Q1 2025 Aura Minerals Inc Earnings Call
Okay.
You can see.
Yeah.
No question.
Almost.
Okay.
Interesting okay.
We would like.
The cost inflation.
And then that's it.
Okay.
Lindbergh.
Right.
Before.
Okay.
Temporary impacts such as the income tax payments net ammunition that we usually most of them. We paid the first parts are related to 2024, our results, which should not be repeating the same proportion.
For the next few quarters.
And changes in working capital towards the foods up partially be offset in the next partners.
In the middle of the chart, we show the investments growth, where it was where we allocated most of her capital are we with $62 million and most like special Capex are the final phase of construction and the Blue Stone acquisition and then when we move it to the right side today.
Financial items, which we highlight the D. V. Then send them share buy backs, we did until march than a million dollars, bringing the cash of 198 towards the end of the quarter.
Yeah.
And now we end the presentation when we open to questions.
Okay.
We're going to start the question and answer session for investors and analysts if you wish to ask a question. Please click on raise hand.
If your question has already been answered you can leave the cubic leaking out but handout.
Speaker Change: Our first question comes from unanimous meet this with XP you can open your microphone.
Speaker Change: Good morning, everyone can you hear me.
Speaker Change: Yes.
Natasha: Good morning would you rather Natasha thanks for the opportunity and congrats congratulations on another great quarter I have two questions year when all of a side. So the first one we have always discussed about stock liquidity and now you have taken the first steps all our U S offering so.
Natasha: Oh wait to hear more about the next steps in this process. So if you could shed the expected timeline for completion.
Natasha: And if you could also provide additional details on the offering as well.
Natasha: And my second questions is about almost.
Natasha: Costs have been very volatile and actually we're expecting a lower cash cost considering that you had issues with the contractor during the first half of 2024 and as in the fourth Q you had very little cash costs. So.
Natasha: My question is I would like to hear your thoughts on on on that so I remember that in Q4.
Natasha: The little costs was due to mine sequencing and the reduction of the strip ratio. So just wanted to make sure that we understand correctly will happen here in Q Q1 compare to Q4. So those are my two questions. Thank you.
Speaker Change: Thanks, Good afternoon, so the first class.
Natasha: And above.
Natasha: Offering as we find a range with that said I am very committed in terms of what I can share with the market. So there's nothing much I can add on the top half of it has already been published.
Natasha: Oh, the second question anonymous as I mentioned earlier.
Natasha: Gold mines.
Natasha: It is.
Natasha: The nature is not only for everywhere. So it varies in terms of grade with separation.
Natasha: Great.
Natasha: Nathan.
Natasha: Last quarter with us.
Natasha: 2024, and it was a very very strong in terms of our all in sustaining cash cost and we said that the market should not expect this to continue to happen.
Natasha: Within <unk>.
Natasha: Look on average and.
Natasha: Look the average all in sustaining cash cost that we had been planning for and then you can understand and adopt the changes in taxes and increasing little bit productivity, but could be their all in sustaining cash cost for 2025, and we also set the guidance I would just highlight that this all in sustaining cash cost is very much in <unk>.
Natasha: With that we provided the market.
Natasha: Going to the variables.
Natasha: Phil.
Natasha: Okay.
Natasha: Okay.
Natasha: Great.
Natasha: Number of choice.
Natasha: Alright.
Natasha: Okay.
Natasha: Okay.
Natasha: I'll take I'll try axis.
Natasha: So that will vary.
Natasha: According to the quarters, however, duty along the year and longer yes should follow.
Natasha: Okay.
Natasha: He will change from one year to another quarter of significant lower volatility.
Natasha: That was very clear thank you.
Speaker Change: Our next question comes from is you got it so is that with E. L D.
Speaker Change: I hope that Eagle eye clad but high notch congrats for the record results.
For those that are following the re IPO. We are very pleased to see the company delivering growing and now improving liquidity and visibility to if this new leasing in the U S.
Speaker Change: So congrats.
Speaker Change: Michele just so my questions are related to the balance of this rack with gold prices than your growth projects.
Speaker Change: Skiing gold prices, reaching record high levels, which might stimulate new projects in that sense. My first questions is related to blue stone.
Speaker Change: So how how are the negotiations with the golf are meant for the licensing of the project do you see any changes in the local government.
Speaker Change: Turning regardless the licensing maybe it is higher gold prices could help there.
Speaker Change: And still on the growth projects regarding them up to par we understand that the final decision on the project will depend on your arm.
