Q2 2025 Lundin Gold Inc Earnings Call
Speaker #4: Good morning, ladies and gentlemen. And welcome to Londongolds' second quarter 2025 financial results conference call. At this time, all lines are in a listen-only mode.
Speaker #4: Following the presentation, we will conduct a question-and-answer session. If anyone has any difficulties hearing the conference, please press *0 for operator assistance at any time.
Speaker #4: I would now like to turn the conference call over to Ron Hochstein. President and CEO. Please go ahead.
Speaker #5: Thank you, operator. And good morning, everyone. Thank you all for joining us today. I'm joined by Terrence Smith, Chief Operating Officer, and Chester See, our Chief Financial Officer.
Speaker #5: We're going to take you through our results for the second quarter of 2025. Please note, Londongolds' disclaimers on this slide. This discussion includes forward-looking information.
Speaker #5: Actual future results may differ from expected results for a variety of reasons described in the caution regarding forward-looking information and statements. Section of our press release.
Speaker #5: Londongold is a U.S. dollar reporting entity, and all amounts in this presentation refer to U.S. dollars unless otherwise indicated. This was another excellent quarter for Londongold.
Speaker #5: We produced over 139,000 ounces of gold and sold more than 136,000 ounces. Our cost performance remained strong, with a cash operating cost per ounce of $756 and an all-in sustaining cost of $927 per ounce sold.
Speaker #5: This combined with an average realized gold price of $3,361 resulted in an impressive all in sustaining cost margin of 72%. With this strong operating performance in the first half of the year, we are updating our 2025 production guidance by raising the lower end of our range from $475,000 to $490,000 ounces while maintaining our upper end at $525,000 ounces.
Speaker #5: Record gold prices have driven exceptional financial results. But they also have an impact on our costs. Royalties and statutory employee profit sharing are impacted by the gold price and are included in our cash operating cost and all in sustaining cost.
Speaker #5: Our original guidance was based on an average gold price of $2,500 per ounce. For every $100 increase in the gold price, we anticipate a roughly $10 increase in our costs.
Speaker #5: With our average realized price of $3,231 per ounce in the first half of the year, this translates to an approximate $70 per ounce increase in costs.
Speaker #5: Despite this pressure, our costs are focused on operational excellence that allows us to reaffirm our guidance. Though we now expect to be at the high end of our cost ranges largely due to the current gold prices.
Speaker #5: Supported by another quarter of strong operations and record gold prices, we generated a record $255 million in cash flow from operations and $236 million in free cash flow.
Speaker #5: This robust free cash flow enables us to declare our total dividend of $79.00 per share, consisting of our fixed dividend of $0.30 and a variable dividend of $0.49.00 per share.
Speaker #5: Chester will provide more detail on this shortly. On the expiration front, we've had a very active quarter. We recently released two sets of exciting results from our FDNS and FDN East, and the copper gold porphyry systems at Tranquiloma and the newly discovered Sandia.
Speaker #5: Our conversion drilling at FDNS is progressing well. And our engineering studies are on track to integrate it into our long-term mine plan as part of our reserves and resource update early next year.
Speaker #5: Turning to slide five, you can see the power of both a strong gold price and our operational excellence in our year-over-year performance. In Q2, we saw significant growth across all key financial metrics.
Speaker #5: Compared to the same quarter in 2024, revenue surged 50% to $453 million. Net income hit a high of $197 million, up 65%. Earnings per share doubled, increasing by 100% to $82.00 per share.
Speaker #5: And free cash flow grew by a substantial 110% to $236 million. While we've certainly benefited from a rising gold price, we've also controlled our costs through continuous optimization and productivity improvements.
Speaker #5: This is a testament to our team's commitment to innovation and efficiency. Our all in sustaining cost margin per ounce increased by 62% to $2,434 in Q2, reflecting our enhanced profitability.
Speaker #5: With that, I'd now like to turn the call over to Terry to discuss our operations in more detail.
Speaker #6: Thanks, Ron. And good evening, all. Turning to safety, I'm pleased with our Q2 and year-to-date performance. While it's nice to see a quarter with no recordable incidents and our overall incident rate drop compared to last year, our focus at FDN hasn't changed.
Speaker #6: From promoting hazard recognition and safe behaviors with visible leadership in the field, to fostering open, two-way communication, helping to improve the way we work, are making a real difference.
Speaker #6: I'm always inspired by the commitment of every single person on our team. This commitment will help us avoid complacency and continue to operate at the highest standard.
