Q1 2026 SSR Mining Inc Earnings Call

May 5, 2026

Operator 1: Hello everyone, welcome to SSR Mining's Q1 2026 Conference Call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.

Operator: Hello everyone, welcome to SSR Mining's Q1 2026 Conference Call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.

Speaker #3: Please go ahead.

Speaker #2: Thank you, operator, and hello, everyone. Thank you for joining today's conference call to discuss SSR MINING's first quarter 2026 financial results. Our consolidated financial statements have been presented in accordance with US GAAP.

Alex Hunchak: Thank you, operator, and hello everyone. Thank you for joining today's conference call to discuss SSR Mining's Q1 2026 financial results. Our consolidated financial statements have been presented in accordance with U.S. GAAP. These financial statements have been filed on EDGAR and SEDAR, and they are also available on our website. There is an online webcast accompanying this call, and you will find the information to access the webcast in this afternoon's news release and on our corporate website. Please note that all figures discussed during the call are in U.S. dollars unless otherwise indicated. Today's discussion will include forward-looking statements, so please read the disclosures in the relevant documents. Additionally, we refer to non-GAAP financial measures during our discussion and in the accompanying slides. Please see our press release for information about the comparable GAAP measures.

Speaker #2: These financial statements have been filed on EDGAR and CDAR, and they are also available on our website. There is an online webcast accompanying this call, and you will find the information to access the webcast in this afternoon's news release and on our corporate website.

Speaker #2: Please note that all figures discussed during the call are in US dollars unless otherwise indicated. Today's discussion will include forward-looking statements, so please read the disclosures in the relevant documents.

Speaker #2: Additionally, we refer to non-GAAP financial measures during our discussion and in the accompanying slides. Please see our press release for information about the comparable GAAP measures.

Speaker #2: Rod Antal, executive chairman, will be joined by Michael Sparks, chief financial officer, and Bill McNevin, EVP operations and sustainability, on today's call. I will now turn the line over to Rod.

Alex Hunchak: Rodney Antal, Executive Chairman, will be joined by Michael Sparks, Chief Financial Officer, and Bill MacNevin, EVP, Operations and Sustainability on today's call. I will now turn the line over to Rod.

Speaker #3: All right. Thank you, Alex, and good afternoon to you all. It's been a strong and productive start to the year, and I'm proud that the outstanding work delivered across the company in the recent months.

Rodney Antal: Great. Thank you, Alex Hunchak, and good afternoon to you all. It's been a strong and productive start to the year, and I'm proud of the outstanding work delivered across the company in the recent months. Most notably, in March, we announced in advance a definitive agreement to sell our interest in the Çöpler mine for $1.5 billion in cash. This transaction is progressing well, and we expect it to close before the end of Q3 2026. The divestment of Çöpler provides a strategic repositioning for SSR Mining as a focus-Americas base gold and silver producer with a clear emphasis on free cash flow generation. Our portfolio is now anchored by the Marigold and Cripple Creek & Victor operations, two high-quality long-life assets that together form the third largest gold production platform in the United States.

Rod Antal: Great. Thank you, Alex Hunchak, and good afternoon to you all. It's been a strong and productive start to the year, and I'm proud of the outstanding work delivered across the company in the recent months. Most notably, in March, we announced in advance a definitive agreement to sell our interest in the Çöpler mine for $1.5 billion in cash. This transaction is progressing well, and we expect it to close before the end of Q3 2026. The divestment of Çöpler provides a strategic repositioning for SSR Mining as a focus-Americas base gold and silver producer with a clear emphasis on free cash flow generation. Our portfolio is now anchored by the Marigold and Cripple Creek & Victor operations, two high-quality long-life assets that together form the third largest gold production platform in the United States.

Speaker #3: Most notably, in March, we announced an advanced definitive agreement to sell our interest in the Chirpler mine for $1.5 billion in cash. This transaction is progressing well, and we expect it to close before the end of the third quarter of 2026.

Speaker #3: The divestment of Chirpler provides a strategic repositioning for SSR MINING as a focused America's-based gold and silver producer with a clear emphasis on free cash flow generation.

Speaker #3: Our portfolio is now anchored by the Marigold and Cripple Creek & Victor operations, two high-quality, long-life assets that together form the third-largest gold production platform in the United States.

Speaker #3: Both operations offer meaningful runway for future growth and mine life extensions. Operationally, it was a solid quarter with our results tracking well against our internal plans and full-year guidance.

Rodney Antal: Those operations offer meaningful runway to future growth and mine life extensions. Operationally, it was a solid quarter with our results tracking well against our internal plans and full-year guidance. Financially, the business generated an impressive free cash flow of more than $210 million in Q1 of the year. As a result, in following the settlement of our convertible notes at the end of March, we finished the quarter with more than $630 million in cash and zero debt. Our substantial cash position provides us with a robust balance sheet and flexibility to continue to invest in the organic growth opportunities across the portfolio and consideration for further capital returns to shareholders in the future.

Rod Antal: Those operations offer meaningful runway to future growth and mine life extensions. Operationally, it was a solid quarter with our results tracking well against our internal plans and full-year guidance. Financially, the business generated an impressive free cash flow of more than $210 million in Q1 of the year. As a result, in following the settlement of our convertible notes at the end of March, we finished the quarter with more than $630 million in cash and zero debt. Our substantial cash position provides us with a robust balance sheet and flexibility to continue to invest in the organic growth opportunities across the portfolio and consideration for further capital returns to shareholders in the future.

Speaker #3: Financially, the business generated an impressive free cash flow of more than $210 million in the first quarter of the year. As a result, and following the settlement of our convertible notes at the end of March, we finished the quarter with more than $630 million in cash and zero debt.

Speaker #3: Our substantial cash position provides us with a robust balance sheet and flexibility to continue to invest in the organic growth opportunities across the portfolio and consideration for further capital returns to shareholders in the future.

Speaker #3: On that note, we completed the $300 million in share repurchases acquiring more than $9 million shares subsequent to the quarter in April just past.

Rodney Antal: On that note, we completed the $300 million in share repurchases, acquiring more than 9 million shares subsequent to the quarter in April. Since 2021, we have repurchased over 29 million shares at an average price of $21 per share, underscoring our disciplined capital allocation strategy and delivering meaningful per share value accretion to our shareholders. I'm sure you will agree, and after a busy and successful Q1, we have created a very strong position for SSR moving forward. We expect our low risk, Americas-focused platform and track record of disciplined capital allocation will position SSR Mining as an attractive vehicle for investors seeking exposure both to gold and silver in the Americas. Before I move on to the next slide, I wanna highlight some of the catalysts ahead for our business.

Rod Antal: On that note, we completed the $300 million in share repurchases, acquiring more than 9 million shares subsequent to the quarter in April. Since 2021, we have repurchased over 29 million shares at an average price of $21 per share, underscoring our disciplined capital allocation strategy and delivering meaningful per share value accretion to our shareholders. I'm sure you will agree, and after a busy and successful Q1, we have created a very strong position for SSR moving forward. We expect our low risk, Americas-focused platform and track record of disciplined capital allocation will position SSR Mining as an attractive vehicle for investors seeking exposure both to gold and silver in the Americas. Before I move on to the next slide, I wanna highlight some of the catalysts ahead for our business.

Speaker #3: Since 2021, we have repurchased over $29 million shares at an average price of $21 per share. Underscoring our disciplined capital allocation strategy and delivering meaningful per-share value accruation to our shareholders.

Speaker #3: I'm sure you will agree that after a busy and successful first quarter, we have created a very strong position for SSR moving forward. We expect our low-risk America's-focused platform and track record of disciplined capital allocation will position SSR MINING as an attractive vehicle for investors seeking exposure both to gold and silver in the Americas.

Speaker #3: Before I move on to the next slide, I want to highlight some of the catalysts ahead for our business. First, we expect to provide an updated life-and-mine plan for Marigold in the coming 12 months.

