Q3 2024 TRX Gold Corp Earnings Call
Speaker Change: Welcome everyone, we'll just pause for a moment as participants make their way in from the lobby.
Operator: The conference is now being recorded.
Operator: Welcome everyone. We'll just pause for a moment as participants make their way in from the lobby.
Christina Lalli: It's now my pleasure to introduce Christina Lalli, Vice-President, Investor Relations with TRX Gold.
Operator: It's now my pleasure to introduce Christina Lalli, Vice President, Investor Relations, with TRX Gold. Christina, the floor is yours.
Speaker Change: It's now my pleasure to introduce Christina Lalli, Vice President, Investor Relations with TRX Gold. Christina, the floor is yours.
Operator: Christina, the floor is yours.
Christina Lalli: Thank you, Gary.
Christina Lalli: Thank you, Gaylene, and welcome, everyone, to TRX Gold Corporation's third quarter 2024 results presentation. As a reminder, all participants are in listen-only mode, and the meeting is being recorded. After the presentation, there will be an opportunity to ask questions. So feel free to raise your hand and join us in the queue and ask your question verbally or simply write a question in the chat box. Analysts who have dialed into the conference may press 1 on your telephone keypad to join the queue. And I would now like to turn the meeting over to Stephen Mullowney, our CEO. Stephen?
Christina Lalli: And welcome everyone to TRX Gold Corporation's third quarter of 2024 results presentation. As a reminder, all participants are in listen-only mode, and the meeting is being recorded. After the presentation, there will be an opportunity to ask questions. So feel free to raise your hand and join us in the queue and ask your question verbally, or simply write a question in the chat box.
Christina Lalli: Thank you, Gaylene, and welcome everyone to TRX Gold Corporation's 3rd Quarter 2024 Results Presentation. As a reminder, all participants are in listen-only mode and the meeting is being recorded.
Speaker Change: After the presentation, there will be an opportunity to ask questions, so feel free to raise your hand and join us in the queue and ask your question verbally or simply write a question in the chat box.
Operator: I want to have dialed into the conference. May call, may press one. Sorry on your telephone.
Speaker Change: I'd like to have dialed into the conference.
Stephen Mullowney: Keep had to join the queue, and I would like to now turn the meeting over to Stephen Mullowney, our CEO. Stephen.
Speaker Change: May press 1 on your telephone keypad to join the queue. And I would like to now turn the meeting over to Stephen Mullowney, our CEO . Stephen? Yeah, thank you, Christina, for the introduction.
Stephen Mullowney: Yeah, thank you, Christina, for the introduction. And joining me this morning is Michael Leonard, our CFO, to go through our Q3 2024 results. We have a slightly revised and new format for our presentation today, so we're going to thank Christina for that. And I hope all the participants on the call and shareholders enjoy the presentation this morning. And hopefully, you don't quiz us too much on the questions, but there's not a question that we won't answer.
Stephen Mullowney: Yeah, thank you, Christina, for the introduction, and joining me this morning is Michael Leonard, our CFO, to go through our Q3 2021 results. We have a slightly revised and a new format to our presentation today. So we're going to thank Christina for that.
Speaker Change: And joining me this morning is Michael Leonard, our CFO , to go through our Q3 2024 results.
Speaker Change: We have a slightly revised and...
Stephen Mullowney: And I hope all the participants on the call and shareholders enjoy the presentation this morning, and hopefully you don't quiz too much on the questions, but there's not a question that we won't answer. So thank you very much.
Speaker Change: A new format to our presentation today. So we're going to thank Christina for that.
Speaker Change: I hope all the participants on the call and shareholders enjoy the presentation this morning and hopefully you don't quiz us too much on the questions, but there's not a question that we won't answer.
Stephen Mullowney: So, Christina, if you can, you have the control of the slide deck today.
Stephen Mullowney: So, Christina, you have the control of the slide deck today. Obviously, the disclaimer: we will get into forward-looking information, and I ask everyone to read that disclaimer. It's me, Mike, and Christina joining you this morning.
Speaker Change: So, thank you very much. So, Christina, if you can, you have the control of the slide deck today. Obviously, the disclaimer, we will get into forward-looking information, and I ask everyone to read that disclaimer. It's myself, Mike, and Christina joining you this morning.
Stephen Mullowney: Obviously, the disclaimer: we will get into forward-looking information, and I ask everyone to read the disclaimer. Myself, Mike, and Christina joining you this morning. So, with regards to TRX Gold, I like to start off with this slide today. It's a journey as everyone realizes, and from our press releases, the 2000 ton per day plant is currently in the wet commissioning and ramping up, achieving roughly between 1700, 1800 tons a day right now and will ramp up over the next couple of weeks into its name plate capacity. This has been a journey since for myself, Mike, and Christina since 2021.
Stephen Mullowney: So with regard to TRX Gold, I'd like to start off with this slide today. It's a journey, as everyone realizes and from our press releases. The 2,000 ton per day plant is currently in the wet commissioning and ramping up process, achieving roughly between 1,700 and 1,800 tons a day right now and will ramp up over the next couple of weeks into its nameplate capacity. This has been a journey for myself, Mike, and Christina since 2021.
Speaker Change: So with regards to TRX Gold, I'd like to start off with this slide today. It's a journey as everyone realizes and from our press releases.
Speaker Change: The 2,000 ton per day plant is currently in the wet commissioning and ramping up.
Speaker Change: Achieving roughly between 1,700 and 1,800 tons a day right now and will ramp up over the next couple of weeks into its nameplate capacity. This has been a journey since for myself, Mike, and Christina since 2021.
Stephen Mullowney: Obviously, we refresh management and clean up the balance sheet the next year. And now we've successfully executed a third middle expansion. Where we're going from here is putting together a long term business plan, as well as the drill bit will be turned back on in 2025. And we'll come to the market with what we're forecast is after we get through a budgeting period over the next month or so for that 2025 year, and the mine plan has been put together for our particular year and what the ramp up is going to look like for 2000 tons a day.
Stephen Mullowney: Obviously, we refreshed management then, cleaned up the balance sheet the next year, and now we've successfully executed our third mill expansion. Where we're going from here is that we're putting together a long-term business plan, as well as the drill bit will be turned back on in 2025, and we'll come to the market with what our forecast is after we get through our budgeting period over the next month or so for that 2025 year in the mine plan that's been put together for our particular year and what the ramp up is going to look like for 2,000 tons a Next slide, Christina.
Speaker Change: Obviously we refreshed management then, cleaned up the balance sheet the next year, and now we've successfully executed our third mill expansion.
Speaker Change: Where we're going from here is that we're putting together a long-term business plan as well as the drill bit will be turned back on in
Speaker Change: 2025
Speaker Change: And we'll come to the market with what our forecast is after we get through our budgeting period over the next month or so for that 2025 year in the mine plan that's been put together for our particular year and what the ramp up is going to look like for 2,000 tons a day.
Stephen Mullowney: Next slide, Christina. So operations, obviously, we have a high margin, low cost, and what I consider a really good jurisdiction we're operating in.
Stephen Mullowney: So operations, obviously, we have a high margin, low cost, and what I consider a really good, you know, jurisdiction we're operating in. The focus in 2025 on operations won't be as much on expansion. Obviously, I believe there will be more expansions coming.
Speaker Change: Next slide, Christina. So operations, obviously we have a high margin, low.
Speaker Change: Cost, and what I consider a really good, you know, jurisdiction we're operating in.
Stephen Mullowney: But there are a lot of what I'll call operational improvements that can be made to increase margins, as well as increase goal throughput through our existing plants. So the growth profile and build-up of the operations have been really quick. So now that leads to even being a low cost operator; we should be able to be a lower cost operator as a result of some of the efficiencies that we believe are available in the expanded facility. So, as everyone is aware, we've expanded that on time and on budget again to 2000 tons a day. I'm really pleased with that.
Stephen Mullowney: The focus in 2025 on operations won't be as much on expansion. Obviously, I believe there will be more expansions coming, but there are a lot of what I'll call operational improvements that can be had to increase margins as well as increased goal throughput through our existing plants. So the growth profile and build up of the operations has been really quick. So now that leads to even over a low cost operator, we should be able to be a lower cost operator as a result of some of the efficiencies that we believe are available in the expanded plant.
Speaker Change: The focus in 2025 on operations won't be as much on expansion. Obviously, I believe there will be more expansions coming, but there are a lot of what I'll call operational
Speaker Change: improvements that can be had to increase margins as well as increase goal throughput.
Speaker Change: through our existing plans. So the growth profile
Speaker Change: and build up of the operations has been really quick. So now that leads to even over a low cost operator, we should be able to be a lower cost operator as a result of some of the efficiencies that we believe are available in the expanded plant.
Stephen Mullowney: So, as everyone is aware, we've expanded that on time, on budget again, to 2,000 times a day.
Stephen Mullowney: And the property is really underpinned by a really good mineral resource that comes to surface that is mineable and straightforward metallurgy. And we believe there's a lot more gold on this property than currently in the resource statements. And it's our job now to take the expanded plant and attempt to try to unlock some of that mineral potential that is around the property. Christina?
Speaker Change: So as everyone is aware, we've expanded that on time on budget again in to 2000 tons a day. I'm really pleased with that. And the property is really underpinned by a really good mineral resource that comes to surface that is mineable and straightforward metallurgy.
Stephen Mullowney: I'm really pleased with that. And the property is really underpinned by a really good mineral resource that comes with surface that is minable and straightforward metallurgy. And we believe there's a lot more goal on this property than currently in the resource statements.
Speaker Change: And we believe there's a lot more gold on this property than currently in the resource statements, and it's our job now to take the expanded plant and to attempt to try to unlock some of that mineral potential that is around the property.
Stephen Mullowney: And it's our job now to take the expanded plant and attempt to try to unlock some of that mineral potential that is around the property.
Stephen Mullowney: Christine? So I like this new slide. And the reason why I like this new slide is it takes time to build this slide. If you look at from where we started a couple of years ago to where we are now, these charts are starting to look pretty good, and they're starting to have the right trajectory. And you're starting to see the culmination of what we've done come through in financial and operational metrics. So we've, when I joined, there was a test plant. Now there's a 2,000 ton per day plant. And that's driven the financial metrics in order to get this thing into a cash flowing position.
Stephen Mullowney: So I like this new slide, and the reason why I like this new slide is that it takes time to build this slide. If you look at where we started a couple years ago to where we are now, these charts are starting to look pretty good, and they're starting to have the right trajectory. And you're starting to see the culmination of what we've done come through in financial and operational metrics. So when I joined, there was a test plant; now there's a 2,000 ton per day plant, and that's driven the financial metrics in order to get this thing into a cash-flowing position. We haven't raised any equity in well over two years to do this. Instead, we do this with organically generated cash flow. Is this a little slower than some other operations?
Speaker Change: Christina
Christina Lalli: So I like this new slide and the reason why I like this new slide is it takes time to build this slide.
Christina Lalli: If you look at it from where we started a couple of years ago to where we are now, these charts are starting to look pretty good, and they're starting to have the right trajectory, and you're starting to see...
Christina Lalli: The culmination of what we've done come through in financial and operational metrics.
Speaker Change: So when I joined, there was a test plant. Now there's a 2,000 ton per day plant, and that's driven the financial metrics.
Stephen Mullowney: We haven't raised any equity in well over two years to do this. We do this with the organically generated cash flow. Is this a little slower than some other operations? Yes, but it's a lot faster than other operations. It's done on a cost-effective shareholder, a creative basis, and doing it organically. And I fully anticipate the similar type of approach in the future. So I'm very proud of the team and everybody that's been involved in this to get this growth trajectory on the right direction. And I look forward to an increase in goal production, increase in the results going forward.
Speaker Change: in order to get this thing into a cash flowing position.
Speaker Change: We haven't raised any equity in well over two years to do this. We do this with organically generated cash flow.
Stephen Mullowney: Yes, but it's a lot faster than other operations done in a cost-effective shareholder way. We fully anticipate a similar type of approach in the future. I'm very proud of the team and everybody that's been involved in this to get this growth trajectory on the right track, in the right direction, and I look forward to an increase in gold production in the results going forward. So, as I mentioned, there's been prudent capital management, and you're starting to see this come through.
Speaker Change: Is this a little slower than some other operations? Yes, but it's a lot faster than other operations done in a cost-effective way.
Speaker Change: Shareholder on a creative basis and doing it organically and I you know we fully anticipate
Speaker Change: a similar type of approach in the future. So I'm very proud of the team and everybody that's been involved in this to get this growth trajectory on the right.
Speaker Change: in the right direction. And I look forward to a, you know, increase in gold production increase in the results going forward.
Stephen Mullowney: So, as I mentioned, there's been prudent capital management. You're starting to see this come through. Right now, if you look at the net cash that was raised after we came in, we've teamed up the balance sheet and other liabilities. We have almost two times invested into the asset into that growth platform to generate the financial results and goal production that I mentioned earlier. While at the same time maintaining GNA expenditures, as we continue to grow, I think GNA will increase, but we want to make sure that the top lines are increasing a lot quicker than any GNA increases.
Stephen Mullowney: Right now, if you look at the net cash that was raised after we came in to clean up the balance sheet and other liabilities, we've had almost twice that invested into the asset, into that growth platform to generate the financial results and gold production that I mentioned earlier, while at the same time maintaining G&A expenditures. As we continue to grow, I think G&A will increase, but we want to make sure that the top lines are increasing a lot quicker than any G&A increases.
Speaker Change: So as I mentioned, there's been prudent capital management. You're starting to see this come through
Speaker Change: Right now, if you look at the net cash that was raised after we came in and cleaned up the balance sheet.
Speaker Change: and other liabilities. We've had almost two times invested into the asset into that growth platform to generate the financial results and gold production that I mentioned earlier, while at the same time,
Speaker Change: Maintaining G&A Expenditures.
Speaker Change: As we continue to grow, I think DNA will increase, but we want to make sure that the top lines are increasing a lot quicker than any DNA increases.
Stephen Mullowney: We will need more horsepower in certain functions at corporate and then at the sites as this growth profile continues. So, we can't hold it forever; certainly it's not going to grow at the same pace as revenue and operating cash flow. So with regard to the Q3 2024 highlights, before Mike gets into the financial results, we had some good operating cash flow again, again, really strong gross profit margins. Costs were up a little bit, but gold prices were higher, and we continued with capital discipline.
