Q1 2025 Aris Mining Corp Earnings Call
I'm joined the queue you May Press Star then one on your telephone keypad.
As a reminder, all participants are in listen only mode and the conference is being recorded.
Should you need assistance during the conference call you May signal, an operator by pressing Star then zero. Please note that the accompanying presentation that management will refer to during today's call can be found in the events and presentation section of Arris Mining's website at Arris Dash mining dotcom.
Richard Thomas: Once completed, Upper and Lower Mine Monmato combined will have the potential to produce over 200,000 ounces of gold per year. As of March 2025, we updated the estimated cost to complete the construction of the Lower Montauman $290 million, considering the 25% expansion to 5,000 tons per day office report capacity. And we have a further $82 million in remaining funding to be received from Wheaton Precious Metals under the Precious Metal Streaming Agreement. The net construction capital balance of $208 million is thus fully funded as outlined by Neil and Oliver by way of Cash on Hand, an ongoing cash flow generation from Segovia.
Speaker Change: Also arris Mining's first quarter 2025 financials have been filed on SEDAR plus in Edgar and can also be found on their website I would now like to turn the conference over to Mr. Neil Woodyear Chief Executive Officer. Please go ahead.
Yeah.
Neil Woodyear: Thank you operator and welcome to everybody.
Speaker Change: Thanks for joining us on our first quarter was 25 earnings call.
Speaker Change: I'm joined by.
Speaker Change: Management team, including Richard Thomas Richard Mora City, and all of the data.
Richard Thomas: I'd like to take this opportunity to encourage you to visit our website to view the latest developments in the lower mine construction. A link to the most recent video is available at the bottom of the slide, or you can visit us directly at aris-mining.com.
Speaker Change: But before we go into the results. Please note the customary statements on slide two as we will indeed be making forward looking statements.
Speaker Change: Starting on slide three I'm pleased to report that we had our best quarterly results since the formation of Paris Miami in September 2022.
Richard Thomas: Let's move across to slide number seven, and we are pleased to highlight progress on our two major technical studies currently underway at Soto Norte and Toro Peru in Guyana. Starting with the Sata Norte project located in the Santander Department of Columbia, where Aris holds a 51% joint venture interest and serves as the project operator. We continue to advance environmental and technical studies and expect to complete a new pre-feasibility study in the third quarter of this year. This is a revised, smaller-scale underground development plan, incorporates several optimisations, including improvements to the processing design, tailing storage, mining methods, ore transport, water usage, all of which contributes to reducing the project's environmental impact.
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Speaker Change: These routes are supported by solid operational execution.
Speaker Change: Record gold prices generating strong cash flow to fund our key growth initiatives.
In the first quarter, we reported adjusted net earnings of 27 million, which is 68 cents a share our highest quarterly EPS.
Speaker Change: Gold revenue totaled 154 million in Q1.
Speaker Change: <unk> said you have an increase of 47% over the same quarter last year.
Speaker Change: We have delivered.
Speaker Change: Sorry, our 12 months trailing adjusted EBITDA was $100 million to $201 million.
Richard Thomas: We look forward to providing a comprehensive update once the PFS is complete.
Speaker Change: At the end of March our cash balances stood at 240, <unk> and net debt of $2 50, resulting in a net leverage ratio of one <unk>.
Richard Thomas: Thank you Since updating the mineral resource estimate for Toro Peru in March 2023, Aris Mining has also completed important infrastructure optimisation studies.
Speaker Change: Two times, providing us flexibility and balance sheet strength as we continue to invest in our organic growth.
Speaker Change: Turning to our growth initiatives.
Speaker Change: Last week had the opportunity to visit both Segovia my motto to assess what was going on and see the progress of the plant's expansion among young development of the lower mine.
Neil Woodyer: With that, I'd like to pass this back to Neil. Oh! What's happened?
Speaker Change: And I'm very encouraged to see the strong performance made the on the ground as well as our team's operational discipline and focus on efficient execution, but Richard we're talking a little bit more about this projects shortly.
Operator: Good morning, everyone, and welcome to the Aris Mining first quarter 2025 results call. We will begin with an overview for management, followed by a question and answer period. To join the queue, you may press star, then one on your telephone keypad. As a reminder, all participants are in listen-only mode, and the conference is being recorded. Should you need assistance during the conference call, you may signal an operator by pressing star then zero.
Good morning, everyone and welcome to the Arris mining first quarter 2025 results call.
We will begin with an overview from management followed by a question and answer period to join the queue. You May Press Star then one on your telephone keypad. As a reminder, all participants are in listen only mode and the conference is being recorded.
Speaker Change: But first I'll pass over to Oliver to talk about the highlights from our first quarter.
Speaker Change: Thank you now.
Oliver: Moving on to slide four.
Oliver: During the first quarter, we delivered total gold production of 55000 ounces across our operations an increase of 8% from Q1 2024.
Do you need assistance during the conference call you May signal, an operator by pressing Star then zero. Please note that the accompanying presentation that management will refer to during today's call can be found in the events and presentations section of Arris Mining's website at Arris Dash mining dotcom.
Operator: Maybe let me step in here. Oh, did I disappear? No, no, I can still hear you. I think Neil has maybe some connectivity issues.
Operator: Please note that the accompanying presentation that management will refer to during today's call can be found in the events and presentations section of Aris Mining's website at aris-mining.com. Also, Aris Mining's first quarter 2025 financials have been filed on Cedar Plus and Edgar and can also be found on their website.
Richard Orazietti: um, so to wrap up. And looking at slide eight here. We delivered a strong start to the year and we will remain focused on sustaining this momentum as we work towards more than doubling our gold production to over 500,000 ounces per year. And we are encouraged by the meaningful progress we're seeing across our growth initiatives. At Segovia, the processing plant expansion remains on track, with commissioning scheduled for next month. This will support increased production rates in the second half of the year.
Oliver: This accounts for 22% of the midpoint of our full year 2025 production guidance range of 230 to 275000 ounces.
Also erez Mining's first quarter 2025 financials have been filed on SEDAR plus in Edgar and can also be found on their website.
Oliver: This is a solid start to the year as we expect production rates to progressively increase in the second half of the year. Following commission after Segovia plant expansion in June.
Operator: I would now like to turn the conference over to Mr. Neil Woodyer, Chief Executive Officer. Please go ahead.
Speaker Change: I would now like to turn the conference over to Mr. Neil What ear Chief Executive Officer. Please go ahead.
Oliver: That's the goal.
