Q2 2025 SSR Mining Inc Earnings Call
Operator: Hello, everyone, and welcome to SSR Mining's second quarter 2025 conference call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.
Alex Hunchak: Thank you, Operator, and hello, everyone. Thank you for joining today's conference call to discuss SSR Mining's second quarter financial results. Our consolidated financial statements have been presented in accordance with US GAAP. These financial statements have been filed on EDDAR and CEDAR, and they are also available on our website. There is an online webcast accompanying this call, and you will find the information to access the webcast in this afternoon's news release and on our corporate website. Please note that all figures discussed during the call are in US dollars unless otherwise indicated. Today's discussion will include forward-looking statements, so please read the disclosures in the relevant documents. Additionally, we will refer to non-GAAP financial measures during our discussion and in the accompanying slides. Please see our press release for information about the comparable GAAP measures.
Hello everyone, and welcome to SSR. Mining second quarter 2025 conference call. This call is being recorded at this time for opening remarks. And introductions, I would like to turn the call over to Alexandre from SSR. Mining. Please go ahead.
Thank you, operator. And hello everyone. Thank you for joining today's conference call to discuss SSR mining second quarter Financial results.
Our Consolidated financial statements have been presented in accordance with us gaap. These financial statements have been filed on, Edgar and Cedar, and they are also available on our website.
There is an online, webcast accompanying this call, and you will find the information to access to webcasts in this afternoon's news release in on our corporate website.
Please note that all figures discussed during the call are in US Dollars unless otherwise indicated.
Today's discussion will include forward-looking statements so please read the disclosures in the relevant documents.
Additionally, we will refer to non-gaap financial measures during our discussion and in the accompanying slide.
Please see our press release for information about the comparable gaap measures.
Alex Hunchak: Rod Antal, Executive Chairman, will be joined by Michael Sparks, Chief Financial Officer, and Bill McNevin, EVP Operations and Sustainability, on today's call. I will now turn the line over to Rod.
Broad anel executive chairman will be joined by Michael Sparks Chief Financial Officer and Bill McMahon. Easy, easy P operations and sustainability on today's call.
I will now turn the line over to rod.
Rod Antal: Great. Thank you, Alex, and good afternoon to you all. It is pleasing to report a really good quarter that progressed largely to plan. Despite the temporary suspension at CB due to the forest fire, we had a very strong quarter that generated both good operating results and significant free cash flow. We continue to work constructively with the relevant authorities in Tokyo to advance the restart of the Chirpler mine, including progressing the various engineering plans and design documents. This includes the closure plans for the heat leach pad and the issued construction documents for the storage facility. While this is another step forward, we cannot yet provide a definitive timeline for a restart. Another key milestone was achieved at Poonar in the quarter. We have developed a plan that will extend the mine life at Chinchillas by an initial three-year period through to 2028.
Great. Thank you Alex and good afternoon to you all.
It is pleasing to report, a really good quarter that progressed largely to plan.
Despite the temporary suspension at CB due to the forest fire. We had a very strong quarter that generated both good operating results and significant free cash flow.
We continue to work constructively with the relevant authorities in turquia to advance, the restart of the chirpa mine, including progressing, the various engineering plans and design documents.
This includes the closure plans for the heat bleach pad and the issued for construction documents for the storage facility.
While this is another step forward, we cannot yet provide a definitive timeline for a restart.
Another key milestone was achieved at Tuna in the quarter.
Rod Antal: Further, we will continue to evaluate other opportunities, including advancing the studies at Cordilleros. Other notable highlights in quarter two include we had consolidated free cash flow generation of nearly $100 million, reiterating the strength of our Americas platform. We had a strong first full quarter from Cripple Creek and Victor, which itself generated excellent free cash flow, delivering on one of the main strategic rationales of the acquisition. And lastly, we continue to advance the Hot Madden project towards a construction decision, including $29 million in capital expenditure year to date. As we move into the second half of the year, we have a number of meaningful catalysts remaining on the horizon.
We have developed a plan that will extend the Mind life of chin. Cheers by an initial 3 year period through the 2028.
further, we will continue to evaluate other opportunities including advancing the studies at korderas
Other notable highlights in quarter 2 include.
We had.
Consolidated free cash flow generation of Nelly, 100 million reiterating the strength of our America's platform.
We had a strong First full quarter.
