Q1 2024 Andean Precious Metals Corp Earnings Call
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Operator: Good morning. Welcome to Andean Precious Metals' conference call to discuss the company's financial and operating results for the three months ended March 31, 2024. As a reminder, this call is being recorded. Your host for today is Amanda Malou, Andean's new Director of Investor Relations. Ms. Malou, please go ahead.
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Speaker Change: Good morning, welcome to M D and precious metals conference call to discuss the company's financial and operating results for the three months ended March 31st 2024.
Operator: Good morning. Welcome to Andean Precious Metals' conference call to discuss the company's financial and operating results for the three months ended March 31st, 2024. As a reminder, this call is being recorded. Your host for today is Amanda Malou, Andean's new Director of Investor Relations. Ms. Malou, please go ahead.
Operator: As a reminder, this call is being recorded your host for today is from animal, though India user actually of Investor Relations.
Investor Relations: Please go ahead.
Amanda Malou: Thank you, Operator, and good morning, everyone. Before we get started, I would like to point out that during today's call, we may make forward-looking statements as defined under Canadian securities law. I ask that you view our slide presentation for cautionary language regarding forward-looking statements and the risk factors pertaining to these. Our press release, MD&A, and financial statements are available both on CDAR Plus and our corporate website, andeanpm.com. With us today is Alberto Morales, Andean's Executive Chairman and CEO, Juan Carlos Sandoval, our Chief Financial Officer, and Chagán Ordenuga, our Executive Vice President of Finance. Following management's formal remarks, we will open the call to questions. With that over to Alberto.
Amanda Malou: Thank you operator, and good morning, everyone before we get started I would like to point out that during today's call. We may make forward looking statements as defined under Canadian Securities Law I ask that you you are a slide presentation for cautionary language regarding forward looking statements and the risk factors pertaining to these states.
Amanda Malou: Thank you, Operator. And good morning, everyone.
Investor Relations: Yes.
Amanda Malou: Before we get started, I would like to point out that during today's call, we may make forward-looking statements as defined under Canadian securities law. I ask that you view our slide presentation's cautionary language regarding forward-looking statements and the risk factors pertaining to these. Our press release, MD&A, and financial statements are available both on CDAR Plus and our corporate website, andeanpm.com. With us today is Alberto Morales, Andean's Executive Chairman and CEO, Juan Carlos Sandoval, our Chief Financial Officer, and Segun Odunuga, our Executive Vice President of Finance. Following management's formal remarks, we will open the call to questions. Now, with that over to Alberto.
Speaker Change: Our press release MD&A and financial statements are available both on SEDAR Plaza at our corporate website and E&P and dotcom.
Speaker Change: With us today is Alberta, Morales, and Dean's executive Chairman and CEO, Juan Carlos and the ball, our Chief Financial Officer Officer, and Sugar and other new Guy our executive Vice President of Finance.
Speaker Change: Following managements formal remarks, we will open the call to questions with that over 12.
Alberto Morales: Thank you, Amanda, and welcome everyone. This quarter is our first quarter since the acquisition of Golden Queen. Our team has taken full control of the operations, and with the hire of our new COO, Marcos Holanda, we have gained a better understanding of the assets and have begun to implement strategic initiatives to optimize the operation and support future growth opportunities for the company. Despite the fire incident set back at Golden Queen and unusual weather conditions in Bolivia, our consolidated production for Q1 2024 reached 1.8 million silver equivalent ounces. Displaying resilience and adaptability.
Yes.
Amanda: Thank you Amanda and welcome everyone.
Alberto Morales: This quarter is our first quarter since the acquisition of Golden week.
Alberto: Our team has taken full control of the operations and with the hire of our new C O medical for London.
Alberto Morales: Gain a better understanding of the assets and have begun to implement our strategic initiatives to optimize the operation and support future growth opportunities for the company.
Amanda Malou: Despite the fire incident setback of Golden Green.
Alberto Morales: And unusual weather conditions in Bolivia are good.
Speaker Change: Solidago production for Q1, 2024 reached one 8 million silver equivalent ounces.
