Q3 2023 SSR Mining Inc Earnings Call

Hello, everyone and welcome to SSR Mining's third quarter 2023 conference call. This call is being recorded at this time for opening remarks, and introduction I would like to turn the conference over to Alex on check from SSR mining. Please go ahead.

Thank you operator, and Hello, everyone. Thank you for joining us I'm, sorry, Mining's third quarter 2023 conference call during which we'll provide an update on our business and a review of our financial performance.

Our third quarter 2023 consolidated financial statements have been presented in accordance with U S. GAAP.

These financial statements have been filed on Edgar and SEDAR. The ASX and are also available on our website.

To accompany our call there is an online webcast and you'll find the information to access the webcast in our news release relating to this call.

Please note that all figures discussed during the call are in U S dollars unless otherwise indicated.

Today's discussion will include forward looking statements. So please read the disclosures in the relevant documents.

Joining us on the call today are Edward <unk>, Chief Corporate Development Officer, Alison White, Chief Financial Officer, and Bill Mcnevin Executive Vice President operations and sustainability.

Now I'll turn the call over to Eddie for his opening remarks on slide three.

Thanks, Alex Good afternoon to you all and thank you for joining us today.

First of all I want to communicate that our executive Chairman Walter and Paul sends his regrets for not being able to join us today.

Fortunately he is dealing with a family health emergency and is currently in transit.

With respect to the quarter as planned we are pleased to report a strong third quarter operations, which included record production for Marigold.

As well as record throughput at Puna.

Third quarter production.

192000 gold equivalent ounces at all in sustaining costs of $1289, an ounce was a meaningful improvement over first half results.

These metrics drove nearly $100 million.

And free cash flow generation in the quarter and.

And we anticipate further production and cost improvement in the fourth quarter of this year as we continue to track towards the lower end of our full year production guidance of 700000 gold equivalent ounces and as a result, the high end of our all in sustaining cost guidance.

We're also proud to have marked a significant milestone in the third quarter with the delivery of first production from check Mark type of extension.

This timeline is well aligned to our internal expectations and most impressively what's deliver just six years. After the initial drill hole was completed at the project.

Since our 2021 technical report, we have had significant exploration success, a check mark type of extension and are excited about the continued growth potential of the project.

As a result, we are now evaluating opportunities to optimize the flow sheet and meaningfully improve gold recoveries.

I will discuss these opportunities in more detail along with other aspects of our organic growth profile in a few moments.

I wanted to also communicate a number of other key highlights from the third quarter.

At Heart Madden initial earthworks site preparations.

And infill drilling have begun as we advance the project toward a construction decision in mid 2024.

Second our overall liquidity position was enhanced during the quarter with an amendment to our revolving credit facility expanding the facilities total capacity to an undrawn $500 million at a reduced margin and bringing our total liquidity position to more than $900 million.

Third our brownfield exploration portfolio continues to advance successfully as we look to extend mine lives at both Seabee and Puna.

Impressive drilling results from campaigns across the portfolio, including 46 grams, a tonne intercept over six meters at CBS poor key west target and 190 meters of 155 Gram per tonne silver and 10, 6% zinc from the quarter Derose target of tumor these are truly spectacular.

Operator: Hello everyone and welcome to SSR Mining's third quarter 2023 conference call. This call is being recorded.

<unk> results in a strong reminder of our brownfield organic growth plans and.

Alex Hunchak: At this time for opening remarks and introduction, I would like to turn the conference over to Alex Hunchak from SSR Mining. Please go ahead. Thank you operator and hello everyone. Thank you for joining SSR Mining's third quarter 2023 conference call during which you will provide an update on our business and a review of our financial performance. Our third quarter 2023 consultative financial statements have been presented in accordance with US gap. These financial statements have been filed on Edgar, Cedar, the ASX, and are also available on our website.

And finally, we continue to track we continued our track record of robust capital returns with nearly $90 million returned to shareholders over the year to date period as we track towards a minimum total return yield of three 6% for the year.

As we head towards the end of 2023. It is worth noting that we have committed substantive efforts towards the advancement of refresh technical reports for both Marigold and chocolate.

Alex Hunchak: To accompany our call there is an online webcast and you will find the information to access the webcast and our news release relating to this call. Please note that all figures discussed during the call are in US dollars unless otherwise indicated.

As we evaluate the interim results of the technical analysis being completed at both assets. We are working to maximize value. While also ensuring an optimized production profile for the portfolio over the long term.

Alex Hunchak: Today's discussion will include four looking statements so please read the disclosures in the relevant documents.

<unk> as I have noted our continued success expanding the scale of the <unk> extension has triggered a revision to the prior life of mine plan, which featured one 2 million ounces of production with the majority of the projects or stacked on heap leach pads and averaging approximately 60% recut.

Alex Hunchak: Joining us on the call today are Edward Fareed, Chief Corporate Development Officer, Alison White, Chief Financial Officer, and Bill MacNevin, Executive Vice President Operations and Sustainability.

Edward Fareed: Now I will turn the call over to Eddie for his opening remarks on slide three. Thanks Alex, good afternoon to you all, and thank you for joining us today.

<unk>.

By planning to installed grinding and leaching capacity at <unk>, we can materially improve those recoveries and potentially deliver a significant valuation uplift for the entire operation.

Edward Fareed: First of all, I want to communicate that our executive chairman, Lord Anthel, sends his regrets for not being able to join us today. Unfortunately, he is dealing with a family health emergency and is currently in transit. With respect to the quarter as planned, we are pleased to report a strong third quarter operational, which included record production for Marigold, as well as record throughput to Puna. Third quarter production of 192,000 gold equivalent ounces at all and sustaining costs of $1,289 in ounce was a meaningful improvement over first half results.

However, this will mean a slower ramp up to full production levels until later in 2026 when this additional processing equipment is installed.

Edward Fareed: These metrics drove nearly $100 million in free cash flow generation in the quarter, and we anticipate further production and cost improvement in the fourth quarter of this year as we continue to track towards the lower end of our full year production guidance of 700,000 gold equivalent ounces and as a result, the high end of our all-in sustaining cost guidance. We are also proud to have marked a significant milestone in the third quarter, with the delivery of first production from Chakmak Tepe extension.

Combined with the expectation of a positive construction decision for hot Matt and next year. It is clear our business is moving into a reinvestment cycle over the next three years that we'll see production lower than the prior 2024 guidance range by approximately 10% to 15%.

We do however expect that the near term reinvestment in our portfolio will drive production growth in the medium to long term timeframe as marigold production profile improves.

Grind Leach circuit comes online at <unk> and the hop Madden project build is completed.

We are excited by what's ahead, both into year end and over the coming years. Our portfolio features an abundance of high return low capital intensity growth opportunity that we expect will drive further expansion going forward.

SSR mining has a proud history as explorers mine builders and operators as well as our long track record of prudent value additive M&A. Our business is in a strong position supported by a robust balance sheet, including more than $900 million in total liquidity and we are keen to continue building on our solid.