From C Cripple Creek and Victor, which itself generated. Excellent free, cash flow delivering on 1 of the main strategic, rationale of the acquisition,
And lastly we continue to advance the hot Madden project towards a construction decision including 20 M, 29 million in capital expenditure year to date.
Rod Antal: These include the release of a technical report and life of mine plans for Cripple Creek and Victor, initially based on existing mineral reserves, and of course, the advancement of the Hot Madden project towards a construction decision. Across the portfolio, we'll continue to evaluate further organic growth initiatives at Buffalo Valley and New Millennium at Marigold, a porkish target at CB, and a Cordilleros target at Poonar. And of course, the top priority is continuing to advance Chirpler to a restart. As you can see, we've already delivered on a number of our key priorities and demonstrated strong operating performance in the first half. This is particularly pleasing when you overlay the heavy lift of resources required for the very successful integration of Cripple Creek and Victor.
As we move into the second half of the year, we have a number of meaningful catalysts remaining on the horizon.
These include the release of a technical report and life and mind plan for Cripple Creek, and Victor. Initially, based on existing mineral Reserves,
And of course, the advancement of the hot Madden project towards a construction decision.
Across the portfolio will continue to evaluate further, organic growth initiatives at Buffalo Valley, and New Millennium and marigold.
The pork is targeted. CB and accorded their is targeted. Pune
And of course, the top priority is continuing to advance chirla to a restart.
As you can see, we've already delivered on a number of our key priorities and demonstrated strong operating performance in the first half.
Rod Antal: So now I'm going to turn the call over to Michael to take you through the quarter two financials, starting on slide number four.
This is particularly pleasing when you overlay, the heavy lift of resources, required for the very successful integration of Cripple, Creek, and Victor.
Michael Sparks: Thank you, Rod, and good afternoon, everyone. As noted, the second quarter of 2025 was another strong operational period. Production in the quarter was 120,000 Gold Eclipse ounces, a better than 15% improvement over Q1, as we benefited from the full first quarter of production from CCMV. All in sustaining costs in the second quarter were $2,068 per ounce or $1,858 per ounce, excluding care and maintenance costs incurred at Chirpler. These results drove operating cash flow of $158 million and free cash flow of $98 million during the quarter. We spent approximately $16 million advancing Hot Madden in the second quarter as we progressed engineering and initial site development activities. This brings year-to-date spend at the project to $29 million as we advance towards a construction decision for what remains one of the most attractive, underdeveloped copper gold projects in the sector.
so now I'm going to turn the call over to Michael to take you through the quarter to financials starting on, slide number 4,
Thank you, rod and good afternoon. Everyone as noted, the second quarter of 2025 was another strong operational period.
Production at quarter was 120,000 gold. Equivalent ounces are better than 15% improvement over q1. As we benefited from the full first quarter of production from ccmv,
All in sustaining costs in the second quarter were 2,068 per ounce or 1,858 per ounce. Excluding care maintenance costs and curvature blur.
These results drove, operating cash flow of 158 million and precash flow of 98 million during the quarter.
We spent approximately dollars advancing hot Madden in the second quarter as we progressed engineering and initial site development activities.
Michael Sparks: We also announced an initial extension to the Poonar mine life, which Bill will speak to later in the call. Moving on to our financial results on slide five, we recorded a tributable net income of 42 cents per diluted share in the second quarter and adjusted net income of 51 cents per diluted share. Both figures include approximately $37 million in care and maintenance costs at Chirpler during the quarter, as these costs are not adjusted for under SEC rules. Adjusted net income removed the impact of the additional reclamation and remediation costs at Chirpler, which I will speak to shortly, as well as the $44 million in insurance proceeds received during the quarter. As previously noted, second quarter free cash flow of $98 million was an excellent result. This strong free cash flow generation maintains our total liquidity position of over $900 million.
This brings year to date span at the project to 29 million. As we advance towards a construction decision for what remains 1 of the most attractive, underdeveloped, copper gold projects in the sector.
We also announced an initial extension to the Puna, mine life, which bill will speak to later in the call.
Moving on to our financial results on slide 5.
We recorded attributable. Net income of 42 cents per diluted share in the second quarter and adjusted. Net income of 51 cents per diluted share.
Both figures include approximately 37 million in care and maintenance costs that chirp during the quarter, as these costs are not adjusted for under SEC rules.