Speaker Change: Oh on how do you unlock bluestone, but that's that's even these heckard high levels for gold prices are.
Speaker Change: Are you evaluating maybe bringing them up to par.
Speaker Change: Uh huh.
Speaker Change: Before but what am I did before bluestone and starting with the product and then my last question regarding potential M&A.
Speaker Change: Good prices has reached at the heck with high levels with corporate profits now declining a little beach.
Speaker Change: I remember that we discussed a few times the lack of availability of corporate project for M&A, but now with gold prices, reaching these heck with high levels. There has anything changed here maybe are there any opportunities in corporate rather than in God for potential m&a's. That's it. Thank you.
Speaker Change: So going to the first question on them.
Speaker Change: Bluestone.
Speaker Change: In Guatemala I think.
Speaker Change: What we've been seeing is not a change in demand.
Speaker Change: Hi.
Speaker Change: The government in the communities.
Speaker Change: They don't really understand and see that.
Speaker Change: But on the other hand.
Speaker Change: The whole new administration in the U S and the expertise of its portfolio.
Speaker Change: And then the.
Speaker Change: Six of immigration from those countries.
Speaker Change: So they're nice days for example, our numbers that's all.
Speaker Change: Daughters, Guatemala, 16, 17, sometimes 70% of the total export the reserves come from people work in the U S sending money to the country and that is significantly reducing our <unk> set top of administration should expect to continue to reduce along the next year or so.
Speaker Change: Now we see a switch.
Speaker Change: Slightly switch on their on the minds of ballroom is trying to find solutions within the country to create more jobs and to generate export revenues to bring extra dollars encompassing also.
Speaker Change: This is a.
Speaker Change: Non integration to the Msas process. We also see some community members that wasn't even there nice states coming back.
Speaker Change: The area, where we have the projects trying to find new opportunities for jobs. So we are we understand that all of that changes is giving us more <unk> in order to expedite the cause.
Speaker Change: The licensing of this project.
Speaker Change: Highlight that this project is an underground is fully licensed already in terms of Ah and biomedical and also with the government.
Speaker Change: But we understand that before making any kind of decisions, we need to socialize either with the central government and also with the communities, which we are doing as we speak and in the Meanwhile, we are also updating the feasibility study.
Speaker Change: But they are in the investment.
Speaker Change: Designs of the new mine sequencing that one so as we have more information to share in the market. We will update that you can as Ken I suppose since it was published there was inflation, but in the other that might affect that capex and the other hand, the gold prices.
Speaker Change: <unk> for making hundreds of thousands of 34 hundreds so that can boost significantly also and the returns of the project and that would also address the situation with multiple by is this again, we believe we will be more mature to make any decision.
Speaker Change: <unk> end of second quarter early third quarter or within the third quarter to really decide which way to go we are putting we are delaying a little bit the muscle power because.
Speaker Change: The magnitude of the results of the magnitude of the production.
Speaker Change: The EBITDA debt.
Speaker Change: We believe.
Speaker Change: The cell block of bluestone can generate a significant higher although macro tightened very strong project and disabled black with it could be more meaningful. So if we believe that we can start the construction.
Our bluestone late this year or less early next year, we would probably make that decision and prioritize bluestone and then.
Speaker Change: Our motto Pi auto builds by mid construction of solar by the end of construction on the <unk>.
Speaker Change: Certain of the bluestone or it will be more technical weeds in the countries that we don't have operations. It's a country that doesn't have all the expertise of our mining such as Brazil, and so we will be more careful with the construction of our bluestone and we don't want to do a lot of things at the same time.
Speaker Change: But we will analyze it we believe that we.
Speaker Change: Candidly one year ago.
Speaker Change: Mixed by then we will try to do so so that we can push more production from October.
Speaker Change: And speed up our growth.
Speaker Change: And then you had the second question was with regarding the M&A.
Speaker Change: Coffee drinks.
Speaker Change: Yes.
Speaker Change: It's interesting that we saw this Brian gold price and an award by the vessels to take a look.
Speaker Change: The major companies has been appreciated according to the gold price.
Speaker Change: Medium sized companies such as US has appreciated but yet has not followed the right appreciation that we should've gone with this higher gold price as the market is not at all pricing growth.
Speaker Change: Both price or even 3000, the market's pricing lower than these in our shares.
