Q2 2024 SSR Mining Inc Earnings Call
Operator: Hello everyone and welcome to SSR Mining's second quarter 2024 financial results conference call. Please be advised that this call is being recorded. Should anyone need assistance during the conference call, they may signal an operator by pressing star, then zero. At this time, for opening remarks and introduction, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.
Operator: Hello everyone and welcome to SSR Mining, 2nd quarter of 2024, financial results conference call. Please be advised that this call is being recorded. Should anyone need assistance during the conference call, they may signal an operator by pressing star, then zero.
Hello, everyone and welcome to SSR mining second quarter 2024 financial results Conference call.
Be advised that this call is being recorded.
Should anyone need assistance during the conference call. They may signal, an operator by pressing Star then zero.
Operator: At this time, we're opening remarks and introductions. I would like to turn the call over to Alex Hunchak from SSR Mining.
Speaker Change: At this time for opening remarks, and introductions I would like to turn the call over to Alex and check from SSR mining. Please go ahead.
Alex Hunchak: Please go ahead. Thank you, operator, and hello everyone. Thank you for joining today's conference, during which we'll provide an update on the chocolate incident as well as a review of our 2nd quarter financial results. Our consolidated financial statements have been presented in accordance with US GAAP. These financial statements have been filed on EDGAR, Cedar, CASX, and are also available on our website. To accompany our call, there is an online webcast, and you will find the information to access the webcast in our news release way into this call. Please note that all figures discussed during the call are U.S. dollars unless otherwise indicated.
Alex Hunchak: Thank you, Operator, and hello, everyone. Thank you for joining today's conference call, during which we'll provide an update on the Tokler incident as well as a review of our second quarter financial results. Our consolidated financial statements have been presented in accordance with U.S. GAAP. These financial statements have been filed on EDGAR, CDAR, the ASX, and are also available on our website. To accompany our call, there is an online webcast, and you will find the information to access the webcast in our news release written in conjunction with this call.
Speaker Change: Thank you operator, and Hello, everyone. Thank you for joining today's conference call during which we'll provide an update on the Joker incident as well as a review of our second quarter financial results.
Speaker Change: Our consolidated financial statements have been presented in accordance with U S. GAAP.
Speaker Change: The financial statements have been filed on Edgar and SEDAR.
Speaker Change: And are also available on our website <unk> com.
Speaker Change: Our call Theres, an online webcast and you'll find the information to access the webcast.
Speaker Change: News release relating to this call.
Alex Hunchak: Please note that all figures discussed during the call are in U.S. dollars unless otherwise indicated. Today's discussion will include four forecasts. So please read the disclosures and the relevant documents. Additionally, we will refer to non-GAAP financial measures during our discussion and in the accompanying slides. Please see our press release for information about the Comparable Gap Measure. Rod Antal, Executive Chairman, will be joined on today's call by Michael Sparks, Chief Financial Officer, and Bill MacNevin, EVP, Operations and Sustainability. I'll now turn the line over to Rod.
Speaker Change: Please note that all figures discussed during the call are in U S dollars unless otherwise indicated.
Alex Hunchak: Today's discussion will include poll living statements. Please read those closures and develop and documents. Additionally, we will refer to non-GAAP financial measures during our discussion and the company slides. Please do our press release for information about the comparable GAP measures.
Speaker Change: Today's discussion will include forward looking statements.
Disclosures in the relevant documents. Additionally, we will refer to non-GAAP financial measures during our discussion and accompanying slides.
Speaker Change: Our press release for information about the comparable GAAP measures.
Bob Antal: Bob Antel, Executive Chairman, will be joined on today's call by Michael Sparks, Chief Financial Officer, and Bill McNevin, PVP Operations and Sustainability.
Speaker Change: Bob <unk> executive Chairman, who will be joining on today's call by Michael <unk>, Chief Financial Officer, and Bill Mcmahon EVP operations and sustainability.
Speaker Change: I'll now turn the line over to Rod.
Rodney P. Antal: Right, and thanks Alex. I will start with an update on Chirpla, summarizing where the site currently stands, and then we'll provide an update on the second quarter results from Marigold. CV and Tuner, with all three operations performing well against plan to this point in the year. At Chirpa, there have been four priorities in our ongoing efforts since the incident. In summary, these are, One, the recovery of our missing colleagues and the containment of the incident.