Adjusted net income removed, the impact of the additional Reclamation, and Remediation cost of tripler, which I will speak to shortly, as well as the 44 million in insurance proceeds received during the quarter.
As previously, noted second quarter, free cash flow of 98 million was an excellent result.
Michael Sparks: We remain in a very strong position financially and are well positioned to manage all capital requirements across the business going forward, including the remaining remediation and reclamation costs at Chirpler. Let's now turn to page six for an update on these efforts. Following the Chirpler incident, the company estimated future reclamation and remediation costs of $250 million to $300 million related to the Chirpler incident. In Q1 2024, the company accrued the low end of this estimated cost range, recording $250 million in reclamation and remediation costs, in addition to the $22.5 million that had already been incurred during the first quarter of 2024. In the second quarter of 2025, we recorded a $62.9 million revision to the initial reclamation and remediation costs, resulting in a $12.9 million increase to the initial estimate.
This strong free, cash flow generation maintains, our total liquidity position of over 900 million dollars.
We remain in a very strong position financially and are well positioned to manage all capital requirements across the business. Going forward, including the remaining remediation and Reclamation costs, that chirp
Let's now turn to page 6 for an update on these efforts.
Following the tripler incident, the company estimated future Reclamation and Remediation costs of 250 million to million dollars related to the chirp floor incident.
In q1 2024, the company accrued the low end of this. Estimated cost range recording, 250 million in Reclamation and Remediation costs. In addition to the 22.5% during the first quarter of 2024
in the second quarter of 2025, we recorded a 62.9 million revision to the initial Reclamation, and Remediation costs resulting in a 12.9 million increase to the initial estimate,
Michael Sparks: The revision in estimate reflects the company's advancement of the engineering and construction design of the e-storage facility, as well as the advancement of the studies for the permanent closure of the heat leach pad. This approximately 4% increase in reclamation and remediation costs reflects the improved fidelity in our engineering and construction designs and is not unlike the refinement in capital costs we are used to seeing as projects advance from PEA level scoping studies towards executable project plans. As I mentioned previously, the engineering plans and related studies for the permanent closure of the heat leach pad continue to advance. As part of the heat leach pad closure planning, the company will conduct further field investigations and will use the findings to refine and update the closure plan for the heat leach pad. Now over to Bill for an update on the operations, starting on slide eight.
The revision and estimate reflects. The company's advancement of the engineering and construction design of the E storage facility as well as the advancement of the studies for the permanent closure of the Heap pad.
This approximately 4% increase in Reclamation and Remediation costs reflects the improved Fidelity in our engineering and construction designs and is not unlike the refinement in capital costs. We are used to seeing as projects Advanced from pea level scoping studies towards executable project plans.
As I mentioned previously, the engineering plans and related studies for the permanent closure of the heath Leach pad continue to advance
As part of the Heap pad closure planning, the company will conduct further field, investigations, and will use the findings to refine and update the closure plan for the heath pad.
Bill MacNevin: Thanks, Michael. It was another solid quarter for our operations, starting with Marigold. Marigold produced 36,000 ounces in the second quarter at an ASIC of 1,977 per ounce, as costs trended higher over the first quarter as expected. For the full year, we continue to expect a second-half weighted production profile, with Q4 planned to represent the strongest quarter of production for the year. We continue to be impacted by higher royalty costs at Marigold, given the strength of the gold price through 2025, but overall remain on track for our full-year targets. With respect to expiration and growth, we are continuing to advance engineering and study work at Buffalo Valley and New Millennium, two key avenues for future mineral reserve conversion and mine life extension. Feasibility study level work has commenced at Buffalo Valley, including infill drilling and initial engineering.
Now, over to bill for an update on the operation, starting on slide 8.
Starting with marigal.
Marigal produced 36,000 ounces in second quarter at an Asic of 1977 per ounce.
As costs, trended higher over the first quarter as expected.
For the full year, we continue to expect a second half weighted production profile.
With Q4 plan to represent the strongest quarter of production for the year.
We continue to be impacted by higher royalty, costs at Muriel.
Given the strength of the gold price through 2025 but overall remain on track for our full year targets.
With respect to expiration and growth.
We are continuing to Advance Engineering and study work at Buffalo Valley and New Millennium.
2 key avenues for future mineral. Reserve conversion and my life extension.