Alberto Morales: Displaying resilience and adaptability.
Alberto Morales: Golden Queen's performance exceeded our expectations with 11,490 gold-equivalent ounces, while San Bartolome experienced lower production, due largely to a historical rainfall season and thunderstorms that affected road transport. However, we anticipate a significant production increase. Revenue Growth and Margin Improvement in the Upcoming Quarters, reaffirming our guidance in accordance with our 2024 year. Turning to slide six to discuss our vision for our operation in Bolivia. As we have expressed, the country has an exceptional mineral endowment that remains underexplored.
Alberto: Clothing performance exceeded our expectations with 11490, <unk> gold equivalent ounces, while somebody stole my experience lower production due largely to where your historical rainfall season, and Thunder storms that affected the road transportation.
However, we anticipate significant production increase.
Alberto Morales: Revenue growth and margin improvement in the upcoming quarters reaffirming our guidance in accordance with our 2024 year plan.
Alberto: Turning to slide six to discuss our vision for our operation in Bolivia.
Alberto Morales: As we have expressed.
Amanda Malou: Country. It wasn't exceptional mineral endowment that remains under explored.
Alberto Morales: Bolivia is continuing to attract a wide variety of mining and resource companies, and it relies heavily on the mining industry, positive economic impact, and capacity to generate foreign revenue. We know the country very well and believe it remains a jurisdiction in which we can do business and create further value for stakeholders. Going forward, we see a strong potential for further growth for San Bartolomé and, in particular, expanding our ore purchase program. As I mentioned, this was our first full quarter operating Golden Queen after the acquisition in late November.
Alberto Morales: Bolivia has a drug that is continuing to drive to a wide variety of mining and resource company and it relies heavily on the mining industry also the economic impact and capacity to generate revenue.
Alberto Morales: We know the country very well and believe it remains whereas fiction in which we can do business and create further value towards stakeholders going forward, we see a strong potential for further growth for somebody and then particular on expanding our or purchase programs.
Alberto: As mentioned.
Alberto Morales: This was our first full quarter operating Goldman cleaned after the acquisition in late November.
Alberto Morales: As a reminder, it offers a fully-permitted, open-pit, heap-leach operation in a Tier 1 jurisdiction, advancing our goal of being a mid-tier producer in the Americas. Considering the fire incident at Golden Queen, this quarter showcased better than expected performance and revenue growth with a slight increase in operating costs, which Juan Carlos will touch on later in this presentation. As mentioned before, cold and cool performance exceeded 11,490 cold
Amanda Malou: As a reminder.
Alberto Morales: It offers a fully permitted open pit heap leach operation.
Speaker Change: Tier one jurisdiction advancing our goal of being a mid tier producer in the Americas.
Alberto: Considering the fire incident, the Golden Green this quarter shook out did better than expected performance in revenue growth with slight increase in operating costs, which Juan Carlos will touch on later in this presentation.
Speaker Change: Mentioned before Golden Fleece performance exceeded 11490, <unk> gold equivalent ounces.
Alberto Morales: However, as mentioned, we do anticipate significant production, revenue growth, and margin improvement in the coming quarters, reaffirming our guidance in accordance with our year plan. Most importantly, Corbin Quinn comes with the opportunity to enable her team to do what we have been doing best, which is to create value out of an undervalued asset. Earlier this quarter, we released a new technical report and updated mineral resources and reserves estimates for gold and queen that fully met our base case expectations.
Alberto Morales: However, as mentioned, we do anticipate significant production revenue growth and margin improvement in the coming quarters reaffirming our guidance in accordance with our gear plant.
Amanda Malou: Most importantly, Goldman Queen comes with the opportunity to enable our teams to do what we have been doing best which is to create value out of an undervalued assets.
Alberto: Earlier this quarter, we released a new.
Speaker Change: <unk> Technical report, an updated mineral resources and reserves estimate for Goldman Queen fully met our base case expectation.
Alberto Morales: We continue to focus on the opportunities ahead, namely optimizing the mine plan, improving our recovery and production and increasing cash flow and optimizing operating cost per ounce.