Bob Antal: I'll now thank Alex. I will start with an update on chirping, summarising with a site currently stands, and then we'll provide an update on the 2nd quarter results from Marigold, CB, and Tuna, with all three operations performing well against plan to this point in the year. At chirping, there will be four priorities in our ongoing efforts since the incident.
Rod: Alright, and thanks, Alex.
Bob: I will start with an update on surplus.
Bob: Summarizing where they saw it currently stands.
Bob: And then we will provide an update on our second quarter results from Marigold.
Speaker Change: CB and tuner.
All three operations performing well against planning to this point in the year.
Rodney P. Antal: 3, the remediation of the site. And lastly..., for the incident review and preparing the next step. With respect to the recovery of our missing colleagues, the nine individuals who were lost as a result of the tragic incident have been recovered, and we want to thank all those who have worked tirelessly to locate and return our colleagues to their families. We're continuing to support the families, our employees, and the community members impacted by the incident.
Speaker Change: At Chipper, a big four priorities and they are ongoing efforts since the incident.
Bob Antal: In summary, these are one, the recovery of our missing colleagues, through the containment of the incident; three, the remediation of the site; and lastly, for the incident review and preparing for the next steps. With respect to the recovery of our missing colleagues, the 9 individuals who were lost as a result of the tragic incident have been recovered, and we want to thank all those who have worked tirelessly to locate and return our colleagues to their families. We are continuing to support the families, our employees, and the community members impacted by the incident. And today, we have retained the full complement of salary staff at Sherpler.
Speaker Change: In summary, these are.
Speaker Change: One the recovery mission colleagues.
Speaker Change: The containment of the incident.
Speaker Change: <unk> the Roe.
Speaker Change: Maybe I should have this site in.
Speaker Change: And lastly.
Speaker Change: For the incident of review and preparing for next steps.
Speaker Change: With respect to the recovery of a missing colleagues the non individuals who were lost as a result of the tragic incident have been recovered and.
Speaker Change: And we want to thank all those who have worked tirelessly to like Kate and return our colleagues to their families.
Speaker Change: We are continuing to support the families our employees and the community members impacted by the incident.
Rodney P. Antal: And to date, we have retained a full complement of salaried staff at Sherpa. Secondly, all of the planned containment infrastructure, including a grout curtain, copper dam, and buttress, as well as pumping systems and the Silverlee Creek diversion, have been successfully installed. Public statements from Turkish government officials continue to reiterate that there has been no recordable contamination of local soil, water, or air in sampling locations. Third, with respect to remediation, we continue to prioritise the clean-up of the Suburley Valley and remain on track to have all the displaced heap leach material removed by the end of the third quarter. Of the total displaced material, we have moved more than 70% into temporary storage locations. More importantly, this includes more than 90% of the material from the Siberli Valley.
Speaker Change: And to date, we have retained the full complement of salaried staff and sharepoint.
Bob Antal: Secondly, all of the plan containment infrastructure, including a ground curtain, coffered M, and buttress, as well as pumping systems and the severely corrected version, have been successfully installed. Public statements from Turkish government officials continue to reiterate that there has been no recordable contamination to local soil, water, or air in sampling locations. Third, with respect to remediation, we continue to prioritise the cleanup of the Suburly Valley and remain on track to have all the displaced material removed by the end of the recorder. Of the total displaced material, we have moved more than 70% into temporary storage locations.
Speaker Change: Secondly, all of the planned containment infrastructure, including a graph curtain cofferdam.
Speaker Change: Batterers as well as pumping systems and the severely creek diversion had been successfully installed.
Speaker Change: Public statements from Turkish government officials continue to reiterate that there has been no recordable contamination to local soil water, okay and.
Speaker Change: Sampling locations.
Speaker Change: Third with respect to remediation we continue to prioritize the cleanup code was severely valley had remain on track to have all the displaced heap leach material removed by the end of the third quarter.
Speaker Change: Of the total displace material, we have moved more than 70% into temporary storage locations.
