Q4 2024 Avino Silver & Gold Mines Ltd Earnings Call
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Operator: Welcome to the Avino Silver and Gold Mines fourth quarter and year-end 2024 financial results conference call and webcast. As a reminder, all participants are in a listen-only mode and the conference is being recorded.
Welcome to the Avino, silver and gold mines fourth quarter and year end 2024 financial results conference call and webcast.
As a reminder, all participants are in a listen only mode and the conference is being recorded.
Operator: After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference, you may signal an operator by pressing star and zero.
After the presentation there'll be an opportunity to ask questions to join the question queue. You May Press Star then one on your telephone keypad.
Should you need assistance during the conference you may signal, an operator by pressing star zero.
Jennifer North: I'd now like to turn the conference over to Jennifer North, Head of Investor Relations. Please go ahead. Thank you, Operator.
I'd now like to turn the conference over to Jennifer North head of Investor Relations. Please go ahead.
Jennifer North: Thank you operator, good morning, everyone and welcome to the Avino Silver and gold mines limited fourth quarter and year end 2024 financial results conference call and webcast.
Jennifer North: Good morning, everyone, and welcome to the Avino Silver and Gold Line submitted fourth quarter and year-end 2024 Financial Results Conference Call and Webcast. To join this webcast and call, there is a link in our news release dated March the 4th and in yesterday's news release, which can be found on our website under News 2025. In addition, a link can be found on the homepage of the Avino website.
Jennifer North: To join this webcast and call there is a link in our news release dated March four and Yesterdays news release, which can be found on our website under news 2025.
Jennifer North: In addition, a link can be found on the homepage of <unk> website.
Jennifer North: On the call today, we have the company's President and CEO, David Wolfin, our Chief Financial Officer, Nathan Harte, our Chief Operating Officer, Carlos Rodriguez, and our VP, Technical Services, Peter Latta.
Jennifer North: On the call today, we have the Companys, President and CEO, David Wilson, Our Chief Financial Officer, Nathan Harte, Our Chief operating Officer, Carlos Rodriguez, and our VP Technical services Peter Latta.
Jennifer North: Before we get started, please note that certain statements made today by the management team may include forward-looking information within the meaning of applicable securities laws. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results to be materially different than those expressed by or implied by such forward-looking statements. The company does not intend to and does not assume any obligation to update such forward-looking statements or information other than as required by applicable law. For more information, we refer you to our detailed cautionary note in the presentation related to this call or on our press release of yesterday's date.
Jennifer North: Before we get started please note that certain statements made today by the management team May include forward looking information within the meaning of applicable securities laws.
Jennifer North: We're looking statements are subject to known and unknown risks uncertainties and other factors that may cause the actual results to be materially different than those expressed by or implied by such forward looking statements.
Jennifer North: The company does not intend to and does not assume any obligation to update such forward looking statements or information other than as required by applicable law for more information. We refer you to our detailed cautionary note in the presentation related to this call or on our press release of yesterday's date.
Jennifer North: The full financial statements in MD&A are now available on our website under the Investors tab and then click on Financial Statements. In addition, the full statements are available on Avino's profile on CDAR Plus and on EDGAR.
Jennifer North: The full financial statements and MD&A are now available on our website under the investors tab and then click on financial statements. In addition, Nicole statements are available on our venous profile on SEDAR plans and on this call I would like to remind everyone that this conference call is being recorded and will be available for replay later too.
Jennifer North: I would like to remind everyone that this conference call is being recorded and will be available for replay later today. Replay information and the presentation slides from this conference call and webcast will be available on our website. Also, please note that all figures stated are in US dollars unless otherwise noted. Thank you.
Jennifer North: Replay information and the presentation slides from this conference call and webcast will be available on our website.
Jennifer North: So please note that all figures are stated in U S dollars unless otherwise noted thank you.
David Wolfin: I will now hand the call over to Avino's President and CEO, David Wolfin. David. Thanks, Jen. Good morning, everyone. And welcome to Avino's Q4 year-end 2024 financial results conference call and webcast.
I will now hand, the call over to <unk>, President and CEO, David Watson David.
Jennifer North: Thanks, Jen good morning, everyone and welcome to <unk> Q4, and year end 2024 financial results conference call and webcast.
David Wolfin: We will cover the highlights of our financial and operating performance, and then we will go over the work that we are currently doing, followed by a Q&A.
Jennifer North: We will cover the highlights of our financial and operating performance and then we will go over the work that we are currently doing followed by Q&A.
David Wolfin: I'll start with the discussion on operations, and then I'll turn it over to Nathan Harte, Avino CFO, to discuss the financial performance for the period, and then Jennifer North, our head of Investor Relations, will present an overview of Q4 CSR ESG initiatives. Please turn to slide five for Q4 and full year 2024 highlights. Avino and the entire team delivered an exceptional performance in 2024, achieving record financial results and a strong operational execution with full year guidance being realized after a very strong Q4. The company posted record revenues and significant growth across key financial metrics. perfecting higher production cost efficiencies and strong metal prices.
Speaker Change: I will start with a discussion on operations and then I'll turn it over to Nathan Harte <unk> CFO to discuss the financial performance for the period and then Jennifer North our head of Investor Relations will present, an overview of Q4 CSR ESG initiatives.
Speaker Change: Please turn to slide five for Q4 and full year 2024 highlights.
Speaker Change: Yeah.
Speaker Change: Avino and the entire team delivered an exceptional performance in 2024, achieving record financial results and our strong operational execution with full year guidance being realized after a very strong Q4.
Speaker Change: The company posted record revenues and significant growth across key financial metrics, reflecting higher production cost efficiencies and strong metal prices.
David Wolfin: Nathan will provide an overview of the financials, but I want to take a moment to recognize that our success in 2024 is a result of years of strategic focus and dedication to our growth plan. Seeing these positive outcomes is truly inspiring, and I reflect on the many individuals who have contributed to guiding us along the way. The outstanding year is not just a milestone, it's a stepping stone towards even greater achievements for Avino.
Nathan will provide an overview of the financials, but I want to take a moment to recognize that our success in 2024 as a result of years of strategic focus and dedication to our growth plan.
Seeing these positive outcomes is truly inspiring and I reflect on the many individuals who have contributed to guiding us along the way.
Speaker Change: The outstanding year, it's not just a milestone it's a stepping stone towards even greater achievements for me.