Stephen Mullowney: We do, we will need more horsepower and certain functions at corporate and at site as this growth flow continues. So we can't hold it forever, but certainly it's going to not going to grow at the same pace as revenue and operating cash flow.
Speaker Change: We do, we will need...
Speaker Change: More horsepower in certain functions at corporate and at site as this growth profile continues. So we can't hold it forever, but certainly it's not going to grow at the same pace as revenue and operating cash flow.
Stephen Mullowney: So, with regards to the Q3 2024 highlights before might get into the financial result. We had some good operating cash flow again. Again, really strong growth profit margins. Costs were up a little bit, but gold prices up more and continued with capital discipline. So it's important to get a sense of how we run this operation. Is we make sure that the expenditures that are spent on the operations are generated before they're spent. And so we're very prudent in doing that. We could advance drilling, for instance, a lot more quickly, but we need to have the cash flow to do that versus going to the markets and raising that cash flow to do to drill bit.
Speaker Change: Christian?
Christina Lalli: So, with regards to the Q3 2024 highlights, before Mike gets into the financial results.
Christina Lalli: We had some good operating cash flow again. Again, really strong gross profit margins.
Speaker Change: Costs were up a little bit, but gold prices up more and continued with capital discipline. So it's important to get a sense of how we run this operation is.
Stephen Mullowney: So it's important to get a sense of how we run this operation. We make sure that the expenditures that are spent on the operations are generated before. And so we're very prudent in doing that. We could advance drilling, for instance, a lot more quickly. But we need to have the cash flow to do that versus going to the markets and raising that cash flow to do the drill bit. So our focus in the last year or nine months has really been on the plant and the plant bill to generate more operating cash flow in order to put in place a faster growth profile over the short to medium term.
Speaker Change: We make sure that
Speaker Change: The expenditures that are spent on the operations are generated before they're spent.
Speaker Change: And so we're very prudent in doing that. We could advance drilling, for instance, a lot more quickly.
Speaker Change: But we need to have the cash flow to do that versus going to the markets and raising that cash flow to do the drill bit. So our focus in the last year or nine months has been really on the plant build.
Stephen Mullowney: So our focus in the last year or or nine months has been really on the plant build and the plant build to generate more operating cash flow in order to put in place a faster growth profile over the short to medium terms. That has been the focus; that mill's now in commission. And we are looking at you know utilizing that cash flow again and putting it back in the operations, both from an operational efficiency perspective. We believe there's a lot of costs that can be wrong as a system as well as on the expiration drill bit.
Speaker Change: and a plan bill to generate more operating cash flow in order to put in place a faster growth profile over the short to medium term.
Stephen Mullowney: That has been the focus of the mill that is now commissioned. And we are looking at, you know, utilizing that cash flow again and putting it back into the operations both from an operational efficiency perspective, we believe there's a lot of costs that can be wrung out of the system, as well as on expiration. Mike, anything to add to that? No, I think you said it really well, Stephen.
Speaker Change: That has been the focus. That bill is now commissioned.
Speaker Change: We are looking at, you know, utilizing that cash flow again and putting it back in the operations, both from an operational efficiency perspective. We believe there's a lot of costs that can be wrung out of the system, as well as on the expiration drill bit. Mike, anything to add to that?
Michael Leonard: Mike, anything to add to that? No, I think if you said it really well, Steven, you've touched on it a couple of times. Capital management prudent capital management has really been one of our calling cards and our primary area focus since the day we joined. The model was really and you heard it many times over for long time followers of TRX.
Michael P. Leonard: You've touched on it a couple of times. Capital management, prudent capital management, has really been one of our calling cards and our primary area of focus since the day we joined. The model was really, and you've heard it many times over for longtime followers of TRX, the model was really to build a business that generated sufficient cash flow to enable value-accretive growth-based decisions, either through things like plant expansions, which you've seen, or exploration, which we've talked about.
Mike: No, I think you said it really well, Stephen, you've touched on it a couple of times. Capital management, prudent capital management has really been one of our calling cards and our primary area of focus since the day we joined. The model was really, and you've heard it many times over for long-time followers of TRX.
Michael Leonard: The model was really to build a business that generated sufficient cash flow to enable value accretive growth based decisions, either sort of things like plant expansions, which you've seen, or exploration, which we've talked about. And, you know, it's growth in a value accretive way, well minimizing shareholder evolution, which I think we've done a very good job of demonstrating. So, onwards upwards from here.
Speaker Change: The model was really to build a business that generated sufficient cash flow.
Speaker Change: to enable value accretive growth based decisions, either through things like plant expansions, which you've seen or exploration, which we've talked about and
Michael P. Leonard: And, you know, it's growth in a value-accretive way while minimizing shareholder dilution, which I think we've done a very good job of demonstrating. So, onwards, upwards. And on this slide here, you'll see a picture of the new crusher that is, and it's darker ore going through, so that's more oxide material and sulfide material in this particular picture. But certainly, you know, the crushing circuit is delivering current. Next slide, please, Christina.
Speaker Change: It's growth in a value-accretive way while minimizing shareholder dilution, which I think we've done a very good job of demonstrating. So onwards, upwards from here.
Stephen Mullowney: In this slide here you'll see a picture of the new crusher that is and it's darker ore going through it that's more oxide material and solid material. In this particular picture, but certainly, you know the crushing circuit is delivering currently.
Speaker Change: and in this slide here you'll see a picture of the new crusher that is and it's darker ore going through so that's more oxide material than sulfide material in this particular picture but certainly you know the crushing circuit is is delivering currently.
Stephen Mullowney: So with regard, you see some of the new pictures here; you see the new crushing circuit, and a couple pictures; you see the TSF facility. The TSF facility will be expanded so we can get a couple more years of capacity out of that, and a long-term tailings plan is well underway. As mentioned in our Q3 release, production is now up.
Stephen Mullowney: Next slide, please, Christina. So, with regard to see some of the new pictures, here you see the new crushing circuit, and a couple of pictures you see the TSF facility. On the TSF facility, you'll be expanded so we can get a couple more years' capacity in that, and a long-term tailings plan is well underway.
Christina Lalli: Next slide, please, Christina.
Christina Lalli: So, with regards, you see some of the new pictures here. You see the new crushing circuit and a couple pictures. You see the TSF facility. The TSF facility will be expanded so we can get a couple more years' capacity in that and a long-term tailings plan is well underway.
Stephen Mullowney: As mentioned in our Q3 release, the production is now up; we're currently processing almost 1900 tons a day and a hundred and 16 percent increase in over Q3 2024. That's led to an increase in gold production. The improved crushing capacity there's a lot of crushing capacity here for further expansion or what I'll call operational improvements increased throughput and we're looking looking forward to this growth to really start to unlock the potential of the factory full project.
Michael P. Leonard: We're currently processing almost 1900 tons a day and an 116% increase in over Q3 2024. That's led to an increase in gold production, and the improved crushing capacity. There's a lot of crushing capacity here for further expansion, or what I'll call operational improvements, increased throughput. And we're looking forward to this growth to really start to unlock the potential of Buck 34. So Mike, I think I'm going to hand it over to you to go through the Q3 financial numbers. Sure, sure, happy to. And thank you to everybody for joining us this morning. Good morning.
Christina Lalli: As mentioned in our
Christina Lalli: Q3 release. The production is now up. We're currently processing almost 1900 tons a day and a hundred sixteen percent increase in
Christina Lalli: over Q3 2024. That's led to an increase in gold production, the improved crushing capacity, there's a lot of crushing capacity here for further expansion, or what I'll call operational improvements to increase throughput.
Christina Lalli: And we're looking forward to this growth to really start to unlock the potential of the Box3Gold project.
Michael Leonard: So, Mike, I think I'm going to hand it over to you to go through the Q3 financial numbers, please. Sure, sure, happy to, and thank you for everybody joining us in good morning. Buckridge did have a strong operating quarter. Well, well focused on ramping up the mill to 2000 tons a day. The operating cash flow continued to be strong at greater than $3 million for the quarter. We're up getting close to about $10 million a year to date. So year over year over year, seeing significant growth in operating cash flow, which again we put back into the business to grow things like plastic expanses, like we've done in a very value of creative growth-oriented way.
Christina Lalli: So, Mike, I think I'm going to hand it over to you to go through the Q3 financial numbers, please. Sure, sure. Happy to. And thank you for everybody joining us, and good morning.
Michael P. Leonard: Buck Reef did have a strong operating quarter, well focused on ramping up the mill to 2,000 tons a day. The operating cash flow continued to be strong at greater than $3 million for the quarter. We're up getting close to about $10 million year to date. So, year over year, we see significant growth in operating cash flow, which we put back into the business to grow things like plant expansions, like we've done in a very value-creative, growth-oriented way. Stephen touched on the gross profit margins, which continue to be very, very strong. We saw a gross profit of about 43% for the quarter.
Mike: Buck Reef did have a strong operating quarter, well focused on ramping up the mill to 2,000 tons a day. The operating cash flow continued to be strong at greater than $3 million for the quarter. We're up getting close to about $10 million year to date.
Speaker Change: So year over year over year, seeing significant growth in operating cash flow, which again we, you know, put back into the business to grow things like plant expansions like we've done in a very value accretive growth oriented way. Stephen touched on the gross profit margins continue to be very, very strong. We saw a gross profit of about 43% for the quarter. Year to date we're over 40%.
Michael Leonard: Stephen touched on the growth profit margins continue to be very, very strong. We saw a growth profit of about 43% for the quarter year to date where we're over 40%. It again shows that this is a low cost, high margin project and demonstrates significant leverage to these record gold prices that we're seeing. Liquidity remains strong. You know, again, Stephen touched on this, but your focus was on building a plant expansion for a self-funded approach. We did that. And preserved and maintained liquidity at just under $8 million in cash, positive working capital, and a debt-free balance sheet.
Michael P. Leonard: Year to date, we're over 40%. It again shows that this is a low-cost, high-margin project and demonstrates significant leverage to these record gold prices that we're seeing. Liquidity remains strong.
Stephen Mullowney: It again shows that this is a low-cost, high-margin project and demonstrates significant leverage to these record gold prices that we're seeing.
Michael P. Leonard: Again, Stephen touched on this, but our focus was on building a plant expansion through a self-funded approach. We did that and preserved and maintained liquidity at just under $8 million in cash, positive working capital, and a debt-free balance sheet. So again, prudent focus on capital management. And again, most notably, we built this plant on time and on budget through organically generated cash. A really keen focus on prudent capital management. In terms of leverage to gold prices, we touched on this. What you would have seen in our results is a year over year increase in revenue, in gross profit, and EBIT at www.trxgold.com. We've touched on gross profit margin. We got revenues for the quarter of over $10 million.
Stephen Mullowney: Liquidity remains strong
Stephen Mullowney: You know again Stephen touched on this but our focus was on building a plant expansion through a self-funded approach. We did that and preserved and maintained liquidity at just under eight million dollars in cash.
Michael Leonard: So again, prudent focus on capital management. And again, most notably, we built this plant on time and on budget through organically generated cash. So really, really, you know, really keen focus on prudent capital management. In terms of leverage to gold prices, we touched on this. What you will have seen in our results is a year-over-year increase in revenue, in rose profit, and EBITDA. Our year to date realized price, as most will have seen, is up almost around $2,300 an ounce. Last week, I sold gold at 2460, which again is a record price. So these are all record numbers, as we all know.
Speaker Change: Positive Working Capital, and a Debt Free Balance Sheet. So again, prudent focus on capital management. And again, most notably, we built this plant on time and on budget through organically generated cash. So really, really keen focus on prudent capital management.
Speaker Change: In terms of leverage to gold prices, we touched on this, what you'll have seen in our results is a year-over-year increase in revenue in gross profit and EBITDA.
Speaker Change: Our year-to-date realized price, as most will have seen, is up almost around $2,300 an ounce. Last week I sold gold at $2,460, which again is a record price. These are all record numbers, as we all know, and again, this operation is benefiting from it immensely as we grow across all the financial metrics.
Michael Leonard: And again, this operation is benefiting from it immensely as we grow across all the financial metrics. We touched on growth profit margin. We got revenues for the quarter of over $10 million. Year to date, we're up around $30 million. So again, year over year over year growth and benefiting from the larger plant and higher gold prices, EBITDA is growing, operating cash flows growing. And we're continuing to use all that cash flow that are prudent capital away by growing this business and maintaining liquidity and preserving our balance sheet. And we'll just touch on it again. We have guided the market to a plant expansion of about $6 million, which is very, very low cost to grow a mill to 2,000 tons a day like we did from 1,000 tons a day.
Michael P. Leonard: Year-to-date, we're up around $30 million. So again, year over year over year growth and benefiting from the larger plant and higher gold prices, EBITDA is growing, and operating cash flow is growing. And we're continuing to use all that cash flow in a prudent capital way by growing this, you know, this business and maintaining liquidity and preserving our balance sheet. And I'll just touch on it again. We have guided the market to a plant expansion of about $6 million, which is a very, very low cost to grow a mill to 2000 tonnes a day like we did from 1000 tonnes a day. We did it on time and on budget using our own cash.
Speaker Change: We've touched on gross profit margin. We've got revenues for the quarter of over $10 million. Year-to-date, we're up around $30 million.
Speaker Change: So again, year-over-year-over-year growth and benefiting from the larger plant and higher gold prices, EBITDA is growing, operating cash flow is growing, and we're continuing to use all that cash flow in a prudent capital way by growing this business.
Speaker Change: and maintaining liquidity and preserving our balance sheet. And I'll just touch on it again. We have guided the market to a plant expansion of about six million dollars, which is very, very low cost to
Stephen Mullowney: We did it on time and on budget using our own cash. So you know, I have this reaches nameplate capacity. Even touched on it. We're doing over 1,800 tons a day during wet commissioning. We expect all these metrics to grow into Q4 and certainly into 2025, which will update the market on accordingly.
Stephen Mullowney: So as this reaches nameplate capacity, Stephen touched on it, we're doing over 1800 tonnes a day. During wet commissioning, we expect all these metrics to grow into Q4 and certainly into 2025, which will update the market accordingly. Back to you. Yeah, thank you, Mike, for that overview. Next slide, please, Christina.
