Q1 2025 Calibre Mining Corp Earnings Call

Okay.

Speaker Change: Good day and welcome to the caliber mining Corp, Q1, 'twenty 'twenty five conference call.

Unknown Executive: Day, and welcome to the Calibre Mining. Foundation.

Unknown Executive: See you again at the 20 papel festival.

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Ryan King: I would now like to Bri song, bedtime back. Kelly All right. So, all right, go ahead, everybody.

Ryan King: I would now like to turn the conference over to Ryan King. Please go ahead.

Darren Hall: Thank you operator. Well, good morning, everyone. And thank you for taking the time to join the call this morning.

Ryan King: Thank you operator.

Ryan King: Hello, Good morning, everyone and thank you for taking the time to join the call. This morning before.

Darren Hall: Before we commence, I'd like to direct everyone to the forward looking statements on slide two. Our remarks and answers to your questions today may contain forward looking information about the company's future performance. Although management believes that our forward looking statements are based on fair and reasonable assumptions, actual results may turn out to be different from these forward looking statements.

Ryan King: Before we commence I'd like to direct everyone to the forward looking statements on slide two.

Ryan King: Our remarks and answers to your questions today may contain forward looking information about the companys future performance.

Ryan King: Although management believes that our forward looking statements are based on fair and reasonable assumptions actual results may turn out to be different from these forward looking statements.

Darren Hall: For a complete discussion of the risks, uncertainties and factors which may lead to actual operating and financial results being different from the estimates contained in our forward-looking statements, please refer to our first quarter and year-end MD&A and consolidated financial statements available on our website, as well as on CDAR Plus.

Ryan King: For a complete discussion of the risks uncertainties and factors, which may lead to actual operating and financial results being different from the estimates contained in our forward looking statements.

Ryan King: Refer to our first quarter and year end MD&A and consolidated financial statements available on our website as well as on SEDAR plus and finally, all figures are in U S dollars unless otherwise stated.

Darren Hall: And finally, all figures are in U.S. dollars, unless otherwise stated.

Darren Hall: Present today with me on the call are Darren Hall, President and Chief Executive Officer.

Present today with me on the call or Darren Hall, President and Chief Executive Officer.

Darren Hall: David Schumer, SVP and Chief Operating Officer, Daniella Dimitrov, SVP and Chief Financial Officer, and Tom Gallo, Senior Vice President, Growth. We will be providing comments on our first quarter 2025 production and cost results and an update on the Valentine Gold Mine, after which we will take questions.

Ryan King: David Schumer, SVP and Chief operating officer.

Speaker Change: Danielle the Dimitrov, SVP, and Chief Financial Officer, and Tom Gallo Senior Vice President growth.

Speaker Change: We will be providing comments on our first quarter 2025 production and cost results.

Speaker Change: And an update on the Valentine goldmine, after which we will take questions.

Darren Hall: The slide deck we will be referencing is available on our website at calibremining.com under the events section.

Speaker Change: The slide deck, we will be referencing is available on our website at caliber mining dot com under the events section you can also click on the webcast joined alive presentation.

Darren Hall: You can also click on the webcast to join the live presentation.

Darren Hall: And with that, I'll turn the call over to Darren. Thanks, Ryan. Moving to slide three.

Derek: With that I'll turn the call over to Derek.

Derek: Thanks, Ryan moving to slide three good morning, everyone and thank you for joining the call.

Darren Hall: Good morning, everyone, and thank you for joining the call. I'd like to thank our employees and business partners for their continued commitment to quality performance, which was demonstrated by another quarter with no significant community issues, no material environmental events. and a lost time injury frequency rate of less than 0.65 events per million exposure hours.

Derek: I'd like to thank our employees and business partners for their continued commitment to quality performance, which was demonstrated demonstrated by another quarter with no significant community issues.

Andrew: Serial environmental events Andrew.

Andrew: And our lost time injury frequency rate of less than six five events.

Andrew: Exposure right.