Oliver: We produced 47 5000 ounces of gold during the quarter supported by an average gold grade of 9.4 grams per tonne gold recoveries of 96%.
Yeah.
Neil Woodyer: Thank you, Operator, and welcome to everybody, and thanks for joining us on our first call to the 25 Earnings Call. I'm joined by management team including Richard Thomas, Richard Orazietti and Oliver Dachsel.
Speaker Change: Thank you operator, and welcome to everybody and thanks for joining us on our first quarter 2005 earnings call.
Speaker Change: Im joined by.
Richard Orazietti: F.M.A.M.A.T.O. Construction of the lower mine continues to advance steadily, with ramp-up of production expected in the second half of 2015. And finally, we're progressing two major technical studies, the PFS at Sorte Norte and the PEA at Toro Peru. Once completed, these two major studies create strategic flexibility to unlock value. We're looking forward to having the difficult decision of how to prioritize our next growth project.
Speaker Change: The management team, including Richard Thomas Rich, the diversity and all of that.
Oliver: We generated a total on in sustaining cost margin from citgo, the $61 million more than doubling our all in sustaining cost margin from Q1 2024 of $28 $5 million.
Neil Woodyer: But before we go into the results, please note the customary statements on slide two, as we will indeed be making forward-looking statements.
Speaker Change: But before we go into the results. Please note the customary statements on slide two.
Speaker Change: The forward looking statements.
Neil Woodyer: Starting on slide three, I'm pleased to report to you that we had our best quarterly results since the formation of Aris Mining in September 2022. These roles are supported by solid operational execution and record gold prices, generating strong cash flow to fund our key growth initiatives. In the first quarter, we reported adjusted net earnings of 27 million, which is 16 cents a share, our highest quarterly EPS. Gold revenue totalled £154 million in Q1, representing an increase of 47% over the same quarter last year. Our 12-month trading adjusted EBITDA was £201 million.
Speaker Change: On slide three.
Speaker Change: I'm pleased to report to the we had our best quarterly results since the formation of Paris in September 2022.
Oliver: Corner mining all in sustaining cost was $1482 per ounce and remains at the low end of the company's full year 2025 guidance range of 1450 to $1600 per ounce.
Speaker Change: These routes are supported by solid operational execution.
Speaker Change: Record gold prices generating strong cash flow to fund our key growth initiatives.
Richard Orazietti: Looking ahead, Aris Mining is well positioned for a strong remainder of 2025 and beyond. Backed by a solid capital base and cash of generation, we're confident in our ability to deliver on our growth strategy and unlock meaningful long term value.
Speaker Change: In the first quarter, we reported adjusted net earnings of $27 million, which is 16 cents a share our highest quarterly EPS.
Oliver: Meanwhile, Gulf delivered from our contract mining partners or <unk>.
Oliver: We generated a 41% all in sustaining cost sales margin outperforming the top end of the Companys full year 2025 guidance range of 35% to 40%.
Speaker Change: Gold revenue totaled 154 million in Q1.
Speaker Change: <unk> said, you can increase of 47% over the same quarter last year.
Speaker Change: We have delivered.
Richard Orazietti: With that, we'd like to thank you for your time today, and we look forward to your questions.
Speaker Change: Sorry, our 12 months trailing adjusted EBITDA was 100 200 up to one 1 billion.
Oliver: As shown in the chart on the right rising realized gold prices and disciplined cost control have expanded all in sustaining cost margins on a per ounce basis by 105%. That's the goal here when comparing Q1 2025 to Q1 2024.
Operator: We'll now turn the call back over to the operator to open the line for questions. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request.
Neil Woodyer: At the end of March, our cash balances stood at $2.40 and net debt at $2.50, resulting in a net leverage ratio of 1.2 times, providing us flexibility and balance sheet strength as we continue to invest in our organic growth.
Speaker Change: At the end of March our cash balances stood at 240 <unk>.
Speaker Change: Net debt to $2 50, resulting in a net leverage ratio of 1.2 times, providing us flexibility and balance sheet strength as we continue to invest in our organic growth.
Operator: If you are using a speakerphone, please pick up your handset before pressing any To withdraw your question, please press star We will pause for a moment as callers...
Oliver: Sure.
Oliver: <unk> ability to generate cash flow are expected to expand significantly once the mill expansion project is completed and coal production increases.
Neil Woodyer: Turning to our growth initiatives, last week I had the opportunity to visit both Segovia and Mamato to assess what was going on and see the progress on the plant expansion and ongoing development of the lower mine. and I'm very encouraged to see the strong performance made on the ground as well as our team's operational discipline and focus on efficient execution.
Speaker Change: Turning to our growth initiatives.
Speaker Change: We've had the opportunity to visit both together my motto to assess what was going on and see the progress on the path to expansion I'm always getting development to the lower volume.
Speaker Change: Turning to slide five as Neil mentioned at the beginning of the call we closed the quarter with a cash balance of $240 million.
Speaker Change: I'm very encouraged to see the strong performance on the ground as well as our team's operational discipline and focus on efficient execution, but.
Carey MacRury: Our first question comes from Carey MacRury with Canaccord Genuity. Good morning, everyone. Maybe first on the Segovia ramp up, the extra 1000 comes a day. How much of that is expected to come from contract mining partners? And do you have all those agreements in place to ramp that up? Kerry, so the way we've planned this out is that at the end of the day, we will have a 60-40 split, 60-40, 60 being the Aris Mining and 40 coming from the contract mining partners. Most of those contracts are in place and we are signing another five contracts in this week.
Speaker Change: And our low net leverage of one two times demonstrating the strength of our balance sheet.
Neil Woodyer: But Richard will be talking a little bit more about those projects shortly.
Speaker Change: But Richard we're talking a little bit more about this projects shortly.
Oliver Dachsel: But first I'll pass over to Oliver to talk about the highlights from our first quarter. Thank you, Neil. Moving on to slide four. During the first quarter, we delivered total gold production of 55,000 ounces across our operations, an increase of 8% from Q1 2024. This accounts for 22% of the midpoint of our full year 2025 production guidance range of 230 to 275,000 ounces. This is a solid start to the year as we expect production rates to progressively increase in the second half of the year following commission of the Segovia plant expansion in June. at Segovia.
Speaker Change: But first I'll pass over to Oliver to talk about the highlights from our first quarter.
Speaker Change: Since the issuance of our $450 million senior unsecured bonds in October last year, we have steadily reduced both total and net leverage ratios.
Oliver: Thank you now.
Speaker Change: Moving onto slide four.
