Q2 2024 Calibre Mining Corp Earnings Call
Speaker Change: Good morning, and welcome to the Caliber Mining Corp. 2024 second quarter conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key, followed by zero.
Operator: This is a second quarter conference call, and all participants will be in a listen-only mode.
Operator: Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on the touch-tone phone. To withdraw your question, please press star, then 2.
Speaker Change: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on the touch-tone phone. To withdraw your question, please press star, then 2. Please note, this event is being recorded. I would now like to turn the conference over to Ryan King. Please go ahead.
Operator: Please note, this event is being recorded. I would now like to turn the conference over to Ryan King. Please go ahead.
Ryan King: Thank you, Operator. Good morning, everyone, and thank you for taking the time to join us on the call this morning. Before we commence, I'd like to direct everyone to the forward-looking statements on slide two of the presentation. Our remarks and answers to your questions today may contain forward-looking information about the company's future performance. Although management believes that our forward-looking statements are based on fair and reasonable assumptions, actual results may turn out to be different from these forward-looking statements. For a complete discussion of the risks, uncertainties, and factors which may lead to actual operating and financial results being different from the estimates contained in our forward-looking statements, please refer to the Q2 and Year-to-Date 2024 MD&A and Consolidated Financial Statements available on our website as well as And finally, all figures are in U.S. dollars unless otherwise stated.
Ryan King: Thank you, operator.
Ryan King: Good morning, everyone, and thank you for taking the time to join the call this morning.
Ryan King: Present today on the call are Darren Hall, President and Chief Executive Officer; Daniela Dimitroff, Senior Vice President and Chief Financial Officer; and Tom Gallo, Senior Vice President, Growth. We will be providing comments on our second quarter and year-to-date 2024 results, after which we'll be happy to take questions. The slide deck we will be referencing is available on our website at calibremining.com under the events section. You can also click on the webcast to join the live presentation.
Ryan King: Before we commence, I'd like to direct everyone to the forward-looking statements on slide two of the presentation.
Ryan King: Our remarks and answers to your questions today may contain forward-looking information about the company's future performance. Although management believes that our forward-looking statements are based on fair and reasonable assumptions, actual results may turn out to be different from these forward-looking statements.
Ryan King: for a complete discussion of the risks, uncertainties, and factors.
Ryan King: which may lead to actual operating and financial results being different from the estimates contained.
Ryan King: In our forward-looking statements, please refer to the Q2 and Year-to-Date 2024 MD&A and Consolidated Financial Statements available on our website, as well as on CDAR+.
Ryan King: And finally, all figures are in U.S. dollars unless otherwise stated.
Ryan King: Present today with me on the call are Darren Hall, President and Chief Executive Officer
Ryan King: We will be providing comments on our second quarter and year-to-date 2024 results.
Ryan King: after which we'll be happy to take questions.
Ryan King: The slide deck we will be referencing is available on our website at calibermining.com under the events section. You can also click on the webcast to join the live presentation.
Ryan King: With that, I'll turn the call over to Darren.
Ryan King: With that, I'll turn the call over to Darren. Thanks, Ryan. Moving to slide three. Good morning, and thank you for taking the time to join us today.
Darren Hall: Thanks Ryan. Moving to slide three. Good morning and thank you for taking the time to join us today.
Darren Hall: Firstly, I'd like to thank all Calibre employees and business partners for their continued focus and diligence to responsibly deliver another quarter. The organization's commitment to tech-like owners is demonstrated in the following three recent milestones. In June, the Calibre team in Nevada surpassed three years without a lost time.
Darren Hall: Firstly, I'd like to thank all Calibre employees and business partners for their continued focus and diligence to responsibly deliver another quarter. The organisation's commitment to act like owners is demonstrated in the following three recent milestones.
Darren Hall: In June, the Caliber team in Nevada surpassed three years without a lost time injury.
Darren Hall: In Q2, our Nicaraguan operations reported Year 3 conformance with the World Gold Council's Responsible Gold Mining Principles. This significant milestone reflects the team's commitment to foster positive impacts on the environment, engage with and support local communities, and uphold rigorous governance standards. And in early August, the team at Ballantyne, for past two million hours, worked without a lost time injury.
Darren Hall: In Q2, our Nicaraguan operations reported Year 3 conformance with the World Gold Council's Responsible Gold Mining Principles.
