Q3 2023 Agnico Eagle Mines Ltd Earnings Call
Speaker 1: transcript
Speaker 1: that are these foundational points. One is detour.
Points, one is detour, we're continuing to work towards our target of.
Speaker 1: transcript
Speaker 1: We're continuing to work towards our target of a million ounces a year at that mine. That would be a function of increasing the mill and increasing the grade. And we'll talk a little bit about that. Two, Canadian Moulartic's transition to Odyssey from Canada's largest open pit mine.
<unk> 1 million ounces, a year at that mine that would be a function of increasing the mill and increasing the grade and we will talk a little bit about that too.
Canadian Melodics transitioned to Odyssey from Canada's largest open pit mine to Canada's largest underground mine.
Speaker 1: transcript
Speaker 1: Canada's largest underground mine. It's interesting. We were just there a couple of days ago, meeting with the team, looking at the progress.
It's interesting we were just there a couple of days ago.
Meeting with the team looking at the progress and.
Speaker 1: transcript
Speaker 1: And we talked about that it was a hundred years ago.
And we talked about that it was 100 years ago October.
Speaker 1: transcript
Speaker 1: October 1923 that that mine was first discovered. It's a mine that's been around for a hundred years, and I think as we all know in the last four years alone, we've added 15 million ounces of resources to it.
<unk> 1923 that that mine was first discovered it's a mine that's been around for 100 years and I think as we all know in the last four years alone. We've added 15 million ounces of resources to it.
Speaker 1: The third item is the ABITIBI consolidation. We'll talk about that and some of the good progress that we've made. The fourth is the continuing to invest.
The third item is the Abitibi consolidation will talk about that in some of the good progress that we've made the fourth is the continuing to invest heavily in our operations with the key pillars shaft Commission, the Makassar shafts commissioned and the <unk> expansion well underway and then finally.
Speaker 1: transcript
Speaker 1: heavily in our operations with the Ketola Shaft Commission, the Macassa Shaft Commission, and the Melody Dean expansion will underway. And then finally, Guy will talk a little bit about some of the exceptional exploration results he's continuing to get. And so as we go through, first let me point out, there are the full three pages of forward-looking statements.
<unk> will talk a little bit about some of the exceptional exploration results. He is continuing to get in and so as we go through first let me point out there. The full three pages of forward looking statements and cautionary notes and maybe we can just jump to page five.
Speaker 1: transcript
Speaker 1: and cautionary notes, and maybe we can just jump to page five.
So as we mentioned we had a we had a solid operating quarter of 850000 ounces of production.
Speaker 1: transcript
Speaker 1: So as mentioned, we had a solid operating quarter of 850,000 ounces of production at a little under $900 cash cost.
At a little under $900 cash cost what I would say is that.
Speaker 1: transcript
Speaker 1: What I would say is that, well, that's a solid quarter up until the middle of August , we were having another record quarter. We were above budget. We were doing very well. We had a little bit of a setback with a transformer failure, a detour. And I say this not as an excuse, but I say this just to emphasize how strong the underlying operations are.
While that's a solid quarter up until the middle of August we were having another record quarter.
We were above budget.
We're doing very well.
We had a little bit of a setback with <unk>.
Transformer failure at detour.
And I say this not as an excuse but I say this just to emphasize how strong the underlying operations are.
Speaker 1: transcript
Speaker 1: We are going to have a good year and we're going to have a good fourth quarter. We expect to hear from the Supreme Administrative Court in Finland, imminently. We are cautiously optimistic that it goes our way. I mean, who knows? But we are cautiously optimistic and that would add another 30,000 ounces of production in the fourth quarter, putting us towards the top end of our production guidance.
We are going to have a good year and we're going to have a good fourth quarter.
We expect to hear from the Supreme administrative court in Finland imminently.
We are cautiously optimistic that it goes our way I mean, who knows but we are cautiously optimistic and that would add another 30000 ounces of production in the fourth quarter, putting us towards the top end of our production guidance adjusted net income you've all read this I'm sure.
Speaker 1: transcript
Speaker 1: Adjusted net income, you've all read this, I'm sure, 44 cents. Cash provided by operating activities of $1.1, $1.35 before working capital adjustments.
44 <unk> cash.
Cash provided by operating activities of $1, one $1 35.
For working capital adjustments next page, but getting to the foundational projects that we've talked about I'll hit a few highlights.
Speaker 1: transcript
Speaker 1: Next page. But getting to the foundational projects that we talked about, I'll hit a few highlights. Dominic and Natasha will go into in a little bit more detail. But let's start with the Odyssey Mine at the melodic.
Nominal Natasha will go into in a little bit more detail, but let's start with the Odyssey mine at.
At melodic.
Speaker 1: transcript
Speaker 1: Very good progress. As I mentioned, we were out there just the other day on Monday. The productions are already ramped up to 3,300 tons per day. Remember our target for 2024 is 3,500. So we're almost there. And frankly, the ramp development is well ahead of schedule. And the shaft is down now to 130 meters. What I think is the number of times
Very good progress as I mentioned, we were out there just the other day on Monday.
The productions are already ramped up to 3300 tons per day.
Remember our target for 2024 3500, so we're almost there and frankly the ramp development is well ahead of schedule and the.
And the shaft is down now to 130 meters.
What I think is the most exciting at.
Speaker 1: transcript
Speaker 1: is the most exciting at, of course, they're making good progress. Of course, they're finding a lot of gold. But what I really like is the fact that, for the first four stopes,
Of course, they are making good progress of course, they are finding a lot of gold, but what I really like is the fact that for.
For the first four stopes.
Speaker 1: transcript
Speaker 1: We've had 18% more gold than the block model anticipated, and that is, as some of you know, from the internal zones, and that is
We've had 18% more gold than the block model anticipated and that is as some of you know from the internal zones and that is.
Speaker 1: transcript
Speaker 1: Frankly, that's great news for a CEO when one of the biggest minds is producing 20% more gold than you thought it would.
Frankly, that's great news for our CEO.
One of the biggest mines is producing 20% more gold than you thought it would.
Speaker 1: transcript
Speaker 1: If we switch to D to Relay, remember our target is to get to a million ounces a year. We're working on that. There's two big parts. There's expanding the mill. And there is the replacing.
If we switch to detour Lake remember our target is to get to 1 million ounces a year. We're working on that there's two big parts. There is expanding the mill.
And there is the replacing.
Speaker 1: transcript
Speaker 1: lower-grade open pit or with higher-grade underground. Natasha will talk about that and talk about the progress made to our target of 28 million tons per annum by 2025. Remember to put that into perspective three years ago, we were at 23 million tons per annum. So big progress there and we'll continue to talk about that. But importantly, we've also had some very good drill results.
Lower grade open pit.
Or with higher grade underground Natasha will talk about that and talk about the progress made to our target of 28 million tons per annum by 2025 remember to put that into perspective three years ago.
We were at 23 million tons.
Per annum, so big progress there and we'll continue to talk about that but importantly, we've also had some very good drill results.
Speaker 1: transcript
Speaker 1: Continuing to have very good drill results at D-Tur at the West Pit extension and under the current
Continuing to have very good drill results at detour at the West pit extension and.
Under the current.
Speaker 1: transcript
Speaker 1: open pit with tighter infield drilling, confirming continuity of high-grade zones. What that means is it's giving us a higher level of confidence in the underground potential, which gives us, of course, higher level of confidence that we can get to that million ounce per annum target that we're working so hard on.
Open pit with tighter infill drilling confirming continuity of high grade zones, and what that means is it's giving us a higher level of confidence in the underground potential which gives us of course higher level of confidence that we can get to that million ounce per annum target that will work.
Looking so hard on we've also made some good progress on the optimization of the Abitibi.
Speaker 1: transcript
Speaker 1: We've also made some good progress on the optimization of the ABITIBI. As you know, that has been a...
As you know that has been a.
Speaker 1: transcript
Speaker 1: singular focus for the team throughout the year. As you know, we expect to be giving guidance throughout 2024 on specifics and which projects will work and which projects won't. But we are making good progress and we'll talk a little bit about that. And then finally,
Singular focus for the team throughout.
Throughout the year as you know, we expect to be giving guidance throughout 2024 on specifics and which projects will work in which projects won't.
But we are making good progress and we'll talk a little bit about that.
And then finally hope Bay.
We have had some very good drill results <unk> is going to talk about that specifically he's going to talk about some of the exciting results at Madrid, where we're filling in a two kilometer gap.
Speaker 1: transcript
Speaker 1: We have had some very good drill results, Guy is going to talk about that, specifically he's going to talk about some of the exciting results at Madrid, where we're filling in a two-kilometer gap between the Zuluk and Patch 7 zones at Madrid. That's important because while there's a lot of gold at Doris.
Between the <unk> and patch seven zones at Madrid, that's important because.
While there is a lot of gold of Doris.
Speaker 1: transcript
Speaker 1: As we've said before, for hope A to meet our targets, we want to hit 300 to 400,000 ounces a year. And Madrid is an important part of that, and GEE's exploration results are giving us higher confidence. We're still working on it, but very good results so far. Next page, please. And then finally, on the optimization of assets, we've talked a lot about this. We're working.
For as we've said before for Hope Bay to meet our targets, we want to hit 300 to 400000 ounces a year and Madrid is an important part of that and geese.
Exploration results are giving us higher confidence, we're still working on it but very good results. So far next page. Please.
And then finally on the optimization of assets.
We've talked a lot about this.
We're working hard on it but a couple of points. One is we're quite confident we've talked about amalgamated Kirkland that was the low hanging fruit.