Speaker Change: During the first quarter, we delivered total gold production of 55000 ounces across our operations an increase of 8% from Q1 2020 for.
Speaker Change: As of March 2025, total leverage was two four times and nothing that ridge was one two times.
Speaker Change: I'd also like to take this opportunity to provide an update on our tears ex listed warrants expiring on July 29 2025.
Speaker Change: This accounts for 22% off the midpoint of our full year 2025 production guidance range of 230 to 275000 ounces.
Neil Woodyer: So as we ramp up for years, it will be a slow ramp up, it's not going to be immediate. By the end of the year, we will be in a position to be close to the 3000 tonnes per day. Should we assume it's sort of a steady ramp up through Q3 and Q4? Yep, yep. Steady ramp up.
Speaker Change: During the quarter and through early May.
Speaker Change: This is a solid start to the year as we expect production rates to progressively increase in the second half of the year. Following commission after Segovia plant expansion and Joe.
Speaker Change: We've continued to see strong participation in the exercise of these deeply in the money warrants.
Speaker Change: We've received over $19 million in proceeds from warrant exercises so far.
Neil Woodyer: Okay, great. And then just on Toro Peru, on the PEA, can you just talk about what the development options you're looking at? Well, since we last did the studies, you know, that was a really large open pit with a double stage plant. So it would be initially an oxide plant and then going to a sulfide plant. So some of the development options we are looking at with... because when we did the resource, the resource shrank to close to 5 million tons. So we need to resize that and make sure that the economics work.
Speaker Change: That's the goal here.
Oliver Dachsel: We produced 47,500 ounces of gold during the quarter, supported by an average gold grade of 9.4 grams per ton and gold recoveries of 96%. We generated a total on sustaining cost margin from Segovia of 61 million US dollars, more than doubling our on sustaining cost margin from Q1 2024 of 28.5 million dollars. Owner Mining Oil and Sustaining Cost was $1,482 per ounce and remains at the lower end of the company's full year 2025 guidance range of $1,450 to $1,600 per ounce. Meanwhile, gold delivered from our contract mining partners, or CMPs, generated a 41% all-in sustaining cost sales margin outperforming the top end of the company's full year 2025 guidance range of 35 to 40%.
Speaker Change: We produced 47 5000 ounces of gold during the quarter supported an average gold grade of 9.4 grams per tonne gold recoveries of 96%.
Speaker Change: If the remaining exercise if the remaining warrants get exercised we expect an additional cash inflow of up to $96 million.
Speaker Change: Following the expiry of the warrants at the end of July.
Speaker Change: We generated a total all in sustaining cost margin from citgo, the $61 million more than doubling our all in sustaining cost margin from Q1 2024 of $28 $5 million.
Speaker Change: The company will have no convertible securities outstanding other than stock options issued under the stock option plan.
Speaker Change: With this strong and streamlined capital structure and supported by solid operational performance generating robust cash flow.
Speaker Change: Kona mining all in sustaining cost was $1482 per ounce and remains at the low end of the company's full year 2025 guidance range of 1450 to $1600 per ounce.
Speaker Change: Erez mining remains well positioned to responsibly fund our organic growth initiatives.
Neil Woodyer: We're also looking at innovative ways to treat the oxides without putting up the second plant. So we were thinking maybe there's an opportunity for a heap leach, but that work is underway. We also need to do some clever thinking about transport of concentrate or maybe do a dore, which is easier to transport.
Speaker Change: Moving to slide six I'd like to hand over to Richard Thomas to provide an update on our growth projects.
Richard Thomas: Thank you Oliver I'd like to start just to give you with a plus processing plant expansion remains on track to increase capacity from 2000 tonnes. A day to 3000 tonnes per day installation of a second ball mill was completed in May with commissioning expected in June this year.
Speaker Change: Meanwhile, Gulf delivered from our contract mining partners or Cmp's Gen.
Neil Woodyer: And the other options we are considering are power options. So how do we get power to that site that's not going to be ruinously expensive? So there are a number of issues we're looking at.
Speaker Change: We generated a 41% all in sustaining cost sales margin.
Speaker Change: Performing the top end of the Companys full year 2025 guidance range of 35% to 40%.
Speaker Change: The new ball mill will increase the throughput capacity in Haynesville production.
Carey MacRury: Great, thanks for that.
Richard Orazietti: And maybe one last one, I think you pay most of your cash taxes in Q2, just wondering if there's any guidance on what we should expect for Q2 of this Richard Orazietti, I'll leave that one to you. You could expect a similar amount. The cash taxes are related to Segovia and as obviously more income is being generated from Segovia. You could do the math at 35. Okay, great. Thank you.
Speaker Change: Following a ramp up period, we are targeting a production rate of 3000 tonnes per day. Once you are able to fill the mill at 3000 tonnes per day Youre expecting an annual gold production in the range of 300000 ounces per year.
Oliver Dachsel: As shown in the chart on the right, rising realized gold prices and disciplined cost control have expanded on sustaining cost margins on a Brown's basis by 105 percent at Segovia when comparing Q1 2025 to Q1 2024. Segovia's ability to generate cash flow is expected to expand significantly once the mill expansion project is completed and gold production increases.
Speaker Change: As shown in the chart on the right rising realized gold prices and disciplined cost control have expanded all in sustaining cost margins on a per ounce basis by 105% at Segovia, when comparing Q1 2025 to Q1 2024.
Speaker Change: As 2025 as a transition year, our gold production guidance to produce between 210 and 250000 ounces.
Speaker Change: Quarter, one production of 47549 ounces as a strong start and in line with our internal plans.
Speaker Change: <unk> ability to generate cash flow expected to expand significantly once the mill expansion project is completed and coal production increases.
Speaker Change: Going across to my motto.
Speaker Change: Construction of the lower mine is gaining momentum in March we announced a design change, which will increase the processing capacity to 5000 tonnes per day.
Operator: Once again, if you have a question, please press star, then.
Oliver Dachsel: Turning to slide 5, as Neil mentioned at the beginning of the call, we closed the quarter with a cash balance of $240 million. dollars and a low net leverage of 1.2 times demonstrating the strength of our balance sheet. Since the issuance of our $450 million senior unsecured bonds in October last year, we have steadily reduced both total and net leverage ratios. As of March 2025, total leverage was 2.4 times and net leverage was 1.2 times.
Speaker Change: Turning to slide five as Neil mentioned at the beginning of the call we closed the quarter with a cash balance of 240 million.