Bob Antal: More importantly, this includes more than 90% of the material from the Suburly Valley. The total remediation spend in the second quarter is $55 million against our estimated total remediation spend at $250 to $300 million. We have continuing discussions, the particular government officials around the remediation plan, including the approval and construction of the storage facility. As we look ahead, it's important to note that the investigations into the calls of the suburbeants will continue, and we are cooperating fully with the relevant authorities in Turkey. We have commissioned independent third parties to review the design, construction, and operation of the Heap Leach Pad.
Speaker Change: More importantly, this includes more than 90% of the material from the soberly valid.
Rodney P. Antal: The total remediation spend in the second quarter was $55 million against our estimated total remediation spend of $250 to $300 million. We are continuing discussions with Turkish government officials around the remediation plan, including the approval and construction of the east storage facility. As we look ahead, it's important to note that the investigations into the cause of the Turbler Incident continue, and we are cooperating fully with the relevant authorities in Turkey.
Speaker Change: The total remediation spin in the second quarter was $55 million against our estimated total remediation spend of $250 million to $300 million.
Speaker Change: We are continuing discussions with the Turkish government officials I ran the remediation plan, including the approval and construction of the storage facility.
Speaker Change: As we look ahead.
Speaker Change: Potent to note that the investigations into the cause of the turbo range and then continue.
Speaker Change: And we are cooperating fully with the relevant authorities in Turkey.
Rodney P. Antal: We have commissioned independent third parties to review the design, construction, and operation of the Heap Leach Pack. To date, these reviews have not identified any material non-conformance with the construction or operation of the heap leach pad relative to third-party design parameters.
Speaker Change: We have commission independent third party to review the design.
Speaker Change: Construction and operation of the heap Leach pad.
Bob Antal: Today, these reviews have not identified any material on conformance with the construction or operation of the Heap Leach Pad relative to third party design parameters. And simultaneously, we continue to work closely with all the relevant authorities to advance the permits required to restart the church of the month. These include the re-stagement of the Church of the EIA and operating permits. If, and when the permit is granted, we would anticipate commencing self-wide plan operations through the processing for the existing or stock poles on site. These stock poles contain more than 700,000 ounces of gold.
Speaker Change: To date. These reviews have not identified any material nonconformance with the construction or operation of the heap Leach pad relative to third party design parameters.
Rodney P. Antal: Simultaneously, we continue to work closely with all the relevant authorities to advance the permits required to restart the Chirp Lamone. These include the reinstatement of the Chirpler EIA and operating permits. If and when the permits are granted, we would anticipate commencing softlight plant operations through the processing of existing ore stockpiles on site. These stockpiles contain more than 700,000 ounces of coal.
Speaker Change: Simultaneously, we continue work closely with all the relevant authorities to advance the permits required to restart the share of demand.
Speaker Change: These include the reinstatement of the triplet AIA and operating permits.
Speaker Change: If and when the permits are granted we would anticipate commencing sulfide plant operations through the processing for the existing all stock calls on site.
Speaker Change: They stopped calls contain more than 700000 ounces of gold.
Bob Antal: Certainly, there is a lot of work ahead of us at Jerpman as we continue to advance the remediation efforts. However, we have made meaningful progress today and remain fully committed to a restart of the operation once we receive all the necessary permits.
Rodney P. Antal: Certainly, there is a lot of work ahead for us at Chirpman as we continue to advance the remediation efforts. However, we have made meaningful progress to date and remain fully committed to a restart of the operation once we receive all the necessary permits. And now, with that, we'll move on to slide four, where Michael will discuss the second quarter results.
Speaker Change: Certainly there is a lot of work ahead of us for us to jump on as we continue to advance the remediation efforts.
Speaker Change: However, we have made meaningful progress to date and remain fully committed to a reset of the operation once we receive all the necessary permits.
Michael Sparks: And now with that, we will move on to Slide Pool, where Mark will discuss the second quarter results. Thank you, Rod, and good afternoon, everyone. Second quarter of 2024 production was 76,000 gold equivalent ounces at all-in sustaining costs of $2,116 per ounce, which includes cash, care, and maintenance costs and credit triplers representing approximately $245 per ounce. For the first half, Mayor Gold, CD, and Pune combined to produce 156,000 gold equivalent ounces in line with our continued expectations for a second half-weighted production profile, and each asset remains well on track for their full-year production and cost guidance.