Alberto Morales: We continue to focus on the opportunities ahead, namely optimizing the mine plan, improving ore recovery and production, increasing cashflow, and optimizing operating costs per annum. We're also defining and prioritizing exploration targets to help realize the potential upside of gold and queen and extend the operational life of the mine with an exploration drilling program, kicking off the Following the Golden Queen acquisition, Andean is now a very different company than it was 12 months ago.
Speaker Change: We're also defining and prioritizing exploration targets to help realize the potential upside with Goldman <unk> and extend the operational life of mine with an exploration drilling program kicking off this month.
Amanda Malou: Yes.
Speaker Change: Following the Goldman Queen acquisition.
Alberto Morales: And India is now a very different company than it was 12 months ago.
Alberto Morales: Our acquisition of Golden Queen represents a significant transformation, effectively doubling our company size across metrics such as revenue, production, reserves, and workforce. As we integrate gold and green into our operations this quarter, our team has been focused on streamlining processes to enhance efficiencies and performance in alignment with our annual plan for 2020. We have anticipated the upcoming quarters will reflect this integration and improve production and enhance operations. We have also developed a strong platform to support our vision of becoming a mid-tier precious metal producer.
Amanda Malou: Our acquisition of Gorgon Queen represents a significant transformation.
Speaker Change: Secondly, doubling our company size across metrics such as revenue production reserves.
Amanda Malou: Workforce.
Speaker Change: As we integrate Goulding Queen in store operations this quarter.
Speaker Change: Our team has been focused on streamlining processes to enhance efficiencies and performance in alignment with our annual plan for 2024.
Speaker Change: We have anticipated the upcoming quarters will reflect this integration.
Amanda Malou: And improved production and enhance operational efficiencies.
Speaker Change: We have also developed a strong platform to support our ambition of becoming a mid tier precious metal producers in the Americas.
Alberto Morales: We have years of available reserves in both of our assets as well as identified assets based on gold and silver production that is expected to drive growth in cash flow and profitability going forward. Furthermore, our operational expertise and strong financial position enable us to identify and act on future opportunities for growth through acquisition. In short, we are in a strong position to grow both organically and through M&A. With that, I'll hand over the reins to Juan Carlos, who will review our financials and more.
Alberto Morales: We have years of available reserves in both of our assets as well as identified assets based on gold and silver production that is expected to drive growth in cash flow and profitability going forward.
Amanda Malou: Further our operational expertise and strong financial position enabled us to identify and act on future opportunities for growth through acquisitions.
Amanda Malou: In short.
Alberto Morales: We are in a strong position to grow both organically and through M&A.
Amanda Malou: With that.
Alberto: I'll hand over the reins to Carlos who will review our financials in more details.
Juan Carlos Sandoval: Thank you, Alberto. Good morning.
Amanda Malou: Thank you Alberto good morning.
Amanda Malou: Moving onto slide 10, Goldman clean operational and financial highlights.
Juan Carlos Sandoval: Moving on to slide 10, Golden Queen Operational and Financial Highlights. As already mentioned by Alberto, Golden Queen exceeded our expectations by producing 11,490 gold equivalent ounces. This increase was driven by higher ore tonnage and stacked ore on the leach pad that is yielding better than expected production. Our total operating cash cost per gold equivalent ounce produced stood at 2,140, primarily impacted by elevated fuel and maritime consumable prices. On the other hand, operating cash costs per ounce sold total $1,627, which reflects the adjustment for production not sold.
Alberto Morales: As already mentioned by other basketball Golden Queen exceeding our expectations by producing 11490, <unk> gold equivalent ounces.
Alberto Morales: This increase was driven by.
Speaker Change: By higher ore tonnes mined and stacked ore on the leach pad.
Speaker Change: <unk> being better than expected production.
Speaker Change: Our total operating cash cost per gold equivalent ounce produced.
Alberto Morales: <unk> 2140 <unk>.
Speaker Change: Primarily impacted by elevated fuel and Merrill Crowe consumable prices.
Alberto Morales: On the other hand operating cash cost per ounce sold totaled $1627, which reflects the adjustment of production not so.