Rodney Antal: First, we expect to provide an updated life of mine plan for Marigold in the coming 12 months, incorporating growth opportunities like Buffalo Valley as we push to optimize and extend mine life at Marigold. Next, we are continuing to advance various brownfield growth opportunities across the business, including both Puna and Seabee. Bill's gonna speak more on these in the coming slides. Further, we anticipate providing an update on our strategic review of Hod Maden in the coming months. Lastly, as noted, we expect the Çöpler transaction to close before the end of Q3, which will add a further $1.5 billion in cash to our balance sheet. These catalysts in and of themselves present an opportunity to create additional value for our shareholders and will be further bolstered by the ongoing free cash flow from our Americas operations.

Rod Antal: First, we expect to provide an updated life of mine plan for Marigold in the coming 12 months, incorporating growth opportunities like Buffalo Valley as we push to optimize and extend mine life at Marigold. Next, we are continuing to advance various brownfield growth opportunities across the business, including both Puna and Seabee. Bill's gonna speak more on these in the coming slides. Further, we anticipate providing an update on our strategic review of Hod Maden in the coming months. Lastly, as noted, we expect the Çöpler transaction to close before the end of Q3, which will add a further $1.5 billion in cash to our balance sheet. These catalysts in and of themselves present an opportunity to create additional value for our shareholders and will be further bolstered by the ongoing free cash flow from our Americas operations.

Speaker #3: Incorporating growth opportunities like Buffalo Valley as we push to optimize and extend mine life at Marigold. Next, we are continuing to advance various brownfield growth opportunities across the business, including both Puna and Seabee.

Speaker #3: And Bill's going to speak more on these in the coming slides. Further, we anticipate providing an update on our strategic review of Hot Madden in the coming months.

Speaker #3: And lastly, as noted, we expect the Chirpler transaction to close before the end of the third quarter, which will add a further $1.5 billion in cash to our balance sheet.

Speaker #3: These catalysts in and of themselves present an opportunity to create additional value for our shareholders, and will be further bolstered by the ongoing free cash flow from our Americas operations.

Speaker #3: Let's move on to slide four and talk more about our track record and value creation. The figures on this slide illustrate a powerful picture of disciplined and value creation.

Rodney Antal: Let's move on to slide 4 and talk more about our track record of value creation. The figures on this slide illustrate a powerful picture of discipline and value creation. Over the past few years, we have clearly demonstrated a track record of value creation in per share metrics, capital returns, and M&A. I've spoken to our commitment to capital returns and particularly share buybacks, but separately, we also have a clear track record of value accruing M&A. This was most recently illustrated by the remarkable returns being generated from the acquisition of Cripple Creek and Victor in 2025. This is further supported across the portfolio, where we have consistently demonstrated our ability to add value through mine life extensions and optimizations.

Rod Antal: Let's move on to slide 4 and talk more about our track record of value creation. The figures on this slide illustrate a powerful picture of discipline and value creation. Over the past few years, we have clearly demonstrated a track record of value creation in per share metrics, capital returns, and M&A. I've spoken to our commitment to capital returns and particularly share buybacks, but separately, we also have a clear track record of value accruing M&A. This was most recently illustrated by the remarkable returns being generated from the acquisition of Cripple Creek and Victor in 2025. This is further supported across the portfolio, where we have consistently demonstrated our ability to add value through mine life extensions and optimizations.

Speaker #3: Over the past few years, we have clearly demonstrated a track record of value creation in per-share metrics capital returns and M&A. I've spoken to our commitment to capital returns and particularly share buyback, but separately, we also have a clear track record of value accrued in M&A.

Speaker #3: This was most recently illustrated by the remarkable returns being generated from the acquisition of Cripple Creek and Victor in 2025. This is further supported across the portfolio where we have consistently demonstrated our ability to add value through mine life extensions and optimizations.

Speaker #3: The successes combined with our supportive gold price environment have driven a more than $300% increase in our consolidated consensus net asset value per share since 2024 and a better than $400% increase in consensus cash flow per share over the same period.

Rodney Antal: These successes, combined with a supportive gold price environment, have driven a more than 300% increase in our consolidated consensus net asset value per share since 2024 and a better than 400% increase in consensus cash flow per share over the same period. A fantastic outcome that differentiates SSR amongst its peers. I'm gonna turn over to Michael on slide 5 to discuss the quarterly results.

Rod Antal: These successes, combined with a supportive gold price environment, have driven a more than 300% increase in our consolidated consensus net asset value per share since 2024 and a better than 400% increase in consensus cash flow per share over the same period. A fantastic outcome that differentiates SSR amongst its peers. I'm gonna turn over to Michael on slide 5 to discuss the quarterly results.

Speaker #3: I found fantastic outcome that differentiates SSR amongst its peers. So I'm going to turn over to Michael on slide five to discuss the quarterly results.

Speaker #2: Thank you, Rod, and good afternoon, everyone. In the first quarter, we produced $110,000 gold equivalent ounces at all instantaneous costs of $2,433 per ounce, well aligned with our expectations.

Michael Sparks: Thank you, Rod. Good afternoon, everyone. In Q1, we produced 110,000 gold equivalent ounces at all-in sustaining costs of $2,433 per ounce, well aligned with our expectations. As highlighted in our guidance release, we continue to expect 55% to 60% of full-year production in H2, with higher sustaining capital spend in Q2 and Q3. Bill will speak in more depth about each operation in the coming slides. I wanted to call out two notable milestones from the Q1 results. First, Puna delivered more than $120 million in site level free cash flow in the quarter, an excellent result that reinforces Puna's position as one of the highest margin primary silver mines globally.

Speaker #2: As highlighted in our guidance release, we continue to expect $55 to 60% of full-year production in the second half, with higher sustaining capital spend in the second and third quarters.

Speaker #2: Bill will speak in more depth about each operation in the coming slides, but I wanted to call out two notable milestones from the Q1 results.

Speaker #2: First, Puna delivered more than $120 million in site-level free cash flow in the quarter, an excellent result that reinforces Puna's position as one of the highest-margin primary silver mines globally.

Speaker #2: We are excited about the opportunities for meaningful mine life extensions in Argentina, and our advance in these programs through 2026. Second, following another strong quarter from CCMB, the operation is now generating approximately $325 million in mine site free cash flow since its acquisition in 2025.

Michael Sparks: We are excited about the opportunities for meaningful mine life extensions in Argentina and are advancing these programs through 2026. Second, following another strong quarter from CC&V, the operation has now generated approximately $325 million in mine site free cash flow since its acquisition in 2025. This is a phenomenal result given the $275 million acquisition cost and the long mine life ahead for the operation. Overall, a strong and solid start to the year operationally, and we look forward to building on this momentum through the rest of the year. Let's move to slide 6 for a brief review of our financial results. Our solid operational results translated into strong Q1 financials, including nearly $600 million in revenue from 113,000 ounces of gold equivalent sales.

Speaker #2: This is a phenomenal result given the $275 million acquisition cost and the long mine life ahead for the operation. So overall, a strong and solid start to the year operationally, and we look forward to building on this momentum through the rest of the year.

Speaker #2: Now let's move to slide six for a brief review of our financial results. Our solid operational results translate into strong first-quarter financials, including nearly $600 million in revenue, from $113,000 ounces of gold equivalent sales.

Speaker #2: With the sale of our ownership in Chirpler announced in March, the asset is now classified as a discontinued operation in our financial reporting. The results from discontinued operations, largely reflect a one-time non-cash adjustment to fair book value on the announcement of the sale of Chirpler.

Michael Sparks: With the sale of our ownership in Puna announced in March, the asset is now classified as a discontinued operation in our financial reporting. The results from discontinued operations largely reflect a one-time non-cash adjustment to fair book value on the announcement of the sale of Puna. Looking at the rest of the business, net income from continued operations in Q1 2026 was $1.16 per diluted share, while adjusted net income per diluted share was $1.15. Free cash flow from continuing operations in the quarter was $211 million. This strong free cash flow increased our cash position to $634 million at the end of Q1, inclusive of the $87.5 million contingent payment made to Newmont during the quarter as part of the CC&V transaction.