David Wolfin: Our balance sheet is currently at a record high of $27.3 million, which is 916% higher than 2023 and represents the highest in company history. At the start of the year, we shared fantastic news that the underground development at La Preciosa had commenced following the receipt of all necessary permits for mining operations. This milestone is a significant step forward in our growth plan, and a clear demonstration of our commitment to delivering on our goals.
Speaker Change: Our balance sheet is currently at a record high of $27 3 million, which is 916% higher than 2023 and represents the highest in company history.
Speaker Change: At the start of the year, we shared fantastic news that the underground development at La <unk> had commenced following the receipt of all necessary permits for mining operations. This milestone is a significant step forward in our growth plan and a clear demonstration of our commitment to delivering on our goals.
David Wolfin: On the topic of permits and the regulatory environment, just last week at the Mexico Mining Forum at PDAC, there appeared to be fresh optimism for the mining industry under President Claudia Scheinbaum's administration. We view this as a positive step for existing and future mining in Mexico.
Speaker Change: On the topic of permits and the regulatory environment, just last week at the Mexico mining form it payback there appeared to be fresh optimism for the mining industry.
Speaker Change: Claudia Drayton bonds administration we've.
Speaker Change: We view this as a positive step for existing and future mining in Mexico.
David Wolfin: Moving on to slide six, we turn to our Q4 and year-end production results that were released in mid-January and were as follows. Silver equivalent production increased by 32%. Avino produced almost 736,000 silver equivalent ounces in Q4 2024, representing a 32% increase from Q4 2023. The increase was driven by improved gold grades and increased mill throughput. mill throughput increased 26%. We processed 182,000 tons in Q4 2024, a 26% increase compared to Q4 2023, and the highest quarter in the company's history. Mill availability and performance is a result of considerable efforts from our operations team in Durango, allowing for meaningful improvements in operational metrics, as well as improving the company's cash and working capital position.
Speaker Change: Moving on to slide six we turn to our Q4 and year end production results that were released in mid January and were as follows silver equivalent production increased by 32% Avino produced almost 736000.
Speaker Change: Silver equivalent ounces in Q4, 2024, representing a 32% increase from Q4 2023.
Speaker Change: Increase was driven by improved gold grades and increased mill throughput.
Speaker Change: Mill throughput increased 26%.
Speaker Change: We processed 182000 tonnes in Q4, 2024% to 26% increase compared to Q4, 2023, and the highest quarter in the company's history.
Speaker Change: Ill availability and performance is a result of the considerable efforts from our operations team in Durango, allowing for meaningful improvements in operational metrics as well as improving the company's cash and working capital positions.
David Wolfin: Gold production increased by 76%. Q4 2024 production of 2560 gold ounces represented 76% increase compared to Q4 2023 and was our highest quarter of gold production in 2024. improved feed grade accounted for the majority of the increase alongside the mill availability noted above.
Speaker Change: Gold production increased by 76% Q4 2020 for production of 20 560 gold ounces represented 76% increase compared to Q4 2023 and was our highest quarter of gold production in 2024.
Speaker Change: Improved feed grade accounted for the majority of the increase alongside the mill availability noted above.
David Wolfin: Slide seven, turning to slide seven, you will see on a yearly basis silver equivalent production increased 10%. Avino produced 2.6 million silver equivalent ounces in 2024, representing a 10% increase from 2023. The positive movement was primarily due to the improved copper and silver grades, improved copper recoveries and higher mill feed compared to 2023. In addition, the company also had improvement in its health and safety performance and reports a reduction in lost time incident frequency rate of 32% for 2024 down to 3.39 per 1 million hours worked while seeing an increased in hours worked by 47% at the Avino operation.
Speaker Change: Slide seven turning to slide seven.
You will see on a yearly basis silver equivalent production increased 10% Avino produced $2 6 million silver equivalent ounces in 2024, representing a 10% increase from 2023. The positive movement was primarily due to the improved copper and silver grades improved copper recovery.
Speaker Change: Is it higher mill feed compared to 2023 and.
Speaker Change: In addition, the company also had improvement in the health and safety performance and reports of reduction in lost time incident frequency rate of 32% for 2024 down to 339.
Speaker Change: For 1 million hours worked while seeing an increased.
Speaker Change: And hours worked by 47% at the Avino operations.
David Wolfin: Reportable loss time and incident frequency rate also decreased to 0.07 down over 90% from 2023.
Speaker Change: Reportable lost time.
Incident frequency rate also decreased 2.07 down over 90% from 2023.
David Wolfin: Now moving on to slide 8, we'll review our Q4 operational updates beginning with the Avinomite. The Avino mine achieved its guidance target of between 2.5 to 2.8 million silver equivalent ounces at 2.65 million ounces for silver for 2024. Higher realized metal prices for silver, gold, and copper in Q4 assisted in the strong financial and operating margins with records in most financial metrics and significant free cash flow generation. 2025 has begun positively with consistent production in the first month of the year.
Speaker Change: Now moving on to slide eight we will review our Q4 operational updates beginning with the Avino mine.
Speaker Change: The Avino mine achieved its guidance target of between two five to $2 8 million silver equivalent ounces at 265 million ounces, Brazil for 2024.
Speaker Change: Higher realized metal prices for silver gold and copper in Q4 assisted in the strong financial and operating margins with records in most financial metrics and significant free cash flow generation 2025, and has begun positively with consistent production in the first.
Yosef: Months of the year moving onto the press Yosef.
David Wolfin: Moving on to La Preciosa. As mentioned earlier, in January, we announced the receipt of necessary approvals to move ahead with the underground development at La Preciosa, one of the largest undeveloped silver deposits in Mexico and the world. Equipment, mobilization, and surface works have been ongoing, with underground development getting underway. La Preciosa is an integral piece to our five-year plan and will deliver economic growth and benefit to the local communities in Durango. Please turn to slide 9 where we have photos of recent development activities, surface works, and delivery of equipment. We are very pleased with the swift advancement at La Preciosa.
Yosef: As mentioned earlier in January we announced the receipt of necessary approvals to move ahead with the underground development at La <unk>. So one of the largest undeveloped silver deposits in Mexico in the world.
Yosef: Equipment mobilization and surface works have been ongoing with underground development getting underway rhopressa.
Yosef: <unk> is an integral piece to our five year plan, and we will deliver economic growth and benefit to the local communities in Durango. Please turn to slide nine where we have photos of recent development activities and surface works and delivery of equipment.
Yosef: We are very pleased with the Swift advancement add blueprints Yosef.
