Q3 2025 Alamos Gold Inc Earnings Call

Speaker #2: This conference has being recorded . Set conférence et ont register .

Speaker #3: All participants . Please stand by or conference ready to begin . Good morning , ladies and gentlemen . I would now like to turn the meeting over to Scott Parsons Alamos Senior Vice President of Corporate Development and Investor Relations .

Operator 2: Good morning, ladies and gentlemen. I would now like to turn the meeting over to Scott Parsons, Alamos Senior Vice President of Corporate Development and Investor Relations. Please go ahead, sir.

Speaker #3: Please go ahead , sir .

Speaker #4: Thank you . Operator . And thanks to everybody for attending Alamos third Quarter 2025 conference call . In addition to myself , we have on the line today , John McCluskey President and Chief Executive Officer Greg Fisher Chief Financial Officer and Luc Guimond Chief Operating Officer We will be referring to a presentation during the conference call that is available through the webcast and on our website .

Scott K. Parsons: Thank you, operator, and thanks to everybody for attending Alamos' Q3 2025 conference call. In addition to myself, we have on the line today John McCluskey, President and Chief Executive Officer, Greg Fisher, Chief Financial Officer, and Luc Guimond, Chief Operating Officer. We will be referring to a presentation during the conference call that is available through the webcast and on our website. I would also like to remind everyone that our presentation will be followed by a Q&A session. As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release, and MD&A as well as the risk factors set out in our annual information form. Technical information in this presentation has been reviewed and approved by Chris Bostwick, our Senior VP Technical Services and a qualified person.

Speaker #4: I would also like to remind everyone that our presentation will be followed by a Q&A session , as we will be making forward looking statements during the call .

Speaker #4: Please refer to the cautionary notes included in the presentation . News release and MDA , as well as the risk factors set out in our annual information form .

Speaker #4: Technical information in this presentation has been reviewed and approved by Chris Bostwick , our senior VP , Technical Services and a qualified person .

Speaker #4: Also , please bear in mind that all of the dollar amounts mentioned in this conference call are in US dollars , unless otherwise noted .

Scott K. Parsons: Also, please bear in mind that all of the dollar amounts mentioned in this conference call are in US dollars unless otherwise noted. Now I'll turn it over to John to provide you with an overview.

Speaker #4: Now I'll turn it over to John to provide you with an overview .

Speaker #5: Thank you . Scott . Starting with slide three . Before we go into the report for the quarter , I want to acknowledge that this has been far from a typical production year for Alamos .

John A. McCluskey: Thank you, Scott. Starting with slide 3. Before we go into the report for the quarter, I want to acknowledge that this has been far from a typical production year for Alamos. We experienced production downtime and lower production in H1 of the year, which we are on pace to make up in H2. Unfortunately, in recent weeks, downtime at the Magino Mill and a seismic event at Island Gold will not give us the time to do so. As a result of these recent events, we've taken the prudent course and lowered guidance for the year by 6% from the midpoint of our original guidance. We have a reputation for taking a conservative approach to guiding the market, and we pride ourselves on providing consistently accurate guidance.

Speaker #5: We experienced production downtime and lower production in the first half of the year , which we were on pace to make up in the second half .

Speaker #5: Unfortunately, in recent weeks, downtime at the mill and a seismic event at Island Gold will not give us the time to do so.

Speaker #5: As a result of these recent events . We've taken the prudent course and lowered guidance for the year by 6% from the midpoint of our original guidance .

Speaker #5: We have a reputation for taking a conservative approach to guiding the market , and we pride ourselves on providing consistently accurate guidance . Suffice to say , we will continue to make operational improvements to raise the accuracy of our forecasting , recognizing that occasionally mining can be unpredictable .

John A. McCluskey: Suffice to say, we will continue to make operational improvements to raise the accuracy of our forecasting, recognizing that occasionally mining can be unpredictable. It remains to be said that while these recent events have a short-term impact, they in no way take away from the quality of our mines and what is, without question, one of the strongest outlooks in the gold sector. We are already seeing significant improvements this month with better grades at Young-Davidson and throughput from the mines. This will ultimately support lower costs and an 18% production increase, leading to record production in Q4. Production in Q3 totaled 141,700 ounces, a 3% increase from Q2, driven by stronger performances from Mulatos and the Island Gold District.

Speaker #5: remains to that while these recent events have a short term impact , they in no way take away from the quality of our minds and what is , without question , one of the strongest outlooks in the gold sector .

John A. McCluskey: This was slightly below the low end of quarterly guidance, reflecting 1 week of an unplanned downtime within the Magino Mill during the last week of September. Reflecting lower costs from the Mulatos district, total cash costs decreased 9% from Q2, and all-in sustaining costs decreased 7%, both consistent with guidance. With higher production, a record gold price, and lower costs, we delivered record revenue, cash flow from operations, and record free cash flow of $130 million in the quarter. We expect a significant improvement in both our Q4 production and costs to drive new financial records at current gold prices. Turning to slide 4. Through the majority of Q3, we were on track to achieve our full-year production guidance.

John A. McCluskey: Given the unplanned downtime of the Magino Mill in the last week of September and the seismic event at our Island Gold operation in October, we're decreasing our 2025 production guidance to between 560,000 and 580,000 ounces. This represents a 6% decrease from our original guidance released in January. Late in September, a capacitor failure within the Magino Mill impacted the electrical drive for the SAG and ball mills. This led to 1 week of downtime and lower Q3 production than originally expected. The mill was restarted by the end of September and continues to demonstrate improvement in October. Due to the unplanned downtime, Island Gold's mill was restarted in late September to focus on processing higher grade underground ore.

John A. McCluskey: Given the record gold price environment, we will continue running both mills through the remainder of the year with the increased combined milling capacity supporting additional gold production, higher cash flow, and increased profitability. In mid-October, the Island Gold mine experienced a seismic event, which is a normal part of operating an underground mine. No personnel or equipment were impacted, and mining rates are expected to continue within budgeted levels. However, this has delayed access to higher grades within one of our mining fronts. As a result, mine grades are expected to be lower than budgeted for Q4. Even with the lower than planned underground grades in Q4, we expect a substantial increase in production from Island Gold District, driven by higher combined milling rates.

John A. McCluskey: We expect similar increases at Young-Davidson, driven by higher mining rates and grades, and at Mulatos, with the recovery of higher grade ore stacked over the previous two quarters. All three operations are expected to contribute to an 18% increase in Q4 production at lower costs, driving a further increase in free cash flow at current gold prices. Turning to slide 5. The short-term challenges we experienced this year have no impact on our strong long-term outlook, which remains firmly intact. The Phase 3+ Expansion at Island Gold will be a key driver of our growing production and declining costs over the next several years. The expansion is progressing well and with expected completion in H2 2026. The Lynn Lake project is another important part of our organic growth.

John A. McCluskey: Forest fires in northern Manitoba limited our progress on this project this year, but we expect to ramp construction activities in the spring of next year, and initial production is now expected in 2029. This puts us on track to reach 900,000 ounces of lower cost annual production by the end of this decade. The Island Gold District expansion study currently underway is expected to outline further upside with the potential to increase consolidated production to 1 million ounces per year within a similar timeframe. We generated year-to-date free cash flow of nearly $200 million in 2025 and expect to generate growing free cash flow as we execute on this growth. Following the start-up of Lynn Lake, we expect to generate more than $1 billion of free cash flow annually at current gold prices. Now looking at slide 6.

John A. McCluskey: In addition to delivering on our organic growth plans, we continue to surface value from our portfolio of assets. This included announcing the sale of our Turkish development projects for a total cash consideration of $470 million. The transaction closed earlier this week and marks a positive outcome, realizing significant value for assets we had written off in 2021. We received $160 million on closing, the remainder, $310 million, will be received over the next two years. With our strong free cash flow during Q3 and initial proceeds from the sale of our Turkish assets, our current cash balance has increased to over $600 million. We'll be using the proceeds from the transaction and growing cash position to reduce our small debt position, and we expect to be active on our share buyback.

Oh, looking at side 6.

In addition to delivering on our organic growth plans, we continue to surface value from our portfolio of assets, this included. Announcing the sale of our Turkish development projects for a total cash consideration of 470 million

The transaction closed earlier this week and marks a positive outcome, realizing significant value for assets we had written off in 2021.

We received 160 million on closing and uh the remainder 310 million will be received over the next 2 years.

With our strong, free cash flow during the third quarter and initial.

Proceeds from the sale of our Turkish assets, our current cash balance has increased over 600 million.

We'll be using.

John A. McCluskey: We were also recognized for the second consecutive year as a TSX30 winner by the Toronto Stock Exchange for our strong share price performance of 310% over the trailing three years. The award is a testament to our long-term track record of outperformance, something we expect to continue to build upon as we deliver on our upcoming catalysts and organic growth plans. I'll now turn the call over to our CFO, Greg Fisher, to review our financial performance.

The proceeds from the transaction and growing cash position to reduce our small debt position and we expect to be active on our share buyback.

We were also recognized for the second consecutive year.

As a TSX 30 winner by the Toronto Stock Exchange, for our strong share price, performance of 310% over the trailing 3 years.

And organic growth pounds.

I'll now turn the call over to our CFO. Greg Fischer to review our financial performance.

Greg Fisher: Thank you, John. On to slide 7. We sold approximately 136,500 ounces of gold in Q3 at an average realized price of $3,359 per ounce for record revenues of $462 million. The average realized price was below the London PM fix for the quarter, primarily due to the delivery of over 12,300 ounces into the gold prepay facility at a fixed price of $2,524 per ounce. We will deliver the same number of ounces in Q4, after which the prepay obligation will be completed.