Speaker Change: And now with that we'll move on to slide four where Michael will discuss the second quarter results.
Michael Parkin: Thank you, Rod, and good afternoon, everyone. Second quarter 2024 production was 76,000 gold equivalent ounces at all in sustaining costs of $2,116 per ounce, which includes cash, care, and maintenance costs in credit tripler representing approximately $245 per ounce. For the first half, Marigold, Seabee, and Puna combined to produce 156,000 gold equivalent ounces in line with our continued expectations for a second half weighted production profile, and each asset remains well on track for its full year production and cost guidance.
Michael: Thank you Rod and good afternoon, everyone.
Michael: Second quarter of 2024 production was 76000 gold equivalent ounces at all in sustaining cost of $2116 per ounce.
Michael: This includes cash care and maintenance costs incurred at Trippler, representing approximately $245 per ounce for.
Michael: For the first half Marigold, Seabee and Puna combined to produce a 156000 gold equivalent ounces in line with our continued expectations for a second half weighted production profile and each asset remained well on track for their full year production and cost guidance.
Michael Sparks: We've finished the quarter with a cash position of $358 million, inclusive of the aforementioned $55 million in remediation costs and another $70 million in cash, care, maintenance costs, and triplers. For the non-drawn revolving credit facility, and an outlook for improved production and pre-cashable generation in the second half, we remain in a strong position financially. During the quarter, we continue to advance grounds of exploration programs at Marigold, C.B.
Michael Parkin: We finished the quarter with a cash position of $358 million, inclusive of the aforementioned $55 million in remediation costs and another $17 million in cash care maintenance costs at Chirpler. With an undone revolving credit facility and an outlook for improved production and pre-cash flow generation in the second half, we remain in a strong position financially. During the quarter, we continued to advance brownfield exploration programs at Marigold, Seabee, and Puna, which Bill will discuss later.
Michael: We finished the quarter with a cash position of $358 million inclusive of the aforementioned $55 million in.
Michael: In remediation costs, and another $17 million in cash care and maintenance costs at <unk>.
Michael: And an undrawn revolving credit facility and an outlook for improved production and free cash flow generation in the second half we remain in a strong position financially.
Speaker Change: During the quarter, we continued to advance brownfield exploration programs at Marigold, Seabee, and Puna, which bill will discuss later Additionally site establishment and engineering activities at heart Madden continue to progress as we move towards a construction decision for the project.
Michael Sparks: and Pune, which Bill will discuss later. Additionally, site establishment and engineering activities at Hot Madden continue to progress as we move towards the construction decision for the project.
Michael Parkin: Additionally, site establishment and engineering activities at Hod Madden continue to progress as we move towards a construction decision for the project. On to slide five for a brief look at the financial results. We recorded attributable net income of $0.05 per share in the second quarter, while adjusted net income per share was $0.04, reflecting the exclusion of the mark-to-market gain on our portfolio of marketable securities.
Michael Sparks: On to slide five for a brief look at the financial results. We recorded a trivable net income of five cents per share in the second quarter, while adjusted net income per share was four cents, reflecting the exclusion of the mark-to-mark to gain on our portfolio of marketable securities.
Bill: On to slide five for a brief look at the financial results.
Speaker Change: We recorded attributable net income of $5 per share in the second quarter, while adjusted net income per share was <unk> <unk>, reflecting the exclusion of the mark to market gain on our portfolio of marketable securities.
Michael Sparks: As a reminder, in the first quarter of 2024, we booked a $250 million remediation expense for costs we expect to incur at turpler, and the impact of this expense was fully reflected in the first quarter income statement. Included in remediation spend a turpler, second quarter cash generated by offering activities was negative $78 million, while free cash flow was negative $116 million. As noted, our total cash position remains strong at $358 million. With an additional undrawn revolving credit facility and strong second half, free cash flow expected from the other operation, we remain well-positioned to manage remediation costs at Turpler as well as our reinvestment needs across the business.
Michael Parkin: As a reminder, in the first quarter of 2024, we booked a $250 million remediation expense for costs we expect to incur at Chertler, and the impact of this expense was fully reflected in the first quarter income statement. Included in the mediation spend at Turpler, second quarter cash generated by operating activities was negative $78 million, while free cash flow was negative $116 million. As noted, our total cash position remains strong at $358 million.
