Q2 2025 Compañía de Minas Buenaventura SAA Earnings Call
Good morning ladies and gentlemen, welcome to the companya, dimes buenta second quarter 2025 earnings results conference call. At this time, all participants are in a listen-only mode and please note that this call is being recorded.
Speaker Change: I would now like to introduce your host, for today's call Mr. Sebastian, Valencia head of investor relations Mr. Valencia, you may begin
Speaker Change: with and thank you for joining us.
Speaker Change: Today we discuss our second quarter 2025 results. Today's discussion will be led by Mr. Leandro Garcia chief executive officer.
Speaker Change: Also, joining our call today and available for your questions. Are Mr. Daniel Dominguez Chief Financial Officer, Mr. Juan Carlos Ortiz, Vice President of Operations, Mr. Aldo Masa vice president of Business Development, and Commercial Mr. Alejandra Arosa. Vice president of sustainability vice president of projects. This is Vice President of geology and Explorations and Mr. As director.
Speaker Change: Before I hand the call over, let me second touch on a few items website. You will find our pre-release that was posted yesterday after the market close.
Speaker Change: Please note that today's remarks include 4. We are looking at statements that are based on management, current views and assumptions. While management believes that its assumptions, expectations and projections are reasonable in view of the currently available information.
Speaker Change: Your question, not to place on your Reliance on this for a looking statements. I encourage you to read the full disclosure concerning the forward-looking statements within the earnings results. Press release issue on July 2425.
Speaker Change: Let me now turn the call over to Mr. Leandro Garcia.
Leandro Garcia: Thank you, Sebastian.
Leandro Garcia: Good morning to all and thank you for joining us today to discuss the quarterly results of the company.
On a slide 2 is our cautionary statement. Important information that I encourage you to read
Leandro Garcia: Today, we will be discussing our performance for the second quarter of 2025, highlighting key achievements. And the strategies moving forward, after the presentation, we will be able for our Q&A session where our team will be happy and eager to answer your questions.
Leandro Garcia: Continue with the next slide, please, I will like to highlight a few key areas that contribute to our strong second quarter 2025 results.
Leandro Garcia: Our Aveda in the second quarter, 2025 from the direct operations was 130 million compared to 107 million reported in the second quarter of 2024.
Our net income in the second quarter of 2025 was 91 million compared to the 71 million. In the dendi, come in, in 20, in the second quarter of 2024
Leandro Garcia: In the second quarter of 2025 silver production. Reached 3.6 million Oz, 11% lower compared to the 4 million Oz produced, during the same period in last year, mainly due to lower production, at junk some mayo, and we can
Leandro Garcia: Primarily you to hold the operations at the local in the second quarter of 2024. And was it was related to the impact on copper ore processing During the period.
Leandro Garcia: Gold production was 27,345 Oz compared to 33,818.
Leandro Garcia: 819 Oz produces in the second quarter of 2024, primarily due to decreased production, at tumble mayo, and Orco Pampa and partially offset by The increased production at lassana and l-rd,
In the second quarter, 2025 initiate the sale of part of the CES copper concentrate, approximately 20,000 m m tons.
Mr. Tons has been sold by the quarters and
Leandro Garcia: Out of a total of approximately 40,000 metric, tons. Expected for the full year 2025.
Leandro Garcia: Announced a new division distribution of 59 million dollars on July 24th corresponding to be when Aventuras equity share.
Leandro Garcia: These dividends will be distributed in August resulting, in a total of 108 million.
The total capex for the quarter amounted to 107 million with 82 million allocated to the San Gabriel project.
Leandro Garcia: The second quarter ended with a cash position of 589 million, and a total debt of 860 million resulting in a leverage ratio of 0.56 times.
Leandro Garcia: Finally, on July 23rd. When Aventura redeemed, the remaining 149 million of its 2026 Bond.
Leandro Garcia: Moving on to our cost structure in a slight 4, the oil in sustaining cost Express in terms of copper, for the second quarter of 2025 increased by 63% compared to the same period in the previous year. It is important to highlight that year-over-year increase in all sustaining cost was primarily driven by lower buy products credits.
Leandro Garcia: moving on to the cost applicable to sales Trend as you can see, copper
Leandro Garcia: Cash increased mainly due to a slightly lower grades silver, cash increase in line with the expectations due to lower production that we can, it compared to the previous year.
Leandro Garcia: Gold cache has increased primarily driven by lower volumes and rates at the moment and or compound.