Juan Carlos Sandoval: All-in sustaining costs per ounce sold amounted to $1,936, reflecting heightened total operating cash costs per ounce sold, site corporate admin, corporate G&A allocation, and sustaining capital expenditures. In summary, this inaugural operational quarter under Andean's management showcased robust production achievements and revenue expansion, accompanied by a minor increase in operating expenses. Nonetheless, we remain confident in our ability to meet our previously announced guidance.
Speaker Change: All in sustaining cost per ounce sold amounted to $1936, reflecting heightened pole operating cash cost per ounce sold.
Speaker Change: Corporate admin corporate G&A allocation and sustaining capital expenditures.
Amanda Malou: In summary.
Speaker Change: Narrow operating operational quarter on their fund their ambience management showcase school bus production achievements and revenue expansion.
Speaker Change: A complaint by minor increasing operating expenses.
Amanda Malou: Nonetheless, we remain confident in our ability to meet our previously announced guidance.
Juan Carlos Sandoval: Turning to slide 11, San Bartolomeo Operational and Financial Highlights. In Q1 2024, we made a strategic shift in our purchasing strategy, resulting in a 102% increase in tonnage purchased compared to Q1 2023. This shift focused on acquiring oxide material, which led to a decrease in average head grade of 179 grams per ton due to the composition of materials per ton. Therefore, our total plant throughput experienced an important reduction compared to Q1 2023. This decline can be attributed to heavy rainfall and thunderstorms around the Potosi area, which adversely affected our operations during the quarter and delays in third-party material delivery.
Alberto: Turning on to slide 11, somebody colonial operational and financial highlights.
Speaker Change: In Q1, 'twenty 'twenty four.
Speaker Change: Made a strategic shift in our purchasing strategy, resulting in a 102% increase in tonnage purchase compared to Q1 2023.
Alberto: This shift focused on acquiring oxide material, which led to a decrease in average head grade of 179 grams per tonne.
Speaker Change: So the composition of materials purchased.
Amanda Malou: Our total planned smoking experience an important reduction compared to Q1 2023.
Speaker Change: The decline can be attributed to heavy rainfalls and thunderstorms around the potency area.
Speaker Change: They are mostly affected our operations during the quarter and delays in third party material deliveries.
Juan Carlos Sandoval: Beginning January 1, 2024, we adopted new metrics to measure our performance, including cash cross operating margin per equivalent ounces sold and cross margin ratio. These metrics better reflect our transition to exclusively processing activities during Q4 2022. Total cash operating costs per silver equivalent ounce sold, which consists of total cost of sales, allocated corporate administrative costs, and site and general administrative costs, were $20.1 million, or $24.38 per silver equivalent ounce sold, compared to $23.4 million, or $23.37 per silver equivalent ounce sold in Q1 2023.
Speaker Change: Beginning January one 2024, we adopted new metrics to measure our performance, including cash across operating margin equivalent ounces sold.
Juan Carlos Sandoval: This resulted in a cash gross operating margin per silver equivalent down sold of negative 0.72 cents for Q1 2024 compared to negative 0.33 cents in Q1 2020. The increase was largely impacted by lower silver equivalent ounces sold and higher cost of material purchased due to the increase in the volume purchased during Q1 2024 compared to Q1 2022. The other second metric, cross-margin ratio for the Q120-24, which is calculated by subtracting the cost of sale, excluding depreciation, depletion, and amortization as reported in the income statements from the net revenue from sales of silver equivalent bounces divided by net revenue from sales, was 6.47% in Q1 2024 compared to 7.9 in Q1 2023.
Amanda Malou: And cross margin ratio.
Speaker Change: These metrics better reflect our transition to exclusively processing activities during Q4, 2020 one.
Speaker Change: Total cash operating cost per silver equivalent ounce sold.
Speaker Change: Which consists of a total cost of sales allocated corporate administrative cost insights and general administrative cost during Q1, 'twenty 'twenty four 'twenty.
Speaker Change: $20 1 million or $24 38 per silver equivalent ounce sold.