Edward Fareed: This timeline is well aligned to our internal expectations, and most impressively was delivered just six years after the initial drill hole was completed at the project. Since our 2021 technical report, we have had significant exploration success at Chakmak Tepe extension and are excited about the continued growth potential of the project. As a result, we are now evaluating opportunities to optimize the flow sheet and meaningfully improve gold recovery. I will discuss these opportunities in more detail along with other aspects of our organic growth profile in a few moments.

Foundations.

On to slide four where I will comment on ESG.

ESG is in long has been a core value and focus for the company as it firmly underpins our success.

We continue to prioritize the health and safety of our employees and business partners and are seeing positive results with respect to our safety metrics across the portfolio.

In 2023, we re invigorated a focused and formal leadership in the field initiative to drive engagement and improved safety performance across the operations.

Edward Fareed: I wanted to also communicate a number of other key highlights from the third quarter. First, at Hot Madden. Initial Earthworks, site preparations, and info drilling have begun as we advance the project towards a construction decision in mid-2024. Second, our overall liquidity position was enhanced during the quarter, with an amendment to our revolving credit facility, expanding the facility's total capacity to an undrawn $500 million at a reduced margin, and bringing our total liquidity position to more than $900 million.

This has been met with enthusiasm from our teams and it's already showing positive results.

Additional key initiatives. This year include continued development of an action plan on our journey towards decarbonization, including evaluating options to incorporate renewable energy and technologies into our operating platforms.

We are enhancing our water management plans for each of our assets and fine tuning our efforts on integrated mine closure plans to ensure we leave a positive and lasting legacy for our local communities.

Edward Fareed: Third, our Brownfield Exploration portfolio continues to advance successfully as we look to extend mine lies at both CB and PUNA. Impressive drilling results from campaigns across the portfolio, including 46 grand-a-ton intercept over 6 meters at CB's Porky West target, and 190 meters of 155 gram per ton silver, and 10.6 percent zinc from the quarter-darris target of PUNA. These are truly spectacular results and a stronger reminder of our Brownfield organic growth points.

Finally over the coming months, we expect.

And to become a signatory to the international cyanide management pulp, while Marigold is already a signatory, bringing our entire portfolio to this level is another positive step forward on our ESG journey.

As we have done previously we continue to work hard to advance our ESG initiatives and look forward to sharing additional updates on that journey going forward.

Onto slide five where I'll turn over the presentation to Allison.

Yes.

Edward Fareed: And finally, we continue to track, we continued our track record of robust capital returns, with nearly $90 million return to shareholders over the year-to-date period as we tracked toward the minimum total return yield of 3.6 percent for the year.

Thank you Eddie I will start with an overview of the results from the third quarter.

Third quarter production of 192000 gold equivalent ounces was largely in line with expectations and brought year to date production to 496000 gold equivalent ounces.

Edward Fareed: As we head towards the end of 2023, it is worth noting that we have committed substantive efforts towards the advancement of the fresh technical reports for both Marigold and Chopler. As we evaluate the interim results of the technical analysis being completed at both assets, we are working to maximize value while also ensuring an optimized production profile for the portfolio over the long term. At Chopler, as I have noted, our continued success, expanding the scale of the Chakmak Tepe extension, has triggered a revision to the prior life of mine plan, which featured 1.2 million ounces of production with the majority of the projects or stacked on heap leach pads and averaging approximately 60 percent recoveries.

Sales in the third quarter were 196000 gold equivalent ounces and were impacted slightly by the timing of concentrate shipments from tillman.

We expect similar impact at the end of the fourth quarter based on prior history, particularly given the holiday season, and as a result expect fourth quarter sales to lag production.

All in sustaining cost of $1289, an ounce with a meaningful improvement over the first half results.

And included costs associated with the scheduled maintenance shutdown at share player.

What do you expect to see continued cost improvement in the fourth quarter of 2023.

Attributable net income was $15 $2 million, including a $37 million or <unk> 18 per share charge associated with the increased corporate tax rate in Turkey at.

Edward Fareed: By planning to install grinding and leaching capacity at Chopler, we can materially improve those recoveries and potentially deliver a significant valuation uplift for the entire operation. However, this will mean a slower ramp up to full production levels until later in 2026 when this additional processing equipment is installed. Combined with the expectation of a positive construction decision for Hot Mad in next year, it is clear our business is moving into a reinvestment cycle over the next three years that will see production lower than the prior 2024 guidance range by approximately 10 to 15 percent.

As previously announced on July 15th, Turkey announced a 5% increase in the corporate tax rate from 20% to 25% that is retroactive to January one 2023.

Entire impact was recorded during this quarter.

Despite the change in the overall tax rate to 25%. It is important to note that our cash taxes paid in Turkey are not impacted in the near term given existing incentive tax credit eligibility within the country.

Okay.

Adjusting for this tax rate change and other onetime items adjusted attributable net income was $53 million.

Edward Fareed: We do, however, expect that the near term reinvestment in our portfolio will drive production growth in the median to long-term time frame as Marigold production profile improved, the grind leach circuit comes online at Chopler and the Hot Mad in project build is completed. We are excited by what's ahead both into your end and over the coming years. Our portfolio features an abundance of high return, low capital intensity growth opportunity that we expect will drive further NAV expansion going forward.

Or <unk> 26 per diluted share.

In the quarter, we delivered positive free cash flow of $88 million or <unk> $95 million before working capital adjustments, bringing year to date for your free cash flow to $54 million.

$173 million before working capital adjustments.

We expect another quarter of strong free cash flow during Q4, given our expectation of stronger production to close out the year.

Edward Fareed: SSR Mining has a proud history as explorers, mine builders and operators, as well as a long track record of prudent value added of M&A. Our business is in a strong position supported by a robust balance sheet, including more than $900 million in total liquidity, and we are keen to continue building on our solid foundations.

Now turning to slide six we can talk about SSR mining financial position.

As a result of our strong free cash flow in the third quarter, our cash position is now $438 million and net cash is $207 million.

In the third quarter, we accelerated the repayment of the final $36 million outstanding on the term loan leading the $230 million convertible note as the only debt outstanding on our balance sheet and further solidifying the strength of our financial position.

Edward Fareed: On to slide four while comment on ESG. ESG is and long has been a core value and focus for the company, as it firmly underpins our success. We continue to prioritize the health and safety of our employees and business partners and are seeing positive results with respect to our safety metrics across the portfolio. In 2023, we re-invigorated a focused and formal leadership in the field initiative to drive engagement and improve safety performance across the operations. This has been met with enthusiasm from our teams and is already showing positive results.

Edward Fareed: Additional key initiatives this year include continued development of an action plan on our journey towards decarbonization, including evaluating options to incorporate renewable energy and technologies into our operating platforms. We are enhancing our water management plans for each of our assets and fine-tuning our efforts on integrated mine closure plans to ensure we leave a positive and lasting legacy for our local communities. Finally, over the coming months, we expect to become a sitoy to the International Sionite Management Code. While Marigold is already a signatory, bringing our entire portfolio to this level is another positive step forward on our ESG journey.

The payoff of the term loan also removed the restriction on $34 million in cash supporting our overall liquidity position as those funds strange it transitioned to cash and cash equivalents.