Speaker #6: Moving to operations, I'm pleased to report that we've had another strong quarter. Delivering on our key strategic objectives. Last quarter, we discussed the successful completion of our plant's expansion project; this quarter, we realized the benefits of that investment, achieving record throughput and recovery rates, meeting our operational targets, for the expanded plant.
Speaker #6: The team has done an outstanding job. Of improving the new infrastructure and its already showing up in our results. As Ron mentioned earlier, this strong performance, combined with our positive first quarter, gives us confidence to tighten our 2025 production guidance.
Speaker #6: We are now raising the bottom end of our guidance range from 475,000 ounces to a new range of 490,000 to 525,000 ounces. As we look ahead to the second half of the year, we expect a few things.
Speaker #6: As for our mine plan, we expect a moderation in mill head grade. However, we also expect to see continued increases in mill throughput, as we optimize the mine and mill to work toward our medium-term goal of averaging $5,500 tons per day in 2026.
Speaker #6: Finally, you should expect to see our sustaining capital expenditures increase in the second half of the year. This will be driven by the ongoing ramp-up of our fifth tailings dam raise and other plant site infrastructure improvement projects.
Speaker #6: These are critical investments that will support our long-term production goals and operational stability. With that, I'd ike to turn the call over to Chester to discuss our financial results.
Speaker #7: Thanks, Terry. And good morning, everyone. For the second quarter of 2025, Lundin Gold achieved record revenues of $453 million from the sale of approximately 137,000 ounces of gold at an average realized gold price of $3,361 per ounce.
Speaker #7: This average realized price includes $3,276 per ounce of gross price received and a favorable impact of $85 per ounce marked to market on provisionally priced sales.
Speaker #7: Our income from mining operations was $344 million, a significant increase from the same period last year, primarily driven by the higher gold price. This strong performance translated to adjusted earnings of $197 million, or $0.82 per share, and EBITDA of $399 million.
Speaker #7: Record free cash flow was generated in the second quarter of 2025 from strong gold sales and a strong gold price. We generated $255 million in net cash from operating activities and $236 million in free cash flow, or $98 cents per share, during the quarter, compared to $112 million, or $47 cents per share, in the second quarter 2024.
Speaker #7: We ended the quarter with a very strong cash position of $493 million, up from $349 million at the ning of the year. We generated $449 million from operating activities, paid out $280 million in dividends, and reinvested $43 million back into the business in the first half of 2025.
Speaker #7: With the continued positive outlook on gold prices, combined with our production and cost guidance, I'm very optimistic that we will continue generate significant free cash flow.
Speaker #7: Our financial performance year-to-date has been exceptional, driven by our operational excellence, as well as by the significant increase in the price of gold. However, it's important to note that this same increase in the gold price has also created upward pressure on our operating costs.
Speaker #7: Specifically, higher gold prices directly translate to increased expenses for both royalties and employee profit sharing. These costs directly impact our cash operating costs and our all in sustaining costs.
Speaker #7: To put this into perspective, we've en an impact of approximately $70 per ounce to our cash costs and all in sustaining costs due to the higher gold price when compared to the $2,500 gold price that we use for our 2025 guidance.
Speaker #7: In general, for every $100 per ounce increase in the gold price, we can expect our costs to rise by about $10 per ounce. Despite these pressures, our focus remains on operational efficiency.
Speaker #7: We're continuing to drive cost reduction and improve mill throughput across our operations. As a result of these ongoing efforts, we expect to remain within our cash operating costs and ASIC guidance for the year, albeit at the upper end of our guidance ranges.
Speaker #7: Now, turning to our capital allocation strategy and dividend policy, I'm very pleased to announce another strong dividend for our shareholders. Following a record quarter of free cash flow, our board directors has declared a quarterly dividend totaling $79.00 per share, comprised of our regular fixed dividend of $0.30, and a substantial variable dividend of $0.49 per share.
Speaker #7: This distribution totaling approximately $190 million is a direct reflection of our record Q2 performance. The variable dividend is based on our normalized free cash flow, which this quarter includes an add-back of $95 million in annual tax and profit sharing paid in Q2.
Speaker #7: This adjustment helps us smooth out these large one-time payments and minimizes significant swings in our quarterly dividend. This robust payout reflects our commitment to returning significant value to our shareholders, while maintaining the flexibility to invest strategically in our long-term growth initiatives.