Darren Hall: Before getting into the quarter, I would like to thank Calibre shareholders for approving the merger with Equinox Gold. Through an enhanced scale, a diversified asset base and new high-quality Canadian production, this merger is well positioned to deliver greater value than either company could have achieved independently. I value the confidence you've placed in the team and we remain committed to operational excellence and execution as we take this next strategic step in value creation. Q1 marked a strong start to the year, delivering 71,000 ounces of gold at below-budget costs, positioning the company well to achieve the upper end of 2025 production guidance of 230 to 280,000 ounces before any production from Valentine.

Speaker Change: Before getting into the quarter I would like to thank elbit shareholders for approving the merger with equinox.

Speaker Change: So when it tends to scale, a diversified asset base and new high quality. Good idea production. This merger is well positioned to deliver great debate.

Speaker Change: Than either company could have achieved independently.

Speaker Change: By value the confidence you placed in the team and we remain committed to operational excellence and execution as we take this next strategic step in value creation.

Speaker Change: Q1 marked a strong start to the year delivering delivering 71000 ounces of gold at below budget costs positioning the company well to achieve the upper end of 2025 production guidance of 230 to 290000 ounces before any production from bell on spot.

Darren Hall: In addition to Libering Valentine, Atlantic Canada's largest gold mine, this year will be noteworthy. for Exploration with the 200,000-meter company-wide drilling program underway, the largest in Calabasas history.

Speaker Change: In addition to delivering Valentine Atlantic Canada's largest gold mine issue would be noteworthy.

Speaker Change: So exploration with a 200000 music company wide drilling program underway, the largest drinks calibers history.

Darren Hall: We're excited about. The recent discovery drilling at Ballantyne's Frank Zone and continued success at Le Monde's Vitem Corridor, which both have the potential to meaningfully increase mineral resources.

Speaker Change: We're excited about.

Speaker Change: The recent discovery drilling at peloton springtime and continued success at Lamons retail corridor, which both have the potential to meaningfully increase mineral resources.

Darren Hall: Moving to slide four, and Valentine. I appreciate the efforts and dedication of the entire team in responsibly progressing Ballantyne as it enters its final stages of construction.

Speaker Change: Moving to slide four and balance on <unk>.

Speaker Change: I appreciate the efforts and dedication of the entire chain from responsibly progressing belden.

Speaker Change: As it enters its final stages of construction.

Darren Hall: However, it hasn't been without challenges, with first gold now expected by the end of Q3. The delay was due to lower than planned productivity and minor scope growth, which has resulted in $110 million Canadian increase to the initial project capital since our October 2024 update of $744 million. Approximately 75% of the capital increase is attributable to the Scheduled Extension and 25% related to scope, growth and quantity. It is important to note that as of the end of April, Initial Project Capital remains fully funded with $280 million Canadian in cash and $101 million Canadian remaining to be incurred.

Speaker Change: However, it hasn't been without challenges with first goal now expected by the end of Q3.

Speaker Change: The delay was due to lower than planned productivity him on his script growth, which has resulted in a $110 million Canadian increase to the initial project capital since our October 2020, full update of 744 million.

Speaker Change: Approximately 75% of the capital increase is attributable to the schedule extension and 25% related to scope growth and quantity.

Speaker Change: It is important to note that is at the end of April initial project capital remains fully funded.

Speaker Change: With $290 million Canadian and catch.

Speaker Change: And $101 million Canadian remaining to be incurred.

Darren Hall: Accommodation of factors which can be simplified to lower-than-planned productivity is the reason for the delay and resulting increase. Firstly, approximately 75% of the increase is related to labour and indirect costs associated with performance of our two primary contractors resulting in schedule slip.

Speaker Change: A combination of factors, which can be simplified.

Speaker Change: To lower than planned productivity is the reason for the delay and resulting increase.

Speaker Change: Firstly, approximately 70% of the increase is related to labor and indirect costs associated with the performance of our two primary contractors, resulting in schedule slip.