Speaker 1: transcript
Speaker 1: One is we're quite confident. We've talked about amalgamated Kirkland. That was the low-hanging fruit. You can expect some of that to be in our guidance next year, probably 20,000 ounces.
You can expect some of that to be in our guidance next year, probably 20000 ounces.
Speaker 1: transcript
Speaker 1: And in 2025, beyond, it'll be probably closer to 30,000 to 40,000 ounces per year.
And in 2025 beyond it'll be probably closer to 30% to 40000 ounces per year. So what we promised right from the very beginning when we talked about the merger between agnico in Kirkland Lake, We said, that's a low hanging fruit.
Speaker 1: transcript
Speaker 1: What we promised right from the very beginning when we talked about the merger between Agnico and Kirkland Lake, we said that's a low-hanging fruit. It'll start to come in this upcoming year. And interestingly, it looks like we're going to be milling it with spare capacity at Laurent Zone 5, which again shows the opportunity to take advantage of existing infrastructure with minimal capital investment.
It will start to come in this upcoming.
<unk> year and interestingly it looks like we're going to be milling it with spare capacity at the <unk> zone, five which again shows the opportunity to take advantage of existing infrastructure with minimal capital investment we continue to work with upper Beaver and <unk>, both as stand alone project.
Speaker 1: transcript
Speaker 1: We continue to work with Upper Beaver and Wausamack, both as stand-alone projects and as the potential to mill those and process them at existing facilities. We've made some good progress on the analysis with both trucking and rail, and we are in discussions with the rail operators to assess costs. So we're getting right down to the nitty-gritty and the details. What we've concluded is it's doable.
And as the potential too.
1000 dose and process them at existing facilities and we've made some good progress on the analysis with both trucking and rail and we are in discussions with the rail operators to assess.
Costs, So we're getting right down to the Nitty gritty and the details what we've concluded is it's doable.
Speaker 1: transcript
Speaker 1: We've concluded that the CapEx is materially less than building your own mills, and really it's about now fine-tuning and making sure that the economics make sense.
We've concluded that the Capex is materially less in building your own mills.
And really it's about now fine tuning and making sure that the economics.
Makes sense.
Speaker 1: transcript
Speaker 1: Again, we'll be going through that through next year. And with that introduction, I'd like to turn it over to Jamie Porter to talk about some of our financial results. Thank you, Omar.
Again, we'll be going through that through.
Next year.
And with that introduction I'd like to turn it over to Jamie Porter to talk about some of our financial results.
Thank you Omar and good morning, everyone. We.
Speaker 2: transcript
Speaker 2: We had strong financial results in the third quarter with an operating margin of $883 million, which was driven by excellent performances from Canadian, Malarric and Metal.
We had strong financial results in the third quarter with an operating margin of $883 million, which was driven by excellent performances from Canadian melodic and Meadowbank.
Speaker 2: transcript
Speaker 2: Despite lower production at Detour and Fosterville, both operations delivered decent operating margins in the quarter, approximately $180 million and $90 million were spent.
<unk> lower production at detour and Fosterville, both operations deliver decent operating margins in the quarter, approximately $180 million and $90 million respectively.
Speaker 2: transcript
Speaker 2: Our production for the quarter was 850,000 ounces and we sold 843,000 ounces at an average realized price of $1,928 per ounce, which was right in line with the London PM6 price and resulted in revenues of 1.6 billion for the quarter.
Our production for the quarter was 850000 ounces and we sold 843000 ounces at an average realized price of $1928 per ounce, which was right in line with the London PM fix price and resulted in revenues of $1 6 billion for the quarter.
For the first nine months of the year, we produced just over $2 5 million ounce of gold and are well positioned to exceed the midpoint of our production guidance for 2023.
Speaker 2: transcript
Speaker 2: the first nine months of the year, we produce just over two and a half million outs of gold and are well positioned to exceed the midpoint of our production guidance for 20.
Speaker 2: transcript
Speaker 2: Our third quarter cash costs of $8.98 per ounce were just slightly above the top end of our total cash cost guidance range of between $8.40 and $8.90 per ounce for the year, while our year-to-date total cash costs were $8.57 per ounce, which is slightly below the midpoint of our cost guidance.
Our third quarter cash cost of $8 98 per ounce were just slightly above the top end of our total cash cost guidance range of between $848 90 per ounce.
For the year, while our year to date total cash costs were $8 57 per ounce, which is slightly below the midpoint of our cost guidance.
We remain on track to meet our cost guidance for the year.
Speaker 2: transcript
Speaker 2: With respect to earnings, our adjusted net income per share of 44 cents declined slightly relative to the third quarter of last year. To the higher cost, given inflation, higher amortization related to our now owning 100% of Canadian malarctic and higher interest costs.
With respect to earnings our adjusted net income per share of <unk> 44 declined slightly relative to the third quarter of last year due to higher costs, given inflation higher amortization related to our now owning 100% of Canadian melodic and higher interest costs.
Speaker 2: transcript
Speaker 2: We move over to slide nine. We'll just talk briefly about our balance sheet.
We move over to slide nine we'll talk briefly about our balance sheet.
Our overall financial position and financial flexibility remains strong we ended the third quarter with $355 million in cash and $1 1 billion in available liquidity under our revolving credit facility or.
Speaker 2: transcript
Speaker 2: Our overall financial position and financial flexibility remains strong. We ended the third quarter with 355 million in cash and 1.1 billion in available liquidity under our revolving credit.
Speaker 2: transcript
Speaker 2: Our net deposition increased slightly to $1.6 billion due to the increased working capital requirements in the quarter associated with the seasonality of the Nunavut sea level.
Our net debt position increased slightly to $1 6 billion due to the increased working capital requirements in the quarter from associated with the seasonality of the Nunavut Sealift.
Speaker 2: transcript
Speaker 2: Our net debt to EBITDA ratio remains very low around 0.5 and our balance sheet position remains stable.
Our net debt to EBITDA ratio remains very low around 5% and our balance sheet position remains stable.
Speaker 2: transcript
Speaker 2: We anticipate a strong fourth quarter, and with gold prices at current levels, we anticipate adding cash to our balance sheet.
We anticipate a strong fourth quarter and with gold prices at current levels, we anticipate adding cash to our balance sheet in Q4.
Speaker 2: transcript
Speaker 2: Overall, we look forward to it to a great fourth quarter and strong finish of the year from a financial.
Overall, we look forward to a great fourth quarter and strong finish to the year from a financial perspective.
Speaker 2: transcript
Speaker 2: With that, I'll turn the call over to Dominique, who will provide an overview of our staff.
With that I'll turn the call over to Dominique who will provide an overview of our tobacco operations.
Speaker 1: transcript
Speaker 1: Thank you. Before getting to the result of the Q3, as Amar mentioned, we were there at Canada Malartic a couple of days this week with our Board of Directors plus the management team. And I would like to thank the team there. A very great visit.
Thank you before getting to the result of the Q3 as I mentioned, we were there and kingdom on Arctic. The couple of days. This week with our board of directors plus the management team and I would like to thank the team. There are really great visit and all of the visitor were impressed by the quality of the people that <unk>.
Speaker 3: transcript
Speaker 3: All of the visitors were impressed by the quality of the people, the housekeeping, the quality of the installation that we have there. It is such a great project.
<unk> keeping the quality of the installation that we have there. It is such a great project. It was also a good timing Q3 results. Our strong 177 doesn't says at canyons MLR take and this is partially due.
Speaker 3: transcript
Speaker 3: It was also a good timing. Q3 results are strong, 177,000 answers at Canadian Malarctic. And this is partially due to the result or let's say the operation, all results we have in Barnabt pit are better than expected. The ore is a bit softer than the block model is also on our side. So this is overall good news for now and also for the future. Mill ricot results are better than expected.
The result, or let's say the operational <unk>.
Result, we have in Barnett pit are better than expected the or is a bit softer. The block model is also on our side. So this is overall a good news for now and also for the future mill record results through better better than expected.
Speaker 3: transcript
Speaker 3: So strong Q3 and we're in good position in Quebec for Q4. All of the operation that we see there are in good position to be at the top end of their guidance for the end of the year.
So a strong Q3 and we're in good position in Quebec for Q4, all of the operation that we see there are in good position to beat or to be at the top end of their guidance for the end of the year.
The next slide.
Speaker 3: transcript
Speaker 3: At ODYSSEY, you could see on the graph or on the picture there, that the ramp is achieving the level 649 below surfaces. And so the ramp is now heading to the East Goldie Zone, where we are expecting to achieve it by the first half of 2024, which is going to be the next mining horizon.
The DC.
You could see on there on the graph for the picture there that they are made.
The ramp is achieving the level of 649 below surfaces.
So the ramp is now heading to the east <unk> zone, where we are expecting to achieve it by the first half of 'twenty 'twenty, four which is going to be the Nixon mining horizon.
So the other good news at the OTC the paste plant paste backfill plant I've been commission in July 2023, and we are already achieving our expected Lithia design nameplate nameplate. So it's a good example of the power of having this.
Speaker 3: transcript
Speaker 3: So the other good news, I thought you say the paste plant, paste back will plant, I've been commissioned in July 2023. And we are already achieving our expected, let's say design 9 plate, name plate.
Speaker 3: transcript
Speaker 3: So it's a good example of the power of adding the synergy or adding more minds into the same area.
Synergy or adding more mines into the same area, where during the commissioning and the ramp up we get some help from loan from <unk> to the Canadian Arctic team and within three months were reaching or beating the nameplate. So.
Speaker 3: transcript
Speaker 3: where during the commissioning and the ramp up, we get some help from LaRone, from Goldex to the Kennedy Marotic team. And within three months, we're reaching or beating the name play. So...