Nathan Harte: At this time, I will now hand it over to Nathan Harte, Avino CFO, to present our record-breaking Q4 and year-end 2024 financial results. Thank you, David. It's my pleasure to be presenting our fourth quarter and year end 2024 financial and operating results to everyone who has joined us on the call and is viewing our presentation today. Turning to slide 10 now for a snapshot of these record-breaking financial highlights for the fourth quarter end year, followed by the full table in slide 11. The fourth quarter results were what can only be described as our best in company history.
Speaker Change: At this time I will now hand, it over to Nathan Harte Avino CFO to present.
Speaker Change: A record breaking Q4 and year end 2024 financial results Nathan.
Nathan Harte: Thank you David it's my pleasure to be presenting our fourth quarter and year end 2024 financial and operating results to everyone, who has joined us on the call and as you in our presentation today.
Nathan Harte: Turning to slide 10, now for a snapshot of these record breaking financial highlights for the fourth quarter and year, followed by the full table on slide 11.
Nathan Harte: The fourth quarter results were what can only be described as our best in company history, we generated a record $24 4 million in revenues over the quarter with gross profit margins of 43%.
Nathan Harte: We generated a record $24.4 million in revenues over the quarter with gross profit margins of 43%. On a cash basis, our gross profit margin was 49%, our highest in recent history and up from 45% in the last quarter. We generated $14.1 million in free cash flow, which translates to $0.10 per share. are all in sustaining cash costs per silver equivalent ounce with $18 and 62 cents representing our lowest since 2022 This amount puts us in the lower quartile of junior producing peers and in the mid-range with intermediate producers in Mexico. Moving over to our full year results, I want to highlight the annual revenue of $66.2 million, which is a record high for Avino and represents a 51% increase from 2023, primarily driven by the growth we saw in our fourth quarter.
Nathan Harte: On a cash basis, our gross profit margin was 49% our highest in recent history and up from 45% in the last quarter.
Nathan Harte: We generated $14 1 million in free cash flow, which translates to <unk> 10 per share.
Nathan Harte: Our all in sustaining cash cost per silver equivalent ounce was $18 62.
Nathan Harte: Representing our lowest in 2022.
Nathan Harte: This amount puts us in the lower quartile of junior producing peers and in the mid range with intermediate producers in Mexico.
Nathan Harte: Moving over to our full year results I want to highlight the annual revenue of $66 2 million, which is a record high for avino and represented 51% increase from 2023, primarily driven by the growth we saw in our fourth quarter.
Nathan Harte: Net income after taxes and all expenses was $8.1 million, or $0.06 per share. After adjusting for non-recurring and non-cash expenses, adjusted earnings was $21.3 million on the year, or $0.15 per share, and mine operating cash flows before taxes was $27.6 million. All in sustaining cash costs per silver equivalent ounce was $20.57, which represents a deduction of 6% from 2023.
Nathan Harte: Net income after taxes, and all expenses was $8 1 million or <unk> <unk> per share.
Nathan Harte: After adjusting for nonrecurring and noncash expenses adjusted earnings was 21 $3 million on the year or <unk> <unk> per share and mine operating cash flows before taxes of $27 6 million.
Nathan Harte: All in sustaining cash cost per silver equivalent ounce was $20 57, which represents a deduction of 6% from 2023.
Nathan Harte: Now on to the balance sheet. Our cash position was $27.3 million at the end of the 2024 driven by improved operational performance and sales in the fourth quarter. To put this in perspective, we had under $8 million in the treasury at the end of the third quarter, representing an almost $20 million increase in our cash position during Q4. As highlighted in previous calls, balance sheet strength will be very key over the coming months as La Preciosa development gets underway. With no debt excluding operating equipment, we are well positioned to execute on our five year organic growth Coming to slide 11, we see all other financial metrics and the significant increases both quarter over quarter and year over year.
Nathan Harte: Now onto the balance sheet, our cash position was $27 3 million at the end of the 2024, driven by improved operational performance and sales in the fourth quarter.
Nathan Harte: To put this in perspective, we had under $8 million in the treasury at the end of the third quarter, representing an almost $20 million increase in our cash position during Q4.
Nathan Harte: As highlighted in previous calls balance sheet strength will be very key over the coming months as <unk> development gets underway with.
Nathan Harte: With no debt, excluding operating equipment, we are well positioned to execute on our five year organic growth plan.
Nathan Harte: Coming to slide 11, we see all other financial metrics and the significant increases both quarter over quarter and year over year.
Nathan Harte: Highlighting the increases in cash provided by operating activities in both periods, as well as the free cash flow numbers. These figures are both materially higher than prior year periods. Capital expenditures in Q4 and for the year were $1.5 and $6.6 million respectively. We came in below our 2024 guidance range of 7.3 to 9 million, primarily due to the deferral of certain expenditures to 2025 as we were awaiting the operating permits for leprosyosis. With these permits received in January 2025, we expect to be within our previously released capital expenditure guidance for the year. Reminding everyone that approximately $5 to $6 million are allocated for equipment and mine development at La Preciosa, which should give us access to over 1 million tons of mineralized material.
Nathan Harte: Highlighting the increases in cash provided by operating activities in both periods as well as the free cash flow numbers. These triggers are both are materially higher than prior year periods.
Capital expenditures in Q4 and for the year were $1, five and $6 6 million respectively.
Nathan Harte: We came in below our 2024 guidance range of $7 9 million, primarily due to the deferral of certain expenditures to 2025 as we were awaiting the operating permits for <unk>.
Nathan Harte: With these permits received in January 2025, we expect to be within our previously released capital expenditure guidance for the year.
Nathan Harte: Reminding everyone that approximately $5 million to $6 million are allocated for equipment and mine development at La <unk>.
Nathan Harte: This should give us access to over 1 million tonnes of mineralized material.
Nathan Harte: Here on slide 12, you can see our cash cost per ounce figures for the fourth quarter improved from Q4 of last year, and we're well below previous quarters in 2024 as well, even with lower ounces sold. We highlighted our expectations for a reduction in cost on our previous earnings call. And we remain pleased with the improvements as costs in Q4 were down 8% on a cash basis to $13.88 per ounce and 14% on an all in cash basis to $18.62. These reductions were primarily a result of increased mill availability and ounces sold further aided by the Mexican peso showing some further weakness against the U.S.
Here on Slide 12, you can see our cash cost per ounce figures for the fourth quarter improved from Q4 of last year, and we're well below previous quarters in 2024, as well even with lower ounces sold unexpected.