Speaker Change: And not price it not the growth so and for the junior mining, it's even worse, although oil prices, reaching record high we don't see US we saw some appreciation in junior mining, but not significant because those companies doesn't have the cash innovation cannot doesn't have the fund.
Speaker Change: Our capacity for those projects that will go through a lot of dilutions.
Speaker Change: In order to fund the projects will continue to monitor of course and that that's significant.
Speaker Change: Increase.
Speaker Change: Ken can affect because expectations, sometimes change from sellers and buyers.
Speaker Change: And it creates a little bit of chatter in the best case for M&A is when.
Speaker Change: Core price is more stable, but that doesn't mean that doesn't have theres no opportunities. So we'll continue to monitor.
Speaker Change: Gold mines are gardening. This is very very segmented very fragmented there are a lot of.
Speaker Change: Producers that are.
Speaker Change: It's not under around that of many other examples are many other companies that we can access and we do such as we did with <unk> and nobody really knew about those that project then we could acquire.
Speaker Change: An increase in even also bluestone.
Speaker Change: On copper, yes, we continue to monitor we'd like both right. So we are growing on gold. So we would have liked to have copper also growing truck police maintain and the percentage of 30, 35%. That's one of the reasons that we are investing Saturdays trailer, but that is more a mid.
Speaker Change: It's a long shot.
Speaker Change: Continuing to monitor all the opportunities in copper.
Speaker Change: But we are seeing smart it has much less.
Speaker Change: <unk> corporate available for any kind of M&A and normally they are bigger than goals, but we are growing we are because we will continue to demand.
Speaker Change: Thank you. Thank you.
Speaker Change: Yeah.
Speaker Change: Our next question comes from he kind of them when they goglia with Safra you can open your microphone.
Speaker Change: Good morning, everyone and thank you for taking my questions and congrats on the results in the first steps on a U S listing.
Speaker Change: There are obvious benefits of listing the U S, but not necessarily related to that I wonder if you have specific specific liquidity and unlocked assets under management metrics or targets that you could share with us maybe Ali quealy based on free float would be interesting.
Speaker Change: To hear from you guys.
Speaker Change: Dan.
Speaker Change: How do you go.
Speaker Change: A lot has been mentioned on low prices we have.
Speaker Change: A lot of volatility in the past couple of.
Speaker Change: Yes, sure I should say for me to say, but I wonder if you could share your view on both prices today and going forward. So do you see structural drivers that are different from recent past maybe on demand investor behavior of central bank activity that could sustain gold prices above 3000.
Speaker Change: Our even more maybe 4000 do you think.
Speaker Change: Uh huh.
Speaker Change: It's a reality that we may seen the coming months or maybe years. Thank you.
Tim: So the first one Tim.
Tim: The liquidity metrics.
Tim: Important for the investors is shares available to buy and the price of the shares that's at today.
Tim: The vessels are concerned about daily trading volume, how much how fast can I invest $50 million, how fast can divest $50 million of the market that is independent of the percent that are on the pre salt is totally dependent on the shares available for trade, which is the free float right, but not as a percentage, but as ammonia and <unk>.
Tim: So the board is the value in dollars that is available to be traded.
Tim: Our per day is the most important variable for the vessels to make a decision either to invest in also.
Tim: The diverse I think thats.
Tim: The main the main a variable that we would've liked to virtual address.
Tim: In terms of our gold prices.
Tim: Sure.
Tim: Ah gave an interview to start with some follow this morning.
Tim: I think.
Tim: Got.
Tim: It has we have a structural tectonic movement, that's happening and moving.
Tim: The gold price up and I would invite to the vessels to take a local those movements. If you believe that those are movements are reversible than maybe gold price can decrease but if those movies are not reversible then we should continue to see.
Tim: Gold price to appreciate it number one is.
Tim: The United States Weaponized the U S dollars after the war, Russia and Ukraine the warrant.
Tim: Ah confiscated in blocks of over $300 billion of reserves in U S dollars from Russia.
Tim: And that is the message for any other country.
Tim: Perhaps it doesn't feel aligned with United States. They do not want any more to be invested in.
Tim: S dollar sold.
Tim: Our local China Huh, that's had historically over decades invested in treasuries with a surplus of exports minus exports and to have a significant investment in <unk>.
Tim: They're not investing that was that was any more down divesting and they are looking for other alternatives to invest our surplus.
Tim: And our goal there is one strong alternative for them number two the second variable will be limited to only this tool but have menu on this is it.
Tony: Tony also United States is running a significant deficit over already a high debt towards GDP. The country is running two trillion dollars last year.
