Q4 2024 SSR Mining Inc Earnings Call
Hello everyone and welcome to SSR Mining's fourth quarter and year-end 2024 conference call. Please be advised that this call is being recorded. Should anyone need assistance during the conference call, they may signal an operator by pressing star and then zero.
Please note that all figures discussed during the call are in U S dollars unless otherwise indicated.
Today's discussion will include forward looking statements. So please read the disclosures in the relevant documents.
Additionally, we refer to non-GAAP financial measures during our discussion and accompanying slides.
Please see our press release for information about the comparable GAAP measures.
Speaker Change: Rod Antal executive Chairman will be joined by Michael Sparks, Chief Financial Officer, and Bill Mcmahon EVP operations and sustainability on today's call.
Raj: I will now turn the line over to Raj.
Conference Operator: Pardon me. This is the conference operator, Rod your line may be muted.
Raj: Hello.
Alex: Okay. Thanks, Alex.
Alex: I want to start today's call by neurology that February marked.
Alex: Mark the one year anniversary of the tragic incident at tripwire.
Alex: And emotional Memorial service was held that start to reflect on the nine lost colleagues.
Alex: This incident has left an indelible mark on all of US here at <unk> and I want to acknowledge the hard work and dedication demonstrated by everyone across the entire organization in 2024.
Alex: We've made good progress with Sherpa, especially in recent months.
Alex: Constructive discussions continue with the relevant authorities on a pathway to advance the restart the operation.
Bill will provide further update on the current activities of Jetblue are lighter and Nicole.
Now looking at our results for 2024.
Alex: I'm pleased to report that we closed the year on a strong note with solid operating results.
Alex: Our year over year increase to our consolidated reserves.
Alex: And a major strategic announcement with the acquisition of Cripple Creek and Victor mine from Newmont.
Alex: As a result, CCD will increase our scale.
Alex: Free cash flow and portfolio diversification and we've made excellent progress on the integration planning since announcing the transaction in December.
Alex: Yeah.
Alex: Our consolidated 2025 cost and.
Alex: And production guidance, including say seem to be will be released shortly after the transaction closes in the coming weeks.
Alex: Looking forward and as we progress area. So it's a joke block we have several important priorities and catalysts on the horizon in 2025.
Alex: These include.
Alex: The delivery of a technical report and updated lots of bond plain to see C. M P.
Alex: Advancing caught madden towards a construction decision.
Alex: Continued progress on an updated and extended lots of bonds with tuna.
Including potential lay backs into cheers.
Alex: An evaluation of a longer term potential of quota Darius.
Alex: Advancing the Buffalo Valley deposit at Marigold, which now hosts more than 500000 ounces and its maiden reserve.
Alex: Ongoing exploration activities across the portfolio as we evaluate other opportunities for mine life extension today, each one of the operations and most importantly, continuing to advance chip led to a restart.
I also want to highlight two significant milestones achieved by this team in 2024.
Alex: At Marigold, we celebrated 5 million ounces of lots of my golf production from the asset on December 30.
Alex: A huge accomplishment and a testament to the quality.
Alex: Of the mine and the same.
Alex: Additionally, tuna produce 10.5 million ounces of silver in 2024, which is a record to the operations 15 years life.
Alex: And hitting the top end of its previously increased production guidance.
Alex: We are proud of our team in Argentina for the rest of it Jim building tuna into one of the previous silver mines.
Alex: So, let's turn to slide four for a discussion on the M. A M. Our update.
Speaker Change: Yes, consolidated reserves totaled 8 million gold equivalent ounces at the end of 'twenty four.
Alex: Excluding any contributions from ceasing the cohort Madam.
Alex: This was a 3% increase I'd be twenty-three half demand deflation, which is a strong result that showcases the success they are resource development drilling.
Alex: Notably marigolds reserves increased 14% year over year, driven by the declaration of a 523000 ounce maiden reserve for Buffalo Valley.
Alex: Which will be a key life of mine extension opportunity for Marigold going forward.
Alex: It is also worth noting that metal price changes were not a material driver in this reserve growth.
Alex: Gold price assumptions of chip N C. P was unchanged from 2023, while marigold and two to increase their metal price assumptions.
Alex: Just 3% over the prior year.
Alex: Our gold equivalent resources.
Alex: Please see our reserves were down just 1% year over year, Despite the strong reserve conversion.
Alex: Change metal price assumptions.
