Q2 2024 Wesdome Gold Mines Ltd Earnings Call
Unknown Speaker 00.00.06.21
Speaker Change: Good morning. Welcome to Westim Goldmine's conference call to discuss the company's financial and operating results for the three and six months ended June 30th, 2024.
Speaker Change: As a reminder, this call is being recorded.
Speaker Change: Your host for today is Trish Moran, Weston's Vice President of Investor Relations. Ms. Moran, please go ahead.
Trish Moran: Thank you 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 review our slide presentation for cautionary language regarding forward-looking statements and the risk factors pertaining to these statements.
Trish Moran: Please note that all figures discussed today on this call are in Canadian dollars unless otherwise noted. Our press release, MD&A, and financial statements are available both on CDAR Plus and our corporate website westdome.com.
Speaker Change: With us on today's call is Anthea Bath, Westone's President and CEO, Fred Mercier-Langevin, our COO, Fernando Ragone, our CFO, Niels De Brin, our Director of Geology.
Raj Gill: and Raj Gill, SVP Corporate Development Investor Relations.
Speaker Change: Following management's formal remarks, we will then open the call to questions. And now over to Anthea.
Anthea Bath: Thank you Trish and good morning to everyone. The second quarter marked a breakthrough for West Dome with record-setting results. Safety is a top priority for us and we continue to improve our safety culture through a structured approach with key initiatives developed and implemented across offering sites.
Westone: Our safety stats continue to improve and we had the best quarter in recent history on a year-to-date basis serving zero last-time incidents. I'd like to thank the team at Westone for all the efforts in this regard.
Westone: In addition to safety, Q2 also set a record for production, which significantly boosts our free cash flow position to its highest point in over two years.
Westone: The strong performance led to an increase in our cash balance, which topped $50m as at June this year, and enabled us to pay off our revolvers. I'm pleased to say that we are now debt-free and expect the balance sheet to continue to strengthen going forward.
Speaker Change: Of course, a major driver of this course success was our milestone achievement at CUNY.
Speaker Change: As planned in Q2, KINA was able to commence mining and processing of the high-grade ore from the KINA-DIB 129 level horizon.
Speaker Change: This is a significant milestone for Kena. We're now mining as per the original anticipated plan, showcasing the step-changing grade and therefore the increase in gold produced, and the subsequent reduction in site all-in sustaining costs when compared with both Quarter 1 of 2024 and Quarter 2 of 2023.
Speaker Change: Over Eagle River, our cornerstone mine maintained a decade-long history of delivering high grades and consistent performance. With its proven track record, Eagle remains a key part of West Ham's future.
Speaker Change: While the immediate future is secured through the great work of our teams, we are excited about the prospects for Western.
Speaker Change: With both operations running well and positioned to meet their respective 2024 targets, we are focused on positioning West Dome for the medium to the long term. Given our strong balance sheets, we are able to be deliberate in how we think about driving value for the long term.
Speaker Change: Now that Kena is set up for success in 2024 and well beyond the end of this decade, we are focused on further extending its growth profile. We have set in motion several initiatives which we believe will add value in the near term to the Kena mine and have more longer-term initiatives planned out.
Speaker Change: Since Kena Deep is contributing to production, we can now turn our attention to honing in on costs.
Speaker Change: and focusing our efforts toward optimization of the current profile and the model. As well, we're making good progress on the development of the Preskill Inspiration RAM, which will serve to further advance Aquinas operations, exploration, and strategic flexibility. We will thus be able to leverage the 33-level.
Speaker Change: Tina has an extensive portfolio of exploration targets, which is a key strategic imperative. We continue to prioritise the multiple opportunities across our highly prospective 75 square kilometre land package on the Gold Corridor in Maldore.
Speaker Change: This is a prolific gold area and it's known for its interesting geology and we're still very early on in our exploration phase.
Speaker Change: The team at Kena have checked many boxes over the past 12 months and will continue to work on delivering high-grade ore and improving profitability.
Speaker Change: Moving on to Eagle River, where the strategic growth initiatives are born from a rich resource base having provided 30 years of mining of some of the highest grades in Canada, it continues to maintain its position as a high-grade producer today.
Speaker Change: The Eagle River Mine has always had three to five years of mine life ahead of it, and we are now looking to increase that duration and increase output over the coming years.
Speaker Change: Our strategy to deliver this is straightforward. Fuller move, ongoing mind-plan optimisation, improving our cost profile, and more drilling.