Feasibility, study level work is commenced at Buffalo Valley.
Bill MacNevin: We look forward to providing further updates on these initiatives as they progress. Now on to CCMV on slide nine. CCMV delivered an excellent Q2, with production and costs benefiting from better than expected solution grades coming off the pad. Second quarter production was 44,000 ounces of gold and an ASIC of 1,339 per ounce. These strong results helped drive significant free cash flow in the quarter. Since acquisition at the end of February, CCMV has now generated nearly $85 million in free cash flow, effectively paying back our initial upfront purchase in just four months. While we expect production and costs to normalize over the remainder of the year, CCMV is off to an excellent start, establishing itself as a core piece of our Americas platform going forward. We are continuing to advance an initial technical report for CCMV.
Including infill, Drilling and initial engineering.
We look forward to providing further updates on these initiatives as they progress.
Now, on to CCMV on slide 9.
Dcmb delivered. An excellent Q2 with production and cost benefiting from better than expected solution, grades. Coming off the pad.
Second quarter production was 44,000 oz of gold and they seek a 1339 per ounce.
These strong results. Help Drive, significant free cash flow in the quarter.
This acquisition at the end of February.
Ccmv is now generated nearly 85 million in free, cash flow, effectively paying back, our initial upfront purchase and just 4 months.
while we expect production and costs to normalize over the remainder of the year,
ccmv is off to an excellent start establishing itself as a core piece of our America's platform going forward.
Bill MacNevin: We expect this document will represent a first step in our longer-term plans to delineate meaningful growth and upside for the asset in the future. Now on to CB. CB's quarter was heavily impacted by the power interruption caused by forest fires in Saskatchewan. Firstly, I want to take a brief moment to acknowledge the impact these fires had on our staff and their communities across northern Saskatchewan and Manitoba. This was a particularly damaging fire season across the region, and while the impact to our operations was thankfully limited to power interruptions, our thoughts are with all those whose livelihoods were impacted. Owing to the downtime and subsequent ramp-up back to operation, CB produced 11,000 ounces of gold at an ASIC of 2,708 per ounce.
We are continuing to advance an initial technical report for ccmv.
We expect this document or represent a first step in our longer term plans to delineate, meaningful growth and upside for the asset in the future.
now on to cbec,
TVs quarter was heavily impacted by the power Interruption caused by forest, fires and Saskatchewan.
firstly, I want to take a brief moment to acknowledge the impact, these fires had on our staff and their communities across Northern catchment and Manitoba
This was a particularly damaging policies and across the region.
And while the impact to our operations was thankfully limited to power interruptions.
Our thoughts, with all those whose livelihoods were impacted?
Bill MacNevin: Costs were particularly high in the quarter as we kept our full complement staff on site to be ready for the restart of operations as soon as it was practical. For the remainder of the year, grades will remain at or near reserve grade, and production is expected to trend towards the lower end of full-year guidance. With respect to growth and expiration, we are continuing to advance drilling campaigns at both Santoi and the porky targets as we evaluate potential opportunities to extend the mine life at CB. This work has continued to deliver promising results, and we look forward to providing further updates with our year-end reserves and resources. On to Poonar on slide 11. Poonar produced 2.8 million ounces of silver in the second quarter at an ASIC of $12.57 per ounce, another excellent result.
Owing to the downtime and subsequent ramp up back to operations. CB produced 11,000 ounces of gold at an Asic of 2708 grams.
Cost for particularly high in the quarter.
As we kept our full complement staff on site to be ready for the restart of operations, as soon as was practical.
To the remainder of the Year grades will remain at or near Reserve grade.
And production is expected to Trend towards the lower end of the full year guidance.
With respect to growth and expiration. We are continuing to advance drilling campaigns as santoy and the porky targets.
As we evaluate potential opportunities, to extend the Mind life at CV.
This work has continued, delivering, promising results and we look forward to providing further updates with our year-end reserves and resources.
On to Pune on slide 11.
Bill MacNevin: While Poonar has had an exceptional year so far, it is worth noting that the year-to-date gold to silver ratio has been higher than our forecasts, unfortunately diminishing some of the positive impacts from Poonar's strong first half on gold equivalent ounces. Positively, our continued efforts on exploration and development at Poonar have provided an initial three-year extension of operations at Chinchillas. We are continuing to advance opportunities to build on this progress, and we're also continuing work to evaluate the opportunity at Cordilleros as a pathway for longer-term growth. Poonar remains an exceptional contributor to our portfolio, and we are keen to see its continued production and growth for many years to come. On to slide 12.