Speaker 3: transcript
Speaker 3: We have a competitive advantage being in AB2B. Our turnover is around five to six percent. We are able to attract the eight teams for the construction, for the shaft thinking, and we see how it's an advantage to develop project into Nunavut. Another, not Nunavut, AB2.
We have a competitive advantage being able to be our over over.
Our turnover is.
One 5% to 6% we are able to attract the eighteens for the construction for the shaft sinking and we see it.
An advantage to develop project.
None of it another net.
Speaker 3: transcript
Speaker 3: Another example of this is on the automation, we are beating our target right now on the RAM development at the Odyssey South, and this is partially due to the automation.
Another example of this.
On the DSO mission, we are beating our target right now in the ramp development.
This is and this is partially due to the autonation. So even though it is still into the startup they are already able to mine or two to do some operation in between shifts by using automation and operating the equipment from surfaces and this is at the end of giving a 20% improvement on our <unk>.
Speaker 3: transcript
Speaker 3: Even though it is still into the startup, they are already able to mine or to do some operation in between shifts by using automation, operating equipment from surfaces. And this is at the end giving 20% improvement on our productivity on the RAM development.
Productivity on the Rem development on.
Speaker 3: transcript
Speaker 3: On the exploration side, the focus continued to be on infilling the internal zone where we could potentially add answers into our plan, which still need to continue to understand those zones and also to extend the east through the deposit on the east and on the west side.
On the exploration side, the focus continues to be on the in filling the internal zone, where we could potentially add on sales into our plan with Sydney to continue done better understand those zones and also to extend the east.
Deposit on the east and on the West side.
So on that.
I will pass the mic I think to Natasha.
Speaker 4: transcript
Speaker 4: I will pass the mic. I think to the net. Yes. Perfect. Thanks, Dom. And good morning, everyone. I'm on slide 12. In Ontario, our operations continue to deliver robust results, particularly proud of detour. We were on track to have a solid Q3, but then we had an unexpected and rare transformer failure that the team had to manage.
Thanks, Tom and good morning, everyone I'm on slide 12.
In Ontario, our operations continue to deliver robust results.
Particularly proud of detour.
We were on track to have a solid Q3, but.
Then we had an unexpected and where transformer failure that the team had to manage.
Speaker 4: transcript
Speaker 4: But the quick response by the site and being able to leverage our Abitibi procurement network ensured that the impact to our production was minimized.
But the quick response by the sight and being able to leverage our Abitibi procurement network and ensure that the impact to our production was minimized.
Speaker 4: transcript
Speaker 4: As for Q4, we've had a good start here at Detour and based on our forecast, we're planning to have a strong quarter and expect Detour to deliver at the lower end of guidance for the year.
As for Q4, we had a good start here at detour and based on our forecast we are planning to have a strong quarter in <unk>.
Detroit to deliver at the lower end of guidance for the year.
Speaker 4: transcript
Speaker 4: And we also don't expect this type of incident with the transformer to happen again.
And we also don't expect this type of incident with the transformer to happen again.
Speaker 4: transcript
Speaker 4: But we have secured a spare transformer, which is planned to be delivered to the site by the end of this month and Out of excess caution. We also plan to order a second spare in the next few months
But we have secured a spa transformer, which is planned to be delivered to the site by the end of this month and out of excess caution. We also plan to order a second store in the next few months.
Speaker 4: transcript
Speaker 4: As for Macasa, we continue to see strong operational performance here. The management team has done a great job, and we continue to experience the benefits associated with the new ventilation upgrade that we completed earlier this year. And the commissioning of a number four shaft also completed at the end of the set, picking you this year, which resulted in higher throughput and reduced unit costs when compared to our numbers from the prior year.
Ashwin Makassar, we continue to see strong operational performance. The management team has done a great job and we continue.
The benefits associated with.
The new ventilation upgrade that we completed earlier this year and the commissioning of a number four shaft also competed at the end of the beginning of this year.
Which resulted in higher throughput and reduce unit cost when compared to.
Our numbers from the prior year.
Speaker 4: transcript
Speaker 4: Now moving to slide 13, this is where the real story is, and that's the expansion potential that we have here at Detour. As you know, we have a track record of delivering improvements at Detour. And so we continue to, we continue on the journey to generate additional value at the site by, as Amara said, assessing the potential to achieve 1 million ounces on an annual basis.
Now moving to slide 13, this is where the real story is and Thats the expansion potential that we have here at <unk>.
As you know we have a track record of delivering improvements at detour.
So we continue to add too.
<unk>.
We continue on the journey to generate additional value at the site.
As <unk> said assessing the potential to achieve 1 million ounces on an annual basis.
Speaker 4: transcript
Speaker 4: and this potential comes in the form of two main projects. As you know, it's increasing the milk capacity, but also assessing the underground potential.
This potential comes in the form of two main projects as you know.
Increasing the mill capacity, but also assessing the underground potential.
Speaker 4: transcript
Speaker 4: So prior to the transformer incident, Detour was in line to achieve 27 million tons this year, 2023, and the mill availability was hovering around 92%, which was the targeted rate for 2023. Now we're expecting to be closer to 26 million tons for the full year, 2023.
So prior to the transformer incident detailer was in line to achieve.
27 million tons this year 2023.
And the mill availability was hovering around 92%, which was the targeted rate for 2023 now we're expecting to be closer to 26 million tonnes for the full year 2023.
Speaker 4: transcript
Speaker 4: Having said that, though, the team continues to focus on delivering 28 million tons per year by 2025, if not sooner. And we're also working on other opportunities, as I've mentioned in prior calls before, to further optimize the middle and look at the opportunity to go beyond 28 million tons a year. And at the same time, assess the underground potential.
Having said that though the team continues to focus on delivering 28 million tons per year by 2025, if not sooner and we're also working on other opportunities as I've mentioned in prior calls before.
Further optimize them now and look at the opportunity to go beyond 28 million tons, a year and at the same time assess the underground potential.
Speaker 4: transcript
Speaker 4: We still expect to report the results of the underground study in the first half of 2024.
We still expect to report the results of the underground study in the first half of 2024.
Speaker 4: transcript
Speaker 4: And one last thing on the expiration side, with respect to the underground deposit, during the quarter, as Amar mentioned, we completed Titer infill drilling within the underground deposit in two areas. And this has confirmed good continuity of the zones, which supports the underground mining plan that we're currently developing. So good news there.
And one last thing on the exploration side.
With respect to the underground deposit during the quarter as <unk> mentioned, we completed the tighter infill drilling within the underground deposit into areas and this has confirmed good continuity of the zones, which supports the underground mining plan that were currently developing so good news there.
Speaker 4: transcript
Speaker 4: With that, I'll pass the call back to Dominic to provide some highlights on our Nunavut operation.
That helps.
Pass the call back to Dominic to provide some highlights on our Nunavut operations.
Speaker 3: transcript
Speaker 3: Yes, thank you, Natasha. For Nunavut, a strong quarter also, so over 200,000 ounces produced in Nunavut, and looking forward, Miladyn Mill expansion is on track, on schedule, on cost to achieve the expansion going to 6,000 tons per day by the end of 2024.
Yes, Thank you and ADESA afford Nunavut, a strong quarter also saw over 200000 ounces produced in Nunavut.
Looking forward.
Media <unk> mill expansion is on track on schedule on cost to achieve the.
The extension going to 6000 tonnes per day by the end of 'twenty 'twenty four middle Bank.
Speaker 3: transcript
Speaker 3: Middlebank is all currently working on a scenario to potentially extend the mine life by doing a pushback to potentially go over 2027, so that's another good news. And on Holbein, it is not, there's no bullet point on that, but on Holbein, he's going to talk about the good, interesting drilling results where we might be in a position one day to see another long-life mine asset and none of it with that project. That's interesting.
Currently working on a scenario to potentially extend the mine life by doing it goes back to potentially go over 2027, So thats another good news.
<unk>.
On hold.
There is no bullet point on that but on whole bag he's going to talk about the good interesting drilling result, where we might be in a position one day to see another long life mine asset in Nunavut with that project that's interesting.
Speaker 3: transcript
Speaker 3: On the next slide, Akitila, on during the quarter, the production shaft is now commissioned, so that the new shaft ready to work is ongoing. And we already see some improvement or benefits from productivity and on cost using that shaft. And concerning the permit, as Amor mentioned, we're expecting to receive news in the coming days.
On the next slides at Kittila.
During the quarter.
The production shaft is now commission, so that the new shaft.
Work is ongoing and we already see some.
Improvement or benefits from productivity and on costs using that shaft and concerning the permit as edmar mentioned, we're expecting to receive news in the coming days.
Speaker 3: transcript
Speaker 3: And that I will ask Natasha to continue to close the operation update for
And that I will ask Natasha to continue to close the operation update for.
Speaker 4: transcript
Speaker 4: Australia and Mexico. Thanks, Tom. Moving to Fosterville, we saw lower production as a result of lower grades that were a sequence, but also a result of lower tons lines.
Australia and Mexico. Thanks, Tom.
To Fosterville, we saw lower production as a result of lower grades that were sequenced, but also a result of lower tonnes mined and milled.
Speaker 4: transcript
Speaker 4: The lower tonnage, it's a result of a redesign of our primary ventilation system, which requires additional development. The redesign of the ventilation system will help us de-risk not just the construction of these raises, but also more importantly, the operation in the long term to sustain the mining rates in the lower Phoenix area in future years.
Lower tonnage.
The result of redesign of our primary ventilation system, which requires additional development.
The redesign of the ventilation system will help us derisk not just the construction of these races, but also more importantly, the operation in the long term to sustain the mining rates in the lower Phoenix area in future years.