Speaker Change: grow a mill to 2,000 tons a day like we did from 1,000 tons a day. We did it on time and on budget using our own cash.
Speaker Change: As this reaches nameplate capacity, Stephen touched on it, we're doing over 1,800 tons a day during wet commissioning. We expect all these metrics to grow into Q4 and certainly into 2025, which we'll update the market on accordingly.
Stephen Mullowney: Back to you, Steve. Yeah. Thank you, Mike, for that overview.
Operator: Next slide. Please, Christina.
Stephen Mullowney: Back to you, Stephen.
Stephen Mullowney: So again, not to really repeat myself, but as Mike and I have mentioned, we are reinvesting the cash flow for funding growth. We will, in the future, look at strategic M&A opportunities, particularly things that have a similar profile to Buck Reef and can be grown fairly quickly on a cost-effective basis like what has been done here. We do, as I mentioned in several periods, have capital programs in the near term that will drive efficiencies in the operations.
Stephen Mullowney: So again, not to really repeat myself. It's as Mike and I have mentioned. We are reinvesting the cash flow for funding of growth. We will, in the future, look at strategic M&A opportunities, particularly things that have a similar profile to Buck Reef. And we've grown fairly quickly on a cost-effective basis that has been done here. We do, as I mentioned several in several periods, have capital programs in the near term that will drive efficiencies in the operations. On that's both on the mining side as well as on the processing side. And you will start to see some enhanced CSR and ESG disclosure and programs in place.
Stephen Mullowney: Yeah, thank you, Mike, for that overview. Next slide, please, Christina. So, again, not to really repeat myself. It's as Mike and I have mentioned.
Speaker Change: We are reinvesting the cash flow for funding of growth.
Speaker Change: We will, in the future, look at strategic M&A opportunities, particularly things that have a similar profile to Buck Reef and can be grown fairly quickly on a cost-effective basis like has been done here.
Speaker Change: We do, as I mentioned, several in several periods.
Speaker Change: have capital programs in the near term that will drive
Stephen Mullowney: That's both on the mining side as well as on the processing side. And you will start to see some enhanced CSR and ESG disclosure and programs in place. And this is necessary in order to reach all investors.
Speaker Change: Efficiencies in the operations, that's both on the mining side as well as on the processing side.
Speaker Change: and you will start to see...
Stephen Mullowney: And this is necessary in order to reach all investors. I'm a firm believer that there's more demand for an investment, hopefully to hire the price. And so we need to have our disclosures like other companies in this regard. And so that is well underway.
Speaker Change: Some enhanced CSR and ESG disclosure and programs in place.
Stephen Mullowney: I'm a firm believer that the more demand for an investment, hopefully, the higher the price. And so we need to have our disclosures like other companies in this regard. And so that is well underway. So, all in all, the operations are operating as we expected. And we are pretty confident in what the future lies at Buck Reef and the growth profile that we have identified. So with regard to the next slide. The drill bit is anticipated to go back in in 2025 in a much larger way than it was in 2024. The focus will be on the northeast and the south and on the main zone. You see those two stars there?
Speaker Change: And this is necessary in order to reach all investors. I'm a firm believer that more demand for an investment, hopefully to higher the price.
Speaker Change: And so we need to have our disclosures like other companies in this regard. And so that is well underway.
Stephen Mullowney: So all in all, the operations are operating as we expect it. And you know, we are pretty confident in what the future lies at Buck Reef and the growth profile that we get.
Speaker Change: So, all in all, the operations are operating as we expected, and, you know, we are pretty confident in what the future lies at Buck Reef and the growth profile that we get. So, with regards to the next slide.
Stephen Mullowney: So, with regards to the next slide. The drill bit isn't anticipated to go back in in 2025 in a much larger way than it was in 2024. The focus will be on the Northeast and the South and on the main zone. You see those two stars there in 2023 and 2024. We drilled that extensions to those zones. They need to be in fill the north of for that to go into resource categories. Also down below the main zone pit. There will also be some infill drill program. I'm there and obviously looking around our property to Amfield zone.
Speaker Change: The drill bit is anticipated to go back in in 2025 in a much larger weight than it was in 2024.
Stephen Mullowney: In 2023 and 2024, we drill extensions to those zones. They need to be infilled in order for that to go into resource categories. Also, down below the main zone pit, there will also be some infill drill programs there. Obviously, looking around our property, the infill zone, we have some holes in there, as well as the eastern property, which we started to mine on the eastern property.
Speaker Change: The focus will be on the northeast and the south and on the main zone. You see those two stars there. In 2023 and 2024, we drilled out extensions to those zones. They need to be infilled in order for that to go into resource categories.
Speaker Change: Also down below the main zone pit.
Speaker Change: There will also be some infill drill program there. And obviously looking around our property, the infill zone, we have some holes in there, as well as the eastern property, which we started to mine on the eastern property. So stripping is happening now.
Stephen Mullowney: We have some holes in there, as well as the eastern periphery, which we started to mine on the eastern periphery. So stripping is happening now at the eastern periphery. We did a great control program there. That oxide will start to go through the mill, and we'll be looking at the infill that zone and get a much better handle on what we really have in that Amfield zone over the next year or so. So those are the high-priority targets that we have for 2025. It's a pretty easy to explain, which is good. And we're going to keep our fingers crossed that there's going to be a lot more gold there than we anticipate, and some, you know, you always have to have a little bit of luck in this, but you've got to go know where to look for look for the gold in the first place, and we're pretty confident in it.
Stephen Mullowney: Stripping is happening now at the eastern property. We did a grade control program there. That oxide will start to go through the mill, and we'll be looking at filling in that zone and getting a much better handle on what we really have in that amphile zone over the next year or so. So those are the high priority targets that we have for 2025. It's pretty easy to explain, which is good. And we're going to keep our fingers crossed that there's going to be a lot more gold there than we anticipate.
Speaker Change: at the Eastern Property. We did a grade control program there. That oxide will start to go through the mill. And we'll be looking at the infill of that zone and get a much better...
Speaker Change: handle on what we really have in that anfield zone over the next year or so.
Speaker Change: So those are the high-priority targets that we have.
Speaker Change: for 2025. It's pretty easy to explain, which is good.
Stephen Mullowney: And some, you know, you always have to have a little bit of luck in this, but you have to go nowhere to look for, find the gold in the first place. And we're pretty calm. Next slide, Christina.
Speaker Change: and we're gonna keep our fingers crossed that there's gonna be a lot more gold there than we anticipate and some, you know, you always have to have a little bit of luck in this, but you gotta go nowhere to look for, look for the gold in the first place and we're pretty confident in it.
Stephen Mullowney: Next slide, Christina. With regards to share price performance, is everyone aware and everybody asked me we were kind of, I would say we're more in an oscillating zone between, you know, 40 and 45 cents at this period of time. I think the increase in cash flow from the expanded plant as well as, you know, a successful drilling program should hopefully start to move the stock price out of this zone.
Stephen Mullowney: With regard to share price performance, as everyone is aware, and everybody asked me, we were kind of, I would say we're more than an oscillating zone between, you know, 40 and 45 cents at this period of time. I think the increase in cash flow from the expanded plant, as well as, you know, a successful drilling program should hopefully start to move the stock price out of this zone. We are debt free.
Christina Lalli: Next slide, Christina
Speaker Change: With regards to share price performance, as everyone is aware, and everybody asked me, we were kind of, I would say we're more in an oscillating zone between, you know, 40 and 45 cents at this period of time. I think the increase in cash flow from the expanded plant,
Speaker Change: As well as, you know, a successful drilling program should hopefully start to move the stock price out of this zone.
Stephen Mullowney: We are debt free. We have around seven and a half to eight million dollars of liquidity right now and cash on our balance sheet, and with an increasing production profile. So pretty confident that hopefully we can start to get out of that, the oscillating range and into something that's more significant.
Stephen Mullowney: We have around seven and a half to eight million dollars of liquidity right now in cash on our balance sheet, and with an increasing production profile. So pretty confident that, hopefully, we can start to get out of that oscillating range and into something that's more significant. With regard to summary, again, the Buck Reef property is a good property. It has a lot of gold, good grades, is mineable, and is able to process it fairly in a straightforward fashion using a grind and crush CIL operation.
Speaker Change: We are debt-free. We have around...
Speaker Change: $7.5 to $8 million of liquidity.
Speaker Change: are right now in cash on our balance sheet.
Speaker Change: and with an increasing production profile. So pretty confident that hopefully we can start to get out of that oscillating range and into something that's more significant.
Stephen Mullowney: With regards to in summary, again, the buck brief property is a good property. It has a lot of gold and good grades, mindable, able to process it fairly in a straightforward fashion and grind crush CIO operation. It's high margin. We're increasing production. There's significant resource in the property. We know and feel confident where we're going to go drilling, and we're going to continue to reinvest the cash flow from the operations back into the operations to grow it in order to get an increase in shareholder value.
Speaker Change: With regards to, in summary, again,
Speaker Change: The Buck Reef property is a good property. It has a lot of gold, good grades, mineable, able to process it fairly in a straightforward fashion and grind crush CIL operation. It's high margin, we're increasing production.
Stephen Mullowney: It's high margin, and we're increasing production. There's a significant resource in the property. We know and feel confident in where we're going to go drilling, and we're going to continue to reinvest the cash flow from the operation back into the operations to grow it in order to get an increase in shareholders. So on that, I would like to hand it back to the moderator and start the Q&A process. Thank you, Stephen.
Speaker Change: There's a significant resource in the property. We know and feel confident in where we're going to go drilling and we're going to continue to reinvest the cash flow from the operations.
Speaker Change: back into the operations to grow it in order to get an increase in shareholder value.
Operator: So on that, I would like to hand it back to the moderator and start the Q&A process. Thank you, Steven. If you wish to ask a question, please click the Q&A icon on the left-hand side of the screen. You will see the options. Raise your hand to join the question queue and ask your question verbally or write a question to submit your question and writing. When you're introduced, you will see a prompt on screen, and you should click continue to confirm that you're ready for your line to be opened. Analysts who have dialed into the conference call can press star, then one on your telephone keypad to join the question queue.
Speaker Change: So on that, I would like to hand it back to the moderator and start the Q&A process.
Stephen Mullowney: If you wish to ask a question, please click the Q&A icon on the left-hand side of the screen. You will see the options to raise your hand to join the question queue and ask your question verbally, or write a question to submit your question in writing. When you're introduced, you will see a prompt on screen, and you should click continue to confirm that you're ready for your line to be opened.
Speaker Change: Thank you Stephen. If you wish to ask a question please click the Q&A icon on the left-hand side of the screen. You will see the options raise your hand to join the question queue and ask your question verbally or write a question to submit your question in writing.
Speaker Change: When you're introduced you will see a prompt on screen and you should click continue to confirm that you're ready for your line to be opened.
Operator: Analysts who have dialed into the conference call can press star and then one on their telephone keypad to join the question queue. We'll pause for a moment for participants to join the queue. Our first question is from Mike Niehauser with Roth Capital Partners. Please go ahead. Hey, Stephen. I had to get off mute there.
Speaker Change: Analysts who have dialed in to the conference call can press star then 1 on your telephone keypad to join the question queue.
Operator: We'll pause for a moment for participants to join the queue.
Speaker Change: We'll pause for a moment for participants to join the queue.
Richard Niehuser: Our first question is from Mike Niehuser with Roth Capital Partners. Please go ahead.
Richard Michael Niehuser: I really think this is kind of an exciting time. I think the current quarter is one of transition. But it appears from all I can see is that it's going to stabilize at a higher level next quarter. So you look, do you view this current quarter that we're now in as basically a transition to, you know, stability? Yeah, that's good. That's the way we describe it internally, Mike, it's transition stability. Obviously, the fourth quarter won't be the run rate quarter because you're going from the 1000 tons to the 2000 tons over time within the quarter.
Speaker Change: Thank you.
Speaker Change: Our first question is from Mike Niehauser with Roth Capital Partners. Please go ahead.
Stephen Mullowney: Hey Stephen, how do you get off mute, there? I really think this is kind of an exciting time. I think the current quarter is one of transition, but it appears by all the we I can see is that it's going to stabilize at a higher level next quarter. So do you view this current quarter that we're now in as basically a transition to, you know, stability? Yeah, that's a good, good way. That's the way we describe it internally, Mike. It's a transition stability. Obviously, the fourth quarter won't be the run rate quarter because you're going from the thousand tons to the two thousand tons over time within the quarter, but certainly it's a transition to higher goal production, higher operating cash flow, and a better growth profile for the business.
Richard Michael Niehuser: Hey, Stephen.
Speaker Change: I had to get off mute there.
Speaker Change: I really, I think this is kind of an exciting time. I think the current quarter is one of transition.
Speaker Change: But it appears, by all that I can see, that it's going to stabilize at a higher level next quarter. So, do you view this current quarter that we're now in as basically a transition to, you know, stability?
Speaker Change: Yeah, that's a good, that's the way we describe it internally, Mike. It's a transition stability. Obviously the fourth quarter won't be the run rate quarter because you're going from the thousand tons to the 2000 tons over time within the quarter. But certainly it's a transition to, um,
Richard Michael Niehuser: But certainly, it's a transition to higher gold production, higher operating cash flow, and a better growth profile for the business. So yeah, I would. I think you phrased it really well. Okay, and it looks like you're still getting good recoveries. Do you have any comments on as you're moving from oxides to transitional ores or sulfides in terms of what you're seeing distinguishing recoveries or you got the crushing figured out with the fine size to be able to have some confidence going into the sulfides with satisfactory recovery? Kind of a long winded question, but I think you know where I'm going.
Stephen Mullowney: So, yeah, I would I think you phrased it really well. Okay, and it looks like you're still getting good recoveries.
Richard Michael Niehuser: higher gold production, higher operating cash flow and a better growth profile for the business. So yeah, I would I think you phrased it really well.
Stephen Mullowney: Do you have any comments on as you're moving from oxides to transition ores or sulfides in terms of what you're seeing distinguishing recoveries or you got the crushing figured out with the fine size to be able to be have some confidence going into the sulfides with satisfactory recovery kind of a long limited question but I think you know what I'm going. Yeah, I know exactly where you're going because we look at this on a weekly basis. Right now, you're in a period where, obviously, in any mining operation, sulfides are harder rock. Typically, you don't get the same recoveries as oxides because it's harder to grind it down to the size that exposes the goal to the cyanization process.
