Q3 2024 Gold Royalty Corp Earnings Call
The End
Speaker Change: Welcome to the Gold Royalty Corp. 3rd Quarter 2024 Results Conference Call.
Speaker Change: All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero.
Speaker Change: After today's presentation, there will be an opportunity to ask questions.
Please note, this event is being recorded.
Operator: I would now like to turn the conference over to David Garofalo, Chairman and CEO. Please go ahead. Thank you, Operator. Good morning, ladies and gentlemen. Thank you for participating in today's call to review our third quarter 2024 results.
Operator: Please note, for those not currently on the webcast, a presentation accompanying this conference call is available on the presentations page of our website in PDF format.
Operator: Some of the commentary on today's call will include forward-looking statements, and I will direct everyone to review slide two of the presentation, which includes important cautionary notes.
Operator: Speaking alongside me on today's call will be Andrew Gubbels, Chief Financial Officer, and Jackie Przybylowski, Vice President, Capital Markets.
Operator: The third quarter of 2024 marks an important inflection point for the company.
Our outlook continues to grow increasingly positive with the ramp up in construction of several key assets across our portfolio.
Operator: We achieved record revenues for the nine months ending September 30th, 2024, and have reiterated our full-year guidance for expected total revenue, land agreement proceeds, and interest of $13 to $14 million.
We continue to be excited about the outlook for 2025 as well, with more cash flowing assets, strong commodity prices, and our stable cost structure expected to translate to growing revenues and cash flows next year.
Operator: With that, I will pass the call over to Andrew Gubbels to discuss the details of our third quarter results on slide four.
Andrew Gubbels: Thank you, David, and good morning, everyone.
Andrew Gubbels: We had strong financial performance during the quarter, with total revenue, land agreement proceeds, and interest of $2.6 million.
Andrew Gubbels: A 90% increase relative to the third quarter of 2023 And we maintain stable cash offering expenses of below $2 million for the quarter
Andrew Gubbels: on a year-to-date basis.
Andrew Gubbels: an over 130% increase relative to the comparable period in 2023 and against year-to-date cash operating expenses of $5.9 million.
Andrew Gubbels: As a result, we're on track to deliver our first year of positive cash flow from operations with $1.3 million of cash provided by operating activities year-to-date, which excludes $1.5 million of land agreement proceeds credited against mineral properties.
Andrew Gubbels: We also reported positive net income in the quarter after recognizing a $5.9 million non-cash deferred tax asset following an internal reorganization of the company's subsidiaries.
Andrew Gubbels: The primary driver of the Deferred Tax Asset is the future tax savings from our ability to utilize built-up tax losses to shelter earnings from certain producing assets, predominantly Canadian Malartic, within the consolidated Gold Royalty Corp entity.
Andrew Gubbels: Looking ahead, we expect to have a strong fourth quarter and have maintained our total revenue, land agreement proceeds, and interest guidance of $13 to $14 million for the year 2024.
Andrew Gubbels: Primary drivers of our expected fourth quarter revenue growth will be the continued ramp-up of the Cote gold mine in Ontario, operated by IM Gold, and the Varus mine in Bosnia, operated by Adriatic Metals.
Andrew Gubbels: We saw continued growth at Cote in the third quarter and expect to see further increases in production in the fourth quarter as IAMGOLD progresses towards targeted nameplate production by the end of the year.
Andrew Gubbels: At Veris, we expect to receive initial revenue in the fourth quarter from our stream on 100% of the mine's copper production.
Andrew Gubbels: Veris is on track to achieve nameplate capacity by the end of the year.
Andrew Gubbels: We expect to see full revenue growth.
Andrew Gubbels: from both these assets in 2025 as we benefit from a full year of production.
Andrew Gubbels: Jackie will discuss these operational updates along with other catalysts across our portfolio later in the presentation.
Andrew Gubbels: Moving to slide five.
Andrew Gubbels: Again, we continue to expect full-year total revenue, land agreement proceeds, and interest of $13 to $14 million, the midpoint of which represents an increase of 160 percent relative to 2023.
Andrew Gubbels: will be driven by increased revenue at Cote and initial revenue from Barris, as well as continued contributions from our existing cash flowing royalties at Canadian Malartic, Borden, Cozumel, and pre-production revenue and interest payments from Borborema.
Jackie Przybylowski: Now, to discuss the portfolio in more detail, I'll pass the call to Jackie.
