in 2001.
Related to the transformation program at the Cassandra assets and positive grade reconciliation versus plan.
We continue to be optimistic that we can achieve the productivity targets outlined in the Cassandra transformation plan in the coming year.
Switching gears I am excited to announce the positive results of the new law market Technical study, which includes an update to the current operation regarding mineral reserves in the upper triangle deposit shear zones to one to receive five and upstate updates to the inferred resources on the lower triangle.
So we see six to receive 10 and Dr. Mark deposits.
The upper triangle reserves case has an NPV of $459 million at a 5% discount rate and the gold price assumption of $500 per ounce.
Separately, there was an incremental NPV of $162 million for the lower triangle inferred resource and $197 million for the amok inferred resource.
This value creation positions <unk> as a cornerstone asset and the significant opportunity that lower triangle and or mark deposits provide.
We are well positioned in the <unk> <unk> region.
Our recent acquisition of QM X has expanded our land package and properties near our core operations up my Mark by over 500% and we have many exploration targets to provide further opportunity to continue to grow the resources and reserves.
Mark has been an outstanding acquisition for us not only have we been able to continuously replace reserves year over year with additional growth. We are also exceeded the 2018.
F S metrics in terms of tonnage and gold production.
In 2021 Mark.
Both production from upper Triangle was 153201 ounces, 13% higher than expected peak production in the PFS.
The upper triangle reserves case also shows increase production to over 190000 ounces per year, which exceeds the PFS.
Our study shows an extended mine life with about five and a half years of production from upper triangle reserves and potential for additional eight and a half years of mine life from lower triangle and remark inferred resources.
Overall, the study continues the El Dorado growth story, and our focus on value creation and builds on our recent work at scoreless.
We have an outstanding team and robust surface infrastructure already in place at the landmark mine to.
To support current operations.
And continue mining upper triangle reserves.
Additional infrastructure is required on the Sigma tailings in the mine dewatering systems.
We have completed a significant amount of work so far and I'm really proud of the team.
Over the last few years.
Over the next few years, we plan to complete studies on the Sigma tailings North basin.
Water treatment.
Resource conversion.
Tailings thickener and paste backfill as well as lower triangle in materials handling option.
We remain focused on resource conversion at our Mac.
And exploring new targets within our expanded land package to support additional growth opportunities that mark.
I'll stop there and turn it back to George for closing remarks.
Thanks team.
2021 was a successful year for El Dorado with strong operational performance.
<unk> production and cost guidance and the completion of the kiss like HP, Jr. In the la market decline growth projects.
Looking ahead, we see 2022 as another pivotal year as we advance work on series and explore growth opportunities that our current operations, while continuing to put safety and sustainability at the core of our business.
Thank you for your time.
Now I'll turn it over to the operator for questions from our analysts.
Thank you.
Now begin the question and answer session.
And the question queue you May Press Star then one on your telephone keypad.
Cary Towne analogy I'll request.
If youre using a speakerphone please pick up your handset before pressing any keys.
To withdraw your question. Please press Star then two.
We will pause for a moment of colleagues joined the queue.
The first question comes from Cosmos <unk> with CIBC.
Please go ahead.
Thanks, George Hill, Joe for the presentation.
Maybe my first question is on landmark the technical report just to confirm.
The grades that you have given lower triangle.
Mark.
Those are diluted grades right.
Oh, that's correct Cosmos.
Great. So you know off of lower triangle here I noticed that.
The mining costs is a bit lower compared to upper triangle. The grade is also a bit lower is that you know due to a different sort of mining method.
Using bigger stopes or is it really potentially just slightly lower grade.
The difference in mining method between upper and lower triangle ears.
Primarily paste backfill in in lower triangle, which does help mining costs a bit.
And we do have some latitude to potentially pull.
Pulled that forward.
As far as the grade comparison, I don't have it directly in front of the Cosmos.
Maybe there's someone on the phone who does.
Certainly certainly tonnage plays into it because we have higher tonnage.
Okay.
It's not a huge one is slightly over seven and I think one has a six handle on it. So it's not so I'm just wondering if there is I guess the question is is there upside potential in terms of <unk> to <unk> 10, a later on because I believe there's some cross structures. When I was on site at least in the upper triangle out I'm wondering if that's been factored in I'm just wonder.