Thank you, John on the slide 7. We sold approximately 136,500 oz of gold. In the third quarter, had an average realized price of 3,359 per ounce.

The record revenues of 462 million.

The average realized price was below the London PM fix for the quarter primarily due to the delivery of over 12,000, 300 Oz into the gold prepaid facility.

A fixed price of 2,524 per ounce.

Greg Fisher: As a reminder, the prepay facility was executed in July 2024, with the proceeds utilized to retire 180,000 ounces of forward sale contracts inherited from Argonaut Gold across 2024 and 2025, with an average price of $1,840 per ounce. Based on an average gold price of almost $3,000 per ounce since July 2024, the company increased cash flow by approximately $40 million over that period, given the decision to buy out the 180,000 ounces of hedges 15 months ago through the execution of that prepaid facility. Quarter over quarter, total cash costs and all-in sustaining costs decreased 9% and 7% respectively, and both were in line with quarterly guidance.

We'll deliver the same number of ounces in the fourth quarter after which the prepaid obligation will be completed.

As a reminder, the prepaid facility was executed in July 2024, with the proceeds, utilized to retire, 180,000 oz of forward, sale contracts inherited from Argonaut Gold's across 2024 and 2025 with an average price of 1,840 per ounce.

Based on an average gold price of almost $3,000 per ounce. Since July 2024 the company increased Capital by approximately 40 million over that period, given the decision to buy out, the 180,000 oz of Hedges, 15 months ago, through the execution of that prepaid facility.

Greg Fisher: We expect total cash costs and all-in sustaining costs to decrease a further 5% in Q4, driven by higher production across all operations. We remain on track to achieve full-year cost guidance, which was revised earlier in the year. We are now reporting total cash costs and all-in sustaining costs, excluding the impact of mark-to-market adjustments for the revaluation of previously issued share-based instruments. This methodology provides a better representation of our total costs associated with producing an ounce of gold and eliminates volatility associated with mark-to-market adjustments. These mark-to-market adjustments to long-term instruments impact both total cash costs and all-in sustaining costs, given the company allocates these costs to mining and processing costs and share-based compensation expense on the income statement. Our reported net earnings were $276 million in Q3, or $0.66 per share.

Quarter of a quarter total cash cost in all in sustaining cost, decreased 9% and 7%, respectively, and both were in line with quarterly guidance. We expect total cash costs in all in sustaining costs to decrease a further 5%. In the fourth quarter driven by higher production across all operations,

We remain on track to achieve fully your cost guidance, which was revised earlier in the year.

We are now reporting total cash costs and all sustaining costs.

Excluding the impact of Market to Market adjustments for the revaluation of previously issued share based instruments.

This methodology provides a better representation of our total costs associated with producing an ounce of gold and eliminates volatility associated with Mark to Mark adjustments.

These marked the market adjustments to long-term instruments.

Impact, both Total cash costs and all sustaining costs given the company allocates, these costs to Mining and processing costs and share based compensation expense on the income statement.

Greg Fisher: This included a $193 million reversal of previously recognized impairments related to the Turkish projects, as well as unrealized losses on hedge derivatives, foreign exchange impacts, and other adjustments totaling $72 million. Excluding these items, adjusted net earnings were $156 million, or $0.37 per share. Operating cash flow before changes in non-cash working capital was a record $275 million in Q3, or $0.65 per share. Capital spending totaled $135 million and included $35 million of sustaining capital, $83 million of growth capital, and $17 million of capitalized exploration. Our consolidated 2025 capital guidance has been updated to between $539 million and $599 million, a 10% decrease from previous guidance, primarily reflecting lower spending at Lynn Lake, with the ramp of construction activities shifting to 2026.

Our reported debt earnings were 276 million in the third quarter or 66 cents per share.

This includes 193 million reversal of a previously recognized impairment related to the Turkish projects.

As well as unrealized losses on heads, derivatives foreign exchange impacts and other adjustments totaling 72 million.

Excluding these items adjusted. Net earnings were 156 million or 37 cents per share.

Operating cash flow before. Changes in non-cash working capital was a record 275 million in the third quarter or 65 cents per share.

Capital spending total 135 million and include 35 million of sustaining Capital, 83 million of growth capital and 17 million 17 million of capitalized expiration.

Greg Fisher: Free cash flow for the quarter totaled a record $130 million, a 54% increase from the Q2, driven by record contributions from all three operations. This includes $73 million from the Mulatos District, $72 million from the Island Gold District, and $62 million from Young-Davidson. Our cash balance grew 34% from the end of the Q2 to $463 million. Subsequent to quarter end, we received initial cash payments totaling $163 million from the sale of both our non-core Turkish development projects and the Quartz Mountain project, bringing our total cash position to over $600 million currently. Combined with the undrawn balance on the credit facility, our total liquidity is over $1.1 billion.

Our Consolidated 2025 Capitol guidance has been updated to between 539 million and 5999 million a 10%. Decrease from previous guidance, primarily reflecting lower spending at Lin lake with the ramp of of construction, activities shifting to 2026.

Free cash flow for the quarter. Total is a record 130 million, a 54% increase from the second quarter driven by record contributions, from all 3 operations, this includes 73 million from the mulato. District 72 million from the island gold district and 62 million from Young Davidson

Our cash balance grew 34% from the end of the second quarter to 463 million subsequent to quarter end. We received initial cash payments, totaling 1603 million from the sale of both our non-court, Turkish development projects, and the Quartz Mountain project bringing our total cash position to over 600 million currently.

Greg Fisher: We expect growing production and declining costs to drive increasing free cash flow over the next several years while continuing to fund our organic growth plans. With a growing cash position, we expect to reduce our $250 million of debt currently outstanding while also evaluating opportunity to buy back shares and eliminate a portion of the remaining legacy Argonaut hedges. I will now turn the call over to our COO, Luc Guimond, to provide an overview of our operations. Luc?

Combined with the undrawn balance. On the credit facility, our total liquidity is over 1.1 billion.

We expect growing production and declining costs to drive, increasing free cash flow over the next several years. While continuing to fund our our organic growth plans

with a growing cash position. We expect to reduce our 250 million in debt currently outstanding while also evaluating opportunity to buy back shares and eliminate a portion of the remaining Legacy. Argonaut hedges.

I will now turn the call over to our Coe, Luke mall, to provide an overview of our operations, Luke.

Luc Guimond: Thank you, Greg. Over to slide 8. Q3 production from the Island Gold district totaled 66,800 ounces, a 4% increase from the previous quarter. A more substantial increase is expected in Q4, driven by an increase in combined milling rates from the Island Gold and Magino mills. Magino's milling rates continued to increase through Q3 until the last week of September, when a capacitor failure within the electrical house impacted the electrical drive for the SAG and ball mills. This resulted in 1 week of unplanned downtime. The capacitor and electrical drive module were replaced by the end of the quarter, following which milling rates have increased to average a new high in October. Quarter over quarter, underground mining rates increased 7% to 1,325 tons per day.

Thank you. Greg over to slide 8.

Third quarter production from the island gold district. Total 66,800 Oz, a 4% increase from the previous quarter.

Piece is expected in the fourth quarter driven by an increase in Combined, Milling rates from the island gold. And the genome Mills,

The Go's Milling rates continue to increase through the third quarter until the last week of September.

On a capacitor failure. Within the electrical house, impacted the electrical drive for the SAG and Baal Mills.

This resulted in one week of unplanned downtime.

The capacitor and electrical drive. Module were replaced, by the end of the quarter following, which Milling rates have increased to average a new high in October.

John A. McCluskey: Open pit mining rates increased 4% to 59,000 tons per day, including a 28% increase in ore mined to 17,600 tons per day. Grades mined from underground and the open pit were consistent with annual guidance. In mid-October, a seismic event occurred within the underground operation of Island Gold that has delayed access to higher grade stopes and fill within one mining front.

Quarter over quarter underground. Mining rates increased 7% to 1,325 tons per day.

Mining rates increased 4% to 59,000 tons per day.

Including a 28% increase in our mind to 17,600 tons per day.

Grades mine from underground. And the open pit were consistent with annual guidance.

Luc Guimond: Seismic events are not uncommon for underground operations and mining rates are expected to remain within guided levels. However, grades mined in Q4 are now expected to be lower than previously planned. We continue to expect a significant increase in production and decrease in costs in Q4. However, given the lower expected underground grades and unplanned downtime at the end of Q3, production guidance for the full year has been revised lower to between 260,000 and 270,000 ounces. Moving to slide 9. A number of optimization initiatives have been implemented within the Magino Mill over the past year that continue to drive improvements quarter-over-quarter.

In mid October a seismic event occurred within the underground operation of Island gold that is delayed. I just to higher grade Stoops of fill within 1 mining front.

Events are not uncommon for underground operations.

And and, and Mining rates are expected to remain within guided levels. However, raid's mind in the fourth quarter are now expected to be lower than previously planned.

Continue to expect a significant increase in production and decrease in costs in the fourth quarter, however, given the lower expected underground grades and unplanned downtime, at the end of the third quarter production, guidance for the full year has been revised lower to between 260,000 and 270,000 Oz.

Luc Guimond: This included the installation of a redesigned liner and bolt configuration within the SAG mill in July, such that following a liner change and excluding the 1 week of unplanned downtime at the end of September, milling rates increased nearly 10%. With the mill up and running by the end of Q3, milling rates have continued to improve in October, approaching 10,000 tons per day, a new monthly high for the operation. To minimize potential unplanned downtime in the future and ensure increasing consistency of the operation, a further review of electrical components was completed to ensure all critical spares have been identified and are on-site. Moving to slide 10. Given the unplanned downtime at the Magino Mill, the decision was made to restart the Island Gold Mill the last week of September to focus on processing higher-grade underground ore.