Speaker 4: transcript
Speaker 4: So the priority has become the development of this infrastructure, which has resulted in the delayed extraction of lower grade stoves this quarter.
So the priority has become the development of this infrastructure, which has resulted in the delayed extraction of lower grade stopes at this quarter.
Speaker 4: transcript
Speaker 4: We expect to achieve similar production levels in the fourth quarter as we continue to prioritize this development on the primary ventilation infrastructure.
We expect to achieve similar production levels in the fourth quarter as we continue to prioritize this development on the primary ventilation infrastructure.
Speaker 4: transcript
Speaker 4: As a whole though, Fosterville remains an incredible asset as it's an extremely low cost mine on a per ounce basis with an excellent, hardworking management team on site.
As a whole, though fosterville remains an incredible asset as it's an extremely low cost mine on a per ounce basis with an excellent hard working management team on site.
Speaker 4: transcript
Speaker 4: And then just over to Mexico, we have seen some strong operational performance and stable production in Mexico. The team in Mexico have also done a great job focusing on operational improvements. And as a result of that, we see reduced unit rates when compared to prior years. And with that, I'll pass the
Then just over to Mexico, we have seen some strong operational performance and stable production in Mexico. The team in Mexico have also done a great job focusing on operational improvements and as a result of that we see reduced unit rates when compared to prior year.
And with that I'll pass the call over to <unk>.
Speaker 5: transcript
Speaker 5: Thank you Natasha and good morning everybody. First of all I would like to mention that we intend to provide a more thorough exploration update in January .
Thank you Natasha and good morning, everybody first of all I would like to mention that we intend to provide a more thorough exploration update in January.
Speaker 5: transcript
Speaker 5: to streamline a bit the reporting of the operation. So specific press release will be dedicated to exploration result.
To streamline a bit the reporting of the operation saw a specific press release will be dedicated to exploration result, So we will now go over just a few specific exploration highlights starting with Kittila, where our recent drilling returned some very interesting shallow intercept.
Speaker 5: transcript
Speaker 5: So we'll now go over just a few specific exploration highlights starting with Ketela.
Speaker 5: transcript
Speaker 5: where a recent drilling returns some very interesting shadow intercept 200 meter close to the historical through repeating to
And meter or close to these to recall <unk> <unk> to <unk>.
Speaker 5: transcript
Speaker 5: structure that is basically located at 150 meters to the east of the main ore body that was
A structure that is basically located at the 150 meter to the east of the main ore body that was.
Speaker 5: transcript
Speaker 5: Previously on the right floor where we got an interesting result of 11.8 grams over 9.9 meter So we intend to we are right away have undertook some follow-up drilling on that to better understand the potential in that parallel structure
Previously under explore where we got to an interesting result of 11 eight grams over $9 nine meter. So we intend to al we are ready we have undertook some follow up drilling on that to better understand the potential in parallel.
Parallel structure and we'll we'll continue to report, let's say on progress at the upcoming press release.
Speaker 5: transcript
Speaker 5: And we'll continue to report, let's say, on progress at the upcoming press.
Speaker 5: transcript
Speaker 5: Moving on to FUSTAVIL. Our exploration is continuing in both the Robin Zill and Lower Phoenix area, investigating in the Lower Phoenix the extension of this one in Carrenol's structure.
Moving on to Fosterville.
Operations is continuing in both the robbinsdale in lower Phoenix area investigating.
The lower Phoenix, the extension of this one and Carter and whole structure.
Speaker 5: transcript
Speaker 5: The color of structure is split in the angle of the swan structure. And recent results continue to return very interesting value up to 10.8 grams over 10 meter, approximately 190 meter, down plunge of the current reserve.
The color on the structure is a split in the hanging wall of the <unk> structure.
In a recent result continued to.
To return very interesting value up to 10 eight grams over 10 meter approximately a 190 meter down plunge of the current reserve.
Speaker 5: transcript
Speaker 5: So continuing to demonstrate that the lower fin X area and our cardinals really remains open to grow at depth. And finally, moving.
Continuing to demonstrate that the lower Phoenix area, I know Carter and ultimately remains open to grow at depth.
And finally moving to obey.
Speaker 5: transcript
Speaker 5: We continue to drill with focus through the second and third quarter in the mid-red areas, the minic mention. And we're very pleased with the result we continue to see in that area south of the sulok below the patch 7.
We continue to drill.
Our focus.
Through the second and third quarter in the Madrid area as Dominik mentioned and we're very pleased with the continued the results we continue to see.
In that area south of the <unk> below that that seven.
Speaker 5: transcript
Speaker 5: We continue to consistently see well-minarized visual intership with a lot of visible goal occurrences, which is quite encouraging. With the recent result returning up to 15.9 grams over 4.6 meters at 600 meter depth, demonstrating that entire area south of Suluk and Bilovang.
We continue to consistently see well mineralized visual intercept we had.
With a lot of.
Visible golar, <unk>, which is quite encouraging.
And with the recent resolve returning up to $15 nine gram over $4 six meter at 600 meter depth demonstrating that that in that entire area south of Sue look and below batch.
Speaker 5: transcript
Speaker 5: is hosting, you know, the extension of the deposit, and the deposit remain open at depth into the south. So we see those recent results as a testimony of what we saw in terms of exploration off-site when we took over Opebay. So this will continue to be the focus of our exploration activity moving forward, and we intend to report more results on Opebay at the upcoming press release.
Is all staying you know the extension of the deposit and the deposit remains open at depth into this out. So we see dose reason result, as a testimony of what we what we saw in terms of exploration upside when we and when we took over <unk>. So this will continue to be the focus of.
Our our exploration activity moving forward and we intend to report the more result on <unk> at the upcoming press release.
Speaker 5: transcript
Speaker 5: And on that, we'll return the mic to a mar for closing remarks. Well, thank you.
And on that that will return to Mike O'meara for closing remarks.
Well, thank you everyone and.
Speaker 1: transcript
Speaker 1: You know, it's our job as management.
It's our job.
As management.
To focus on the details we watch every dollar we watch every ounce and we sweat the small stuff and you should want us to do that and we do it but.
Speaker 1: transcript
Speaker 1: to focus on the details. We watch every dollar, we watch every ounce, and we sweat the small stuff. And you should want us to do that, and we do it.
Speaker 1: But at the same time, it's important to step back and look at the big picture. And in the big picture, a very solid operating year so far, a lot of hard work to control costs and a lot of progress towards foundational investments in detour at Malartic, at Kitala, at Makassar and throughout the Abitibi, throughout all of our mines. We are going to continue.
But at the same time, it's important to step back and look at the Big picture and in the Big picture are very solid.
Operating year, so far a lot of hard work to control costs.
And a lot of progress towards foundational.
Investments in detour melodic hit key.
At Macassar.
And throughout the Abitibi throughout all of our mines.
We are going to continue.
Speaker 1: transcript
Speaker 1: The focus like a hawk on creating value per share. That's all we care about. We don't care how big we are. We just care about are we responsibly making money for our shareholders. And our strategy to do that hasn't changed in over 60 years.
To focus like a hawk on creating value per share. That's all we care about we don't care how big we are.
We just care about are we responsibly, making money for our shareholders and our strategy to do that hasnt changed in over 60 years.
Speaker 1: transcript
Speaker 1: which is to be in the best jurisdictions in the world.
Which is to be in the best jurisdictions in the world.
Speaker 1: transcript
Speaker 1: as measured by geologic potential and political stability.
As measured by geologic potential and political stability.
Speaker 1: transcript
Speaker 1: to try to be the best minor in those parts of the world where we focus.
To try to be the best miner.
In those parts of the world, where we focus.
Speaker 1: transcript
Speaker 1: by being the best member of the community, by being respectful to the environment we're in, and by building competitive advantages on the ground, knowing the contractors better, the suppliers better, the permitting process better, and being the employee of choice. We do think we are...
By being the best.
Member of the community.
By being respectful to the environment, we're in and by building competitive advantages on the ground.
The contractors better the suppliers better the permitting process better and being the employer of choice. We do think we are uniquely positioned that way and we're going to continue to play off of those strengths because we think it makes sense and again.
Speaker 1: transcript
Speaker 1: uniquely positioned that way and we're going to continue to play off of those strengths because we think it makes sense.
Speaker 1: transcript
Speaker 1: and again, always focused on strong financial returns on a per share basis, strong balance sheet, consistent dividend payments. That's who Agnico has been for over 60 years and that's who we're going to be for the next 60 years. And...
Always always focused on strong financial returns on a per share basis strong balance sheet.
Consistent dividend payments, that's that's who agnico has been for over 60 years.
Who are going to be for the next 60 years.
Speaker 1: transcript
Speaker 1: Before I open it up for questions, I'll just make one more comment that's not on the presentation.
Before I open it up for questions I'll, just make one more.
Comment thats not on the presentation, but is.
Speaker 1: transcript
Speaker 1: Close to all of our hearts, as you might have noticed from the press release, we've announced that Sean Boyd will be transitioning from executive chair to chair at the end of this year. And I wanna make two comments on that. The first comment is that was always the plan.
Close to all of our Hearts as as you might have noticed from the press release, we've announced that Sean Boyd.
We will be transitioning from executive chair to chair.
At the end of this year and I want to make two comments on that the first comment is that was always the plan.
Speaker 1: transcript
Speaker 1: As most of you will remember when Agnico merged
As most of you will remember.
When agnico merged with Kirkland.
Speaker 1: transcript
Speaker 1: with Kirkland, Sean Boyd was going to be the executive chair.
Sean Boyd was going to be the executive chair.