Jackie Przybylowski: Thanks Andrew. Turning to slide six I'll spend a few minutes discussing the ramp up of the Veres mine and the Cote gold mine.
Andrew Gubbels: At Vares, 63,100 tons of ore were mined in the third quarter. Due to the nature of our streaming agreement with Adriatic, Gold Royalty recognizes revenue upon delivery and sale of physical copper, hence the lag in our recognizing revenue from Vares until the fourth quarter, despite production having occurred in the third quarter.
Andrew Gubbels: Severe storms and subsequent flooding hit Bosnia and Herzegovina in early October. While production was unaffected, the railway line that connects Sarajevo to Ploce Port was damaged and concentrate will be trucked by road until the railway line has been repaired.
Andrew Gubbels: Adriatic Metals has outlined guidance of 180,000 tons mined in 2024 and has also maintained its 2025 production guidance at 750,000 to 800,000 tons mined.
Andrew Gubbels: On October 24th, Adriatic was granted all of the permits for Phase 1 of the tailings storage facility at Veovaca. Construction has commenced and the tailings storage facility will be ready in December 2024, which is before its use is required.
Andrew Gubbels: At Cote, IAMGOLD reported third-quarter gold production of 68,000 gold ounces and that the ramp-up of the processing plant remains on track to exit the year at 90% of the design throughput, which is 36,000 tons per day.
Andrew Gubbels: Kote completed a scheduled shutdown in September when key optimizations and improvements were made to improve the availability and performance of the processing plant.
Andrew Gubbels: Since October 2, which is subsequent to that shutdown, the plant has averaged 30,000 tons per day throughput, according to 83% of nameplate design, and the plant achieved record daily throughput of 40,900 tons per day on October 15.
Andrew Gubbels: For the full year 2024, IAMGOLD has said it remains on track to meet the lower end of its production guidance of 220,000 to 290,000 ounces of gold on a 100% basis.
Andrew Gubbels: Moving to slide 7, we have several other key positive catalysts across the portfolio.
Andrew Gubbels: At Igneco Eagle's Odyssey Mine, where gold royalty holds 3% NSR royalty, ramp and shaft development both continue on schedule. Additional positive drill results at Odyssey North and South demonstrated the potential to add new mineral reserves and mineral resources at the internal zones.
Andrew Gubbels: which could be brought into production using existing mine infrastructure and could also support development of additional infrastructure in the future.
Andrew Gubbels: At Ora Minerals' Barbarama project in Brazil, where gold royalty holds a 2% NSR royalty and a gold-linked royalty convertible loan, project construction is advancing well and initial production is on track for early 2025, which is expected to be a driver of incremental growth for gold royalty next year.
Andrew Gubbels: Moving to Black Rock Silver's Tonopah West project where gold royalty holds a 3% NSR royalty, a preliminary economic assessment was published which outlines an eight-year mine life and total life of mine silver equivalent production of 66.8 million ounces.
Andrew Gubbels: At one of Gold Royalty's smaller producing royalties, Fortitude Gold's Isabella Pearl Mine, regulatory permits to mine deeper were received. These are expected to result in an extension of the mine life.
Andrew Gubbels: Gold royalty holds a 0.375% NSR royalty over the southern half of the Isabella Pearl Pit.
Andrew Gubbels: And finally, at U.S. Gold Mining Inc.'s Whistler Project, where gold royalty holds a 1% NSR royalty and the right to acquire an additional 0.75% NSR royalty, an updated mineral resource estimate was published for the project, which outlined significant growth in indicated resources.
Andrew Gubbels: The project now hosts 6.5 million gold equivalent ounces of indicated resources and a further 4.2 million gold equivalent ounces of inferred resources.
Andrew Gubbels: Moving to slide 8, we can see the long-term trajectory of Gold Royalty's GEO production profile is robust on our consensus estimates.
Andrew Gubbels: We're at an exciting inflection point for gold royalty as a company, from $5 million in revenue in 2023 to $13 to $14 million in revenue, as well as positive operating cash flows expected in 2024.
Andrew Gubbels: Further, in 2025 and beyond, we see a meaningful increase to GEO production. This, coupled with the current strong commodity price environment and our leverage to the gold price, supports strong revenue and free cash flow growth through to the end of the decade.
Andrew Gubbels: Supporting this growth is our pipeline of royalties and streams outlined on slide 9.
Andrew Gubbels: Our collection of royalties features high quality assets located in favorable mining jurisdictions with established and well-capitalized operating partners.