Moving to slide 9, a number of optimization initiatives have been implemented within the Maginot Mill. Over the past year that continue to drive improvements quarter over quarter.

This included the installation of a redesigned liner and both configuration within the SAG Mill in July.

Such that following a liner change and excluding the 1 week of unplanned downtime at the end of September billing in rate, Milling rates increased nearly 10%.

With the mill up and running by the end of the third quarter, Milling rates have continued to improve in October.

Approaching 10,000 tons per day, a new monthly high for the operation.

Minimize potential unplanned, downtime in the future and ensure increasing consistency of the operation.

A further review of electrical components was completed to ensure all critical spares have been identified and are on site.

Moving to slide 10.

Luc Guimond: Operating the two mills will provide additional operational flexibility with increased milling capacity and allow us to capitalize on the higher gold price environment with stronger gold production. The restart of the Island Mill provides an additional 1,200 tons per day of milling capacity. This is expected to support approximately 3,000 ounces of additional gold production on a quarterly basis, driving increased cash flow and profitability. At current gold prices, this represents nearly $50 million of additional annualized revenue with significantly higher gold prices, more than offsetting the higher processing costs associated with operating the Island Gold Mill. We will operate the two mills through the end of this year and will evaluate its ongoing operation into 2026 as part of the expansion study. Over to slide 11.

Given the unplanned downtime at the Maginot Mill. The decision was made to restart the island gold Mill. The last week of September to focus on processing higher grade underground or

Operating a 2 mils will provide additional operational flexibility with increased Milling capacity.

And allow us to capitalize on the higher gold price environment with stronger gold production.

The restart of the island Mill provides an additional 1,200 tons per day of Milling capacity.

This is expected to support a proximately. 3,000 oz of additional gold production on a quarterly basis, driving increased, cash flow and profitability.

At current gold prices. This represents nearly 50 million of additional annualized Revenue with significantly higher gold prices more than offsetting the higher processing costs associated with operating the island gold Mill.

We will operate the 2 mils through the end of this year and we'll evaluate its ongoing operation into 2026.

As part of the expansion study.

Luc Guimond: The Phase 3+ Expansion expansion continues to progress with the shaft sink now at the 1,350 meter level, 98% of the ultimate depth of 1,379 meters. Work also commenced on the 1,350 level shaft station. The Magino Mill expansion to 12,400 tons per day is progressing well and is on track for completion in H2 2026. Base plant construction is advancing and expected to be completed in Q1 2026. Mechanical and electrical outfitting for the water handling facility and shaft in-house is ongoing and concrete foundation work for the new administrative complex is underway. Over to slide 12. As of quarter end, we have spent and committed 84% of the total Phase 3+ Expansion capital of $835 million.

Over to slide 11.

The phase 3 plus expansion continues to progress with the shaft sink. Now at the 1350 meter level.

98% of the ultimate depth of 1379 m.

Work also commenced on the 1350 level shaft station.

The Maginot Mill expansion to 12,400 tons per day is progressing well and is on track for completion in the second half of 2026.

Base plan, construction is advancing and expected to be completed in the first quarter of 2026.

Mechanical and electrical outfitting for the water, Hamming, facility in shaft in houses ongoing.

And concrete foundation work for the new administrative complex is underway.

Over to slide 12.

Luc Guimond: The photos on the right highlight the progress on the shaft sink and 1350 level shaft station. We expect to be skipping ore from this station in the latter part of next year with the expansion on track for completion in H2 2026. Over to slide 13. We continue to advance the expansion study for the Island Gold District, which includes the evaluation of a larger mill expansion of up to 20,000 tons per day. The study is expected to include a larger mineral reserve through ongoing mineral resource conversion with encouraging results from our delineation drilling program supporting a strong rate of conversion and reserve growth. Work currently underway as part of the Phase 3+ Expansion to 2,400 tons per day is being completed with a larger expansion in mind.

As of quarter end, we have spent and committed 84% of the total phase 3 plus capital of 835 million.

The photos on the right highlight the progress on the shaft sink and the 1,350 level shaft station.

We expect to be skipping from this station in the latter part of next year, with the expansion on track for completion in the second half of 2026.

Over to slide 13. We continue to advance the expansion study for the island gold district, which includes the evaluation of a larger Mill expansion of up to 20,000 tons per day.

The study is expected to include a larger mineral Reserve through ongoing mineral resource conversion.

Drilling program supporting a strong rate of conversion and Reserve growth.

Luc Guimond: This includes sizing the footprint of the new mill building to accommodate additional equipment for a further expansion of up to 20,000 tons per day. To ensure all the assays from the recently completed delineation drilling program are incorporated into the expansion study, we have shifted the completion of the expansion study from late this year to Q1 2026. With a larger mineral reserve and higher combined mining and milling rates, we expect the expansion study will demonstrate significant upside to the base case plan re-released earlier this year. Over to slide 14. Young-Davidson produced 37,900 ounces in the quarter, similar to Q2, reflecting the planned shutdown of the Northgate shaft the 1st week of July to change the head ropes. Reflecting the downtime, mining rates averaged 7,300 tons per day in the quarter.

We're currently underway as part of the phase 3 plus expansion to 12,400 tons per day is being completed with the larger expansion in mind.

This includes sizing the footprint of the new Mill building to accommodate additional equipment for further expansion of up to 20,000 tons per day.

To ensure all the assets from the recently. Completed delineation drilling program are incorporated into the expansion study. We have shifted the completion of the expansion study from late this year to the first quarter of 2026

with a larger mineral reserve and higher combined, Mining and Milling rates. We expect the expansion study will demonstrate significant upside to the base case plan released earlier this year.

Over to slide 14.

Young Davidson produced. 37,900 ounces in the quarter.

Similar to the second quarter of reflecting the plan shutdown of the north gate shaft. The first week of July to change the head ropes

Luc Guimond: Given the lower mining rates earlier in the quarter, excess mill capacity and higher gold prices, the low-grade stockpile ore was processed. Mill throughput rates averaged 7,800 tons per day in the quarter, a 12% increase over the previous quarter. Reflecting the contribution of lower grade stockpile ore, processed grades of 1.79 grams per ton were 7% lower than mine grades. Reflecting lower mining and milling rates for the first 9 months of the year, production guidance has been revised lower to between 160,000 and 165,000 ounces. Mining rates have returned to targeted levels, averaging 8,000 tons per day in September and October, and are expected to remain at similar levels the remainder of the year.

Reflecting the downtime mining rates average 7,300 tons per day in the quarter.

Given the lower mining rates earlier in the quarter excess milk capacity and higher grade prices, sorry, higher gold, prices.

The low-grade stockpile order was processed.

Mil throughput rates averaged 7,800 tons per day in the quarter, a 12% increase over the previous quarter.

The reflecting the contribution of lower grade stockpile lower.

Process grades of 1.79 grams per tonne were 7% lower than mine grades.

Collecting lower Mining, and Milling rates for the first 9 months of the year. Production guidance has been revised lower to between 160,000 and 165,000 Oz.

Luc Guimond: Grades mined also increased towards the upper end of guidance in October at 2.25 grams per ton and are expected to remain at similar levels the rest of the quarter. With higher mining rates and grades, Young-Davidson is expected to have a much stronger Q4 with higher production and lower costs. Mine site all-in sustaining costs decreased in the Q3, with a further decrease expected in the Q4. The operation remains on track to achieve the full year cost guidance that was revised earlier in the year. Young-Davidson continues delivering strong mine site free cash flow with USD 62 million generated in the quarter and USD 160 million in the first nine months of the year, already surpassing the previous full year record of USD 141 million in 2024.

My name is a return to targeted levels averaging, 8,000 tons per day in September and October and are expected to remain at similar levels. The remainder of the year,

Grades might also increase towards the upper end of guidance in October at 2.25 grams per 10 and are expected to remain at similar levels. The rest of the quarter.

At higher mining rates and grades young Davidson is expected to have a much stronger fourth quarter with higher production and lower costs.

Mine site all in sustaining costs decreased in the third quarter.

With a further, decrease expected in the fourth quarter, the operation remains on track to achieve the full year cost guidance. That was revised earlier in the year.

Young Davidson continues delivering, strong mindsight free cash flow with 62 million generated in the quarter and 160 million in the first 9 months of the year.

Luc Guimond: With strong ongoing free cash flow, the operation is on track to deliver well over $200 million for the full year at current gold prices. Over to slide 15. Production from the Mulatos District totaled 37,000 ounces in Q3, a 9% increase quarter-over-quarter, with the operation benefiting from strong ongoing stacking rates and grades and the recovery of previously stacked ounces. This trend is expected to continue with a further increase in production in Q4 as the operation benefits from the recovery of higher grade ore stacked in the previous 2 quarters. With higher production expected in Q4, we are increasing full year production guidance to between 140,000 and 145,000 ounces.

Already surpassing the previous full year record of 141 million in 2024.

With strong ongoing free cash flow. The operation is on track to deliver, well, over 200 million for the full year at current gold prices.

Over the slide 15.

Production from the mulato. District total 37,000 oz in the third quarter. A 9% increase, quarter over quarter with the operation, benefiting from strong ongoing stocking rates and grades.

and the recovery of previously stacked Oz,

this trend is expected to continue with a further, increase in production, in the fourth quarter, as the operation benefits from the recovery of higher, grade, or stocks in the previous 2 quarters.