Balance sheet strength is one of the pillars of our approach to capital allocation and it is further supported by the refinancing and extending the maturity of our revolving credit facility that also occurred during the quarter.

The revolving credit facility now has a total capacity of $500 million.

At an improved borrowing cost and brings total liquidity for the organization to $938 million.

We view this facility as another tool available to us as we enter a period of reinvestment within the business.

Reinvesting in organic growth is the second pillar to our capital allocation strategy and we expect it will come to the forefront over the coming three year period as we commenced construction at hard Manhattan and move forward with the <unk> expansion project capital returns represent the third pillar of our strategy.

Flip to slide seven to discuss those further.

Edward Fareed: As we have done previously, we continue to work hard to advance our ESG initiatives and look forward to sharing additional updates on that journey going forward.

Through the end of September we have returned nearly $90 million to shareholders through our base dividend and share buyback program. This year and are on track to return at least $103 million to shareholders are a minimum total return yield of three 6% in 2023.

Alison White: On to slide five, where I will turn over the presentation to Allison. Thank you, Eddie. I will start with an overview of the results from the third quarter. Third quarter production of 192,000 Gold equivalent ounces was largely in line with expectations and brought your-to-date production to 496,000 Gold equivalent ounces. Sales in the third quarter or 196,000 Gold equivalent ounces and were impacted slightly by the timing of concentrate shipments from Puma, Puma.

This followed yields of 5% in both 2021, and 2022 and will bring total capital returned to shareholders over a three year period to more than $450 million approximately 16% of our market cap and something we are proud of.

Our capital returns initiatives are generally meant to reflect the free cash flow profile of the business and the buyback is a dynamic component to this strategy.

Alison White: We expect similar impacts at the end of the fourth quarter based on prior history, particularly given the holiday season and as a result, expect fourth quarter sales to lag production. All in sustaining costs of $1,289 amounts was a meaningful improvement over the first half results and included costs associated with the scheduled maintenance shutdown at Sherpler. We expect to see continued cost improvement in the fourth quarter of 2023. A attributable net income was $15.2 million, including a $37 million or $18 per share charge associated with the increased corporate tax rate in Turgayee.

While we are entering a period of reinvestment of investment and growth our dividend currently yielding 2% will continue to provide a baseline to our approach to capital returns.

Overall, our company remains in a strong financial position and we expect further free cash flow generation into year end.

We are proud of our history of capital return and going forward anticipate sharing opportunities to reinvest in the organization.

Now I will turn the call over to Bill our executive Vice President of operations and sustainability to review the operations.

Thanks Allison.

Committed a significant portion of my time this year at the operations working with that team and local stakeholders to ensure operational delivery and continued improvement of each asset is.

Alison White: As previously announced on July 15, Turgayee announced a 5% increase in the corporate tax rate from 20% to 25% that is retroactive to January 1, 2023. Inc. The entire impact was recorded during this quarter. Despite the change in the overall tax rate to 25%, it is important to note that our cash taxes paid in Tarkae are not impacted in the near term given existing incentive tax credit eligibility within the country. Adjusting for this tax rate change and other one-time items, adjusted a traditional net income with $53 million or 26 cents per deluded share. In the quarter, we delivered positive free cash flow of $88 million or $95 million before working capital adjustments, bringing year-to-date free-to-cash flow to $54 million or $173 million before working capital adjustments.

It is pleasing to see these efforts beginning to bear fruit with a strong third quarter, including record gold production from Marigold and record average daily throughput so clear enough.

We have a lot of work ahead of us.

There is no doubt that our teams are fully aligned on delivering our production targets for the reminder of the.

Before I dive into the review of the individual assets I want to start with a discussion about safety.

Most important thing we do each and every day is ensuring that people get on sites.

As a core value for SSR mining this has always been a focus.

We are continuing to drive increased leadership engagement and implementing simple tools to enable our people.

Whilst this is an improving this is improving safety is also improving the quality of work and results from the failed as site production delivery is an integrated approach to long term success.

Alison White: We expect another quarter of strong free cash flow during Q4 given our expectation of stronger production to close out the year.

Now under charter.

The mine delivered third quarter production 57000.

Alison White: Now turning to slide six, we can talk about SSR mining financial position. As a result of the strong free cash flow in a third quarter, our cash position is now $438 million and net cash is $207 million. In the third quarter, we accelerated the repayment of the final $36 million outstanding on the term loan, leading the $230 million convertible note as the only debt outstanding on our balance sheet, and further solidifying the strengths of our financial position.

Ounces at <unk> of $30 70 at droughts, reflecting the planned maintenance shutdown, but was successfully completed in the quarter.

As Eddie has noted we received first production from cockpit tip extension in the quarter in line with our internal timelines and we continue to inspect the project will contribute 10 to 15000 ounces to Chad was production total in the fourth quarter.

Alison White: The payoff of the term loan also removes the restriction on $34 million in cash, supporting our overall liquidity position, as those funds transition to cash and cash equivalents. Balance sheet strength is one of the pillars of our approach to capital allocation and is further supported by the refinancing and extending the maturity of our revolving credit facility that also occurred during the quarter. The revolving credit facility now has a total capacity of $500 million at an improved borrowing cost and brings total liquidity for the organization to $938 million. We view this facility as another tool available to us as we enter a period of reinvestment within the business.

We've already spoken to the excitement around the future of <unk> extension and we are currently now hard at work translating that excitement into an updated mine plan the operation.

While the opportunity to add additional additional processing capacity at <unk> has the potential to meaningfully improve the lots of non cash flows okay.

By extension.

The installation of that additional equipment will delay the ramp up to full production levels into lighter in 2026.

We will continue stacking oxide ore to the heap leach pads at a at that time, but at a lesser rate than what was anticipated in the 2021 Trs all.

I'll detail cutaway tip extension in the overall chip expansion program.

Alison White: Reinvesting in organic growth is a second pillar to our capital allocation strategy, and we expect it will come to the forefront over the coming three year period as we commence construction at HODMADN and move forward with the Turbler expansion project.

Coming in the updated technical report that will be released alongside updated multiyear guidance.

First quarter of 2024.

Exploration work has also continued across the chair of the district, including at regional targets Slug, Mega dairy, where we expanded our ownership to 80% in Q4 of 'twenty two.

Alison White: Capital returns represents a third pillar of our strategy, and let's look to slide 7 to discuss those further. Through the end of September, we have returned nearly $90 million to shareholders through our base dividend and share buyback program this year, and are on track to return at least $103 million to shareholders, or a minimum total return yield of 3.6 percent in 2023. This follows yields of 5 percent in both 2021 and 2022, and we'll bring total capital return to shareholders over a three year period to more than $450 million, approximately 16 percent of our market cap, and something we're proud of.

<unk> had more than 20 years of mine life since 2016.

Which is testament to our continued success, replacing deflation and still expanding the resource base.

With a full suite of EMEA and longer term growth opportunities across the district. We believe there are opportunities to continue this track record of mine life extension going forward.

Marigold.

<unk> produced impressive 83000 ounces.

<unk> in the third quarter. This is a quarterly record for the operation and its more than 30 years operating margin loss.