Speaker Change: As a reminder, in the first quarter of 2024, we booked a $250 million remediation expense for costs, we expect to incur at <unk> and the impact of this expense was fully reflected in first quarter income statement.
Bill: Holding the remediation spend at <unk> second quarter cash generated by operating activities was negative $78 million, while free cash flow was negative $116 million as noted our total cash position remains strong at $358 million with an.
Michael Parkin: With an additional undrawn revolving credit facility and strong second half free cash flow expected from the other operations, we remain well-positioned to manage remediation costs at Terpler, as well as our reinvestment needs across the business. Now on to slide 7, where Bill will discuss the operation starting with Marigold. Thanks, Michael.
Speaker Change: <unk> undrawn revolving credit facility and strong second half free cash flow expected from the other operations, we remain well positioned to manage through mediation cost of circular as well as our reinvestment needs across the business now.
Bill McNevin: Now on to slide seven, where Bill will discuss the operation, starting with Maribel. Thanks, Michael. Marigold, second quarter production of 26,000 ounces was in line with expectation. The 2024 mine plan called for the second quarter to feature the lowest production and highest cost of the year. We referred in focus on waste stripping at Reddot in the first half of 2024 and a catch-up and standing capital spend to bring us back on track for the year-to-date spent. With the first half now complete, we expect production and costs to improve meaningfully in the second half of the year, particularly in the fourth quarter.
Speaker Change: Now onto slide seven where bill will discuss the operations starting with Marigold.
Bill: Thanks, Michael.
William MacNevin: Marigold's second quarter production of 26,000 hours was in line with expectations. The 2024 mine plan called for the second quarter to feature the lowest production and highest cost of the year. We're first in focus on waste stripping at Red Dot in the first half of 2024 and a catch up in sustaining capital spend to bring us back on track for the year-to-date spend. Is the first half now complete?
Bill: Marigold second quarter production of 26000 ounces was inline with expectation.
Bill: The 2020 full mine plan.
Bill: For the second quarter, the fate should allow us to production and highest cost of the year.
Speaker Change: Reflecting our focus on wide stripping at Red Dot and the first half of 2024 and.
Bill: And a catch up in sustaining capital spending to bring us back on track for the year to date spend.
Bill: With the first half now complete.
William MacNevin: We expect production and costs to improve meaningfully in the second half of the year, particularly in the fourth quarter. Marigold remains on track for its full year production in Costco. Brownfield growth activity at Buffalo Valley and other near mine targets advanced during the quarter as we look to continue to replace mine depletion and potentially further expand Marigold's operating odds. Now on to TV.
Bill: We expect production and cost to improve meaningfully in the second half of the year, particularly in the fourth quarter.
Bill McNevin: Marigold remains on track for its full-year production and cost guidance. Bramville growth activity at Buffalo Valley and other near-mine targets advanced during the quarter, as we look to continue to replace mine depletion and potentially further expand Marigold's operating life.
Bill: <unk> remains on track for its full year production and cost guidance.
Bill: Brand sales growth activity in Buffalo Valley, and other near mine targets advanced during the quarter as we look to continue to replace mine deflation and potentially further extend <unk> operating model.
Bill McNevin: Now on to Phoebe. At Phoebe, second quarter production was 17,000 ounces at an ASIC of 1,626 per ounce. Production and costs were in line with expectations as great mine and process expected to average between five and six grams per tonne for the remainder of 2024. Phoebe remains on track for four-year guidance. Exploration activity at Phoebe continues to focus on near-mine extensions to existing underground mineralisation, as well as the continued advancement of Polki and Polki West targets.
Bill: Now on to savings.
William MacNevin: At Seabee, second quarter production was 17,000 ounces at an ASIC of 1626 per ounce. Production and costs were in line with expectations as grade, mine, and process are expected to average between 5 and 6 grams per tonne for the remainder of 2024. May be Remember some tracks before you go.
Speaker Change: I'd say second quarter production was 17000 ounces at and I think a <unk> 26 per ounce.