If.
This is.
The grade eventually for lower triangle or is there potentially some upside to it.
Uh huh.
It's George maybe.
Hi, George go ahead I've been here for a minute.
Yeah.
Yeah, Joel I'll start maybe you can.
And can fill in any gaps so.
The way I look at lower triangle.
So far it's been.
<unk> drilled exclusively from surface and obviously the deeper we go the more challenging the drilling is to target.
The appropriate drill density and obviously the costs are much higher.
So if you can contrast, it to upper triangle, where we're gonna be reliant on underground drilling.
If you look at upper triangle <unk> five.
With time.
[noise] excuse me with time.
We've been successfully increasing not only converting from inferred.
Excuse me again.
Converting from inferred resources to reserves, but we've also been growing the inferred resource. So I think the upside on lower triangle is simply getting the development further down getting the infill drilling from <unk> down to C. C 10.
I think just based on the history of <unk>, you'll see continued growth in the size of the resource.
And obviously with that drill density will have a better idea on the grade.
George I'll just add.
Customers from a mining perspective, we think theres likely upside in.
Materials handling system as I mentioned that we will do continued steady work on but our base case trucking at this point.
Oh great.
Maybe moving to unlock.
My understanding is that this is a flatter line structure.
Also notice in your cost or Mark.
That is also slightly higher.
Could you maybe comment on the on the mining method stope sizes.
Mining costs and therefore.
Hey, Mike maybe I'll open it in the Bronx in the room. He can he can add to it.
So cosmos you're correct.
It is it is flat line and.
We're at a mining height of about two and a half meters in that.
In the majority of them are mark as we see it today, we think we can go through additional drilling that may change a bit.
But it's a low profile a drift in field type method.
<unk>.
Brock anything you want to add to that.
No nothing from my end down Joe.
Okay.
Great. Thanks, and then.
In terms of Sig led tailings as you mentioned you know theres expansion plans.
Eventually you know could that be expanded to include all of the different years that you've highlighted.
<unk> triangle upper triangle, lower triangle, and also on Mark and could there be you know could it actually be extended further beyond what you've outlined yesterday as well.
Yeah.
Well look in.
Cosmos. It's certainly contains the the entire reserves case and then.
Think basically goes to about.
2028 2029.
Total.
And we're looking at a couple of other alternatives to.
Increased tailing storage beyond that one of them being that.
In pit as well as.
Thank you.
Historic Limbach tailings. So we have what we believe is a path to.
All of the.
Reserves and inferred resources noted.
And then to have options as to how we do that with with a good amount of runway in front of us to Sigma.
And maybe one last question here.
You kind of mentioned in the MD&A.
<unk> to existing permits could you talk about.
All the permits and other any additional permits that are needed.
For the incurred to get to the inferred resources to eventually mine inferred resources at <unk>.
You know Laura triangle or Mark.
There is there is no additional permits required on upper or lower triangle.
And Ed or Marc.
Hello and elevation.
You know somebody will have to correct me, but I think it's a 435 meters below below surface.
Production from below there would acquire a permit adjustment.
I think.
It's Brian again.
Any color to that.
Yes. Thank you.
You correctly said, it's minimal permitting for the future we need a permit for the tailings rates, so not not a significant one and it's already in the plan.
And on the certificate of authorization, we need an expansion of the race just for one zone, so very minimal and already in train.
And then not really on permitting but we're also watching legislative changes in Quebec on water quality with regard to director of 93.
Three main areas, we look we're looking at.
Great. Thanks again, those are the questions I have and have a good weekend.
Thanks Cosmos.
Okay next question.
Harkin like National Bank.
Please go ahead.
Hey, guys congrats on the quarter.
Couple of questions for me are we still looking at the same timing on the perimeter he'll update.
Yes same timing.
Okay.
Overt chiller Mac in terms of what gaps do you guys see it.
Being possible.
In terms of ramp access versus when you'd have to consider switching to a shaft.
I'll start.
And you said.
Sorry, Joe go ahead.
Sure.
Essentially its an economic trade off that will be ongoing.
So that's what that's what will drive it and we have a bit of time to complete that work.
So.
George I didn't mean to cut in on yes. So maybe go ahead.