Luc Guimond: Reflecting the stronger production cost decline in Q3, and with a further decrease expected in Q4, the operation is well positioned to meet its full year cost guidance. The PDA project continued advancing during Q3 with the focus on procurement of long lead items and detailed engineering. Expenditures are expected to increase in Q4 and more significantly into 2026 with the ramp up of construction activities. Project remains on budget and on track to achieve initial production mid-2027. The Mulatos District generated mine site free cash flow of $73 million in Q3 and $129 million in the first nine months of the year. It remains well positioned to continue generating strong free cash flow while fully funding construction of PDA. With that, I will turn the call back to John.

With higher production expected in the fourth quarter, we are increasing full year production, guidance to between 140,000 and 145,000 Oz.

Reflecting the stronger production cost decline in the third quarter and with a further decrease expected in the fourth quarter.

The operation is well positioned to meet its full year cost guidance.

The PDA project continued advancing during the quarter, with a focus on the procurement of long lead items and detailed engineering.

Expenditures are expected to increase in the fourth quarter and more significantly into 2026.

With a wrap-up of construction activities.

Project remains on budget and on track to achieve initial production, mid 2020.

The madus district generated by free, cash flow of 73 million in the quarter and 129 million in the first 9 months of the year.

It remains well, positioned to continue generating strong. Free, cash flow. Well, fully funding construction of PDA.

John A. McCluskey: Thank you, Luc. I want to reiterate that this has not been a typical year for Alamos and not reflective of our long-term record of meeting or exceeding expectations. Our near term and long-term outlook remain bright and with one of the strongest growth profiles in the sector, we remain confident in our ability to deliver on our guidance. We expect to demonstrate this strong outlook starting with a significant increase in production and decrease in cost in the Q4. I'll now turn the call back to the operator who will open up for your questions.

With that, I will turn the call back to John.

Thank you, Luke.

Want to reiterate that uh this has not been a typical year for Alamos and not reflective of our long-term record of meeting or exceeding expectations.

our near-term and long-term Outlook remain bright and

It's 1 of the strongest growth policies of the sector. We remain confident in our uh,

Decreasing costs in the fourth quarter.

I'll now turn the call back to the operator, who will open up for your questions.

Scott K. Parsons: Hi, Maude. We'd like to open up the call for Q&A now, please.

Operator 2: Certainly. Thank you. We will now take questions from the telephone lines. If you have a question, please press star one. You may cancel your questions at any time by pressing star two. Please press star one at this time if you have a question. There will be a brief pause while participants register for their questions. We thank you for your patience. Our first question is from Cosmos Chiu from CIBC. Please go ahead.

I mowed we'd like to open up the call for a Q&A now please certainly, thank you. We will not take questions from the telephone lines. If you have any question, please press star 1

You may cancel your questions at any time by pressing *2.

Please press star 1 at this time. If you have any question, there will be a brief pause while participants register for their questions and we thank you for your patience.

Cosmos Chiu: Great. Thanks John and team. Maybe my first question is on Q4. John, as you mentioned, you know, we're expecting increases to production in Q4. You've given us a range, 157 to 177,000 ounces. Fairly sizable range, especially for quarterly production. Could you maybe just touch on, you know, some of the factors that could lead you to the higher end of that guidance versus, say, the lower end?

Our first question is from customers 2 from CIBC please. Go ahead.

Great. Um thanks John and team. Um maybe my first question is on the Q4.

Um, John, as you mentioned, uh, you know, we're expecting, um, increases to production in Q4. You've given us a range of 157,000 to 277,000 ounces, um, a fairly sizable range, especially for a quarterly production. Could you maybe just touch on, you know, some of the factors that could lead you to the higher end of that guidance versus, say, the lower end?

Luc Guimond: Yeah. Cosmos, hi, Luc here. I mean,

Cosmos Chiu: Hi, Luc

Luc Guimond: across the operations as we've touched on, I mean, we're consistently delivering on the higher mining rates with Young-Davidson at 8,000 tons per day. The big driver really for the higher gold production also coming out of Young-Davidson in Q4 is related to grade. You know, based on the mine plan that we have put forward for Q4, we're expecting to be at the high end of our guided grades of 2.05 to 2.25. We're at the higher end of that 2.25 area. With regards to Mulatos, it's really a function of, you know, we've stacked a lot of gold in the first couple of quarters, Q1, Q2, and certainly Q3.

Luc Guimond: We'll start to see more of that gold production coming off the leach pad in Q4, which will drive higher production for Mulatos. Island Gold, we continue with, you know, similar guided levels of mining rates and certainly great performance as well through Q4 as expected from Island. When you combine those three catalysts from those operations, that's what's really driving the higher gold production in Q4.

Yep, uh causes. Hi Luke here. I mean just hi, Luke cross the uh, operations as we've touched on. I mean, we're we're, we're consistently delivering on the, the higher mining rates with young Davidson at 8,000, tons per day, the Big Driver really for the the higher gold production. Also, coming at a young Davidson in the fourth quarter is related to grade. Uh, you know, based on the mine plan that we have put forward for the fourth quarter. Uh, we're expecting to be at the high end of our of our guided grades of 205 to 2225. So we're at the higher end of that 2225, uh, area, um, with regards to mottos, um, it's really a function of, you know, we've stocked a lot of gold in the first couple of quarters, q1, Q2 and certainly Q3. And we'll start to see more of that gold production coming off the leech pad in in the fourth quarter which will drive higher production for for mulattos Island gold. Uh, we continue with, uh, you know, similar guided levels of mining rates and and certainly great performance as well. Through the fourth quarter is expected from from Ireland. So, when you combine that those those 3 catalyst

Cosmos Chiu: Mm-hmm. Okay. Luc, since I have you here, could you maybe elaborate a little bit on that seismic activity that happened at Island Gold in mid-October? It sounds like it's not, you know, a permanent issue. Doesn't seem like it has longer term impacts, but could you give us a bit more granularity in terms of sort of what happened? Was it in a higher risk area?

from those operations that's what's really driving the higher gold production, uh, in in the fourth quarter,

Mhm. Okay.

Um, and and Luke since I have you here, maybe could you maybe elaborate a little bit on that seismic activity? That happened that uh, at Island gold, um, in mid October? Um, it sounds like it's not uh, you know, a permanent issue. It doesn't seem like it has longer term impacts, but could you give us a bit more granularity in terms?

Luc Guimond: Yep. I can touch on that a bit. I mean, just to, you know, emphasize, seismicity is just a natural aspect of occurrence that occurs with underground mining operations. You know, as we extract the ore body through development and production blasting, we're changing the stress regime within the mining environment. In this case, in the 1 mining front that was affected with this seismic event, really the reason that we've had to stop production from that 1 area is due to the fact that from a legislative perspective, we need to have 2 means of egress out of the mine, 1 being the ramp system, and in Island's case, the second 1 is an escape way between the levels.

Terms of sort of what happened was it in a higher risk area.

Yep, I can touch on that a bit but so I mean just to you know, emphasize seismicity is just is is a natural aspect of a currents that occurs with underground, mining operations. So uh you know as we extract your body through development and production blasting we're we're changing the

Stress regime within the mining environment. Uh, in this case, uh, in the, the 1 mining front that was affected with this seismic event, uh, really the, the reason that we've been able that we've had to,

Luc Guimond: With this seismic event that happened within this one area, the escape way was compromised, meaning it needed some rehabilitation in order to bring it back online. We're just in the process of doing that. It's not a long-term delay. We would expect to be back in that mining front area early December to continue production in there. It's not a long-term residual effect as a result of the seismicity, but it is normal course of business. We always have seismic events. Some can be lower levels, and some can be higher levels. In this case, it just resulted in some damage to the escape way, which we're addressing.

Uh stop production from that 1 area is due to the fact that from a legislative perspective we need to have 2 means of egress uh out of the mine, 1 being the ramp system and an Island's case. The second 1 is an escape weigh between the levels.

Uh and with this seismic event that happened within this 1 area, the the Escape was compromised, meaning it needed some Rehabilitation uh in order to bring it back online. So we're just in the process of doing that. Uh, it's not a long-term delay. We would expect to be back in that. Mining front area. Early December to continue production in there, so it's not a long term.

Cosmos Chiu: Look, you know, these escape ways, more permanent infrastructures, I would've thought that they are built to a standard that can certainly withstand some of these stress regimes. You know, again, there's other factors as well. I guess my question is, was that unexpected? Has this happened before? What do you now have in place in terms of, you know, again, I understand that these seismic activity happens, but what do you have in place now to hopefully mitigate some of the risk on a go-forward basis?

A residual effect as a result of the seismicity, but it is normal course of business. We always have seismic events some can be lower, elev, lower levels and some can be higher levels. Uh, in this case, it just resulted in some damage to the Escape rate which we're addressing

Luc Guimond: Yeah, look, I mean, I kind of referenced with regards to our ground control management plan and our seismic management plan that we have in place for all of our underground operations. In this case, you know, the ground support continues to develop and change as we get into different mining areas and maybe different elevations of stress that are being seen within the mining operation. We adjust accordingly with that. We do have a lot of dynamic support in place to mitigate these sort of environments that happen when we do have an elevated stress environment. In this case, for the most part, I'd say the ground support actually worked as per expected.

And look, um, you know, these are gateways, more permanent infrastructures, I would have thought that they are built to a standard that can uh, certainly withstand some of these uh, stress regimes. Um, but you know, again, there's there's uh, there's other factors as well. I guess my question is, uh, was that unexpected has this happened before? And what do you now have in place in terms of, you know, again, I understand that these, uh, size activity happens. But what happens right now to hopefully, uh, mitigate some of the risk on a go forward base.

Luc Guimond: Just keep in mind, you know, rehabilitation is also a natural function of an underground operation residually. You know, the scaling activities that occur and some additional ground support requirements as a result of some of these openings being open for a longer term, in this case, the escape way being one of those. It's not uncommon to actually have to go back in and do some rehabilitation. In this case, again, because of the fact that the escape way's been compromised, we've just had to go in and repair that escape way to be able to resume mining activities within that mining front.