Bill: Production and costs were in line with expectations as grade mined and processed are expected to average between five and six grams per ton for the remainder between 2024.
Bill: <unk> remains on track for full year guidance.
William MacNevin: Exploration activity at CB continues to focus on near-mine extensions to existing underground mineralisation, as well as the continued advancement of Porky and Porky West. The bulky targets represent a potential mine life extension opportunity, and the CB team is aggressively advancing technical studies to better delineate the opportunity. Now on Burna.
Bill: Exploration activity at <unk> continues to focus on near mine extensions to existing underground mineralization.
Bill: As well as the continued advancement of bulky and <unk> targets.
Bill McNevin: The Polki targets represent a potential on-life extension opportunity, and the Phoebe team now on to Pooner. Pooner produced 2.7 million ounces of silver in the second quarter, a strong bounce back from soft to production in the first quarter due to heavy rain. A tick of $15.19 per ounce, in the second quarter, demonstrates through the significant free cash play of margins and account silver price environment. The first half production of 4.6 million ounces of silver and a $16.36 per ounce. Poon and Mooka remain well on track for four-year guides.
Bill: The bulky targets represent a potential mine life extension opportunity and.
Speaker Change: And the <unk> aggressively advancing technical studies that are delaying any IC opportunity.
Speaker Change: Now on to Puna.
William MacNevin: We're going to produce 2.7 million ounces of silver in the second quarter, a strong bounce back from softer production in the first quarter due to heavy rain. ASIC of $15.90 per ounce in the second quarter demonstrated significant free cash flow from margins in the current silver price environment. First half production of 4.6 million ounces of silver at $15.36 per ounce remains well on track for full-year guidance. In addition, exploration and technical work continues to evaluate opportunities to extend operations at Perna through potential extensions at Chinchillas and continued advancement of the Cordovairus target through near mine drilling. Now we'll turn back to Rod for closing remarks.
Speaker Change: Turning to produced $2 7 million ounces of silver in the second quarter, a strong bounce back from softer production in the first quarter due to heavy rains.
Speaker Change: I think of $15 19 per ounce in the second quarter demonstrated.
Speaker Change: Significant free cash flow margins and account silver price environment.
Speaker Change: With first half production of $4 6 million ounce of silver and $615 36 per ads.
Speaker Change: <unk> remains well on track for full year guidance.
Bill McNevin: In addition, expiration and technical work continues to evaluate opportunities to extend operations at Perna through potential extensions that can cheer and continue the advancement of the Court of Ayrist targets through near Minderland.
Speaker Change: In addition exploration technical work continues to evaluate opportunities to extend operations at Puna.
Speaker Change: Potential extension that continues and continued advancement of the coated arris targets through near mine drilling.
Rodney Antal: Now we'll turn back to Rod's imposing remarks. So thanks, Bill and Michael. As you can see, our second quarter results will went online to our expectations. With Marigold, CB, and Perna all on track to meet full-year guidance.
Speaker Change: Now I will turn back throughout the housing remarks.
Rodney P. Antal: All right, thanks, Bill and Michael. As you can see, our second quarter results were well aligned to our expectations, with Marigold, CB, and Puna all on track to meet full year guidance, and we will continue to diligently advance remediation efforts at Chirpline and remain fully committed to returning to operations in Tergiar. So with that, I will turn the call over to the operator for any questions you may have.
Speaker Change: Alright, Thanks, Bill and Michael.
Speaker Change: As you can see kind of second quarter results were well aligned to our expectations.
Speaker Change: At Marigold, Seabee and Puna are all on track to meet full year guidance.
Rodney Antal: We'll continue to diligently advance remediation efforts at Perna and remain committed to returning to operations until again.
Speaker Change: We will continue to diligently advanced remediation efforts at Truecar.
Speaker Change: And remain fully committed to returning to operations until again.
Operator: So, with that, I will turn the call over to the operator for any questions you may have. Thank you, Mr. Antau. We will now begin the question and answer question. So, during the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speaker phone, please pick up your handsets before pressing any keys. To withdraw your question, please press star, then two.
Speaker Change: So with that I will turn the call over to the operator for any questions you might have.
Operator: Thank you, Mr. Antal. 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. The first question comes from Lawson Rinder with Bank of America. Please go ahead.
