Q4 2021 Eldorado Gold Corp Earnings Call
[music].
Thank you for standing by.
Is the conference operator.
Welcome to the Eldorado gold fourth quarter and year end 2021 results end of landmark 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 Wilkinson 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 results and the mob 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 law market 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 the prepared remarks, we will open the call for Q&A.
At this time, we will invite analysts to queue for question.
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 and 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.
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> for the year to date weather challenges in Turkey, and Greece, and the impact of COVID-19.
Mark on 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 <unk> 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, Marc Technical study, which showcases the growing value of the asset and the significant upside potential from lower triangle and remarked deposits.
The landmark 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 500 dollar gold price assumption.
In addition, the lower triangle and our Mark inferred resource deposits have incremental NPV of $162 million and 175 $197 million respectively.
Joe will speak more about this study later in the call.
With 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 faced pervasive inflationary pressure 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 the availability of contractors and labor.
We continue to successfully mitigate this challenge.
We have reviewed our major spend categories to ensure resilience and our supply chain and 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 de carbonization.
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 operational results in 2021 and.
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 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 on 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.
Given 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 the new <unk> 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 <unk> 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 layer at as well as $13 million related to the closure of serotonin.
Depreciation.
<unk> expense was $47 million in Q4 and $201 million for the full year dip.
Depreciation 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 guests and our assets in Greece.
I will now turn it over to Joe to go through the operational highlights.
Okay.
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.
Typically 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 a 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 slid and Lamont.
Starting in Turkey.
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 are currently balancing agglomeration with tons place with Leach kinetics and permeability to obtain optimal performance.
The <unk> 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 to further enhance recovery with additional optimization.
Our debt from two groups fourth quarter 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 expectations.
Now moving to our Canadian operations.
Fourth quarter gold production at La Mark was 51354 ounces.
37% increase over last quarter, driven by higher than planned gold grades in the <unk> zone.
Cash operating costs were $482 per ounce.
Finally, let's move degrees.
At Olympias fourth quarter gold production was 15461 ounces.
12% increase over last quarter.
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 and took the Sandra 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.
Zones, <unk> receive pipe and upstate updates to the inferred resources on the lower triangle zone, six through 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 is an incremental NPV of $162 million for the lower triangle inferred resource and $197 million for Denmark 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 <unk> has expanded our land package and properties near our core operations up my Mark by over 500% and we have many exploration targets.
<unk> 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.
<unk> metrics in terms of tonnage and gold production.
In 2021 Mark.
Gold production from upper Triangle was 153201 ounces, 13% higher than expected peak production in the PFS.
The upper triangle reserves case also shows increased production to over 190000 ounces per year, which exceeds the PFS.
Our study shows an extended mine life with about five five 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 <unk>.
We have an outstanding team and robust surface infrastructure already in place at the La <unk> mine.
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 options.
We remain focused on resource conversion at our Mac.
And exploring new targets within our expanded land package to support additional growth opportunities that in the mark.
I'll stop there and turn it back to George for closing remarks.
Thanks team.
2021 was a successful year for El Dorado was strong operational performance leading production.
<unk> and cost guidance and the completion of the <unk> 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 at our current operations, while continuing to put safety and sustainability at the core of our business.
Thank you for your time I will now turn it over to the operator for questions from our analysts.
Thank you we will now begin the question and answer session.
To join the question queue you May Press Star then one on your telephone keypad.
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We will pause for a moment as colleagues join the queue.
The first question comes from Cosmos <unk> with CIBC.
Please go ahead.
Thanks, George Hill, Joe for their presentation.
Maybe my first question is from Mark the technical report just to confirm that.
Great that you've given lower triangle.
And I'll Mark.
Total diluted grade Jay.
That's correct Cosmos.
Great. So.
For 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.
Due to a different sort of mining method.
Using bigger stopes or is it really potentially just slightly lower grade.
Hi.
The difference in mining method between upper and lower triangle is.
Primarily paste backfill.
Lower triangle, which does help mining costs a bit.
And we do have some latitude to potentially pull.
Pull 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 as we have higher tonnage.
Yeah.
Yes, it's not a huge one is slightly over 7% 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 is some cross structures. When I was on site at least in the upper triangle I'm wondering if that's been factored in just wonder.
During.
If this is.
The grade eventually for lower triangle or is there potentially some upside to it.
It's George.
Hi, George go ahead has been here for a minute.
Yes, Joe I'll start maybe you can.
Still in any gap so.
The way I look at lower triangle.
So far.
And drilled exclusively from surface and obviously the deeper we go the more challenging the drilling is the target.
The appropriate drill density and obviously the costs are much higher.
So if you can contrast that upper triangle, we're going to be reliant on underground drilling.
If you look at upper triangle <unk> five.
With time.
Okay.
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 see <unk> 10 and <unk>.
Think just based on the history of <unk> five you will see continued growth in the size of the resource and obviously with that drill density will have a better idea on the grade.
Yeah.
George I'll just add.
Kosmos 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.
Great.
And then maybe moving to or Mark.
My understanding is that this is a flatter line structure.
Also notice in your cost.
Mark.
That is also slightly higher.
You may be comment on the on the mining method stope sizes the mining costs.
And therefore.
Okay Alright.
All right.
And the folks in the room he can he can add to it.
So cosmos you're correct.
It is it is flat line.
And where.
We're at a mining height.
About two five meters in that.
Yeah.
And the majority of our modern remark as we see it today, we think.
Through additional drilling that may change a bit.
But.
It's a low profile drift in field type method.
Sure.
Brian anything you want to add to that.
No nothing from my end down Joe.
Great. Thanks, and then.
In terms of Sigma tailings as you mentioned Theres expansion plans.