Cosmos Chiu: Great. Maybe one last question. As you mentioned, expansion study for Island Gold is now expected in Q1 2026 versus Q4 2025, in part to incorporate potentially including the Island Gold mill, in terms of running it into 2026. I guess in the end, maybe bigger picture, you know, gold prices are certainly much higher now compared to when you put out the Island Gold, the first base case study. Is there a bit of a shift in terms of thinking here, in terms of, you know, lower grade material can actually now be profitable? Maybe running Island Gold for longer could increase the overall throughput and, you know, in the end, some of that lower grade ore can still generate cash and overall cash flow is higher.

Up and and and change. As we we get into different mining areas and and maybe different elevations of of stress that are that are being seen within the mining operation. So, we adjust accordingly with that, we do have a lot of dynamic support in place to mitigate these sort of environments that happen when we do have an elevated stress environment. And in this case, for the most part, I'd say the ground support actually worked as per expected. Um, but just keep in mind, uh, you know, Rehabilitation is just kind of also a natural function of an underground operation residually, uh, you know, the scaling activities that occur. And, and, and, and some additional ground support requirements as a result of some of these openings being open for a long longer term and in this case, the Escape weight being 1 of those. So it's it's not uncommon to actually have to go back in and do some rehabilitation in this case. Again, because of the fact that the, the Skateway is being compromised. We've just had to, uh, to go in and repair that escaped related to be able to resume mining activities within that mining front.

Great. Um, maybe 1 last question. Uh, as you mentioned the expansion study for Allied gold is now uh, expected in q1 2026 versus Q4 2026, uh, 2025 uh in part to incorporate potentially including the island gold Mill. Uh in terms of running it into 2026 but I guess in the end maybe bigger picture um you know gold prices and certainly much higher now compared to when you put out the island gold. The first base case study um is there a bit of a

Cosmos Chiu: Is there that kind of thinking going on right now, John, in terms of how you're looking at the Island Gold and maybe even a broader picture as well the other operations? You know, how would that be incorporated into the year-end sort of reserve resource statement that's coming out? Like, what kind of gold price would you look at?

John A. McCluskey: That's gotta go down as one of the longest questions in history, Cosmo. Just looking at Island Gold, we envisioned, at the time we acquired Argonaut with the idea of integrating both mines, we envisioned that that would ultimately evolve into something like a 20,000 ton per day operation. We're doing the work right now in order to bring that in front of the market probably January, early February 2025. That's the time we're aiming for. That's just the optimal rate that mine ought to run at. It means, it gets to part of your question.

Ship in terms of thinking here in terms of, you know, lower grade material. Can actually now be profitable. Um, so maybe running Island gold for longer. Uh, could increase the overall, uh, throughput and, uh, you know, in the end, uh, some of that lower grade work is still generate cash. And overall cash flow uh, is higher. Is there is there a that kind of thinking going on right now John in terms of how you're looking at the uh, Island goals and maybe even broader picture as as well the other operations and then you know how would that be incorporated into uh the year end? Sort of Reserve resource um statement that's coming out. Like what kind of gold price? Would you look at

It's got to go down as 1 of the longest questions in history Cosmo.

Looking at.

At Island gold. Uh, we envisioned

um, at the time we

Acquired Argonaut with the idea of um integrating both Minds. We envisioned that that would um ultimately evolved into something like a 20,000 ton per day operation. And we're we're doing the work right now in in order to um,

John A. McCluskey: For example, right now, we're milling about 1 gram material coming out of the open pit, and we're stockpiling lower grade material. It's an absolute fact that with the lower cost and the higher throughput rate of not putting anything into stockpile, just putting it all through the mill, that's a much more profitable way to go about it. We'll be able to demonstrate that with the numbers that we'll provide early next year. You're not double handling ore on a combined grade, in other words, mixing in that lower grade material. It's basically running around half a gram. Mixing that in with the 1 gram material, we're still running a pretty decent head grade.

Hey, Mark to bring that, uh, in in front of the market, probably, um, January early February of next year, that that's the time where we're aiming for. Um, it that's just the optimal rate that, uh, that mine ought to run at. Um, it it means, um, it it gets to part of your question, for example, right now. Um, we're Milling about 1 gram material coming out of the open pit and we're stockpiling, uh, lower grade material. Um, it's, it's an absolute fact that, uh, with the, the, the lower cost

And the um, higher throughput rate of of not putting anything in stock, I'll just putting it all through the mill. That's a much more profitable way to go about it. What we'll be able to demonstrate that with the numbers. Uh,

That will provide early next year.

But the, um, you're not double handling or um, on a combined grade. Um,

in other words,

John A. McCluskey: You're just doing it all at a greater scale, you're benefiting from the economies of scale and absolutely, doing it at a lower cost because there's no double handling any anymore. From the point of view of this bigger mine that we envision at Island Gold, it also envisions roughly 3,000 tons of underground throughput from the Island Mine itself. That takes production up over 500,000 ounces a year, brings costs down closer to that $1,100, $1,200 AISC, somewhere in that range. The study will define it more precisely. You can see, you know, that we're sitting on roughly, you know, somewhere between 11 million and 12 million ounces of reserves and resources.

Mixing in that lower grade material. It's basically running around half a gram uh, mixing that in with the 1 G material. We're still running a a pretty uh, decent head grade. Um, but you're just doing it all at a greater scale. So you're benefiting from the economies of scale and absolutely, uh, doing it at a lower cost because there's no, there's no double handling any, any more. So from the point of view of, um,

This bigger mine, uh, that we envisioned at Island Gold, also envisions, um, roughly 3,000 tons of, uh, underground throughput from the Island mine itself. Um, that takes production up over half a million ounces a year and brings costs down closer to that $1,100 to $1,086, somewhere in that range. The study will define it, uh, more precisely. But you can see, you know, that.

that we were sitting on roughly, you know,

John A. McCluskey: That's a really sensible approach to take for the development of that mine. We can get there with relatively, how should I put it? You know, bite-sized capital costs. It's not a real stretch for us to get it there. You know, it's sort of the next step in our evolution at that project site. We're not thinking about that at either Young-Davidson or Mulatos. You know, Young-Davidson, it's not really that sensitive to the gold price, to be honest. It's just the way that ore body is. We're mining it in a very profitable way, obviously.

Somewhere between 11 and 12 million oz of reserves and resources that that's a really, um, sensible approach to take for the development of that mine. Um, we can get there with relatively, um,

um,

But um you know bite-sized Capital costs, it's it's not it's not a a real stretch for us to get it there.

and um,

You know, it's um, it's it's sort of the next step in our in our Evolution at that uh at that project site. We're not thinking about that uh at either, um, young Davidson or mattos, you know, young Davidson it. It's not really that sensitive to the gold price.

John A. McCluskey: We're generating, you know, phenomenal cash flows, and now we've got that mill running very, very well, consistently hitting 8,000 tons a day. You know, you're going to see Young-Davidson have a great year next year. Long term at Mulatos, you know, the game changer is going to be going underground and mining the high-grade underground sulfide material and processing it through the mill that we're going to build. That really is the future for Mulatos. I mean, it's not like we've run out of targets for finding additional oxide material. It's a big district and we're still poking around doing greenfields exploration in various areas and actually getting some interesting results.

to be honest, it's just the way that order body is we're mining it um in in in a very profitable way, we're generating you know

Phenomenal cash flows and now we've got uh we we've got that Mill running very very well. Consistently hitting 8,000, tons a day you know you're going to see um

Young Davids, have a great year next year. Um, long term at uh,

at mulattos, you know, the

The the game changer is going to be uh Going Underground and Mining high-grade Underground.

John A. McCluskey: The main thrust of what we're doing at Mulatos is to transition from heap leach, low-grade heap leach production to higher grade underground production. That would, you know, in the grand scheme of things, that's where we're going. It's not like we're taking this one concept driven by a higher gold price and trying to apply it across every operation.

Sulfite material and processing it through the mill that we're going to build that that, that really is uh, the future for a lotos. I mean, it's not like we've run out of targets for um, for finding additional oxide material. It's a big district and and we're still poking around uh, doing Green Fields expiration in various areas and and actually getting some interesting results. But

the, the main thrust of what we're we're doing at mulatto is to transition from

Uh, Heap bleach low-grade Heap, bleach production to higher grade underground production.

Um, so that would that, you know, in in in, in, in the grand scheme of things, that's where we're going. It's not like we're taking this 1.

Luc Guimond: Yeah, the only other thing I'd add there, Cosmos, is just, you know, with regards to the 20,000 tons per day plan for the Island Gold district, that hasn't changed. I mean, we're still looking to put that obviously out. We've changed the guidance on that to put it out early in Q1. You know, it'll outline a plan of running about 17,000 tons per day coming from open pit operations, 3,000 tons per day coming from underground operations. That still is the plan. As far as the Island Mill that we're still continuing to run at this point, which we restarted in September, we'll evaluate that as part of our business plans for 2026.

Um, one concept driven by a higher gold price is trying to apply it across every operation.

The only other thing I'd add there Cosmo is just you know with regards to the 20,000 tonne per day. Um,

uh,

Plan for the, uh, for the Island School District, but that hasn't changed. I mean, we're we're still looking to put that. Obviously, we've changed the the guidance on that to put it out early in q1 but

Luc Guimond: You know, given this high gold price environment, giving us more gold production, certainly and more cash flow, it may make sense to continue to run that in 2026, but we're still evaluating that.