Nathan Harte: We highlighted our expectations for a reduction in cost on our previous earnings call and.
Nathan Harte: And we remain pleased with the improvements as cost in Q4 were down 8% on a cash basis to $13 88 per ounce and 14% on an all in cost basis.
$18 62 per ounce.
Nathan Harte: These reductions were primarily a result of increased mill availability and ounces sold further aided by the Mexican peso showing some further weakness against the U S. Dollar in Q4.
Nathan Harte: dollar in Q4. The jump in ounces sold is partially a result of increased inventory sales solely due to the timing of shipments, with no intentional strategy to hold back sales in previous quarters. On a full year basis, our cash cost per ounce came in at $14.84, representing a 5% reduction from 2020. All in sustaining cash cost Browns came in at $20.57, a 6% decrease in 20 The full year cost per ounce productions were driven by higher grades and production through the mill as well as the overall weakness of the Mexican peso to the US dollar on average basis in 2024 compared to Coming to slide 13, you can see our cost per ton process for the quarter came down fairly significantly, especially from a quarter over quarter perspective.
Nathan Harte: The jump in ounces sold is partially a result of increased inventory sales solely due to the timing of shipments with no intentional strategy to hold back sales in previous quarters.
Nathan Harte: On a full year basis, our cash cost per ounce came in at $14 84, representing a 5% reduction from 2023.
Nathan Harte: All in sustaining cash cost per ounce came in at $20 57.
Nathan Harte: A 6% decrease in 2023.
Nathan Harte: The full year cost per ounce reductions were driven by higher grades and production through the mill as well as the overall weakness of the Mexican peso to the U S. Dollar on average basis in 2024 compared to 2023.
Nathan Harte: Turning to slide 13, you can see our cost per ton processed for the quarter came down fairly significantly, especially from a quarter over quarter perspective.
Nathan Harte: We saw a meaningful drop compared to Q4 2023 with cash costs per tonne coming in at $51.11, representing a 17% reduction. On the all in cost side for the quarter, the trend was similar as our cost per ton was $74.29, a 16% decrease compared with Q4 of last Both metrics for 2024 were lower compared to the year-to-date numbers at Q3, and we did see reductions compared to the full year 2023. Cash costs per ton process was reduced by 2% and all in cash costs per ton processed by 5% when compared with 2023. As shown by our profit margins, these improvements have meaningful impacts on our bottom line.
We saw a meaningful drop compared to Q4 2023 with cash cost per ton coming in at $51 11, representing a 17% reduction.
Nathan Harte: On the all in cost side for the quarter. The trend was similar as our cost per tonne was $74 29.
Nathan Harte: A 16% decrease compared with Q4 of last year.
Nathan Harte: Both metrics for 2024 were lower compared to the year to date number that Q3, and we did see reductions compared to the full year 2023 results.
Nathan Harte: Cash cost per ton process was reduced by 2% and all in cash cost per tonne processed by 5% when compared with 2023 figures.
Nathan Harte: As shown by our profit margins. These improvements had a meaningful impact on our bottom line.
Nathan Harte: with the Mexican will pay so weakening in Q4 and into 2025. The pressure on our cost structure has We have been implementing measures to protect our cost structure for 2025. Tariff discussions continue to put uncertainty in the currencies in which we operate in and reducing our risk associated with costs will be key throughout the year. With metal prices remaining elevated and permits received at La Preciosa, we are excited to be shifting focus to growth in the coming quarter.
Nathan Harte: With the Mexican peso weakening in Q4 and into 2025 the pressure on our cost structure has eased.
Nathan Harte: We have been implementing measures to protect our cost structure for 2025.
Garik discussions continue to put uncertainty in the currencies in which we operate and reducing our risk associated with costs will be key throughout the year with.
Nathan Harte: With metal prices remaining elevated and permits received and love for CSO, we're excited to be shifting focus to growth in the coming quarters.
Jennifer North: At this point, I will now turn it over to Jennifer North, Head of Investor Relations, for an overview of our recent ESG and CSR. Thank you, Nathan. Moving on to slide 14, we have listed the ESG CSR initiatives that were completed in the fourth quarter. As we have mentioned, Avino follows the ESG standards and the United Nations Sustainable Development Goals, or the SDGs, that work together to address the most pressing challenges facing the world. Fourth quarter activities were focused on SDG number three, good health and well-being, number four, quality education, number five, gender equality, and number six, environment or clean water and sanitation.
Speaker Change: At this point I will now turn it over to Jennifer North head of Investor Relations for an overview of our recent ESG and CSR initiatives.
Jennifer North: Thank you Nathan moving on to Slide 14, we have listed the ESG CSR initiatives that were completed in the fourth quarter.
Speaker Change: As Steve mentioned, <unk> finance, ESG standards, and the United Nations Sustainable development goals Ibs D G.
Work together to address the most pressing challenges facing the world.
Speaker Change: Each quarter activities were focused on STG number three good health and wellbeing number for quality education number five gender equality and number six environment, our clean water and sanitation.
Jennifer North: During the quarter, the following support was provided. Materials were donated for general upkeep of the community's elementary and secondary schools. A talk called Cafe Rosa was sponsored and supported by Avino personnel on breast cancer awareness and prevention. A vibration analysis was carried out and supported by Avino mine supervisors. Monthly maintenance of the community landfills was carried out. Avino supported traditional Day of the Dead celebrations with the unique mandate that all costumes were to be made from recycled paper. This initiative aimed to promote the reuse of materials, contributing to the conservation, care and protection of the environment, while also raising awareness among future generations.
Speaker Change: During the quarter. The following support was provided.
Speaker Change: Materials were donated for general upkeep of the communities elementary and secondary schools.
Speaker Change: Top called Caffeine Rosa was sponsored and supported by Avino personnel on breast cancer awareness and prevention.
Speaker Change: Vibration analysis is carried out and supported by Avino mine Supervisors.
Speaker Change: Entering maintenance.
Speaker Change: Unity landfills was carried out.
Speaker Change: <unk> supported traditional data that dead celebrations with unique mandate.
Speaker Change: <unk> were to be made from recycled paper. This initiatives aimed to promote to reuse of materials contributed into the conservation care and protection of the environment, while also raising awareness among future generations.