Tony: Some analysts say that perhaps this year with the increase interest rates going down to two five is not with $3 billion.
Tony: And that's absolutely unsustainable for the medium to long term.
Tony: Initiatives like the Dodge video I'm asking.
Tony: <unk> tried to reduce but yet this is not yet meaningful for the United States to address at this asset and to fund the best neutral issue more debt or to break the money and that has impact on the value of the dollar and that can also push.
Tony: The gold price up and and today also RASM with a path to target cost of debt also participate in all of our day and he has also.
Tony: Seen some signs of that perhaps even the United States. It is increasing the gold reserves of course underscore that these thoughts that Russia is buying gold.
Tony: China's buying gold turkeys buying gold and perhaps even the online stakes is buying gold to restore confidence in.
Tony: In a in a decline.
The decline in the.
Tony: And the U S. Dollar so my view I don't see any reversal of that trend semi vessels think.
Tony: Our classrooms that allows all these gold prices because of the tariffs are fights and once the saddle.
Tony: Oil price is going to go down I don't see the gold price increase my view is not related to the tariffs bikes that are five is just crystallize. It what has been happening along the last year. So.
Tony: The world will find a solution the stericycle.
Tony: <unk> is going to settle down the what else is going on.
Tony: Now with the war, hopefully with Ukraine, and Russia, but.
Tony: The fiscal deficit not being addressed with a meaningful way and the weaponized often cannot be reversed we don't see China.
Tony: Selling gold and by U S dollars.
Tony: That's close there so is there a sweet spot that we can expect on trade in volume and dollars that we could envision in the future. After all goes in the right direction.
Tony: There's not much I can say right now.
Audra: Oh, that's that's okay. Thank you audra.
Speaker Change: Our next question comes from Harbin is semi with National Bank of Canada financial markets.
Speaker Change: Rob do you think it might be with the microphone not often Bob and thank you for taking my call and.
Speaker Change: Graduations that great to see.
Speaker Change: Im sorry, Youre in larger number of every year and all time high right now so just a couple of questions for you.
Speaker Change: Maybe some confer addressed already.
Speaker Change: With <unk>.
Speaker Change: No there has been some lower throughput and processing.
Speaker Change: Coverage lately, so what kind of measures are you taking to offset that and what kind of timeline are you looking at for improvement I know you'd mentioned molybdenum molybdenum circuit.
Speaker Change: Do you have anything new to discuss on that.
Speaker Change: No no that's a rule.
Speaker Change: Is this you finished a question I don't have all of this.
Speaker Change: I have other questions you want me to ask them all right now.
Speaker Change: Okay. So other than a rule.
Speaker Change: We are entering in our area of the mine that is.
It's more difficult and has this impact on.
Slightly lower grades the recoveries this quarter was mostly affected because we are installing flotation sales shall recover molybdenum.
Speaker Change: There is some we saw somebody but then also coming in or concentrates and the team was very keen and fast tool within less than a year equally Mega project choice power. Some additional flotation cells in order to recover money be Daniel and also sales as mollie begin.
Speaker Change: And that is.
Speaker Change: Lower recoveries that we had this quarter is due to the adjustment of the flotation cells in order to have the molybdenum is also we should stabilize.
Speaker Change: Stabilized this process and then improve our recoveries on loans next quarter. Nevertheless, structurally on the color on it.
Speaker Change: So we will see a lower grades compared to what we mined in the last Ah.
Speaker Change: Four years.
Speaker Change: So in terms of middle mix, how significant is that underpin them.
Speaker Change: Production of revenue.
Speaker Change: I didn't hear your question Robin.
Robin: What is the significance of molybdenum in terms of proportion in your in your revenue or is it.
Speaker Change: <unk> Daniel.
Speaker Change: It can potentially generate $6 million to $10 million.
Speaker Change: Sales.
Speaker Change: Got it thank you.
Speaker Change: Moving on to a broker in Ma.
Speaker Change: Construction is going really well on time on budget are you tracking multi guidance could you give us a bit of a resolution on that.
Speaker Change: The rate of ramp up as we move from Q2 and into Q3 and Q4 and when would you expect to hit 100% capacity at that asset.
Speaker Change: To wrap up his accord.
Speaker Change: He is running according to our as we projected and we should continue to show the market that the the commercial production, which is not 100% commercial production is something around above 80% to 85% for constant days.
Speaker Change: Should reach of that during the third quarter.