Speaker #2: Looking at the rest of the business, net income from continuing operations in the first quarter of 2026 was $1.16 per diluted share, while adjusted net income per diluted share was $1.15.

Speaker #2: Free cash flow from continuing operation in the quarter was $211 million. This strong free cash flow increased our cash position to $634 million at the end of Q1, inclusive of the $87.5 million contingent payment made to Newmont during the quarter as part of the CCMB transaction.

Speaker #2: Also during the quarter, we fully redeemed our outstanding convertible notes, leaving the balance sheet debt-free at the end of March. And with total liquidity of $1.1 billion, as Rod mentioned, subsequent to quarter end, we completed $300 million of share repurchases under our buyback program, reflecting our continued commitment to shareholder returns.

Michael Sparks: Also, during the quarter, we fully redeemed our outstanding convertible notes, leaving the balance sheet debt-free at the end of March, and with total liquidity of $1.1 billion. As Rod mentioned, subsequent to quarter end, we completed $300 million of share repurchases under our buyback program, reflecting our continued commitment to shareholder returns. Looking ahead, we expect our ongoing free cash flow, combined with proceeds from the sale of Puna before the end of Q3 2026, will further strengthen the balance sheet and enhance our ability to continue to allocate capital with discipline while prioritizing high return growth opportunities and long-term value creation. Before turning the call over to Bill, I'll briefly touch on global cost pressures with a focus on fuel.

Speaker #2: Looking ahead, we expect our ongoing free cash flow, combined with proceeds from the sale of Chirpler before the end of the third quarter of 2026, will further strengthen the balance sheet and enhance our ability to continue to allocate capital with discipline while prioritizing high-return growth opportunities and long-term value creation.

Speaker #2: Before turning the call over to Bill, I'll briefly touch on global cost pressures, with a focus on fuel. At Marigold and CCMB, nearly 70% of our diesel exposure is currently mitigated through zero-cost collars executed in late 2025, which extends through the end of 2026.

Michael Sparks: At Marigold and CC&V, nearly 70% of our diesel exposure is currently mitigated through zero cost collars executed in late 2025, which extends through the end of 2026. At Seabee, diesel is secured through annual winter road deliveries, and at Puna, we are not currently seeing meaningful impact given domestic supply conditions. As a guide to the remainder of 2026, for every $10 per barrel increase in oil prices, it translates to approximately $7 to $10 per ounce increase in our consolidated AISC. We will continue to monitor fuel markets closely as we continue to maintain a disciplined focus on cost control and operation efficiency across the portfolio. Now over to Bill on slide 7.

Speaker #2: At CB, diesel is secured through annual winter road deliveries, and at Puna, we are not currently seeing meaningful impacts given domestic supply conditions. As a guide to the remainder of 2026, for every $10 per barrel increase in oil prices, it translates to approximately $7 to $10 per ounce increase in our consolidated AISC.

Speaker #2: We will continue to monitor fuel markets closely, as we continue to maintain a disciplined focus on cost control and operation efficiency across the portfolio.

Speaker #2: Now over to Bill on slide seven.

Speaker #3: Thanks, Michael. I'll first start with EHSS. Getting our people home safe and healthy each and every day is foundational for our business. This is highlighted in one of SSR Mining's three core values, being safety first, always.

Bill MacNevin: Thanks, Michael. I'll first start with EHSS. Getting our people home safe and healthy each and every day is foundational for our business. This is highlighted in one of SSR Mining's three core values, being safety first, always. This year, as part of our ongoing improvement focus, we're commencing implementation of I Care, We Care across SSR. This is a safety leadership and culture program prioritizing people and how we each own and take responsibility for ourselves, our workplace, and our teams. I'm very encouraged by the energy and input coming through from this early work and look forward to this making a difference on both people safety and overall business performance. Now onto slide 8 to start with Marigold. Marigold had a solid start to the year with production results well aligned with expectations.

Speaker #3: This year, as part of our ongoing improvement focus, we're commencing implementation of iCareWeCare across SSR. This is a safety leadership and culture program prioritizing people and how we each own and take responsibility for ourselves, our workplace, and our teams.

Speaker #3: I'm very encouraged by the energy and input coming through from this early work and look forward to this making a difference on both people's safety and overall business performance.

Speaker #3: Now, on to slide eight to start with Marigold. Marigold had a solid start to the year, with production results well aligned with expectations. We continue to expect full-year production at Marigold will be 55 to 60 percent weighted in the second half of the year, driven largely by higher-grade stacked mid-year.

Bill MacNevin: We continue to expect full-year production at Marigold will be 55% to 6% weighted H2 of the year, driven largely by higher grades stacked mid-year. AISC at Marigold are expected to peak in Q2 2026, driven by timing of spend on fleet replacements and upgrades. Full year AISC remains on track against original guidance range, though we are seeing cost pressures stemming largely from higher royalty costs driven by gold prices. Nearly three-quarters of our diesel fuel usage at Marigold and CC&V is hedged for this year, which has helped to insulate us against the current elevated fuel prices globally. Our focus remains on equipment productivities, maintenance quality, and efficiency with consumables to manage current and potential future inflationary pressures.

Speaker #3: ASIC at Marigold are expected to peak in the second quarter of 2026, driven by timing of spend on fleet replacements and upgrades. Full-year ASIC remains on track against original guidance range, though we are seeing cost pressures stemming largely from higher royalty costs driven by gold prices.

Speaker #3: Nearly three-quarters of our diesel fuel usage at Marigold and Çöpler and Çakmaktepe Mine Block (CCMB) is hedged for this year, which has helped to insulate us against the current elevated fuel prices globally.

Speaker #3: Our focus remains on equipment productivities, maintenance quality, and efficiency with consumables, to manage current and potential future inflationary pressures. Work continues on growth initiatives across Marigold, particularly at Buffalo Valley, as we work to include the project into an updated Life of Mine plan at Marigold within the next 12 months.

Bill MacNevin: Work continues on growth initiatives across Marigold, particularly at Buffalo Valley, as we work to include the project into an updated life of mine plan at Marigold within the next 12 months. We've also had some great results from near mine drilling across the property, including some high-grade intercepts at DG80 target to the southwest of the current Mackay Pit. Our teams are also continuing to evaluate longer term open pit expansions at New Millennium. These initiatives, combined with additional near mine drilling campaigns and project evaluation work, point to significant potential for mine life extensions at Marigold in the future. We're excited by what's ahead and look forward to providing more details in the new technical report. Now on to slide 9 for an update on CC&V.

Speaker #3: We've also had some great results from near-mine drilling across the property, including some high-grade intercepts for DG80 target to the southwest of the current Mackie pit.

Speaker #3: Our teams are also continuing to evaluate longer-term open pit expansions at New Millennium. These initiatives, combined with additional near-mine drilling campaigns, and project evaluation work, point to significant potential for mine life extensions at Marigold in the future.

Speaker #3: We're excited by what's ahead and look forward to providing more details in the new technical report. Now on to slide nine for an update on CCMB.

Speaker #3: CCMB had another great quarter. With better-than-expected recoveries driving strong production and delivering more than 120 million in mineside free cash flow, since acquisition at the end of last February, CCMB is now generated $325 million in free cash flow, an excellent result that now exceeds the total transaction consideration in just 12 months.

Bill MacNevin: CC&V had another great quarter, with better than expected recoveries, driving strong production and delivering more than $120 million in mine site free cash flow. Since acquisition at the end of last February, CC&V has now generated $325 million in free cash flow, an excellent result that now exceeds the total transaction consideration in just 12 months. CC&V remains well on track against its full year production cost guidance targets, with higher sustaining capital expected in Q2 and Q3. We are continuing to evaluate opportunities to improve the longer term production and cost profile at CC&V through trade-off studies and potential for future mineral reserve conversion. CC&V has an exciting future ahead, and we look forward to continuing to deliver value at that operation going forward. Now on to slide 10 to discuss operations at Seabee.