Darren Hall: Our Commitment. 2. Our Provincial Benefits Agreement obligates a company to develop local partnerships and employ locally. While this has long-term benefits for the region and for Calibre as we move into operations, it has been problematic in completing specialised mechanical and electrical aspects of the build, which require specific skills for a relatively short duration. Our commitment to the Local Benefits Agreements and not firing off island required us to provide additional oversight and more critically training. This has been particularly evident where teams transitioned from what were traditional scopes, such as high-voltage power line work, to more complex industrial systems. This resulted in lower-than-planned productivity factors, and therefore increased numbers, which were not adequately reflected in our October estimates.

Speaker Change: Our commitment.

Speaker Change: Our provincial benefits agreements obligated the company to develop local partnerships unemployed locally Walter says long term benefits for the region and for caliber as we move into operations. It has been problematic and completing specialized mechanical and electrical aspects of the bill which requires specific skills for relatively.

Speaker Change: Short durations.

Speaker Change: Our commitment to the local benefits agreements and not barring a portland required us to provide additional oversight and more critically training.

Speaker Change: This has been particularly evident with teams transitioned from what were traditional scopes, such as high voltage power lines to more complex industrial systems.

Speaker Change: This resulted in lower than planned productivity factors, and therefore increase numbers, which were not adequately reflected in our network our restaurants.

Darren Hall: The balance of the increase relates to unidentified scope items and incomplete design packages. For example, scope growth occurred in small bore piping, electrical caving, and some instrumentation, all of which added time and cost.

Speaker Change: The balance of the increase relates to an identified scribe bottoms and incomplete design packages.

Scott Bruce: For example, Scott Bruce.

Scott Bruce: And small bore piping electrical craving and some instrumentation all of which added time and cost.

Darren Hall: However, without the productivity issues, I believe the scope changes would have been adequately covered within the previously allowed contingency.

Scott Bruce: However, without the productivity issue. So I believe the scope changes would have been adequately covered within the previous CLO contingency.

Scott Bruce: To ensure we deliver a Q3 commitments we have taken specific actions not the least of including.

Darren Hall: To ensure we deliver our Q3 commitments, we have taken specific actions, not the least of including... Productivity Factors. Revised Productivity Factors into the Schedule and Timing and Costs.

Scott Bruce: Productivity factors.

Scott Bruce: The revised productivity factors into the schedule and timing and costs, but importantly strengthened contract or I beside and embedded experienced personnel directly into critical scopes and increased capacity within our industry, including the addition of P. L.

Darren Hall: but importantly strengthened contractor oversight and embedded experienced personnel directly into critical scopes and increased capacity within our owners team, including the addition of Pierre Lagarde, a seasoned construction professional as project director, specifically focused on the process part to contract manage the final scopes of work. With mass construction materially complete, the focus is on final electrical, piping and instrumentation activities within the plant. The primary crusher has been commissioned with the core source stockpile building well underway and ready to receive material by the end of May.

Scott Bruce: Our seasoned construction professionals project director, specifically focused on the process plant to pitch to corn.

Scott Bruce: Contract manage the farnell scopes aboard.

Scott Bruce: With mass construction materially complete the focus is on final electrical piping and instrumentation activities within the clock.

Scott Bruce: The primary crusher is being commission with of course, or stockpile building well underway and registered misstatements received material by the end of May.

Darren Hall: The revised timeline. allows additional time for completion of critical system installations and delivery of efficient commissioning process which positions us well for a successful ramp-up and long-term strong operational performance.

Scott Bruce: The revised timeline.

Scott Bruce: Allows additional time for completion of critical system installations, and delivery of efficient commissioning process, which positions us well for a successful ramp up and long term strong operational performance.

Darren Hall: We've successfully completed valence iron mine and mill staffing in preparation for commissioning and ramp-up activities. Importantly, key roles all have commissioning experience, which is critical to a smooth ramp-up and long-term performance.