Leandro Garcia: On the next slide, we will present the free cash flow generation. The second quarter 2025 cash position decreased. During the quarter, mainly driven by net cash, outflows from investing activities and dividends paid to our shareholders.
Leandro Garcia: The 49 million in dividends received from. So are reflected in the operating cash flow. This dividend was received in April
Leandro Garcia: In addition to these drivers, the Vida.
Leandro Garcia: To free cash flow reconciliation reflects. When Aventura significant capex Investments related to San Gabriel,
Leandro Garcia: Moving on to a slide 6.
Leandro Garcia: This is slide show San Gabriel cumulative, progress, reaching 88% overall complete completion, by the second quarter of 2025, primarily driven by finishing, the engineering and the procurement, as well as the construction as it as is at 86% of advanced.
Leandro Garcia: Second quarter, 2025 capex, related to San Gabriel was 82 million as of March 2025 San Gabriel. As of June. Sorry. 2025 San Andreas. Total capex, has reached 588 million
Leandro Garcia: we anticipate commencing the ramp up space in the third quarter of
Leandro Garcia: 2025.
Leandro Garcia: Followed by the production of the first gold bar in the fourth quarter of 2025. However, this Milestones remain subject to the timely approval, to the necessary permits.
Leandro Garcia: 98%.
Leandro Garcia: Moving on, we can see the progress of the main components of the plan.
Leandro Garcia: Moving on to a slide 9, we are showing the progress at the filter tailings plant that currently is at 87%.
Leandro Garcia: To conclude the presentation. I will like to share a few final thoughts.
Leandro Garcia: First, we are committed to our strategy.
A stable and continuous production of our flagships. We are making progress with the optimization efforts to increase throughput and our continuously evaluating our operating portfolio.
Leandro Garcia: Exploration.
Leandro Garcia: Is part of our DNA, we are fully committed to extending the life of 9 of our assets. Through continuous exploration, effort, third, we maintain our financial stability, consistent with our commitment to the market. We redeem, the remaining 2026 notes.
And finally sang a video project achieved at 88% overall progress.
Meeting our plan targets, we remain on a scheduled to deliver. Our first gold bar by the 4 quarter of 2025.
Leandro Garcia: Thank you for your attention, and I will hand the call back to the operator, to open the line for questions. Operator, please go ahead.
Leandro Garcia: Thank you.
Leandro Garcia: We will now begin the question and answer session to ask a question, dial in by phone and press star. Then 1 on your telephone keypad,
Leandro Garcia: Make sure your mute function is turned off and if you are using a speaker-phone please pick up your handset before pressing the keys to withdraw your question. Please press star then 2
Speaker Change: in the first question comes from the line of Carlos de Alba with Morgan Stanley. Please go ahead.
Speaker Change: Yeah, good morning everyone. Thank you very much. Um, a few questions on San Gabriel. First, 1 is, can you provide a little bit more color on the pending permits? Um, and and where are you in the process? I mean, do, do, do we already in the third quarter? Uh, do you have, you have any conversations with the authorities? Do you believe, you're going to get them on time to have the first bar produced in the fourth quarter? So yeah, more details would would, uh, would really help. Um, the second point on on question. I, uh, on S is just on capex. How, how much more investment is required? Uh, in in the second half of 2025. And what is the expected if any disbursement in 2026? And then finally, uh, can you comment, uh, on, uh, on the pace of the expect?
Speaker Change: The ramp up uh, with with first metal hopefully being produced in. Um,
Speaker Change: In the fourth quarter. When do you expect to get to to uh full capacity? Thank you.
Speaker Change: Thank you, Carlos. Thank you for your, for your questions. Um, for for the first, the question. Um,
asking for, for your, your question asking for, for repair meets we actually have invited the authorities to visit the plant in around September. We are, um, going in advance with this, uh, because there there is only a very simple. Um, permit that is a actual um,
Speaker Change: Um, um, permit to, to begin to begin the, the the the the the the throughput, the the the the the the the the production there. Uh, we don't foresee a greater risk in that permit. Uh, we have to consider that in, for the countries. The the, the, the, the only project that is going to be, uh, beginning production, it will be inaugurated in this year. And, and, and I, I think it is important to show that, uh, good news for, for the Gods in terms of capex, maybe. Um,
Speaker Change: It's the total capex. We still in the in in the same level we we announced in the in our last uh conference. Uh we have not increased any any additional capex. It will end around 720 and 750 million and uh, maybe Daniel will give you more color on that. And finally the ramp up the ramp up, will take all the 2026 and we should stabilize after the ramp up in in the production, we have
Speaker Change: That will be 100. We're doing 100,000 ounces and 120 Oz, I don't know. Daniel, if you, you you can take the, the answer, use the answer. Thank you, Carlos. Basically, the, the total amount of, of, of the capex for sauna, real will be in the order of 720 to 750. And we have already disbursed, uh, close to 600 million, uh, as of June 2025. So, what we expect is to disburse between 1:30 and 1, 6 0.