At a nice thick of 1100 $6 brands in the quarter. This reflected the planned reduction in spend for capital intensive first half of the year.

Alison White: Our capital returns initiatives are generally meant to reflect the free cash flow profile of the business, and the buyback is a dynamic component to this strategy. While we are entering a period of reinvestment and growth, our dividend currently yielding 2% will continue to provide a baseline to our approach to capital returns. Overall, our company remains in a strong financial position, and we expect further free cash flow generation into year ends.

As we have noted and we focused on delivering consolidated full year production guidance. Some of Marigold flayed originally scheduled for waste stripping at Red Dog was raised saw in gold mining at the Mackey pit.

As this rate sequencing is incorporated into our 2020 budget forecast. We expect initial production from Red dog will be like for the second half of 'twenty four.

Alison White: We are proud of our history of capital returns and going forward, anticipating opportunities to reinvest in the organization.

And also deferring associated production into 2025 and 2026.

Bill MacNevin: Now, I'll turn the call over to Bill, our Executive Vice President of Operations and Sustainability, to review the operations. Thanks, Alison. I've committed a significant portion of my time this year at the operations working with our teams and local stakeholders to ensure operational delivery and continued improvement at each asset. This is pleasing to see these efforts beginning to vet fruit with a strong third quarter, including record goal production from Marigold and record average daily throughput subpoena. We have a lot of work ahead, but there's no doubt that our teams have fully aligned on delivering our production targets for the remainder of the year.

This work will be incorporated into the updated life of mine plan for Merry go which will also be presented alongside our multiyear guidance in the first quarter of 2024.

Initial review of the ongoing technical work completed at Merry go.

Suggests they are near mine exploration programs to successful in replacing deflation.

The refreshed life of mine plan, we'll incorporate first contributions from new millennium.

Also evaluating the potential to include a first mineral resource statement for the Buffalo Valley target at the southern end of the Marigold property.

These growth and mine life extension targets are again, a reminder of the low capital intensity Nemo inorganic growth inherent across our portfolio.

Bill MacNevin: Before I dive into a review of the individual assets, I want to start with a discussion about safety. It's important thing we do each and every day is ensuring our people get home safe. As a core value for SSR mining, this has always been a focus. We're continuing to drive increased leadership engagement and implementing simple tools to enable our people. Whilst this is an improving safety, it's also improving the quality of work and results in the field. As safe production delivery is an integrated approach to a long-term success.

Moving on to Slide 12, we'll talk about safety.

<unk> third quarter production was an improvement over the first half results.

But also reflected planned downtime as a result of upgrades to the regional power grid.

Demand produced 20000 ounces of gold and 30, <unk> hundred 92 per ounce in Q3, and we expect further improvement from this level in the fourth quarter as mine grades are expected to average $36 seven grams per tonne.

Bill MacNevin: Now on to Chirpa. The mine delivered third quarter production 57,000 hours, answers a nautical 1378 droughts, reflecting the planned maintenance shutdown that was successfully completed in the quarter. As Eddie has noted, we received first productions from Cuckwick Pepe extension in the quarter in line with our internal timelines. And we continue to inspect the project will contribute 10 to 15,000 answers to Chirpa's production total in the fourth quarter. We've already spoken to the excitement around the future of Cuckwick Pepe extension, and we're currently now hard at work translating that excitement into an updated life mine plan for the operation.

Overall, however, it is important to note Ceb's mine plan does not forecast the very high grades we have encountered in the San Antonio Party over the last few years ahead.

With increased contribution from the more medium grade gap hanging wall area. In 2024, we expect Ceb's mine grade to be alone without mineral reserve grades and drive annual run rate production of approximately 80000 ounces going forward.

As you have seen we have some very exciting medium term growth potential from the pole key targets on the horizon and technical work is now underway to evaluate opportunities for these targets to be presented.

Bill MacNevin: While the opportunity to add additional processing capacity at Chirpa has potential to meaningfully improve the life of mine cash flows, Cuckwick Pepe extension. The installation of that additional equipment will delay the ramp up to full production levels until later in 2026. We will continue stacking oxide ore to the heap leak pads over that time, but a lesser rate than what was anticipated in the 2021 TRS.

And a new mining plan for the CBD and future.

In the near term, we are focused on improving operating efficiencies and delivering increased mining and milling rates to ensure positive free cash flow generation. Despite the new paradigm for the operation.

On to slide 13 with Puna.

<unk> once again delivered an outstanding quarter with $2 6 million ounces of silver production and I think a $30 per ounce as the processing plant averaged record throughput of 4900 tonnes per day.

Bill MacNevin: More details on Cuckwick Pepe extension and the Avril-Chip extension program are forthcoming in the updated technical report that will be released alongside updated multi-year guidance in the first quarter of 2024. Exploration work has also continued across the Church of the District, including at regional targets like Maverdaire, where we expanded our ownership to 80% in Q4 of 22. Gerploads had more than 20 years of my life since 2016, which is a testament to our continued success replacing depletion and still expanding the resource space. With a full suite of mere and longer-term growth opportunities across the District, we believe there are opportunities to continue this track record of my life extension going forward.

As a testament to the team and the focus on continual improvement. So they are able to deliver this level of performance and cost control. Despite the period of currency volatility in Argentina.

Exploration continued in the third quarter and we are pleased to highlight some very high grade assays.

Coated arris target, including 190 meter intercept at 155 Gram per tonne silver and 10, 6% zinc.

As we continue to evaluate all opportunities to extend mining ore from Jay its open pit in the near term.

<unk> is presenting itself as a very compelling medium term mine life extension target going forward.

Moving on to slide 14.

Scott.

After closing the acquisition in the second quarter. We now have constant commenced initial earthworks and solid preparations at Horn mountain.

Bill MacNevin: Marigold, Marigold produced the impressive 83,000 answers in 3rd quarter.

Bill MacNevin: This is a quarterly record for the operation in its more than 30 years operating my life. At an ASIC of 116 dollars per ounce in the quarter, this reflected planned reduction in spend after a capital-intensive first half of the year. As we have noted, and we focused on delivering our consolidated full-year production guidance, some of Marigold fleet originally scheduled for waste stripping at Red Dot, was reassigned to all mining at the Mackie Pet.

As part of our preparations towards construction, we began infill drilling program in the quarter.

With the goal to de risk the initial years of the mine plan.

There are only three holes have returned assets today is encouraging to see the world class nature of the ore body affirmed.

With a whole lot of intercept of 17 grams per tonne gold and one 6% copper of a 90 basis.

Mobilizing the project execution team is well advanced.

Bill MacNevin: As this week's sequencing has incorporated into our 2024 budget forecast, we expect initial production from Red Dot will be laid for the second half of 24, and also deferring a associated production into 2025 and 2025 and 2025.

And includes bringing a number of key members of which plus sulfur tank construction team.

As a reminder, HUD MA and is expected to average life of mine production nearly 200000 ounces per annum gold equivalent ounces.