Alex: God only MNI resources increased non PC, either twenty-three driven in part by continued resource addition at Seabee.
Alex: Further. The addition of both hot maden, hence they seem they will deliver meaningful resource reserve and resource growth in 2025.
Alex: And we will continue advancing resource development activities across the portfolio as we strive to extend mine lives at each one of the producing assets.
Alex: This includes the progress at Marigold, as new Millennium, and Buffalo Valley deposits.
Alex: CBS pokestop yet.
Alex: And at Tuna, the quota Darris project.
Alex: Now I'm going to hand, the call over to Michael to discuss the quarter on slide number five.
Michael Sparks: Thanks, Rod and good afternoon, everyone. The fourth quarter of 2024 was our strongest of the year with 124000 gold equivalent ounces produced at all in sustaining cost of $18 57 per ounce.
Michael Sparks: For the full year, we produced 399000 gold equivalent ounces at a I S. T. F 18, 78 per ounce production at Marigold, Seabee and Puna combined to produce 371000 gold equivalent ounces in 2024, and then AI SC at 15 42 per ounce.
Michael Sparks: As a reminder, under U S. GAAP, we did not adjust for care and maintenance costs incurred during the year and the cash impact of these expenses are reflected in our ASD numbers.
Michael Sparks: Excluding the approximately $178 per ounce, our cash care and maintenance costs incurred at <unk> and BB in Q4 <unk> for the quarter was 1079 per ounce for.
Michael Sparks: For the full year, excluding care and maintenance costs.
Michael Sparks: C was $16 99 per ounce.
Michael Sparks: At <unk> full year reclamation and remediation spend was $128 million. We also spent approximately $14 million advancing hard madden in the fourth quarter, bringing full year spend at the project to $42 million as we progressed, the engineering and preliminary site development activities.
Michael Sparks: Lastly, as Rod mentioned, we had a good year at the drill bit in 2024 and look forward to continued advancement of these brownfield opportunities in 2025.
Michael Sparks: Moving to our financial results on slide six.
Michael Sparks: We recorded attributable net income up three cents per diluted share in the fourth quarter and adjusted net income of 10 cents per diluted share.
Michael Sparks: Care and maintenance costs that chirp lowers D, which totaled $36 million in the fourth quarter accounts for 18 cents per diluted share.
Michael Sparks: Fourth quarter operating cash flow was $95 million and free cash flow was $56 million, a very strong results to close out 2024.
Michael Sparks: We finished the year with $388 million in total cash a net cash position of $158 million and total liquidity of approximately $890 million.
Michael Sparks: With the existing liquidity and an outlook for continued free cash flow generation in 2025, we have closed the year in a strong position financially and we are well positioned to manage remediation cost of chirp blur as well as our reinvestment needs across the business.
Michael Sparks: Furthermore, we expect D C and B will contribute immediate free cash flow to our business upon integration, enabling a rapid payback of the transactions $100 million upfront consideration, particularly at these gold prices now.
Bill Mcmahon: Now over to Bill for slide eight.
Bill Mcmahon: Thanks, Michael.
Bill Mcmahon: I will start with a brief update on sherpa.
Bill Mcmahon: In the fourth quarter of 2024, we continued to advance reclamation and remediation activities at site.
Bill Mcmahon: And we have now removed all of the slides T blaich material from the severely tally.
Bill Mcmahon: We are continuing discussions with Turkish government officials around the final remediation planet Sherpa.
Bill Mcmahon: Positively we continue did not public commentary from Turkish officials.
Bill Mcmahon: Affirming that there was no recordable contamination to local soil water Ora.
Speaker Change: Cash and samples.
Following the incident, we commission coal and Nicolas Inc, or C&I and international mining consultant.
Speaker Change: To conduct an independent review of the Chatbot heap Leach pad.
This was an important body of work for us as we thought determine the cause of the share plans for them.
Speaker Change: C&I determine the most likely cause of the Jetblue incident.
Speaker Change: Was it deep rooted floor and the third party engineering design of the heap Leach pad.
Speaker Change: Namely an overestimation of the shear strength properties of the law and a system at the base of <unk>.
Speaker Change: This error in flight at the calculated factor of safety and.
Speaker Change: And resulted in insufficient shear strength, along the line interface to support the as designed heap Leach facility.
<unk> determined that in all material aspects.