Andrew Gubbels: We have recently seen the number of cash flowing royalties increase in our pipeline, and we are excited to see assets such as Wren, South Railroad, and Granite Creek move from development to cash flowing in the coming years.
Andrew Gubbels: Moving to slide 10, we can walk through a few of the key catalysts across our 240 royalties that will be driving value for gold royalty in the near, medium, and longer term.
Andrew Gubbels: Over the next six months, the key drivers will be the ramp-ups at Cote and Veras, in addition to initial production for Boberama, which I've touched on previously.
Andrew Gubbels: In the medium term, we are excited to see the incorporation of County Line into Fortitude Gold's production plans at Isabella Pearl.
Andrew Gubbels: Gold Royalty holds a 3% NSR royalty over the County Line project. While a relatively small mine with the potential to produce 20,000 to 30,000 ounces of gold per year, the large royalty rate would be a solid contribution to our revenue profile.
Andrew Gubbels: Beyond County Line, Granite Creek will be an exciting asset to watch as underground mining rates ramp up over the coming years.
Andrew Gubbels: I-80 Gold recently appointed Richard Young as CEO. He brings tremendous operating pedigree to the company and we are excited to see that team deliver at the project. Gold Royalty holds a 10% net profit interest over the Granite Creek mine.
Andrew Gubbels: Odyssey, the underground extension of the Canadian malarctic mine, is expected to deliver important catalysts in the medium to long term. The Odyssey internal zones, which are underneath our royalty coverage area, would represent potential upside to the underground production profile between now and 2028.
Andrew Gubbels: And 2028 is when Agnico Eagle plans to shift Canadian Malarctic to a full underground operation, and we expect to see increased attributable production from the Odyssey North and East Malarctic deposits at Odyssey at that time.
Andrew Gubbels: Another longer-term catalyst will be initial production from Orla's South Railroad project in Nevada, where gold royalty holds a 0.44% NSR royalty over a portion of the property.
Andrew Gubbels: Orla is currently expecting to move through permitting, construction, and into production at South Railroad by 2027.
Andrew Gubbels: And finally, the last longer-term catalyst to highlight is the advancement of the Nevada Gold Mines' REN project, on which gold royalty holds a 1.5% NSR and 3.5% NPI royalties, and where a pre-feasibility study is expected in 2026, with production shortly thereafter.
Andrew Gubbels: This will be a meaningful driver of growth for gold royalty towards the end of this decade.
Andrew Gubbels: This summarizes some of the key drivers of growth, adding value to our business over the coming years. With over 240 royalties and significant investments being made by our operating partners across the portfolio, there are numerous other exploration and development catalysts which are outlined within our MD&A as well.
Andrew Gubbels: I'll now pass the call back to David Garofalo to summarize before opening up for questions.
David Garofalo: Thanks Jackie. As you can see, we have built a strong, fundamentally sound business on a foundation of long life, high quality assets.
David Garofalo: In closing, this is an exciting time to be a Gold Royalty shareholder.
David Garofalo: We have already started to move towards an important free cash flow inflection point. And while the current valuation of the company is frustrating, we are confident that our growing free cash flow profile will result in a re-rating of our share price.
Andrew Gubbels: Until then, we have one of the most robust organic growth pipelines in the sector and are happy to be extremely disciplined in our capital allocation strategy.
Andrew Gubbels: Our top priority for the growing cash flows is paying down our revolving credit facility and adding to our balance sheet liquidity.
Andrew Gubbels: With that, I'd be happy to open up the call to Q&A. Operator?
Speaker Change: Thank you. We will now begin the question and answer session.
Speaker Change: To ask a question, you may press star then 1 on your telephone keypad.
Speaker Change: If you are using a speakerphone, please pick up your handset before pressing the keys.
Andrew Gubbels: To withdraw your question, please press star then 2.
Speaker Change: At this time, we'll pause for just a moment to assemble our roster.
Speaker Change: And today's first question comes from Heiko Ila with...
Speaker Change: It's you ain't right, please go ahead [inaudible]
Speaker Change: Hey there, how are you? I assume you can hear me okay?
Speaker Change: Loud and clear, Heiko. Thank you.
Speaker Change: Hey, I mean gold's up 760 bucks in the last year, that's 38%.
Speaker Change: It's a pretty obvious question. I mean, what is the impact of higher gold price on your portfolio, and building on that question, do you see the operators invest more than you probably expected? Call it 6, 12, 18 months ago?