Darren Hall: This significant milestone reflects a team's commitment to foster positive impacts on the environment, engaging with and supporting local communities, and upholding rigorous governance standards.
Darren Hall: and in early August, the team at Ballantyne passed two million hours worked without a lost time injury.
Darren Hall: Switching gears, I would like to take this opportunity to welcome Daniella Dimitroff to the team as Calibre's SVP and Chief Financial Officer. Jenny Ella joined Calibre in June, and their positive contributions are already evident. I look forward to Daniella's insights and contributions as we continue our journey to a quality mid-tier gold producer. Moving to the quarter, consistent with expectations, the company delivered 58,754 ounces of gold in the quarter.
Darren Hall: Switching gears, I would like to take this opportunity to welcome Daniela Dimitrov to the team as Caliber's SVP and Chief Financial Officer.
Speaker Change: Daniella joined Calibre in June and her positive contributions are already evident. I look forward to Daniella's insights and contributions as we continue our journey to a quality mid-tier gold producer.
Speaker Change: Moving to the quarter, consistent with expectations, the company delivered 58,754 ounces of gold in the quarter.
Darren Hall: Q2 saw higher tonnes mined, largely stripping at the open pits in Nicaragua, resulting in short-term cost tension but setting us up for a stronger production, leading to lower oil and sustaining costs in H2. Given our projections for the remainder of the year, we are on track to deliver on our full year production guidance of 275 to 300,000 ounces. The team's progress at Ballantyne in Newfoundland has been very pleasing as we march towards first gold in Q2 2025, which I'll talk about in a moment, to more shortly. I'm excited by this living and exploration opportunities across our portfolio of assets. Not the least being on our Valentine property where we recently commenced a 100,000 meter drill program. More on that in a minute.
Speaker Change: Q2 saw higher tonnes mined, largely stripping at the open pits in Nicaragua, resulting in short-term cost tension that's setting us up for a stronger production, leading to lower oil and sustaining costs in H2.
Speaker Change: Given our projections for the remainder of the year, we are on track to deliver into our full year production guidance of 275 to 300,000 ounces.
Speaker Change: The team's progress at Ballantyne and Newfoundland has been very pleasing as we march towards first gold in Q2 2025, which I will talk to more shortly.
Speaker Change: I'm excited by the significant exploration opportunities across our portfolio of assets, not the least being on our Ballantyne property where we recently commenced a 100,000 meter drill program. More on that in a minute.
Darren Hall: Turning to slide four, as mentioned, the first gold of Valentine remains on schedule for Q2 2025. The addition of Valentine to our portfolio of assets will establish Calibre as a quality mid-tier gold producer in the Americas, providing a compelling re-rate opportunity for all shareholders. I am pleased to report the construction of the fully funded Ballantyne Gold Mine was 77% complete at the end of July, and the team continues to make good progress, consistent with the schedule and budget provided in our May project update.
Speaker Change: Turning to slide four.
Speaker Change: As mentioned, first gold of Valentine remains on schedule for Q2 2025. The addition of Valentine to our portfolio of assets will establish Calibre as a quality mid-tier gold producer in the Americas, providing a compelling re-rate opportunity for all shareholders.
Speaker Change: I am pleased to report the construction of the fully funded Valentine gold mine was 77% complete at the end of July, and the team continues to make good progress, consistent with the schedule and spend provided in our May project update.
Darren Hall: A few recent highlights; liner placement is well advanced at the tailings management facility, and we expect to retain water by the end of September. SAG, ball mill, and primary crusher installation is well underway. CIL tank area construction is nearing completion. Steel Mechanical Piping and Electrical and Instrumentation is Advancing Consistently Scheduled. The Operations Leadership Team is employed and engaged in pre-commissioning activities with RCC. Importantly, federal environmental approval and provincial mining and surface leases for the Bury Pit and associated infrastructure have all been obtained during the quarter.
Speaker Change: A few recent highlights, liner placement is well advanced at the tailings management facility and we expect to retain water by the end of September.
Speaker Change: SAG, ball mill and primary crusher installation is well underway.
Speaker Change: CIL tank area construction is nearing completion.
Speaker Change: Steel mechanical piping and electrical and instrumentation is advancing consistently schedule.
Speaker Change: The Operations Leadership Team is employed and engaged in pre-commissioning activities with RCC.
Speaker Change: Importantly, federal environmental approval and provincial mining and surface leases for the Bury Pit and associated infrastructure have all been obtained during the quarter.