Jennifer North: Samsung tablets were awarded for first place with backpacks with school supplies awarded for second and third An important initiative called the Orange Campaign was launched to educate both community members and Avino employees about the prevention and eradication of violence against individuals, regardless of gender, sexual identity, age, or any other factor. As part of this campaign, self-defence workshops have been offered, along with educational materials and awareness posters that have been distributed throughout the community. Waste materials such as wood, tires, and plastics were donated to community members, giving a second life to items that would otherwise be discarded.
Speaker Change: Samsung tablets were awarded for first place like that.
School supplies awarded for a second and third place.
Speaker Change: An important initiative called the Orange campaign was launched to educate both community members and avino employees about the prevention and eradication of violence against individuals regardless of gender or sexual identity age or any other factor.
As part of this campaign self defense workshops have been offered along with educational materials and awareness penetration that has been distributed throughout the community.
Speaker Change: Waste materials, such as wood tiresome plastics were donated to community members, giving a second lifestyle items that would otherwise be discarded. This initiative helps reduce the mines ecological footprint.
Jennifer North: This initiative helps reduce the mine's ecological footprint. Our CS team has collaborated with an external company to obtain solar boilers with subsidized prices for our workers and community members for their homes. The CSR team works tirelessly to bridge gaps and address diverse needs, whether economic, educational or otherwise, by responding to requests, providing support and sharing valuable information.
Speaker Change: Our SaaS team has collaborated with an external company to obtain similar boilers with subsidized prices for our workers and community members for their homes.
Speaker Change: The CSR team works tirelessly to bridge gaps and address diverse needs whether economic education on either is now responding to requests providing support and sharing valuable information.
Jennifer North: Finally, I'm pleased to share that we've been working on our inaugural sustainability report, which reflects our commitment to transparency, accountability and responsible business practices. By sharing our environmental, social and governance efforts, we aim to build trust with our stakeholders, demonstrate our positive impact and continuously improve our sustainability performance. We look forward to making available on our website very soon.
Speaker Change: Finally, I'm pleased to share that we've been working on her inaugural sustainability report, which reflects our commitment to transparency accountability and responsible business practices by sharing our environmental social and governance standards.
Speaker Change: Aimed to build trust with our stakeholders demonstrated a positive impact and continuously improve our sustainability performance.
Speaker Change: Forward to making available on our website very soon.
David Wolfin: I will now turn it back over to David to continue on with the presentation, providing our plans for the coming quarter. Thanks, Jan. Moving to slide 15. We were thrilled to see metal prices continue their rally into the fourth quarter and maintain their strength. Coupled with their solid production results, this positions us favorably as we advance towards our transformational growth objectives, particularly with the development of La Preciosa. We are currently mining at levels 13.5 and 14 at Elena Tolosa. Exploration drilling has commenced on the Avino vein below the ET mine where we previously hit the highest grade hole in company history.
Speaker Change: I will now turn it back over to David to continue on with the presentation regarding our plans for the coming quarter David.
Speaker Change: Thanks, Jan moving to slide 15, we were thrilled to see metal prices continue their rally into the fourth quarter and maintain their strength coupled with our solid production result, this positions us favorably as we advance towards our transformational growth objectives, particularly with the development.
Speaker Change: <unk>.
We are currently mining at levels 13, and a half and 14 at Atlanta to load them and exploration drilling has commenced on the avino vein below the <unk> mine, where we previously hit the highest grade hole in company history. The vein is open.
David Wolfin: The vein is open along strike and at depth following the previous successful drill program.
Speaker Change: Along strike and at depth following the previous successful drill program.
David Wolfin: As outlined on slide 16, we want to reemphasize the company's growth plans. We have three assets within a 20 kilometer footprint totaling 371 million silver equivalent ounces. In the same area, we have an operating mill complex, which is currently producing from our Avino mine and additional access to water, power and tailing storage. As you can see on this slide, our goal is to scale up by 2029 through production from these three assets. By capitalizing on our existing assets and resources, we can execute our growth plans efficiently and effectively. This approach not only mitigates risks associated with new project development, but also positions us for the long success and value creation.
Speaker Change: Outlined on slide 16, we want to reemphasize the company's growth plans, we have three assets within a 20 kilometer footprint totaling 371 million silver equivalent ounces in the same area. We have an operating mill complex, which is currently producing from our avino mine and additional access to water power and <unk>.
Selling storage.
Speaker Change: As you can see on this slide our goal is to scale up by 2029 through production from these three assets by capitalizing on our existing assets and resources, we can execute our growth plans efficiently and effectively.
This approach not only mitigates risks associated with new project development, but also positions us for the long success and value creation.
David Wolfin: In conclusion, this record breaking year would not have been possible without the dedication, expertise and hard work of our operational teams and employees across the company. Their commitment to excellence, teamwork, and innovation has been instrumental in achieving these milestones. On behalf of our leadership, thank you for your efforts and contributions. Your work continues to drive Avino's success.
Speaker Change: In conclusion.
Speaker Change: This record breaking year would not have been possible without the dedication expertise and hard work of our operational teams and employees across the company there.
Speaker Change: Their commitment to excellence teamwork and innovation has been instrumental in achieving these milestones on behalf of our leadership. Thank you for your efforts and contributions Youre work continues to drive <unk> success. We would also like to thank our shareholders for their continued support we're pleased for <unk> shareholders.
David Wolfin: We would also like to thank our shareholders for their continued support. We are pleased for Avino's shareholders who've stayed the course with us. Throughout the year, I've had the opportunity to connect with many of you, and we truly appreciate your trust, confidence, and ongoing commitment to Avino. With a solid financial foundation, strong operational performance, and positive market trends, Avino is well-positioned for continued growth and value creation in 2025 and beyond.
Speaker Change: Who've stayed the course with us.
Speaker Change: Throughout the year I've had the opportunity to connect with many of you and we truly appreciate your trust confidence and ongoing commitment to avino.
Speaker Change: With a solid financial foundation strong operational performance and positive market trends <unk> is well positioned for continued growth and value creation in 2025 and beyond.
Operator: We'd now like to move the call to the question and answer portion, operator. Thank you. 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're using a speakerphone, please pick up your handset before pressing any key. To withdraw your question, please press star then 2. We will pause for a moment as callers join the queue. Thank you.
Speaker Change: We'd now like to move the call to the question and answer portion operator.
Speaker Change: Thank you we will now begin the question and answer session to join the question queue. You May Press Star then one on your telephone keypad.
Speaker Change: You will hear a tone acknowledging your request.
Speaker Change: If you're using a speaker phone please pick up your handset before pressing any keys.