Speaker #3: CCMB remains well on track against its full-year production and cost guidance targets, with highest sustaining capital expected in the second and third quarters, continuing to evaluate opportunities to improve the longer-term production and cost profile at CCMB through trade-off studies and potential for future mineral reserve conversion.

Speaker #3: CCMB has an exciting future ahead, and we look forward to continuing to deliver value at that operation going forward. Now, on to slide 10 to discuss operations at CB.

Speaker #3: First quarter at CB saw our continued focus on underground development as we aim to deliver stronger-grade and production in the second half of the year.

Bill MacNevin: Q1 at Seabee saw our continued focus on underground development as we aim to deliver stronger grades and production in H2 of the year. Production was also impacted by extreme cold in Q1, which caused some temporary downtime in the processing plant. AISC reflected costs incurred with the winter road season. Overall, Seabee remains on track for its full year guidance ranges. Exploration and resource development activities at both Santoy and Porky continued in Q1, with both programs targeting potential mineral reserve growth. At Santoy, near mine drilling is focused on higher grades at depth, while our teams continue to evaluate Porky as a potential new mining front to support future mine life extensions. Now on to Puna on slide 11. Puna continued its recent run of excellent operating results with a strong Q1. Average daily processing plant throughput set another record.

Speaker #3: Production was also impacted by extreme cold in the quarter, which caused some temporary downtime in the processing plant. ASIC reflected costs incurred with the winter road season, and overall, CB remains on track for its full-year guidance ranges.

Speaker #3: Expiration and resource development activities at both Santoy and Porky continue in the quarter, with both programs targeting potential mineral reserve growth. At Santoy near-mine drilling is focused on higher-grades at depth, while our teams continue to evaluate Porky as a potential new mining front to support future mine life extension.

Speaker #3: Now on to Puna on slide 11. Puna continued its recent run of excellent operating results with a strong first quarter, average daily processing plant throughput set another record, the fifth consecutive quarter Puna has delivered improvements in process plant efficiency.

Bill MacNevin: The 5th consecutive quarter Puna has delivered improvements in process plant efficiency. As planned, mining was focused on waste stripping in the quarter, and Puna remains well on track for full-year production and cost guidance. Average realized silver prices in Q1 2026 exceeded $90 per ounce, enabling Puna to deliver more than $120 million in mine site free cash flow in Q1. Puna has been an excellent contributor to the business over the last few years and continues to clearly demonstrate its exceptional margins and free cash flow in the current silver price environment.

Speaker #3: As planned, mining was focused on waste stripping in the quarter and Puna remains well on track for full-year production and cost guidance. Average realized silver prices in the first quarter of 2026 exceeded $90 per ounce, enabling Puna to deliver more than 120 million in mine site free cash flow, in Q1.

Speaker #3: Puna has been an excellent contributor for the business over the last few years, and continues to clearly demonstrate its exceptional margins and free cash flow in the current silver price environment.

Speaker #3: We're advancing a number of opportunities to extend the current life at Puna, including additional laybacks at the existing chinchilla's pit, evaluation of the Molina target adjacent to chinchillas for open pit potential in the medium term, and continued advancement of the Cordaderas underground project.

Bill MacNevin: We're advancing a number of opportunities to extend the current life of at Puna, including additional laybacks at the existing Chinchillas pit, evaluation of the Molina target adjacent to Chinchillas for open pit potential in the medium term, and continued advancement of the Cordilleras underground project. With multiple avenues for growth at Puna, we're very excited for the future at this operation and see potential to meaningfully extend the mine work life well beyond our initial current reserve base. Onto growth on slide 12. It's still worth highlighting the wealth of potentially meaningful growth opportunities that currently exist across our portfolio. These projects that we have identified through successful exploration and development work completed at each asset in recent years.

Speaker #3: With multiple avenues for growth at Puna, we're very excited for the future of this operation and see potential to meaningfully extend the mine life well beyond our initial current reserve base.

Speaker #3: On to growth on slide 12. I've touched on the majority of these projects and targets work through each asset. But it's still worth highlighting the wealth of potentially meaningful growth opportunities that currently exist across our portfolio.

Speaker #3: These projects that we have identified through successful exploration and development work completed at each asset in recent years in my view, there is no better way to value for our shareholders than through the advancement of organic growth opportunities.

Bill MacNevin: In my view, there is no better way to surface value for our shareholders than through the advancement of organic growth opportunities. It's also important to note these projects are compelling at current mineral reserve prices of $1,700 per ounce of gold and $20.50 per ounce silver. We do certainly see future upside on each of these assets when spot prices are considered, but we will be diligent in ensuring we advance the highest returning growth opportunities. I'm excited about the growth potential of this portfolio and look forward to executing on these opportunities to deliver value for our shareholders. Now I'll turn back to Rod for closing remarks.

Speaker #3: It's also important to note these projects are compelling at current mineral reserve prices of $1,700 per ounce of gold and $20.50, per ounce of silver.

Speaker #3: We do certainly see future upside at each of these assets when spot prices are considered, but we will be diligent in ensuring we advance the highest returning growth opportunities.

Speaker #3: I'm excited about the growth potential of this portfolio and look forward to executing on these opportunities to deliver value for our shareholders. And I'll turn it back to Rod for closing remarks.

Speaker #2: Great. Thanks, everyone. With such an important and transformational quarter behind us, our focus is now building on this momentum during the remainder of the year.

Rodney Antal: Great. Thanks everyone. With such an important and transformational quarter behind us, our focus is now building on this momentum during the remainder of the year. We are in excellent position and have a number of meaningful catalysts ahead of us, as I mentioned in the introduction to this call. With the low risk Americas-based business, continued delivery of strong operating results, organic growth initiatives, and the potential for further capital returns, we are well positioned to benefit from the ongoing re-rate of SSR Mining. With that, I'm going to turn the call over to the operator for any questions. Thank you.

Rod Antal: Great. Thanks everyone. With such an important and transformational quarter behind us, our focus is now building on this momentum during the remainder of the year. We are in excellent position and have a number of meaningful catalysts ahead of us, as I mentioned in the introduction to this call. With the low risk Americas-based business, continued delivery of strong operating results, organic growth initiatives, and the potential for further capital returns, we are well positioned to benefit from the ongoing re-rate of SSR Mining. With that, I'm going to turn the call over to the operator for any questions. Thank you.

Speaker #2: We are in excellent position and have a number of meaningful catalysts ahead of us, as I mentioned in call. With the low-risk America's-based business continued delivery of strong operating results, organic growth initiatives, and the potential for further capital returns, we are well positioned to benefit from the ongoing re-rate of SSR MINING.

Speaker #2: So with that, I'm going to turn the call over to the operator for any questions. Thank you.

Speaker #3: Thank you, Mr. Antel. We'll now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad.

Operator 1: Thank you, Mr. Antal. We'll now begin the question-and-answer session. Our first question is from George David Eadie with UBS. Please go ahead.

Operator: Thank you, Mr. Antal. We'll now begin the question-and-answer session. Our first question is from George David Eadie with UBS. Please go ahead.

Speaker #3: You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two.

Speaker #3: Our first question is from George Eady with UBS. Please go ahead.

Speaker #4: Yeah, good evening, Tam, and thanks for the call. And nice update today. On the HODMAN strategic review, can you just remind me what are the goals and what does it look like?

George David Eadie: Yeah, good evening, team, and thanks for the call and nice update today. On the Hod Maden strategic review, can you just remind me, what are the goals and what does it look like? I guess my question is, if a sale is concluded as the outcome, do we have to wait another 2 or so quarters for that process to run and then another couple of quarters to close? I guess could we be 12 months away from that deal closing if a sale is the decided outcome?

George Eadie: Yeah, good evening, team, and thanks for the call and nice update today. On the Hod Maden strategic review, can you just remind me, what are the goals and what does it look like? I guess my question is, if a sale is concluded as the outcome, do we have to wait another 2 or so quarters for that process to run and then another couple of quarters to close? I guess could we be 12 months away from that deal closing if a sale is the decided outcome?