Speaker Change: Compared with $23 4 million or $23 37 per silver equivalent ounce sold in Q1 2020.
Speaker Change: This resulted in the cash across operating margin per silver equivalent ounce sold.
Speaker Change: At $8.72 for Q1, 2024 comparable negative <unk> 33 in.
Alberto Morales: In Q1 2023.
Speaker Change: The increase was largely impacted by lower silver equivalent ounces sold and higher cost of materials parts due to the increase in the volume purchases during Q1 2024 compared to Q1 2023.
Amanda Malou: The other second lien metric.
Speaker Change: The margin ratio or the Q1 'twenty 'twenty four.
Speaker Change: Which is calculated by subtracting the cost of sales, excluding depreciation depletion and amortization as reported in the income statement from the net revenue from sales of silver equivalent ounces divided by net revenue from sales was 647% in Q.
Speaker Change: 1024, compared to 7.9 in Q1 2023.
Juan Carlos Sandoval: The 18% decrease in gross margin ratio was due to lower volumes of silver equivalent ounces sold and an increase in average cost of sales per ounce sold in Q1 2024 of $22.13 compared to $21.21 in Q1 2023. The increase in average cost of sales per ounce sold of $0.92 was due to an increase in materials or purchasing costs. In terms of capital expenditure, sustaining capital decreased to 2.3 million in Q1 2024, while non-sustaining capital expenditures amounted to $2 million. The majority of this expenditure was associated with the development of the FES project in Bolivia.
Speaker Change: The 18% decrease in gross margin ratio.
Speaker Change: Due to lower volumes of silver equivalent ounces sold and an increase in average cost of sales per ounce sold in Q1 2024 of $22 on third and 13 times compared with $21 21 in Q1 2022.
Speaker Change: The increase in average cost of sales per ounce sold of 92 cents was he went to the increase in materials or purchasing and materials or purchasing costs.
Speaker Change: In terms of capital expenditure sustaining capital decreased.
Speaker Change: $2 3 million in Q1, 2024, while non sustaining capital expenditures amounted to $2 million.
Speaker Change: The majority of this expenditure was associated with the development of the FTF projecting what an easier.
Juan Carlos Sandoval: Moving on to slide 12, financial performance, we achieved a milestone with a record production of 1.8 million silver equivalent bounces and quarterly revenues of sales reaching 43.1 million, reflecting an increase of 82% and 87%, respectively, from Q1 2023. This surge was fueled by incremental revenue from Golden Queen, partly mitigated the decrease from San Bartolomeo's operation. Total cost of sales so an update to $37.3 million, largely attributed to incremental costs from gold and queen.
Alberto: Moving on to slide 12 financial performance.
Juan Carlos Sandoval: Our general and administrative expenses rose to $4.5 million, including incremental costs from Golden Queen and other strategic growth initiatives. Finance cost was $1.7 million, primarily linked to the interest payment on Golden Queen's debt. We realized other income of $2.3 million, arising from a foreign exchange gain of $1.7 million, primarily due to premiums realized on the selling of U.S. dollars to Bolivianos and interest income from short-term investments. Total income tax recovery increased $2.6 million, driven by tax loss and deferred tax timing difference benefits realized for Bolivia and Golden Queen.
Amanda Malou: We achieved a milestone with a record production of 1.8 million silver equivalent ounces and quarterly revenues of sales, reaching 43 to $43 1 million.
Amanda Malou: Reflecting an increase of 82% and 87% respectively from Q1 2023.
Speaker Change: This surge was fueled by incremental revenue from Golden Queen.
Speaker Change: Partly mitigated the decrease from someone called the Mayo operations.
Speaker Change: Total cost of sales saw an uptick of $37 3 million.
Speaker Change: Largely attributed to incremental costs from Hong Goldman Queen.
Speaker Change: Our general and administrative expenses rose to <unk> $5 million, including incremental costs from Golden Queen another strategic growth initiatives.
Speaker Change: Finance cost was $1 7 million.
Amanda Malou: Primarily linked to the interest payment on Golden Queens debt.
Speaker Change: We realized other income of $2 3 million.