Pune produced 2.8 million ounces of silver in the second quarter and an Asic of 1257 per ounce. Another excellent result.
While Pune has had an exceptional year so far.
Is worth noting that the year to date. Gold, silver ratio has been higher than our forecasts, unfortunately diminishing some of the positive impacts from puns strong first half on gold equivalent ounces.
Positively our continued efforts on expiration and development at. Pune have provided an initial 3 year extension of operations that can cheers.
We continuing to advance opportunities to build on this program.
And are also continuing work to evaluate the opportunity at corded, daras as a pathway for longer term growth.
Growth for many years to come.
On to slide 12.
Bill MacNevin: At Hot Madden, we spent approximately $16 million on the initial site assessment efforts and technical report in the quarter, while infill drilling also continues at site with the aim of de-risking the early years of the mine. Year-to-date spend at the project is now $29 million, and we continue to advance towards a full investment decision. Overall, it was a solid quarter across the business, and we're looking forward to continuing to deliver in the second half. Now we'll turn back to Rod for closing remarks.
At hod Martin. We spend approximately 16 million on the initial site, assessment efforts and technical report in the quarter.
While infill, drilling also continues its site with the aim of de-risking, the early years of the mine.
Year to date spend at the project is now 29 million.
And we continue to advance towards a full investment decision.
Overall it was a solid quarter across the business and we're looking forward to continuing to draw deliver in the second half.
Rod Antal: Great. Thanks, Michael, and thank you, Bill. With the first half now behind us, we remain in a good position to meet our full-year targets and are poised to continue to generate free cash flow through the second half. We still have a number of meaningful catalysts over the remainder of the year across the portfolio that should lead to value delivery for our shareholders. This obviously includes Tokyo, where we remain firmly committed to advancing to a restart at Chirpler. With a strong balance sheet underpinning the portfolio and solid operating performance over the year to date, we are in excellent shape as a business, and it is our priority to continue to build on this strength over the remainder of the year. So with that, I'm going to turn the call over to the operator for any questions you may have.
Now, we'll turn back to Rod for closing remarks.
Great, thanks. Michael. And thank you, Bill.
For the first half. Now behind us will remain in a good position to meet our full year targets and are poised to continue to generate free cash flow through the second half.
We still have a number of meaningful catalysts over the remainder of the year. Across the portfolio, they should lead to value delivery for our shareholders.
This obviously includes turkey, egg, we will remain firmly committed to advancing to a restarted Cherokee.
With a strong balance sheet underpinning, the portfolio and solid operating performance over the year to date. We are an excellent shape as a business and it is our priority to continue to build on this strength of the the remainder of the year.
So with that, I'm going to turn the call over to the operator for any questions you may have.
Operator: Thank you, Mr. Antal. We will now begin the question and answer session. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any key. To withdraw your question, please press star, then two. First question comes from Owais Habib at Scotiabank. Please go ahead.
Thank you, Mr.
Join the question queue. You may press star, then 1 on your telephone keypad, you will hear a tone acknowledging your request.
If you're using a speaker-phone, please pick up your handset before pressing any keys to a draw. Your question, please. Press star. Then 2
First question comes from, oh Saab Scotia Bank. Please go ahead.
Ovais Habib: Thanks, Operator. Hi, Rod and to our team. Really congrats on the Q2 beat and really great to see the successful integration taking place at CCNV. Rod, just a couple of questions from me. Starting off with CCNV, based on what CCNV has already produced so far and the outperformance we saw in Q2, I mean, is there a chance for CCNV to beat guidance? I mean, any thoughts in color you can provide on how you see the second half?
Rod Antal: Yeah, I appreciate the congratulations over those. It is pleasing. I mean, the guys have done a terrific job across the business already this year. But look, specifically on your question, things have gone really well down there. The plan that we put together for the year is as expected with the higher production in the second quarter, the first full quarter that we've owned it. And it really is just as a result of the higher grade that was stacked on the heat leach during the last part of last year and the early part of this year, and those residual grades being produced. So at this stage, Owais, it's tracking to plan. And as we look forward to the second half with our stacking plans and all going up on the pad, we're still comfortable with the guidance as it states.