To withdraw your question. Please press Star then two.
Speaker Change: We will pause for a moment as callers join the queue.
Speaker Change: Thank you. Your first question is coming from Heiko Ihle from H C. Wainwright Your line is live.
Heiko Ihle: Your first question is coming from Heiko Ihle from HC Wainwright. Your line is live. Hi, David, Nate, and team. Unknown Speaker Hey, Nice. Nice to see the stock price performance today. Well done. Can you give a quarter by quarter breakdown for what you expect to spend in CapEx above preciosa this year? I mean, I assume it's gonna taper off by Q3 a little bit, right? But maybe just on an actual cash basis, what you expect to spend in Q1, 2, 3, and maybe even 4 if you want to be so kind.
Heiko Ihle: Hi, David and team.
Speaker Change: Hey.
Speaker Change: Nice nice to see the stock price performance today well done.
Can you give a quarter by quarter breakdown for what you expect to spend in capex above <unk>. So this year I mean, I assume it's going to taper off by Q3, a little bit right, but maybe just on the actual cash basis, what you expect to spend in Q1, two three and maybe even four if you wanna be so kind.
Nathan Harte: Thanks Heiko, Nathan here. I can break it down a little bit. Obviously, we're almost all the way through Q1. So we spent a little bit of money, but again, nothing out of line with if you just move it across the year. We expect a lot of the development expenditures to be Q2 and Q3 close, and then in Q4, taper off a little bit, and then we'll be looking for the future for op-ex or operating costs. But quantifying Sure, sorry. So we did put out in our guidance, about five to $6 million total. And that's what we're sticking with.
Nathan Harte: Thanks, Heiko Nathan here.
Speaker Change: I can break it down a little bit, obviously, where almost all the way through Q1.
Speaker Change: So we spend a little bit of money, but again nothing out of line with if you just move it across the year.
Speaker Change: We expect a lot of the development expenditures to be Q2, and Q3 and then in Q4.
Speaker Change: Taper off a little bit and then we'll be looking for the future for our opex or operating costs.
Speaker Change: But quantifying it.
Speaker Change: Sure Alright, so we did put out in our guidance are about $5 million to $6 million total and that's what we're sticking with.
Heiko Ihle: So say Yeah, little light for q1 and then q2 and q3 will be heavier and then tapering off again. Okay, so call it 1-2-2-1. Sure. Okay, cool. You processed 100 and almost 182,000 tons in the quarter. Highest throughput you ever had. Very fancy headlines.
Speaker Change: So let's say.
Speaker Change: Yes, Little light for Q1, and then Q2 and Q3 will be heavier and then tapering off at the end of the year.
Speaker Change: So call it one two to one.
Speaker Change: Sure.
Speaker Change: Okay cool.
Speaker Change: The new process 100, and almost 182000 tons in the quarter, our highest throughput you've ever had.
Speaker Change: Since the headlines.
Heiko Ihle: Can you provide some color on what bottlenecks, if any, you're starting to see at the plant? And I should know this, but I don't.
Speaker Change: Can you provide some color on what bottlenecks, if any you're starting to see the appliance and I should know this but I Don can you expand the appliance from here with all the additional permits was obviously you've all Chris you also start to kick in as well.
Heiko Ihle: Can you expand the plant from here without additional permits? Because obviously, you know, Preciosa is going to start to kick in as well.
Peter Latta: Yeah, Peter here, Heiko. Thanks for the question. As far as bottlenecks, we're seeing now we're getting pretty close to the maximum throughput of the mill now. And keeping in mind, you know, why this this process took a little bit of time is this, you know, last year was the first year we ran full ET material, which is a little bit coarser and a little bit more abrasive. So it took us a little while to get our operating practices to the point where we can get the mill on plane. And that's really what we showed in 2024 is that we were able to understand the maintenance practices and the upgrades needed to get to that kind of main plate 2500 ton per day capacity, which we're getting very, very close to.
Peter: Yeah, Peter here hydro thanks for the question.
Peter: As far as bottlenecks, we're seeing now we're getting pretty close to that maximum throughput of the mill now and keeping in mind.
Peter: While this process took a little bit of time is this your last year was the first year, where we ran full ETE material, which is a little bit coarser and a little bit more abrasive. So it took us a little while to get our operating practices to the point, where we can get the Milan plane and that's really what we showed in 2024 is that we were able to understand that the maintenance practices.
Peter: The upgrades needed to to get to that kind of nameplate 2500 tonne per day capacity.
Peter: Which we're we're getting very very close to them. So.
Peter Latta: So with regards to expanding the plant, we don't need any permit, but we will need another, you know, a few pieces of equipment in order to add an additional fifth circuit. And you know, that's experience that we've done. But in the past, obviously, you know, you're familiar with adding circuit four, and circuit three before that. So that's something we could entertain.
Peter: So.
Peter: With regards to <unk>.
Peter: Expanding the plant, we don't need any permit but we will need another you know a few pieces of equipment in order to add an additional fifth circuit and.
Peter: That's experienced that we've done in the past, obviously, you're familiar with adding circuit for in circuit three before that so thats something we could entertain certainly.
Peter Latta: Okay, so this is, I don't want to say rubber stamp, but this is easy to do. Say that again. So getting an additional circuit would be easy to do if need be. It would be straightforward to do it as a practice that we've done in the past, yes.
Speaker Change: Okay. So this is a I don't want say rubber stamp, but this is easy to do.
Peter: Is it again.
Peter: So that's also getting getting additional circuit would be it would be easy to do if need be.
Peter: It will be straightforward to do it as a practice that we've done in the past yes.
Heiko Ihle: Well, perfect. I'll get back to you. Thank you.
Perfect I'll get back in queue.
Peter: Thanks, Michael Thank you.
Jacob Sekelsky: Your next question is coming from Jake Sekelsky from Alliance Global Partners. Your line is live. Hey, David, Nathan. Thanks for taking my question. Nathan, you touched on the decline in costs in Q4, which is good to see.
Speaker Change: Thank you. Your next question is coming from Jr. Koski from Alliance Global Partners. Your line is live.
Jr. Koski: Hey, David Nathan and thanks for taking my questions.
Speaker Change: Thank you.
Speaker Change: Nathan you touched on the declining costs in Q4, which is good to see.