Don Demarco: The next question comes from Don DeMarco with the National Bank. Please go ahead. Thank you, operator, and good morning, Neil, Oliver, and team. So I'll start off with a question on Marmotto. The development appears to be picking up the pace. When do you expect the underground mining rates to be scaled up? to feed this upsized 5,000-ton-per-day mill. That also occurred, like, would that align with H2 of 26 or the taste to follow that? There's a steady ramp-up from the second half of 2026 into 2027, so we should be up at the full 5,000 in the second half of 2027.
Speaker Change: During the quarter and in April the detail and develop and produce steadily with 323 meters completed of the full 2500.
Speaker Change: And our low net leverage of one two times demonstrating the strength of our balance sheet.
Speaker Change: <unk> for the main substation bedroom is complete and the ethics for the process plant platform continues to progress.
Speaker Change: Since the issuance of our $450 million senior unsecured bonds in October last year, we have steadily reduced both total and net leverage ratios.
Speaker Change: In parallel the SAR testing and ongoing delivery.
Speaker Change: And staging of key equipment and materials, including photos silicones, sometimes some mining equipment supporting the ramp up construction momentum across several of the project areas once completed.
Speaker Change: As of March 2025, total leverage was two four times and net leverage was one two times.
Speaker Change: Lower mined Mamata combined will have the potential to abuse of the 200000 ounces of gold per year.
Oliver Dachsel: I'd also like to take this opportunity to provide an update on our TSX-listed warrants expiring on July 29, 2025. during the quarter and through early May. We've continued to see strong participation in the exercise of these deeply in the money warrants. We've received over $19 million in proceeds from BORN exercises so far. If the remaining warrants get exercised, we expect an additional cash inflow of up to $96 million.
Speaker Change: I'd also like to take this opportunity to provide an update on our T. S X listed warrants expiring on July 29th 2025.
Speaker Change: As of March 2025, we updated the estimate.
Speaker Change: Estimated cost to complete the construction of the lower momentum on.
Neil Woodyer: But we do have an accelerated ramp-up because we're doing those stoke preparations right now through our access on the Igoron ramp. So to get to 4,000 is going to be relatively quick, and then the 5,000 will take a few more months after that.
Speaker Change: $290 million, considering the 25% expansion to 5000 tons per day of throughput capacity and we have a further $82 million in remaining funding to be received from the Wheaton precious metals under the under the precious metal streaming agreement.
Speaker Change: During the quarter and through early May.
Speaker Change: We've continued to see strong participation in the exercise of these deeply in the money warrants whoever.
Speaker Change: We've received over $19 million in proceeds from warrant exercises so far.
Don Demarco: Okay, good.
Don Demarco: And then another question on Toro Paro, with this decision to advance a PEA, what is your strategic intention or bias for this asset? Would it be build or sell?
Speaker Change: Nic construction capital balance of $208 million is that fully funded as new.
Speaker Change: If the remaining exercise if the remaining warrants get exercised we expect an additional cash inflow of up to $96 million.
Speaker Change: And Oliver by way of cash on hand, and ongoing cash flow generation from Sidoti.
Oliver Dachsel: Following the expiry of the warrants at the end of July, the company will have no convertible securities outstanding other than stock options issued under its stock option plan. With a strong and streamlined capital structure and supported by solid operational performance generating robust cash flow. Aris Mining remains well positioned to responsibly fund our organic growth initiatives.
Speaker Change: I'd like to take this opportunity to encourage you to visit our website to view the latest developments in the low mine construction.
Speaker Change: Following the expiry of the warrants at the end of July.
Neil Woodyer: Doug, I think you're best placed to answer that one. I think that really depends on the results of the study, Don. We are we'll look at all options, but you know, our. I guess the best value for us is likely to consider building it, but let's see what the results tell us and we'll decide then. Okay.
Speaker Change: The company will have no convertible securities outstanding other than stock options issued under the stock option plan.
Speaker Change: A link to the most recent video is available at the bottom of the slide or you can visit us directly at aerospace mining Dot com.
Speaker Change: With this strong and streamlined capital structure and supported by solid operational performance generating robust cash flow.
Speaker Change: Its move across to slide number seven.
Speaker Change: And we are pleased to highlight progress on our two major technical studies currently underway in such a naughty and toward a Peruvian Guyana.
Speaker Change: Erez mining remains well positioned to responsibly fund our organic growth initiatives.
Don Demarco: Well, I certainly look forward to that. It's a country where there's been a lot of positive activity. And with the pending info from warrants...
Speaker Change: Starting with automotive project located in the <unk> intend to department of Colombia, We Arris holds a 51% joint venture interest and serves as the project operator, we continue to advance environmental and technical studies and expect to compete to new P. C. P. Feasibility study in the third quarter of this year.
Richard Thomas: Moving to slide six, I'd like to hand over to Richard Thomas to provide an update on our growth project. Thank you, Oliver. I'd like to start with Segovia, where the processing plant expansion remains on track to increase capacity from 2,000 tonnes a day to 3,000 tonnes per day. Installation of a second bore mill will be completed in May, with a commissioning expected in June this year. The new bore mill will increase the throughput capacity and hence coal production. Following a ramp-up period, we are targeting a production rate of 3,000 tonnes per day. Once we are able to fill the mould at 3,000 tonnes per day, we are expecting an annual gold production in the range of 300,000 ounces per year.
Speaker Change: Moving to slide six I'd like to hand over to Richard Thomas to provide an update on our growth projects.
Neil Woodyer: What is your pecking order for capital allocation beyond the ongoing Marmotto development? I would say that it also depends on the two studies, because as you know we've got also Soto Norte moving forward. So we're going to be in a very strong cash position, we already are, so it just strengthens us and then it opens up opportunities for how we move either of those programs forward. Okay, great.
Richard Thomas: Thank you Oliver I'd like to start to Segovia with a close and processing plant expansion remains on track to increase capacity from 2000 tonnes. A day to 3000 tonnes per day installation of a second ball mill was completed in May with commissioning expected in June this year.
Speaker Change: This is a revised smaller scale underground development plan incorporates several optimizations, including improvements to the processing design tailing storage mining methods or transport water usage, all of which contribute to reducing the project's environmental impact we look.
Speaker Change: The new ball mobile increased the throughput capacity and hence gold production.
Speaker Change: Following a ramp up period, we are targeting a production rate of 3000 tonnes per day. Once you are able to fill the mill at 3000 tonnes per day Youre expecting an annual gold production in the range of 300000 ounces per year.
Speaker Change: Forward to providing a comprehensive update once the PFS is complete.