Um, you know, it'll outline uh a plan of running a robot 70,000 tons per day coming from open pit operation 3,000 tons per day. Coming from underground operations. So that still is the plan as far as the island Mill that we're still continuing to run at this point, which we we started in, uh, in September. Uh, we'll evaluate that as part of our business plans for, for 2026, but, you know, given this High gold price environment, uh, giving us more gold production, certainly and more cash flow. Uh, it it may make sense to continue to run that in 2026, but we're still evaluating that.

Cosmos Chiu: Great. Thanks. Sorry for my extra long question. I still haven't thanked Scott Parsons for putting out earnings during game five of the World Series. It certainly has not impacted my performance. Thanks again, John and team.

Great. Uh, thanks. Sorry, for my extra long question. I still haven't thanked Scott. Parsons for putting out earnings during game 5 of the World Series. It certainly has not impacted my performance. So,

Operator 2: Thank you. Our following question is from Ovais Habib from Scotiabank. Please go ahead.

Thanks again, John and team.

Thank you.

Ovais Habib: Hi, John and Alamos team. A couple of questions from me as well. Cosmos did ask a couple of questions that I had, just to follow up to Cosmos' questions on the seismic activity at Island Gold. Again, really glad to hear no personnel or equipment were impacted by this event. That was really good to hear. In terms of, and maybe this question is for Luke, in terms of active mining fronts, you know, how many active mining fronts do you have access to at Island Gold, as well as, you know, how does this impact mine sequencing going into 2026?

Following question is from Os. Abib from Scotia Bank. Please go ahead.

Hi, John and Alamos, team couple of questions from me as well. Um,

Luc Guimond: I mean, we typically carry about 3 to 4 mining fronts with the mining rates that we're currently running at right now, Ovais. I mean, obviously with the ramp up as we continue to head towards 2,400 tons a day through the course of next year, Our development will put us into a place where we'll be developing more mining fronts. As I mentioned, in this case, you know, we've just basically shifted our focus from this one mining front that's been put on hold until we get that escape way in place and look to generate production from some of the other areas of the mine in the interim.

Cosmos is there as a couple of questions that I had, but just to follow up to uh, cosmos's questions on uh, the seismic activity at Island gold. Um, again really glad to hear. No Personnel or equipment were impacted by this event. Uh, so that was really good to hear. But in in terms of uh, and maybe this question for Duke, um, in terms of active mining fronts, um, you know, how many active mining plants do you have access to um, at Island gold uh, as well as you know? How does this impact mine sequencing going into 2026?

Yeah and we typically carry about 3 to 4 mining fronts with the mining rates that we're currently uh running out right now for these but I mean obviously with the ramp up as we continue to head towards 2400 tons a day uh through the course of next year we will be our development will put us into a place where we will be developing more mining fronts. As I mentioned in this case, uh you know we've just basically shifted our our Focus from this 1 mining front. That's been uh put on hold until we get that escape weigh in place.

Luc Guimond: Our, as I mentioned, it's a short-term issue with regards to the seismic event that happened there, and we're looking to resume the mining in that specific mining front, early in December.

And and look to generate production from some of the other areas of the mine in the interim. Uh, but our, as I mentioned, it's a short-term

um,

We have an issue with regards to the seismic event that happened there, and we're looking to resume mining in that specific mining front early in December.

Ovais Habib: Thanks for the color on that, Luc. Just also in terms of when you do get access to additional mining fronts, I mean, in terms of isn't that a mitigating factor on itself, you know, going into 2026 then?

Luc Guimond: Sorry, can you repeat that question, Ovais? I didn't quite get it.

Thanks for the cover on that uh look and and and just also in terms of when you do get access to additional money funds, I mean, in terms of isn't that a mitigating Factor on itself? Um, you know, going into 2026 then

Ovais Habib: I'm basically trying to figure out is when you do start increasing the number of mining fronts as you go into 2026 and into the expansion, isn't that a mitigating factor on itself?

Sorry, can you repeat that question? At least I didn't quite get.

Itself.

Luc Guimond: With regards to the production profile? Yeah, it certainly gives us more flexibility, I think is what you're getting at. Yes, it will give us more flexibility as far as maintaining the mining, the rates that we're looking at. Again, in this case, you know, we haven't changed our guided levels for Q4 for mining rates. It's just that we've had to refocus some of the activity as far as our production for Q4 because of the fact that, you know, we got about a 6-week interruption from this one mining front until we get the escape way reestablished.

Ovais Habib: Perfect. Thanks for that. Just moving on to Magino, with the unplanned downtime at Magino Mill, that was, I believe, late September, were you also able to take advantage of this downtime to do any sort of additional maintenance on the mill, as well?

With regards to the production profile. Yeah, certainly gives us more flexibility. I think is what you're getting at. Yes, it will give us more flexibility as far as maintaining the mining. Uh, the rates that we're looking at. But again, in this case, uh, you know, we haven't changed our guided levels for Q4 for mining rates, it's just that we've had to refocus some of the activity as far as our production, for the fourth quarter because of the fact that uh, you know, we got about a 6 week Interruption from this 1 mining front till we get the Escape weigh reestablished.

Luc Guimond: We did. You know, through the quarter, I think we spoke about this with the last Q release that, you know, there was a liner bolt configuration redesign that we actioned in the quarter. We did that in July. We also had some scheduled maintenance in August for the ball mill. Certainly with that 1 week interruption with regards to the capacitor failing which led to the drive module also failing that we had to get replaced, we did take the opportunity to do some other plant maintenance within the Magino mill facility as well.

Perfect. Thanks for that. And, and just, uh, moving on to meno, uh, with the unplanned downtime at my goal. Uh, that was, I believe late, September, uh, will you also able to take advantage of this downtime to do any sort of additional maintenance on the mail as well?

Ovais Habib: Okay, thanks for that. Just moving towards exploration, I don't know if Scott R.G. Parsons is online.

We did, uh, but you know, through the quarter, I think we spoke about this with the the last quarter of release that, uh, you know, there was a liner bulk configuration redesign that we that we actioned in the quarter so we did that in July. We also had some scheduled maintenance in August for the ball mill. Uh but certainly with that 1 we can eruption with regards to the the capacitor failing with which led to the drive module also failing uh that we had to get replaced. Uh we did take the opportunity to do some other plant maintenance within the Maginot Mill facility as well.

Scott R.G. Parsons: I am here.

Ovais Habib: Hey, Scott. Can you give us a brief kind of overview of where you are currently focused on the exploration side? Especially if you continue to have success on, you know, Island Gold West, as well as in close proximity to Magino.

Okay, thanks for that. Uh, and and just uh then uh moving uh, towards exploration. Um I don't know if uh the other Scott is online but

Scott R.G. Parsons: Yeah, I can provide an overview year to date. If you look at Island Gold, I mean, we really did shift our strategy from the start of the year from exploration into delineation. That delineation program now has been completed successfully in Q3, both at Magino and at Island Gold. That really was focusing on converting that inferred mineral base that remains at the Our June update for the expansion study, converting that into reserves. That process now of the reserve calculation is underway with the delineation results coming in or have been received. At Island as well, I mean, we'll continue now shifting in Q4 to exploration.

He's got, uh, so can you give us a brief kind of overview of where you are currently focused on uh, on the exploration side and especially if you continue to have success on um you know, Island Gold West as well as in close proximity between the Medina.

Scott R.G. Parsons: We're drilling Island down plunge. We're drilling the upper portions of Island to the west between Island and Magino, within that main Island Gold structure. That's ongoing. We've also started a phase II drill program at Klein and Edwards, which is building off the success of the first part of the year. That's the past producing mines that are 7 km from the Magino mill. We're excited about the results that we put out in the first half of the year, and that exploration's ongoing. At Young-Davidson, that hanging wall exploration drift at 9620 has been developed, and we're drilling from that now. That's focused on defining that high grade zone in the conglomerate. We've drilled 15 holes there.

Yeah. You can provide a an overview uh, year to date of if you look at um, Island gold. I mean, we really did shift our strategy from the start of the Year, from expiration, uh, into delineation. And that the delineation program. Now, has been completed successfully in the, in the third quarter, both at Mino, and at Island gold. And that, that really was focusing on converting that inferred mineral base that, uh, that remains the, the our June update, um, for the expansion study converting that into a reserve. So that process now of, uh, um, The Reserve, uh, uh, calculation is underway, uh, with the delineation results, uh, coming in, or have have been received, um, at Ireland as well. I mean, we'll continue now shifting in the fourth quarter to expiration. So, we're we're drilling Island down plunge, we're drilling. Uh, the upper portions of Island to the West between Island and Maginot within that main structure. Um, so that that's ongoing, we've also started, uh, Phase 2, drilling program in the coin and Edwards, which is building off the 6.

Success of the first part of the year. That's the, uh, pass producing Minds that are, uh, 7 kilometers from, uh, from the Maginot Mill. And, uh, we're excited about, uh, the results that we put out in the first half of the Year and that that expiration is ongoing.

Scott R.G. Parsons: Our assays are just starting to come in. Drilling's ongoing. We'll continue stepping out from that, the zone that we've defined, looking to expand on that mineralization. We're also starting a regional program in Q4 at Young-Davidson focused on ROT's target, which is only 3 kilometers from the Young-Davidson mill. We see that as potential for future open pits, ore that could come into the mill at some point in the future. At Mulatos, as John touched on, really focused this year on sulfide exploration across the district and having success on several targets, building on from H1 of the year, drilling at PDA, continue to expand mineralization at Cerro Pelon.