Speaker Change: Maybe thank you from Carlos Ortiz. Can can give us a more more call or more ideas around uh, about the the ramp up that you ask Carlos
Hi Carlos. Yes we we are planning the detail run path in connection with the mind. The processing plant and the
Carlos Ortiz: Dry stacking facility for holding details. The mind is running. Okay, we have most of the equipment on the Underground of our mind already in Peru, we have 2 out of 4 fleets already delivered to to the site.
Will complete the fleet by April by November. So, we are okay with the production and mind development. The processing plan is progressing. You see, in the later presentation, how is everything progressing? But in October, we, we will start the wet commission with slurry. So it's, uh, it's part of the process. And in network project, we'll need to to pass these steps. So, um, we don't anticipate any major problems, but no more than the usual ones to run a new facility of this, uh, process kind of processing. Um, next year, uh, after the dry, the wet season.
Carlos Ortiz: In Peru, the wet season between January, to March April. We will insert the activity of
Carlos Ortiz: filtering and drying the tailings and placing these tailings in in in horizontal layers inside the
Carlos Ortiz: Tailoring. Reservoir the dry stacking. Probably that's the activity that we will need to put a lot of emphasis because uh it's it's obviously new for S. Gabriel. It took a while to few months to fight you this process in tamboo, so probably we need to be more cautious and more.
Carlos Ortiz: oh, sorry about this about the month of
Carlos Ortiz: T that we can dry and compact in the dry sting facility, particularly, because it's a, it's a b shape Valley. We need to start from the bottom of the valley. So the area the available area at the bottom is smaller, so it's going to be tricky to start ramping up production at the bottom of the, of the valley. So, uh, we are taking care of the commissioning and the detail for the initial ramp up of San, Gabriel operation.
Speaker Change: Uh, thank you, just 1 1 follow up, maybe on that when have you started mining, uh, already, when do you expect to start mining? Would you accumulate some some inventories ahead of starting the plant?
Speaker Change: Yeah, we already have around 100,000 tons of ore in the surface of about 3 grams. That would be the first material to be fed into the processing plant for the commissioning wet commissioning process. We already have in the area of 100,000 tons of ore in surface right next to the processing plant.
Speaker Change: All right. Thank you.
Speaker Change: Again, if you have a question, please press star and then 1.
Speaker Change: And your next question today will come from Cesar Perez. Novo with btg pactual. Please go ahead.
Yes. Uh,
César Pérez: Concentrating. And if that is improving the overall for, for your entire copper baskets, uh, those would be my my, my questions. Thank you.
Thank you. Thank you very much for for your questions. Uh, well, the the, the, the answer for for taquan broke out can be given by by Juan Karlos and the part of the commercialization of the the concentrates, uh, maybe Alo can can give us more color. Please Juan Carlos.
Juan Carlos: Sure, uh, regarding YouTube Chaka, we mentioned in the comments of, would you choose in the quarter? We detect, we have a monitoring system for size big events in the mind. So we detect some seasonic activity near our. Uh,
César Pérez: Food operation area at the bottom of the m.
So we we will be cautious about that. So we took all the people out of the area, we bring a a consultant people on board to to analyze all the data and they recommend to do some additional backfilling particularly with uh with wet days and Celerity days but
César Pérez: So we're bringing all the pipelines, extend the network of pipeline to bring the wet tailings down to the bottom of the mine that will be done in this quarter and the third quarter. And we will monitor what this effect of this back ceiling in that area. By the 4 quarter. Is everything is stable. We will resume mining in the bottom part of the Mine by the 4 quarter.
It's important to mention that the bottom part of the mine only contribute with around 20% of the total contribution total production of Chaka.
César Pérez: So it's a it's a not a very sensitive area, it's a high grade but it's kind of a a small in proportion to the rest of the mind, we will continue ramping up production in other areas of Choppa. So we expect to reach 2,000, tons per day, throughput by the end of the year. We right now we are close to 1700
César Pérez: Tons per day in doing that moving from 1700 to 2,000 tons per day. We expect to keep reducing cost operating costs in the area of 10%.