Speaker Change: Okay and it looks like you're getting still getting good recoveries. Do you have any comments on as you're moving from oxides to transitional ores or sulfides in terms of what you're seeing distinguishing recoveries or you got the
Speaker Change: crushing figured out with the fine size to be able to
Speaker Change: We have some confidence going into the sulfides with satisfactory recovery. Kind of a long-winded question, but I think you know where I'm going. Yeah, I know exactly where you're going because we look at this on a weekly basis.
Stephen Mullowney: Yeah, I know exactly where you're going. Because we look at this on a weekly basis, right now, you're in a period where, obviously, in any mining operation, sulfides or harder rock, typically you don't get the same recoveries as oxides because it's harder to grind it down to the size that exposes the gold to the cyanization process. With that in mind, what you have is a balance between throughput and recoveries to maximize revenues and profit.
Speaker Change: Right now you're in a period where obviously in any mining operation, sulfides or harder rock, typically you don't get the same recoveries as oxides because it's harder to grind it down to the size that exposes the gold to the cyanization process.
Stephen Mullowney: With that in mind, what you have is a balance between throughput and recoveries to maximize revenues and profits. And so we're in that sort of phase now where we will look at operating efficiencies to increase the grind size in order to increase the recoveries on a cost-effective basis. So there's certain you know typically you would see in sulfide operations either a hig mill or a say d mill on the front that will get evaluated over time, and also you may get evaluated over time a thickener on the back end as well. So these are sort of some of the operational efficiencies that we really need to look at to increase that recovery rate.
Speaker Change: With that in mind, what you have is a balance between throughput
Speaker Change: and Recoveries to Maximize Revenues and Profits.
Stephen Mullowney: And so we're in that sort of phase now where we will look at operating efficiencies to increase the grind size in order to increase the recoveries on a cost-effective basis. So there's certain, you know, typically you would see in sulfide operations, either a HIG mill or a SAG D mill on the front.
Speaker Change: And so, we're in that sort of phase now where...
Speaker Change: We will look at operating efficiencies to increase the grind size in order to increase the recoveries on a cost-effective basis.
Speaker Change: So there's certain, you know, typically you would see in sulfide operations either a HIG mill or a SAG D mill on the front.
Stephen Mullowney: That will get evaluated over time. And also, you may get evaluated over time a thickener on the back end as well. So these are sort of some of the operational efficiencies that we really need to look at to increase that recovery rate. Really, what we saw in our MET studies and what we continue to see, it's about grind size. And obviously, the finer you grind it, it's a little bit more expensive to do that as well.
Speaker Change: That will get evaluated over time.
Speaker Change: And also you may get evaluated over time a thickener on the back end as well. So these are sort of some of the operational efficiencies that we really need to look at to increase that recovery rate. Really, what we saw in our MET studies...
Stephen Mullowney: Really, what we saw in our met studies and what we continue to see, it's about grind size, and obviously the finer you grind it is a little bit more expensive to do that as well. So we need to go through and figure out what is the optimal throughput and optimal recovery rate to maximize profit. That makes sense. Oh great answer. Yeah, great answer. So you're still learning, and that's good to see.
Speaker Change: And what we continue to see, it's about grind size. And obviously, the finer you grind it, it's a little bit more expensive to do that as well. So we need to go through and figure out what is the optimal throughput and optimal recovery rate to maximize profit.
Stephen Mullowney: So we need to go through and figure out what the optimal throughput and optimal recovery rate to maximize profit. Great answer. Yeah, great answer. So you're still learning, and that's good to see.
Speaker Change: That makes sense. Oh, great answer. Yeah, great answer.
Stephen Mullowney: With the with the with a higher throughput, are you starting? Are there going to be anything you're learning you can share about which expense items are going to be variable or where you might be able to make it up with, you know, with the increased throughput. You know not all not all things go; there's the variable in the fixed cost, but it seems like it's more exciting to have the margin expansion from operating expenses in the gold price. Yeah, now I agree with that. So if you look at our cost profile now, the largest cost is mining, and we've been lucky in the way we put together this business plan for growth to be able to utilize a lot of hands in your labor and cost.
Speaker Change: So you're still learning, and that's good to see.
Stephen Mullowney: With the higher throughput, are there going to be any lessons you can share about which expense items are going to be variable or where you might be able to make it up with the increased throughput? It seems like it's more exciting to have the margin expansion from operating expenses than the gold price, strangely. I agree with that. If you look at our cost profile now, the largest cost is mining. We've been lucky in the way we've put together this business plan for growth to be able to utilize a lot of Tanzanian labor and content. But that is more expensive.
Speaker Change: With the higher throughput, are you starting, are there going to be...
Speaker Change: Anything you're learning, you can share about which.
Speaker Change: expense items are going to be variable or where you might be able to make it up.
Speaker Change: with, you know, with the increased throughput, you know, not all, not all things go, there's the variable and the fixed costs, but it seems like there's, it seems like it's more exciting to have the margin expansion from operating expenses than the gold price, strangely.
Speaker Change: Yeah, no, I'd agree with that. So if you look at our cost profile now, the largest cost is mining. And we've been lucky in the way we put together this business plan for growth to be able to utilize a lot of Tanzanian labor and contractors.
Stephen Mullowney: Contractors. But that is more expensive. So we don't have the, you know, the equipment fleet that other miners would have. That will be something else looked at over time to supplement the contract mining fleet is having our own mining potential. So, you know, there's equipment being delivered. I believe this week or next week, Mike, in that regard, correct. So, you know, now we're going to start to build that up a little bit better. We're in a position where we can do least the own on a lot of that equipment. So you'll start to see that that also helps us on the construction costs.
Stephen Mullowney: So we don't have the, you know, the equipment fleet that other miners would have. That will be something that's looked at over time to supplement the contract mining fleet with our own mining potential. You know, there's equipment being delivered this week or next week, Mike, in that regard. Yeah, that's right.
Speaker Change: But that is more expensive. So we don't have the, you know, the equipment fleet that other miners would have. That will be something that's looked at over time to supplement the contract mining fleet. It's having our own mining
Speaker Change: Potential.
Speaker Change: There's equipment being delivered, I believe, this week or next week, Mike, in that regard. That's right. Correct. So, you know, now we're going to start to build that up a little bit better. We're in a position where we can do lease to own on a lot of that equipment. So you'll start to see that. That also helps us on.
Michael P. Leonard: Correct. Yeah. Now we're going to start to build that up a little bit better. We're in a position where we can do lease to own on a lot of that equipment. So you'll start to see that that also helps us with construction costs. So we utilize a lot of contractors for the construction of tailings facilities and earth moving and those sort of things.
Stephen Mullowney: So we utilize a lot of contractors for constructing a tailing facilities and earth moving and those sort of things. So we'll start to do a lot of that on our own going forward. So that helps reduce the cost profile. Obviously, you know, a thousand ton to 2000 ton per day plant, you get efficiency just by throughput. The labor doesn't really increase that much. We need to look at more efficient ways of utilizing the grid and the gen sets by putting in place battery packs for, you know, continuity of power and things of that nature. That's all getting a look at.
Speaker Change: The construction cost so we utilize a lot of contractors for
Speaker Change: Constructing of tailings facilities and earthmoving and those sort of things so we'll start to do a lot of that on our own going forward so that helps reduce the cost profile.
Stephen Mullowney: So we'll start to do a lot of that on our own going forward, and that helps reduce the cost profile. Obviously, you know, a thousand ton to 2000 ton per day plant, you get efficiency just through throughput. The labor doesn't really increase that much. We need to look at more efficient ways of utilizing the grid and the gen sets by putting in place battery packs for, you know, continuity of power and things of that nature.
Speaker Change: Obviously, you know, a 1,000 ton to 2,000 ton per day plant, you get efficiencies just by throughput. The labor doesn't really increase that much.
Speaker Change: We need to look at more efficient ways of utilizing the grid and the gensets by putting in place battery packs for, you know, continuity of power and things of that nature. That's all getting a look at.
Stephen Mullowney: That's all getting a look at. And then if you can increase your recovery rates, then that drops down as well to the bottom line. So there's a lot of these sort of efficiencies that are starting to be looked at. We haven't had the time. You only have so much bandwidth in human capital to really drive that.
Stephen Mullowney: And then if you increase your recovery rates, then that drops down as well to the bottom line. So there's a lot of these sort of efficiencies that are starting to be looked at.
Speaker Change: And then if you can increase your recovery rates, then that drops down as well to the bottom line. So there's a lot of these sort of efficiencies that are starting to be looked at. We haven't had
Stephen Mullowney: We haven't had the time. You only have so much bandwidth and human capital to really drive that. So we need to, we've been focused on building for the last two years. So we just need to step back from building and look at, you know, looking at the operations, increased efficiencies, and then build again.
Speaker Change: The time
Speaker Change: You only have so much bandwidth in human capital to really drive that. So we need to, we've been focused on building for the last two years. So we just need to step back from building and look at
Stephen Mullowney: Uh, we need to, we've been focused on building for the last two years. So we just need to step back from building and look at the operations to increase efficiencies, and then build. Well, Stephen, I might just make one comment for Mike to add to that. You certainly touched on it, but the synergies from this larger plant will be quite significant around things like processing costs per tonne, where, you know, you will have seen in the key stats, Mike, that, you know, we've been up around $25, $26, $27 a tonne processing.
Michael Leonard: Well, and I might just make one comment for Mike to add to that. You certainly touched on it, but the synergies from this larger plant will be quite significant around things like processing costs per ton. Yeah, where, you know, you will have seen in the key stats, Mike, that you know, we've been up around 25, 26, 27 dollars a ton processing. And, you know, you'll expect to see that. And perhaps not quite half, but you're effectively using the Stevens Point, the same labor force to do 2000 tons a day that you would have to run the 1000 ton of day plant.
Speaker Change: You know, looking at the operations to increase efficiencies and then build again.
Stephen Mullowney: Well, and Stephen, I might just make one comment for Mike to add to that. You certainly touched on it, but the synergies from this larger plant will be quite significant around things like processing costs per ton, where, you know, you will have seen in the key stats, Mike, that, you know, we've been up around $25, $26, $27 a ton processing.
Stephen Mullowney: And, you know, you'll expect to see that end up, perhaps not quite half, but you're effectively using, to Stephen's point, the same labor force to do 2,000 tons a day that you would have to run the 1,000 ton a day plant. So that will come down significantly, and you'll start seeing some better margin out of the processing plant. Yeah, DNA stuff gets covered at a site that doesn't increase right from higher. Another good answer, both answers.
Richard Michael Niehuser: and you'll expect to see that end up, perhaps not quite half, but you're effectively using, to Stephen's point, the same labor force to do 2,000 tons a day that you would have to run the 1,000 ton a day plant. So that will come down significantly, and you'll start seeing some better margin out of the processing plant as a result.
Michael Leonard: So that will come down significantly. And you'll start seeing some better margin and the processing plant as a result. Yeah, DNA stuff gets covered at site. That doesn't increase right from higher to point.
Speaker Change: Yeah, G and A, all that stuff gets covered at site. That doesn't increase, right, from higher throughput.
Operator: Another good answer; both, both answers. Two more questions, if I could.
Operator: It looks like you mentioned M&A, but I'm, I'm really sensing that after listening to your answers that, you know, the money's going to get spent on de-risking and further refining recoveries with capital improvements possibly or with exploration. So really, the money's going back into the project is to sustain that level and potentially be able to expand into the sulfides if you get the right recoveries. So that seems where the real opportunity is to get to where you want to go.
Speaker Change: Another good answer, both answers. Two more questions if I could. It looks like, you mentioned M&A, but I'm really sensing that after listening to your answers that
Richard Michael Niehuser: Two more questions, if I could. It looks like you mentioned M&A, but I'm really sensing that after listening to your answers that the money's going to get spent on de-risking and further refining recoveries through capital improvements, possibly, or with exploration. So really, the money's going back into the project just to sustain that level and potentially be able to expand into the sulfides if you get the right recoveries. So that seems to be where the real opportunity is to get to where you want to go. Is that close?
Speaker Change: going to get spent on de-risking and further refining recoveries with capital improvements possibly or with exploration. So, really, the money is going back into the project just to...
Speaker Change: sustain that level and potentially be able to expand into the sulfides if you get the right recoveries. So that seems where the real opportunity is to get to where you want to go. Is that close? Yeah. So the struggle is when you look at M&A, do you find a better opportunity than what you have in front of you.
Stephen Mullowney: Yeah, so the struggle is, when you look at M&A, do you find a better opportunity than what you have in front of you? Just leave it at that. Well, I think the fair enough, I guess that leads to the second question is that, with the safety record, and you know, the community work you're doing, it's all significant and real. It seems like government relations have got to be good, and that opportunities are going to come to you because you've earned them. Is that too, too, too much of a softball kind of question? Or not?
Stephen Mullowney: Is that close? Yeah, so the struggle is when you look at M&A, do you find a better opportunity to know what you have in front of you?
Stephen Mullowney: Just leave it at that. Well, I think the fair enough; I guess that leads to the second question: is that with the safety record and, you know, the community work you're doing, it's all significant and real. It seems like the government relations have got to be good, and that opportunities are going to come to you because you've earned them. Is that too much of a softball kind of question, or because I really sense that there's an opportunity for some kind of negotiation with the government that might actually, you know, improve upon the current agreement that you have.
Speaker Change: Just leave it at that.
Speaker Change: Well, I think, um...
Speaker Change: The
Speaker Change: Fair enough. I guess that leads to the second question, is that
Speaker Change: With the safety record and, you know, the community work you're doing, it's all significant and real. It seems like the government relations have got to be good and that opportunities are going to come to you because you've earned them.
Stephen Mullowney: Because I really sense that there is an opportunity for some kind of negotiation with the government that might actually, you know, improve upon the current agreement that you have. Do you care to comment on any of that? Yeah, look, I can comment on that because it is in the press in Tanzania. We have, at the earliest of stages, started dialogue around the joint venture agreement with the government with the goal of increasing, you know, jobs, royalties, and taxes for the government, obviously, and on our end, making sure that we have a reasonable economic arrangement with the government. So those are at the earliest stages.