Speaker #7: For a more detailed discussion of our dividend and financial results, I encourage you read our MDNA. Now, I'd ike to turn the call back over to Ron.
Speaker #7: Thank you, Chester. We're excited to share some significant updates on our expiration and growth initiatives. Over the past week, we've sued two releases detailing our progress and I strongly encourage ou to read them for the full picture.
Speaker #7: Our top priority remains FDNS, and our work here is twofold: growing the resource and increasing our confidence in the inferred resource. Our conversion drilling is yielding some of our highest-grade results yet.
Speaker #7: And we've also discovered a new mineralized vein just outside the existing inferred resource. This progress, combined with significant advancements in our engineering studies, keeps us on track to integration of portion of the FDNS mineralization into FDN's long-term mine plan.
Speaker #7: As part of our annual resource update early next year. Additionally, recent drill results from FDN East could continue to highlight its excellent expiration potential.
Speaker #7: Especially given its proximity to our existing underground development. Beyond our current operations, we're very excited about a new development. The emergence of a copper gold porphyry corridor.
Speaker #7: Right next to FDN. Follow-up drilling at Tranquiloma has successfully confirmed the continuity of the at-surface copper gold mineralization. With results pointing to a significant expansion potential.
Speaker #7: This new geological understanding is further strengthened by the discovery of a new copper gold porphyry system at Sandia. This system also hosts mineralization and begins at surface, and helps to define an emerging and highly prospective corridor.
Speaker #7: That we've now delineated thus far as five kilometers long and directly adjacent to FDN. Turning to slide 18, with respect to our 2025 objectives, we said at the beginning of the year we are well on track to meet or exceed them.
Speaker #7: Our top priority remains the health and fety of our people and the environmental performance of our operations. We continue to embed best practices across the organization.
Speaker #7: Our total recordable injury rate for H1 to 2025 was 0.10, and we are continuing to be diligent. We've seen the benefits of our plant expansion with increased throughput and recovery.
Speaker #7: The focus for the second half of the year will be to continue optimizing recoveries and ramping up throughput to an average of 5,500 tons per day in 2026.
Speaker #7: Our strong performance led us to increase the low end of our 2025 production guidance to $490,000 to $525,000 ounces. We're confirming our unit cost guidance, but we expect to be at the high end of the range due to the impact of our gold prices on royalties and profit sharing.
Speaker #7: Our largest ever expiration program is off to a great start. With $48,000 meters completed of a minimum of $108,000 meters at FDNS, we're making excellent progress on conversion drilling.
Speaker #7: And our engineering studies are moving toward initial reserves as part of our annual statement early next year. With the discovery of Tranquiloma and now Sandia, we're looking at better understanding the geological environment between Bonzasaur and the expanding porphyry corridor.
Speaker #7: Sustainability is integral to our success. We are actively working on a new five-year sustainability strategy aligned with global best practices. Finally, we are committed to returning value to our shareholders.
Speaker #7: Our initial target was to return $300 million via dividends. I'm ased to say we've already ceeded that, having paid out and announced approximately $470,000 year-to-date.
Speaker #7: In conclusion, we are delivering on our operational targets. Advancing our key projects, and enhancing shareholder returns. We are confident in our ability to continue this positive momentum throughout the second half of the year, and beyond.
Speaker #7: Thank you all for joining us and for your continued support. With that, I will now open the call to questions.
Speaker #8: Thank you, ladies and gentlemen. We will now begin the question and answer session. Could you have a question, please press the star followed by the one on your touchstone phone.
Speaker #8: Should you wish to cancel your request, please press the star followed by the two. If you're using a speaker phone, please lift the handset before pressing any keys.
Speaker #8: Once again, that is star one. Should you wish to ask a estion? Your first question is from Fahad Tariq from Jeffries. Your line is now open.
Speaker #9: Hi. Thanks for taking my question. At FDN, you mentioned you expect throughput to rease in the second half, but how should we be thinking grades relative to the first half of the year?
Speaker #5: Terry, do you want to take that one?
Speaker #6: Sure, Ron. Hey, Fahad. Yeah, we're looking at grades between 9 and 10 grams for the balance of the year, closer to 9, I would say.
Speaker #5: Okay, great. And then looking the expiration, I didn't see much commentary in the MDNA or in the presentation about Bonzasaur. Maybe I think you mentioned something just a few minutes ago.