Yes, I was just going to say from a capital allocation perspective, it really is a tradeoff between capital versus operations and obviously the impact that has on value.
So the sort of scenarios, we've considered for deep mining on triangle.
Our current base case, just continue to haul it out that's the lowest capital option.
But from a profitability perspective, we continue to study material handling options. The current thinking would be used.
<unk> just completed declined for the top portion and then from there down we've looked at a vertical conveyor is a pretty low cost capital option for for hoisting. It would just be or not material not people movement or not supply movement.
We've looked at rail theirs.
All of these make some sense, but from a capital allocation perspective, we need to grow the tonnes and the return on investment for that to be the chosen solution.
As I was trying to explain earlier in the call. There is still a lot of drilling to be done on lower triangle, I think theres significant upside in terms of.
Discovering additional inferred resources.
We don't we don't.
Have any inferred resources, yet on a bulk mining opportunity in lower triangle, but we have a stock work zone.
That was successfully mined in the historical Mach mine.
But we just don't have the ability to drill that from surface to the degree to have confidence in any kind of economic scenario. So.
As we continue to push the mine vertically we will get the drilling required I think there is significant upside on lower triangle and as that unfolds that will give us better clarity on the right infrastructure to maximize value to our shareholders.
Okay that was actually going to be one of my follow ups. There was the stock works zone.
And then you've also done that Qmax acquisition, where you've got that kind of hub and spoke potential with the Sigma mill.
Can you just remind us what kind of work youre doing regionally in the next year to.
Advance that.
There's a number of kind of targets there.
Yeah on what we call boiler, Mark, which was which is the QM mix.
Land acquisition, we've got a number of high grade targets would be underground mining.
Some of those have advanced to drilling we did some drilling in 2021 kind of a ramp up in that activity. This year and we also have earlier stage targets, where we're trying to trying to find discovery. So.
As we stated we're really excited about the boiler Mac area.
We have a number of targets it.
It is a longer term growth opportunity then obviously the things we've talked about at triangle on our remark, but we're really confident with this law.
Land package in that district, we're in that we're going to have future discoveries to support.
Further value creation with the outstanding.
The infrastructure, we have in the fantastic workforce, we have.
Great. Thanks, guys. That's it for me I have a good weekend.
Thank you.
Once again, if you have a question. Please press Star then one.
The next question comes from Kerry Smith with Haywood Securities.
Please go ahead.
Thanks Anthony.
George or Joanne on the slide nine that you have in the slide deck for this presentation, you show kind of the timeline for typhoons and where they're coming from for the project. So you kind of have lower triangle land and they are Mac incurred resources kind of coming out of it over the same length of time it would it be fair to assume that.
That would likely come out 50 50 in terms of tonnes to the mill So 11.
11, and 1200 comments from each of those operations over the course of that.
That chart that Gantt chart.
That's not unreasonable I'm Gary.
Okay. Okay perfect. That's good thank you.
And in your opening commentary you did talk about different phy.
Financing discussions that you're that are ongoing.
J D bring an equity partner debt and equity and then you talked about a stream I know in the past stream has kind of been the lowest priority option, but you did mention I was just wondering.
If it's now becoming more of a viable option or are you just mentioned it because it is something that you're still considering but it's still a low priority.
Yes.
Comprehensive review to look at all alternatives.
You know historically streams.
Have a long lasting impact, particularly if there is a tail on future risks future discoveries. So it's been on the lower end of our alternatives, but I do have to say the economics from streamers has been improving so to answer. Your question nothing has really changed where you have the same.
Strategies, we were open to have.
Great equity partner that can that can help us with successful execution and influence.
We're looking at pretty favorable project financing opportunities.
And also engage with streamers, so our whole strategy is to get all the information and.
Do a financial analysis around it looking at value and risk and make the optimum decision for our shareholders. So carry really nothing's changed we are advancing.
And look forward to coming to a conclusion.
Okay, and you're still expecting to make that decision Charlotte lately.
Late this year I guess a second.
Second half, let's say.
Yes.
We're hopeful to get all the information around midyear and then go through an evaluation process and make a decision hopefully in third quarter.
Okay. Okay. That's great. Thank you George I appreciate it.
Once again.
Please press Star then wine.