Thanks operator. Hi rod and sorry, our team. Uh, we congrats on uh on the Q2 beat uh and uh, really great to see the successful Transit uh integration uh taking place at ccnv uh brought just a couple of questions from me uh starting off with ccnv uh based on what uh ccnb has already produced so far. Uh and the outperformance we saw on Q2, I mean is is there a chance for ccnb to beat guidance? I mean any any thoughts and color you can provide on, you know how how you see the second half?
Yeah, I appreciate the um the congratulations OAS that um it is pleasing. I think the guys have done a terrific job
Across the business already this year, but look on specifically on your question. Um, um, things have gone really well down there. Um,
the plan that we put together for the year, um, is as expected with the higher production, um, in the second quarter that, you know, the First full quarter that we've owned it. Um, and it really is just as a, as a result of the higher grade that was stacked on, the, the Heap Leach, um, during the last part of last year, in the early part of this year, um, and those, um, residual grades being, um, produced. So, um, at this stage over there is, um, it's tracking to plan. Um, and as we look forward to the second half with our house stacking plans um and all going up on the pad we're still come comfortable with the guidance as as it states.
Ovais Habib: Thanks for that. And then just maybe a little bit more color on this technical review that you guys are going to be coming out with on CCNV. Obviously, this is going to be based on the updated reserves that Newmont had published before the closing of the transaction. I mean, is there a possibility over here to significantly improve the mine life? Do you think you can pull forward some of that production? Any thoughts color on that, Rod? That would be appreciated as well.
Thank thanks, Robert for that. And then just, uh, uh, maybe a little bit more color on this technical uh, uh, review that you guys are going to be coming out with on ccnb. Um, you know, obviously this is going to be based on uh, the updated reserves uh that uh Newmont had published before the closing of the transaction. Um, I mean, is there a possibility over here to, you know, significantly improve the Mind life? Do you think you can pull?
Rod Antal: Yeah, look, I think Owais, the purpose of the update really was just to ensure that the most recent information for Cripple Creek and Victor was actually in the public domain. As you know, Newmont hadn't published a tech report on it for many, many, many years. So we've basically just picked up what we know using all the information available to us based on the current reserve base. And that's the starting point for the purpose, actually, of the tech report itself. So we'll conclude all of that work and publish it. Your question around future growth and future growth opportunities, you know, clearly we see that. We saw that through the due diligence and now having ownership for the best part of four months, we continue to evaluate it. But it's still pretty early, Owais, for us to get our arms around it.
Board, uh, some of that production. Any thoughts color on that Rod. That would be appreciated as well.
Yeah. Look I think I buy is the the purpose of the update um, really was just to, um, ensure that the most recent information,
Rod Antal: You know, we've got other priorities right now around getting Amendment 14 approved, which is important to underpin the reserves. As I was stated by Newmont, that's really clearly our first objective. And then, you know, as we look further afield and into the future, you know, many of the opportunities will take some time to study properly and then obviously bring that to market once our understanding is more mature. So really, just it's really just a placeholder at the moment to get the information out there. So we're all working off the same information. So you can see the production profile importantly and the cost profile importantly, and then we'll go from there in the future. But look, it's off to a really good start for sure. Couldn't be more pleased or more impressed with the team down there.
We see that um, um, we saw that through the due diligence and now having ownership for, you know, the best part of, um, 4 months. Um, uh, we continue to, to evaluate it, but it's still pretty early of us. Um, for us to get our arms around it. You know, we've got other priorities right now around, um, and getting amendment 14 approved, which is important to underpin the, uh, the reserves, um, as Al stated by Newmont, that's really clearly our first objective. And then, you know, as we look further a field and into the future, um, you know, many of the opportunities will take some time to to study properly. Um, and, uh, and then obviously bring that to, uh, to Market once once our understanding is more mature. Um, so really just, it's really just a placeholder at the moment to get the information out there. So we're all working off the, uh, the same information. So you can see the, um, you know, production profile. Um,
Ovais Habib: Excellent. Thanks for that, Rod. And just quickly moving on to Chirpler, I just wanted to see, you know, where things are at in terms of kind of discussions with the regulators. I'm just trying to figure out if the regulators have just given you a task list or agenda, and any sort of permit to restart only comes once those tasks are completed, or is there any sort of fast tracking that could happen as well on the restart?