Speaker Change: The heap Leach pad construction and operation was carried out in conformance with he issued for construction engineered design parameters.
Speaker Change: And that there was no substantiation that excess water grandpa rations from blasting ore stacking beyond the design caused ebay.
Speaker Change: They stay at these outcomes provide clarity and understanding for our team on the ground as we seek to restart the chip Lamont.
Speaker Change: And we continue to work closely with relevant authorities on this front.
Speaker Change: As a reminder, we expect chat, but could be restarted within 20 days from the state of the necessary permits with initial operations consisting of processing in combination of stockpiled ore and Oman from Checkmate <unk>.
Speaker Change: Aviation work continues.
Speaker Change: Now, let's move on to slide eight some commentary on Marigold.
Speaker Change: Yeah.
Speaker Change: Marigold produced 60000 ounces in the fourth quarter.
Speaker Change: Its strongest period of the year, and marking 5 million ounces, a total production of the mines 75 year operating loss.
Speaker Change: This is a significant milestone for any gold mine and is a clear testament to the quality of the people we have on the ground in Nevada.
Speaker Change: For the full year Marigold produced 160000 ounces at 96, seven and $811 per ounce.
Speaker Change: With costs, reflecting increased royalty expenses given the current gold price and also continued cost pressures with respect to OEM components.
Speaker Change: We expect these costs to remain elevated in 2025.
Speaker Change: As Robert noted and NEMA emera.
Speaker Change: We made some great progress with brand sell exploration and studies at Buffalo Valley.
Speaker Change: Now I'd like the declaration of a 523000 ounce maiden mineral reserve.
Speaker Change: Awesome.
Speaker Change: We also have delivered mineral resource growth at new Millennium and will continue to advance brand sell drilling activity at Marigold in 2025 to build on these positive outcomes.
Speaker Change: Now onto <unk> on slide nine.
Speaker Change: Operations reached out of <unk> on October 11.
Speaker Change: And the mine closed the year with its strongest quarter 2020 full with production of 28000 ounces.
Speaker Change: And I think a 12 114 per ounce the.
Speaker Change: This strong production was driven by higher than expected head grade.
Speaker Change: Which every non <unk> seven grams per tonne in the quarter.
Speaker Change: Thanks to the strong fourth quarter say be finished the year of its previously revised production guidance.
Speaker Change: With 79000 ounces I think and then I think of 50 to $815 per ounce.
Speaker Change: The team continued to evaluating the drilling at the pole can poke U S targets in 2020, full which helped deliver an 8%.
Speaker Change: Sandy increase in measured and indicated mineral resources for savings.
Speaker Change: We are advancing further drilling and technical studies to better delineate the opportunity.
Speaker Change: Potentially extend the operating loss at Seabee through about additional mineralization at St. Louis.
Speaker Change: And a potential new development pathway bulks targets.
Now on the Pune.
Speaker Change: Turning to project 3 million ounces of silver in the fourth quarter driving record full year production of 10 5 million ounces of silver.
Speaker Change: This production meant that top end apparent as previously increased guidance, bringing.
Speaker Change: Bringing a strong close to a truly exceptional year the operation.
Speaker Change: Full year IC could put into was $15 56 per ounce delivering significant free cash flow margins in the current silver price environment.
Speaker Change: We made good prices or guess evaluating loss extension opportunities apparent at <unk> 24, including it but chinchillas pit and coated arris target.
Speaker Change: We expect to be in a position to provide further updates on these initiatives within 2025.
Speaker Change: And I think started to be in a position to build on <unk> recent success, but delivering a longer mine life and continued economic benefits for our local steakhouse.
Speaker Change: Before I turn back to Rod.
Speaker Change: Quickly speak to the Cripple Creek and Victor acquisition.
Speaker Change: Firstly I would say in the integration process since we announced the transaction in December and I'm confident we are positioned to realize significant value from <unk> right out of the guy.
Speaker Change: At G diligence identified meaningful opportunities to build on the sizable mineral reserves and resources that already exist at the asset.
Speaker Change: We look forward to demonstrating other opportunities to deliver additional value from the asset and the updated life of mine plan, let's say CNBC within 2025.
Speaker Change: I'm thrilled to bring an asset and team of this caliber into our portfolio.
Speaker Change: Look forward to discussing our long term plans for the mine in the near future.
Rob: Now I'll turn back to Rob for closing remarks.
Speaker Change: Yeah.