Speaker Change: Is that too much of a softball kind of question? Because I really sense that there's an opportunity for some kind of negotiation with the government.
Stephen Mullowney: Do you care to comment on any of that? Yeah, look, I can comment on that because it is in the press and Tanzania. We have, at the earliest of stages, started dialogue around the joint venture agreement with the government, with the goal of increasing jobs, royalties, and taxes for the government, obviously. And on our end, making sure that we have a reasonable economic arrangement with the government. So those are at the earliest stages; I can't comment much more on that than that, but that is something that is out there as well. So the government relationship side of things are very good.
Speaker Change: That might actually, you know, improve upon the current agreement that you have. Do you care to comment on any of that? Yeah, yeah, okay. I can comment on that because it is in in the press in Tanzania. We have our
Speaker Change: At the earliest of stages, start a dialogue around a joint venture agreement with
Speaker Change: the the government with the goal of increasing, you know, jobs, royalties and taxes for the government, obviously, and on our end, making sure that we have, you know, a reasonable
Stephen Mullowney: I can't comment much more on that than that. But, you know, that is something that is out there as well. So, the government relations side of things is very good. We had a large government delegation visit our site probably twice in the last six months.
Speaker Change: economic arrangement with the government. So those are at the earliest stages, I can't comment much more on that than that. But you know, that is something that is out there as well. So the government relations side of things.
Stephen Mullowney: We had a large government delegation on our site, probably twice in the last six months. So when the politicians want to show up and praise what's going on there, then you're going to be in good. Well, you're really manufacturing, producing a lot of credit to go around, so why not?
Speaker Change: are very good. We had a large government delegation on our site, probably twice in the last six months. So, and when the politicians want to show up and praise what's going on there, then you're going to be in good stead.
Stephen Mullowney: So, and when the politicians want to show up and praise what's going on there, then you're going to be in good stead. Well, you're really manufacturing and producing a lot of credit to go around. So why not?
Speaker Change: Well, you're really manufacturing and producing a lot of credit to go around, so why not? Good answer again, fair enough, and thanks for taking my several questions, and congratulations. Thank you. Thanks, Mike. Thanks, Mike.
Operator: Good answer again, fair enough, and thanks for taking my several questions, and congratulations. Thank you. Thanks, nice, nice.
Operator: Once again, if you wish to ask an audio question, you can raise your hand to join the queue, or if you're on the phone lines, press star, then one.
Richard Michael Niehuser: Good answer. Again, fair enough. And thanks for taking my several questions. And congratulations.
Stephen Mullowney: Thank you. Thanks. Nice. Nice. Once again, if you wish to ask an audio question, you can raise your hand to join the queue, or if you're on the phone lines, press star then one.
Speaker Change: Once again, if you wish to ask an audio question, you can raise your hand to join the queue, or if you're on the phone lines, press star then one.
Operator: While we're waiting to see if anyone else wants to join, I'd like to hand it over to Stephen Mullowney to take us through questions submitted and writing. Yeah, okay, so let's see if we have any questions submitted and writing. The first one is with regards to a, have we considered any potential taking profits and share buybacks? That's an interesting question. I think we need to see how much cash flow is going to be generated. We have a good sense now, but we need to get through a budgeting process and then look at how it looks long term before we look at a share buyback program to shrink the share base, the share number share base.
Operator: While we're waiting to see if anyone else wants to join, I'd like to hand it over to Stephen Mullowney to take us through questions submitted in writing. Yeah, okay. So let's see if we have any questions submitted in writing. The first one is with regard to a, have we considered any potential taking profits and share by, That's an interesting question. I think... We need to see how much cash flow is going to be generated.
Speaker Change: While we're waiting to see if anyone else wants to join, I'd like to hand it over to Stephen Mullowney to take us through questions submitted in writing.
Stephen Mullowney: Yeah, okay. So let's see if we have any questions submitted in writing.
Stephen Mullowney: So the first one is with regards to a, have we considered any potential taking profits and share buybacks?
Operator: We have a good sense now, but we need to get through our budgeting process and then look at how it looks long term before we look at a share buyback program to shrink the share base to the number of shares.
Speaker Change: That's an interesting question. I think.
Speaker Change: We need to see how much cash flow is going to be generated. We have a good sense now, but we need to get through our budgeting process and then look at the
Speaker Change: how it looks long term, before we we look at a share buyback program to shrink the share base, the share number share base. But certainly, look, I think
Stephen Mullowney: But certainly, so I think I'm of the view that if there are opportunities to increase shareholder value, which is the increase in share price ultimately, it would, you know, have a look at it. The, the quantity obviously of small caps in the United States market has is not as robust as it was a couple of years ago, and we're not immune to that. And so, if there's an opportunity to increase shareholder value, it would be something to be looked at.
Stephen Mullowney: But certainly, look, I think I'm of the view that, If there are opportunities to increase shareholder value, which is an increase in share price, it would, you know, it would look at it. The liquidity, obviously, of small caps in the United States market is not as robust as it was a couple years ago, and we're not immune to that.
Speaker Change: I'm of the view that...
Speaker Change: If there are opportunities to increase shareholder value, which is the increase in share price ultimately.
Speaker Change: It would, you know, it would have a look at it. The liquidity, obviously, of small caps in the United States market has.
Stephen Mullowney: And so if there's an opportunity to increase shareholder value, it'd be something to look at. But I think right at this point in time, in the short term, there's more benefit to increasing the profits and the operational efficiencies of Buck Reef with them. I hope that answers the question.
Speaker Change: is not as robust as it was a couple of years ago. And we're not immune to that. And so if there's an opportunity to increase shareholder value, it'd be something to be looked at. But I think right at this point in time, in the short term, there's more
Stephen Mullowney: But I think right at this point in time, in short term, there's more benefit to increasing the profits and the operational efficiencies that Buck Reef with that cash. I hope that answers the question.
Speaker Change: benefit to increasing the profits and the operational efficiencies of Buck Reef with that cash.
Speaker Change: I hope that answers your question.
Stephen Mullowney: Next question is, so the next thing gets into recovery rate tonight on the solfides versus the test run, and obviously the rates that we're getting into plant are different than what it was in test run. So in the test run, the ore was grinded much finer than what we are experiencing in the operations. And that's why you have to hire recovery rates. It's all about grind size. As I mentioned, we need to go through and analyze what is the ideal recovery rates, whether it's 85, 86, 82, or, you know, 88% versus throughput levels to maximize profits.
Stephen Mullowney: Next question is, So the next thing gets in the recovery rate tonight on the sulfides versus the test run. And obviously, the rates that we're getting in the plant are different than what they were in the test. So in the test run, the ore was grinded much finer than what we are experiencing in the operations. And that's why you have to hire recovery rates. It's all about grind size.
Speaker Change: Next question is
Speaker Change: So, the next thing gets into recovery rates on the sulfides versus the test run, and obviously the rates that we're getting in the plant are different than what it was in the test run.
Speaker Change: So in the test run, the...
Speaker Change: The ore was grinded much finer.
Speaker Change: than what we are experiencing in the operations. And that's why you have the higher recovery rates. It's all about grind size. As I mentioned, we need to go through and analyze what is the
Stephen Mullowney: As I mentioned, we need to go through and analyze what the ideal recovery rates are, whether it's 85, 86, 82 or, you know, 88%, versus throughput levels to maximize profit. That is something that we'll be looking at over the next little bit in order to determine what the next business plan is and how we develop this milling asset. So it could mean that we put a Hick mill or a SAGD mill on the front, or it could mean that we just expanded again. We need to get into and work with our consultants and people on site to determine what that ratio should be. [inaudible] Cash costs of $1,100 an ounce.
Speaker Change: Ideal recovery rates, whether it's 85, 86, 82, or, you know, 88%.
Stephen Mullowney: That is something that we'll be looking at over the next little bit in order to determine what the next business plan is and how we develop this milling asset. So it could mean that we put a hick mill or say a d mill on the front, or could mean that we just expanded again. We need to get into and work with our consultants and people on site to determine what that ratio is. should be. Cash costs of $1,100 an ounce. Yes, there is a difference between what we had as guidance and what we have experienced.
Speaker Change: versus throughput levels to maximize profits.
Speaker Change: That is something that we'll be looking at over the next little bit in order to determine what the next business plan is and how we develop this.
Speaker Change: milling asset. So it could mean that we put a HIC mill or a SAGD mill on the front or could mean that we just expand it again. We need to get into and work with our consultants and people on site to determine what that ratio should be.
Speaker Change: [inaudible]
Stephen Mullowney: Yes, there is a difference between what we had as guidance and what we have experienced. And in the last year, we've experienced much more rain than anticipated, so mining costs are a little higher. We've also experienced a different mine plan than originally anticipated. The ore hasn't gone anywhere.
Speaker Change: Cash costs of $1,100 an ounce.
Speaker Change: Yes, there is a difference between what we had as guidance and what we have experienced. And in the last year, we've experienced much more rain than anticipated, so mining costs are a little higher.
Michael Leonard: And in the last year, we've experienced much more reigned and anticipated. So, mining costs are a little higher. We've also have experienced a different mine plan than originally anticipated. The ore hasn't gone anywhere. So, we've had a little bit lower of a grade profile than we originally anticipated in this year's operations. Now, obviously, we'll go back and get that other grade ore or higher grade ore in the future. So, that is all led to the higher costs than what we originally had anticipated. So, all of those sort of factors might get in and add to that because you're really on top of that as well.
Speaker Change: We've also have...
Stephen Mullowney: So we've had a little bit lower of a grade profile than we originally anticipated in this year's operations. Now, obviously, we'll go back and get that other grade ore or higher grade ore in the future. So that has all led to higher costs than what we originally had. So all of those sort of factors, Mike, anything to add to that? Because you're really on top of that as well?
Speaker Change: experience a different mine plan than originally anticipated. The ore hasn't gone anywhere, so we've had a little bit lower of a grade profile than we originally anticipated in this year's operations. Now obviously we'll go back and get that other grade ore or higher grade ore in the future.
Speaker Change: So that has all led to the higher cost than what we originally had anticipated.
Michael P. Leonard: Yeah, I mean, I would also maybe just add, Stephen, that you touched on it. Because the mine sequence was slightly different than what was originally envisaged at the start of the year, because of things like rain and equipment availability with our mining contractor, we ended up encountering a higher proportion of sulfide ore as compared to oxide ore than was considered in the original plan. And what you're looking at is harder rock, effectively, that requires additional drill and blast, for example, in the mining process. It's harder on some of the mining equipment, so you end up with more maintenance, for example. In terms of throughput through the mill, it requires more reagents, grinding media, and consumables.
Michael Leonard: Yeah, I mean, it would also maybe just add, Stephen, that you touched on it because the mine sequence was slightly different than what was originally envisaged at the start of the year because of things like rain and equipment availability with our mining contractor. We ended up encountering a higher proportion of sulfide ore as compared to oxide ore than was considered in the original plan. And what you're looking at is harder rock, effectively, that requires additional drill and blast, for example, in the mining. It's harder on some of the mining equipment. So, you end up with more maintenance, for example.
Speaker Change: So all of those sort of factors, Mike, anything to add to that? Because you're really on top of that as well.
Richard Michael Niehuser: Yeah, I mean, it would also maybe just add, Stephen, that you touched on it, because the mine sequence was slightly different than what was originally envisaged at the start of the year, because of things like rain and
Richard Michael Niehuser: equipment availability with our mining contractor, we ended up encountering a higher proportion of sulfide ore as compared to oxide ore than was considered in the original plan.
Speaker Change: And what you're looking at is harder rock, effectively, that requires additional drill and blast, for example, in the mining.
Michael Leonard: In terms of, you know, throughput through the middle, it requires more reagents and grinding media and consumables. So, you end up with, to your point, a higher mining cost per ton and a higher processing cost per ton than they're originally envisaged. So, hence the reason for the adjustment to the guidance figure on the cash cost number. Yeah.
Speaker Change: It's harder on some of the mining equipment, so you end up with more maintenance, for example.
Speaker Change: In terms of throughput through the mill, it requires more reagents and grinding media and consumables. So you end up with, to your point, a higher mining cost per ton and a higher processing cost per ton than they're originally envisaged. So hence the reason for the adjustment to the guidance figure on the cash cost number.
Michael P. Leonard: So you end up with, to your point, a higher mining cost per ton and a higher processing cost per ton than they were originally envisaged. So hence the reason for the adjustment to the guidance figure on the cash cost number. So the next question is, I love this one, the fair value derivative liability. So when we recapitalized to come, well over two years ago, we needed to take out warrants.
Stephen Mullowney: So, the next question is, I love this one: is the fair value of derivative liability. So, when we recapitized the company, it, you know, well over two years ago now, we needed to take on warrants. So, that derivative liability is related to those warrants. It gets marked to market every quarter. Sometimes it works in our favor. Sometimes it works against us. We're fully aware that there's even a significant part of the US market that will trade particularly algals and financial players on EPS numbers, et cetera. And that has an impact on that. This will be an expense or income item that will dissipate over time as the warrants get closer to maturity.
Speaker Change: So the next question is, oh I love this one, is the fair value to derivative liability.
Speaker Change: So, when we recapitalize the company,
Speaker Change: [inaudible]
Michael P. Leonard: So that derivative liability is related to those warrants. It gets marked to the market every quarter, and sometimes it works in our favor. Sometimes it works against us. We're fully aware that there's even a significant part of the US market that will trade, particularly algos and financial players on EPS numbers, etc., and that has an impact on that. This will be an expense or income item that will dissipate over time as the warrants get closer to maturity.
Speaker Change: you know, well over two years ago now.
Speaker Change: We needed to take out warrants. So that derivative liability is related to those warrants.
Speaker Change: It gets marked the market every quarter. Sometimes it works in our favor. Sometimes it works against us. We're fully aware that there's even a significant part of the US market that will trade, particularly algos and
Speaker Change: and financial players on EPS numbers, et cetera. And that has an impact on that. This will be an expense or income item that will dissipate over time as the warrants get closer to maturity.
Stephen Mullowney: So we're fully aware of it. We don't like it either, but it was a necessary evil in the recapitalization of the company. And I can maybe just give a very, very, I won't get into all the Black-Scholes inputs that go with the valuation. But importantly, this is a non-cash adjustment; plus or minus, it will be settled with equity of the company if and when they're either exercised or expire.