Speaker Change: Optimization remains a key priority at EGLE, where costs have escalated over the last number of years, impacting our resource conversion and the value of our asset.
Speaker Change: We have identified initiatives that are at various stages of execution and anticipate that results will yield value over the next year. We're in the process of examining productivity drivers, cost inputs, and our maintenance practices for value.
Speaker Change: Based on our history of discoveries, we're very excited about exploration activities. It's a large structured program and the team has completed significant upfront technical work.
Speaker Change: For several years, Western has focused on funding growth at Keenest with Trash for a Generated Eagle River. Going forward, we are restoring the balance to set both sides up for many more years of success.
Speaker Change: As well as the two producing lines, we are working on company-wide strategic initiatives to drive value. This includes achieving synergies and supply chain efficiencies and constructing a global resource model. More about this in the coming quarters. Now over to Fred to review the quarter's operating highlights.
Fred: Thank you, Anthea. Good morning, everyone.
Fred: As mentioned, Q2 was an outstanding quarter for us. On the back of the much-anticipated ramp up Aquina, we established a new record for quarterly gold production with 44,035 ounces produced.
Fred: This is even more impressive considering that this was achieved in tandem with one of the best quarterly health and safety performances in company history.
Fred: Gold production at Eagle River came in at 19,272 ounces of Q2.
Fred: While quality grade was consistent with Q2 of last year, the number of tons processed was 90% lower due in part to variations in stockpile.
Fred: The number of sites mined during this period was 12% lower compared to Q2 of last year, primarily due to the shift in the focus of development and mining activities to the 300 zone at greater depth.
Fred: As part of our annual Lifeline planning cycle this year, we're taking a step back to evaluate our options at EGLE at an asset level.
Fred: There are several potential opportunities we identified that could serve to leverage the fixed cost structure of the asset and fill the $1,200 per day bill. These options include a newly developed global resource model to evaluate the full potential of historical resource inventory across the province.
Speaker Change: Here today, Eagle River Mine has produced 44,171 ounces of gold, an increase of 2% over the first six months of 2023, despite production no longer being supplemented by the sensitively niche stock class.
Speaker Change: Eagle River continues to be a consistent producer, and as such, we expect it to achieve its 2024 production guidance.
Speaker Change: On the development side, high priority phases towards the hybrid 300 zone, as that continues to track ahead of schedule, setting us up to grow production back to historical highs in 2025.
Speaker Change: At KENA, the second quarter was bolstered by the benefits of the much-anticipated high-grade ore from KENA-D, specifically from the 129-level horizon, where stoping activities started in mid-April. These results are the culmination of two years of dedication and hard work from our KENA site.
Speaker Change: Compared to the corresponding period in 2023, Q2 production tripled to 24,763 oz, a quarterly record for heating.
Speaker Change: Our process rose 11% to establish a new record since restart of operations, with 57,699 touch processes. And finally, plant recovery improved to 99%.
Speaker Change: Here today, the mine has produced 33,186 ounces of gold, more than double what was achieved over the first six months of 2033.
Speaker Change: Grace Keena this quarter exceeded our expectations. In fact, rather than ramping up gradually throughout the year as anticipated, Grace stepped up considerably in Q2 to 13.5 grams per tonne, the high end of our guidance.
Speaker Change: While we're happy with those encouraging early results, we still expect grades to fall within the guidance range for the full year.
Speaker Change: On the development front, as the 129 level horizon is now in production, we have resumed development of the ramp towards the 136 level horizon and expect to reach the 136 level of access by year end. This new horizon is expected to come online in Q3 of 2025 and provide additional flexibility for production.
Speaker Change: At Brecquiel, underground development from the portal commenced in mid-April, and the ramp is approaching 450 metres. The development crew is now heading its journey.
Speaker Change: This ramp remains a priority for us as it provides several benefits to the current operation such as improved ventilation in secondary transportation and egress. However, what makes the Gretzkyl ramp so exciting is what it means for the future growth of the team.
Speaker Change: First, it will enable us to supplement Kennedy Productions starting in late 2025 by adding incremental feed from the Prescott Zone.
Speaker Change: Second, the ramp will serve as a key exploration platform from which we will be able to probe the Kresge Zone at depth, and probe the under-explored western side of Kina, with access to zones such as the S-196 and Northwest Zones.
Speaker Change: And third, it will provide the 4km 33-level infrastructure and all of its prospective targets with a land-to-surface for further supplementary unit deproduction and extend the mine length.