Rob: Well, thank you Bill and thanks, Michael.
Rob: When I close this call at the end of the third quarter I noted that we were looking forward to a strong close in 2024.
Rob: I'm happy to say that we delivered on those expectations and we look forward to continuing this positive momentum for delivering a number of catalysts in 2025.
Rob: With a C seeing the transaction closing in the coming weeks, we have added another long lived and free cash flow generative asset to our portfolio.
Rob: And we look forward to sharing our consolidated production and cost outlook for the company before the end of the quarter.
Rob: At the same time, we continue to diligently advance towards a potential restart of operations at Chubb Corp.
Rob: <unk> is a meaningful contributor to the local and national economies in Turkey and.
Rob: And we are keen to return to operations, while we continue the remediation and reclamation, if it's in 'twenty five and beyond.
Speaker Change: I'm proud of the tremendous resilience of apps aims.
Speaker Change: And the business what then the business demonstrated in 2024.
Speaker Change: We have entered the new year with renewed optimism.
Speaker Change: And while we have a busy year ahead, and we look forward to servicing value across all of our assets in 2025.
Conference Operator: So with that I'm going to turn the call over to operator for questions. Thank you.
Conference Operator: Thank you Mr. Anthony we will now begin the question and answer session to join the question queue. You May Press Star then one on your telephone keypad, you will hear a tone acknowledging your request. If you are using a speakerphone. Please pick up your handset before pressing any keys.
Conference Operator: To withdraw your question. Please press Star and then two we will pause for a moment as callers join the queue.
Speaker Change: And your first question today will come from Obs Habib with Scotiabank. Please go ahead.
Obs Habib: Thanks, Operator, hi.
Speaker Change: Hi, Robin this is our team just a couple of questions from me.
Speaker Change: Just starting off with CB <unk>, obviously had a great quarter Q4.
Speaker Change: Should we expect any sort of outperformance like this to continue into 2020 pipe.
Bill Mcmahon: So kind of the bill take that one yeah.
Speaker Change: Thanks for the question. It was a it was a great quarter, we obviously hit some very very special grade.
Bill Mcmahon: We continue to sell.
Speaker Change: Search and did further exploration in Saint Croix.
Cannot expect those grades to continue each and every asset every quarter, but we do expect to continue along that time tying year on year at but we as you know if you've been tracking Savi, There's times, where we hit some of that better grade in this quarter was definitely one of them.
Speaker Change: Okay.
Speaker Change: Okay. Thanks for that Bill.
Speaker Change: And just then moving to Jupiter.
Rob: Rob just in terms of.
Rob: Is there any sort of commission or study then.
Rob: Regulators are waiting for before they make any sort of decision on moving forward with the restart of operation.
Rob: Or was the recent findings of CNI enough for the regulators to make their decision to move forward.
Speaker Change: Yeah look I think the simple way to think about it my bias. It's a it's a package of work.
Rob: If you think about in the year that we've had since the incident with my.
Rob: Tremendous progress as we've been continually reporting all through 2024, and obviously now we're therefore your financials.
Rob: And the priorities that we say to ourselves.
Rob: And the Grace each time table that we said hey ourselves to achieve what we've actually done in terms of control was side.
Rob: I mean sure we didn't have any environmental contamination.
Rob: To remediate and cleared the severity valley.
Rob: To make this sort of sites.
Rob: Ah Ah rule sort of precursors to two array side as you would expect.
Rob: Similarly, they are you know the seen our report itself, obviously isn't a precursor but it's a it is important to understand.
We're talking and working with the regulators.
Rob: And the last the last a.
Speaker Change: A few pieces are really around a locking down and agreeing on what the closure plans will be and that is in respect to the a storage facility that bill mentioned.
Rob: That that's concluding now as.
Speaker Change: As well as the the funnel heap leach.
Speaker Change: Closure itself. So so it's all it's all it's all been a package if you like as a progression to where we are today.
Speaker Change: To get.
Speaker Change: To get us into to this place as we're looking forward to a to a restock.
Speaker Change: We've still got work to do as simply as we always will.
Speaker Change: Mediation efforts will continue.
Speaker Change: Beyond even when chip law restarts as we've talked about before etcetera etcetera. So.
Speaker Change: Restock doesn't necessarily mean, there's more work to be done.
Speaker Change: But we don't think is as I think back to where we were this time last year, where yeah clearly we're all shocked.