Speaker #4: I guess my question is, if a sale is concluded as the outcome, do we have to wait another two or so quarters for that process to run and then another couple of quarters to close?

Speaker #4: And I guess, could we be 12 months away from that deal closing if a sale is the decided outcome?

Rodney Antal: Yes. Hi, George. No, look, we haven't really given much guidance on the process that we're going through other than to obviously announce it with the sale of Çöpler, you know, back in March. I think the objective of the review was to consider all of the options from actually building the project all the way through to sale. And then within sale or other strategic options to remove ourselves from Hod Maden. You know, what does that mean? 'Cause there are sort of multiple ways that that could, that can be achieved. Other than we're still in the process of doing that and going through those different trade-offs, there's really not much else to update you on.

Speaker #2: Yeah, hi, George. No, look, we haven't really given much guidance on the process that we're going through other than to obviously announce it with the sale of Chirpler.

Rod Antal: Yes. Hi, George. No, look, we haven't really given much guidance on the process that we're going through other than to obviously announce it with the sale of Çöpler, you know, back in March. I think the objective of the review was to consider all of the options from actually building the project all the way through to sale. And then within sale or other strategic options to remove ourselves from Hod Maden. You know, what does that mean? 'Cause there are sort of multiple ways that that could, that can be achieved. Other than we're still in the process of doing that and going through those different trade-offs, there's really not much else to update you on.

Speaker #2: Back in March, I think the objective of the review was to consider all of the options from actually building the project all the way through to sale.

Speaker #2: And then, within sale or other strategic options to remove ourselves from Hod Maden—and what does that mean? Because there are sort of multiple ways that that can be achieved.

Speaker #2: So other than we're still in the process of doing that and going through those different trade-offs, there's really not much else to update you on.

Speaker #2: And I think some of the details that you're looking for here will come once we set a clearer picture for the direction.

Rodney Antal: I think some of the details that you're looking for here will come once we set a clearer picture for the direction.

Rod Antal: I think some of the details that you're looking for here will come once we set a clearer picture for the direction.

Speaker #4: Okay. Okay. Yep, that's cool. Thank you. And then just to sort of payment questions, can you remind me what the Carlton Tunnel payment is at CC&B?

George David Eadie: Okay. Okay. Yeah, that's cool. Thank you. And then just two sort of payment questions. Can you remind me what the Carlton Tunnel payment is at CC&V? Secondly, just with the buyback, 300 million bought back 9.2 million shares. That says $32.6 US a share average, but the shares were only really in that range for sort of 5 days at the start of April. Is that right, or am I missing anything there? Or you just bought sort of at that little peak in early April?

George Eadie: Okay. Okay. Yeah, that's cool. Thank you. And then just two sort of payment questions. Can you remind me what the Carlton Tunnel payment is at CC&V? Secondly, just with the buyback, 300 million bought back 9.2 million shares. That says $32.6 US a share average, but the shares were only really in that range for sort of 5 days at the start of April. Is that right, or am I missing anything there? Or you just bought sort of at that little peak in early April?

Speaker #4: And then secondly, just with the buyback, $300 million bought back 9.2 million shares, that says 32.6 US a share average, but the shares were only really in that range for sort of five days at the start of April.

Speaker #4: Is that right? Or am I missing anything there, or are you just bought sort of at that little peak in early April?

Speaker #2: Yeah, George, this is Michael. I'll take the second one first and then circle back to the Carlton Tunnel. So with the share buyback program that we announced towards in the middle of the quarter, we did put an NCIB in place, which allows us to give directions to the banks to exercise that outside of us having material information.

Michael Sparks: Yeah, George, this is Michael. I'll take the second one first and then circle back to the Carlton Tunnel. With the share buyback program that we announced towards in the middle of the quarter, we did put an NCIB in place, which allows us to give directions to the banks to exercise that outside of us having material information. That process did move very quickly, and it ranged anywhere from $21 up to $32. With the volatility of the price during that, it did come in around that $32 a share average as we go through. Circling back to Carlton Tunnel.

Speaker #2: That process did move very quickly, and it ranged anywhere from $21 up to $32. But with the volatility of the price during that, it did come in around that $32 a share average as we go through.

Speaker #2: And then circling back to Carlton Tunnel, so the 87.5 million that we paid for Newmont during the quarter was for the Carlton Tunnel. And that leaves one more payment, $87.5 additional payment, which would come in connection with Amendment 14 and the updated closure plans at that site as we look at that deal structure.

George David Eadie: Okay.

George Eadie: Okay.

Michael Sparks: The $87 and a half million that we paid.

George David Eadie: Yeah

George Eadie: Yeah

Michael Sparks: For Newmont during the quarter was for the Carlton Tunnel. That leaves one more payment, $87 and a half additional payment, which would come in connection with Amendment Fourteen and the updated closure plans at that site as we look at that deal structure.

Speaker #4: Okay. Yeah, awesome. And so if Amendment 14 closes, say, 12 months, whenever it is, that payment is straight after you get that approval. Is that right?

George David Eadie: Okay. Yeah. Awesome. If Amendment Fourteen closes, say, 12 months, whenever it is, that payment is straight after you get that approval. Is that right?

George Eadie: Okay. Yeah. Awesome. If Amendment Fourteen closes, say, 12 months, whenever it is, that payment is straight after you get that approval. Is that right?

Speaker #2: Yeah, that's right. So Amendment 14 remains on track anywhere from 12 to 18 months is kind of what we're penciling in. And then that payment would be due once that work is completed and that permit is issued.

Michael Sparks: Yeah, that's right. Amendment Fourteen remains on track, anywhere from 12 to 18 months is kind of what we're penciling in. That payment would be due once that work is completed and that permit is issued.

Rodney Antal: I'll just chime in here a little bit, George. It's all going to plan. We're leading that work now. Bill and the team have taken that over, the work that we've done to want to establish our presence in the community in Colorado and also locally down at Cripple Creek has gone really well. That's all tracking to plan.

Speaker #2: I'll just chime in here a little bit, George. It's all going to plan. So and we're leading that work now, Bill and the team.

Rod Antal: I'll just chime in here a little bit, George. It's all going to plan. We're leading that work now. Bill and the team have taken that over, the work that we've done to want to establish our presence in the community in Colorado and also locally down at Cripple Creek has gone really well. That's all tracking to plan.

Speaker #2: Have taken that over and the work that we've done to, one, to establish our presence within the community in Colorado and also locally down at Cripple Creek has gone really well.

Speaker #2: So that's all tracking the plan.

Speaker #4: Okay. Cool. Cheers, guys.

George David Eadie: Okay. Cool. Cheers, guys.

George Eadie: Okay. Cool. Cheers, guys.

Speaker #2: Great. Thanks, mate.

Rodney Antal: Great. Thanks, mate.

Rod Antal: Great. Thanks, mate.

Speaker #3: The next question is from Lawson Winter with BOA Merrill Lynch. Please go ahead.

Operator 1: The next question is from Lawson Winder with BofA Merrill Lynch. Please go ahead.

Operator: The next question is from Lawson Winder with BofA Merrill Lynch. Please go ahead.

Speaker #5: Thank you, operator. And good evening, Rod and team. Thank you for today's update. Could I ask about the buyback and just thinking about your situation today, the balance sheet is very strong.

Rodney Antal: Thank you, operator, and good evening, Rod and team. Thank you for today's update. Could I ask about the buyback and just, you know, thinking about your situation today, the balance sheet is very strong. The outlook for free cash flow generation is quite robust. I mean, you mentioned an intention to look at the buyback again, and now the buyback authorization is totally exhausted. I mean, why not go to the board prior, along with the results and ask for the renewal then? When's your thinking on timing around a renewal? Yeah, I think it's important to sort of take a step back to take a step forward. Obviously, Michael can talk more around the work that's going on.

Lawson Winder: Thank you, operator, and good evening, Rod and team. Thank you for today's update. Could I ask about the buyback and just, you know, thinking about your situation today, the balance sheet is very strong. The outlook for free cash flow generation is quite robust. I mean, you mentioned an intention to look at the buyback again, and now the buyback authorization is totally exhausted. I mean, why not go to the board prior, along with the results and ask for the renewal then? When's your thinking on timing around a renewal?