Nathan Harte: I'm just curious, are these levels that we should expect to see in 2025, you know, on the back of a weaker pace, or do you feel there might be some more low-hanging fruit on the cost side to capitalize on? Yeah, it's a fair question. So on the tonnage side, the cost per ton side, we expect it to be fairly level, obviously, we've taken a risk reduction approach by hedging, compared to the Mexican peso from the US dollar, given some of the uncertainty. On a cost per ounce side, I mean, that is partially driven by mill feed and grade and the recoveries we get.
Speaker Change: Just curious are these levels that we should expect to see in 2025 on the back of a weaker peso or do you feel there might be some more low hanging fruit.
Speaker Change: On the cost side to capitalize on them.
Speaker Change: Yes, it's a fair question so on the tonnage side the cost per ton side I would expect it to be fairly level, obviously be taken and are taking a risk reduction approach by hedging again compared to the Mexican peso dollar given some of the uncertainty I'm on a cost per ounce side I mean that is partially driven by mail.
Speaker Change: Oh, no feed in grade and recoveries, we get so it's hard to say, 100%, but we expect to be somewhat similar to potentially a little bit lower from where our yearly all in cost numbers were so we were right around 2020 and a half on the year. The goal is to be around that same level, if not lower but the goal is about the same level.
Nathan Harte: So it's hard to say 100%. But we expect to be similar, you know, similar to potentially a little bit lower from where our yearly all in cost numbers were. So we were right around 20, 20 and a half on the year, the goal is to be around that same level, if not lower, but the goal is about Okay, that's helpful.
Speaker Change: Okay. That's helpful.
Nathan Harte: And then just back to La Preciosa, you have to provide a bit more color on the cadence of the ramp up there, you know, the delivery of fresh ore to the mill, do you think we'll start to see those benefits in Q4? Do you think it's more of a Q1-26 type of event? Yeah, fair question. I think we are on track with you know, the guidance we put out which did include some material from La Preciosa. We were hoping to start blasting very soon. And obviously all the operating permits, as we've already announced are in place.
Speaker Change: And then just back of our press Tls.
Speaker Change: You provide a bit more color on the cadence of the ramp up there on the delivery of fresh ore.
Speaker Change: So the mill do you think we'll start to see those benefits in Q4 or do you think it's more of a Q1 'twenty.
Speaker Change: 26 type event.
Speaker Change: Yes Fair question I think we.
Speaker Change: We are on track with the guidance, we put out when you did include some material from a personnel side.
Speaker Change:
We were hoping to start blasting very soon and obviously all the operating permits as we've already announced or in place. So I think we're looking at Q4 more so where it was before any tonnage would potentially hit the mill.
Nathan Harte: So I think we're looking at Q4 more so where before any tonnage would potentially hit the mill. But again, we are taking a conservative approach and it's possible that Yeah. stockpile for a little bit to make sure we can run at full capacity in the smaller circuits and then start processing later in the year or even potentially in Q1 of 26 but the goal is for later Understood.
Speaker Change: But again, we are taking a conservative approach and it is possible that.
Speaker Change: We do stockpile for a little bit to make sure. We can run at full capacity in the smaller circuits and then start processing later in the year or even potentially in Q1 of 'twenty six but the goal is for later in Q4.
Speaker Change: Understood. Okay. That's all from me congrats again on the quarter.
Jacob Sekelsky: Okay, that's all for me. Congrats again on the quarter. Thanks, Jake.
JJ: Thanks JJ.
Speaker Change: Yes.
Joseph Reagor: Thank you. Your next question is coming from Joseph Reagor from Roth Capital Partners. Your line is live. Hey guys, can you hear me all right? Hey, Joe, we hear you. Hey, Joe.
Speaker Change: Thank you. Your next question is coming from Joseph Reagor from Roth Capital Partners. Your line is live.
Joseph Reagor: Hey, guys can you hear me alright.
Speaker Change: Hey, Joe Hey, Joe.
Joseph Reagor: Okay, um, so kind of just following on what Jake was just asking. So, um, are you guys planning to do like a PEA or a resource update on La Preciosa that's kind of a more accurate view of how you guys plan to mine it because like the old resource is kind of more of like bulk tonnage. Resource. Yeah, no, very fair question, Joe. We will be doing a resource update that will go out next year. So there'll be a cut off later this year.
Speaker Change: Okay.
Speaker Change: So kind of just following on with Jake was just asking so.
Speaker Change: Are you guys planning to do like a PPA or a resource update on la <unk>. So that's kind of a more accurate view of how you guys plan to mine it because it's like the old resources kind of more of a bulk tonnage.
Speaker Change: Resource.
Joseph Reagor: Yeah, No very fair question Joe.
Joseph Reagor: We'll be doing a resource update that will go out next year, so there'll be a cut off later this year.
Joseph Reagor: And we're looking at all options here to look at how we would justify some of the Okay, and then As far as reporting goes, would you guys treat this kind of like you used to treat San Gonzalo where we'll get it broken out as essentially like a separate mine, even though it's being processed at one mil?
Joseph Reagor: And we are looking at all options here to look at how we would justify some of the economics.
Joseph Reagor: Okay and then.
Speaker Change: As far as reporting goes would you guys treat this kind of like you used to treat San Gonzalo where we'll get it broken out is essentially like a separate mine, even though it's being processed at one mill.
Joseph Reagor: Hey, Joe, Nathan here. So that's correct. Yeah, it's, I mean, obviously, it's a separate, you know, it's, we're treating it a bit like a satellite deposit, but it will be a separate operation with separate financial Okay, and then on that basis, what do you think the tonnage will be on and kind of an annual basis that you guys have as a goal to process from there? Are you referring to this year or future years? Future, like once you get it ramped up. Um, I think, yeah, so this year, obviously, it's it's all wrap up, I think 2026, we're hoping for close to four to 500 tons per day.
Speaker Change: Hey, Joe Nathan here. So that's correct, yeah, I mean I'd have to take the separate we're trading at a bit like a satellite deposit, but it will be a separate operation with separate financial and operating metrics.
Speaker Change: Okay.
Speaker Change: And then on that basis, what do you think the tonnage will be on a kind of on an annual basis that you guys have the goal of the process from there.
Speaker Change: Are you, referring to this year or future years.
Speaker Change: Puget like once you get it ramped up.
Speaker Change: Yes. So this year, obviously its not yes. Its all wrap up I think 2026, we're hoping for close to 4% to 500 tons per day and long term I mean.
Joseph Reagor: And long term, I mean, Based on the current permit, we can go quite high, but I think we're targeting about I think 1500 and there's options to increase that depending on what we do with Mars.