Speaker Change: To enhance the multifunctional nature of this ramp, we continue to optimize its design for flexibility and to maximize its ability to create value for us in the future.
Speaker Change: So overall, it was a strong quarter where our teams and site continued to deliver on objectives to set new records for West Elm and establish a new chapter for the company.
Speaker Change: Since this is my last conference call at West Elm, I'd like to take this opportunity to extend my most heartfelt and sincere thanks to everyone who contributed to making my time here so special, starting with our people in operations, our head office team, the management team, as well as the board of directors.
Speaker Change: Today, as I reflect on my journey with the company, I'm immensely proud of what has been accomplished over the past two years.
Speaker Change: Our collective efforts have led Westone to record levels in both production and health and safety, setting a strong foundation for future success. These achievements are a direct result of the unwavering dedication and resilience of our employees.
Speaker Change: The strength of our partnership, excellence of our assets, and the strategic guidance of our leadership.
Speaker Change: And now, over to Neil, who will update you on our Exploration Program.
Neil: Thank you Fred and good morning. Across the country we have made significant progress with our expansive exploration activities here today, completing almost 80,000 metres at Ojibwa Riverbind and Enoch property.
Speaker Change: We are planning to support 185,000 youths by the end of this year.
Speaker Change: They think he's going to update on our exploration program.
Speaker Change: Turning first to Eagle River and starting with the recently discovered South Imperial Zone. This zone is similar to the South Imperial Zone in that it is located in the volcanoes, demonstrates the potential for globalisation in the unexplored volcanoes way up the mine, and opens up exciting possibilities for the discovery of future zones.
Speaker Change: What is particularly encouraging about the drilling results from Drafted Fairleaven is the expansion potential of the outlet of the nuclear power station to the surface, extending over a potential 800 metres and the zone opened down by the stability control effect.
Speaker Change: The final development trigger on the zone remains the top priority for us due to the extension for growth. Therefore, drilling will continue with additional 20 hours a day when we are ready, focusing on extending the zone up and down at lunch and targeting certain sectors in the zone for resource conversion.
Speaker Change: Exploring the integral function of a project or company that is trying to make a huge impact on its people, people, and services.
Speaker Change: A geophysical survey of land important trees is a way to provide a stability and transparency machine to assist with identifying new filters for potential new mineralization shoots.
Doe: Extension Doe.
Speaker Change: It is not a key priority for APEC to deliver. It is ideally located towards the eastern part of the project, within 150 metres of a 30-mile infrastructure, and at a relatively shallow depth of 600-750 metres.
Speaker Change: The zone continues to grow down whilst ongoing economy propels its expansion and commercialization. Additionally, the zone proximity related to mine development and surface terrain has significantly grown as a source of world opportunity.
Speaker Change: Today, over 10,280 metres, the 59-hull has been completed in terms of significant gold values over an annual width of 58.2 grams over 2.8 metres and 59.7 grams over 3.6 metres.
Speaker Change: This show of East Lush and Dovers represents a new type of truth within the mind and remains a focus area for us as we stand on the learning journey.
Speaker Change: Additional 28-year-olds plan, for the second half of the year, to better define resource and continue to expand as their own zoned out branch.
Speaker Change: Standing now for the trionic PISO, which specifically produces ounces from hydrochlorization and glucose.
Speaker Change: Our exploration objective here is to continue to upgrade resources and grow the zone for future mining.
Speaker Change: The reason to complete the trial for one million dollars is that it can lower innovation compared to previous levels.
Speaker Change: These facilities are important as well as our ability to draw previous areas down to us that were either partially or fully inaccessible. Here today, we have drawn 8,015 metres across 28 goals with 200 people.
Speaker Change: Infodrilling continues to confirm the consistency of dieback immunisation, which currently extends to the 16-hour beta level. Recent results include 32.5 grams over 6.6 metres and 25.7 grams over 3.6 metres.
Speaker Change: As Frederic Mercier relates key for future production of PeopleRudder, an additional 25 holes across 15,000 leagues of land became available at this period.
Speaker Change: Thank you.
Speaker Change: Our understanding of the structural controls of the pyramid so that they continue to improve.
Speaker Change: Several other zones you may open at this, and the additional term will be carried out for the purpose of strengthening the outlast extension of the historic Eto'o zone, as well as zones of the demined land between 7-11, 8-11 and 3-11.
TNFD: As TNFD's journey continues to expand and refine existing high-grade services, TNFD's football zones and staffing areas from the 103 and 136-metre-tall platforms.