Darren Hall: We have commenced a scoping study to review phase two process plan expansion options focused on investigating combinational circuit alternatives. It's early in the analysis, but I'm encouraged that there are options which may present even higher returns than the feasibility study envisaged with the original phase two plan. With 211 million Canadian, an initial project capital reminder to be spent, and 350 million Canadian in cash and restricted cash, the balance on build is fully funded.
Speaker Change: We have commenced a scoping study to review Phase 2 process plant expansion options, focused on investigating combinational circuit alternatives. It's early in the analysis, but I'm encouraged that there are options which may present even higher returns than the feasibility study envisaged with the original Phase 2 plan.
Speaker Change: With $211 million Canadian in initial project capital remaining to be spent, and $350 million Canadian in cash and restricted cash, the Valentine Build is fully funded.
Darren Hall: Moving to slide five. This slide provides an aerial view of the Valentine site, looking southwest over the Tallings Management Facility towards a process plant and mining operation. The photo provides a good perspective of not only the scale of the project but, importantly, Construction Progress. It's great to see the project evolve as the team steadfastly progresses towards first gold in Q2 2025.
Speaker Change: Moving to slide five.
Speaker Change: [inaudible]
Speaker Change: This slide provides an aerial view of the Valentine site, looking southwest over the Tallings Management Facility towards the process plant and mining operations.
Speaker Change: The photo provides a good perspective of not only the scale of the project, but importantly, construction progress.
Speaker Change: It's great to see the project evolve as the team steadfastly progresses towards first gold in Q2 2025.
Darren Hall: The Valentine Gold Mine and surrounding property offers a robust 5 million ounce resource base and numerous discovery opportunities from an extremely prospective array of exploration targets, with similar geology to the prolific Val d'Or and Timmins camps in the Abitibi Gold Belt. It is this prospectivity, coupled with the encouraging results we've seen, which supports the recently announced expansion to our Valentine Exploration Program. During Q2, we commenced an additional 100,000 meter drill program across a flagship property to confirm the vast potential in the Valentine District, comprised of 64km of high-potential discovery opportunities along the two parallel shear zones.
Speaker Change: Turning to slide six.
Speaker Change: The Valentine Gold Mine and surrounding property offers a robust 5 million ounce resource base and numerous discovery opportunities from an extremely prospective array of exploration targets.
Speaker Change: with similar geology to the prolific Val d'Or and Timmins camps in the Abitibi Gold Belt.
Speaker Change: It is this prospectivity, coupled with the encouraging results we've seen, which supports the recently announced expansion to our Valentine Exploration Program.
Darren Hall: This program is in addition to the previously announced 50,000 meter raw control RC drilling program and the 10,000 meter winky rab drilling program, which is focused on testing for bedrock geology. Additionally, drill results from the exploration programs across Nicaragua reinforce the potential for discovery and resource expansion both within the 176-kilometer-square-kilometer Eastern Borosi Land Package located in the northeast and the V-TAM Gold Corridor located within the Limon Mine Complex. At Volcan, rapid progress following receipt of key environmental approvals for the development of the open pit resulted in the first ore being delivered to the Limpetab Mill within a month of permit receipt, which will contribute to a stronger H2. Drilling at Vulcan confirms the deposit can host higher-grade, near-surface gold mineralization in excess of the initial open-pit resource average of 2 grams per tonne.
Speaker Change: This program is in addition to the previously announced 50,000 metre roll control RC drilling program and the 10,000 metre winky rab drilling program which is focused on testing for bedrock geology.
Speaker Change: Additionally, drill results from the exploration programs across Nicaragua.
Speaker Change: reinforce the potential for discovery and resource expansion both within the 176 kilometer square kilometer
Speaker Change: Eastern Borosi Land Package located in the northeast and the VTAM Gold Corridor located within the Limon Mine Complex.
Speaker Change: At Volcan, rapid progress following receipt of key environmental approvals for the development of the open pit resulted in first ore being delivered to the Limpetat Mill within a month of permit receipt.
Speaker Change: which will contribute to a stronger age too.
Speaker Change: Drilling a Vulcan confirms the deposit can host high-grade near-surface gold mineralization in excess of the initial open pit resource average of two grams per ton.