Speaker Change: About what happen to where we are.
Speaker Change: Now.
Speaker Change: We've come a long ways and.
Speaker Change: Obviously, we're working confidently with our regulators to to seek a commission on permits to get restarted a chair blur.
Speaker Change: Thanks for that color and just kind of and number three on my end.
Speaker Change: Again in terms of moving onto Hot Madden does it does.
Speaker Change: <unk> of the development of Hot Madden hinged anywhere on the restart of operations at children.
Speaker Change: Yes, I think the simple way to think about it advice, we might have talked about it before.
Speaker Change: When we acquired our interest in Hot Madden.
Speaker Change: We did talk about the fact that we want to take the time.
Speaker Change: To develop a.
Speaker Change: Plain and when I saw you playing a.
Speaker Change: Technical study that.
Speaker Change: Represents our approach to developing the asset.
Speaker Change: Yeah with the necessary data all around the execution plan the necessary technical.
Speaker Change: Technical detail, particularly in the sort of you use 123. After you stopped they are set up to get a higher level of fidelity around.
Speaker Change: What we expect in the asset in the initial years, because that's clearly where the payback is.
Speaker Change: Et cetera, et cetera, et cetera, so that work's been working going.
Speaker Change: Going on in the background and with studiously working on all those components.
Speaker Change: Exclusive of chip Clark.
Speaker Change: So and that work will continue.
Speaker Change: During this year and two are in such a such a stage, where we can wrap all that up.
Speaker Change: To basically really redo the technical reports.
Speaker Change: And then start the project financing discussions.
Speaker Change: Certainly with the banks to to bring called Madden.
Speaker Change: Into our construction so.
Speaker Change: It's not hinged on Sherpa and in fact, the work we've been doing in the wine grapes were separated the teams and the efforts around it seems is.
Speaker Change: I set it up to be mutually exclusive.
Speaker Change: Perfect. Thanks for that and then thanks for taking my questions Rod and are looking forward to the guidance after the closing of <unk>.
Speaker Change: Great. Thanks, I appreciate it.
Speaker Change: And your next question today will come from Cosmos <unk> with CIBC. Please go ahead.
Cosmos: Hi, Thanks, a lot and <unk>, maybe my first question is on Marigold.
Speaker Change: Good to see that get us there.
Speaker Change: You'll have declared a initial reserve at Buffalo Valley could you remind me in terms of how that slot into the production profile.
Speaker Change: Yeah.
Speaker Change: Yeah look I'll, let bill answer the question, but I think.
Speaker Change: What what's important cause.
Speaker Change: Yeah, I think for for most people to take away from the you know they could have been a period, where we are.
Speaker Change: Might have forgotten about the rest of the business, but the fact that.
Speaker Change: We're able to achieve what we achieved with the challenge the challenge of chirp.
Speaker Change: In respect to the operations performing.
As well as continuing to evolve a dialogue the growth from the portfolio.
Speaker Change: I'm really proud of the team.
Speaker Change: They've been able to do I want my debt.
Speaker Change: I want to make that declaration very public because we sort of forget right. We just take it as a I think is a for granted but.
Speaker Change: The efforts in the background to bring our Buffalo Valley now into a reserve.
Bill Mcmahon: Shouldn't go unnoticed because it is important for the future of Marigold and and again another really good indication of the focus that we've had at any G that we've got in the business, but bill why don't you answer the question around timing.
Speaker Change: Because as I said.
Speaker Change: I'm very excited about it.
Speaker Change: So like a satellite of that mine area.
Speaker Change: There was a lot of good work done already working it through this year, we're taking that further in depth feasibility study work with a lot of engineering.
Speaker Change: And we'll be updating at life mine plans as typically throughout this year. So in terms of the timing it'll be driven by two things the net value, which is we believe it's going to be hard for Buffalo Valley, but we've still got through the permitting processes.
They'll still several years off but it's definitely something that we're excited about it progressing through the pipeline and we'll be able to give more color to that later in the year wed throw out lots of mine scheduling processes.
Speaker Change: Great and thanks, Glenn and echoing your comments right and that's why I wanted to ask that question in terms of.
Speaker Change: I was pleasantly surprised as well that are where we're able to see progress that some of these different assets, including Buffalo Valley. So I agree with what are like you said rod.
Speaker Change: Oh yeah.