Bill MacNevin: This work will be incorporated into the updated life of mine plans for Marigold, which will also be presented alongside our multi-year guidance in the first quarter of 2024. An initial review of the ongoing technical work completed at Marigold suggests our near-mine exploration programs are successful in replacing depletion. The refreshed life of mine plan will incorporate first contributions from new millennium, and we are also evaluating the potential to include a first-minor resource statement for the Buffalo Valley target at the southern end of the Marigold property. These growth and mine life extension targets are again a reminder of the low capital intensity, near-mine organic growth inherent across our portfolio.

Below $600 per ounce.

At a 40% stake we expect demand will contribute an average annual free cash flow of more than 65 million to SSR.

We're thrilled to have a development project of this caliber and our portfolio and continue to advance towards a construction decision for the project mid next year.

Now I'll turn back of Daddy.

Thanks Bill.

You have heard we're clearly excited about the future of our business and don't believe that today's share price performance reflects us we're on track for a strong fourth quarter.

To achieve both production and cost guidance targets and we expect to present, a comprehensive portfolio update in the first quarter of 2024, including refresh technical reports <unk> americold updated mineral reserves and resources and an optimized multi year guidance profile.

Bill MacNevin: Moving on to side 12, we'll talk about CV. CVS third quarter production was an improvement over the first half results, but also reflected planned down time as a result of upgrades to the regional power grid. The mine produced 20,000 ounces of gold at 8,382 per ounce in CareTree, and we expect further improvement from this level in the fourth quarter, as mine grades are expected to average 36 and 7 grams per tonne.

While we are entering a period of reinvestment. It is important to note that our portfolio of growth projects features some of the highest returning lowest capital intensity projects in the sector.

Madden a truly world class ore body with first quartile costs and a compelling IRR in excess of 30% will move towards construction mid 2024, and we expect the project to deliver first production in 2027.

Bill MacNevin: Overall, however, it is important to note, CVS mine plan does not forecast the very high grades we have encountered in the Santoy all-body over the last few years ahead. With increased contribution to the more medium grade gap hanging wall area in 2024, we expect CVS mine grade to be aligned with our mineral reserve grades and drive annual run rate production of approximately 80,000 ounces going for.

At our flagship <unk> mine, we delivered first production from the <unk> extension project, just six years from discovery and for less than $70 million in capital, we see potential to expand the projects existing one.

$1 million of mineral reserve base, and meaningfully improved gold recoveries for incremental capital investment.

At Marigold, New Millennium, and Buffalo Valley are showing potential is low capex mine life extension opportunities.

Bill MacNevin: As you have seen, we have some very exciting medium-term growth potential from the Porky targets on the horizon and technical work is now underway to evaluate opportunities for these targets being presented in a new mining plan for the CV in future. In the near term, we are focused on improving operating efficiencies and delivering increased mining and milling rates to ensure a positive free cash flow generation despite the new great paradigm for the operation.

And you have also seen meaningful export exploration success at growth targets at both Seabee and Puna.

We have the balance sheet to advance this multitude of growth projects and see potential for meaningful expansion to our production profile as a result.

Combined with our track record of building asset successfully the business is well positioned to deliver value to our shareholders.

Bill MacNevin: I'm just like 13 with PUNA. PUNA once again delivered an outstanding quarter with 2.6 million ounces of silver production at $18.13 per ounce. As a processing plant, average record throughput of $4900 per day is a testament to the team and their focus on continual improvement that they're able to deliver this level of performance and cost control despite the period of currency fertility in Argentina.

At the same time, we will not stop our relentless efforts to drive costs out of the business and we'll also continue to return capital to our shareholders alongside investment in our organic growth pipeline in the near term.

We have a proven track record delivering high return growth projects and are excited to continue building on that strong reputation going forward.

With that I will turn the line back to the operator for any questions.

Bill MacNevin: Expiration continues in the third quarter and we are pleased to highlight some very high-grade assays at the quarter dearest target, including a 190 metre intercept at 155 gram per tonne silver and 10.6 per cent zinc. As we continue to evaluate opportunities to extend mining life from to cheers up and pet in the near term, quarter dearest is presenting itself as a very compelling, medium-term, mind-life extension target going forward.

Thank you Mr. Farid, we will now begin the question and answer session to join the question queue. You May Press Star then one on your telephone keypad, you will hear a tone acknowledging your request if you are using.

On a speakerphone please pick up your handset before pressing any Keith <unk>. Your question. Please press Star then two.

The first question comes from Cosmos <unk> with CIBC. Please go ahead.

Thanks, Eddie Allison Bill.

Maybe my first question is on your 2024.

Bill MacNevin: Moving on to site 14 now to discuss hot mud. After closing the acquisition in the second quarter, we now constant commence initial earthworks and site preparations at hot mud. As part of our preparations towards construction, we began in full drilling program in the quarter and with the goal to dearest the initial years of the mine plan.

Guidance as you mentioned 2020 core production is going to be lower year over year, and thanks, Eddie for giving us a bit of guidance in terms of 10% to 15% below previous guidance could.

Could you clarify a little bit is it 10% to 15% based on the.

The mid range of the previous guidance, which was $2 70 to seven or $6 70 to 750 or is it 10 to 15 below the lower end.

Bill MacNevin: The only three holes that returned assays today is encouraging to see the world class nature of the ore body affirmed with a highlighted intercept of 17 grams per tonne gold and 1.6 percent copper over 90 beers. Mobilising the project execution team is well advanced and includes bringing a number of key members of the surplus sulfide tank construction team over to hot mud. As a reminder, hot mud is expected to average life of mine production nearly 200,000 ounces per annum gold equivalent ounces and a thick below $600 per ounce. At our 40 percent state, we expect the mine will contribute an average annual free cash flow of more than 65 million to SSR.

Yes, thanks cause.

It is 10% to 15% to both the lower end and the high end of the range.

Got it okay.

And then looking further ahead I'm just taking some of your commentary here.

Sounds like with.

Chuck My pay the grinding and leach potential.

It's not going to reach production until full production or full potential until 2026. However, it sounds like at Marigold Red Dot could come in 2025, So I'm just wondering.

The lower production is at Kantar.

Contained to 2024, and we should see.

Edward Fareed: We're thrilled to have a development project of this caliber in our portfolio and continue to advance towards a construction decision for the project mid next year.

Hopefully several hundred thousand ounces potential again in 2025, well were talking multi years in terms of potentially lower production than what we had previously thought about.

Edward Fareed: Now turn back over to Veri. Thanks Bill. As you have heard, we're clearly excited about the future of our business and don't believe that today's share price performance reflects this.

Yes. Thanks, Thanks cause look we're obviously still working through and completing the in progress Technical report summaries.

Edward Fareed: We are on track for a strong fourth quarter to achieve both production and cost guidance targets. And we expect to present a comprehensive portfolio update in the first quarter of 2024 including refreshed technical reports at tropler, Amerigold, updated mineral reserves and resources, and an optimized multi-year guidance profile. While we are entering a period of reinvestment, it is important to note that our portfolio of growth projects features some of the highest returning lowest capital intensity projects in the sector.

And we're continuing to complete the work on our infill drilling the metallurgical test work.

And the trade off studies and finalizing the pit shell optimizations, so I'm unable to give you a <unk>.