Speaker Change: If we go over to Twitter grew a 100%.
Don Demarco: Thank you. That's all for me and congratulations again on the strong order and good luck with Q2. Thank you.
Speaker Change: Gold copper project located in Guiana, we've commissioned a new preliminary economic assessment to assess updated development options completion of the study is also expected in the third quarter of this year.
Richard Thomas: as 2025 is a transition year. Agro production guidance to produce between 210 and 250,000 ounces and quarter one production of 47,549 ounces is a strong start and in line with our internal plans.
Speaker Change: As 2025 as a transition year, our gold production guidance to produce between 210 and 250000 ounces in quarter. One production of 47549 ounces is a strong start and in line with our internal plans.
Oliver Dachsel: I would like to turn the conference back over to Oliver Dachsel for any closing Thank you, Megan, unless there are any further questions. We certainly appreciate your interest. Thank you for joining today's call and.
Neil Woodyear: Since updating the mineral resource estimate for <unk> grew in March 2020, see Harris mining is also completed important infrastructure optimization studies with that I'd like to pass back to Neil.
Richard Thomas: Going across to Mamato, the construction of the lower mine is gaining momentum. In March we announced a design change which will increase the processing capacity to 5,000 tonnes per day. During the quarter and in April, the decline development progressed steadily, with 323 metres completed of the full 1700. Earthworks for the main substation platform is complete and the earthworks for the process plant platform continues in progress. In parallel, the site has seen an ongoing delivery and staging of key equipment and materials including filters, cyclones, sump pumps, some mining equipment, supporting the ramp-up construction momentum across several of the project areas.
Speaker Change: Going across to our motto the construction of the lower mine is gaining momentum in the <unk> in March we announced a design change, which will increase the processing capacity to 5000 tonnes per day.
Speaker Change: During the quarter and in April the detail and develop and produce steadily with 323 meters completed of the full 1700.
Neil Woodyear: Okay.
Oliver Dachsel: Please don't hesitate to reach out to me and Lillian if you have any further questions. We're looking forward to discussing our results in more depth over the coming days.
Neil Woodyear: Okay.
Neil Woodyear: Yeah.
Neil Woodyear: Okay.
Speaker Change: This makes for the main substation bedroom is complete and the metrics for the process plant continues to progress.
Neil Woodyear: Okay.
Neil Woodyear: Yeah.
Neil Woodyear: What's happened.
Speaker Change: In parallel the thought testing and ongoing delivery and staging of key equipment and materials, including photos scytodes. Some pumps, some mining equipment supporting the ramp up construction momentum across civil project areas.
Neil Woodyear:
Neil Woodyear: Maybe let me step in here.
Operator: This brings a close to today's conference call. You may disconnect your line. Thank you for participating, and have a pleasant day.
Neil Woodyear: Yeah no.
Neil Woodyear: No no I can still hear you I think Neil has maybe some connectivity issues.
Richard Thomas: Once completed, Upper and Lower Mine Monto combined will have the potential to produce over 200,000 ounces of gold per year. As of March 2025, we updated the estimated cost to complete the construction of the Lower Mortar Mine. $290 million, considering the 25% expansion to 5,000 tonnes per day of throughput capacity. And we have a further $82 million in remaining funding to be received from the Wheaton Precious Metals under the Precious Metals Streaming Agreement. The net construction capital balance of $208 million is thus fully funded as outlined by Neil and Oliver by way of cash on hand and ongoing cash flow generation from Segovia.
Neil Woodyear:
Speaker Change: Once completed our patent law.
Neil Woodyear: So.
Speaker Change: Your mind my motto combined will have the potential to abuse of the 200000 ounces of gold per year.
Neil Woodyear: To wrap up.
Neil Woodyear: And looking at slide eight here.
Neil Woodyear: We delivered a strong start to the year.
Speaker Change: As of March 2025, we updated the estimate yes.
Neil Woodyear: And we will remain focused on sustaining this momentum as we work towards more than doubling our gold production to over 500000 ounces per year.
Speaker Change: The estimated cost to complete the construction of the lower mom wants them on.
Speaker Change: $290 million, considering the 25% expansion to 5000 tons per day of throughput capacity and we have a further 82 million in remaining funding to be received from the Wheaton precious metals under the under the precious metal streaming agreement.
Neil Woodyear: And we're encouraged by the meaningful progress, we're seeing across our growth initiatives.
Neil Woodyear: It's the Gulf via the processing plant expansion remains on track with commissioning scheduled for next month.
Speaker Change: The Nic construction capital balance of 208 million is that fully funded as on both new and old over by way of cash on hand, and ongoing cash flow generation from Segovia.
Neil Woodyear: This will support increased production rates in the second half of the year.
Speaker Change: At my motto.
Speaker Change: Construction of the lower mine continues to advance steadily with ramp up of production expected in the second half of 2026.
Richard Thomas: I'd like to take this opportunity to encourage you to visit our website to view the latest developments in the lower mine construction. A link to the most recent video is available at the bottom of the slide, or you can visit us directly at aris-mining.com.
Speaker Change: I'd like to take this opportunity to encourage you to visit our website to view the latest developments in the low month construction.
Speaker Change: And finally, we're progressing to major technical studies, the PFS at sort of Naughty and the P. A tour of Peru.
Speaker Change: A link to the most recent video is available at the bottom of the slot or you can visit us directly at Arris Dash mining Dot com.
Richard Thomas: Let's move across to slide number seven, and we are pleased to highlight progress on our two major technical studies currently underway at Soto Norte and Toro Peru in Guyana.
Speaker Change: Let's move across to slide number seven.
Speaker Change: Once completed these two major studies create strategic flexibility to unlock value.
Speaker Change: And we are pleased to highlight progress on our two major technical studies currently underway in such a naughty and toward a Peruvian Guiana slotting.
Richard Thomas: Starting with Soto Norte project located in the Santander department of Colombia, where ARIS holds a 51% joint venture interest and serves as the project operator. We continue to advance environmental and technical studies and expect to complete a new pre-feasibility study in the third quarter of this year. This is a revised, smaller-scale underground development plan, incorporates several optimisations, including improvements to the processing design, tailing storage, mining methods, ore transport, ore usage, all of which contributes to reducing the project's environmental impact.
Speaker Change: We're looking.
Speaker Change: Going forward to having the difficult decision of how to prioritize our next growth project.