Speaker Change: Our leverage to the gold price is immense and only growing as the volume of production attributable to us grows quite significantly at an average compounded rate on a consensus basis of about 60% per annum right through the end of the decade.
Speaker Change: and we exit the decade if you use current gold prices.
Speaker Change: at north of $70 million of revenue per annum.
Speaker Change: to the gold price as a result of our increasing volumes.
Andrew Gubbels: On average, over the last four years, our operating partners have invested over $200 million in exploration on their underlying deposits that we have royalties on.
Andrew Gubbels: In our resource base, the exposure that we have in terms of ounces in the ground has grown from 30 million ounces when we IPO-ed back in March of 2021.
Andrew Gubbels: to over 130 million ounces to be as a result of not only our acquisition efforts but the exploration success of the underlying operators. Jackie, Peter, anything you'd like to add to that?
Jackie Przybylowski: Thanks, Dave. I'll jump in. I'll just mention that some of the assets in our portfolio and particularly the key assets that we have
Jackie Przybylowski: producing or near producing now such as Cote and Veris. They're at the point of the development where production will grow almost independent of gold or other metals prices. They're already in that production ramp-up phase.
Jackie Przybylowski: But having said that, I mean, several assets in our portfolio could benefit from higher gold prices. For example, our royalty on Ignico Eagle's Odyssey mine would likely benefit.
Andrew Gubbels: from accelerated sinking of a second shaft or accelerated fill-the-mill strategy, assuming that the mill would be filled from or mined from our royalty lands.
Andrew Gubbels: So, that would be a real benefit to us from current high gold prices. Other development stage assets could also potentially be brought into production earlier. However, as you know, high gold development timing is often contingent on various…
Andrew Gubbels: things such as permitting or studies. We're excited about the first production at County Line, initial production at South Railroad, and Wren, as well as the ramp up of Granite Creek as examples of things that could be accelerated in development.
Andrew Gubbels: I think I'll leave it there, Dave, unless you want to follow up with anything else or Peter.
David Garofalo: I think we can take the next question.
David Garofalo: Okay, building on the prior question.
Speaker Change: What are you seeing in your M&A pipeline, corporate development pipeline, given your answer to what you just said? Asset prices are quite a bit higher than they were. What are you seeing in regards to asking prices or transactions, volumes, that kind of stuff? With that, I'll get back to you. Thank you.
Speaker Change: What I would say is that the junior market has more or less been left behind in terms of equity market participation. We haven't seen the kind of response, not only in juniors, but I would say
David Garofalo: more broadly, they haven't responded.
Andrew Gubbels: the Gold Price is up about 35% this year and the GDX and GDXJ have actually underperformed the commodity. It's not what you would expect when you're buying the gold equity to get leveraged to the gold price. It hasn't happened. So what that means is
Andrew Gubbels: And so we're getting a lot of those inbounds as a result of that. So we see a lot of things.
Andrew Gubbels: But frankly, those earlier stage opportunities are of limited appeal to us because we generate those royalties effectively for free through our generative program. So doing early stage financing or financing of early stage expirations, stage assets really doesn't have a lot of appeal to us.
Andrew Gubbels: We have seen quite a few opportunities for financing third-party royalties.
Andrew Gubbels: We're very limited in terms of what we can do given the weakness in our currency. We have to be extremely disciplined and you can see that over the course of the last four years. When we had the currency early in 2021, we were quite aggressive in accumulating and expanding our portfolio when we had the currency to do so. Since then, the pace of acquisition has slowed dramatically as our currency abandoned us.
Andrew Gubbels: waiting for the growth to crystallize, the market really hasn't attributed the value we think that is intrinsic to our portfolio.
Andrew Gubbels: So we're going to be extremely disciplined, and if we have to sit on our hands for the time being until the market recognizes the underlying value of our assets, the intrinsic value, then we'll do so, and we'll harvest cash flow, pay down debt, and hopefully in due course look at returns of capital to shareholders on a sustainable basis.
Speaker Change: Very good. I'll get back in queue. Thank you.
Speaker Change: Thank you. And our next question today comes from Eric Winlow with Scotiabank. Please go ahead.
Eric Winlow: Great. Good morning, David and team. Thanks for taking my question. Apologies if I missed it, but any updates on Jira Canyon we should be looking at or anything that you're hearing there we should think about in terms of modeling going forward?
Speaker Change: Andrew, I can hand that over to you if you'd like.