César Pérez: No idea of the year and this
César Pérez: Ramp up, will continue in 2026. So the idea is to get closer to 25, 3,000 tons per day,
So that's that's pretty much the strategy in chakwa regarding ELO.
César Pérez: We mine a slightly higher grades, in the second quarter, we will continue to do that in the third and fourth quarter. But still in the order of 1.5% copper that's going to be our Target copper production. But 1 week, we are doing right now is trying to give you a higher priority to the mining blocks for the areas with high gold and silver content.
César Pérez: So we are shifting a little bit more uh pressure on developing the blocks that have 1.45% copper, but at the same time, have higher gold and silver production that will continue also for the rest of the year. That's that's pretty much what the what the strategy for broke out.
César Pérez: okay, I I want to assume that if you
Speaker Change: sorry, go ahead.
Speaker Change: No, no. I I I'm going to ask the, the, the part of the concentrate of of S. As as as we have announced, okay? We start the conversation of 40,000, tons of uh,
Corporate concentrates of several. And so, you know, the, the market is very tight for this kind of material. It's a very clean concentrate and of course
Speaker Change: For us. It's a leverage to sell this concentrate with the other materials of when I went to that.
Speaker Change: We already have received some improved terms uh into some of our concentrates and and it is to to keep selling those those concentrated during the next years in order to have better terms for our own material.
Speaker Change: All right. Thank thank you very much for for, for, for the statement. And, and just just coming back. If you're, if you're, if you're tapping 1.45%, great and in, in Copper, and you're also maximizing the, the the gold and silver contact at at at. I would assume that this is going to to positively impact costs for for, for the for, for the second half of of the Year. Am I, am I making the the the correct assumption here?
The calls remaining calls of copper will be diluted or reduced. Yes, we agree on that. We I don't have a particular number. What Target, which could be, but uh, as a general concept, it will be positively positively impacting, the cost on a copper basis.
All right. Thank you very much for the detailed. Uh, uh, explanations uh gentlemen. Thank you. Thank you.
Speaker Change: You're welcome. And your next question. Today will come from Tanya Jacobs connect with Scotia Bank. Please go ahead.
Tanya Jacobs: Oh great. Good morning everybody. And thank you so much for taking my 3 questions.
Tanya Jacobs: so, my first question is on Sierra Verde,
Tanya Jacobs: So I'm just trying to understand. Daniel, maybe you can help me on this 1. Um, this copper concentrate that you are purchasing which is above and beyond the production that you get from um Cerro Verde.
Tanya Jacobs: Um, how should I be thinking about this? Should I just be putting, you know, 20, uh, 20,000 tons, um, through your Revenue line for the second half of the year?
Tanya Jacobs: Adjusted for treatment charges. Is that how I should be thinking about it? I just don't know how I should be modeling this.
Tanya Jacobs: sort of new it's not production but you know this this material
Yeah.
Tanya Jacobs: Yes. Hi. Thank you for, for attending our, uh, our conference. And for your question. Um, this uh, copper. Uh, of s. It's a back to back almost. We we, I do. Maybe we can. You can help us with with the, the color of this? Yes. Tanya. We, we already have, uh, sold 20,000 tons of, uh,
Tanya Jacobs: Dry metric tons of of corporate content in the first half. And our idea is to sell 20,000, tons more in the second half we bought from from from 3 ports and rode at Benchmark. And the idea is to have uh, some margins when we sell into the market into the sport Market but talking about prices, uh, and QP and we are selling back to back. We don't have any any issues or or on any risks in in our cell to, to the final, uh, concern consumer.
The, the margin we can expect for, for this tonnage, it's around 2.4 2.6 million this, give us a volume sales, but it's not a, a, a, a big margin. You can you, you, you can model with 1.2 million dollars, each 10,000 tons approximately.
Tanya Jacobs: Finally, at Tanya, if I may add Tanya the, the sales of this concentrates, go to to our revenues uh, line and the purchase goes to the cost of sales. Of course, the sales have this margin, uh, of in this case was 1.4 million, we expect something like that for the second half of the year as well. No, this margin will be, uh, seen at the uh, sales level at the revenue level.
Okay, I got that. And and and should I just be thinking? I mean, I know this is I I I don't know how to model like for 2025 is, okay, but is this a process that you're going to be continuing? Should I be thinking that this continues into 2026 as well?