Speaker Change: Okay, and then in the past.
Speaker Change: As we finished up construction construction of illness. For example, you're able to then move on to program.
Speaker Change: Immediately then presumably you used some of the same teams on both assets.
Speaker Change: Do you have a future worth.
Speaker Change: Keeping the team busy.
Speaker Change: Passport for Emma.
Speaker Change: And maybe tie in another question into the question into that do you have a view on the right number of mines that you would like to have operating concurrently portfolio I understand in the past.
Speaker Change: You've added mind to book mines that you've also divest in mind. So how are you thinking but it's correct.
Speaker Change: Size of your operating mine portfolio.
Speaker Change: Yes, I think yeah.
Speaker Change: The team because I think it's a growth in both directions.
Speaker Change: I kept them decent they keep me busy because they build those my so fast that they push me towards him and I.
Speaker Change: Looking for a new M&A is a faster than I thought but.
Speaker Change: Yes, I think youre right. The Knowhow that we built enormous now implementing portable M. I used the same team and the idea. This same team has already evolved.
Speaker Change: Randy on the design and the feasibility study for a muscle and also Guatemala it seem already visited both.
Speaker Change: Projects.
Speaker Change: And then we will decide which will go for us, but it will be the same team that will build our bluestone and also micropyle. That's why we probably don't want yet to build both at the same time, because we will need this week multiple bites easier to build is something that we are ready to only put about irma.
Speaker Change: Enormous and we have the knowhow the suppliers on the whole the whole ecosystem in Brazil in what their model is different so we need to pay a lot of attention. So we will make sure that we will play very safe building.
Speaker Change: Bluestone, although it's a smaller plant.
Speaker Change: But.
Speaker Change: Technically can have challenges that we need to address and also be 100% focus role. We will decide by the end of Q2 or maybe during Q3, which way to go but it will be the same team.
Speaker Change: Thank you for answering my questions.
Speaker Change: Good to hear.
Speaker Change: Building building some expertise in house.
Speaker Change: A very good thing going forward, if I can just ask one more before I sign off on where grammar.
Speaker Change: The road relocation has been quite topical.
Speaker Change: Works, you will tell us when it's complete it but for now could you tell us once he has a furnace relocate the road how quickly could you implement that into our plan for expanding.
Speaker Change: And Thats My last question very much. So just wrapping up the last question that you also asked that I didn't ask about the numbers of assets that we believe we can have in our portfolio normally major companies. They rule of thumb is six to eight assets of more than that can create complexity, but.
Speaker Change: Structurally and our government is design, a decentralized decision, making processing power in the mines, so that our corporate pays attention to capital allocation and human development and of course.
Speaker Change: Setting than the whole.
Speaker Change: Future, but with that.
Speaker Change: With that culture. We believe we can go beyond eight assets, maybe eight to 10, but that will be all in Oh now I believe eight to 10.
Speaker Change: It's a real creates complexity for retro manage them.
Speaker Change: Properly and then after that stopped recycle livestock.
Speaker Change: Going towards a higher mind's, a bigger mines and then also divesting from the on the small ones. So that's why I believe it's very important for the vessels to payout nation now.
Speaker Change: Now we have a very fast growth and as we grow and start to become over 9 million ounces per dose of <unk>, five and that will be harder to accelerate and it will be harder to maintain this kind of growth and these kind of returns that we are having.
Speaker Change: Smaller projects because the world is fighting too much fun Super Big projects.
Speaker Change: And then the ROE the location.
Speaker Change: We are progressing a lot of back and forth.
Speaker Change: With the National agency for our transportation.
Speaker Change: We believe that we can have the project approved in Q2, perhaps there'll be delayed till Q3.
Speaker Change: The government is overwhelmed with a lot of our projects.
Speaker Change: Projects in work and the small budgets too.
Speaker Change: To address them.
Speaker Change: But we are progressing and now after we have the license that we have.
Speaker Change: We can immediately update.
Speaker Change: Feasibility study and declare that the new reserves and after we do that then we need to go through.
Speaker Change: Two two things did the construction of the new roles.
Speaker Change: Find the landowners appropriating the land and building their new roles and also expanding the capacity of <unk>. We believe we can do that to ensure two five years. After we have the license.
Speaker Change: We can actually thank you very much.
Speaker Change: And then this but the bottleneck will be the whole a process of getting the land buying expo, creating and building the road.
Sandler: Okay. Our next question comes from my Sandler and assay with BTG.
Speaker Change: Opinion microphone.