Importantly and the cost profile importantly and then we'll go from there in the future but um, I look it's off to a really good start for sure. Um, couldn't be more uh more pleased or more impressed with the team down there.
Excellent. Thanks. Thanks for that rod and just, uh, quickly moving on to Chlor. Um, I just wanted to see, you know where things are at, um, in terms of kind of discussions with The Regulators, I'm just trying to figure out if The Regulators have just given you, a task list or agenda. And, and any sort of permit to restart only comes once those Stacks are completed or is there any sort of fast tracking that could happen as well uh, on the restart?
Rod Antal: Yeah, look, I think we've sort of made most of the disclosure within the quarter, but I would say that the last quarter, in particular, quarter two, was very good in terms of the progress that we did make. A number of the open items we had been working on with the various stakeholders around the plans for the construction of the storage facility, which will hold some of the heat leach material, the remnant heat leach material, as well as the closure planning for the actual heat leach, really made a lot of progress. You know, all the way through to us, as we mentioned on the call, being able to issue for construction the e-storage facility. So that was a significant, you know, positive outcome for the work over the last quarter.
Yeah. Look I think we we've sort of made most of the disclosure within the um, within the quarter. But I would say that the last quarter in particular, um, quarter 2 was um very good in terms of the progress that we did make, um, a number of the open items. We had been working on with the various stakeholders, um, around the plans for, uh, the construction of the storage facility, which will hold
Some of the, um, the Heap Legion material, the Remnant Heap leach material, um, as well as the closure planning for the actual Heap bleach, uh, really made a lot of, a lot of progress. Um, you know, all the way through to us. Um, as we mentioned on the call, um, being able to, um, issue for the construction, the storage facility. So that was a significant, um, you know, um, positive.
Rod Antal: And as you can imagine, Owais, as we've talked about early on, the work in this is important to work with the various government officials, stakeholders, professors from various universities to ensure we get it right in accordance with the Turkish law, but also a number of the interested parties. So that's all, that's been a good quarter for us, actually, in a lot of ways to get a lot of the open issues resolved. So that's favorable. And then, you know, as we look forward, there isn't a sort of set of things that we have to do per se. Owais, you know, you must do this before you do that. You know, clearly, we want to make sure that everything's in place before we seek approval for a restart.
Rod Antal: But we're not quite there in a few regards, but you know, we're obviously plugging along and making good progress. So I was really pleased with the quarter, actually.
Outcome for the work over the last quarter. And as you can imagine, um, of those as we've talked about early on, um, the work in, this is important, um, to work with the various, um, government officials, stakeholders professors from various universities to, um, to ensure we, we get it right, um, in accordance with, uh, the Turkish law. Um, but also, um, another number of the interests of parties. So, that's all, that's all that's been a good good quarter for us, actually, in a lot of ways to, uh, to get a lot of the open issues resolved. Um, so that's favorable. And then, you know, as we look forward. Um, there isn't a sort of set of things that we have to do per se Ovation. You know, you must do this before you do that. Um, you know, clearly we want to make sure that everything's in place, um, before we seek approval for a restart but, um, um, we're not quite there in in, in a, in a few regards. But um, you know, we're obviously plugging along and making
Ovais Habib: That's perfect. Thanks, Rod, for that color there as well. That's it for me in terms of my questions. So thanks for taking my questions. And again, congrats on a great quarter.
Good progress. So I was really pleased with the quarter. Actually
Rod Antal: Great. Thanks. Appreciate it.
That's perfect. Uh thanks rod for that color, there as well. Um that's it for me in terms of my questions. Uh so thanks for taking my questions and uh again congrats on the great quarter.
Great, thanks. Appreciate it.
Operator: The next question comes from Don DeMarco with National Bank Financial. Please go ahead.
Don Demarco: Thank you, Operator, and good afternoon, Rod and team. Rod, certainly, investors are interested in the Chirpler restart, and your disclosure covers a lot. In the disclosure, you mentioned that you're not sure what the time frame is that a restart might occur, but do you know what the time frame may not be? In other words, do you know for certain that it won't be, say, within one month or three months, but it would be longer than that?
The next question comes from Don DeMarco with National Bank Financial. Please go ahead.
Thank you, operator and uh, good afternoon rod and team.