Speaker #5: The outlook for free cash flow generation is quite robust. I mean, you mentioned an intention to look at the buyback again, and now the buyback authorization is totally exhausted.

Speaker #5: I mean, why not go to the board prior along with the results and ask for the renewal then? And when's your thinking on timing around a renewal?

Speaker #2: Yeah, I think it's important to sort of take a step back to take a step forward. Obviously, the and Michael can talk more around the work that's going on.

Rod Antal: Yeah, I think it's important to sort of take a step back to take a step forward. Obviously, Michael can talk more around the work that's going on.

Speaker #2: But the share buyback that we just executed, for us, was particularly on the announcement of the Chirpler sale. Made a lot of sense. To do.

Rodney Antal: The share buyback that we just executed, for us was particularly on the announcement of the Çöpler sale, made a lot of sense to do. It was executed very quickly, given the parameters that we had put in place to the prior questions. The step back that I'm talking about now is to remember where we suspended our capital allocation strategy with the Çöpler incident a few years ago, when we said once we have clarity on the outcome, post that, then we would go back and have a look at our capital allocations and re-implementing and reinstituting. That's what we're doing at the moment. The work around more holistically, how do we manage our capital allocation?

Rod Antal: The share buyback that we just executed, for us was particularly on the announcement of the Çöpler sale, made a lot of sense to do. It was executed very quickly, given the parameters that we had put in place to the prior questions. The step back that I'm talking about now is to remember where we suspended our capital allocation strategy with the Çöpler incident a few years ago, when we said once we have clarity on the outcome, post that, then we would go back and have a look at our capital allocations and re-implementing and reinstituting. That's what we're doing at the moment. The work around more holistically, how do we manage our capital allocation?

Speaker #2: And it was executed very quickly given the parameters that we had put in place. To the prior questions. But the step back that I'm talking to you about now is now to post the remember where we suspended our capital allocation strategy with the Chirpler incident a few years ago when we said once we have clarity on the outcome of post that, that we would then go back and have a look at our capital allocations and reimplementing and reinstituting it.

Speaker #2: And that's what we're doing at the moment. The work around more holistically how do we manage our capital allocation? And then looking at the requirements, obviously, for the business in the future with all the various growth opportunities we have in front of us.

Rodney Antal: Looking at the requirements obviously for the business in the future with all the various growth opportunities we have in front of us, the balance sheet and other things before we go and make our mind up on the actual mechanisms we use for returns to shareholders. That, that work's underway with Michael and the team.

Rod Antal: Looking at the requirements obviously for the business in the future with all the various growth opportunities we have in front of us, the balance sheet and other things before we go and make our mind up on the actual mechanisms we use for returns to shareholders. That, that work's underway with Michael and the team.

Speaker #2: The balance sheet and other things before we go and make our mind up on the actual mechanisms we use for returns to shareholders. So, that work's underway with Michael and the team.

Speaker #5: Well, that's interesting. So part of it is just a discussion between whether it's going to be increased dividend or increased buyback, rather than just whether you're going to do it.

Lawson Winder: Well, that's interesting. Part of it is just a discussion between whether it's going to be increased dividend or increased buyback, rather than just whether you're going to do it.

Rodney Antal: I wouldn't say increase 'cause we haven't got a dividend in place at the moment 'cause we suspended it, and that's the point. It's, it is a question of whether we reinstitute our yield that we had in place before it became a sort of a vogue more recently in the market. We actually had that way back in 2021. And as well as, you know, supplementing that through the share buyback program. That was really how we had managed it before with the three pillars. You know, balance sheet strength, growth, and returns. It's really just pulling all that work together with the emerging growth opportunities we have as well to ensure that we're, you know, making sound decisions.

Speaker #2: I wouldn't say increased, because we haven't got a dividend in place at the moment, because we suspended it. And that's the point. So, it is a question of whether we reinstitute our yield that we had in place before; it became sort of a vogue more recently in the market.

Rod Antal: I wouldn't say increase 'cause we haven't got a dividend in place at the moment 'cause we suspended it, and that's the point. It's, it is a question of whether we reinstitute our yield that we had in place before it became a sort of a vogue more recently in the market. We actually had that way back in 2021. And as well as, you know, supplementing that through the share buyback program. That was really how we had managed it before with the three pillars. You know, balance sheet strength, growth, and returns. It's really just pulling all that work together with the emerging growth opportunities we have as well to ensure that we're, you know, making sound decisions.

Speaker #2: We actually had that way back in 2021. And as well as supplementing that through the share buyback program. So that was really how we had managed it before with the three pillars, balance sheet, strength, growth, and returns.

Speaker #2: But it's really just pulling all that work together with the emerging growth opportunities we have as well to ensure that we're making sound decisions.

Lawson Winder: Yeah, fully acknowledging those growth opportunities, I think it'd be interesting to hear your views on M&A, particularly in light of your strong free cash flow and balance sheet position. I mean, that must compete with options within the portfolio I assume. What is SSR's appetite right now for growth through M&A?

Speaker #5: Yeah. And fully acknowledging those growth opportunities, I think it would be interesting to hear your views on M&A. Particularly in light of your strong free cash flow and balance sheet position.

Speaker #5: I mean, that must compete with options within the portfolio. I assume. But what is SSR's appetite right now for growth through M&A?

Speaker #2: Yeah, look, I think that's why I in the intro slides, if you go back to the start of the call, Lawson, the reason we go to the pains of sort of setting out our track record around M&A is to actually highlight we've been really good stewards of capital.

Rodney Antal: Yeah, look, I think that's why I, in the intro slides, if you go back to the start of the call, Lawson, the reason we go to the pains of sort of setting out our track record around M&A is to actually highlight we've been really good stewards of capital for a long time. All of the deals that we have brought to market, and we look at a lot of stuff and we've never made a secret of the fact that we're active, always looking at different trade-offs and different opportunities around the market. When we do bring deals to the table and to our shareholders, there is usually a multiple of upside, and that's what we've been able to achieve.

Rod Antal: Yeah, look, I think that's why I, in the intro slides, if you go back to the start of the call, Lawson, the reason we go to the pains of sort of setting out our track record around M&A is to actually highlight we've been really good stewards of capital for a long time. All of the deals that we have brought to market, and we look at a lot of stuff and we've never made a secret of the fact that we're active, always looking at different trade-offs and different opportunities around the market. When we do bring deals to the table and to our shareholders, there is usually a multiple of upside, and that's what we've been able to achieve.

Speaker #2: For a long time. And all of the deals that we have brought to market, and we look at a lot of stuff, and we've never made a we've never made a secret of the fact that we're active always looking at different trade-offs and different opportunities around the market.

Speaker #2: When we do bring deals to the table and to our shareholders, there is usually a multiple of upside. And that's what we've been able to achieve.

Speaker #2: And the results speak for themselves, I think. So that is part of who we are. I think we're particularly good at it. We have a number of filters that we look at for M&A.

Rodney Antal: The results speak for themselves, I think. That is part of who we are. I think we're particularly good at it. We have a number of filters that we look at for M&A through any cycle. It doesn't matter what cycle we're in. It has to align to our business strategy. It has to compete for capital. It has to be make sense for us in terms of what we wanna build. We've actually got a particular focus now, obviously with the reset of the business, on the Americas. That is a bit of a nuance to what we had before. Beyond that, you know, we are staying active in that space.

Rod Antal: The results speak for themselves, I think. That is part of who we are. I think we're particularly good at it. We have a number of filters that we look at for M&A through any cycle. It doesn't matter what cycle we're in. It has to align to our business strategy. It has to compete for capital. It has to be make sense for us in terms of what we wanna build. We've actually got a particular focus now, obviously with the reset of the business, on the Americas. That is a bit of a nuance to what we had before. Beyond that, you know, we are staying active in that space.

Speaker #2: Through any cycle, it doesn't matter what cycle we're in. But it has to align to our business strategy. It has to compete for capital.