Speaker 1: transcript
Speaker 1: to help through the transition, to guide us through the combination of the two companies. And he said at the time, and we said at the time, as soon as that's done, he'll transition out of executive chair into chair. And I must say, I think all of us would agree the integration went.
To help through the transition to guide us through the combination of the two companies and he said at the time and we said at the time as soon as that's done.
Transition out of executive chair into into chair and I must say I think all of US would agree the integration went.
Speaker 1: transcript
Speaker 1: You know, we thought it was going to go well, went probably even better than we expected. It's completely done. And so this is just the natural thing that we said we were going to do, and we're doing it. The second point is just how grateful all of us are for Sean. Sean.
Even though we thought it was going to go well went probably even better than we expected it's completely done and so this is just the natural thing that we said we were going to do and we're doing it.
The second point is just how grateful all of us are for Sean.
Speaker 1: transcript
Speaker 1: I can tell you personally as the new CEO to the job, Sean's support, not just to me, but to all of the senior management in the company who was invaluable, some very good strategic advice. And we are delighted that while he's transitioning from executive chair to chair, he is going to continue to be involved in the company.
I can tell you personally as as the new CEO to the job.
Sean support not just to me, but to all of the senior management and the company was invaluable.
Some very good strategic advice and we are delighted that while he's transitioning from executive chair to chair he is going to continue.
And to be involved in the company.
Speaker 1: transcript
Speaker 1: You know, he spent, what, 30 years? 39? 39. I should know that. 39 years here and he's not going anywhere and I can again tell you that myself and all of the management are delighted to continue to have him with us. So with that, thank you all for your patience and why don't we open it up to questions?
He spent.
30 years, 39, 39, I should know that 39 years here.
He is not going anywhere and I can again tell you that myself and all of the management are delighted to continue to have them with us so with that thank you all for your patience and why don't we open it up to questions.
Speaker 6: transcript
Speaker 6: Thank you so. Ladies and gentlemen, we will now begin the question and answer session.
Thank you, Sir ladies and gentlemen, we will now begin the question and Anthony session. So do you have a question. Please press star followed by the number one on your Touchtone sash.
Speaker 6: transcript
Speaker 6: Should you have a question, please press star, followed by the number one on your touchtone phone. You'll hear a three-tone prompt acknowledging your request, and your questions will be polled in the order they were.
Please turn time technology and you have a question and your question will be Paul Thank you or the daily.
Speaker 6: transcript
Speaker 6: Should you wish to decline from the polling process, please press star and follow it by the number two.
Should you wish to clients on the polling process. Please press star followed by the number came in.
Speaker 6: transcript
Speaker 6: If you are using a speaker phone, please lift your hands up before pressing any keys. One moment please.
If youre using a speakerphone. Please go ahead with your question.
One moment please.
Question.
Your first question comes from the line of Mike Parkin.
Speaker 6: transcript
Speaker 6: Your first question comes from the line of Mike Parking from National Bank. Please go ahead.
<unk> Bank. Please go ahead.
Speaker 7: transcript
Speaker 7: Hey guys, thanks for taking my question. On the slide 16, it's the cross section of Kipila, this parallel mineralized structure, was that something you guys knew was there? Is that a bit of a positive surprise?
Hey, guys. Thanks for taking my question on Slide 16, So cross section of Kittila.
This parallel mineralized structure was that something you guys knew was there is a bit of a positive surprise.
Speaker 7: transcript
Speaker 7: You have a sense of its potential magnitude. Like have you hit it before and the grades weren't really interesting and now suddenly near surface they are, just any additional color you could give on what the potential upside there could be because it's obviously pretty interesting with it being so close to the surface where they hit that good.
Given its.
Its potential magnitude like have you hit it before in the grades.
They werent really interesting and now suddenly near surface. They are just any additional color you'd give on what the potential upside there could be because it's obviously pretty interesting with it being so close to the surface of the hit that yet.
Speaker 5: transcript
Speaker 5: Yeah, I'm Ike Kitsky. So now we've been reviewing, reprocessing some historical data on the close person. We realized it was a couple of our friend intercepts and obviously the main target has always been the main ore body, the main lance at the back.
Yes.
So we know we've been reviewing re reprocessing some historical data and the tools person. We realized there was a couple of her friends intercept and obviously the main target has always been the main ore body domain lands at the back.
Speaker 5: transcript
Speaker 5: And then we said, well, there's still some opening. The guy came to me with some thinking on all that, that plays a staking off to the south, then getting further away to the east.
And then we said while there is there are still some opening the guy King to me with some some thinking on all of that that's plays is taking off to the south and then getting further away to the east so those through a whole we're aiming to address a few of those historical intercept that where the.
Speaker 5: transcript
Speaker 5: So those who are aiming to address a few of those historical intercepts that were discarded back in the days where we were mining in the main break. And now it's opening up a new target area. So we don't know yet how big it will be, but we intend to conduct more drilling during Q4 next year. And obviously, as you mentioned, it could provide some additional flexibility being so close from surface and close from infrastructure. So quite interesting.
<unk> back in the days, where we were mining in the main break and now it's opening up a new target areas. So we don't know yet a big it will be what we intend to conduct more drilling during Q4 and next year and obviously as you mentioned and could provide some additional flexibility being sold close from surveys and Gotham infrastructures, so quite interesting and and the having the same.
Speaker 5: transcript
Speaker 5: And I'm having the same question that you do on, though how big it could be and what's the great, so very enter it.
Question, the new dual.
While big it could be and what the grades are very interesting.
Speaker 7: transcript
Speaker 7: And just in terms of what are you kind of throwing at it in terms of resources in terms of rig count?
And just in terms of what are you kind of throwing out in terms of resources in terms of rig count.
Speaker 5: transcript
Speaker 5: Sorry, I'm not sure I'm getting your call. But we're going to have a couple of raves that will be performing maybe one or two raves from surface. It's very shallow. So we can do a lot of drilling at that dose kind of depth. And we'll see, you know, we're currently looking at the budget for next year. And obviously based on the first follow up drilling program, we may intensify the drilling activity on that depending on how results will plan out. Great. Thanks very much.
Sorry, I'm not sure I am getting your commodity rigs followed by are we going to have a couple of rigs that will be performing maybe one or two rigs from sort of phases very shallow. So we can do a lot of drilling at.
Add that those kind of depth and we'll see.
We're currently looking at our budget for next year, and obviously based on the first.
Follow up drilling program that we may and intensify the drilling activity on that depending on how results will pan out.
Great. Thanks, so much and congrats on a good quarter.
Thank you Mike.
Speaker 6: transcript
Speaker 6: Your next question comes from the line of Anita Soni from the ABC World Market. Please go ahead.
Your next question comes from the line of Andy Dasani CIBC World markets. Please go ahead.
Speaker 8: transcript
Speaker 8: Hi, good morning everyone and congratulations on a good quarter and being able to reiterate your guidance at the feet in this environment. My question was with regard to the the layback that you said you were talking about, um, potentially doing it at Amerook. Could you give us a little bit more color on what you're, what you're looking for and how many years I can potentially add to the mind life.
Hi, good morning, everyone and congratulations on a good quarter and being able to reiterate your guidance does the feat in this environment.
My question is with regards to that the layback that you said you were talking about potentially giving yet.
Could you give us a little bit more color on what youre, what youre looking for and how many years that can potentially add to the mine life.
Speaker 3: transcript
Speaker 3: Yeah, we we didn't find yet another new open pit, but what we see is potentially expand, do a pushback at the IVR pit. So we know that the underground resources are there, continue to provide answers for a while, but we need to find a pit and now the team have looked back to the resources and how could we do a pushback.
Yes, we did find yet.
Another new open pit, but what we see potentially a Japan do a pushback at the IV our pit. So we know that the underground resources are there continue to to provide answers for a while but we need to find a bit and now the team have looked back to their resources and how could we do.
It pushed back.
Speaker 3: transcript
Speaker 3: to add a couple of years maybe to the operation. This is what is to play right now.
To add a couple of years, maybe to the to the operation. This is what is indeed to play right now.
Speaker 3: transcript
Speaker 3: Okay, and presumably be higher strip than the original strip of the pit, which I think was around eight or nine. No, I hear it was kind of seven, six, so not too bad. Okay. All right.
Okay, and presumably would be higher than the original script, which I think was around eight or nine.
No why here it was kind of seven 6%, so not too bad okay.
Alright, Okay and then.
Speaker 8: transcript
Speaker 8: In terms of the, sorry, the Fosterville development work, could you, and Natasha talked about it a little bit, but, um,
In terms of.
The.
The Fosterville development work could you Natasha talked about it a little bit, but Tom could you just give us an idea of how that might.
Speaker 8: transcript
Speaker 8: Could you just give us an idea of how that might, what thinking are you, what are you thinking there in terms of the development work going into 2024 and how that could potentially impact the guidance?
Thinking are you what are you thinking there in terms of the development work going into 2024 and how that could.
Potentially impact guidance I know you had.
Speaker 8: transcript
Speaker 8: about 30 or 40,000 answers that potentially could have been added in 2024 with the approval of the higher throughput rate, but would that be sort of taken out of the mix with this development work that you're doing?
30% or 40000 ounces that potentially could have been added in 2024 with the with the approval of <unk>.
The the higher throughput rate, but.
Would that be sort of taken out of the mix with dish, which is development work that youre doing.
Speaker 4: transcript
Speaker 4: Hi Anita, it's Natasha but we are doing a little bit more development with respect to the ventilation and so as a result of that we have delayed some of our stoves out.
Thanks Natasha.
We are doing a little bit more development with respect to the ventilation and so as a result of that we have delayed some of our stopes out.
We.