Eventually could that be expanded to include all of the different years that you've highlighted.
Including triangle Upper triangle, lower triangle, and also on MOFCOM and could there be.
Could it actually be extended further beyond what you've outlined yesterday as well.
Okay.
And Cosmos. It's certainly contains the entire reserves case and then.
I think basically goes to about.
2028 2029.
Total and <unk>.
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.
The historic Limbach tailings. So we have what we believe is a path to.
All of the.
Reserves and improved resources noted.
And then to have options as to how we do that with.
With a good amount of runway in front of us secures Sigma.
And maybe one last question here.
You kind of mentioned in the MD&A.
Changes to existing permits could you talk about.
The permits and other any additional permits that are needed.
For the incurred to get to the inferred resources to essentially 90 inferred resources.
Lower triangular block.
There is no additional permits required.
Upper or lower triangle.
Ed or Marc.
Below.
In elevation.
Somebody will have to correct me, but I think it's.
435 meters below below surface.
Production from below there would require a permit adjustment.
I think it's brought again, hey, Brian vivid color to that.
Yes.
Yes. Thank you.
As you correctly said, it's minimal permitting for the future we need a permit for the tailings rates so not a significant one and it's already in plan.
And on the certificate of authorization, we need an expansion of the race just for one zone, so very minimal at 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 against those other questions I have and have a good weekend.
Thanks Cosmos.
Okay next question.
Mike Parkin with National Bank.
Please go ahead.
Hey, guys congrats on the quarter.
Couple of questions from me.
Are we still looking at the same timing on the parameter update.
Yes same timing.
Over to La Mac in terms of what you guys see being possible.
In terms of ramp access versus when you would have to consider switching to a shaft.
Okay.
I'll start with that.
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 may be go ahead.
I was just going to say from a capital allocation perspective. It really it 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 continuing 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.
The just completed declined for the top portion and then from there down we've looked at 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 in 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.
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's significant upside on lower triangle and as that unfolds. It 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 Q mix 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.
Advance that.
There's a number of kind of targets there.
Yes, what we call borrower, 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 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 land package in the district, where in that we're going to have future discoveries to support.
Further value creation with the outstanding infrastructure, we have in.
Fantastic workforce, we have.
Great. Thanks, guys Thats It for me 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, operator.
George or Joanne on the slide nine that you have in the slides for this presentation you show kind of the timeline for Titans, and where they're coming from for the project. So you kind of have lower triangle and and they are Mac incurred resources kind of coming out 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, and 1200 comments from each of those operations over the course of that that chart that gantry.
That's not unreasonable.
Sorry.
Okay. Okay perfect. That's good thank you.
And.
In your opening commentary you did talk about different financing discussions that you are that are ongoing.
The JV 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 mentioned that I'm just wondering.
It is now becoming more viable option or are you just mentioned that because it is something that you're still considering but it's still a low priority.
Yes.
Comprehensive review to look at all alternatives.
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's really changed we have the same.
Strategies 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 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 Youre still expecting to make that decision Charlotte late late this year I guess.
Second half, let's say.
Yes, I mean were hopeful to get all the information around midyear and 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.
Question. Please.
And wine.
The next question comes from Tanya you could connect with Scotia.
Please go ahead.
Yes, Greg good morning, everyone and thank you for taking my questions I just wanted to follow up on Kerry's question.
We had talked about.
Other options such as Greek banks financial.
Financial institutions are they still involved and interested and just wanted to see if that was still ongoing.
Yes.
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.
And then when you talked about.
Streaming option.
Screaming as an option.
Remind me.
When youre talking about streaming George you're talking about streaming the copper.
Talking 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.
Thank you for that and then I wanted to come back to the.
Our release yesterday.
Our Mac appreciate there's a lot of moving parts, but maybe if we can get.
Looking at just simplify it as you come towards 2026, when we commenced mining from now till 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.
Drilling and conversion perspective, and then Joe and Brian can jump in on infrastructure.
Sure.
And other important factors so from a from an exploration perspective with the just completed decline were about 100 meters into a new drift.
But we'll sit right over the top of the remark lenses and so.
Sometime this summer we will be underground drilling under our mark to.
Two progressed the drill density we need to be able to convert our remark from an inferred resource to reserve.
We've got.
Advanced studies were in pretty good shape on that side of it and then for lower triangle, 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.
We will get enough drilling on our mark to do the appropriate technical analysis to hopefully converted to a reserve.
It will come in a big chunk of that always needs to cover the infrastructure.
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 to 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.
Yes, Thanks George.
So I was kind of break it into two categories. The first would be with studies that Joe had referenced in his remarks. So on the on the North basin 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 options.
And lower triangle. So there is a steady phase is basically how I would look at that as more confidence in their reserve base, obviously, and then a little more work done on the two FERC 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.
We got a sequent instead of call it capital decisions that we'll allocate OXXO. The reserve case does not have.
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.
We want to get too and so on.
You.
No I was I was hoping to get just a bit more clarity.
I'll, let beams will be done in the timeframe of 2022 to 2025.
Okay.
It's going to be available for apps like the infrastructure and then all of the drilling and just trying to.
You look at your timeline on page nine in China.
And to reschedule that for me.
I 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 as they would end up being a further technical report.
Billings 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 happened 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 end of 'twenty three early 'twenty four is when we would look to have a PFS.
Okay.
Yes, that's helpful.
My understanding on how the congressional level, because there's a lot of studies right and so you're trying to understand how they all fit together.
What's going to be done unless I really appreciate it. Thank you.
Thanks Tanya.
Got it all the time, we have for today and this does conclude the question and answer session.
And today's conference call you may disconnect your lines.
Thank you for participating and have a plan.
Okay.
Okay.
Yes.
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Sure.
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