Scott Bruce: We have successfully completed bellon saw in mine and mill stuffing in preparation for commissioning and ramp up ramp up activities. Importantly, key roles will have commissioning experience, which is critical to a smooth ramp up in long term performance.

Scott Bruce: Yeah.

Darren Hall: Commissioning activities are progressing well, including. No load motor runs and control system validations. All conveyors have been belted. and Ready for Operation. The system is ready for water introduction to commence plant commissioning. The control room team is working through finalized control narratives and conducting phantom simulations to enhance confidence in proper plant sequencing. Preliminary testing indicates that all systems are communicating effectively with vendor-supplied control. All the sag mills and motors have been turned over to the commissioning team to start up activities and the primary crusher has been commissioned and is ready to crush and deliver rock to the Coal Store Stockpile which we anticipate in the next month.

Scott Bruce: Commissioning activities are progressing well.

Scott Bruce: Including.

Scott Bruce: No load motor runs and control system validation.

Scott Bruce: Conveyors have been belton.

Scott Bruce: They're ready for operation.

Scott Bruce: The system is ready for water introduction to commence plant commissioning.

Speaker Change: The control room my team is working through foreign loss control narratives and conducting Phantom simulations to enhance confidence appropriate plant sequencing preliminary testing indicates that all systems are communicating effectively with vendor support controls.

Speaker Change: Poland Sag mills, and modems have been turned over to commissioning team to start up activities and the primary crusher has been commissioned and is ready to crush and deliver up to the coastal stockpile, which we anticipate in the next months.

Darren Hall: Moving to slide six.

Speaker Change: Moving to slide six.

Darren Hall: While mining has specifically focused on delivering waste for construction, we have over 400,000 tonnes of mill oil stockpile which will grow materially through the next quarter. These final steps position us well for safe and efficient transition to first-door and full operation.

Speaker Change: While mining has specifically focused on delivering weiss for construction.

Speaker Change: Over 400000 tonnes of mill ore stockpile, which will grow materially through the next quarter.

Speaker Change: These final steps position us well for safe and efficient transition to first oil and full operations.

Speaker Change: Moving to slide seven.

Darren Hall: Moving to slide seven.

Darren Hall: With a vote in favour, Calibre and Equinox will merge to create Canada's second largest gold producing company, with a diversified Americas portfolio anchored by two high quality and long life Canadian gold mines. This strategic consolidation of companies will focus on operational excellence and execution, generating greater shareholder value collectively than either company could have independently delivered. New Equinox Gold has the potential to produce over 1.2 million ounces of gold annually when the Greenstone Mine and Valentine Mine are operating at capacity. This merger presents significant opportunities to unlock the value of the combined asset base, potentially leading to a substantial equity re-rating.

Speaker Change: With a virgin fiber caliber and equinox.

Speaker Change: Merged to create Canada's second largest gold producing company with a diversified Americas portfolio anchored by two high quality long large Canadian gold months. This strategic consolidation of companies, who focus on operational excellence and execution generating greater shareholder value collectively than either company.

Speaker Change: It could've independently deliberate.

Speaker Change: You Equinox gold has the potential to produce over one point to be announced as billed annually.

Speaker Change: When the greenstone, Milan, and Berlin, sorry mine operating at capacity.

Speaker Change: This merger presents significant opportunities to unlock.

Speaker Change: The value of the combined asset base potentially leading to a substantial equity rewriting.

Darren Hall: I look forward to working with Combined Team to continue our track record of superior execution and delivering on our commitments.

Speaker Change: I look forward to working with combined same to continue our track record of superior execution and delivering on our commitments.

Darren Hall: With that, we're happy to take questions.

Speaker Change: With that we're happy to take questions I'll pass it back to the operator.

Unknown Executive: I'll pass it back to the operator.

Speaker Change: We will now begin the question and answer session.

Unknown Executive: We will now begin the question and answer session.