Speaker 4: transcript
Speaker 4: Along with those stopes, we also have to do additional development that comes along with it. So we are in the process of resequencing everything with respect to our mine plans, starting now into the end of the year. So we'll provide a little bit more guidance on that towards the end of the year.
Along with those Stopes you also have to do additional development that comes along with it. So we are in the process of re sequencing everything with respect of our mine plans studying.
Studying now into the end of the year.
Ill provide a little bit more guidance on that towards the end of the year.
Alright, thank you.
Speaker 6: transcript
Speaker 6: Your next question comes from the line of Josh Wolfson from RBC, please go ahead.
Your next question comes from the line of Josh Wolfson from.
RBC. Please go ahead.
Thanks very much.
Speaker 9: transcript
Speaker 9: Thanks very much. Having heard some of the positive commentary on the Odyssey throughput ramp up underground and the comments as well about the positive grade reconciliation from the internal zones, I'm curious to understand a bit better maybe why the volumes in terms of the production output are still quite light and tracking sort of below with the 50,000-ounce guidance of what's for the year.
Having heard some of the positive commentary on the Odyssey throughput ramp up underground.
And the comments as well about the.
The positive grade reconciliation from the internal zones.
Curious to understand a bit better may be why the volumes in terms of a production output are still quite light and tracking sort of below what the that 50000 ounce guidance was for the year.
Yes, just the unique speaking when we did the <unk>.
Speaker 3: transcript
Speaker 3: Yeah, just the next speaking, when we did the, we had the, the paste plant commissioning, we had the challenges with the pipe underground. So we had to change the pipe that we receive. We're not the helpable, we're not.
We had the paste plant commissioning.
We had challenges with the pipe underground so we had to change the pipe that we received were not the <unk> awareness.
Speaker 3: transcript
Speaker 3: in good shape, so we had to replace over 100 of those elbows when we started.
In good shape. So we had to replace over 100 of those eligible when we started.
Speaker 3: transcript
Speaker 3: So that brings delay to do pace backslash and then have an impact also on that They say how fast we were able to mine
So that brings delay to do Pais backfill and then.
An impact also on the on that.
Our fast we were able to mind, but other than that there is no. There is no order challenges and we're going to finish the year.
Speaker 3: transcript
Speaker 3: But other than that, there's no other challenges. And we're going to finish the year, we're planning to do 50,000 ton. We're going to be close to 40,000 ton coming from the Odyssey, Odyssey South. Oh, Hudson, sorry, yeah. And the pace backfield maybe is performing very well now. Don, maybe you can comment. Yeah, the pace backfield, the team is very happy because we're beating what we were expecting. So we're able now to.
Learning to do 50000 ton, we are going to be close to 40000 tons coming from the OTC.
Answer sorry, and the paste backfill maybe is performing very well now Don maybe you can comment yes phase backfill. The team is very happy because we're beating what we were expecting so we're able now to.
To recover from that and to be back on track on pace the pace backfill.
Speaker 3: transcript
Speaker 3: to recover from that and to be back on track on pace back.
Speaker 9: transcript
Speaker 9: But okay, on the cost side of things, you know, one of the tailwinds, the company's benefit from this year has been this hedging program. Is there any way that the team can quantify maybe, you know, what that benefit would be maybe as a dollar-prone figure so we can better understand the cost structure going forward?
Okay.
And on the cost side of things.
The tailwind the companies benefit from this year has been this hedging program.
Is there any way that the team can quantify maybe what that benefit would be maybe a dollar per ounce figure. So we can better understand the cost structure going forward.
Speaker 2: transcript
Speaker 2: Yeah, Josh, it's it's Jamie here. So it's about $23 an ounce that we've benefited from in terms of, you know, what we what we guided to at a 130 CAD relative to what we've realized closer to 135. But even, you know, without that benefit, we're still within our guidance range. So as a strong operating performance.
Yes, Josh it's Jamie here, so it's about $23 an ounce that we've benefited from in terms of what we what we guided to at a 130 CAD.
Relative to what we've realized closer to $1 35.
But even without that benefit we're still within our guidance range. So as the strong operating performance in terms of in terms of cost.
Speaker 1: transcript
Speaker 1: in terms of cost.
Josh it's a bit of a cough.
Speaker 1: transcript
Speaker 1: complicated question because you know we labor clearly Canadian dollars it's a direct direct relationship but if you're looking at things like spare parts
Complicated question because.
We labor clearly Canadian dollars its a gorilla direct relationship, but if you're looking at things like spare parts.
Speaker 1: transcript
Speaker 1: Even if you pay for the caterpillar transmission and Canadian dollars, it's really priced in US dollars.
Even if you pay for the caterpillar transmission in Canadian dollars, its really priced in U S dollars.
Speaker 1: transcript
Speaker 1: And it's sort of like cars. So it is something the team has done a great job with. It is something that is a good and positive tailwind and we'll take any tailwind we can. But as we've said on all the calls and I'll say it again on this call you know the team has really done a good job.
And it's sort of like cars so.
It is something the team has done a great job with it is something that.
Is a good and positive tailwind and we will take any tailwind we can but as we've said on all the calls and I'll say it again on this call.
The team has really done a good job controlling costs through.
Speaker 1: transcript
Speaker 1: through some of the proactive work they've done, but also through delivering good operating results.
Some of the proactive work they've done but also through delivering good operating results. The operating results always set your your costs.
Speaker 1: transcript
Speaker 1: The operating results always set your cost.
Speaker 9: transcript
Speaker 9: And sorry, just to clarify that, that $23 brands that was on the FX side, it sounded like, is there any additional factor on the diesel price?
And sorry, just to clarify that that $23 per ounce that was on the FX side. It sounded like is there any additional factor on the diesel price.
Speaker 2: transcript
Speaker 2: Yeah, I don't have the dollar per ounce in terms of diesel, but much much lesser benefit I think it's closer to about three dollars an hour
Yes, I don't have the dollars per ounce in terms of diesel but much much lesser benefit I think it's closer to about $3 an ounce.
Speaker 9: transcript
Speaker 9: Okay, and then one sort of final quick one on the Catilla Permit.
Okay, and then one sort of final quick one on the <unk> permit.
I think that unless the.
Speaker 9: transcript
Speaker 9: I think unless the Finnish people like to work weekends, there's three days left here in October . Any sort of commentary on what the status is or whether there's any remaining uncertainties for this outstanding permit? Thanks.
Finished people like to work weekends Theres three days left here in October.
And any sort of commentary on what the status is and whether there is any remaining uncertainties for this outstanding permit. Thanks.
Speaker 1: transcript
Speaker 1: Yeah, we're in constant contact and our understanding is they will have a decision imminently. So we continue to be cautiously optimistic, but we obviously will respect whatever decision the court makes. But we expect it, Josh, to be very soon.
Yes, we are in.
In constant contact and our understanding is they will have a decision imminently.
So we are.
Continue to be cautiously optimistic, but we obviously will respect whatever decision. The court makes but we expect that Josh to be very soon.
Perfect. Thank you very much.
Speaker 6: transcript
Speaker 6: Your next question comes from the line of John Tomazos from John Tomazos Very Independent Research. Please go ahead.
Your next question comes from the line of John Tumazos from John Tumazos very independent research. Please go ahead.
Thank you very much.
Speaker 10: transcript
Speaker 10: When the geologists turn the keys over to help pay to the engineers to restart.
When the geologist turned the keys over.
To the engineers.
Our production.
Roughly.
Speaker 10: transcript
Speaker 10: How many years and how many dollars would it take?
How many years and how many dollars would it take.
Okay resumed and the mine at the expanded target level.
Once again I'm, assuming the geologists have already found on a call it a little bit optimistically.
Speaker 1: transcript
Speaker 1: Thank you, John , Dominic speaking. Look, when we use this starter project, we're looking to have a kind of a 10 years of operation into our enough resource reserve to do that. This is what we're looking for. We have, let's say, right now, but he's continuing finding more that we need to extend that. But I think, John , you were asking how long it would take for us to start producing? Yes, sir. Therefore, yeah, it.
Thank you John Dominique speaking.
When we use these startup project, we're looking to have a kind of a 10 years of operation into aware.
And our free resource reserve.
That this is wet.
We're looking for we have let's see right now, but geese, continuing finding more that we need to extend that but I think John you are asking how long it would take for us to start producing.
Yes, Sir yes.
It will be.
Speaker 1: transcript
Speaker 1: I don't want to give it time, but it would be a lot faster than most because, you know, we have a camp, we have power generation, we have the port facilities, we have water treatment. The real emphasis will be on the mill and the mill building is there and we've done the analysis on that. So we basically have to empty out what's in the mill and basically
I don't want to give a time, but it would be a lot faster than most because we have a camp we have power generation, we have the <unk>.
<unk> facilities, we have water treatment.
The real emphasis will be on the mill and the mill building is there.
And we've done the analysis on that so we basically have to empty out what's in the mill and basically.
Speaker 1: transcript
Speaker 1: go inside that. That's always an advantage. That's particularly advantage up in a place like none of it, where until you basically have a closed-in building, you can't work in the winter. And so we have that. So...
Inside that Thats always an advantage, that's particularly advantage up in a place like none of it where until you basically have a closed and building you can't work in the winter and so we have that so.
Speaker 10: transcript
Speaker 10: You know, I don't know exactly the time. It's a good question, but it would be materially less time than if you were starting from scratch. So if I had it in my model for the second half of 2030, there's a chance.
I don't know exactly the time, it's a good question, but it would be materially less time than if you were starting from scratch.
If I had it in my model for the second half of 2030, there is a chance you could do a little better.
Yes, I think so.