TNFD: The football zone is comprised of three sub-aerial zones and is prepared for 30 metres of the A2 zone. That's an extension of 300 metres and remains open laterally and down plunge.
TNFD: These notes include an official keynote on geometry and potential thickness divide with several monument columns.
TNFD: Hello and welcome to and welcoming to the and welcoming to the
TNFD: 5.7 grams of T-niters and 30.8 grams of bi-niters.
Speaker Change: Furthermore, learning results from the structurally solved plasma boxer agents appears to be promising, underscoring the high-growth nature of phenylpethacetate with a dose containing 10.7 grams of 5mg.
Speaker Change: In a 50m variety due to its high grade nature, its growth potential and the opportunity to both large and small converters and high and great house converters in the winter.
Speaker Change: Explorations are an extension of what the generation has taken off of the earth.
Speaker Change: Your expertise covers several areas in an under-explored rich area of the initial reconnaissance drill of a specific battle-hardened organization at the contact of assault and shield-arms-related classes.
Speaker Change: In the third quarter, we will use high-strength liquid-molded surface exploration to test a re-interpreted silt zone, confirming the zoological exploitation and converting the large-skinned pergola soil into clay.
Speaker Change: Our sense of journey campaign will also focus objectively from the New York into the Northwest zone, at the historical George Stone Golden Chain, a dearly defended sign and spot corridor.
Speaker Change: This fall, we anticipate maintaining a gold program on the surface to test the deep potential of the highly-expected, well-plus-expensive skillset, where the higher-grade resource remains open.
Speaker Change: All after a list of unagreeable, further defying resources that would spill its religion red.
Speaker Change: Today, in 2024, we have completed 28,000 litres of tuna and anticipating upwards of 40,000 litres per quarter.
Speaker Change: including more than 20,000 leaders of social, journalistic, and social-emotional services that run at Frederic and Trish's stadium. Thank you. That concludes my remarks. And I hope that London will make you feel the supporters of National Soccer.
Speaker Change: Thank you, Neil, and good morning, everyone.
Speaker Change: It was a strong second quarter compared to Q2 2023. Assumptions of gold increased by 25% and the average realized price of gold increased 21% to $3,192 or $2,333.
Speaker Change: These factors drove growth of 51% in revenue.
Speaker Change: An increase in cash margin by 2.5 times, growth in operating income to $45 million from a loss of $6 million.
Speaker Change: A more than 200% increase in EBITDA to $68 million and a net income of $29 million, up significantly from a net loss of $1 million a year ago.
Speaker Change: on a balance of goals or victories.
Speaker Change: We're so close to board.
Speaker Change: Cost of sales is a decrease of 26% in cash costs and a decrease of 12% in only in sustaining costs.
Speaker Change: With this quarter's strong financial performance, we generated significant cash flow.
Speaker Change: Year-over-year operating cash flow tripled to $57 million, or $0.38 per share.
Speaker Change: Well, this was our fourth consecutive quarter of positive free cash flows you represented in May breakthrough.
Speaker Change: During the quarter, we repaid $29 million from our revolving credit facility, fully paying off our bank debt.
Speaker Change: Free cash flow of $28 million was strong.
Speaker Change: Even after paying over $25 million in capital expenditures.
Speaker Change: Accordingly, our balance sheet is considerably stronger heading into the second half of this year.
Speaker Change: With zero debt and a growing cash balance, we ended the quarter with $200 million in available liquidity and a positive working capital of $31 million.
Speaker Change: If we compare this to where we were at year-end, when we had nearly $40 million in debt and a negative working capital, we have come a long way in only six months.
Speaker Change: If current gold prices stay in the current range, we expect our balance sheet to continue to improve throughout the remainder of this year.
Speaker Change: In fact, with gold prices at record level, about $2,500 USD versus our budget of $1,875 USD, there is an upside to our cash flows, which give us the flexibility to potentially accelerate exploration and development activities previously slated for 2025.
Speaker Change: For every $100 U.S. price increase in gold prices, our annualized operating cash flow increases by between $15 and $20 million U.S.
Speaker Change: Overall, it was a strong quarter and a strong first half of the year.
Speaker Change: And now, over to you, Anthea, to wrap things up.
Anthea Bath: Thank you, Fernando. It was a strong first half of the year and we remain on track to meet our 2024 production and cost guidance. As a reminder, production is expected to be back in weighted with approximately 55 to 60% of production targeted in the second half.
Speaker Change: Before we go to Q&A, I'd like to extend our heartfelt thanks to Charles Mean, who retired yesterday as a board member and our Audit Committee Chair. As indicated, he is retiring from the industry.