Speaker #5: Maybe just mention or remind us what kind of focus there is. It sounds like the initial resource is not going to be announced anytime soon, as you can do drilling elsewhere.
Speaker #5: Oh, that's a really good question. And yeah, our focus has shifted there. With Bonzasaur, we see this now as part of a much potentially much larger complex.
Speaker #5: So it really doesn't make a lot of sense for us based on what we're seeing on the illing right . To be putting out just a potentially small resource of a much larger area.
Speaker #5: With Bonzasaur, Bonzasaur helped us to get to where we are today. It helped lead us towards looking at Tranquiloma and that whole corridor. But it's I think in some respects it's a much larger system now.
Speaker #5: So it just doesn't make a of sense for us to be pushing that out. That's very clear. Thank you.
Speaker #8: Thank you. And your next question is from Don Demarco from National Bank Financial. Your line is now open.
Speaker #9: Thank you, operator. And good morning, Ron team. Congratulations on the strong H1, actually. So I see that you opportunistically realigned the mill and you completed the commissioning of the Jameson cells.
Speaker #9: So should we expect an uptick in recoveries and minimal downtime in processing in H2?
Speaker #5: Good morning, Don. Yes, we did take advantage of when we commissioned the Jameson cells to shift a segmental relining and a ball mill relining to February.
Speaker #5: We will have another relining, I think it's November, Terry.
Speaker #6: Correct.
Speaker #5: Yeah, so we will have a little bit of downtime in November. For that reline, but yeah, we don't anticipate any significant downtime for the second half of the year.
Speaker #5: Other than that one reline.
Speaker #9: Okay. I think the Q2 recoveries were maybe close to 91%. With the completed commissioning of the Jameson cells, do you think you will edge above that in H2 or is that a good number to go forward with?
Speaker #5: I ink that's a good number to go forward with. We're still, and I'll let Terry comment as well, we're seeing some optimizations that we need to do.
Speaker #5: There's some instrumentation we want to add to further work on. And with the Jameson cells now, we've kind of seen a shift on to a little bit of a bottleneck in our concentrate dewatering.
Speaker #5: We're producing more corn. And so we need to work on that. Anything else, Terry, that I'm ing?
Speaker #6: No, you've got it, on. Yeah, recoveries in that 90% range are good numbers to use on. And but I agree with Ron, there's still some upside and how we can de-bottleneck part of the circuit there.
Speaker #6: And achieve better recoveries. And just to clarify what I was when I was speaking about grades earlier to Fahad, I was there grades Fahad will be sub-nine.
Speaker #6: So that's what we expect. For the second half of the year, I was looking at the full year. Grades earlier.
Speaker #9: Okay. Thanks for that clarification. So you ioned that you ow with some of the mill optimization opportunities and so on, ou're looking to get throughput up to 5,500 tons per day.
Speaker #9: In 2026, what is the what are some of the things that you're ing to get to that level? And is there scope to get to 6,000 tons per day with the ing infrastructure beyond 2026?
Speaker #5: Yeah, Don, you know our team, we continue to push. Yeah, our goal originally was to be at 5,500 for next year, but we're seeing opportunities to continue to push ourselves to get to be at 5,500 at January 1st or maybe even a bit sooner.
Speaker #5: So we're going to continue to do it. A lot of it's tweaking. Just we're finding you know as we now have the Jameson cells in and the other changes we did as part of the 40 million expansion, we're seeing maybe start to find some other battery limits.
Speaker #5: So, we could, but that's nothing significant. Pump speeds, you know, a variety of different things that we're working on. But to your point, the team, we've already engaged some engineering companies to start looking at what is the next level.
Speaker #5: Is it six? Is it a little bit higher than that? That's what we're we've already are starting to look ahead. And teams were on site a few weeks ago kind of looking at all things and what needs to be done to maybe take us above that.
Speaker #5: And then also then we'd have to look at you know where are we running any constraints around our permitting and that sort of thing.
Speaker #5: But Don, as probably you would expect, our team has already started to look at what's next.
Speaker #9: Absolutely. Okay. And then just as a final question, it's on your expiration updates. So certainly, as you mentioned, I appreciate that the priority is FDNS and FDNE and so on, near, you know, these, you know, that have offered near-term returns.
Speaker #9: But, but this Porphyry Corridor looks really interesting in terms of the blue sky upside potential. I was just wondering what your approach is to explore this.