Speaker Change: Based on the current permit we can go quite high but I think we're targeting about I think 5100, and there is options to increase that depending on what we do with Martha.
Joseph Reagor: Sorry, that's the marketing.
Speaker Change: Martha.
Speaker Change: Okay Alright.
Joseph Reagor: All right, that's helpful, guys. Thanks.
Alright, that's helpful guys. Thanks, I'll turn it over.
Joseph Reagor: I'll turn it over. Thank you.
Speaker Change: Thanks, Joe.
Jennifer North: Thank you once again, everyone. If you have any questions or comments. Please press star then one on your phone.
Operator: Once again, everyone, if you have any questions or comments, please press star then one on your phone.
John Tunazos: Your next question is coming from John Tunazos from John Tunazos Very Independent. Your line is live. Hello, David.
Speaker Change: Your next question is coming from John Tumazos from John Tumazos very independent your line is live.
Jennifer North: Okay.
Speaker Change: Hello, David.
John Tunazos: Could you give us a flavor? of the conditions on the ground. socially in the neighborhood of your mines and mills. given the closing of the U.S. border. and I guess. the off-the-books revenues from human trafficking or narcotics, etc. or less. and the on-the-books revenues from auto and other legitimate exports. are challenging.
Jennifer North: Could you give us a flavor.
Jennifer North: Of the conditions on the ground.
Jennifer North: Socially in the neighborhood of your mines and mills.
Jennifer North: Given the closing of our U S border.
And I guess.
Jennifer North: So off the books, you know revenues from human trafficking or narcotics etcetera or loss.
Jennifer North: On the books revenues from auto and other legitimate exports.
Jennifer North: Challenging.
David Wolfin: So I just wonder what those people do if they stop being coyotes, etc. Are they going to be miners or are they going to be? Active and illicit activities, some other thing, and is there any visible change to the neighborhood? No, we employ 450 people directly. We impact probably three times that in the local communities. When we go to the mine site, the parking lots full of cars with license plates from the US, so they're all coming back home to work for us because we pay a good dollar rate there. And as Jen had mentioned earlier, we do a lot in the communities.
So I just wonder what those people do.
If they stop being coyotes, etc.
Jennifer North: Are they going to be miners are they can be.
Jennifer North: Active in illicit activities or some other thing.
Jennifer North: Is there any visible change to the neighborhood.
Speaker Change: No we employed 450 people directly.
Jennifer North: And we impact.
Jennifer North: Probably three times that in local communities.
Jennifer North: When we go to the mine site.
Jennifer North: Lots of cars would license plates from the U S. So they are all coming back home to work for us because we pay a good dollar rate there.
Jennifer North: And as Jeff had mentioned earlier, we do a lot in the communities we handout.
David Wolfin: We hand out Galaxy tablets and televisions at the schools, and we do a lot for the community.
Jennifer North: Galaxy tablet and television the schools and we do a lot for the community and Theres going to be a sustainability report that comes out here.
David Wolfin: And there's going to be a sustainability report that comes out here very soon, which will lay out a lot of that information. We're nowhere near the border, so we're in the state of Durango. It's a safe place. There's no human trafficking or anything like that that I'm aware of going on in our jurisdiction. It's just the farming and cattle ranching communities. It's a safe jurisdiction. Yeah, and yeah, like 11 hours away from the border. So it's a long way away from the border.
Jennifer North: Here very soon which will lay out a lot of that information.
Jennifer North: We're nowhere near the border. So we're in the state of Durango to safe place.
Jennifer North: There is no human trafficking or anything like that that I'm aware of are going on in our jurisdiction in the farming and cattle ranching community safe jurisdiction.
Jennifer North:
Speaker Change: Yeah, Yeah. It was like 11 hours away from the border. So it's a long way away from Nevada.
John Tunazos: You mentioned hedging the peso in your presentation. Given the GDP impacts to Mexico from closing the border. It's very possible the peso could weaken a lot.
Speaker Change: You mentioned hedging the peso in your presentation.
Speaker Change: Do you live and they are.
Speaker Change: GDP impact to Mexico from closing the border.
Speaker Change: It's very possible as the peso could weaken a lot.
Nathan Harte: Could you elaborate on the amount of hedging you have, et cetera? Sure, John. Nathan here. So we had, knowing what our budget rate is, and knowing that we want to beat that for 2025, understanding that it could go weaker, it could go stronger.
Speaker Change: Could you elaborate on the amount of hedging you have etcetera.
Nathan Harte: Sure John Nathan here.
Nathan Harte: But we hadn't knowing what our budget radios and knowing that we want to beat that for 2025 understanding that it could go weaker it could go stronger.
Nathan Harte: Largely depend on what the U S government decides to do.
Nathan Harte: is Presenter. What percent hedged are you for this year? What percent hedge? on our OpEx. I mean, we can we can take this call offline if you prefer, but nowhere, nowhere near 50%. Thank you very Thank you. Thank you.
Nathan Harte: Having said that all of our contracts are in place to basically.
Nathan Harte: Provide us with a lot of upside.
Nathan Harte: And just limit any downside exposure, so I won't get into too much of the details on each individual contract, but there are a lot of it allows for a lot of upside and to follow with the spot market if needed.
Speaker Change: But generally what percent hedged are you for this year.
Speaker Change: What percent hedged.
Speaker Change:
Speaker Change: On our Opex I mean, we can we can take this offline if you prefer but nowhere nowhere near 50%.
Speaker Change: Thank you very much.
Speaker Change: Thank you.
Speaker Change: Thank you that concludes our Q&A session I will now hand, the conference back to David Wilson, President and CEO for closing remarks. Please go ahead.
Operator: That concludes our Q&A session.
David Wolfin: I'll now hand the conference back to David Wolfin, President and CEO, for closing remarks. Please go ahead. Thank you all for joining us today.
Speaker Change: Thank you all for joining US today. This is a very exciting time for the company with the high metal prices New mine being developed.
David Wolfin: This is a very exciting time for the company with the high metal prices, new mine being developed. We appreciate your patience in getting to this point and look forward to delivering on our five-year growth plan.
Speaker Change: We appreciate your patience in getting to the point to this point and look forward to delivering on our five year growth plan. Thanks, again and have a great day.
Operator: Thanks again and have a great day. Thank you, everyone.
Speaker Change: Thank you everyone. This concludes today's event you may disconnect at this time and have a wonderful day. Thank you for your participation.
Operator: This concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.