Speaker Change: Thank you Franco.
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.
Helen: Helen acknowledging your request.
Speaker Change: I, even speakerphone, please pick up your handset before pressing any key.
Jai: Jai a question. Please press Star then two.
Lawson Winder: The first question comes from Lawson Lenders with Bank of America. Please go ahead. Thanks, operator, and hello, Rod and Teeth.
Speaker Change: Our first question comes from Walter and Linda from Bank of America. Please go ahead.
Lawson Rinder: Thanks, Operator, and hello, Rod and T. Thanks for the update, and my condolences to your colleagues and their families. I just wanted to ask about a statement in the release where you said that you're not able to estimate when and under what conditions the mine will resume at Chirpler, and implied in that is that the mine will restart. Have you received indications from Turkish authorities suggesting that the mine will start at some unknown time and under some unknown conditions?
Speaker Change: Thanks, operator, and Hello, Robyn Thanks for the update and my condolences to your new colleagues and their families.
Rodney Antal: Thanks for the update, and my condolences to your colleagues and their families. I just wanted to ask about a statement in the release where you said that you're not able to estimate when and under what conditions the mine will resume at Turfler, and implied in that is that the mine will restart. Have you received indications from Turkish authority suggesting that the mine will start at some unknown time and under some unknown conditions? As you can appreciate, I mean, the cyclist for us has been on the priorities, as I outlined, and moving diligently through each one of those sequences is really important to put us in the right environment for us to gain those approvals for restart.
Speaker Change: Just wanted to US excuse me ask about a statement on.
Speaker Change: In the release, where you said that youre not able to estimate when and under what conditions. The mine will resume at sharply and implied in that is that the mine will restart have you.
Speaker Change: Have you received indications from Turkish authority, suggesting that the mine will start at some unknown time and under some unknown conditions.
Rodney P. Antal: As you can appreciate, the focus for us has been on the priorities as I outlined, and you know, moving diligently through each one of those sequences is really important to put us in the right environment for us to gain those approvals for restart. So those discussions are underway; obviously, I'm not going to provide too much more color or commentary on those, but we are actively discussing the work forward plan for Chirpler as we move through each one of those stages.
Angie: Hello Angie.
Speaker Change: As you can appreciate it I mean, the focus for us has been on the.
Speaker Change: The priorities as I outlined and.
Speaker Change: Moving diligently.
Speaker Change: Diligently through each one of those does sequences is really important too.
Speaker Change: Put it in the right environment for us too.
Speaker Change: God knows approvals for restart so.
Rodney Antal: So those discussions are underway. Obviously, I'm not going to provide too much more color or comment on those, but we are actively discussing the work for plan for Turfler as we move through each one of those stages.
Speaker Change: Those discussions are underway, obviously, I'm not going to provide too much more color or comment on those but.
Speaker Change: We are actively discussing.
Speaker Change: The work forward plan.
Speaker Change: With Jetblue is we are as we move through each one of those stages.
Lawson Winder: Okay, all right. Well, thanks. That's helpful, right?
Rodney P. Antal: Okay, all right. Well, thanks. That's helpful, Rod.
Speaker Change: Okay, Alright, well thanks, that's helpful.
Lawson Winder: And then can I also ask about some of the exploration you guys have touched on in your presentation and then in the results. When you look to year end, so two questions on the reserve update. With the existing operations, do you anticipate replacing reserves based on drilling to date? And do you anticipate any change to the gold price assumption on which those reserves are based?
Lawson Rinder: And then could I also ask about some of the exploration you guys have touched on in your presentation and in the results. When you look to year end, so two questions on the reserve update with the existing operations: do you anticipate replacing reserves based on drilling to date? And do you anticipate any change to the gold price assumption on which those reserves are based?
Speaker Change: And then can I also ask about some of the exploration you guys have touched on in your presentation and in the in the result, when you look to year end. So two questions on the reserve update with the with the existing operations you anticipate replacing reserves.
Speaker Change: Based on drilling today, and do you anticipate any change to the gold price assumption on which those reserves are based.