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Unknown Executive: Press star, then 1 on your telephone.

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Unknown Executive: Please pick up your handset before pressing start.

Unknown Executive: Operator If at any time your question has been addressed in any way, please do not hesitate to contact us.

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Unknown Executive: Press Star, Venn .

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Unknown Executive: At this time, we will pause momentarily to assemble our roster.

Speaker Change: At this time, we will pause momentarily to assemble our roster.

Speaker Change: Again, if you have a question. Please press Star then one.

Unknown Executive: Again, if you have a question, please press star, then 1.

Speaker Change: Okay. Our first question comes from Ingrid Rico of Stifel Go ahead. Please.

Ingrid Rico: Our first question Ingrid Rico of Seaful, go ahead. Hi, good morning, Darren and team. Darren, I wanted to, you know, touch on the CAPEX increase. And perhaps I know, that guidance for operating costs and additional capital posts, first gold is going to be announced in Q3. But just, you know, to put some context on the additional CAPEX and whether this is already capturing some of the capital that would be expected post, post first gold. And if, if anything, just some indication of what that additional capital post first goal could be for Valentine's.

Ingrid Rico: Hi, good morning, Darren and Karen.

Ingrid Rico: Darren I wanted to.

Speaker Change: You touched on the Capex increase and perhaps I know that guidance for.

Ingrid Rico: Operating cost and additional capital post.

Speaker Change: Gold is going to be announced in.

Ingrid Rico: In Q3.

Ingrid Rico: But just you know to put some context on the additional capex and whether this is the way capturing some of the.

Ingrid Rico: Capital that would be expected post Oh, let's first cold and if if anything just some indication of what that additional capital.

Ingrid Rico: <unk> could be very Valentine.

Ingrid Rico: Yeah.

Darren Hall: Thanks Ingrid, appreciate the support and the questions. If we look at this revised estimate, we're confident in this estimate. We've worked through the issues over the last quarter, we provided the update in October and it was in October, we had made the changes that we had identified at the time, but we had failed to recognise the significance of the productivity factors associated with the local hire with respect to the construction. that has been recognized, has been addressed. And over the last month or so, we've worked through with unions, the vendors, the suppliers, and more importantly, the regulators and the communities to get to a solution we feel comfortable in between now and the end of the quarter.

Ingrid Rico: Okay, Yeah, Thanks, Ingrid and appreciate the support and the questions.

Ingrid Rico: Yeah. If we look at this revised estimate you know we're confident in this estimate I mean, we've worked through the issues over the last quarter. We provided the update in October and it was in October we had made the changes that we had identified at the time, but we had filed to recognize the significance of the productivity factors associated.

Ingrid Rico: The local high with respect to the construction thing that has been recognized has been addressed and over the last month or so we've worked through with unions the vendors the supplies and more importantly, the regulatory is in the communities to get to it as solution, we feel comfortable in between now and the end of the quarter.

Darren Hall: As a consequence of that sheet with delay, right, a lot of the costs that would have been in post-initial capital are now within the period because all the majority of the spend in terms of operating folks, the camps, and those sort of things are now all captured in that. So vicariously, we actually have a smaller period of post-initial capital pre-end of year.

Ingrid Rico: As a consequence of that shaken the delay right a lot of the costs that would have been in post initial capital and now within the period because of all the majority of the spend and in terms of operating folks the camps and those sort of things that now will captured alumina. So vicariously, we actually have a smaller period.

Ingrid Rico: Host initial capital pre end of year and as we get close to production at the end of the quarter, we will come out and we will provide guidance on production and the balance of the fourth quarter.

Darren Hall: And as we get close to production at the end of the quarter, we'll come out and we'll provide guidance on production and the balance of the fourth quarter. But the work that we've done doesn't negatively impact forward-looking in terms of cost. And importantly, I mean, I'll just drill down a little bit on some of the productivity and people-related issues. You know, the learning over the last quarter is we've taken a higher level of direct control over management of the task. is that, you know, we've got a group of people who, from local hires, who we're converting from construction activities, but not really related in the business we're doing, to being able to perform the task, which will be great as we go forth, because we're increasing the capability within the communities as we start to look forward to phase two, for example.