The next question comes from Tanya you Keith can you with Scotia.
Please go ahead.
Great. Good morning, everyone and thank you for taking my questions I just wanted to follow up on Terry's question.
We had talked about.
You know other options such as Greek banks.
Financial institutions are they still involved and interested and just wanted to see if that was still ongoing.
Yeah.
Greek banks and Covid relief funding out of EU is one of the project financing alternatives, we continue to progress.
And evaluate.
Okay. That's good and then when you talked about.
Streaming option screaming.
Screaming as an option.
Remind me.
When youre talking about streaming George you're talking about streaming and a copper mine.
You talked about assuming your principal commodity.
Hi, Tanya, it's Jason I think it would be fair to assume that we would be looking at both.
Yeah.
Yeah.
Thank you for that and then I wanted to come back onto the path.
Release yesterday.
On our math and.
I appreciate there's a lot of moving parts, but maybe if we can just.
Looking at just simplify it come towards 2026, when you know we commenced mining from now until 2026 can you just review the critical path of what needs to be done to start on both of those from the underground and surface.
Thank you.
Maybe I can start just from a drilling and conversion perspective, and then Joe and Brian can jump in on infrastructure.
And other important factors so from a from an exploration perspective with the just completed decline.
We're about 100 meters into a new drift.
We'll sit right over the top of the remark lenses and so.
By sometime this summer, we will be underground drilling under our mark too.
Progressed, the drill density we need to be able to convert our remark from an inferred resource to reserve.
We've got.
The advanced study so we're in pretty good shape on that side of it and then for lower triangle is it's really just pushing the ramp down each year as we have to date to allow underground drill access to drill the next portion of the deposit off so the way I see it you know well.
We get enough drilling on our mark to do the appropriate technical analysis to hopefully converted to a reserve and then it will come in a big chunk of that always needs to cover the infrastructure and the new mining fleet that will need and then for lower triangle. It's just simply getting the drill density we need to have confidence.
I call it a reserve.
And then it's just pushing the infrastructure down and over the long term, it's trying to get enough confidence in lower triangle that we select the optimum infrastructure.
So yes.
Thanks, George Dania, it's broad.
I would kind of break it into two categories. The first would be with studies that Joe had referenced in his remarks show on.
On the north face and on the tailings facility for Sigma.
Water treatment and then as George mentioned resource conversion and there is a tailings thickener and backfill study we wish to do so those are the basic ones.
Sorry, I would also add to the question that was asked earlier, we've got a number of materials handling auctions and and lower triangle, So theres a steady phase.
How I would look at that as more confidence in the reserve case, obviously and then a little more work done on the two inferred cases. So that's number one and then two to the comments on infrastructure and the first thing up is a raise of tailings as we've already mentioned.
And then after that it's kind of we got a sequence set of I'll call. It capital decision if they will allocate arm. So the reserve case does not have a.
A lot of capital inside of it and a nice further kind of layered out as we get through that study phase <unk> got a paste backfill decision, if we want to get to it and so on does that help you.
Yeah, No I agree.
I was hoping to get just a bit more clarity.
When all of these will be done in the timeframe that 2022 to 'twenty to 'twenty five 'twenty six.
Thanks Debbie.
Are they going to be available for us like the infrastructure and then all of the drilling and just trying to.
Look at your timeline on page nine and try and put it into a schedule that for me to understand the progress.
Okay. So the studies are sort of apologize for not getting that the studies are ongoing now.
Some of them will be distributed I guess theres, they would end up being a further technical report.
Mailings raise is Q3 of 2020 to look at the north based on which I referenced on that and kind of in the second half of 2023 resource conversion happens throughout starting this year I mean, I think George it referenced that as a resource conversion being one of our key areas and then.
The back.
Back end of 'twenty three early 'twenty four is when we would look to have a PFS.
Okay.
Hey.
Yes, that's helpful.
My understanding on how the progression of all of it because there's a lot of studies right and so you're trying to understand how they all fit together.
What can be done with so I really appreciate it. Thank you.
Thanks Tanya.
Got it all the time, we have for today and this does conclude the question answer session and.
And today's conference call you may disconnect your lines.
Thank you for participating and have a pleasant day.
Okay.
Yes.
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Yes.
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