Speaker #9: Like, do you plan to do a detailed definition of, let's say, pick one porphyry trachyloma and expedite toward, you know, preparation of a PEA?
Speaker #9: Or continue with just high-level porphyry discovery beyond Sandia, maybe a multi-year program just to understand the full regional potential?
Speaker #5: I think it's more that we would be—what's happened is, first of all, the team started to realize that actually there were some big gaps even in our surface sampling.
Speaker #5: The geochem surface sampling and that, and we've ed all that in the past quarter. And we've highlighted a number of new anomalies between Sandia and Tranquiloma.
Speaker #5: I wouldn't say that it's necessarily going to shift to a regional. Don, it's going to be more that we're going to really focusing on this corridor, Sandia to Tranquiloma.
Speaker #5: And even from the end of June, to now, we're up to 17 rigs, but we've shifted some of our surface rigs from other targets to focus on this this corridor.
Speaker #5: We also had a bit of a there's some results in we're delayed. Because in Q2, we had a lot of rain. A lot, as you may have seen in some of this news stories that came out of Ecuador with the flooding and that.
Speaker #5: And as a result, a lot of that's helicopter-supported, and we couldn't get core from the pads to the core shed to be processed.
Speaker #5: And we're a bit behind on results. So we just want to we are really starting to focus on it. And yeah, there's some rigs have been moved to it.
Speaker #9: Okay. Okay, great. Well, that's all for me. Good luck with the rest of the quarter and you know keep those rigs turning. Thank ou.
Speaker #5: Thanks, Don.
Speaker #8: Thank you. Your next question is from Morgan Prattier from Veritas Investment Research. Your line is now open.
Speaker #5: Thank you. Grade results thank you taking my question. The first question I have is, did you have you know months or days of you know 93, 94, 95% recovery?
Speaker #5: Or that never happened? Terry, do you want to take that one?
Speaker #6: Hi, Martin. Yeah, we see recoveries pretty stable on a day-to-day basis. I would say the range is in the, you know, 88% to 93%, 94%.
Speaker #6: And you know obviously averaging out where we did around 91 for the quarter.
Speaker #5: Okay. So there might be like if you do more, you might get more consistent in 92 or 93. Eventually.
Speaker #6: Well, you know, we're like Ron was describing. With throughput, you know we're never done trying to improve recovery. I do think that there's some further optimization, and there are some technology aspects.
Speaker #6: And even longer term, there's some things we're working on from a recovery perspective. So but for now, you know in the medium term, where we are is about what we're going to be able to do.
Speaker #5: Now, when I look at 2026, you're going to be at 5,500 tons per day perhaps since the beginning. Your recovery are a little bit higher than before.
Speaker #5: Is there a ibility that you'll be able to push production a little bit higher than your original guidance? Go ahead, Terry.
Speaker #6: Yeah, you know, we brought up the bottom end of our guidance. And I think that's a good way to think about the year. We've already guided on some grades, recoveries, you know, Ron's talking about our throughput.
Speaker #6: Pushing towards 5,500. So I think you've got all the information you need to sort of forecast where we're going to land.
Speaker #5: I'm saying 2026. Not 2025.
Speaker #6: Oh, I'm ry. 2026. You know we're we're we're sticking with our our guidance that we our three-year guidance that we put out earlier this year.
Speaker #6: We're you know we'll get into the year next year at 5,500 tons per day. And that's a good number to use until we we have a little bit more information.
Speaker #6: As Ron was describing, we're just etting into looking ahead as to what we can push this plant beyond. And so we don't have any timing of of when we would be able to achieve higher throughputs than 5,500 at the ent.
Speaker #5: Great. Thank you. And in terms of the you know trying to figure out the exploration of of you porphyry, that that you're ing, how long will it take you or do you you have an estimate it will take you two, three years to figure this out or less?
Speaker #5: I am. That's a great question, Martin. That's some of the things we're going through ourselves. And you know that kind of came up at our board meeting yesterday.
Speaker #5: And you know it's very early days. You know and we've ow this big got I think four or five holes that we've ed in Tranquiloma and one in Sandia.
Speaker #5: And as I said, we just kind of finished a new surface geochem program, which is identified more anomalies to be tested. So it's you know I think that's something I would see that as part of our what we talk about when we come out with our 2026 budget.
Speaker #5: Is obviously our expiration. You'll see where we're focused on. And maybe have a little bit more visibility is what we see as a longer-term plan for that that district.