Ingrid Rico: But the work that we've done doesn't negatively impact forward looking in terms of costs.

Ingrid Rico: And importantly, I mean, I'll, just drill down a little bit on some of the productivity and people related issues.

Ingrid Rico: The learning over the last quarters, we've taken a higher level of direct control of the management of the tasks.

Ingrid Rico: Is is that you know.

Ingrid Rico: We've got a group of people, who from local wise, who were converging from construction activities, but not really related in the business. We're doing tubing able to perform the task, which will be great. As we go forth was we're increasingly capability within the communities as we start to look forward to phase III for example, right.

Darren Hall: Right. But importantly, is that because we're looking at hiring from the communities, we've got good support. And an interesting stat is that we have 390 operating employees right now. And over the last 12 months, we've seen less than 3% turnover. So some of the issues that we see on the construction side, because of the short duration and specialised skills are actually very favourable in the longer term.

Ingrid Rico: Accordingly, as is that because we'll likely apart from the Humidity's, we got good support and an interesting stat is that yeah. We had 390 operating employees right now and over the last 12 months, we've seen less than 3% turnover. So some of the issues that we see on the construction side because the short duration.

Ingrid Rico: And specialized skills are actually very favorable in the longer term.

Ingrid Rico: So if that makes sense, or does it address your question, or is there something that you'd like more clarity on?

Ingrid Rico: So if that makes sense or does that address your question or is there something that you'd like more clarity on.

Ingrid Rico: Yeah, no, that that helps.

Ingrid Rico: Yeah that helps and maybe just on the.

Darren Hall: And maybe just on the training and operational readiness, right? Given that you're talking about the productivity of contractors, how should we think about then that operational readiness and the productivity on the ramp up?

Speaker Change: Training and operational readiness trade given that you're talking about the productivity of the contractors.

Ingrid Rico: How should we think about that.

Speaker Change: That operational readiness and the productivity on the ramp up.

Darren Hall: Yeah, no, thanks. And, you know, again, if we look at the team we've got in place, you know, we've absolutely filled our management leadership down through the superintendents and supervisory levels through both the mine and the process. Yeah, the additional time has given us additional, you know, time to be able to, you know, fill that first fill, if you will, of employees. But, you know, we've had a great team in place materially since April of last year. It gives them more time to work together, more time to develop and ensure we've filled any gaps and closed any gaps with respect to capabilities, both within the management, the supervisors and the operators as well.

Speaker Change: Yeah, no. Thanks, and you know again, if we look at the team we've got in place.

Speaker Change: We.

Speaker Change: Absolutely filled al management leadership down through the superintendents and supervisory levels for both the mine and the process.

Speaker Change: Yes, the additional time has given us additional.

Speaker Change: Time to be able to fill that first Phil if you will of employees, but you know we've had a great team in place of materially since April of last year. It gives them more time to work together more time to develop an issue we've filled any gaps enclosed any gaps with respect to capabilities both within the management, the supervisors and the operators as well.

Darren Hall: It gives us more time for the pre-commissioning, commissioning activities. As you mentioned, the phantom testing of all of the components to be able to establish the right narrative in and around the process control logic and then drill down with ABB through to make sure that everything's talking to one another. You know, the guys are absolute and gals are absolutely ready to go.

Speaker Change: It gives us more time for their pre commissioning commissioning activities as you mentioned the pain. Some testing of all of the components to be able to establish the right narrative in and around the process control logic, and then drill down with ABB through to make sure that everything's talking to one another.

Speaker Change: The guys are absolute and gals are absolutely ready to go and.