Stephen Mullowney: So, we're fully aware of it; we don't like it either, but it was a necessary evil and the recapitization of the company at the time.
Speaker Change: So we're fully aware of it. We don't like it either, but it was a necessary evil in the recapitalization.
Stephen Mullowney: And I can maybe just give a very, very, I won't get into all the Black-Scholes inputs that go with the valuation, but importantly, this is a non-cash adjustment plus or minus. It will be settled with equity of the company if and when they're either exercised or expired. But in summary, the higher the share price, the higher the liability on the warrants, and consequently, the higher the loss. And if the share price goes in the wrong direction and goes down, the end of the game. So, it's been variable as we all know with each quarter, hence the pluses and minuses, but it's all non-cash.
Speaker Change: of the company.
Speaker Change: And I can maybe just give a very, very, I won't get into all the Black-Scholes inputs that go with the valuation, but importantly, this is a non-cash.
Michael P. Leonard: But in summary, the higher the share price, the higher the liability on the warrants, and consequently, the higher the loss. And if the share price goes in the wrong direction and goes down, you end up with a gain. So it's been variable, as we all know, with each quarter, hence the pluses and minuses, but it's all non-cash and perhaps something we look at for a future non-gap measure at adjusting. Yeah, it's something that we've had discussions with our warrant holders, but they won't allow us to deal with the warrants at this point in time.
Speaker Change: [inaudible]
Speaker Change: and consequently the higher the loss and if the share price goes in the wrong direction and goes down the end of the gain so it's been variable as we all know with each quarter hence the pluses and minuses but it's all non-cash and perhaps something we look at for a future non-gap measure at adjusting it.
Stephen Mullowney: And perhaps something we look at for a future non-GAAP measure and adjusting- yeah, it's something that we've had discussions with, with our warrant holders, but they won't allow us to deal with the warrants at this point in time.
Speaker Change: Yeah, it's something that we've had discussions with with our warrant holders, but they won't allow us to deal with the warrants at this point in time. That's all I'll say.
Stephen Mullowney: That's all I'll say.
Stephen Mullowney: With regards to the last one, I could ask this question of dividends in gold or cash or gold at all the time, and there's something for Indus Era.
Michael P. Leonard: With regard to the last one, I get asked this question of dividends in gold or cash or gold at a certain price all the time. And it's just something for this era, I think. You know, Mr. Sinclair was a gold bug.
Speaker Change: With regards to the last one, I get asked this question of dividends in gold or cash or gold all the time and it's just something for in this era. I think
Stephen Mullowney: I think Mr. Sinclair was a gold bug; I'm a gold bug, and I think when he was envisioning these sort of statements, he's a vision of gold price is a lot higher than the current gold price, which makes declaration of dividend in cash and gold a lot easier to do. You know, I think something in the future is certainly something of consideration. I believe there's other ways, and I answer this question the same as I always have: other ways to create shareholder value in the short term than a dividend in cash or gold at this period of time. The operational efficiencies I think are one thing to look at.
Unknown Executive: You know, Mr. Sinclair was a gold bug. I'm a gold bug. And I think when he was envisioning these sort of statements.
Stephen Mullowney: I'm a gold bug, and I think when he was envisioning these sort of statements, he had a vision of the gold price that is a lot higher than the current gold price, which makes, you know, declaration of dividends in cash and gold a lot easier to do. You know, I think something in the future is certainly something of consideration. I believe there are other ways, and I'm answering this question the same way I always have other ways to create shareholder value in the short term than a dividend in cash or gold at this period of time.
Speaker Change: He's a vision of gold price.
Speaker Change: is a lot higher than the current gold price.
Speaker Change: which makes, you know, declaration of dividends in cash and gold a lot easier to do.
Speaker Change: You know, I think something in the future is certainly something of consideration. I believe there's other ways, and I'll answer this question the same as I always have, other ways to create shareholder value in the...
Stephen Mullowney: The operational efficiencies, I think, are one thing to look at. I also, you know, we haven't done enough analysis on this, but the question that was asked earlier about the share buyback may have may or may not have a better impact that would need to be assessed against that sort of consideration of cash or gold. But in the short term, I don't anticipate a dividend in cash.
Speaker Change: in the short term.
Speaker Change: been a dividend in cash or gold at this period of time. The operational efficiencies, I think, are one thing to look at.
Stephen Mullowney: I also, you know, and we haven't done enough analysis on this, but the question that was asked earlier in share buybacks may have a may or may not have a better impact that would need to be assessed against that sort of consideration of cash or gold, but in a short term, I don't anticipate a dividend in cash or gold.
Speaker Change: I also, you know, we haven't done enough analysis on this, but the question that was asked earlier in share buybacks.
Speaker Change: may have a may or may not have a better impact that that would need to be assessed against that sort of consideration of cash or gold but in the short term I don't anticipate a dividend in cash or gold.
Craig Sutherland: Stephen, we do have another question from the phone line that I could introduce them. Yes. The next question is from Craig Sutherland with Conceptual Solutions. Please go ahead. I've been morning. How are you doing? Good. How are you? Craig. You're doing great. Thanks again for the update, and the sounds and looks like everything is going very well. Most of the questions that I have had already been answered, but I do have one particular because obviously share prices with the shareholders are concerned with, as they should be. My question is really focused on if we are doing all the things which you're doing correctly.
Operator: Stephen, we do have another question from the phone lines. Would you like me to introduce them? Yeah. The next question is from Craig Sutherland with Conceptual Solutions. Please go ahead. Good morning. How are you doing? Good. How are you, Craig?
Speaker Change: Stephen, we do have another question from the phone lines, if I could introduce them. Yeah.
Speaker Change: The next question is from Craig Sutherland with Conceptual Solutions. Please go ahead.
Craig Sutherland: I am doing great. Thanks again for the update. And it sounds and looks like everything is going very well. Most of the questions that I had are already been answered, but I do have one particular question because, obviously, the share price is what the shareholders are concerned with, as they should be. My question is really focused on if we are doing all the things which you're doing correctly, it appears, cash flows increasing, production increasing, not taking on any other debt. It's a great story.
Craig Sutherland: Good morning, how are you? Doing good, how are you, Craig? Doing great, thanks again for the update and it sounds and looks like everything is going very well. Most of the questions that I had have already been answered, but I do have
Craig Sutherland: One particular because obviously share price is what the shareholders are concerned with as they should be My question is really focused on if we are doing all the things which you're doing correctly it appears
Craig Sutherland: It appears cash flow is increasing, production is increasing, not taking on any other debt. It's a great story. You've got a 20% rise in gold price point to point from this point last year, but the stocks basically flatter slightly negative volume has not picked up a whole lot. So my question with that being phrased is I know you're focused on building a company, which I appreciate, and you should be. However, there also has to be a component of visibility.
Craig Sutherland: Cash flow is increasing, production is increasing, not taking on any other debt.
Craig Sutherland: You've got a 20% rise in gold price point to point from this point last year, but the stock's basically flat or slightly negative, and volume has not picked up a whole lot. So my question, phrased that way, is, I know you're focused on building the company, which I appreciate and you should be. However, there also has to be a component of visibility.
Speaker Change: It's a great story. You've got a 20% rise in gold price point to point from this point last year.
Speaker Change: but the stock's basically flat or slightly negative. Volume has not picked up a whole lot. So my question with that being phrased is,
Speaker Change: I know you're focused on building a company, which I appreciate, and you should be.
Stephen Mullowney: I know you've done some trade shows and some things like that, but what specifically is the company doing in talking to analysts and getting that type of visibility? Because there's something missing, because the story is building such great momentum. It's such a great traction, but it's not being realized. So, in your meetings with analysts or whatever it is, what are they telling you that they need to see to make recommendations to pick you guys up to give that visibility to the market? Yeah, so that's a good question, and I think, you know, this is a journey as well with regards to getting the story out there. Part of the thing that is starting to resonate with them is we've actually done what we said we're going to do.
Craig Sutherland: I know you've done some trade shows and some things like that, but what specifically is the company doing in talking to analysts and getting that type of visibility? Because there's something missing because the story is building such great momentum. Transcription by Transcription Outsourcing, LLC.
Speaker Change: However, there also has to be a component of visibility.
Speaker Change: Yeah, I know you've done some trade shows and some things like that. But what specifically is the company doing in talking to analysts and getting that type of visibility? Because there's there's something missing because the story is building such great momentum.
Speaker Change: Such great traction, but it's not being realized. So in your meetings with analysts or whatever it is, what are they telling you that they need to see to make recommendations to pick you guys up to give that visibility to the market?
Stephen Mullowney: Yeah, so that's a good question. And I think, you know, this is a journey as well, with regard to getting the story out there.
Speaker Change: Yeah, so that's a good question. And I think, you know, this is a journey as well, with regards to getting the story out there. Part of the thing that
Stephen Mullowney: Part of the thing that is starting to resonate with them as we've actually done what we said we would do. So if you look at this even a year or two years ago, we would talk to analysts and institutional investors, and they would have a smile on their faces, not really believe us because this is, unfortunately, in this industry where there's been a lot of disappointment. I'm going to just say that from an industry perspective, particularly around putting assets into production and growing them. You know, if you look over the last couple of years, there aren't a lot of great stories out there in this industry.
Stephen Mullowney: So if you look at this, even a year to two years ago, we would talk to analysts and institutional investors, and they would have a smile on their face, not really believe us because this is, unfortunately, in this industry where there's been a lot of disappointment. I'm going to just say that in an industry perspective, particularly around putting assets into production and growing them. I'm there; you know, if you look over the last couple of years, not a lot of great stories out there in this industry. So it is a, a, you know, a doer industry, and we'll invest afterwards.
Speaker Change: It's starting to resonate with them as we've actually done what we said we're going to do.
Speaker Change: So if you look at this, even a year to two years ago.
Speaker Change: We would talk to analysts and institutional investors and they would have
Speaker Change: a smile on their face, not really believe us. Because this is unfortunately an industry where there's been a lot of disappointment. I'm going to just say that in an industry perspective, particularly around
Speaker Change: putting assets into production and growing them under, you know, if you look over the last couple of years, not a lot of great stories out there in this industry. So it is a
Stephen Mullowney: So it is, when he, you know, a doer industry, and we'll invest afterwards. So, you know, basically do as you say, and then and only then will we consider you. So we're starting to see that I even look at the number of participants on this call versus what we had two years ago, and it's probably triple.
Stephen Mullowney: So, you know, basically do as you say, and then we'll consider you. So we're starting to see that I even look at the number of participants on this call versus what we had two years ago, and it's probably triple. So, you know, the story is starting to resonate more and more. We are picking up on trade shows and we will also start to pick up on reach out to institutional investors and retail conferences. Now that we, you know, as Mike said earlier, it's a transition quarter. The company is in a lot less risky of a situation.
Speaker Change: you know, a doer industry and we'll invest afterwards. So, you know, basically,
Speaker Change: Do as you say, and then we'll consider you. So we're starting to see that. I even look at the number of participants on this call versus what we had two years ago, and it's probably triple. So.
Stephen Mullowney: So, you know, the story is starting to resonate more and more. We are picking up on trade shows, and we will also start to pick up on reaching out to institutional investors and retail companies. Now that we, as Mike said earlier, it's a transition quarter, the company is in a lot less risky of a situation, and it will now hopefully start to appeal to a lot more investors than where it was 18 months ago.
Speaker Change: You know, the story is starting to resonate more and more. We are picking up on trade shows, and we will also start to pick up on reach out to institutional investors and retail conferences.
Speaker Change: Now that we
Speaker Change: As Mike said earlier, it's a transition quarter. The company is in a lot less risky of a situation. It will now, hopefully, start to appeal to a lot more investors than where it was
Stephen Mullowney: It will now hopefully start to appeal to a lot more investors than where it was 18 months ago. Yeah, no, I appreciate that too because if you were to take the list of companies of the same size, doing the same work, I think the field would be extremely small. If any, that would have the same profile with no debt out of the cash flow and a resource that's continuing to expand. But again, I want to go back.
Stephen Mullowney: Yeah, no, I appreciate that, too. Because if you were to take the list of companies of the same size, doing the same work, I think the field would be extremely small, if any, that would have the same profile with no debt, positive cash flow, and a resource that's continuing to expand. But again, I want to go back.
Richard Michael Niehuser: 18 months ago.
Speaker Change: Yeah, no, and I appreciate that too, because if you were to take the list of companies
Speaker Change: of the same size doing the same work, I think the field would be extremely small, if any, that would have the same profile with no debt, positive cash flow, and a resource that's continuing to expand. But again, I'm going to go back, have the analysts said anything to you? Is there a certain
Craig Sutherland: Have the analysts said anything to you? Is there a certain amount of sales revenue that they're looking for? Is there that sweet spot that, as the story is unfolding, you're doing what you're saying, they're like, we want to see, once we get to here, then it's, that's go time for us, or you know, there has to be something that is coming back to you guys that you're building towards. Yeah, so if you look at it, okay, you're also looking at in the investment advisor universe a change in what they can put their clients into.
Stephen Mullowney: Have an analyst anything to you? Is there a certain amount of sales net that they're looking for? Is there that sweet spot that, as the stories unfolding? You're doing what you're saying? Is there like, we want to see once we get to here, then it's, that's go time for us or, you know, there has to be something that is coming back to you guys that you're building towards. Yeah, so if you look at, you're also looking at any investment advisor universe to change in what they could put their clients into. So one of the things is that we get constant feedback on is just fact that the share price is 45 cents or consider the penny stock.
Speaker Change: Amount of sales, net that they're looking for. Is there that sweet spot that as the story's unfolding you're doing what you're saying, they're like, we want to see, once we get to here, then it's...
Speaker Change: That's go time for us. Or, you know, there has to be something that is coming back to you guys that you're building towards. Yeah, so if you look at it, okay, you're also looking at in the investment advisor universe a change in
Craig Sutherland: So one of the things that we get constant feedback on is just the fact that the share prices are 45 cents or considered a penny stocks. So that's one thing that, you know, needs to be looked at over time, and they increase that and make sure that that gets to a point where it's investable for that sort of crowd. Then, from the institutional perspective, it's around market cap and size.
Speaker Change: What they could put their clients into. So one of the things is that we get constant feedback on is just the fact that the share price is...