Andrew Gubbels: Yeah, sure. In terms of Jarrett Canyon, you'll recall that we.
Andrew Gubbels: We had written down the Jarrett Caney investment on our balance sheet in line with some of our peers as well. So from a balance sheet perspective, it's still a royalty we certainly own, but it's not one that we've got to...
Andrew Gubbels: evaluation for from a book value perspective. That being said, what one of the benefits of the
Andrew Gubbels: raised by, that was discussed by Jackie and
Andrew Gubbels: and David earlier is the potential for some of these assets that had challenges and potentially went offline as a result of
Andrew Gubbels: Skinnier margins to come back.
Speaker Change: Thank you.
Speaker Change: Now, we keep a good dialogue with respect to our operating partners and First Suggestic is one of them. We are not aware of a timeline for
Andrew Gubbels: future prospects around Jarrett Canyon, but with the gold prices where they're at, we are...
Andrew Gubbels: more encouraged with the potential of what it could be going forward. So, you know, the short answer is we haven't changed our
Andrew Gubbels: are internal estimates around Jarrett Canyon, but there is potential with where gold prices are for that to potentially have more relevance in the future.
Speaker Change: Thank you for joining us. Thank you for joining us.
Speaker Change: Great, thank you, appreciate that. Maybe just one more from me, if you don't mind, but in terms of, you know, the exploration portfolio, obviously, you know, you've got a lot of really great assets there.
Speaker Change: I would certainly share the sentiment here. There seems to be a disconnect, right, given where gold is now that, you know, there should be expiration dollars flowing in. But maybe on the expiration side, any assets in particular you think the market's missing or that, you know, you see the greatest potential here for new discovery maybe down the road?
Speaker Change: Yeah, excellent question. I'll hand that over to Peter who's on on the phone as well. Peter. Yeah, thanks Dave and Eric I'll build on one of the assets that Jackie highlighted earlier in the presentation But some of the recent developments of the Whistler project in Alaska where we have a relatively large royalty have been
Speaker Change: very encouraging. They've nearly doubled or over doubled the indicated resource there. Now, total resources of six and a half million ounces indicated, over four million inferred. And we could have up to a 1.75% NSR over that entire project.
Andrew Gubbels: are advancing continuing exploration work.
Andrew Gubbels: completing studies. That's a very encouraging and large-scale project and a good jurisdiction.
Andrew Gubbels: The other longer dated or advanced exploration stage asset to highlight would be the recent developments at Tonopah West in Nevada. They published their PEA earlier this year and since then have had very encouraging results.
Andrew Gubbels: And we have a very large 3% NSR royalty over the entire project there, a mix of silver and gold within that deposit.
Andrew Gubbels: And I'd also emphasize that the Tonopah West property was created to our royalty generator model. So a great example of us creating a royalty, getting paid for it, we got a million dollar option payment earlier this year on that project.
Andrew Gubbels: and then we'll see it advance towards production in the coming years. So, very strong rates of return given the very low costs associated with generating royalties like Tonopah.
Speaker Change: Great. Thanks a lot, Peter. Appreciate that. And yeah, I look forward to the asset updates here going forward. I'll hop back in the queue. Cheers.
Speaker Change: Thank you. And our next question today comes from Kerry Smith at Haywood Securities. Please go ahead.
Kerry Smith: Thanks operator. Um, Dave, just for Veris...
Kerry Smith: With this lag on on concentrate sales before you actually get final payment then I assume there's no provisional pricing that you could benefit from when the concentrate shipped you actually get one final payment when it's actually sold is that how it works then?
Speaker Change: copper within the concentrate to be to be shipped.
Speaker Change: We need at least 25 tons to get first payment. And then on an ongoing basis, we will get payments as that is shipped. So we're at the point where they are.
Speaker Change: reaching that first threshold, but not for the stream agreement, we don't get payment until that.
Speaker Change: they reached that threshold.
Speaker Change: There's no provisional pricing involved.
Speaker Change: Okay, and so for Q4 then they have to get to, is that 25 tons of contained copper and concentrate before you start getting paid? Is that how it works? That's right, yeah.
Speaker Change: okay and do you have do you know what the rough I'm just trying to figure out if you'll actually have how much revenue you might have in q4 and because that's kind of this scale up
Speaker Change: Corridor.
Speaker Change: And then going into 2025, would it be reasonable to assume then that there's kind of a three-month lag on, you know, concentrated production to payment? So you'd say Q1 2025 production would get paid in Q2. Is that kind of how it might work at SteadyState or would it be a longer lag than three months?