Speaker Change: Just one one more thing on Marigolds. This wall you told me a bit I think the other area of focus for us in 'twenty fog beyond what Bill described for Buffalo Valley, which is important.
Speaker Change: We'll be a K, Bob putting holes into the new millennium target, which is another one that's progressed I'm just not as far advanced as what Buffalo values.
Speaker Change: Yep great.
Speaker Change: And then.
Speaker Change: You mentioned you put out your updated mineral reserve mineral resource estimate today as well for.
Speaker Change: For the year.
Speaker Change: And.
Speaker Change: As you mentioned you used very conservative.
Speaker Change: Commodity price assumptions.
Speaker Change: Uh huh.
Speaker Change: 100.
Speaker Change: For you know some of the assets.
Speaker Change: Even lower for the other ones could you maybe talk about the decision to use geeks conservative commodity price assumptions.
Speaker Change: And what would've happened you know some of it like a miracle for example, I would imagine there's some element that could come in.
Speaker Change: And to the pit.
You have used a higher commodity price assumption. So two parts why did you continue to use oh commodity price much lower than spot prices today, and what what could have happened.
Yes.
Speaker Change: I'm not going to speculate on what could happen because I, they're all sensitive in their own right, but what else is the simple reason for.
Where we ended up causes if you look at Sherpa.
Speaker Change: Given the asset is on care maintenance.
Speaker Change: We left the metal prices unchanged. It just makes sense to them until we get a restock them that was really K C. P. As you remember he's already at <unk>.
Speaker Change: $750 because of its relatively short bond logs. So we saw we didn't see a reason to change it and then yes the other ones.
Speaker Change: <unk> yeah. It's.
Speaker Change: Slightly obviously.
Speaker Change: As well so.
Speaker Change: That was a decision by days, where we're going through we're all around assumptions. We also take it sort of view of consensus we look at what our peers are doing.
Speaker Change: And.
Speaker Change: And that's how we ended up with the reserve and resource statements as they were.
Speaker Change: We will continue to review that we only do one sort of strategic one planned review of you because otherwise it just becomes unwieldy.
Speaker Change: We'll review that during 2025.
Speaker Change: Remember with all side got to taking do a cap now the acquisition of <unk>.
Speaker Change: And and yes.
Speaker Change: Historically newmont had been fairly conservative in the.
Speaker Change: Resource and reserve statement.
Speaker Change: We'll have to wait and see what they do with a new resource and reserve statement to you in the next little while it.
Speaker Change: It will take that into account as we're as we look at the sort of full portfolio.
Speaker Change: Reviews strategically through our mine plan process in 2020 for OXXO, So there could be some updates to it.
Speaker Change: Tom as we as we progressing to this year or later in the year.
Speaker Change: Al how they impact out how the commodity prices impact.
Speaker Change: Yeah, the pit shells, the the optimal pitch shoals et cetera, they're all very differently.
Speaker Change: Our position in terms of the sensitivity side again I'm looking at is sort of going to wax lyrical about each one of them, but they will obviously have the benefit of a higher commodity price over the year so more to come.
Speaker Change: Later this year.
Speaker Change: Of course, and maybe one last question.
Speaker Change: As you mentioned, the sorry, bringing in bringing this back to Tripoli here as you mentioned that the remediation and containment costs overall $250 million to $300 million. You've spent to agree 127 ish million dollars. So far could you remind us in terms of the timing of the remainder of that.
Speaker Change: <unk> spend.
Speaker Change: Yeah, I'm going to let Michael die they call but.
Speaker Change: You're welcome. Thanks, Cosmos I think as you look at what Rod mentioned earlier that.
Speaker Change: In this call a lot of the focus in 2024 was the severely valley and that work has been completed.
Speaker Change: As we work for the engineering and the timeline for the <unk> storage facility. The material movement will be subdued throughout 2025. Once that facility is constructed in a material movement will pick back up so I would expect that remediation and reclamation spend to be lower than it was in 2024 and as we get that permitting and other things done for the storage facility.
Speaker Change: We'll ramp up that a material movement again.
Speaker Change: Great for that.
Speaker Change: Got it with God is caused as best we can.
Speaker Change: The one thing I would say too is the it is an important you pronounce the the.
Speaker Change: Number correctly in terms of a liability that way with carrying because I think it's important that people understand that the 250 to 300 million is still L. L.
Speaker Change: Our estimate that hasn't changed I mean that sounds.