Speaker Change: Rising from a foreign exchange gain of $1 7 million, primarily due to premiums realized on the selling of the new adult learners to Bali, the analysts and interest income from short term investments.
Amanda Malou: Total income tax recovery increased $2 6 million driven by tax loss and deferred tax timing difference benefits realized for Bolivia and Goldman Queen.
Juan Carlos Sandoval: To conclude, Q1 2024 is our first full quarter of combined operations. While we face challenges here in Q1 2024, we reiterate our guidance based on positive trends up to date in accordance with our 2024 year. Moving on to our capital structure on slide 13, as of March 31, 2024, we had liquid assets of nearly 73 million in cash and cash equivalents, a negative net debt, and 108 million in working capital. Our mandate is, and will continue to be, to maintain our balance sheet, our strong balance sheet to support our future.
Amanda Malou: To conclude Q1 2020 for sure first full quarter of combined operations.
Speaker Change: While we faced challenges here in Q1, 'twenty 'twenty four we reiterate our guidance based on positive trends up to date in accordance with our 2024 year plan.
Alberto: Moving onto our capital structure on slide 13.
Speaker Change: As of March 31, 'twenty 'twenty, four we have liquid assets of nearly $73 million of cash and cash equivalents.
Speaker Change: A negative net debt.
Speaker Change: And 108 million of working capital.
Alberto Morales: Our mandate is and will continue to be on maintaining on our balance sheet, our strong balance sheet to support our future growth.
Alberto: Turning now to our 2020 forward guidance on page 14.
Juan Carlos Sandoval: Turning now to our 2024 guidance on page 14. As mentioned, we are reaffirming our full year consolidated guidance that was provided to the market back in March. With that, I conclude my remarks, and back to you, Alberto.
Alberto Morales: As mentioned, we are reaffirming our full year consolidated guidance.
Speaker Change: <unk> provided to the market to the market back in March.
Speaker Change: With that I conclude my remarks and back to you over time.
Alberto Morales: Thank you, Juan Carlos. Looking ahead to the remainder of the year, we have many key catalysts, milestones, and opportunities on the horizon at San Bartolome. We will be working towards signing additional agreements to close this high-margin third-party org and commissioning the FDF silver recovery project before the end of this second quarter. At Golden Queen, we will continue to leverage our expertise and experience to stay focused on the implementation of the identified strategies to optimize operations, production, and efficiency.
Alberto Morales: Thank you Carlos.
Alberto Morales: Looking ahead to the remainder of the year.
Alberto Morales: We have many key catalysts milestones and opportunities on the horizon.
Alberto Morales: Somebody told me, we will be working towards signing additional agreements to cogent higher margin Third Party award and on commissioning the FTF Silver recovery project before the end of this second quarter.
Alberto Morales: Our Golden Queen we will continue to leverage our expertise and experience to stay focus on the implementation of the identified strategies to optimize operation.
Speaker Change: Production and deficiencies.
Alberto Morales: And finally..., who will continue to focus on growth and the M&A process. Our board and management team are firm believers in the Andean story. And finally... During this quarter, we repurchased 5.3 million common shares for $2.8 million through the normal course-issued bid program.
Amanda Malou: Finally.
Speaker Change: And we will continue to focus on growth and M&A prospects.
Speaker Change: Our board and management team are firm believers in the <unk> story.
Amanda Malou: And finally.
Alberto Morales: During this quarter.
Speaker Change: We purchased $5 3 million common shares.
Speaker Change: $2 8 million through the normal course issuer bid programs.
Alberto Morales: This now concludes our formal remarks. I would like to open the line for questions. Operator. Thank you. We will now begin the question and answer session.
Speaker Change: This now concludes our formal remarks, and I would like to open the line for questions operator.
Operator: Thank you. We will now begin the question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then 2. Pause for a moment as Carlos joins the queue. Once again, if you have a question, please press star then 1. There are no questions from the phone lines at the moment.
Alberto Morales: Thank you.
Speaker Change: I will 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 tolling demolishing a request if youre using a speakerphone. Please pick up your handset before pressing any keys to withdraw your question Press Star then two.