Sandler: Good morning, guys two questions on my side as well.
Sandler: Can we can we expect dividends to remain elevated at this high level living doing more capex intensive cycles.
Sandler: And on the second question as well, we also noticed a slight increase in leverage this quarter.
Sandler: Levels of leverage are you comfortable with maintaining going forward could we see a sustained higher leverage in order to keep dividends hi. Thank.
Sandler: Thank you.
Sandler: So dividends.
Sandler: We will continue to share that we will the our idea is to continue to pay that 20% of EBITDA minus recurring capex as we are.
Sandler: Boeing and as gold price continues to appreciate as we maintain the cost at the same level reduced so we should see.
Sandler: EBITDA going up and then a proportionately.
Sandler: Dividends also can follow at this moment.
Sandler: Exceptional was this quarter that we paid extra due to the receivables of cirrhotic, but then for the next quarter.
Sandler: Yeah.
Sandler: Set of EBITDA management, growing capex, and we've been actually being a little slightly above that along the next year. That's what we should expect for the company in terms of leverage.
Sandler: This slightly increase during this quarter, mostly because of true.
Sandler: Transactions one we finished the construction of what about Irma. So we had all the expense of about them and not yet we don't have the EBITDA right. So all of them joining the second semester, we will see this deleveraging process. Because then we don't have any that we would want them anymore and that we have the EBITDA.
Sandler: And the second one is the acquisition of Blue stone, but he did a cash we paid but also the data that comes out.
Sandler: With that and with the project that also impact our language, but nothing that is.
Sandler: I'll take us from the comparable zone.
Sandler: In terms of leverage we are super comfortable at one five times EBITDA two times EBITDA could be effect both on the process. After we finish the construction on something and we see that the leverage.
Sandler: Fast or you'll do some acquisition and Youll see the deleverage fast so that's where we would like to maintain a net debt to EBITDA.
Speaker Change: Thank you if I can can ask another one.
Speaker Change: On on Guatemala is there any timing that you could share even regarding some.
Speaker Change: Some financial details in order for us to model the project.
Speaker Change: Yeah, we should do.
Speaker Change: Spectral dual one.
Speaker Change: P a.
Speaker Change: That will not.
Speaker Change: Fully optimize our mine sequencing some process.
Speaker Change: By June but at least we can provide the market why do you expect to be the capex and the cash flow and returns.
Speaker Change: Not including some optimizations and then we are doing.
Speaker Change: Additional work to go towards a feasibility study.
Speaker Change: By early next year, perhaps late this year.
Speaker Change: And that's our focus ability to study.
Speaker Change: This includes our mine sequencing optimizations.
Speaker Change: In the project that we believe there will be a can boost even more at the results.
Hugo: Perfect. Thank you Hugo.
Speaker Change: Okay.
Speaker Change: The Q&A section is okay, we would like to hand, the floor back to Mr. Hu with Regal backbone for the company's final remarks.
Speaker Change: Well. Thank you again all for the earnings call again, we're super proud for the results and I will just give a brief overview and then for those that doesn't follow our story and he has entered recently we are walking the full cost saves 'twenty 'twenty and when we did our re IPO and issues of our BVI.
Speaker Change: In Brazil, we told the market that we want to generate the value in three variables, we will develop our greenfield projects.
Speaker Change: <unk> increased our resource and reserves and we will also continue to grow through M&A and we will do all of these three why we wouldn't be able to pay significant dividends. If you look back and what the where we are right now what we've done is significant progress since then.
Speaker Change: Built almost on time on budget.
Speaker Change: <unk> acquired the board bought Irma, we updated feasibility study with <unk>, we acquired the bluestone, we increase production, we increased resource and reserves and also how we provide one of the highest dividend yield.
Speaker Change: In the world in the gold sector through our shareholders. So we are walking the talk of web delivery and <unk>.
Speaker Change: As a result, and as I mentioned that we are right in the beginning because right now we are at the quarter 270. Our guidance is 260 to 300000 ounces. After we reach 500 601000 office I know we also address this.
Speaker Change: This daily trading volume of leads that we believe that we can have significant provides a higher higher returns for our shareholders. So walking the talk we are happy to be here and all of that with a very very high standards of safety in our operations. So I think a wall and we will keep the market informed.
Speaker Change: As we progress in our Oh, Niels and his upcoming future.
Speaker Change: Thank you our S Conference is now close we thank you for your participation and wish you a nice day.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: [music].