Speaker Change: Since joining us in 2017, Chuck has brought decades of expertise in industry, accounting, techs, and finance.
Speaker Change: His deep knowledge and strategic insights have been instrumental in guiding this company through a period of significant growth and transformation. We deeply appreciate his dedication and the pivotal role he has played in our continued success and we wish him all the best in his retirement.
Speaker Change: We also regret to say goodbye to Fred, who will be leaving at the end of September. During his tenure as Chief Operating Officer, Fred has demonstrated exceptional leadership, leading to significant improvements in safety performance and meeting operational commitments.
Speaker Change: Fred has built a strong team, and I'm confident that us two SAC General Managers, along with our recently appointed SVP Technical Services, will maintain seamless operations in the interim while we conduct the search for a new CRO.
Speaker Change: On behalf of the board and everyone at Wesdome, I'd like to express our gratitude to Chuck and Fred for their many contributions to Wesdome, and we wish each of you all the best for your future.
Speaker Change: Operator, you can now open the line for questions.
Speaker Change: Thank you. We will now begin the question and answer session.
Speaker Change: To join the question queue, you may press star 1 1 on your telephone keypad. You will hear a tone acknowledging your request.
Speaker Change: If you're using a speakerphone, please pick up your handset before pressing any keys.
Speaker Change: To withdraw your question, please press star 1 1 again. We'll pause for a moment as callers join the queue.
Speaker Change: The first question comes from Ralph Profitti with 8 Capital.
Ralph Profitti: Thanks, operator. Good morning, everyone.
Anthea Bath: Anthea, can you help me understand, as we look at the mine plan in Kena in 2025,
Speaker Change: where those ore sources are coming from. It seems as though there will be some spillover.
Speaker Change: into from that 129 level and the 136 level coming in in Q3 and perhaps some presqueal towards the end of 2025. I'm just wondering as you think about sort of operational flexibility, will you be looking at mining from multiple levels now that development is in a much better position in the mine plan?
Speaker Change: Thank you, Rolf, and yes, that's absolutely correct. If you look at the plan for 2025, it's exactly that. They'll be mining from 129, 136 as well as Preskill towards the latter part of the year.
Speaker Change: It provides the business now with much more flexibility than we had in 2024, as you rightly point out.
Speaker Change: And are we seeing similar grades at 136 versus 129?
Speaker Change: Yes, we are.
Speaker Change: That's excellent to hear. Okay, second follow-up question please on how you're thinking about the exploration and evaluation budget at KENA, right? Only seven million, you know, was earmarked in 2024, but it's a multifaceted stepped-up effort at KENA. It seems like there's significant room for upsize.
Speaker Change: So our budget at KINA is a little bit higher than that, which includes all types of drilling. So I think it's closer to $15,000 if I'm not mistaken.
Speaker Change: So yeah, there's absolutely opportunities for continued exploration in Kina. We keep working with the team and prioritising where we should actually spend more money actually. So right now we have a strong plan in place.
Speaker Change: I challenge my team all the time to see if we can find opportunities to drive more success at EYL. Sorry, Keynote.
Speaker Change: Great, that's helpful. Thank you. And thank you to Fred and Charles and best wishes to them.
Speaker Change: Thank you.
Speaker Change: Our next question will come from the line of Wayne Lam with RBC.
Wayne Lamb: Oh, good morning, guys. Thanks for taking my question. I guess, first question at Eagle River, just wondering, as mining shifts away from the Falcon Zone, more towards the 300 Zone at depth,
Wayne Lamb: Do you anticipate any change in the mining costs?
Speaker Change: And then maybe just curious on the optimization on costs there, is there any more of a definitive timeline on how things are going with the study or when that might be, when the results might be released?
Speaker Change: Okay, thank you Wayne and it's nice to hear you. Yeah, regarding mining in EGLE, I'll just try and give a bit of an idea. Yes, we're moving, there's a lot of mining coming obviously from the 300 Zone. It's deeper obviously than the Falcon itself.
Speaker Change: However, we continue to work on our optimization efforts to try and drive the cost optimization opportunities inside EGLE.
Speaker Change: Regarding the second question, I didn't quite get that.
Speaker Change: It's on the cost optimization study that's ongoing.
Speaker Change: Yeah, so yeah, that work is well underway and I think you'll see it start reaping rewards over the year. There's a lot of work we've done in setting up the benefits of what that cost program looks like. So I think we'll be able to talk a little bit more about that in the coming year.