Speaker Change: It's a good question. In terms of lag, I guess it depends on how quickly they can ramp up and potentially.
Speaker Change: catch up. I mean, we've scheduled about a quarter of leg or so. It's
Speaker Change: In terms of for the rest of the year, we think that...
Speaker Change: Based on the production profile we could see on a site up to five shipments per se that have what we'll net as revenue in and around just less than
Speaker Change: $2 million worth, potentially. It's a function of also them achieving the ramp up and getting the shipments out. So as of this stage, we do have a circa three month or so lag built into our estimates.
Speaker Change: ramp-up objectives.
Speaker Change: Yeah.
Speaker Change: Thank you.
Speaker Change: Would it be fair to assume that you plan to take most of your free cash flow on a go-forward basis and use that to pay the debt down to a level that you feel is reasonable, and if that's the case, what do you think is kind of the proper debt level for the company today that you'd like to get that paid down to as soon as you could?
Speaker Change: Yeah, look, I think our priority is actually to get the revolver effectively down to nil in the short to medium term.
Speaker Change: before we consider returns of capital to shareholders. The convertible is less of a concern for us. It's a very attractive piece of paper. It's unsecured, five-year money, callable by us after three years with a strike price of $1.90.
Speaker Change: So, less of a preoccupation for us, but we'd rather have a revolver available to use for other acquisition opportunities when our currency is attractive enough to, attractively valued enough for us to consider further acquisitions.
Speaker Change: So really that's like a credit card, and we want to pay down our credit card debt as quickly as possible.
Speaker Change: Gotcha. Okay. Okay. That's helpful. Thank you.
Speaker Change: Can I, sorry, Kerry, I'll just make a correction there. I said two million, it's circa a little over one, one and a half, or 1.2 million or so from from Veris, just based on the timing. So, okay, yeah, sorry, I misspoke there. Okay, that's good. Thank you, Andrew. Appreciate it. That's all. Thanks, guys.
Speaker Change: And as a reminder, if you'd like to ask a question, please press star then 1. Our next question comes from Brent Weinberg, a private investor. Please go ahead.
Brent Weinberg: Yes, can you hear me okay?
Speaker Change: Yeah, loud and clear, Brett. Thank you. Yeah, thank you. Thanks for taking my question. Just a little bit of color on slide 8, the cash flow.
Speaker Change: particularly just maybe any color you can give me around 29, 2029 where it stops about six years of very significant cash flow growth.
Speaker Change: but 29 shows a positive in that or a slight downtick. Is there any particular color that you can add around 29?
Speaker Change: No, I hand it off to Jackie and or Peter. Jackie, you want to try?
Speaker Change: Thank you.
Jackie Przybylowski: Sure, thanks Dave. So on that side, I mean, first of all, I'll just highlight that these are the six analysts that cover us. This is the average of their expectations.
Jackie Przybylowski: Generally, analyst estimates are going to be more conservative when there's higher uncertainty and higher uncertainty includes...
Jackie Przybylowski: includes the longer you go from the current date. So I think part of that would just be a little bit more conservatism.
Jackie Przybylowski: over the 2028 to 2029 period. I think that contributes to the reduction in growth at that point.
Speaker Change: And I would also highlight Coté, most of our...
Jackie Przybylowski: Royalty is attached to the phase of mining that really is associated with about the first six years of mining and then tends to trail off after that and so we can see some reduction.
Jackie Przybylowski: in the contribution of Cote around that same period. So I think those would be the biggest drivers of why we're seeing that flat to slightly down consensus expectation in 2029.
Speaker Change: Okay, thank you, I appreciate that, Keller. And congratulations on a good quarter there. Thank you.
Speaker Change: Thank you.
Speaker Change: Thank you, and this concludes our question and answer session. I'd like to turn the conference back over to the management team for any final remarks.
Speaker Change: Well thank you everybody for your kind attention today. Of course you can reach any one of us by email, by phone. Jackie is new to the organization, our VP of Capital Markets joined us in September and she's our point person in terms of dealing with
Speaker Change: Investor Inquiries, and it's easy to remember our email is jockyp at goldworthy.com and of course you can call our 1-800 number if you'd like to speak to her in person. But please don't hesitate to reach out and we'd be delighted to take your questions. But thank you for your kind attention today and look forward to talking to you next quarter.
Speaker Change: Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.