We already have a contract for the next 2 years until the year 2027 but we have to wait a little bit. How will be the market for the next years. This year, the the difference between the The Benchmark and the sport was very high. We are not sure how how how big will be that the next 2 years.
Of course, the idea is that that that we will have a margin, but we are not sure.
Okay.
Speaker Change: Okay, no, that's helpful. Thank you so much. And then this, my second question is understanding. Trapiche we haven't heard about this 1 for a while.
Speaker Change: I'm I I know that we were waiting for environmental permits in the second half of 25 and we were targeting at feasibility study for Mid. 26 can you review with me the timing of some of these parameters and what exactly is happening at the FASA
Speaker Change: Questions, additional questions. We have received from the authorities for the environmental study impact and actually the feasibility study will be finished in the
Speaker Change: third quarter, half of the 2026 maybe Alejandro can can give us more color about the the the permitting and and Reno for the feasibility, please go ahead.
Speaker Change: Uh, yes Leandro. Yeah, you mentioned the uh, environmental impact study. It's it's coming on track. You mentioned, we are solving the final observations and we're still on target to having this approved. Uh, by the end of the year, we should not have a any delays on on that. That's in terms of the permission. Of course, we're also working on the uh uh the continuation of any other exploration activities, uh environmental permits related with that.
Okay. Yes, and in regards to the with the the feasibility study. We just finished, unloading the last
Speaker Change: The, the last 10, columns, let's remember that. This is a, this is a secondary source is leaking product process, so it takes like 180 to 200 days.
Speaker Change: So we are currently processing that information and updating our our geochemical models to to, to have more clarity into asset consumption before starting to close to close the study, the the designs, the visibility of the science. And then start proceeding with the with the study estimates about how much can this cost to build and operate?
Okay.
All right, and then we'll, we'll I know.
The feasibility, Q3 of 26 and and and obviously you will file that to the market. So we can see this feasibility study.
Speaker Change: yes, we
we the the the previous visibility studies in the market. So as soon as we update the, as soon as we reach visibility level, we will be updating in advance.
Okay, perfect. We look forward to getting that next year and then my final question, of course is on Sabre.
Speaker Change: Um, so thank you so much and I'm looking at your timeline on your slide 6. I see that. You still have the tailings to do the water dam filter plant. Yes, of course, power line connection. And
Obviously, the first gold, pour. So all of that from Q3 into Q4. I have a question for you. Um, number 1, I the stock pile we were supposed to reach 300,000 tons by October of 25. Um grading 4.5 to 5, is this still a Target because you just mentioned, you only have a 100 million tons. So sorry 100,000 tons.
Speaker Change: Is that still correct?
Speaker Change: yeah, well um this is there is a ramp up coming uh
Speaker Change: Uh, Juan Carlo can can give you more details about what we are thinking today?
Juan Carlo: Yeah, we have a 100,000 tons as of today. By the end of June, the target. We are reviewing that Target. We are developing the mind. We're putting more effort on driving, the tunnels like the Rams and the main galleries. Not necessarily investing too much money on on building up a large stock pile. We have the opportunity to do so but we are reviewing that in order to put more effort on, deepening down the Mind development instead of building a large.
Juan Carlo: Stockpile on Surface. So we have everything in place as I mentioned earlier in order to put more pressure and try to bring more or to the surface but uh we reviewed that number but it will going to be a smaller than that. And start with maybe uh 200,000 that order of magnitude that will be the equivalent of 2 months of stockpile.
In advance.
Juan Carlo: For starting the the running on a on a continuous B way the the processing plan. So 2 months of the stockpile is kind of a enough for a short stop filing of the early start of the commission process.
Juan Carlo: okay, and then
Can you remind me? Your definition of commercial production. Is it, you know 30 days at 60% of the milk capacity. What is your definition? So I understand how you're going to be able to do this quickly.
Yeah. Um we understand to that the the the the project is is finished when we were we are working uh 20 days continuously and we produce uh 2 or bars.
Juan Carlo: Okay. 2 gold bars.
Juan Carlo: Okay, so 2 gold bars. 20 days, continuous production? Okay. Mhm.
Juan Carlo: I don't know. Even so do you want to? Yeah, at at 65 capacity, which is I see people. Sorry, exactly. 65 capacity. Yes, okay. All right. And then so so that gets me, my my commercial production and then my understanding is that it's going to take you 1 year to ramp up a very small operation.