Speaker Change: Starting with southern water project located in the <unk> and tender Department of Colombia, We Arris holds a 51% joint venture interest and says as the project operator, we continue to advance environmental and technical studies and expect to complete the new P. C. P. Feasibility study in the third quarter of this year.
Speaker Change: Looking ahead Erez mining is well positioned for a strong remainder of 2025 and beyond.
Speaker Change: Backed by a solid capital base and cash flow generation, we're confident in our ability to deliver on our growth strategy and unlock meaningful long term value.
Speaker Change: This is a robust smaller scale underground development plan incorporates several optimizations, including improvements to the processing design tailings storage mining methods or transport water usage, all of which contribute to reducing the project's environmental impact we look forward to providing a comprehensive update once the PFS is complete.
Speaker Change: With that we'd like to thank you for your time today and we look forward to your questions. We will now turn the call back over to the operator to open the line for questions.
Richard Thomas: We look forward to providing a comprehensive update once the PFS is completed.
Richard Thomas: If we go over to Toro, Peru, a 100% owned open pit gold copper project located in Guyana. We've commissioned a new preliminary economic assessment to assess updated development options. Completion of the study is also expected in the third quarter of this year. Since updating the mineral resource estimate for Toro Peru in March 2023, Aris Mining has also completed important infrastructure optimisation studies.
Speaker Change: If we go with detour grew a 100% and open pit.
Speaker Change: Certainly the join the question queue you May Press Star then one on your telephone keypad.
Speaker Change: <unk> copper project located in Guiana, we've commissioned a new preliminary economic assessment to assess updated development options completion of the study is also expected in the third quarter of this year.
Speaker Change: You will hear a tone acknowledging your request.
Speaker Change: I think a speakerphone please pick up your handset before pressing any keys.
Speaker Change: Your question. Please press Star then two.
Speaker Change: Since updating the mineral resource estimate for total grew in March 2023 here's mining is also completed important infrastructure optimization studies with it I'd like to pass back to Neil.
Speaker Change: We will pause for a moment as callers join the queue.
Richard Thomas: With that, I'd like to pass this back to Neil. Oh, what's happened?
Speaker Change: The first question comes from Kerry Macquarie with Canaccord Genuity. Please go ahead.
Speaker Change: Okay.
Kerry Macquarie: Good morning, everyone, maybe first on the single aisle ramp up the extra 1000 tonnes a day how much of that is expected to come from contract mining partners and do you have all those agreements in place.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Oh, what's happened.
Speaker Change: To ramp that up.
Speaker Change:
Speaker Change: So the way we've planned this art is that at the end of the day, we would have a 60 40 split 60, 40 60 being the Arris mining and 40 coming from the contract mining partners.
Richard Thomas: Maybe let me step in here. Oh, did I disappear? No, no, I can still hear you. I think Neil has maybe some connectivity issues. Thank you very much.
Speaker Change: Maybe let me step in here did not disappear.
Speaker Change: I can still hear you I think Neil has maybe some connectivity issues.
Speaker Change:
Speaker Change: Most of those contracts are in place and we are finding another five contracts in this week, so as we ramp up there yes.
Speaker Change: So.
Richard Thomas: to wrap up. And looking at slide eight here. We delivered a strong start to the year, and we will remain focused on sustaining this momentum as we work towards more than doubling our gold production to over 500,000 ounces per year. and we are encouraged by the meaningful progress we're seeing across our growth initiatives. At Segovia, the processing plant expansion remains on track with commissioning scheduled for next month. This will support increased production rates in the second half of the year.
Speaker Change: To wrap up.
Speaker Change: And looking at slide eight here.
Speaker Change: We delivered a strong start to the year and we will remain focused on sustaining this momentum as we look towards more than doubling our gold production to over 500000 ounces per year.
Speaker Change: It'll be a slow ramp up it's not going to be immediate and by the end of the year, we will be in a position to be close to the 3000 tons per day.
Speaker Change: Should we assume it's sort of a steady ramp up through Q3, and Q4 Yep Yep steady ramp up.
Speaker Change: And we're encouraged by the meaningful progress, we're seeing across our growth initiatives.
Speaker Change: Okay, Great and then just on tour, Peru on the Ta can you just talk about what the development options Youre looking at there.
Speaker Change: That's the goal via the processing plant expansion remains on track with commissioning scheduled for next month.
Speaker Change: Well since we lost at the studies.
Speaker Change: This will support increased production rates in the second half of the year.
Speaker Change: A a really large open pit.
Richard Thomas: at Mamato. Construction of the lower mine continues to advance steadily, with ramp-up of production expected in the second half of 2021. And finally, we're progressing two major technical studies, the PFS at Sorte Norte and the PEA at Toro Peru. Once completed, these two major studies create strategic flexibility to unlock value. We're looking forward to having the difficult decision of how to prioritize our next growth project. Looking ahead, Aris Mining is well positioned for a strong remainder of 2025 and beyond. Backed by a solid capital base and cash regeneration, we're confident in our ability to deliver on our growth strategy and unlock meaningful long-term value.
Speaker Change: That's my motto.
Speaker Change: With two with double stage.
Speaker Change: Construction of the lower mine continues to advance steadily with ramp up production expected in the second half of 2026.
Speaker Change: Plant so it would be in and initially an oxide plant and then going to a sulfide plant. So some of the development options. We are looking at with them.
Speaker Change: And finally, we're progressing to major technical studies, the PFS at sort of Naughty and the P. A tour of Peru.
Speaker Change: Because when we did read that the resource the resource shrank two to plus two 5 million tons. So you need to resize, it and make sure that the economics work. We're also looking at what.
Speaker Change: Once completed these two major studies create strategic flexibility to unlock value.
Speaker Change: Innovative ways to treat the oxides without putting up the second plant. So we were thinking maybe there's an opportunity for a heap leach, but those that work is under underway. We also need to do some type of thinking about transport have concentrated or maybe do a dore and which is easier to transport and the other options we offer.
Speaker Change: We're looking forward to having the difficult decision of how to prioritize our next growth project.
Speaker Change: Looking ahead Erez mining is well positioned for a strong remainder of 2025 and beyond.
Speaker Change: Backed by a solid capital base and cash generation, we are confident in our ability to deliver on our growth strategy and unlock meaningful long term value.
Speaker Change: Considering our power options there how do we get power to that such that I'm not going to be.
Speaker Change: Uniquely expensive. So there are a number of issues we're looking at.
Speaker Change: Okay. Thanks for that and maybe one last one I think you pay most of your cash taxes in Q2, just wondering if there's any guidance on what we should expect for Q2 of this year.