Um, at at Young Davidson um, that hanging wall expiration drift and 9620 has been uh, been developed and we're drilling from that now and that's focused on defining that high grade, uh, Zone in the conglomerate. So we've drilled 15 holes there and our athletes are just starting to come in, drillings ongoing. Um and uh um we'll continue uh stepping out from uh that the zone that we've defined looking to expand uh expand on that mineralization. And we're also starting a regional program in the fourth quarter at Young Davidson focused on Roots Target which is only 3 kilometers from the uh young Davidson Mills. And we see that as potential for future um open pits uh uh or that could come into a uh The Mill at some point in the future.

Scott R.G. Parsons: Testing a number of other sulfide targets in that district that the team has worked up. You know, we're excited by some of the results that we're seeing at Mulatos. I think, you know, that really points to, you know, the transition, as John said, from, you know, shifting from looking for oxide, which we're still doing and there are still targets, but really focusing in on building out the sulfide inventory, the high grade underground components of what could be the future of that district. I guess the last point I'll shift to is Kikiqvik, which was the greenfields project in Nunavik in northern Quebec that we acquired with Orford Mining. That exploration on Kikiqvik was executed in Q3.

Uh, at uh, mulatto this is John touched on, uh, really focused this year on qualified, expiration at across the district, and having success in several targets. Uh, building on the, in the first half of the Year drilling a PDA continue to expand mineralization, Etc. Pallone, uh, testing a number of other sulphide Targets in that District that, uh, um, the team has worked up and, uh, you know, we're, uh, excited by some of the results that we're seeing, uh, at a mulatto. And I think, you know, that really points to uh,

Scott R.G. Parsons: We planned on doing 7,000 meters. We did 9,000 meters. Really the objective there was trying to find the source of these high grade boulders that have been defined across that belt. We drilled in 5 target areas. Assays are just coming in. You know, certainly happy that we got, we accomplished more drilling there than what we anticipated, based on the execution of the program and what we're seeing in some of that core.

Assets are just coming in. Um but uh um you know, certainly happy to be that we accomplish more drilling there than what we anticipated based on the execution of the program and what we're seeing in some of the core

Ovais Habib: That's Thanks, Scott, for that. That was a great overview of exploration. Appreciate that. That's it for me, guys. Thanks for taking my questions.

That's, uh, thanks Scott for that. And that was a great, uh, overview of exploration, appreciate that. Um, that's it for me guys. Uh, thanks for taking my questions.

Operator 2: Thank you. Our following question is from Pavel Turik from Jefferies. Please go ahead.

Pavel Turik: Hi, thanks for taking my question. Just on the Magino mill, can you maybe provide some more color on how you're thinking about the targeted throughput maybe by the end of this year? I believe it was previously 11.2 thousand tons per day, and then 12.4 thousand tons per day next year. How should we be thinking about that given some of the ramp-up issues so far?

Thank you. I'm following question, is on pabel, Turk from Jeffrey's please. Go ahead.

Luc Guimond: Yeah. It looks similar line of sight. As I mentioned through Q3 there, certainly we had, you know, some changes to make to the SAG mill with regards to the liner bolt configuration, which we did. Scheduled ball mill liner change, then with obviously the failure with the capacitor in September, that put us back a bit. Really starting in mid-July up until that capacitor issue that we had at the end of September, the mill was on a path that was consistently delivering above 10,000 tons per day through that period.

Hi. Thank you for taking my question. Um, just on the Maginot Mill, can you uh maybe provide some more color on how you're thinking about, um, the targeted throughput? Maybe by the end of this year, I believe it was previously, 11.2 thousand tons per day and then 12.4 thousand tons per day next year. How should we be thinking about that, given some of the rank of issues so far?

Yeah, it's a little Carousel, similar, similar line of sight. Um, as I mentioned through the third quarter, there are certain, we had, uh, you know, some, some changes to make to the Sago with regards to the liner and bulk configuration, which we did.

Luc Guimond: And since we've repaired the capacitor failure that we had at the end of September and resumed milling activities through the month of October, we've been consistently averaging just above 10,000 tons per day as well. Our goal to hitting that 11.2 by the end of the year still is intact. Just some more fine-tuning that we need to do between now and the end of the quarter to be able to consistently deliver on that. On the 12-4 scenario longer term, we're obviously working on some of that expansion already.

Schedule, ball mill, liner change. And then with obviously the failure with the capacitor in, uh, September that, um, um, put us back a bit, but really starting in mid July up until that capacitor issue that we had at the end of September. Uh, the mill was, was on a path. That was consistently delivering above 10,000 tons per day, uh, through that period. Um, and

Since we've prepared the the, uh, the capacitor failure that we had at the end of September and resumed Milling activities through the month of October. We've been consistently averaging, uh, you know, just above 10,000 tons per day as well. So our our our our goal to hitting that 112 by the end of the year still uh is is intact uh just some more fine tuning that we need to do between now and the end of the quarter to be able to consistently deliver on that.

Luc Guimond: We need more additional equipment at the back end of the mill with regards to the CIP, the leach circuit, the refinery in elution, in order to be able to handle the higher gold content coming into the plant. We're working through that. The other aspect of it is also upfront. The crushing capacity is there, it's just, we're still evaluating on the grinding capacity requirements with potentially a third grinding circuit in that circuit to be able to support the 12-4. We're still evaluating that as part of the overall mill expansion, to be honest with you, that's part of what will come out early in the new year.

On the 124 scenario longer term. Um, we're obviously working on some of that expansion already. We need we need more, uh, additional equipment at the back, end of the mill, with regards to the CIP, the leaf circuit

Uh the refinery and illusion in order to be able to handle a higher gold content coming into the plant. So we're working through that the others aspect of it is also up front. The crushing capacity is there and it's just we're still evaluating on on the grinding capacity requirements with potentially a third.

Third, grinding circuit in in that circuit to be able to support the 124. But we're still evaluating that as part of the overall meal expansion, to be honest with you. And that's part of what will come out early in the new year.

Pavel Turik: Okay. That's helpful. Then maybe just as a follow-up. If the Magino Mill is able to get to eleven twenty thousand tons per day by the end of this year, things are improving, would that be reason enough not to keep running the Island Gold Mill?

Luc Guimond: I think at these gold prices, Pavel Turik, it's I mean, we're evaluating this, but I would think, we wanna put as much throughput as we can through. Running those two mills at these gold prices, probably makes sense.

Okay, that's helpful. And then maybe just as a follow-up. So if if the Maginot meal is able to get to, uh, 11:20 thousand tons per day by the end of this year, things are improving. Would that be reason enough? Not to keep running the island gold film.

I I I think at these gold prices far it's uh it's probably I mean we're evaluating this, but I would think uh we want to put as much throughput as we can through and and running those 2 mils of these gold prices, uh, probably makes sense.

Pavel Turik: Got it. Thank you very much.

Got it. Thank you very much.

Operator 2: Thank you. Our following question is from Sathish Kasinathan from Bank of America. Sorry. Please go ahead.

Thank you.

For following question is from Satish. Kasam from Bank of Bank of America. Sorry, please go ahead.

Sathish Kasinathan: Hi, good morning. Thanks for taking my questions. Most of my questions have been asked and answered. Maybe a question for Greg. With over $600 million in cash balance, you indicated that you will be more active in buybacks. How should we think about the cadence of buybacks on a quarterly or an annual basis? Do you have a target run rate in mind? Also given your growth projects, how should we think about, like, a minimum cash balance?

Greg Fisher: Yeah, thank you. I mean, from a share buyback perspective, we've never put targets in place. I mean, what we always want to do is be opportunistic with respect to that. We also look at our other needs of capital, you know, whether it's growing the business, whether it's paying down debt. We're looking at all of those. I don't want to point to a specific target in terms of the buybacks. You know, based on the pullback in the share price in the gold price that we've seen over the last, you know, one to two weeks, plus the reaction today, you know, we expect to be active on the share buyback.

Um, yeah, hi, good morning. Um, thanks for taking my question. Um, most of my questions have been asked and answered so maybe a question for Greg. Um, so with over 600 million cash balance, um, you indicated that you will be more active in BuyBacks. Um, or should we think about the Cadence of buybacks on a quarterly or an annual basis? Um, do you have a Target run rate in mind and also given your, um, growth projects? Um, how should we think about like a minimum cash balance?

Yeah, thank you. I mean

Sheriff buyback.

Perspective.

Want to do is be opportunistic with respect to that. Uh, and we also look at our other, uh, needs of capital. Um, you know, whether it's growing the business, whether it's paying down debt. So we're looking at all those. Um, so I don't want to point to a specific Target in terms of of of the BuyBacks. But um, you know, based on the the pullback and the share price uh in the goal price that we've seen over the last, you know, week

Greg Fisher: And then in terms of a minimum cash balance, again, we have lots of liquidity. We have $1.1 billion of liquidity currently. In terms of the current cash balance of $600 million, you know, we wanna be active on the share buyback. We wanna pay down some debt. We want to evaluate whether we're gonna buy back some of the legacy Argonaut hedges. All of those will be sources of capital. We are ultimately growing the business from 600,000 ounces to, you know, upwards of 1 million ounces by the end of the year. We do need to make sure that we have sufficient capital, but we do have free cash flow as we speak right now.

To 2 weeks. Uh, plus the, the reaction today. Um, you know, we we expect to be active on the share buyback. Um, and then in terms of a minimum cash balance. Uh, again, I, I

Greg Fisher: From a minimum cash balance, you know, I'd say we probably wanna always have at least $300 million, $250 million to $300 million on the balance sheet.

By the end of the year, so we do need to make sure that we have, uh, sufficient Capital. Um, but we do have free cash flow as we speak right now. So, from a minimum cash balance, you know? I I, I'd say, we'd probably want to always have at least 300 million, 250 million to 300 million on, on, on the, uh,

On the balance sheet.