Darren Hall: Moving to slide 7. In closing, I am confident in our ability, as we have demonstrated, to deliver on our commitment, with detailed engineering at 98% and construction at 77%. Calibre is well positioned to responsibly deliver the Valentine Gold Mine and commence production in Q2 2025. The company remains committed to delivering on our 2024 production guidance as we drive increased production and lower costs during the second half of the year, with demonstrated resource growth and discovery potential across or less. Calibre will continue to add significant value through investment and exploration.
Speaker Change: Moving to slide 7.
Speaker Change: In closing, I am confident in our ability, as we have demonstrated, to deliver on our commitments.
Speaker Change: with Detailed Engineering at 98% and Construction at 77%.
Speaker Change: Calibra is well positioned to responsibly deliver the Valentine goldmine and commence production in Q2 2025.
Speaker Change: The company remains committed to delivering to our 2024 production guidance as we drive increased production and lower costs during the second half of the year.
Speaker Change: with demonstrated resource growth and discovery potential across all assets.
Speaker Change: Scalable will continue to add significant value through investment and exploration.
Operator: We will continue to look forward, grow the company organically, maximize the full potential of our existing assets, and choose the most sustainable and accretive path forward to drive Channel the Bay. With that, we're happy to take questions. I'll pass it back to you, Wilco. Now, we will begin the question and answer session. To ask a question, you may press star then 1 on your touch-tone phone. If you are using a speaker phone, please pick up your handset before pressing the keys.
Speaker Change: We will continue to look forward, grow the company organically, maximize the full potential of our existing assets, and choose the most sustainable and accretive path forward.
Speaker Change: to drive channel of value.
Speaker Change: With that, we're happy to take questions. I'll pass it back to you, Wil Cronin.
Wil Cronin: We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys.
Wil Cronin: If at any time your question has been addressed, and you would like to withdraw your question, please press star then 2.
Wil Cronin: At this time, we will pause momentarily to assemble our roster.
Wil Cronin: [inaudible]
Operator: If at any time your question has been addressed, and you would like to withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our Russ. Our first question comes from Don DeMarco with National Bank. Please go ahead.
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Speaker Change: Our first question comes from Dom DeMarco with National Bank. Please go ahead.
Don Demarco: Thank you, operator, and good morning, Darren and team. My first question has to do with de-risking of mining in year one. You know, it's great to see that the build is coming along nicely, but now looking beyond the build, can you remind us of the reconciliation drilling in the pits that are planned to be mined in the first, If we remember back in February, we provided an update on the infill drilling there at Leprechaun, and we saw positive reconciliation results, both in tons and ounces, and additionally led us to identify some extensions from the southwest of Leprechaun into the Franks zone, which Tom and the exploration team have been following up with infill drilling as well, and we've provided some results, and we look forward to providing some additional results in the very near future.
Dom DeMarco: Thank You operator and good morning Darren and team. My first question has to do with de-risking of mining in year one.
Darren Hall: Yeah, good morning, and thanks very much.
Speaker Change: Yeah, no, if we look, if we remember back in February, we provided an update on the infill drilling there at Leprechaun.
Speaker Change: and we saw positive reconciliation results both in...
Speaker Change: in tons and ounces and additionally led us to identify some extensions to leading from the southwest of Leprechaun into the Franks zone which Tom and the exploration team have been following up with infield drilling as well and we've provided some results and we look forward to providing some additional results in the very near future.
Don Demarco: But that being positive, we've been continuing the background with infill drilling in Barathon, and we would anticipate in the next month or two providing an update there as well. But the initial results are not disappointing, I'm supposed to say. Okay, thanks.
Speaker Change: But that being positive, we've been continuing the background with infill drilling in Barathon and we would anticipate in the next month to two providing an update there as well. But initial results are not disappointing, I'm supposed to say.
Darren Hall: And then shifting to Nicaragua, we saw the press release that you're now mining from the recently permitted Vulcan pit. There was no adjustment to guidance, but is this sort of on track with your timing, or do you feel that maybe you're into this Vulcan pit a little earlier than expected? No, it's consistent with, as we foreshadowed earlier in the year, that we were H2 weighted.
Speaker Change: Okay, thanks. And then shifting to Nicaragua, we saw the press release that you're you're now mining from the recently permitted Vulcan pit and
Speaker Change: There was no adjustment to guidance, but are you on track with your timing, or do you feel that maybe you're into this Volcan pit a little earlier than expected?