Speaker Change: And we're obviously, reaching through quite a lot of that was the 24 if it so.
Speaker Change: The expectation is the rest of the spend will will take place over over a number of years beyond 2025.
Speaker Change: As we progressively.
Speaker Change: Building a storage facility in.
Speaker Change: The remediation if it's on the pet as Michael said so.
Speaker Change: So party.
Speaker Change: Kathy.
Speaker Change: Taking away from that if you think about leather line that I don't have a liquidity position. We're in we're obviously in the.
Speaker Change: Extremely strong position.
Speaker Change: Great. Thanks, a lot like one build those are the questions I had.
Speaker Change: Yeah.
Speaker Change: Of course.
Conference Operator: Your next question today will come from Lawson Winter with Banc of America Securities. Please go ahead.
Lawson Winter: Yes. Thank you very much operator, good morning, or good evening, Ron and team I wanted to ask you about.
Conference Operator: Marigold in advance of your guidance.
Speaker Change: I'm not going ask you for a preview of the guide at least conceptually Marriott Marigold a year ago was.
Speaker Change: C G you're going through a period of investments of 25 would have as a result experienced lower gold production and then a rebound in 2006, and then still higher than 2007.
Speaker Change: Generally it is that skilled the concept or could there be a push out of the investment.
Speaker Change: That was that was considered a year ago.
Speaker Change: Sorry that was on a hydro midterm I think if you if you use the.
Speaker Change: The take report we put out this time last year.
Speaker Change: As the placeholder for guidance I think that's still sansa until.
Speaker Change: Until we do it I think that's that that's the best reference point.
Speaker Change: Okay Fantastic and then.
Speaker Change: To what extent can you provide us some additional color in terms of what Turkey, a considering as it is.
Speaker Change: Conditions for reinstatement of the operating.
Speaker Change: <unk> for for Triple or so so for example.
Speaker Change: Is there any consideration to some increase in local ownership part of the mine.
Speaker Change: Is there a consideration for a resubmission.
Speaker Change: Yeah, Hey, or.
Speaker Change: What are some kind of the moving parts or or if you have some stage gate that you can share with us to.
Speaker Change: To help us kind of think about potential timelines.
Speaker Change: Anything you can share it was very helpful.
Speaker Change: Yeah look I think I'm sort of I'll repeat what I sort of said a moment ago, but.
Speaker Change: If you think about the incident itself it was unprecedented rod so.
Speaker Change: Yeah. There is no playbook to this in terms of what needs to be done for a restock. However, the efforts that we buy and have my eyes.
Speaker Change: In themselves is entirely in alignment to seeking a restart so with my terrific progress on those fronts and we continue to make progress on those fronts.
Speaker Change: We believe we're getting to the pointy end of all of that work, which reached <unk> six necessitates the completion of the <unk>.
Speaker Change: The engineering for the storage facility.
Speaker Change: And the engineering around the heap Leach pad remediation, which where we're closing in fast to complete.
Speaker Change: And and Yeah, obviously, those discussions are going on in parallel with our regulators.
Speaker Change: To ensure that we're doing all the things that we need to do.
Speaker Change: Before we seek approval.
Speaker Change: Approval for the reinstatement of the temporary operating certificate so there's no.
There's no.
Speaker Change: Condition precedent Theres no determinant it around you have to do a new AI.
Speaker Change: Will we will.
Speaker Change: Operating under the 2014, AI and as I mentioned, I think probably on the last call.
Speaker Change: No matter, what we actually had to do in U a E four chirp liver anyway.
Speaker Change: We fully expect to complete.
Speaker Change: Complete this year for some middle or what we'll call the triple a 2025 AI that will take into account.
Speaker Change: The anticipated growing late circuit and some of the expansion opportunities that we identified.
Speaker Change: In the yeah in the loss pick report this time last year.
That's sort of normal course.
Speaker Change: It's obviously more important now because we want to get the higher throughput rates back up at Jetblue, but.
Speaker Change: Nonetheless, it was sort of more in the ordinary course for us and having to be done because of anything the regulators want. So so I think it's I think again as we're moving forward. We're doing all the all the things we need to do and.
Speaker Change: We've got to just continue to.
Speaker Change: Deliver those and continue with our dialog with the regulators.
Speaker Change: Okay. Thank you look forward to further updates on that I appreciate it.
Speaker Change: Thank you Allison.
Speaker Change: Okay.
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