Stephen Mullowney: So that's one thing that, you know, it needs to be looked at over time and the increase that and make sure that that gets to a point where it's investible for that sort of crowd. Then from the institutional perspective, it's around market cap and size, and one of the things that we can do that is continually grow with a financial metrics in order for them to say, okay, this is such a compelling investment. So we had a conversation this week with an analyst that was starting to look at free cash flow yield, share price to market cap.
Speaker Change: 45 cents or considered a penny stock. So that's one thing that, you know, it needs to be looked at over time, and they increase that and, and make sure that that gets to a point where it's investable for that sort of crowd.
Craig Sutherland: And one of the things that we can do that is continually grow the financial metrics in order for them to say, okay, this is such a compelling investment. So we had a conversation this week with an analyst that was starting to look at free cash flow yield compared to share price to market cap. And our metric there, when they said 2000 tons a day, your metric is way out of whack with the merge, because the market, for instance, in a large miner, will have a free cash flow yield of Mike, I think the number was around 70%, Yes, which ours would be significantly higher.
Speaker Change: Then from the institutional perspective, it's around market cap and size. And one of the things that we can do that is continually grow with a financial metrics in order for them to say, okay, this is such a compelling investment. So we had a conversation this week,
Speaker Change: with an analyst that was starting to look at free cash flow yield.
Stephen Mullowney: And our metric there, when they said, two thousand tons a day, your metric is way out of whack with the market. Mark, because the market, for instance, in a large minor, will have a free cash flow yield of, Mike, I think the number was around 70%, which ours would be significantly higher than that. So it's certainly starting to resonate on those sort of financial metrics. We've created in New York, and most of our shareholders are U.S. shareholders. So our focus has been on those financial metrics, and I hope that we'll start to see the re-rates.
Speaker Change: to share price. It's a market cap. And our metric there, when they said 2000 tons a day, your metric is way out of whack with the market.
Speaker Change: because the market, for instance, in a large miner will have a free cash flow yield of, Mike, I think the number was around 70%, which ours would be significantly higher than that.
Craig Sutherland: So it's certainly starting to resonate on those sort of financial metrics. One thing that is dissipating a little bit is the Canadian market, for instance, focus on the amount of money, whereas the US and European and Asian Americans will focus more on free. So we are predominantly traded in New York, and most of our shareholders are US shareholders. So our focus has been on those financial metrics, and I hope that we'll start to see the re-rates. I also think that if we can get to an economic arrangement with the government that makes more sense. Yeah, we get the benefit of that as well. But that is a drawback as well.
Speaker Change: So, it's certainly starting to resonate on those sort of financial metrics. One thing that is dissipating a little bit is, the Canadian market, for instance, focused on amount of ounces.
Richard Michael Niehuser: Whereas the U.S. and European and Asian Americans will focus more on free cash flow.
Richard Michael Niehuser: So we are predominantly traded in New York and most of our shareholders are U.S. shareholders. So our focus has been on those financial metrics and I hope that we'll start to see the re-rates. I also think...
Stephen Mullowney: I also think that if we can get to an economic arrangement with the government that makes more sense, we get the benefit of that as well. That is a drawback as well. There's no doubt about it. The 55-45% is a drawback. But that is for us to tackle. Thank you.
Richard Michael Niehuser: that if we can get to a
Stephen Mullowney: There's no doubt about it. That 55-45% is a drawback, but that is, you know, for us to tap into. Thank you. I guess one last touch point, if you could, and it was already brought up. I think Stephen may have asked that. This is either the third or fourth call in a row that you've mentioned M&A, and I don't need you.
Richard Michael Niehuser: an economic arrangement with the government that makes more sense, that we get the benefit of that as well. That is a drawback as well. There's no doubt about it. That 55, 45% is a drawback.
Richard Michael Niehuser: And but that is, you know, for us to tackle.
Stephen Mullowney: Well, I guess one last touch point, if you could, and it was already brought up. I think Stephen may have asked that. This is either the third or fourth call in a row that you've mentioned, M&A. You did a nice job of talking without talking about it, and I'm trying to ask the question respectfully and in the way that you can answer it. From an M&A standpoint, are you referring to us; you said of like properties? Well, there's not really a whole lot of like properties in the general area that you're at that I could see.
Speaker Change: Thank you for all of that. I guess one last touch point, if you could, and it was already brought up, I think Stephen may have asked that.
Speaker Change: This is either the third or fourth call in a row that you've mentioned M&A.
Craig Sutherland: You did a nice job of kind of talking without talking about it. And I'm trying to ask the question respectfully and in a way that you can answer it, from an M&A standpoint, are you, are you referring to us acquiring, you said of like properties? Well, there's not really a whole lot of properties like that in the general area where you're at, that I could see. So is this something that you're looking to possibly do M&A with smaller ventures for us to acquire them? Or you know, I've asked this on a couple other calls. Are there larger ones?
Speaker Change: and I don't need you.
Speaker Change: You did a nice job of kind of talking without talking about it, and I'm trying to ask the question respectfully and in a way that you can answer it.
Speaker Change: From an M&A standpoint, are you...
Speaker Change: Are you referring to...
Speaker Change: us acquire, you said of like properties? Well, there's not really a whole lot of like properties in the general area that where you're at, that I could see. So is this something that you're looking to
Stephen Mullowney: So is this something that you're looking to possibly do M&A with smaller ventures for us to acquire them, or are you nivacists on a couple of other calls? Are there larger properties and minds that we want to, how do I say it, play with? Yeah, so look, when I look at M&A opportunities, there are opportunities more than you would think of not with the sheer resource numbers, but similar opportunities to get assets into production fairly quickly. There's more of those than you would anticipate, and I would say that they haven't been as prudent on capital management, particularly capital structure.
Speaker Change: possibly do M&A with smaller ventures for us to acquire them or you
Speaker Change: Now I've asked this on a couple other calls, are there larger...
Speaker Change: Properties in mind that we want to
Speaker Change: How do I say it?
Stephen Mullowney: properties in mind that we want to, How do I say it? Playlist. Yeah, so look, when I look at M&A opportunities, there are opportunities more than you would think, not with the sheer resource numbers, but, you know, similar opportunities to get assets into production fairly quickly. There's more of those than you would anticipate. And I would say that they haven't been as prudent in capital management, particularly capital But it takes time to get through the social issues of the fact that there's probably not a lot of equity value there yet, but the values held by other holders have.
Speaker Change: to play with.
Speaker Change: So look, when I look at M&A opportunities, it's
Speaker Change #100: There are opportunities, more than you would think, of not with the sheer resource numbers but, you know, similar opportunities to get assets into production fairly quickly. There's more of those than you would anticipate, and I would say that they haven't been as prudent on capital management, particularly capital structure.
Stephen Mullowney: And it takes time to get through the social issues of the fact that there's probably not a lot of equity value there yet, but the values held by other holders, they did. And you've got to wait for those opportunities to percolate appropriately. There has been interest in Tanzania, obviously. Perseus acquired Or Corp, which is around 30 kilometers away from us for, you know, a couple hundred million dollars. And, you know, there are people more and more looking at Tanzania as a safer investment jurisdiction than what it has been in the past. So, you know, ultimately.
Speaker Change #100: and but it takes time to get through the social issues of the fact that there's probably not a lot of equity value there yet but the values held by other holders they did and you got to wait for those opportunities to percolate appropriately
Stephen Mullowney: And you got to wait for those opportunities to percolate appropriately. There has been interest in Tanzania, obviously. Perseus acquired Orcorp, which is around 30 kilometers away from us for, you know, a couple hundred million dollars. You know, there are people more and more looking at Tanzania because it is a safer investment jurisdiction than it has been in the past.
Speaker Change #100: There has been interest in Tanzania, obviously. Perseus.
Speaker Change #101: acquired Orcorp, which is around 30 kilometers away from us, for, you know, a couple hundred million dollars.
Speaker Change #101: You know, there is people more and more looking at.
Speaker Change #101: Tanzania as a safer investment jurisdiction than what it has been in the past. So, you know, I ultimately
Stephen Mullowney: So, you know, ultimately, we would prefer to be an acquirer and do similar things that we've done at Buck Reef, and we think we can do that. Okay, I appreciate that. Thank you guys so much, and continued success to all of you. Thank you. The next question is from Stephen Reiser with the Family Office. Stephen Reiser, your line is open. Okay, great. Can you hear me?
Unknown Shareholder: We would prefer to be an acquirer and do similar things that we've done at Buck Brief, and we think we can do that in the future. Okay, I appreciate that. Thank you guys so much, and continued success to all of you. Thank you.
Speaker Change #101: We would prefer to be an acquirer and do similar things that we've done at Buck Reef and we think we can do that in the future.
Speaker Change #101: The next question is from Stephen Reiser with the Family Office. Stephen Reiser, your line is open.
Stephen Reiser: Okay. Yeah, I can hear you. How are you doing?
Stephen Mullowney: Good, Stephen. I hope you and everyone on the team is doing well. Great. Firstly, congratulations on the excellent achievement in terms of the third expansion of the plant. Certainly, it looks like an inflection point in TRX history, and the fact that the team has brought it in on budget, on schedule, and managed to avoid capital dilution are all things that really are great indicators of credit in the TRX team and their performance to date.
Unknown Shareholder: David Steven, I hope you and everyone on the team is doing well. Great. Firstly, congratulations on the excellent achievement in terms of the third expansion of the plant. Certainly, it looks like an inflective moment in TRX history, and the fact that the team has brought it in on budget, on schedule, and managed to avoid capital revolution. And all of these are things that really are great indicators of credit in the TRX team and the performance to date. So much accolades in that regard.
Stephen Reiser: Okay, great. Can you hear me okay? Yeah, I can hear you. How are you doing, Steve? Good, Stephen. Hope you and everyone on the team is doing well.
Speaker Change #103: Great. Firstly, congratulations on the excellent achievement in terms of the third expansion of the plant. Certainly, it looks like an inflective moment in TRX.
Speaker Change #103: History, and the fact that the team has brought it in.
Speaker Change #104: On Budget, On Schedule, and Manage to Avoid Capital Dilution. All these are things that really are great indicators of credit in the TRX team and the performance to date. So, much accolades in that regard.
Unknown Shareholder: What I want to do is just ask a couple of questions, one of which is building a little bit on Craig's discussion. He and you were talking about Stephen ways to free up the share price or liberate the share price of TRX from some of the current constraints. It's a team planning to do more along those lines regarding the story on Tanzania because I think one there is still a level of investor apprehension around Tanzania generally. But as one looks secondarily at Tanzania, there actually is a pretty good underlying story to tell in terms of significant economic growth.
Stephen Mullowney: So, many congratulations in that regard. What I want to do is just answer a couple of questions, one of which is building a little bit on Craig's discussion, and he and you were talking about ways to free up the share price or liberate the share price of TRX from some of the current constraints.
Speaker Change #105: What I want to do is just ask a couple of questions.
Speaker Change #105: One of which is building a little bit on Craig's discussion is he and you were talking about Stephen Ways to free up the share price or liberate the share price of TRX from some of the current constraints
Stephen Reiser: Is the team planning to do more along those lines regarding the story on Tanzania? Because I think there is still a level of investor apprehension around Tanzania generally. But as one looks secondarily at Tanzania, there actually is a pretty good underlying story to tell in terms of significant economic growth, the fact that they are in a strategic location within Africa, that they've got the second largest port, that, in fact, they're creating a more friendly business and investment climate, and that there's been a new Investment Act promulgated.
Speaker Change #106: It's a team planning to do more along those lines regarding the story on Tanzania because I think, one, there is...
Speaker Change #106: Still a level of investor apprehension around Tanzania generally.
Speaker Change #107: But as one looks secondarily at Tanzania, there actually is a pretty good underlying story to tell in terms of significant economic growth,
Stephen Mullowney: The fact that they are in a strategic location within Africa, that they've got the second largest port, that in fact they're creating a more friendly business and investment climate, that there's been a new investment act promulgated. So to the extent of the company can enriching the understanding on Tanzania would help to a investor perception. So wanted to get your views and thinking on that dimension.
Speaker Change #107: The fact that they are in a strategic location within Africa, that they've got the second largest port, that in fact, they're creating a more friendly business and investment climate, that there's been a new Investment Act promulgated.
Stephen Reiser: So to the extent that the company can, enriching the understanding of Tanzania would help to evade investor perception. So I wanted to get your views and thinking on that dimension. Look, obviously, there's been a lot of press and a lot of things happening in Africa in general, particularly West Africa. There are a lot more gold miners in West Africa than there are in East Africa. Certainly, what we're hearing from analysts and investors is East Africa is now perceived to be less risky than West Africa, with the you know, people have been able to deal with coups and juntas before in the past in West Africa, and that doesn't scare investors as much. It's the other geopolitical influences in West Africa that are becoming problematic, particularly the Russian influence from a Western investor perspective.
Speaker Change #108: So, to the extent that the company can, enriching the understanding on Tanzania would help to evade investor perception, so wanted to get your views and thinking on that dimension.
Stephen Mullowney: So obviously there's been a lot of press and a lot of things happening in Africa in general, particularly West Africa. There's a lot more gold miners in West Africa than there is in East Africa. Certainly, what we're hearing from analysts and investors is East Africa is now perceived to be less risk than West Africa with the. You know people have been able to deal with coups and junta's before in the past, and West Africa that doesn't scare investors as much. It's the whether geopolitical influences in West Africa that are becoming problematic, particularly the Russian influence from a Western investor perspective.
Speaker Change #109: Look, obviously, there's been a lot of press and a lot of things happening in Africa in general, particularly West Africa.
Speaker Change #110: There's a lot more gold miners in West Africa than there is in East Africa.
Speaker Change #111: Certainly what we're hearing from analysts and investors is East Africa is now perceived to be less risk than West Africa.
Speaker Change #111: with the
Speaker Change #111: You know people have been able to deal with
Speaker Change #111: coups and juntas before in the past in West Africa that doesn't scare investors as much.
Speaker Change #111: It's the other geopolitical influences in West Africa that are becoming problematic, particularly the Russian influence from a Western investor perspective. So that's part of what we're starting to see in.