Exact sense of the relative production profiles on an annual basis.

However, what I would say is the inflection point for <unk>.

Operations and for the production profile.

Really will come into play as the grind Leach circuit comes online combined with heart Madden coming online.

Okay.

And then on that.

Brian and Leach circuit, I guess, you've talked about that in the past, but you didn't really talk about that in Q2, but you know you talked about that.

Q3 again.

Could you maybe talk about.

Edward Fareed: In our flagship tropler mine, we delivered first production from the TrackMac Tape Extension Project just six years from discovery and for less than $70 million in capital. We see potential to expand the project's existing 1.7 million out of the world earth base and meaningfully improve gold recoveries for incremental capital investment. That merigold, new millennium and Buffalo Valley are showing potential as low capex mine life extension opportunities. And you have also seen meaningful exploration success at growth targets at both CD and Puna.

What the potential capex.

Need might be and is that is that a goal is that it sounds like it is it sounds like youre pretty committed to it but it also sounds like you haven't made a final decision yet so I'm just trying to get a sense in terms of.

So that decision point at this point in time.

Yes.

It is a high probability we do pursue the grind Leach circuit, obviously, we are finalizing the technical reports.

And with the release of the technical reports in the full definition of the economics, including the capital estimate and the returns the decision will be made to pursue the grind Leach circuit.

Edward Fareed: We have the balance sheet to advance this multitude of growth projects and see potential for meaningful expansion to our production profile as a result. Combined with our track record of building assets successfully, the business is well positioned to deliver value to our shareholders. At the same time, we will not stop our relentless efforts to drive costs out of the business and will also continue to return capital to our shareholders alongside investment in our organic growth pipeline and the near term. We have a proven track record delivering high return growth projects on our excited to continue building on that strong reputation going forward.

That is part of the work that is currently undergoing we do not as we look at our capital profile over the next three years, we do not expect a significant departure from what you already have incorporated into your estimates because the grind Leach circuit capital Wood.

Be prioritized over investment into <unk>, which would be delayed.

And so it would come into play in place of the <unk> capital that would have been <unk>.

<unk> over that same period of time plus or minus.

Edward Fareed: With that, I'll turn the line back to the operator for any questions. Thank you, Mr. Fareed.

The refinement of the capital estimate in the technical report.

Oh, great and that leads well into my next question in terms of.

Operator: We will now begin the question and answer session. To join the question, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request.

Talk about three.

Three year growth capital investment period, but at the same time, you say, you know capital and LOE O W. A low capital intensity high return organic projects.

Operator: If you're using a speaker phone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two.

So for those investors are somewhat concerned about capex and I think Capex was 123 million in terms of budgeted in 2023.

Cosmos Chiu: The first question comes from Cosmos 2 with CIBC. Please go ahead. Thanks, Eddie, Allison, Bill and Alex.

I guess my question is.

Edward Fareed: Maybe my first question is on your 2024 guidance. As you mentioned, 2024 production is going to be lower and year over year. And thanks, Eddie, for giving us a bit of guidance in terms of 10 to 15% below previous guidance. Could you clarify a little bit? Is it 10 to 15% based on the mid range of the previous guidance, which was 270 to 670 to 750? Or is it 10 to 15 below the lower end? Yeah, thanks, Cos. It is 10 to 15% to both the lower end and the high end of the range. Got it. Okay.

Should we be concerned about capex is it going to go higher than 2023 or is it.

Right now of model actually lower in 2024.

Should I be concerned at all about any kind of capex increases due to your comment on a three year growth capital investment period.

Yes look.

As I look at the next three years.

Market is fully aware of a lot of the large chunks of capital ahead of us. So we have hot Madden, which we are responsible for 70% of the capital estimate for.

We have the grind Leach circuit, which we just covered together.

And those represent the largest components of the growth capital associated with.

Edward Fareed: And then looking further ahead, I'm just, you know, taking some of your commentary here. It sounds like, you know, with checkmate, tech pay, the grant and leech potential. It's not going to reach production until full production or full potential until 2026. However, it sounds like a miracle. Red dot could come in in 2025. So I'm just wondering, you know, the lower production. Is it contained to 2024 and we should see, hopefully, 700,000 ounces potential again in 2025?

With our growth profile in the coming three years.

And so again I do not believe that the market will be surprised as they look through the.

The outcomes of our technical report estimates.

And I will now fully define all these figures.

So a higher level of fidelity.

Of course, and then maybe one last question.

In terms of Capex for half of that it sounds like you're going to make a decision by mid 2024.

Youre budgeting and the studies that are coming out.

The guidance.

Guidance for 2024, we should expect some kind of a hot matter number for.

Edward Fareed: Are we talking multi years in terms of, you know, potentially lower production than what we had previously thought of? Yeah, thanks. Thanks, Cos. Look, we're obviously still working through and completing the in-progress technical report summaries, and we're continuing to complete the work on our infill drilling, the metallurgical test work, and the trade-off studies, and finalizing the Pitchell optimizations. So I'm unable to give you an exact sense of the relative production profiles on an annual basis. However, what I would say is the inflection point for the operations and for the production profile really will come into play as the grind-leach circuit comes online, combined with hot maddening coming online.

For 2024, alright for Capex.

Yes, let me pass that over to Allison to cover.

Great Hi, Allison.

Hi, Cosmos. Thanks for the question, Yes, we will definitely be including the Capex expected for hard Madden.

When we issue our guidance in the upcoming year.

So you can anticipate that it will be released at that time.

Great. Thanks.

Thanks for answering all my questions Eddie Alisonville Alex.

At all.

Thanks Scott.

Thank you.

The next question comes from Oasis Habib with Scotiabank. Please go ahead.

Hi, It E&S is our team.

I guess most of my questions have been answered.

Edward Fareed: Okay, and then on that, the grind-in-leach circuit, I guess you've talked about that in the Q3 again. You know, could you maybe talk about, you know, what the potential capex need might be, and is that a goal? Like, it sounds like it is. It sounds like you're pretty committed to it, but it also sounds like you haven't made the final decision yet. So I'm just trying to get a sense in terms of where we're at on that decision point at this point in time.

Following questions asked by Cosmos.

At Marigold now, obviously youre looking at.

Deferring stripping at Red Dot.

24.

Does that also mean that it could be kind of first half weighted for 2024.

I know youre, not giving given guidance, yet, but any kind of color on that would be appreciated.

Yeah sure look I'll pass that over to Bill what I'll say is given red Dot is is second half weighted production is likely going to be weighted further to the second half in 2024 on marigold, but let me pass it over to bill for more color.

Edward Fareed: Yeah, look, it is a high probability we do pursue the grind-leach circuit. Obviously, we are finalizing the technical reports, and with the release of the technical reports and the full definition of the economics, including the capital estimate and the returns, the decision will be made to pursue the grind-leach circuit. That is part of the work that is currently undergoing. We do not, as we look at our capital profile over the next three years, we do not expect a significant departure from what you already have incorporated into your estimates, because the grind-leach circuit capital would be prioritized over investment into C2, which would be delayed, and so it would come into play in place of the C2 capital that would have been deployed over that same period of time, plus or minus through the refinement of the capital estimate in the technical report.