Speaker Change: It's consistent with, as we foreshadowed earlier in the year, that we were H2 weighted. We did have some impacts earlier in the year, which moved some ounces from Q2 into H2, but bulk arm was always part of the plan in the second half, and particularly as we lead into Q4.
Speaker Change: So, no, the encouraging thing here was, again, demonstrating the ability to go from permit to plant very quickly and, you know, or delivery into the plant within a month of permit receipt.
Don Demarco: Good luck with the rest of Q3. Thank you. I appreciate it. Thank you very much. The next question comes from Farooq Hamed with Raymond James. Please go ahead.
Speaker Change: Okay, great. Well, that's all for me. Good luck with the rest of Q3. Thank you. Appreciate it. Thank you very much.
Speaker Change: The next question comes from Farooq Ahmed with Raymond James. Please go ahead.
Farooq Hamed: Darren, my question is just, you know, kind of looking forward to Valentine a little bit. As you get towards the end of the construction and into your start-up, which is expected for the second quarter of 2025, the last stages of construction and Valentine seem that they'll be happening through the winter season, particularly Q4 of 2024 and Q1 of 2025. I'm just wondering, given there's probably going to be more challenging weather conditions during that winter season, can you give us some kind of view on how you want construction to move forward ahead of the winter season?
Farooq Ahmed: Hi, good morning, everyone. Darren, my question is just, you know, kind of looking forward at Valentine a little bit.
Farooq Ahmed: As you get towards the end of the construction and into your startup, which is expected for the second quarter of 2025,
Speaker Change: The last stages of construction at Valentine's seem that they'll be, you know, happening through the winter season, particularly Q4 of 2024 and Q1 of 2025.
Speaker Change: I'm just wondering, you know, given, you know, there's probably going to be more challenging weather conditions during that that winter season. Do you have can you give us some kind of.
Speaker Change: view on how you want construction to move forward ahead of the winter season? Is there a certain, you know, kind of milestone that you're targeting or certain things you want to get done before the, you know, traditional winter season that might slow things down? Or how are you anticipating operating through that season? Will it just be kind of normal and no real slowdown expected?
Darren Hall: Yeah, hi Farooq. I appreciate the question and the good questions as well. I mean, you know, again, the most talked-about thing in Newfoundland is the weather.
Darren Hall: But if we look at where we're positioned as we head into the fall and then into the winter season, the buildings are complete, the major components are on site, and now we have all the crushers, conveyors, sag mills, and ball mills being erected. The majority of that work will actually be done prior to winter. We would anticipate being substantially mechanically complete early in Q4. In advance of the winter, and then additionally, the majority of the work that will be done, will be done undercover inside the mill.
Speaker Change: The buildings are complete, the major components are on site. Now we have all the crushers, conveyors.
Speaker Change: Sag Mills, Bull Mills been erected. The majority of that work will actually be done prior to the winter. Now we would anticipate being substantially mechanically complete early in Q4.
Speaker Change: in advance of the winter. And then additionally, the majority of the work that will be done.
Speaker Change: during the winter will be done under cover inside the mill so no I think we're actually well positioned given the timing of activities heading into you know the January February time frame
Darren Hall: So no, I think we're actually well positioned given the timing of activities heading into the January-February timeframe. So the tailings facility, as I mentioned, will be materially complete here in Q3 and we'll be positioned to take water. Those civil works will be behind us as well.
Speaker Change: So no, with the tailings facility, as I mentioned, will be materially complete here in Q3 and will be in position to take water. Those civil works will be behind us as well. So no, I think we're really well positioned.
Farooq Hamed: Okay, that's good. Thanks for that color. Maybe if I can ask a follow-up question that's kind of more strategically focused. And I appreciate that a lot of your concentration and effort right now is focused on the project at Valentine. But if we kind of look a little bit forward and assume that Valentine will start up as expected, going forward, do you see, obviously, then you'd diversify your production base. After that, but going forward, do you see Nicaragua as an area that you would want to continue to consolidate and continue to look for opportunities to acquire new assets? Or are you kind of happy with your Nicaragua exposure at this point and would potentially look elsewhere as you potentially look to expand?
Speaker Change: Okay, that's good. Thanks for that color. Maybe if I can ask a follow-up question that's more kind of more strategically focused.
Speaker Change: And I appreciate that a lot of your, you know, concentration and effort right now is focused at the project at Valentine.
Speaker Change: But if we kind of look a little bit forward and assume that Valentine will start up as expected, going forward, do you see, obviously then you'd diversify your production base.