Speaker #2: And it has to be make sense for us in terms of the what we want to build. But we've actually got a particular focus now, obviously, with the reset of the business on the Americas.

Speaker #2: So that is a bit of a nuance to what we had before. But beyond that, we are staying active in that space.

Speaker #5: That is clear. Thank you very much.

Lawson Winder: That is clear. Thank you very much.

Speaker #3: The next question is from Josh Wilson with RBC. Please go ahead.

Operator 1: The next question is from Josh Wolfson with RBC. Please go ahead.

Operator: The next question is from Josh Wolfson with RBC. Please go ahead.

Speaker #4: Yeah. Thank you very much. Following up Lawson's question, just on the buyback and capital allocation. I mean, I can appreciate the companies' desire to be measured here but pro forma net cash over $2 billion, $200 million generated in free cash flow this quarter.

Josh Wolfson: Yeah, thank you very much. Following up Lawson's question, just on the buyback and capital allocation. I mean, I can appreciate the company's desire to be, you know, measured here. You know, pro forma net cash over $2.2 billion, $200 million generated in free cash flow this quarter. You know, why not continue a little bit of the buyback, in the interim before closing of Çöpler? Is there another way, you know, that we should be thinking about this in terms of maybe capital needs being higher for some of the development projects? Thank you.

Speaker #4: Why not continue a little bit of the buyback in the interim before closing of Chirpler? Or is there another way that we should be thinking about this in terms of maybe capital needs being higher for some of the development projects?

Speaker #4: Thank you.

Speaker #2: Hi, Josh. Look, I think it's pretty simple. I think the first things first is we want to close the deal. And get the cash into the bank.

Rodney Antal: Hi, Josh. Look, I think it's pretty simple. I think the first things first is we wanna close the deal and get the cash into the bank. That's really important through any transaction. As we said, that'll take place and achieve that within the Q3. I think that's really the most important catalyst. It doesn't mean we can't do share buybacks or do more share buybacks. I think as we noodle through the various options and have the discussions with the board, the work that Michael and the team are doing really does need to be as holistic as possible and predictable as possible, and that's really the work that we're doing.

Rod Antal: Hi, Josh. Look, I think it's pretty simple. I think the first things first is we wanna close the deal and get the cash into the bank. That's really important through any transaction. As we said, that'll take place and achieve that within the Q3. I think that's really the most important catalyst. It doesn't mean we can't do share buybacks or do more share buybacks. I think as we noodle through the various options and have the discussions with the board, the work that Michael and the team are doing really does need to be as holistic as possible and predictable as possible, and that's really the work that we're doing.

Speaker #2: So that's really important. Through any transaction and as we said, that'll take place and achieve that within the third quarter. And I think that's really the most important catalyst.

Speaker #2: It doesn't mean we can't do share buybacks. Or do more share buybacks. But I think as we noodle through the various options and have the discussions with the board, the work that Michael and the team are doing, really does need to be as holistic as possible.

Speaker #2: And predictable as possible. And that's really the work that we're doing. So it's not because we haven't a version of doing any more share buybacks.

Rodney Antal: It's not because we have an aversion of doing any more share buybacks. I think it's really around just let's get the deal closed. Let's get the cash in the bank and then the rest will come.

Rod Antal: It's not because we have an aversion of doing any more share buybacks. I think it's really around just let's get the deal closed. Let's get the cash in the bank and then the rest will come.

Speaker #2: I think it's really around just let's get the deal closed. Let's get the cash in the bank. And then the rest will come.

Speaker #4: All right, thank you. And then on Hard Matter, you had signaled minimal costs. You did spend $31 million in the first quarter. How should we think about what minimal costs are going forward?

Josh Wolfson: All right. Thank you. Then on Hod Maden, you had signaled minimal costs. You know, you did spend $31 million in Q1. You know, how should we think about what minimal costs are going forward?

Speaker #2: Yeah, Josh. So a lot of the work, as you remember, under Hard Matter right now is around early site works. So a lot of that was advanced during that first part of Q1.

Michael Sparks: Yeah, Josh. A lot of the work, as you remember under Hod Maden right now is around early site works. A lot of that was advanced during that first part of the Q1, and that's where you're seeing that majority of that $31 million coming in. We anticipate that as we go through the strategic review in the coming months, that that'll be much lower. It won't be zero, but it will be towards the lower end of that range.

Speaker #2: And that's where you're seeing that majority of that $31 million coming in. We anticipate that as we go through the strategic review in the coming months that that'll be much lower.

Speaker #2: It won't be zero, but it will be towards the lower end of that range.

Speaker #4: Got it. Thank you. And then there were some commentary earlier on the call about fuel price sensitivity, I think, of 7 to 10 dollars.

Josh Wolfson: Got it. Thank you. Then there was some commentary earlier on the call about fuel price sensitivity, I think of $7 to 10. Just clarifying, you know, what does that number incorporate? Does it reflect the hedging program as well as that's in place? Then, you know, does that include secondary impacts and other items that may not be just direct fuel usage?

Speaker #4: Just clarifying what does that number incorporate? Does it reflect the hedging program as well as that's in place? And then does that include secondary impacts and other items that may not be just direct fuel usage?

Speaker #2: Yeah, you bet. So the hedge program goes through the end of this year. So that $10 increase and the $10 AISC is really tied to this year with the hedge program in place.

Michael Sparks: Yeah, you bet. The hedge program goes through the end of this year, so that $10, the $10 increase and the $10 AISC is really tied to this year with the hedge programs in place. Just to give you a guide that without the hedge programs, if we don't have anything in place going into 2027, that goes up to about double that, which is $20. We only have about 10% of our fuel costs that are our operating costs, only about 10% of that is fuel. As Bill mentioned, we really are focused on operational efficiency and controlling those costs. It's a bit early to look at what the knock-on effects would be. We are monitoring it, but we're not seeing anything that's tangible at this point.

Speaker #2: Just to give you a guide that without the hedge programs, if we don't have anything in place going into '27, that goes up to about double that, which is $20.

Speaker #2: So we only have about 10% of our fuel costs that are operating costs, only about 10% of that is fuel. And as Bill mentioned, we really are focused on operational efficiency and controlling those costs.

Speaker #2: It's a bit early to look at what the knock-on effects would be. We are monitoring it, but we're not seeing anything that's tangible at this point.

Speaker #2: But it is something that we are continuing to monitor and will continue to update on in this quarter as progress is made in the year.

Michael Sparks: It is something that we are continuing to monitor and will continue to update on in this quarter's progress in the year.

Speaker #4: Great. Thank you very much.

Josh Wolfson: Great. Thank you very much.

Speaker #3: The next question is from Obez Habib with Scotiabank. Please go ahead.

Operator 1: The next question is from Ovais Habib with Scotiabank. Please go ahead.

Operator: The next question is from Ovais Habib with Scotiabank. Please go ahead.

Speaker #5: Hi, Rodney. SSR team, congrats on the Q1 beat, and great to see CC and VR performing. I mean, the amount of free cash flow this operation is generating is really impressive.

Ovais Habib: Hi, Rod and SSR team. Congrats on the Q1 beat and great to see CC&V outperforming. I mean, the amount of free cash flow this operation is generating is really impressive. Just a couple of questions from me. You know, again, sticking with that CC&V, just a follow-up question from George regarding the Carlton Tunnel payment. Is there a read-through or positive read-through on the fact that you made this payment on the fact that, you know, you are looking for this Amendment Fourteen permit? Is that kind of, you know, a read-through that is coming imminently?

Speaker #5: Just a couple of questions from me. Again, sticking with the CC and V, just a follow-up question from George regarding the Cotton Tunnel payment.

Speaker #5: Is there a read-through or a positive read-through on the fact that you've made this payment on the fact that you are looking for this amendment 14 permit?

Speaker #5: And is that kind of a read-through that this coming imminently?

Speaker #2: No, I think the mutually exclusive of us think of it the other way. The amendment 14 was, as you recall, when we put out the technical report for Cripple Creek as the first update from SSR, it was constrained around the already in process amendment 14.