Operator: With that, we'd like to thank you for your time today and we look forward to your questions. We'll now turn the call back over to the operator to open the line for questions. Certainly. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any. To withdraw your question, please press star then. We will pause for a moment as callers join.
Speaker Change: With that we'd like to thank you for your time today and we look forward to your questions. We will now turn the call back over to the operator to open the line for questions.
Richard Thomas: Richard our Zeta I'll leave that one to you.
Speaker Change: Certainly thank you.
Richard Thomas: This is Ann moved myself, you could expect a similar amount the cash taxes that are related to Segovia.
Speaker Change: And the question queue you May Press Star then one on your telephone keypad.
Speaker Change: He told me acknowledging your request.
Richard Thomas: As the obviously more income is being generated from them from Segovia.
Speaker Change: Using a speakerphone please pick up your handset before pressing keys.
Richard Thomas: You can do the math at 35%.
Speaker Change: Your question. Please press Star then two.
Richard Thomas: Okay, great. Thank you.
Speaker Change: We'll pause for a moment as callers join the queue.
Speaker Change: Once again, if you have a question. Please press Star then one.
Don Demarco: The next question comes from Don Demarco with National Bank Financial. Please go ahead.
Carey MacRury: The first question comes from Carey MacRury with Canaccord Genuity. Please go ahead. Good morning, everyone.
Speaker Change: The first question comes from Kerry Macquarie with Canaccord Genuity. Please go ahead.
Speaker Change: Thank you operator, and good morning, Neal Oliver and team.
Kerry Macquarie: Good morning, everyone, maybe first on the Segovia ramp up the extra thousand tonnes a day.
Richard Thomas: Maybe first on the Segovia ramp up, the extra 1000 comes a day. How much of that is expected to come from contract mining partners? And do you have all those agreements in place to ramp that up? Kerry, so the way we've planned this out is that at the end of the day, we will have a 60-40 split 60-40, 60 being the Aris Mining and 40 coming from the contract mining partners. Most of those contracts are in place and we are signing another five contracts in this week. So as we ramp up three years, it'll be a slow ramp up, it's not going to be immediate.
Speaker Change: So I'll start off with a question on my motto that development appears to be picking up the pace.
Kerry Macquarie: And that is expected to come from contract mining partners and do you have all those agreements in place.
Speaker Change: When do you expect the underground mining rates to be scaled up.
Speaker Change: It feed this upsized 5000 ton per day mill.
Kerry Macquarie: Ramp that up.
Kerry Macquarie: So the way we've planned this out is that at the end of the day, we would have a 60 40 split 60, 40 60 being the Arris mining and 40 coming from the contract mining partners.
Speaker Change: I'd also like would that align with age to 26 or the taste to follow that.
Speaker Change: It is it is a steady ramp up from from the second half of 226 into 2027, So we should be up at the full 5000.
Kerry Macquarie: Most of those contracts are in place and we are finding another five contracts in this week, so as we ramp up through yes.
Speaker Change: In the second half of 'twenty seven.
Speaker Change: But if you do have an accelerated ramp up because we're doing those stope preparations rathenau through all access on the eager on ramp.
Kerry Macquarie: Be a slow ramp up it's not going to be immediate and by the end of the year, we will be in a position to be close to the 3000 tons per day.
Richard Thomas: By the end of the year, we will be in a position to be close to the 3000 tonnes per day. Should we assume it's sort of a steady ramp up through Q3 and Q4? Yep, yep. Steady ramp up. Okay, great.
Speaker Change: So to get to 4000 is going to be relatively quick and then the 5000 will take a few moments after that.
Kerry Macquarie: Should we assume it's sort of a steady ramp up through Q3, and Q4 Yep Yep steady ramp up.
Richard Thomas: And then just on Toro Peru, on the PEA, can you just talk about what the development options you're looking at? Well, since we last did the studies, you know, that was a really large open pit with a double stage plant. So it would be initially an oxide plant and then going to a sulfide plant. So some of the development options we are looking at with... Because when we did the resource, the resource shrank to close to 5 million tons. So we need to resize that and make sure that the economics work. We're also looking at innovative ways to treat the oxides without putting up the second plant.
Kerry Macquarie: Okay, Great and then just on tour, Peru on the P. Eight can you just talk about what the development options you are looking at there.
Speaker Change: Okay. Good.
Speaker Change: And then another question on <unk> with this decision to advance P. A what is your strategic intention are our bias for this asset would it be billed or sell.
Kerry Macquarie: Well since we lost at the studies that it was a a really large open pit.
Speaker Change: Doug I think you are bit players to answer that one.
Kerry Macquarie: With two with double stage.
Kerry Macquarie: Plant. So it would be an initial <unk> oxide plant and then getting to a sulfide plant. So some of the development options. We are looking at with them.
Speaker Change: I think that really depends on the results of the study done.
Speaker Change: We are.
Speaker Change: We'll look at all options.
Speaker Change: R R.
Kerry Macquarie: Because when we did redid the resource the resource shrank two to plus two 5 million tons. So you need to resize, it and make sure that the economics work. We're also looking at what.
Speaker Change: I guess, the best value for us is likely to consider building it but let's see what the results tell us and what kind of it then.
Speaker Change: Okay, well certainly look forward to that.
Kerry Macquarie: Innovative ways to treat the the oxides without putting up the second plant. So we were thinking maybe there's an opportunity for a heap leach, but those that work is under underway. We also need to do some type of thinking about transport have concentrated or maybe do a dore.
Speaker Change: It's a country, where there's been a lot of positive activity.
Richard Thomas: So we were thinking maybe there's an opportunity for a heap leach, but that work is underway. We also need to do some clever thinking about transport of concentrate or maybe do a dore, which is easier to transport. And the other options we are considering are power options. How do we get power to that site that's not going to be ruinously expensive? So there are a number of issues we're looking at.
Speaker Change: And with the pending inflow from warrants.
Speaker Change: What is your pecking order for capital allocation beyond the ongoing Mara Mato development.
Kerry Macquarie: And which is easier to transport and the other options. We are considering all power options that how do we get power to that but that's not going to be rune.
Speaker Change: Look I think.
Speaker Change: I had said that would also depends on the the two studies because as you know we've got also certain RT moving forward. So.
Kerry Macquarie: Munis the expensive. So there are a number of issues we're looking at.
Okay, we're going to be in a very strong cash position. We already are so it just strengthens us and then it opens up opportunities for how we move either of those.
Carey MacRury: Great, thanks for that.