Yes, yes.

So with with a lower production profile. The Hiseq will go up commensurate, but along with that we're doing a lot of work associated with with some good success associated with improving the productivity.

Associated with the flight.

So.

We are actually improving on a lot of fronts. The spend profile at Marigold will definitely say the IC can come up with that reduction.

Go.

<unk> for the year.

No surprises with that.

So bill just on again.

Yes that makes sense.

At Red dog like I mean, how much more additional stripping.

Is is kind of required at red Dot.

Edward Fareed: Great, and that leads well into my next question in terms of, you know, you talk about three-year growth capital investment period, but at the same time you say, you know, capital and low, or low capital intensity, high return, organic projects. So for those investors are somewhat concerned about CAPEX, and I think CAPEX was 123 million in terms of budgeted in 2023. I guess my question is, should we be concerned about CAPEX?

I mean in terms of tonnes or in terms of kind of maybe in terms of quarters can you give us some color as to what needs to be in place going into 2024 to complete red dog, but it'll be done by.

The second half or is that going to continue.

It'll be it'll be it'll.

It'll be the middle of.

24, we get into the <unk>.

First <unk> zone proper, so essentially with delight.

Edward Fareed: Is it going to go higher than 2023, or is it, you know, right now, a model actually lower in 2024? Should I be concerned at all about any kind of CAPEX increases due to your comment on three-year growth capital investment period? Yeah, look, as I look at the next three years, you know, the market is fully aware of a lot of the large chunks of capital ahead of us, so we have hot matter, which we are responsible for, for some to the capital, less.

Sorry, a quarter and a half and that tonnage was just directed to another part of the mine.

Supporting this year's production.

In other words, it's nothing has changed in terms of the protocols or anything it's just about a quarter and a half of stripping.

Got it I appreciate that and then just switching gears to Jupiter checkpoint therapy.

As you wait for a decision on driving Leach circuit.

Are you looking to continue mining and stockpiling or where you differ essentially all mining to mid to late 2025.

Edward Fareed: We have the Grindleach Circuit, which we just covered together. And those represent the largest components of the growth capital associated with our growth profile in the coming three years. And so, again, I do not believe that the market will be surprised as they look through the outcomes of our technical report estimates, which will fully define all these figures, so higher level of fidelity. Of course.

I will still continue mining, we just won't be mining at the Reits that were projected.

Previously.

So we will not be increasing the mining rate to the Reits will projected before but we will continue mining and that all of that is coming out.

<unk> now and when we talk about that potential plant.

Expansion will be going onto the heap leach as previously planned.

Alison White: And then maybe one last question, Eddie. In terms of Catholics for hot madame, it sounds like, you know, you're going to make a decision by mid 2024. So when you're budgeting in the studies that are coming out in the, you know, guidance for 2024, we should expect some kind of hot matter number for 2024, right? What happened?

Got it.

That's it for me guys.

Thanks for taking my questions.

Thanks for this.

The next question comes from Michael <unk> with RBC capital markets. Please go ahead.

Hi, guys. Thanks for taking my question.

Alison White: Yeah, let me pass that over to Alison to cover. Great.

A lot of my questions have been answered as well maybe just.

Alison White: Hi, Alison. Hi, Cosmos. Thanks for the question. Yes, we will definitely be including the Catholics expected for hot madame when we issue our guidance in the upcoming near. So you can anticipate that it will be released at that time. Great.

I know you don't want to do this necessarily but I'm struggling a little bit with <unk>.

Cosmos Chiu: Thanks for answering all my questions, Eddie, Alison, Bill, and Alex, and I'll pass it on. Thanks, Cosmos.

Operator: Thank you.

The 10% to 15% that you mentioned in 2024.

Can you put it in context, a little bit in terms of the split between.

Tubular and Marigold in terms of where the bulk of the impact will be.

And I assume that there will be an impact on marigold.

Unknown Executive: The next question comes from always a beep with kosher banks. Please go ahead. Hi, Eddie, and this is our team. I guess most of my questions have been answered, but a couple of questions asked by Cosmos at my gold. Now, obviously, you're looking at deferring stripping at red dot into 2024. Does that also mean that a sick could be kind of first half waited for 2024? I know you're not giving guidance yet, but any kind of color on that will be appreciated. Yeah, sure.

Guidance versus the prior outlook.

Is that fair to say.

Yes look Mike I think.

It's a bit early until we release our guidance targets to give you the exact split of ounce impact.

That will have to come through as our technical reports are finalizing our budgets are closed out that being said if you thought about checkmate <unk> extension is a 90000 ounce per year run rate operation and you took a discount to the amount of ounces being produced there annually.

Then a delay of half a year out of Red Dot.

It should begin to give you a sense that.

Edward Fareed: Look, I'll pass that over to Bill. What I'll say is given red dot is is second half waited production is likely going to be waited further to the second half in 2024 on Marigold, but let me pass it over to Bill for more color. I'm not going to go up to mention it, but along with that, we're doing a lot of work associated with and with some good success associated with improving the productivity associated with the fleet. So we're actually improving on a lot of fronts, the spend profile at Marigold, but we'll definitely see the AC come up with that reduction in goal production for the year.

The distribution.

<unk>.

<unk>.

Largely I can't give you an exact percentage, but certainly split.

Between both operations and burdened by both operations.

Okay. That's helpful that was going to be my follow up on chart topping.

And the contribution expected for next year, so would it be fair to say I think the guidance was 15 to 20000. This year would that be a fair sort of run rate to look at for ongoing operations is checkmate <unk> in 2024.

Yes. This year. The Q4 is going to operate at 10% to 15000 ounces as the target.

Next year, we are currently still working through what I'll call has the tradeoff studies of how much.

In terms of production gets contributed from checkmate <unk> and gets placed on the Leach pad. The key again here and I'll make sure we reiterated is that with <unk>.

Bill MacNevin: Now it's the process with that. So Bill, just on again, that makes sense. So at red dot, like I mean, how much more additional stripping is is kind of required at red dot. I mean, in terms of tons or in terms of kind of maybe in terms of quarters, can you give us some color as to, you know, what needs to be in place going into 2024 to complete red dot will be done by, I guess, the second half or is that going to continue?

There is a $1 7 million ounce reserve that reserve has grown substantially as we have continued our drilling.

And both our step out drilling and our infill drilling converting some of the resources to reserves that is what's triggered this decision to build the grind Leach circuit because at the moment. All these ounces are going to be stacked on the heap leach pad and get recoveries in the range of 60%.

By installing a grind leach circuit, we could get recoveries north of 80% and as you think about the quantum of balances there.

Bill MacNevin: It'll be the middle. Yeah, it'll be the middle of 24. We get into the or the or zone first major or zone proper. So essentially we're delayed. So quarter and a half. And that tunnage was just directed to another part of the mine supporting this year's product. So, in other words, it's nothing's changed in terms of the protocols or anything. It's just about a quarter and a half of stripping.

It's NPV accretive for us to do so.

And so we may be sacrificing a slower.