Rodney Antal: As you remember last year, Lawson, we actually did a pretty big comprehensive update to all of our technical reports, and I think it was sort of lost to the issue with the Office of the Triple Rincida, and that was a comprehensive refresh across each one of the operations. The exploration this year is obviously targeted on those targets to particularly both PUNA and CV to extend my life, but that work programme is still active, so it's a bit all I could tell exactly what the results will be, or indeed the actual timing of those results to do any more updates to what we already did pretty comprehensively during 2023.
Rodney P. Antal: As you remember, Lawson, last year, we actually did a pretty big, comprehensive update to all of our technical reports, and I think it was sort of lost earlier this year with the obviously Churchill incident, and that was a comprehensive refresh across each one of the operations. The exploration this year is obviously targeted at those targets, particularly at both Puna and Seabee to extend mine life, but that work program is still active, so it's a bit early to tell exactly what the results will be or indeed the actual timing of those results to do any more updates to what we already did pretty comprehensively during 2023.
Speaker Change: So as you remember last year, when we actually get a pretty comprehensive update to all of our.
Speaker Change: Technical reports.
Speaker Change: And I think it was sort of lost earlier this year with the obviously the critical incident.
Speaker Change: And that was a comprehensive refresh.
Speaker Change: Across each one of the operations.
Speaker Change: The exploration.
Speaker Change: This year.
Speaker Change: It is obviously targeted on those on those targets too.
Speaker Change: Two particularly at.
Speaker Change: Both tuna and CB to extend mine life, but.
Speaker Change: That program is still active so it's a bit early to tell exactly what the results will be or indeed, the actual timing of those results to do any more updates to what we already do pretty pretty comprehensively during 2023, sorry.
Rodney Antal: So that's the work plan at the moment. Will obviously relate to exploration results as in when they're available, or meaningful exploration results as in when they're available, but it will real key priority right now is CV to PUNA.
Rodney P. Antal: So that's the work plan at the moment; we'll obviously release exploration results as and when they're available, or meaningful exploration results as and when they're available. But the real key priority right now is RCB and Puna.
Speaker Change: That's the work plan at the moment, we will obviously release exploration results.
Speaker Change: As and when they are available.
Speaker Change: Or meaningful exploration results as of when they are available.
Speaker Change: The real key priority right now is obviously being clear enough.
Rodney Antal: And then on the gold price assumption, is there any intention to change that for the year-end reserve statements or just keep that in line with the technical reports? Look, we haven't even got to that yet. We might have assessed the gold price until the end of the year, but I think from memory when we did the take reports for this year or this year, we were well in line with what our peer group was doing. Okay, thank you.
Rodney P. Antal: And then on the gold price assumption, is there any intention to change that for the year-end reserve statements or just keep that in line with the technical report? Look, we haven't even got to that yet. We won't even...
Speaker Change: And then on the gold price assumption is there any intention to change that for the year end reserve statements or just keep that in line with the technical reports.
Rodney P. Antal: Look, we haven't even got to that yet. We won't even assess the gold price until the end of the year. But from memory, when we did the tech reports for this year, early this year, we were well in line with what our P group was doing.
Speaker Change: We haven't even got to that yeah, we wanted to assess the Gulf crossing two until the end of the year, but I think.
Speaker Change: <unk> when we did the.
Speaker Change: Take reports.
Speaker Change: Forward this year early this year.
Speaker Change: We are well along with what our peer group is doing.
Speaker Change: Okay. Thank you.
Operator: This concludes the question and answer session.
Operator: This concludes the question and answer question. Right, appreciate it.
Speaker Change: This concludes our question and answer session.
Rodney P. Antal: Right. Appreciate it. Thank you, Operator, and thank you, Paul, for joining us today, and we'll talk again here soon. Thank you. This brings to close today's program.
Speaker Change: Alright I appreciate it. Thank you operator, and thank you Paul for joining us today.
Rodney Antal: Thank you, operator, and thank you for joining us today, and we'll talk again. Thank you. This brings to close today's conference call. You may disconnect your lines.
Speaker Change: We will talk again soon thank you.
Operator: This brings to close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.
Speaker Change: Hoping to close today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
Operator: Thank you for participating, and have a pleasant day.
Speaker Change: [music].
Operator: The Ultimate Parody Site!
Speaker Change: Yeah.
Speaker Change: [music].