Speaker Change: The loss for a moment is clearly showing the Q.
Amanda Malou: Okay.
Speaker Change: And so again if you have a question. Please press Star then one.
Speaker Change: There are no questions from the phone lines at the moment.
Amanda Malou: Yeah.
Amanda Malou: Yes.
Alberto: We received a couple of cross training yesterday. After the news release went out that we would like to have dropped from the call. So the first one being on March $29 9 million, what's still available for the NCI be six weeks later the budget will have run out.
Amanda Malou: We received a couple questions yesterday after the news release went out that we would like to address on the call. So, the first one being on March 29, 0.9 million was still available for the NCIB. Six weeks later, the budget will have run out. Does Andean have plans to start a new NCIB this year?
Speaker Change: It does and then have plans to start a new ANSI IP this year.
Alberto Morales: With respect to that question I would like to clarify that we still have a little bit more than 1 million shares spending to be purchased under the current program and we intend to continue.
Juan Carlos Sandoval: With respect to that question, I would like to clarify that we still have a little bit more than 1 million shares pending to be purchased under the current program, and we intend to continue purchasing that amount of shares. Once the full allotment of shares that has been authorized by the TSX-V has been exhausted, then we will reassess if we were to ask... for a new MCAV.
Speaker Change: Purchasing that amount of shares.
Speaker Change: The full allotment of shares that has been authorized by the T. S. H b.
Speaker Change: Phoenix lost it and we will.
Speaker Change: We will be reassessing, if we were to ask.
Alberto: For our new M Saturday program.
Amanda Malou: The next question is, Is SRK already done with their recommendations for Golden Queen? Will they start with the new mine plan this year?
Speaker Change: Next question is.
Speaker Change: It's S RK already done with their recommendations for Golden Queen well.
Speaker Change: All they start with the new mine plan this month.
Alberto Morales: Yeah, thank you Amanda. So, what we can say at this point is that we are still working with SRK. We're making progress, and I think announcements will be made.
Alberto: Yeah. Thank you Amanda yes, what we can say at this point, we are still working with Essar came we're making progress and I think announcements will be made.
Amanda Malou: And of course.
Amanda Malou: Great. And finally, has the bad weather in Bolivia delayed the start of the FDF project? And when is the first production estimated? Yes, there were certain delays. But, like Alberto mentioned, we are very close to commissioning the
Amanda Malou: And finally.
Speaker Change: Has the bad weather in Bolivia delayed the start of the <unk> project and when is the first production estimate that.
Alberto Morales: Yes, there were certain delays, but like Alberto mentioned, we are very close to commissioning the FDF, which should be ready during this second quarter.
Speaker Change: Yes, there were a certain delay, but like <unk> mentioned, we are very close from commissioning the FTF, which should be ready during this second quarter.
Amanda Malou: That's everything.
Amanda Malou: Thank you.
Amanda Malou: Yeah.
Alberto: Operator back to your question.
Operator: This concludes the question and answer session. I would like to hand the conference back over to Alberto Morales for any closing remarks.
Speaker Change: This concludes our question and answer session I would like to hand, the conference back over to Alberta more outlets for any closing remarks.
Alberto Morales: Thank you, operator. Well, I just wanted to thank everyone for joining us. And we'll certainly be, as we expressed, looking forward to next quarter's financials. And certainly, we'll be making announcements as we make progress and progress with respect to these questions that we have been addressing. So thank you very much, everyone, for attending.
Alberto Morales: Thank you operator, well I just wanted to thank everyone for joining loss and.
Alberto Morales: And we will certainly be as we expressed are looking forward for next quarters.
Alberto: The actuals and certainly we'll be making announcements as we make progress in due course with respect to this question I said, we have been progressing.
Alberto Morales: Sure. Thank you very much everyone for attending.
Operator: This concludes today's conference call. You may disconnect your line. Thank you for participating and have a pleasant day.
Speaker Change: This concludes today's conference call you may disconnect your lines.
Speaker Change: You for participating and have a pleasant day.
Amanda Malou: [noise].
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Amanda Malou: Yeah.
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