On a slower ramp up.

<unk> and exchange for NAV accretion and so what we're doing right down the tradeoff studies youre seeing how many ounces, we should stacked at the moment and how many ounces are going to go through the grind Leach circuit and.

And so hopefully within the coming two months.

Bill MacNevin: Got it, appreciate that. And then just switching gears to Chopra at Jack Matepe, as you wait for decision on grand lease circuit, are you looking to continue mining and stop filing or will you defer essentially all mining to mid to late 2025? I will still continue mining. We just won't be mining at the rates that were projected previously. So, we won't be increasing the mining rate to the rates were projected before, but we will continue mining and that all that's coming out between now and when we talk about that potential plant expansion, we'll be going on to the heat bleach as previously planned.

Bill MacNevin: Got it.

You will have a very good picture as to what that distributions.

Okay that makes sense. So it's not so much you are looking at whether or not to do it.

The the I suppose the pace of of putting material on the heap leaches.

Versus the longer term NAV appreciation from running them through the plant that you're looking at is that.

Because I hear you right, yes, okay.

Is there is there still a scenario being considered where you could see let's say full speed production on the leach pads for the next couple of years, while you get.

The expansion done at the plant or is that something thats already been tossed into consideration.

Unknown Executive: So, that's it for me guys and thanks for taking my questions. Thanks for this.

The preliminary work, we're seeing at the moment and again this is work in progress.

Indicates that it is more accretive.

Michael Siperco: The next question comes from Michael Siperco with RBC Capital Monkets. Please go ahead. Hi guys, thanks for taking my question. Yeah, a lot of my questions have been answered as well. Maybe just, and I know you don't want to do this necessarily, but I'm struggling a little bit with the 10 to 15% that you mentioned in 2024. Can you put it in context a little bit in terms of the split between Chopra and Marigold in terms of where the bulk of the impact will be, and I assume that there will be an impact on Marigold guidance versus the prior outlook.

Two.

To wait for the grind Leach circuit to get to full run rate levels as that work is tied up with the conclusions change for any reason.

Certainly, we'll evaluate the other options, but at this stage, we're working under the impression that we will be building decline Leach circuit.

Okay last one for me just comment on if we're talking about 24 now.

Any comment on CV, given the lower production. This year should we expect an impact versus the 2020 for outlook for CB as well.

Yes, let me pass that over to Bill.

Yes.

<unk>.

Michael Siperco: Is that fair to say? Yeah, look, look Mike, I think it's a bit early until we release our guidance targets to give you the exact split of ounce impact. That'll have to come through as our technical reports are finalized and our budgets are closed out. That being said, if you thought about Jack Mac Tepe extension as a 90,000 ounce per year run rate operation. And you took a discount to the amount of ounces being produced there annually, and then a delay of half a year out of red dot. It should begin to give you a sense that, you know, the distribution is largely, I can't give you an exact percentage, but certainly split between both operations and burdened by both operations.

I made reference to the fact that <unk> been a fabulous mine, particularly in the St toy.

Area and whilst we're continuing to mine and we're continuing to do some exploration, we see ourselves on the edge and that's where the high grade was coming from.

So what that will mean is that reduction we expect to stay around that I E.

Killer apps part and what we're doing we're ramping up how bonding rights and ramping up in our processing rates to keep it at those levels that is a that is a slight reduction versus what we were projecting last year I think it's down a bit.

And we're completing network at the moment.

Got it together, but it will be a reduction but not my job.

Okay, great. Thank you very much all.

Thanks, Mike.

This concludes the question and answer session I would like to turn the conference back over to Mr. Freed.

Edward Fareed: Okay, that's helpful. That was going to be my follow up on Jack Mac Tepe and the contribution expected for next year. So would it be fair to say, I think the guidance was 15 to 20,000 this year, would that be a fair sort of run rate to look at for ongoing operations of Jack Mac Tepe in 2024? Yeah, this year the Q4 is going to operate at 10 to 15,000 ounces as a target.

Thank you operator, and thank you to everyone for participating have a great day.

This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.

Yes.

Okay.

Edward Fareed: Next year, we are currently still working through what I'll call as the trade off studies of how much in terms of production gets contributed from Jack Mac Tepe and gets placed on the leach pad. The key again here and I'll make sure we reiterate it is that with Jack Mac Tepe, there's a 1.7 million ounce reserve. That reserve has grown substantially as we have continued our drilling and both our step out drilling and our Intel drilling converting some of the resources to reserves.

Okay.

Okay.

Sure.

Yeah.

Edward Fareed: That is what's triggered this decision to build the grind leach circuit because at the moment all these ounces are going to be stacked on the heap leach pad and get recoveries in the range of six. 60%. By installing a grind-leach circuit, we could get recoveries north of 80%, and as you think about the quantum advances there, it's MPV accretive for us to do so. And so we may be sacrificing a slower, you know, or taking on a slower ramp up at Track Mac Tepet in exchange for NAV accretion. And so what we're doing right now in the trade-off studies is seeing how many ounces that we should stack at the moment and how many ounces are going to go through the grind-leach circuit.

Edward Fareed: And so hopefully within the coming two months, you will have a very good picture as to what that distribution is. Okay, that makes sense. So it's not so much you're looking at whether or not to do it. It's the supposed the pace of putting material on the heap leaches, versus the longer-term NAV appreciation from running them through the plant that you're looking at. Is that I hear you right? Yeah, okay. Is there is there still a scenario being considered where you could see, let's say, full speed production on the leach pads for the next couple of years while you get the expansion done at the plant, or is that something that's already been tossed for the consideration.

Edward Fareed: Look, the preliminary work we're seeing at the moment, and again, this is work in progress, indicates that it is more creative to wait for the grind-leach circuit to get to full run rate levels. As that work is tied up, it's the conclusions change for any reason. Certainly we'll evaluate the other option, but at this stage, we're working under the impression that we'll be building the grind-leach circuit.

Bill MacNevin: Okay, last one for me. Just comment on, if we're talking about 24 now, any comment on CB given the lower production this year, should we expect an impact versus the 2024 outlook for CB as well?

Bill MacNevin: Yeah, let me pass that over to Bill. Yeah, I think I made reference to the fact that CB has been a fabulous mine, particularly in the Santoy area, and whilst we're continuing to mine there, and we're continuing to do some exploration, we see ourselves on the edge, and that's where the higher grade was coming from. So what that will mean is the reduction. We expect to stay around that 80,000 kilo-ounce part, and what we're doing is we're ramping up our mining rates and ramping up our processing rates to keep it at those levels. That is a slight reduction versus what we were projecting last year. I think it's down about that.

Bill MacNevin: And we're completing that work at the moment to pull it together, but it will be a reduction, but not my job.

Unknown Executive: Okay, great.

Unknown Executive: Thank you very much all. Thanks, Mike.

Operator: This concludes the question and answer session.

Edward Fareed: I would like to turn the conference back over to Mr. Fried. Thank you, operator, and thank you to everyone for participating.

Operator: Have a great day. This concludes today's conference call. You may disconnect your lines.

Thank you for participating and have a pleasant day.