Speaker #5: Great. Okay. Thank you very much. That's all for me. Thank you. Thank you, Martin.
Speaker #8: Thank you. Your next question is from Jeremy Hoy from Canaccord Genuity. Your line is now open.
Speaker #5: Hi, Ron team. Thanks for taking my question. Thinking about Tranquiloma and the the porphyry corridor, you know you've just said it is early days.
Speaker #5: But it certainly seems to be quite quite the exciting developments. You guys have also had an excellent relationship with the community. Do you think that the nearby communities would be supportive of an expanded footprint of of industrial works on the property?
Speaker #5: If it were to get to that point with resource and mine plans?
Speaker #9: Morning, Jeremy. Yeah, you know that's one of the things we've had some you know a lot of discussions internally with our teams. And quite frankly, we see the timing of us with these opportunities as porphyry district to timing couldn't be better with regards to what we see as the potential in Ecuador and the the push of the of the new government to really focus on mining.
Speaker #9: And we do have strong community relationships. And we've been quite upfront even started with Bonzasaur and others about talking about that we may be looking at you know open potential and you know to date, we've seen a lot of support from the community.
Speaker #9: Because again, they're seeing longer you ow generational type opportunities. And you know so I think we would, based on what we know today, we would have good support to continue to develop.
Speaker #9: And expand through to Del Norte and and the potential there. No, that's great to hear. Thanks, Ron. That's it for me.
Speaker #5: Thanks, Jeremy.
Speaker #8: Thank you. Once in, please press star one should you wish to ask a question. And your next question is from Kate Nakagawa from CIBC.
Speaker #8: Your line is now open.
Speaker #10: Thank you. Hi, Ron and team. Thank you for taking my question. I'm king on behalf of my analyst, Anita Soni. So for Tranquiloma Sandia, I was wondering if you could provide any detailed conceptually on what size of plant you're visioning and if it will be separate from a Bonzasaur plant.
Speaker #10: Thanks.
Speaker #5: Morning. It would, as we said earlier, Kate, it's A, it's a really early days. We couldn't even envision as to what size of plant that it would be right now.
Speaker #5: You know we've gone from just in the past quarter from looking at Tranquiloma now to having this anomaly Sandia, which is, you know, three and a half, four, maybe five kilometers from the southern edge of Tranquiloma.
Speaker #5: You know, this thing is changing rapidly in terms of what potential this could be. Yeah, it would definitely. And now also to Bonzasaur, we're looking at as possibly part of this overall complex.
Speaker #5: So it's really right now, I would say the good way to look at this, 's really a blank slate. For us, it's such early days.
Speaker #5: But it's something that we too are very excited about. And it's something we spend some time on dreaming what this could be. And and with the now focus on the drills, Andre reminded our board yesterday it n't that long ago that we had six rigs and now we're up to 17 rigs.
Speaker #5: And so we will be, you know, we can show you, the you and Anita, and our shareholders that we will be focusing on this.
Speaker #5: And you know trying to move this along and be able to answer some of these questions here in the not too distant future.
Speaker #10: Okay, great. Thanks. That's all for me.
Speaker #8: Thank you. Your next question is from Morgan Prattier from Veritas Investment Research. Your line is now open.
Speaker #5: Just one question. Have you considered doing like two companies? One like if if the opportunity is there, to do two companies, one gold company and another one more like a copper company.
Speaker #5: Because I'm thinking the investment and you know the kind of stuff that that you need on the copper is is much different. You know it's much bigger.
Speaker #5: And there might be you know different investor groups interested in gold and copper. Yeah, Martin, the answer is no. A, just within Ecuador, this is still all on the source of concession.
Speaker #5: So it's not like we really want to start having a you know another company up in our concession. And we already have a large copper company that's doing extremely well in Lundine mining.
Speaker #5: So if investors want copper you ow they've got a company that's doing extremely well with a lot of growth in front of it. To invest there.
Speaker #5: There's a lot of gold you know we're seeing high gold in these what we're eing at Sandia and Tranquiloma, which you know I think just contributes to our you know to the the gold story.
Speaker #5: So I yeah, we wouldn't consider that. Okay. Thank you.
Speaker #8: Thank you. There are no further questions at this time. Please proceed.
Speaker #5: Thanks, Jenny. I just want to thank all of you for your continued coverage. And as always, we are here for any questions you may have, Chester, Terry, Brendan.
Speaker #5: And again, thank you to our shareholders for your continued support. Thanks very much.