Speaker Change: after that. But going forward, do you see Nicaragua as an area that you would want to continue to consolidate and continue to look for opportunity to acquire
Speaker Change: new assets or are you kind of happy with your Nicaragua exposure at this point and and would potentially look elsewhere as you as you potentially look to expand?
Darren Hall: Thanks Rooq, an interesting question and, of course, it gets lots of airplay both at management and with the board. But you know if you think of our single determined focus right now, it's to continue to deliver NECADAR well, continue to deliver in Nevada and, Above all else, deliver to expectations with Valentine. As we just talked about, given the 98% level of engineering we've got complete, the 77% construction complete, being mechanically complete, here in Q4, we're positioning ourselves well to deliver. And anything that distracts from those three core activities, in addition to, you know, reinvesting in the drill bit for that organic growth, is a distraction.
Speaker Change: An interesting question, and of course it gets lots of airplay, both at management and with the board. But if you think of our single determined focus right now, it's to continue to deliver in Nicaragua.
Speaker Change: continue to deliver in Nevada and
Speaker Change: Above all else is delivering to expectations with Valentine. As we just talked about, you know, we're well positioned, given the 98% level of engineering we've got complete.
Speaker Change: with 77% construction complete.
Speaker Change: being mechanically complete here in Q4, we're positioning ourselves well delivering too and anything to distract from those three core activities in addition to reinvesting in the drill bit for that organic growth is very destructive.
Darren Hall: So, you know, we're open to considering other opportunities, but again, at this time, our focus is explicitly on those aspects of the business. As we can and look to the future, we'll consider other things, but right now, the team is absolutely more quickly focused on those three aspects. Okay, thanks for that Darren, and good luck with the rest of the way on Valentine's Day. I'm looking forward to seeing the project in September.
Speaker Change: So, you know, we're open to consider other opportunities, but again, at this time, our focus is explicitly on those aspects of the business.
Speaker Change: and, you know, as we can and look to the future, we'll consider other things, but right now the team is absolutely miopically focused on those three aspects of the business.
Speaker Change: Okay, thanks for that Darren and good luck with the rest of the way on Valentine and looking forward to seeing the project in September.
Darren Hall: I'm looking forward to hosting the visit in the first week of September, and it will be great to see you there, and I'm sure you'll walk away feeling pretty positive about what you see. Thanks. Again, if you have a question, please press star then 1.
Speaker Change: Looking forward to hosting the visit in the first week of September and it will be great to see you there and I'm sure you'll walk away feeling pretty positive about what you see. Thanks for it.
Speaker Change: Again, if you have a question, please press star then 1.
Operator: We will now pause momentarily to assemble our roster. If we see no further questions, this will conclude our question and answer session. I would like to turn the conference back over to Darren Hall, President and CEO, for any closing remarks. Thanks, operator. I'd like to thank all of our shareholders for their continued support and your participation and questions this morning. As always, Ryan, I, and the entire leadership team are available if you have any further questions, and with that, I'd like to wish everyone a wonderful and safe day back to you while praying. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines and have a wonderful day. Ingrid Rico, Don DeMarco, Don DeMarco, Don DeMarco,
Speaker Change: We will now pause momentarily to assemble our roster.
Speaker Change: [inaudible]
Speaker Change: http://www.youtube.com or www.youtube.com or www.youtube.com
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Speaker Change: Seeing no further questions, this will conclude our question and answer session. I would like to turn the conference back over to Darren Hall, President and CEO, for any closing remarks.
Darren Hall: Thanks operator. I'd like to thank all of our shareholders for their continued support and your participation and questions this morning. As always Ryan, I and the entire leadership team are available if you have any further questions and with that I'd like to wish everyone a wonderful and safe day. Back to you operator.
Speaker Change: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines and have a wonderful day.
Farooq Hamed: Is there a certain kind of milestone that you're targeting or certain things you want to get done before the traditional winter season that might slow things down, or how are you anticipating operating through that season? Will it just be kind of normal and there will be no real slowdown?
Darren Hall: We did have some impacts earlier in the year, which moved some ounces from Q2 into H2, but Balkan was always part of the plan in the second half and particularly as we led into Q4. So, the encouraging thing here was again demonstrating the ability to go from permit to plant very quickly and, you know, or delivery into the plant within a month of permit receipt. Okay, great. Well, that's all for me.