Speaker 6: transcript
Speaker 6: Thank you. Your next question comes from the line of Jackie Prisdolozki from VMO Capital Markets. Please go ahead.
Thank you.
Next question comes from the line of.
Jackie.
<unk> <unk> from BMO capital markets. Please go ahead.
Speaker 11: transcript
Speaker 8: Thanks very much. Maybe I could start with some, with the follow up to John's question on hope. They, um, if you continue to have exploration success around Madrid, is there, is there any thoughts to?
Thanks, very much maybe I could start with some with a follow up to John's question on Hope Bay.
If you continue to have exploration success around Madrid is there is there any thought to.
Speaker 5: transcript
Speaker 5: to re-centering the operation around that, or I guess, Amar, you kind of alluded to this with the value of the mill building. You'll continue to haul or to the existing location. Can you talk about how to think about the layout and the overall scope of hope, eh? Yeah, it's a good question, Jackie. So...
So re centering the.
The operation around that or I guess I'm are you kind of alluded to this the value of the mill building.
You'll you'll continue to haul ore to the existing location. Ken can you talk about how to think about like the layout in the overall scope of Hebei.
It's a good question Jackie.
Speaker 1: transcript
Speaker 1: You know, everybody knows or a lot of people know there's Doris, there's Madrid and then there's Boston. And I think a lot of people know that, you know, the total distance. But the truth is, it's a pretty quick drive from Doris to Madrid.
Everybody knows are a lot of people know, they're storace Theres Madrid, and then Theres Boston and I.
I think a lot of people know that the total distance.
But the truth is.
It's a pretty quick drive from Doris to Madrid.
I can't remember exactly but it's a few kilometers.
Speaker 1: transcript
Speaker 1: I can't remember exactly, but it's a few kilometers. It's, I think, eight kilometers. So.
Eight kilometers.
So.
<unk>.
Speaker 1: transcript
Speaker 1: You know, I think it's almost certain, well, it is certain that we would be focused at the existing facilities and leverage off of that.
I think it's almost certain that while it is certain that.
We would be focused at.
At the existing facilities and leverage off of that.
Speaker 11: transcript
Speaker 11: Thank you. And to follow up maybe on Josh's question about Kittila,
Got it thank you and to follow up maybe on <unk> question about.
This alone.
Speaker 11: transcript
Speaker 11: Let's assume that the Supreme Court of Finland provides a positive decision on this. Are we going to have a press release saying that the case and would you be revising guidance at all for 2023 or would this just be sort of like at the upper end of existing guidance like you've already mentioned?
Can you talk like when you win is let's assume that the Supreme Court, Finland provides a positive decision on this.
Are we going are we going to have a press release, saying that the case and <unk>.
Would you be buys in guidance at all for 2023.
<unk> like at the upper end existing guidance. Thank you Brian mentioned, yes.
Speaker 1: transcript
Speaker 1: Yeah, so one, we will issue a press release either way, you know, to be sure, you know, the impact in 24 is about, it's about 30,000 ounces. And it is, and as you all know, we've already provided guidance, assuming we don't get that. So I think
So one we will issue a press release either way.
To be sure.
The impact in 'twenty four is about it's about 30000 ounces.
And it is and as you all know we've already provided guidance, assuming we don't get that.
So I think.
Speaker 1: transcript
Speaker 1: I mean, we've already said we're going to be above the midpoint and we'll be closer to the upper end of our guidance.
I mean, we've already said, we're going to be above the midpoint and we will be closer to the upper end of our guidance.
Speaker 1: transcript
Speaker 1: Jackie, if we get that so, I don't know that we need to to send out new guidance, but we will say what I said, which is, you know, if it's positive that we got it, that we expect an additional roughly 30,000 ounces and that we...
Jackie if we get that so I don't know that we need to.
Send out new guidance, but we will say, what I've said, which is.
If it's positive that we got it that we expect an additional roughly 30000 ounces and that we will we are now expecting to be towards the upper end of our guidance. If we don't get it we'll mention that and we will mention that we still expect to be above the midpoint of our guidance. So we're in good shape either way.
Speaker 1: transcript
Speaker 1: We are now expecting to be towards the upper end of our guidance. If we don't get it, we'll mention that, and we'll mention that we still expect to be above the midpoint of our guidance. So we're in good shape either way.
Speaker 11: transcript
Speaker 11: Okay, yeah, that's terrific. And if I could just ask maybe one last question, I think earlier on the call, you.
Okay, that's terrific and if I could just maybe one last question I think earlier on the call.
Speaker 11: transcript
Speaker 11: Talked about the integration and I noticed more in context of the change to Sean Boyd's role, but with the integration
Talked about the integration and I know tomorrow in context.
The change to Sean Boyd Rural but we'll see.
With the integration.
Between.
Speaker 11: transcript
Speaker 11: uh, cripple like and the knick-o-nub being completed. Um, have have you got any maybe updated comments you can give us in terms of as a divestment or how you're thinking about that? Um, I assume it's just kind of like as a goal forward standalone fully integrated company now, but is there any thoughts in terms of like anything in the near term?
Critical leg of Nick Nico now being completed.
Have you got any maybe updated comments you can give us in terms of asset divestments or how youre thinking about that I assume its just kind of like go forward Standalone fully integrated company now, but is there any thoughts in terms of like anything in the near term.
Speaker 1: transcript
Speaker 1: You know, it's a fair question and we are always looking at that and and we.
It's a fair question and.
We are always looking at that and we.
Speaker 1: transcript
Speaker 1: Frankly, we started looking at that very hard before the integration, during the integration, and we'll look at it after the integration. Right now, we're happy with what we've got, but for sure, we're always looking to optimize the portfolio, and whatever makes the most sense for our shareholders, we'll do it, and we'll do it in a heartbeat. Understood.
Frankly, we started looking at that very hard before the integration during the integration and we'll look at it.
After the integration.
Right now we're happy with what we've got.
But for sure we're always looking to optimize the portfolio and whatever makes the most sense for our shareholders. We will do it and we'll do it in a heartbeat.
Understood. Thanks, very much mark.
Speaker 6: transcript
Speaker 6: Your next question comes from the line of Tania to Kuzponek from Sposha Bank. We go ahead.
Your next question comes from the line of Tanya <unk> from Scotia Bank. Please go ahead.
Speaker 4: transcript
Speaker 4: Great turquoise morning everyone and I can grab on a good quarter and again I'm reiterating
Great Good morning, everyone and Matt Congrats on a good quarter and again reiterating guidance.
Speaker 4: transcript
Speaker 4: needed sets the challenge in the market. So I can grab on that. Just two questions, if I could. Can I ask the key whether going back to hope base or just looking at your slide 18 and looking at those 13 holes in the other patch and other. What do you think you need to do? Like, first of all, how many drill holes do you have in that?
Okay.
The challenge is.
Okay.
Congrats on that sure.
Two questions if I could.
Can I ask whether.
Going back to I hope phase so just looking at slide.
Slide 18, and looking at those 13 halls.
Okay.
Sure.
What do you think you need to do like first of all how many drill holes you have in that.
Speaker 12: transcript
Speaker 12: and what do you think you need to do before we can get a resource there?
GAAP area.
And what do you think you need to do before we can get a resource there.
Hi, Tanya.
<unk> like that I don't know exactly how many drill hole, we drill over there, but we've been adding six rail rig and the focus is really to demonstrate maybe.
Speaker 5: transcript
Speaker 5: On the top of my head like that, I don't know exactly how many drill holes we've drilled over there, but we've been having six-rail rig, and the focus was really to demonstrate maybe the timing to get to infer or reserve over there is less important for us than understanding that the deposit is there, keeps going, remains open at depth. So we were looking for that long-term vision that it's going to get bigger. After that, well, we are obviously...
The timing to get to infer or reserve over there is less important for US then understanding that the positives there keeps going remain open at depth. So we were looking for that.
Long term vision that they know it's going to get bigger.
After that while we are obviously.
Speaker 5: transcript
Speaker 5: Looking at, well, the drill spacing in that specific area, what is needed to get to start to see some of that showing up in resources.
Looking at <unk>, the drill spacing in that specific area, what is needed to get to start to see some of that showing up in resources.
Speaker 5: transcript
Speaker 5: I don't think we'll get any of that by year end, because we're still intent to rely on the TMAG-PFS. We're not expecting any significant change, but that was not the main objective of our exercise over there. So eventually, once we're going to firm up our, let's say, assumption on cost revise, the potential cut off grade.
Don't think will.
Well get any of that.
By year end, because you know we're still in.
<unk> tend to rely on the T. Mack PFS. So we're not expecting any significant change, but that was not the main objective of our exit of size over there. So eventually once we began to firm up our let's say assumption on cost revise the potential cutoff grade, we're going to be having done that you're drilling.
Speaker 5: transcript
Speaker 5: we're going to be having that new drilling integrated. So maybe we can get to see, start to see the benefit of that, maybe towards, maybe the back end of at the year 2024 and 2025, where we should have a better understanding of the cutoff grade. We don't want to do yo-yo with the resources over there. So we'd rather integrate all of that new drilling and make a good update once we're going to.
Integrated so maybe we can we can get to see starting to see the benefit of that may be towards maybe the back end of the year end 2024, and 2025, where we should have a better understanding of of deposit cutoff grade. We don't I don't want to we don't want to do <unk> with the resources of ideas that we do.
Better integrate all of that new drilling and make a good up that good updates once we go into <unk>.
Speaker 5: transcript
Speaker 5: I've firm up our cut off grade assumption and mining approach.
Firm up our cutoff grade assumption in mining approach.