Sathish Kasinathan: Okay. Thank you. Maybe a question on Young-Davidson. It seems the mill has been operating at 8,000 tons per day for a couple of months now. Do you think the mill's performance has reached a level that it can continue to consistently operate at this level? Given the current gold prices, is there potential for maybe pushing the mill to a higher run rate?

Um, okay. Thank you. Um uh maybe a question on young Davidson. Um so it it it seems the mail has been operating at 8,000 tons per day for a couple of months now. Um, do you think the Mills performance has reached a level that it can continue to consistently operate at this level? And given the current goal prices is is there potential for maybe

Luc Guimond: Yeah, the mill has been performing quite well at Young-Davidson. I mean, obviously our, the overall lower production that's come out through Q3 and some of the previous quarters has been more related to giving all of the feed that we can from the mining operations. Certainly in Q3, it was related to the hoist rope change that we had to make with regards to the head ropes. The mill's been performing quite well. It's no issues there. On the aspect of actually looking to see if it can do more, that's something that we've been looking at and seeing with other opportunities to be able to increase the overall throughput through that mill complex. It would not necessarily come from more underground ore.

Push pushing the mill to a higher end rate.

Yeah, the mill, the mill has been performing quite well at Young Davidson. I mean, obviously our um,

The the overall lower production that's come out through through Q3 and and some of the previous quarters has been more related to giving all of the fee that we can from the mining operations and certainly in Q3, it was related to the Hoist rope change that we had to make with regards to the Head ropes, uh, but the mill has been performing quite well. It's no issues there with it. On the aspect of actually looking to see if it can do more, but something that we've been uh looking at and seeing with other opportunities, to be able to increase uh the overall throughput through that Mill complex.

Luc Guimond: You know, the, the mine's designed and the infrastructure is designed to support 8,000 tons per day. There's other opportunities with some of the smaller satellite open pit deposits within the region of Young-Davidson that we could look to bring into a mine plan and provide additional mill feed to the YD mill complex with, you know, with some minor capital requirements to be able to do that. You know, the potential would be to probably get it up to probably 9,000 tons per day consistently.

It would not necessarily come from more underground or, uh, you know, the, the, the, the Mind designed and the infrastructure is designed to support, 8,000 tons per day. Uh, but there's other opportunities with some of the smaller satellite open pit deposits within the region of of young Davidson, uh, that we could look to bring into a mine plan and, and provide additional, uh, mil feed to the, uh, to the yd Mill complex with, you know, with some minor Capital requirements to be able to do that. Uh, you know, the potential would be to probably get it up to probably 9,000 tons per day, consistently,

Sathish Kasinathan: Okay. Thank you.

Operator 2: Thank you. Once again, please press star one at this time for any questions or comments. Our following question is from Don DeMarco from National Bank. Please go ahead.

Okay, thank you.

Thank you.

Once again, please press star 1 at this time for any questions or comments.

Following question is from Don. De Marco from National Bank, please go ahead.

Don DeMarco: Thank you, operator. Good morning, Don and team. Maybe, just a quick question on the capacitor incident. What were the root causes of that, and is there a risk of a repeat?

Thank you, operator. And uh good morning, John and team. Um, I maybe I just had a quick question on the capacitor uh incident. Uh, what were the root causes of that? And is there a risk of a repeat?

Luc Guimond: The capacitor failure, we're still actually having that analyzed, so I don't have a firm answer on that. It's not something that you would typically see, to be honest with you. There could have been a defect within that part itself. I mean, we've been running our Island Gold mill complex and our Young-Davidson mill complex for years, and I've never experienced that sort of failure with a capacitor. It wasn't just the capacitor. The capacitor failing was part of it, but that led to some residual damage within the drive unit of the power modules that, you know, operates the SAG mill and the ball mill. We had some other component failure there, like resistors and a bus bar and some other electrical components that resulted in some additional repairs.

The the capacitor failure. Uh, we're still actually having that analyzed, so I don't have a firm answer on that, but um, it's not something that you would typically see to be honest with you. So there could have been a defect within that part itself. I mean we've been running our Island gold.

Mill complex.

And our young Davidson, no complex for years, and have never experienced that sort of failure with a capacitor, but it wasn't just the capacitor, the capacitor feeling was part of it, but that led to some residual damage within the uh the drive unit of uh of the power modules that you know operates the the signal and the ball mill. So we had some other component failure there like resistors.

Luc Guimond: This is not normal course of business. We've never seen this with any of our other operations. I'd say it's, at this point, it's a one-off, but we still need to do further diagnostics to understand exactly what happened with that capacitor.

Don DeMarco: Okay. Look forward to that. It sounds like the timing of combining-

And, uh, a bus bar and some other electrical components resulted in some additional repairs. But this is not the normal course of business. We've never seen this with any of our other operations. So, uh, I'd say at this point it's a one-off, but we still need to do further diagnosis to understand exactly what happened with that capacitor.

Yeah. Okay.

Luc Guimond: Oh, sorry. Just the other thing I would add to that is that, you know, from a inventory aspect and just making sure that we have all of the parts, we have done further thorough review of our electrical components for running that plant to make sure that we have all of the critical spares that we need, just to prevent any sort of, you know, significant downtime moving forward.

Don DeMarco: Okay. Just to my next question, with regard to the Magino Mill and combining the two ore streams back into that mill, it sounds like it's potentially 2026, maybe later. Seems like there's good reason at this gold price to keep the 1,200 tons per day Island Mill running. Since you've done it before, you've done it once already in July. Would the second time around be somewhat routine, just with a quicker ramp-up?

Look forward to that and uh it sounds like the timing of just the other thing I would add to that is that you know, from a inventory aspect and just making sure that we have all of the parts we have done another thorough further thorough review of our electrical components for running that plant to make sure that we have all of the uh critical spares that we need. Um just to prevent any sort of, you know, significant downtime moving forward.

Okay.

Uh, then just in my next question. Um,

With regard to the Maginot Mill and combining the two streams back into that mill.

Uh, it sounds like it's potentially 2026 maybe later.

Seems like there's good reason that this gold price to keep the 1200 ton per day Island. Mill running,

Luc Guimond: Yeah, it's pretty seamless, to be honest with you, to put both ore streams into the one plant. You know, I think I've mentioned before, we did a couple of batch tests just to confirm the metallurgy back in Q2, Q3, you know, that all was validated. Frankly, you know, running that combined ore stream into the Magino Mill from really mid-July until we did have that capacitor failure at the end of September, metallurgically, everything was performing quite well, both from a gravity recovery point of view as well as overall recovery. The expectations were as per what we were expecting as far as what we modeled to what we were seeing in the plant.

But since you've done it before, you've done it, once already in July, with the second time around, be somewhat routine just with a quicker ramp up.

Luc Guimond: It's a pretty easy, simple transition to just provide that ore feed back into the stream and combine the two, the two streams into one, feeding into the one mill complex.

Don DeMarco: Okay. Just as a final question, turning to Lynn Lake development, you know, we see that the timeline has been impacted by the wildfires. How about CapEx? Can you give any more granularity on the implications to the CapEx estimate to develop that project?

Complex.

Okay.

And then just as a final question, turning to Lin Lake development. You know, we see that the timeline has been impacted by the uh the wildfires. How about capex can you give any more granularity on the implications to the Catholic estimates developed that project?

Luc Guimond: Well, yeah, I mean, the CapEx-wise, I guess, you know, you'll have the inflation component there over the next because of the fact that it's been delayed a bit. I think what we've, you know, we basically lost all of the construction season this summer, which is, you know, the most productive period that you can have, certainly in, in northern Manitoba or northern Ontario, depending on where we're building these operations. As a result of that, you know, our original timeline was mid-2028. Now we're, we're moving that out to early 2029. You're gonna have a bit of an inflation factor that gets factored into that.

Twice, I guess you know, you'll you'll have the inflation component there over the next because of the fact that it's been delayed a bit. Um, I think what we've

You know, we've basically lost all of the construction season this summer, which is, you know, the most productive period that you can have, certainly in Northern Manitoba or Northern Ontario, depending on where we're building these operations. So,

Greg Fisher: Yeah, I mean, just adding to that. We put out the study 2 years ago. You have 3 years of inflation since we put out that study with this additional year that Luc just commented on, moving it out to 2029. Inflation on capital projects has run around, you know, 5% to 6%. You can expect a 15% increase in our capital that we put out in the feasibility study for Lynn Lake.

Uh, as a result of that, you know, our original original timeline, was mid 2028. Now, we're, we're, we're moving that out to early 2029. So you're going to have a bit of an inflation factor that, that gets factored into that. Yeah, I mean, it just just adding to that we, we put out the study, uh, a couple years ago, so you have 3 years of inflation. Um, since we put out that study, um, with with this additional year that, um,

That Luke just commented on um moving it out to 2029 and inflation on on capital projects is run around, you know 5 to 6%. So we you you can expect um a 15% increase in our Capital um that we put out in the feasibility study for for limb Lake.

Don DeMarco: Okay. Thank you. Well, thank you for taking my questions. That's all for me. Good luck with the rest of the quarter.

Okay, thank you.

Uh, well, thank you for taking my questions. That's all for me and, uh, good luck with the rest of the quarter.

Operator 2: Thank you. There are no further questions registered at this time. This concludes this morning call. If you have any further questions that have not been answered, please feel free to contact Mr. Scott Parsons at 416-368-9932, extension 5439. The call has now ended. Please disconnect your lines at this time, and we thank you for your participation. This conference is no longer being recorded.

Thank you.

There are no further questions registered. At this time, this concludes this morning calls. If you have any further questions that have not been answered. Please feel free to contact, Mr. Scott Parsons, at 4163689932 extension 5439.

The call has now ended. Please disconnect your lines at this time, and we thank you for your participation.

This conference is no longer being recorded.