Speaker Change: Okay, great. Thanks. And then...
Speaker Change: Maybe moving to Kena, obviously the first quarter in terms of mining.
Speaker Change: The higher grades from the 1.9 zone, pretty spectacular.
Speaker Change: and the grades this quarter were already at the top end of guidance and lower end of cost.
Speaker Change: Just wondering, as you continue to ramp up through the second half, do you anticipate
Speaker Change: Potential upside to guidance on grades.
Speaker Change: all at cost,
Speaker Change #100: I think we, you know, if you look at the year itself, I think we're still guiding towards the range, as we said, but obviously quarter one was lower, as you know, in terms of our grade, so you can work out the implications for the second half. So I think essentially our plan towards what we guided in terms of our current grade profile.
Speaker Change #100: i
Speaker Change #101: Great, thanks. And then maybe just last one, just in terms of the management changes, you know, this will be the third change in COO over the past few years.
Speaker Change #102: The exploration role seems to have turned over as well. Just wondering in terms of continuity of the team or stability in terms of the operations. Maybe if you might be able to speak to some of the changes at the top.
Speaker Change #103: Yeah, I mean, you know, change, we we always like to keep stable. And we would like to ensure we have a strong team, I think, you know, we will continue to work on extending ensuring that that stability remains in wisdom.
Speaker Change #103: and fill those positions as efficiently as we can and ensure that the teams are maintained. But the transition plan that we have in place is strong and I think Western is well positioned with what we have in place right now to assure the plans we have going forward.
Speaker Change #104: Okay, perfect. Thanks for taking my questions.
Speaker Change #105: As a reminder, if you'd like to ask a question at this time, that is star 1 1.
Speaker Change #105: Our next question will come from the line of Don DeMarco with National Bank Financial.
Speaker Change #106: Thank you, Operator, and good morning, A&T. First off, Fred and Chuck, I just want to say thank you for all your contributions and wish you the best in your future endeavors.
Speaker Change #106: So, this is directed to Fred first. You're more than a quarter into Keen and Deep. How are the grades and the widths reconciling with expectations? Is it sort of on track or better than expected, more optimistic, or how would you assess this at this stage?
Fred: Hi Don, well first of all thanks for the kind words here. I mean as far as our experience in Key Nadeem so far, the grades are comparing favorably to our short-term models, so we're happy to see that. In terms of productivity, things are lining up with our assumptions. So yeah, so far so good.
Fred: Okay.
Speaker Change #107: Okay, well, we'll look forward to the back half of the year with that and certainly then just shifting, staying at Keenum, but looking at the at Presque Isle.
Speaker Change #108: On the ramp, the ramp's advancing, so what do you expect to connect it with the mine? Should we use it for ore haulage?
Speaker Change #109: And even the timing of potential first ore, I mean, of course, you need to sort of do the drilling and upgrade to reserves and so on, but maybe if you could give us a timeline in the upcoming milestones we might expect for this project.
Speaker Change #109: Okay, so we plan to break through in November next year, Don, and then hit into level 33. In terms of the all, I think you can plan towards...
Speaker Change #110: second half of next year for skill all coming through.
Speaker Change #111: You can look at the key milestones being that this year we'll be pulling about 1,500 metres in the ramp. In terms of the work order, anything into the ramp right now gets us closer to skill or body where we can start looking at drilling from underground.
Speaker Change #111: We plan on moving between 250 and 400 tonnes per day in late 2025, so I think that will give a bit of an indication of more or less our thinking around a pre-scale load.
Speaker Change #112: Okay, thank you. And then just maybe as a final question, we saw this week a deal between Goldfields and Cisco Mining.
Speaker Change #113: This is sort of right in your backyard in Quebec.
Speaker Change #114: Does this...
Speaker Change #115: Just be interested to get your thoughts on this acquisition and does it maybe change your your strategy for M&A or or evaluating companies in any way?
Speaker Change #116: I think, you know, we consistently are moving our M&A and we consistently are reviewing different opportunities. You know, does it change our way we think? Not really, we'll keep being disciplined in our approach. Yeah, we wish them well.
Speaker Change #116: Okay.
Speaker Change #117: Okay, great. Well, that's all for me. So, thank you and good luck with Q3.
Speaker Change #117: Thank you so much.
Speaker Change #118: Thank you. There are no further questions at this time. This concludes this morning's call. If you have any further questions, please contact Trish Moran at investatwesdom.com. Thank you for participating today.