Stephen Mullowney: So that's part of what we're starting to see in East Africa. What we're being told. Also, you are right since Mama Samia became president, and there has been a switch in investor sentiment that started really before she came in. They are out searching for more and more Western investment. You know, the per se as acquisition of our corp is interesting as well. And the fact that they'll spend probably over half a billion dollars to put that into production, and that's the plan. Also, the, you know, life zone metals that is in the listed United States, I believe that has America cap of, you know, three, four hundred million dollars or it might be even higher today than the nickel property that has BHG.
Stephen Mullowney: So that's part of what we're starting to see in East Africa and what we're being told. Also, you are right. Since Mama Samia became president, there has been a switch in investor sentiment, but that started really before she came in. They are out searching for more and more Western investment. You know, the Perseus acquisition of Oracorp is interesting as well.
Speaker Change #111: in East Africa and what we're being told.
Speaker Change #111: Also, you are right, since Mama Samia became president, and there has been a switch in investor sentiment. But that started really before she came in. They are out searching for more and more Western investment.
Stephen Mullowney: The fact that they'll probably spend over half a billion dollars to put that into production. And that's the plan. Also, the Life's Own Medals that are in the list of the United States, I believe that has an American cap of, you know, three, four hundred million dollars, or it might be even higher today in a nickel property that has BHP as a cornerstone investor.
Speaker Change #111: You know, the Perseus acquisition of Oracorp is interesting as well. And the fact that they'll spend probably over half a billion dollars to put that into production. And that's the plan. Also, the
Speaker Change #112: Life's Own Medals that is in the list of the United States. I believe that has America cap of
Speaker Change #112: You know, three, four hundred million dollars.
Stephen Mullowney: It leads well as well. They're looking for investors into the natural gas space and that sort of thing. The private world, I believe, just took over the port operation.
Stephen Mullowney: BHG is a cornerstone investor into that property. It leads well as well. They're looking for investors into the natural gas space and that sort of thing to buy world, I believe, just took over the port operation. So there's a lot of these sort of things that are percolating around that are certainly leaning into us. But again, you know, like what I say is. You know, all the stuff we go and talk about it, but it just takes time, right? And it takes time for all of this sort of things to come to the surface and to all come together.
Speaker Change #112: It might be even higher today in a nickel property that has BHP as a
Speaker Change #112: Cornerstone investor into that property. It leads well as well.
Speaker Change #112: They're looking for investors into the natural gas space and that sort of thing. Dubai World, I believe, just took over the port operation. So there's a lot of these sort of things.
Stephen Mullowney: So there's a lot of these sort of things that are percolating around that certainly lean into us. But again, you know, what I say is... You know, all this stuff, we go and talk about it, but it just takes time. Right. It takes time for all of these sorts of things to come to the surface and to all come together, and we're starting to experience it, but it just takes time. I've learned to have a little bit more patience in this role than I certainly did in professional services, where things happen a lot. I hope that makes sense. Stephen, I do agree with you on the time-dependent element.
Speaker Change #112: that are percolating around that are certainly lean into us. But again, you know, like, what I say is,
Speaker Change #112: You know, all this stuff, we go and talk about it, but it just takes time.
Speaker Change #112: Right, it takes time for all of this sort of things to come to the surface and to all come together and we're starting to experience it, but it just takes time. I've learned to have a little bit more patience in this role than I had in certainly professional services where things happen a lot quicker.
Stephen Mullowney: And we're starting to experience it, but it just takes time. I've learned to have to live a little more patience in this role than I had in certainly professional services where things happen a lot quicker. Understand that makes sense. Stephen, I do agree with you on the time-dependent element.
Stephen Reiser: Certainly, the more we see periodically, even on the website, about what we consider an improving situation in Tanzania, I think the better the company's posture in the marketplace will look. The element we want our second question we wanted to ask is, in terms of, you know, the excitement around the expansion of production to 2000 throughput to 2000 tons per day, you know, I recall that in 2023, you will generate around 20,000 20,700 ounces of gold, 17 million in operating cash flow, if memory serves correctly.
Speaker Change #113: Understand, that makes sense.
Unknown Shareholder: Certainly, the more we see periodically, even on the website, about the what we consider an improving situation in Tanzania.
Speaker Change #113: Stephen, I do agree with you on the time dependent element. Certainly, the more we see periodically, even on the website about what we consider an improving situation in Tanzania, I think the better the company's posture in the marketplace will look.
Stephen Mullowney: I think the better the company's posture in the marketplace will look. The element we want to second question we wanted to ask is in terms of, you know, the excitement around the expansion of production to 2000 throughput to 2000 tons per day. You know, I recall that like in 2023, you all generated around 20,000, 20,700 ounces of gold, 17 million in operating cash flow. If memory serves correct, is one looks out over the next 12 months just to get some early pro forma view of potential. Well, do you all have a view of what type of ounces of production we might expect to see over the next year and what type of operating cash well we might be looking at over the next year now that the plan is nearing operation, the third expansion that is.
Speaker Change #113: the
Speaker Change #114: Element we want our second question we wanted to ask
Speaker Change #114: is
Speaker Change #115: In terms of the excitement around the expansion of production to 2,000 or throughput to 2,000 tons per day,
Speaker Change #116: You know, I recall that like in 2023, you all generated around 20,000 20,700 ounces of gold.
Stephen Reiser: As one looks out over the next 12 months, just to get some early pro forma view of potential, do you all have a view of what type of ounces of production we might expect to see over the next year? And what type of operating cash flow we might be looking at over the next year?
Speaker Change #117: 17 million in operating cash flow, if memory serves correct.
Speaker Change #118: As one looks out over the next 12 months, just to get some early pro-former view,
Speaker Change #118: potential.
Speaker Change #119: Do you all have a view of what type of ounces of...
Speaker Change #120: production we might expect to see over the next year and what type of operating cash flow we might be looking at over the next year now that the plan is nearing operation, the third expansion that is. Yeah, we're coming out with it and we're currently within the budgeting process.
Stephen Mullowney: Now that the plan is nearing implementation, the third expansion that is, yeah, we're coming out with it. And we're currently within the budgeting process. So, you know, and we do have a sense of that. Obviously, the throughput will double, and gold production is going to be dependent on the grade profile as well as the recovery rates that are achieved from that throughput. So, you know, I have a goal in mind that I would like to see in those particular numbers. And I'm willing to say what it is today in the public realm because we just need to do a little bit more work to firm it up.
Stephen Mullowney: Yeah, we're coming out with it, and we're currently within the budgeting process, so you know, and we do have a sense of that. Obviously, the throughput will double, and goal production is going to be dependent on the grade profile as well as the recovery rates that are achieved from that throughput. So, you know, I have a goal in mind that I would like to see. In those particular numbers, and I'm willing to say what it is today in the public realm because we just need to do a little bit more work to perm it up. But certainly, I think the direction wise that you're looking at it will be the direction wise that we're looking at.
Speaker Change #120: So, you know, and we do have a sense of that.
Speaker Change #121: Obviously, the throughput will double and gold production is going to be dependent on the grade profile as well as the
Speaker Change #121: The recovery rates that are achieved from that throughput. So, you know, I have a goal in mind that I would like to see.
Stephen Mullowney: But certainly, I think the direction in which you're looking at it will be the direction in which we're looking at it. And remember, too, that this will, over time, go up and down, depending on grade, because you can't move the rocks around, just to get high grade first and then low grade second; you can only do so much of that. So, the grade profile will be a little bit under, I believe, what we experienced, say, last year, but we're still going to have healthy growth in gold production and margins and cash flow, extremely, Okay, great.
Speaker Change #121: Those particular numbers, and I'm willing to say what it is today in the public realm, because we just need to do a little bit more work to firm it up. But certainly, I think the direction wise that you're looking at, it will be the direction wise that we're looking at.
Stephen Mullowney: And remember to that this will over time go up and down depending on grade because you can't move the rocks around. Just get high grade first and then low grade second. You can only do so much of that, so. So you know the grade profile will be a little bit under, I believe, what we've experienced, say, last year, and but we're still going to have healthy growth in goal production and margins and cash. Excellent, extremely healthy. Okay, great.
Speaker Change #121: And remember too that this will over time go up and down depending on grade because you can't move the rocks around.
Speaker Change #121: Just getting high grade.
Speaker Change #122: First and then low grade second. You can only do so much of that. So
Speaker Change #122: You know, the grade profile will be a little bit under, I believe, what we've experienced, say, last year. And, but we're still gonna have healthy growth in gold production and margins and cashflow.
Stephen Mullowney: And last question, you know, we've talked about 2000 tons per day. But I recall from the recent news release that you're talking about potential, the grind capacity is actually higher than that. I don't have the figures right at my fingertips. So the processing plant, the way the processing plant works is, obviously, in any processing plant, you have bottlenecks. And that's just the nature of it.
Stephen Mullowney: And last question, you know, we've talked about 2,000 tons per day, but I recall from the recent news release that you're talking about potential; the grind capacity is actually higher than that, significantly. I don't have the figures right on my fingers. The way the process of plant works is obviously in any process of plant, you have bottlenecks. And that's just a nature of it. Once you remove one bottleneck, you got a new one in throughput capacity. So that's the crushing circuit has more than 2,000 tons a day. And you want that to be more than your grinding capacity.
Speaker Change #122: extremely healthy.
Speaker Change #123: Okay, great. And last question, you know, we've talked about 2,000 tons per day, but I recall from the recent news release that you were talking about potential
Speaker Change #124: The processing plant, the way the processing plant works is obviously, in any processing plant, you have bottlenecks.
Stephen Mullowney: Once you remove one bottleneck, you get a new one and throughput capacity. So that's the crushing circuit has more than 2000 tons a day. And you want that to be more than your grinding capacity. So the ball mills are grinding, the crushers are grinding, and so we do have room to increase the grinding because the crushing is larger.
Speaker Change #124: And that's just the nature of it. Once you remove one bottleneck, you got a new one.
Speaker Change #124: and throughput capacity. So that's the crushing circuit, has more than 2,000 tons a day. And you want that to be more than your grinding capacity. So the ball mills are grinding, the crushers are crushing.
Stephen Mullowney: So the ball knows the grinding; the crushers are crushing. And so we do have room to increase the grinding because the crushing is larger. Again, we will look at what's the most efficient way to increase throughput, as well as recovery rates, and get that balance. We haven't done our speed at work.
Speaker Change #124: And so we do have room to increase the grinding.
Stephen Mullowney: Again, we will look at what's the most efficient way to increase throughput, as well as recovery rates and get that balance. We haven't done or completed that work at this point. Okay, thanks for the clarifications and continued good luck with the program. Yeah, thank you, Steve. Stephen, that's all the questions we have from the phone lines. I will hand it back over to you.
Speaker Change #124: Because the crushing is is is larger. Again, we will look at what's the most efficient way to increase throughput as well as recovery rates and get that balance. We haven't done or completed that work at this point in time.
Operator: Thanks for the clarification and continued good luck with the program. Yeah, thank you, Steve.
Speaker Change #124: Okay, thanks for the clarifications and continued good luck with the program. Yeah, thank you, Steve.
Stephen Mullowney: Even that's all the questions we have from the phone lines, I will hand it back over to you. Yeah, so thanks everyone for joining the call today as a good question. So I'm very pleased with the questions. And you know, we're available any time to answer any questions that anybody may have. You can pick up the phone or contact Christina, or contact information is in the investor deck. This investor deck will be updated.
Stephen Mullowney: Yeah, so thanks everyone for joining the call today and for some good questions. I am very pleased with the questions and we're available anytime to answer any questions that anybody may have. You can pick up the phone or contact Christina.
Speaker Change #124: Stephen, that's all the questions we have from the phone lines. I will hand it back over to you. Yeah, so thanks everyone for joining the call today. It's a good question, so I am very pleased with the...
Operator: Her contact information is in the investor deck. This investor deck will be updated. I just want to quickly jump in. I think we do have one more question through text line just regarding shared dilution. I think the question is asking whether we expect to see any shared dilution in the near future. Not in the near future.
Speaker Change #125: We're available anytime to answer any questions that anybody may have.
Speaker Change #126: You can pick up the phone or contact Christina. Her contact information is in the in the investor deck. This investor deck will be updated.
Operator: And I just want to quickly jump in. I think we do have one more question through text line, just regarding share dimension. I think the question is asking whether we expect to live any share dimension in the near future. Not in the near future. I think we made it. It's all casual from operations.
Speaker Change #127: I just want to quickly jump in, I think we do have one more question through text line just regarding shared dilution and I think the question is asking whether we expect to live any shared dilution in the near future. Not in the near future.
Stephen Mullowney: I think we made it. It's all cash flow from operations. That was it. Excellent. And so, thank you everyone for joining us, continue to follow us and contact us anytime. And, you know, I would like to thank our shareholders for their continued support and, as they say in Tanzania, Asante Sana. Thank you very much. Thank you, everyone. This concludes the meeting. You may disconnect. Thank you for participating and have a pleasant day.
Speaker Change #128: I think we made it. It's all cash flow from operations.
Operator: It looks like that was it. That was it. Excellent. Yeah. No GG question answer does. And so, thanks everyone for joining us. Continue to follow us and contact us anytime. And you know, think.
Speaker Change #129: It looks like that was it. That was it? Excellent. That was Gigi's question answered.
Speaker Change #130: And so thanks everyone for joining us. Continue to follow us and contact us anytime and, you know, thank, we would like to thank our shareholders for their continued support.
Operator: I would like to thank our shareholders for their continued support. And as they say, Tanzania. Thank you very much. Thank you, everyone.
Speaker Change #130: and as they say in Tanzania, Asante Sana. Thank you very much.
Operator: This concludes the meeting. You may disconnect. Thank you for participating, and have a pleasant day. Thank you very much.
Speaker Change #131: Thank you, everyone.
Speaker Change #132: This concludes the meeting. You may disconnect. Thank you for participating and have a pleasant day.
Stephen Mullowney: The conference is no longer being recorded. Director of Photography, Richard Niehuser Music by Richard Niehuser Art Direction by Richard Niehuser Music by Richard Niehuser Music by Richard Niehuser © BF-WATCH TV 2021, [inaudible] ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? [inaudible] © BF-WATCH TV 2021 [inaudible] © BF-WATCH TV 2021
Speaker Change #133: The conference is no longer being recorded.
Operator: Oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ � ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶
Speaker Change #134: ??? ??? ???