Juan Carlo: Can someone explain to me? Why it would take so long for such a small mind to ramp up?
Juan Carlo: no, during during 2026 know we,
Juan Carlo: Are we are not going to take 1 year know during 2026.
Okay. So how long will it take to get to steady state? So we pour the gold bars in Q4 in December. We're ramping up in 2026. When do we get to steady state?
Juan Carlo: Well, um,
Speaker Change: The daily lens, uh, playing the the, uh, the all the work that we have to make all with the tailings. Um, we have to, um, work on on, on having a process, a continuous process and we estimate maybe in the second half of 2026. We, we, we can reach the, the target of 3,000 tons per day. Uh, I don't know, maybe you, you, you can give us more detail. Yeah, there are 3 3, 3, main components of San Gabriel. The mine, the processing plant and the daily facility.
Leandro Garcia: So the ramp up for the mine and the ramp up from the processing plant. As philandro says is going to be achieved. Probably the first half of 2026. Uh the earlier the better. You know we're pushing to do it faster and the last component because they are in the series. The Last 1 is the compaction of the dry tailings in the dryer. Stacking facility.
The reservoir that we design and we build is um, is a valley that is in a V shape.
Leandro Garcia: So the bottom part of the valley is very narrow.
Leandro Garcia: So even if we have 3,000 tons per day in the mine and 3,000 tons per day processing capacity and the at the, at the plant,
Leandro Garcia: We need to place 3,000 tons per day at the bottom of the Valley and the areas are very limited in there. So it's kind of tricky at the beginning to place all the tailings at that rate in that narrow area.
Leandro Garcia: Whenever as long as you are placing tailings, the areas growing layer by layer is making every layer. You you place the area gets bigger because it's wider the valley. 105 M 15 M on top of the previous Orizon. So it's something that we are going to gain.
Leandro Garcia: Layer by layer.
Leandro Garcia: so, it's not, um,
A problem on the long term is this kind of the main restriction that we have on the shorter?
Leandro Garcia: Until the point that we have reached certain area in which we are, uh, we can install, uh, and place a dry tailings at the same rate of a mine and the processing plant.
Speaker Change: Mhm. Okay, so for some reason, I was under the impression. Some of those tailings were going back and underground as Pace fell
Leandro Garcia: Yeah.
Leandro Garcia: I guess that's not okay. It was an option in the past but because it's a tails with a smaller Sinai content, we believe it's not safe to bring that Tails back in the underground. Mind that has a slightly acidic water and my generator. Uh,
Speaker Change: Risk for the people working on the ground.
Speaker Change: Tailings. And once you get to a set certain height, right? I guess you know you've got to get through that very narrow area. You build it up to a certain height once it's a certain height it should be easier than for you to go.
Speaker Change: So, sometime in the second half.
Speaker Change: Right. We we we are going to be at steady state.
Speaker Change: Mhm, that's correct.
Speaker Change: Okay, thank you so much for taking my questions. Very interesting and look forward to seeing this line up and running.
Speaker Change: Thank you.
Speaker Change: Ladies and gentlemen with that, we will be concluding today. Audio question and answer session. I would like to turn the floor back over to Sebastian. Valencia head of investor relations for any webcast questions.
Speaker Change: Thank you very much.
Speaker Change: The first question.
Speaker Change: from from
Speaker Change: can you comment on the impact of the road locates in the mining knobs and particularly this operation?
Speaker Change: And regarding yesterday, the company announced at 300 million.
Do you have established the use of 2 of those proceeds?
Speaker Change: Thank you. Thank you, m.
Speaker Change: um, well we actually, we we we have no major problems in the stock, the, the blockage of of
Of roads in our in our operations. We have been working continuously and regarding the dividend. Well, it comes along with all the, all our our cash generation and and and and we should uh use this this resources for for continuous capex, investing in our Explorations and why not evaluate a possible uh, division for our shareholders?
Speaker Change: At this time, there are no further questions. I would like to turn the call over to the operator.
Speaker Change: Thank you.
Speaker Change: That concludes the question and answer session of today's conference call. I would like to turn it back over to management for any closing remarks.
Well, thank you. Thank you very much for, for the time and effort to the dedicated to joining us today. Your participation, your participation and your inputs are greatly appreciated. Thank you again and have a wonderful day. Thank you.
Speaker Change: Ladies and gentlemen, that concludes second quarter, 2025 earning results conference call. We would like to thank you again for your participation. You may now disconnect