Richard Thomas: Okay. Thanks for that and maybe one last one I think you pay most of your cash taxes in Q2, just wondering if there's any guidance on what we should expect for Q2 of this year rich.
Richard Orazietti: And maybe one last one. I think you pay most of your cash taxes in Q2. Just wondering if there's any guidance on what we should expect for Q2 of this year.
Richard Orazietti: Richard Orazietti, I'll leave that one to you. You could expect a similar amount. The cash taxes are related to Segovia, as obviously more income is being generated from Segovia.
Speaker Change: Okay, great. Thank you that's all for me and congratulations again on the strong quarter and good luck with Q2.
Richard Thomas: Richard our Zeta leave that one to you.
Richard Thomas: This is I am myself, you could expect a similar amount the cash taxes related to Segovia.
Tom: Thank you Tom.
Speaker Change: I would like to turn the conference back over to Oliver <unk> for any closing remarks.
Speaker Change: Obviously more income is being generated from them for months ago yet.
Operator: You can do the math at 35. Okay, great. Thank you. Once again, if you have a question, please press star, then.
Richard Thomas: You can do the math at 35%.
Tom: Yeah.
Oliver Sidoti: Thank you Megan unless there are any further questions.
Speaker Change: Okay, great. Thank you.
Tom: We suddenly.
Speaker Change: Once again, if you have a question. Please press Star then one.
Speaker Change: Appreciate your interest.
Don Demarco: The next question comes from Don DeMarco with the National Bank Financial. Please go ahead. Thank you, operator, and good morning, Neil, Oliver, and team.
Speaker Change: The next question comes from Don Demarco with National Bank Financial. Please go ahead.
Speaker Change: Thank you for joining today's call.
Speaker Change: Yeah. Please don't hesitate to reach out to me and Lillian if you have any further questions. We're looking forward to discussing our results.
Don Demarco: Thank you operator, and good morning meal, Oliver and team.
Richard Thomas: So I'll start off with a question on Marmotto. The development appears to be picking up the pace. When do you expect the underground mining rates to be scaled up? to feed this upsized 5,000-ton-per-day mill. Would that align with H2 of 26 or would you taste to follow that? There's a steady ramp-up from the second half of 2026 into 2027, so we should be up at the full 5,000 in the second half of 2027. But we do have an accelerated ramp-up because we're doing those stoke preparations right now through our access on the Igoron ramp. So to get to 4,000 is going to be relatively quick, and then the 5,000 will take a few more months after that.
Don Demarco: So I'll start off with a question on my model development appears to be picking up the pace.
Speaker Change: <unk> depth.
Speaker Change: Over the coming days and weeks.
Speaker Change: When do you expect the underground mining rates to be scaled up.
Don Demarco: It feed this upsized 5000 ton per day mill.
Speaker Change: This brings our close to today's conference call you may disconnect your lines.
Don Demarco: I'd also like would that align with H 226 on the taste to follow that.
Speaker Change: For participating and have a pleasant day.
Don Demarco: There's a steady ramp up from from the second half of 2026 into 2027, So we should be up at the full 5000.
Don Demarco: In the second half of 'twenty seven.
Don Demarco: But if you do have an accelerated ramp up because we're doing those stope preparations rathenau pure.
Don Demarco: X is on the eager on ramp.
Don Demarco: So to get to 4000 is going to be relatively quick and then the 5000 will take a few moments after that.
Richard Thomas: Okay, good.
Don Demarco: Okay. Good.
Richard Thomas: And then another question on Toro Paro, with this decision to advance a PEA, what is your strategic intention or bias for this asset? Would it be build or sell?
Don Demarco: And then another question on tour borrow with us.
Don Demarco: Decision to advance P. A what is your strategic intention are our bias for this asset would it be billed or Sal.
Richard Thomas: Doug, I think you're best placed to answer that one. I think that really depends on the results of the study, Don. We are we'll look at all options. But, you know, our. I guess the best value for us is likely to consider building it, but let's see what the results tell us and we'll decide then. Okay.
Doug: Doug I think you are bit players to answer that one.
Doug: I think that really depends on the results of the study done we are we'll look at all options.
Speaker Change: R R.
Speaker Change: I guess, the best value for us is likely to consider building it but let's see what the results tell us.
Speaker Change: Okay.
Speaker Change: And what kind of it then.
Don Demarco: Well, I certainly look forward to that. It's a country where there's been a lot of positive activity. And with the pending info from warrants...
Speaker Change: Okay, well certainly look forward to that.
Speaker Change: A country, where there's been a lot of positive activity.
Speaker Change:
Speaker Change: And with the pending inflow from warrants.
Richard Thomas: What is your pecking order for capital allocation beyond the ongoing Marmotto development? I would say that would also depend on the the two studies because you know we've got also Sotonorte moving forward so we're going to be in a very strong cash position we already are so it just strengthens us and then it opens up opportunities for how we move either of those. Okay, great.
Speaker Change: What is your pecking order for capital allocation beyond the ongoing model development.
Speaker Change: Look I think I would.
Speaker Change: I had said that would also depends on the the two studies because we as you know we've got also so to Norton moving forward. So.
Speaker Change: Okay, we're going to be in a very strong cash position. We already are so it just strengthens us and then it opens up opportunities for how we move either of those.
Don Demarco: Thank you. That's all for me.
Speaker Change: Okay, great. Thank you that's all for me.
Oliver Dachsel: would like to turn the conference back over to Oliver Dachsel for any closing Thank you, Megan, unless there are any further questions. We certainly appreciate your interest. Thank you for joining today's call. Please don't hesitate to reach out to me and Lillian if you have any further questions. We're looking forward to discussing our results in more depth over the coming days.
Oliver: I would like to turn the conference back over to Oliver <unk> for any closing remarks.
Speaker Change: Yeah.
Oliver: Thank you Megan unless there are any further questions.
Speaker Change: We suddenly.
Speaker Change: Appreciate your interest.
Speaker Change: Thank you for joining today's call.
Speaker Change: Yeah.
Speaker Change: Yeah. Please don't hesitate to reach out to me and Liliana. If you have any further questions. We're looking forward to discussing our results.
Speaker Change: More depth.
Speaker Change: Some days or weeks.
Speaker Change: Yeah.
Operator: This brings a close to today's conference call. You may disconnect your line. Thank you for participating, and have a pleasant day. Thank you all so much.
Speaker Change: This brings our close to today's conference call you may disconnect your lines.
Speaker Change: You for participating and have a pleasant day.
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Operator: Please like & subscribe
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