Darren Hall: And, you know, I'm confident that this will be as smooth as ramp up as you can possibly imagine, given the preparation we have, the simplicity of the plant and the quality of the people we have. So, it's a little bit of a double-edged sword, but, you know, never let a crisis go to waste. And the additional time has provided us with even more time to be able to deliver a successful 2026 and a long-term value creation asset.

Speaker Change: I'm confident that this will be a smooth as ramp up as you can possibly imagine given the preparation we have the simplicity of the plant and the quality of the people. We have so it's a little bit of a double edged sword, but nevertheless process go to waste and the initial Tom has provided us with yet.

Speaker Change: Even more time to go to prepare ourselves for a smooth ramp up and setting ourselves up for what will be a successful 2026, and a long term value creation asset.

Ingrid Rico: I appreciate that.

Speaker Change: Okay, I appreciate that and I'll ask you that the final one and I know you've kind of made comments about that before.

Ingrid Rico: And I'll ask you the final one. And I know you've kind of made comments about this before on commercial production and how to define that. But just in terms of that timeline of kind of hitting that ramp up and steady state, are we thinking now sort of towards the end of this year to be at that sort of steady state ramped up stage?

Speaker Change: Partial production and how to define that but.

Speaker Change: Just in terms of that timeline.

Speaker Change: Hitting that ramp up in steady state.

Speaker Change: Thinking now.

Speaker Change: By the end of this year to be at that sort of steady state about that.

Speaker Change: Stage.

Darren Hall: Yeah, again, again, so I don't have to over promise and under deliver, you know, I would anticipate that we will be at nameplate in Q1 of 2026.

Speaker Change: Yeah again, thanks again.

Speaker Change: So it doesn't have to over promise and under deliver.

Speaker Change: I would anticipate that we will be.

Speaker Change: At nine bite in Q1 of 2026.

Speaker Change: Alright.

Speaker Change:

Darren Hall: and confident in that.

Speaker Change: And confident in.

Speaker Change: Yes.

Speaker Change: Perfect.

Ingrid Rico: That's that's all my questions.

Speaker Change: That's all my questions and well look for it to be that trace of all fans on Valentine.

Darren Hall: And we look forward to to see that first of all from from Valentine. Yeah, no, appreciate it and thanks for the support, Ingrid, and I appreciate your patience as we work through it. But, you know, again, I think we are building a quality asset with a long-term future.

Speaker Change: Yeah, and I appreciate it and thanks for the support and grid and I. Appreciate your patience as we work through but you know again I think we are building a high quality asset with a long term future and we're making the right decisions as painful as they are but the decisions. We make today are as sitting SSL ourselves up for long term success and ensuring that we have great legs.

Darren Hall: And we're making the right decisions, as painful as they are, but the decisions we make today are setting ourselves up for a long-term success and ensuring that, you know, we have great local support within the community.

Speaker Change: But within the communities.

Speaker Change: This concludes our question and answer session I would like to turn the conference back over to Darren Hall for any closing remarks.

Unknown Executive: This concludes our question and answer session.

Darren Hall: I would like to turn the conference back over to Darren Hall for any closing comments. Yeah, thank you, Operator. I'd like to take a moment and thank all of our shareholders for their continued support and not least being the approval of the merger with Equinox Gold and everyone's participation and questions on the call this morning. As always, Ryan, I and the entire leadership team are available.

Speaker Change: Yeah. Thank you operator, I would like to take a moment and thank all about shareholders for their continued support and not the least being the approval of the of the merger with Equinox gold.

Speaker Change: And everyone's participation and questions on the call. This morning.

Ryan King: As always Ryan.

Speaker Change: Hi, Alicia timber available if you have any questions. Please feel free to reach out and.

Darren Hall: If you have any questions, please feel free to reach out.

Unknown Executive: And we look forward to talking to you soon and take care, be well and back to you, Operator.

Speaker Change: We look forward to talking to you soon take care be welcome back to you operator.

Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.

Unknown Executive: Thank you for attending today's presentation.

Unknown Executive: You may now disconnect.

Speaker Change: Yes.