Rod. Um certainly investors are are interested in in the chiropractor. Restarting your disclosure covers a lot. Um in the disclosure you mentioned that uh you're not sure what the time frame is that a restart might occur. But do you know what the time frame may not be. Uh in other words, do you know for certain that it won't be say within 1 month or 3 months? But it would be longer than that.
Rod Antal: Yeah, and if you're trying to trying to trick me in a different way, negative way, to answer a question, Don, I appreciate it. But look, I think what we've said publicly is what we're going to say publicly. There isn't a definitive timeline, as sort of I was just explaining to Owais. I think the important thing for us is to continue to make progress, and we are, which is important, and continue to evolve it into a point where we'll be seeking the approval for a restart. So, you know, I'm not going to put out their timetables in this regard to put unnecessary pressure on anyone. It's not the valid point here. I think we're, like we've said, we're committed to Tokyo. We see tremendous value for the country in both the Chirpler asset and also in the Hot Madden project.
Rod Antal: And I think our commitment around Hot Madden and the progress that we're making there leading up to the sort of, you know, for investment decision with our board at the right time really does, I think, support our commitment to country. So, and obviously, you know, our progress in terms of getting a restart. So I think we're in good shape as we move forward. But look, I'm not going to put out there a timetable at this stage.
For roses to continue to make progress. And um and we are which um is important and continue to uh to evolve it into a um um a point where we'll be seeking the approval for a, for a restart. So, you know, I'm not going to put out their timetables, um, um, in this regard to put unnecessary pressure on anyone. Um, it's not, it's not the, um, the valid point here I think we're like we've said, we're committed to Turkey a. We see tremendous value uh for um the country in both uh the Chlor asset and also in the hot Madden project, and I think our commitment around hot Madden and the progress that we're making their, um, leading up to the sort of, you know, um, for investment decision, um, um, with our board at at the, uh, the right time really, does I think, um, support, um, our
Don Demarco: Okay. Thank you. Well, we'll keep looking for updates on that. Now, could you remind me what the permitting status is at Chirpler? You know, what level of throughput, for example, is currently permitted? And upon a restart in the event that it occurs, what is the process to update the permitting?
Commitment to Country. So and and obviously you know, our um um, progress in terms of getting a restart. So I think we're in good shape, um, as we as we move forward. But look, I'm not going to put out there a timetable at this stage
Okay, thank you. Well, we'll keep looking for updates on that now. Could you remind me what the permitting status is at Jer. Um, you know what, what level of throughput, for example is currently permitted and uh upon a restart in the event that it occurs. What is the process to uh, update the permitting?
Rod Antal: Yeah, so if you remember, we disclosed probably, I don't know, it feels like a long time ago, probably 12 months ago, that we would have to revert to the 2014 EIA, which is around 6,000 tons per day. I'm sorry, 6,000 tons per day on a throughput rate. And that'll be our starting point once we get a restart. And then we'll then be seeking a refresh to the EIA to account for everything we have to account for in terms of the site to be looking at improving that throughput rate in the future. But that won't come immediately. It'll be a process. But first things first, just, you know, let's just get things started. So revert to 6,000 tons per day.
Don Demarco: Okay, Rod. Thank you. Well, that's all for me, and good luck with the rest of the quarter. Thank you.
Yeah, so if you remember, we, um, disclosed probably, I don't know. It feels like a long time ago, probably 12 months ago that, um, we would have to revert to the 2014 e eia, um, which is around 6,000 tons per day. Um, sorry, 6,000 tons. Um, but a on a on a throughput rate, um, and that'll be our starting point. Um, uh, once we once we get a restart and then, uh, we'll then be seeking, um, a refresh to the, um, eia to, um, account for everything, we have to account for, in terms of the site, uh, to be looking at, um, improving that throughput rate in the future. But, um, that won't come immediately. It will be a process. Um, but first things first, just, um, you know, let's just get things started. So, we revert to the 6,000 tons per day on
Rod Antal: Good on you. Thank you.
Okay. Rob, thank you. Uh, well, that's all for me and uh good luck with the rest of the quarter. Thank you.
Good on you. Thank you.
Operator: This concludes the question and answer session and today's conference call. You may disconnect your line. Thank you for participating and have a pleasant day.
This concludes the question and answer session and today's conference call, you may disconnect your lines. Thank you for participating and have a pleasant day.