Speaker 12: transcript
Speaker 12: So is it safe to assume that you need another two years, as you mentioned, you know, back end of 2024 or 2025? So is it another two years of drilling this property before we are going to be able to say whether we have that target of that 350 to 400 and, you know, ready to put some sort of numbers on top of this. That'd be fair.
So is it safe to assume that you'll need another Julia you mentioned D&O backend of 2020 for 2025. So is that another two years of drilling. This property before we are going to be able to say, whether we add that target of that $2 50 to 400 and ready to put some sort of a button.
Yes.
Sure.
Speaker 1: transcript
Speaker 1: To have resources, yeah, but we're going to do some thinking on mineral inventory on something that is having a larger drill spacing, but, you know, they're obviously to come out with a public number, we'll need to reach the infer resources specification. And maybe, Amar, you may have a comment. Yeah, it's, again, a good question, Tania. It's
To every services yet, but we are going to are we going to do some thinking on mineral inventory on something that is having a larger drill spacing, but <unk>, obviously to come out with a public number we will need to reach the inferred resources specification and <unk>.
It's again a good question Tanya.
Daniel.
Speaker 1: transcript
Speaker 1: It's expensive for us, it's expensive up in Nunavut and the plan we have is to aggressively drill and as Guy said we're more interested in is this going to make money and does it have a lot of legs rather than necessarily meeting the criteria for various classifications so
It's expensive for us.
It's expensive up in Nunavut, and the plan, we have is to aggressively drill and as <unk> said, we're more interested in is this going to make money and does it have a lot of legs, rather than necessarily meeting the criteria for various classifications. So.
Sure.
Speaker 1: transcript
Speaker 1: Your question is it going to be another two years before we know if we're gonna if we've got something I think it'll be less than that And we're pushing pretty hard and and it's looking good and Again, we're what what he is doing is he's looking at you know
To your question is it going to be another two years before we know if we're going to if we've got something.
I think it'll be less than that.
And we're pushing pretty hard and then it's looking good and.
Again, we are what he is doing is he is looking at.
Speaker 1: transcript
Speaker 1: you know, is this thing going to be a multi decade, a lot of production rather than, you know, the more traditional, okay, you know, we've increased it from x to y to zed sort of
Is this thing going to be a multi decade, a lot of production rather than.
The more traditional okay. We've increased it from X to Y does that sort of thing.
Speaker 1: transcript
Speaker 13: And so would it be similar to Odyssey where you would make the decision to build based on resources? Yeah, good example Tanya and also similar to what we did at Meliuddin.
And so would it be similar to Odyssey wax you would make that decision based on resources.
No it's not.
Yeah, Okay. Good.
Good example, Kenya and also similar to what we did at <unk>.
Speaker 12: transcript
Speaker 12: Yeah, yeah. Okay. Okay. Now that's very helpful. Thank you. And then if I could ask Dominic a question, just some Dominic, just on the shaft thinking to Odyssey, can you talk a little bit about the water that you've encountered and what you're seeing there and sort of, you know, I just forget where you were relative to the water table. So just a little bit about the water. Thank you.
Yeah. Okay. Okay. Now that's very helpful. Thank you and then if I could ask Dominic a question just some dumb Nic just on the shaft sinking.
Odyssey can you talk a little bit about the water Matthew Thank countered in what youre seeing there and sort of.
I guess.
Let's move to the water table, so just a little bit about the <unk>. Thank you.
Speaker 3: transcript
Speaker 3: We've reached water at some point during shaft sinking, it's now behind us. The team did the grouting and everything related to that and that's normal and part of the
The new 10 year, we've reached water at some point.
During shaft sinking.
Now behind US the team did the grouting and everything related to that and Thats normal and part of the.
Speaker 3: transcript
Speaker 3: It's the windshap thinking. The thing was, it was expected to get some water there when we did the test all we saw that we had fractures.
Doing shafts sinking the thing it was.
<unk> to get some water there when we did the test all we saw that we had fractures.
Speaker 3: transcript
Speaker 3: So the team, the good news, the team was ready to react and to do the crowding. And now we don't expect to have more water on short term. We saw some other area that with water fracture, but we're gonna know when we're gonna be there. The good news also is now the ramp is getting, we're going down with the ramp close to the infrastructure. So this is also well-paying to collect the water.
The team the good news the team was ready to react and to do the crowding and now we.
We don't expect to have more water on short term. We said we saw some other area that with other fracture, but we're going to Norway to when we're going to be there.
The good news also is now the ramp is getting worse.
We're going down with the ramp close to the infrastructure. So this is also helping to collect the water.
Speaker 12: transcript
Speaker 12: Okay, so you've gotten through the water was you see you were anticipating the water in this area, Dominic you you sprouted you got through it and now we're you know I'm going to say smooth sailing we're just back to sort of normal you know sinking rates and to the proper off without water. Yep. So, okay, alright Thank you. So
Okay. So you've gotten through the water with E&C you were anticipating the water in this.
Dominic you.
<unk> got through it and now we're.
MSA smooth sailing where does that sort of normal.
And thinking now rates.
And to the proper off without water yep.
Okay, great. Thank you so much that's all my questions.
Speaker 6: transcript
Speaker 6: Your next question comes from the line of Lawson Wendell from Bank of America. Please go ahead.
Your next question comes from the line of Lawson Winder from Bank of America. Please go ahead.
Speaker 13: transcript
Speaker 14: Thank you very much operator and hello Amar and team. Thank you for taking my question. I just wanted to ask one thing about that great slide you guys put up on the optimization of the assets and infrastructure in the Abitibi region and just inquire around your thinking on rail versus truck. I mean, I mean, it's just like standing back and looking at it. I mean.
Thank you very much operator, and Hello, Omar and team. Thank you for taking my question I just wanted to ask one thing about that great. Slide you guys put up on the optimization of the assets and infrastructure in the Abitibi region, and just inquire around your thinking on rail versus truck.
Yes.
Standing back and looking at it Amy.
Speaker 13: transcript
Speaker 14: Rail seems like a really obvious and perfect solution here, but is truck a realistic alternative if rail doesn't work out?
<unk> seems like a really obvious and perfect solution here, but as truck a realistic.
Alternative if rail doesn't work out.
Hi.
Speaker 5: transcript
Speaker 5: Hi, Larson, Jean speaking. A lesson we have to compare both. I agree with you. The most efficient way will be to you Israel. The study is progressing very well. And after the way I see it this afternoon, we'll have the infrastructure in place. It will be there for decades to come. So we are really looking to create value. So we'll...
Wilson Cheung speaking listen we have to comparable I agree with you the most.
Efficient way will be to you with this study is progressing very well.
And after <unk> the way I see it. This after we'll have the infrastructure in place it will be there for decades to come. So we are really looking to create value. So we'll give.
Speaker 1: transcript
Speaker 1: give you a good update in February on this and I think Lawson and
To give you a good update in February on that and I think loss in.
Just to build on what John said Youre right I mean high volume rail, but if its relatively small volume.
Speaker 1: transcript
Speaker 1: Just to build on what John said, you're right. I mean, high volume rail, but if it's relatively small volume, trucks can be effective too. And sometimes even small volume, if you can do it efficiently, that makes sense. So big, big ticket items probably rail, but in some cases trucks make sense. If it's lower volume and shorter distance.
Trucks can be effective two and sometimes even small volume if you can do it efficiently that makes sense, so big big ticket items probably rail.
But in some cases trucks makes sense, if it's if it's lower volume and shorter distance.
Speaker 13: transcript
Speaker 14: And then when you're thinking about what your, like the investment for Magnico might be with that, are we just talking about like a loading station and nothing much further than that?
And then when Youre thinking about what you are.
The investment from agnico might be with that we just talking about like our loading station and nothing much further than that.
Speaker 1: transcript
Speaker 13: Yeah, it's basically, it's effectively that, yeah. So there's the...
Yes, it's basically.
Effectively that yes. So so there is the.
Speaker 1: transcript
Speaker 13: Effectively, you transport from the stockpile to a spot where you can unload, and typically what you have to build is maybe two kilometers of rail so that the train can pull in, and you can load it over a day without blocking the track. So it's really just a...
Effectively you transport from the stockpile.
To the.
A spot where you can unload and typically what you have to build as maybe two kilometers of rail so that the train can pull in and you can loaded over a day without blocking the track. So it's really just.
Speaker 1: transcript
Speaker 1: It's the infrastructure to move the ore to that two kilometers of rail and then the same thing in the unloading.
It's the infrastructure to move the ore to the to the to that two kilometers of rail and then the same thing in the unloading.
Well, that's great, but it's quite exciting I look for the look forward to the next update on that thank you very much. Thank you.
Speaker 13: transcript
Speaker 14: That's great. Well, it's quite exciting. I look for the next update on that. Thank you very much, Amar, John . Thank you.
There are no further questions at this time I would now like to turn the call back over to Mr. Amaral GB for any closing remarks.
Speaker 6: transcript
Speaker 6: There are no further questions at this time. I'd now like to turn the call back over to Mr. Amar Aljindi for any closing remarks.
Speaker 1: transcript
Speaker 13: Thank you, operator, and thank you, everyone, for being on the line and for your continued support. And as you know, we love talking about the company, so if there are any other questions that we didn't answer today, just give us a call directly. And with that, we'll end it. Thank you, everyone.
Well. Thank you operator, and thank you everyone for being on the line and for your continued support and as you know we love talking about the company saw if there are any other questions that we didn't answer today, just give us a call directly and with that we'll end it. Thank you everyone.
Speaker 6: transcript
Speaker 6: Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day.
Thank you, Sir ladies and gentlemen. This concludes your conference call for today, we thank you for participating and ask could you. Please disconnect your lines have a lovely day.
Okay.
[music].