Rodney Antal: No, no, I think the they're mutually exclusive, Ovais. Think of it the other way, though. Amendment Fourteen was, as you recall, when we put out the technical report for Cripple Creek as the first update from SSR, it was constrained around the already in process Amendment Fourteen. It's an expansion permit that Newmont had already begun when we acquired the asset. The Carlton Tunnel, discussions and considerations was another unique piece of work that was going on with the regulators around the long-term management of the water discharge. It's entirely separate from the Amendment Fourteen.

Rod Antal: No, no, I think the they're mutually exclusive, Ovais. Think of it the other way, though. Amendment Fourteen was, as you recall, when we put out the technical report for Cripple Creek as the first update from SSR, it was constrained around the already in process Amendment Fourteen. It's an expansion permit that Newmont had already begun when we acquired the asset. The Carlton Tunnel, discussions and considerations was another unique piece of work that was going on with the regulators around the long-term management of the water discharge. It's entirely separate from the Amendment Fourteen.

Speaker #2: So, it was an expansion permit that Newmont had already begun when we acquired the asset. The Cotton Tunnel discussions and considerations was another unique piece of work that was going on with the regulators.

Speaker #2: Around the long-term management of the water discharge. So it's entirely separate from the amendment 14.

Speaker #5: Got it. Thanks for the color on that. And just moving on to the New Mind plan, expected at Marigold. That's I believe including Buffalo Valley.

Ovais Habib: Got it. Thanks for the color on that. Just moving on to the new mine plan expected at Marigold, that's, I believe, including Buffalo Valley. Are you expecting any sort of significant improvement in the production profile, or you're looking at more like an increase in mine life? Any color on that?

Speaker #5: Are you expecting any sort of significant improvement in the production profile, or are you looking at more like an increase in mine life? Any color on that?

Rodney Antal: Look, I think the first things first, it was to include some of the growth options that we have, to understand the requirements for those growth options. What I mean by that are, you know, the permitting requirements, where we might need more infrastructure, where we might need to develop a new area, where we might need to do more technical work, to ensure that we're in good shape for that growth profile. Some of those growth options will more feature, you know, sort of later in the life of Marigold, not so much initially, because of those reasons, you know, permitting or whatever it happens to be.

Speaker #2: Look, I think the first things first, it was to include some of the growth options that we have. To understand the requirements for those growth options.

Rod Antal: Look, I think the first things first, it was to include some of the growth options that we have, to understand the requirements for those growth options. What I mean by that are, you know, the permitting requirements, where we might need more infrastructure, where we might need to develop a new area, where we might need to do more technical work, to ensure that we're in good shape for that growth profile. Some of those growth options will more feature, you know, sort of later in the life of Marigold, not so much initially, because of those reasons, you know, permitting or whatever it happens to be.

Speaker #2: And what I mean by that is the permitting requirements, where we might need more infrastructure, where we might need to develop a new area.

Speaker #2: Where we might need to do more technical work to ensure that we're in good shape for that growth profile. So some of those growth options will more feature sort of later in the life of Marigold.

Speaker #2: Not so much initially. Because of those reasons. Permitting or whatever it happens to be. Some of it was to do their trade-offs that we can look at for various parts of the property.

Rodney Antal: Some of it was to do with the trade-offs that we can look at for various parts of the property, you know, the southern part of the property around New Millennium, Buffalo Valley and some of the extensions that we've got down there to see whether we could share an infrastructure down there rather than having long haulage. There's those optimization opportunities as we're going through the mine plans as well. In the initial years, the key focus is to show and demonstrate that we actually have a production profile that now accounts for the blending requirements that we talked about last year, that I think folks were getting a little bit concerned about.

Rod Antal: Some of it was to do with the trade-offs that we can look at for various parts of the property, you know, the southern part of the property around New Millennium, Buffalo Valley and some of the extensions that we've got down there to see whether we could share an infrastructure down there rather than having long haulage. There's those optimization opportunities as we're going through the mine plans as well. In the initial years, the key focus is to show and demonstrate that we actually have a production profile that now accounts for the blending requirements that we talked about last year, that I think folks were getting a little bit concerned about.

Speaker #2: In other southern part of the property around new millennium. Buffalo Valley and some of the extensions that we've got down there to see whether we could share an infrastructure down there rather than having long haulage.

Speaker #2: So there's those optimization opportunities as we're going through the mine plans as well. And then, in the initial years, the key focus is to show and demonstrate that we actually have a production profile that now accounts for the blending requirements that we talked about last year, that I think folks were getting a little bit concerned about.

Speaker #2: So the importance of having to have different faces open so we're allowing for the blending requirement of those finer rules. Up on the heap leach pad.

Rodney Antal: The importance of, you know, having to have different faces open, we're allowing for the blending requirement of those finer rules up on the heap leach pad. The next 5 years, as we sort of said, at the end of last year, will probably stay about the same overall. It's really then the growth options beyond it to bring in ounces where we can along the way, and extend obviously the life of mine at Marigold with the substantial amount of resources that we have.

Rod Antal: The importance of, you know, having to have different faces open, we're allowing for the blending requirement of those finer rules up on the heap leach pad. The next 5 years, as we sort of said, at the end of last year, will probably stay about the same overall. It's really then the growth options beyond it to bring in ounces where we can along the way, and extend obviously the life of mine at Marigold with the substantial amount of resources that we have.

Speaker #2: So the next five years as we sort of said, at the end of last year, we'll probably stay about the same overall. But it's really then the growth options beyond it to bring in ounces where we can.

Speaker #2: Along the way, and extend obviously the life of mine at Marigold with a substantial amount of resources that we have.

Speaker #4: Thanks for the color on that, Rod. And that's it from me. Most of my other questions were already answered. Thanks.

Ovais Habib: Thanks for the color on that, Rod. That's it for me. Most of my other questions were already answered. Thanks.

Speaker #2: Good stuff. Thanks everybody.

Rodney Antal: Good stuff. Thanks, Ovais.

Rod Antal: Good stuff. Thanks, Ovais.

Speaker #3: The next question is from Cosmos2 with CIBC. Please go ahead.

Operator 1: The next question is from Cosmos Chiu with CIBC. Please go ahead.

Operator: The next question is from Cosmos Chiu with CIBC. Please go ahead.

Speaker #4: Hey, thanks, Rod and Jimmy. It's finally my turn. My question is on the contingent payment. Sorry for going back to it. The Cotton Tunnel.

Cosmos Chiu: Thanks, Rod and team. It's finally my turn. My question is on the contingent payment. Sorry for going back to the Carlton Tunnel, $87.5 million. If I, you know, go back to your original agreement, it was due when there is regulatory relief relating to flow-related permitting requirements, achieving highest feasibility allocation or alternative to water flow. I guess you've achieved that point. After saying all that, could you maybe explain to me what that means and, you know, where we are today in terms of that water flow?

Speaker #4: 87.5 million dollars. If I go back to your original agreement, it was due when there is regulatory relief relating to flow-related permitting requirements. Achieving highest feasibility allocation or alternative to water flow.

Speaker #4: So I guess you've achieved that point. But after saying all that, could you maybe explain to me what that means and where we are today in terms of that water flow?

Rodney Antal: I was surprised, Cosmos, you weren't caller number one, but.

Speaker #2: I was surprised because you weren't calling number one. But look, on the Cotton Tunnel discharge, this is the maybe this is a Newmont remains a Newmont-led piece of work.

Rod Antal: I was surprised, Cosmos, you weren't caller number one, but.

Cosmos Chiu: I know. I'm kind of surprised too

Rodney Antal: Look,

Rod Antal: Look,

Cosmos Chiu: I believe I'll-

Rodney Antal: on the tunnel discharge, look, remember, this is a Newmont remains a Newmont-led piece of work. I'll say that. They did achieve some of the permitting requirements from the regulators in Colorado that necessitated us having a requirement to pay them the that milestone of $87.5 million. In layman terms, they achieved what they set out to achieve. There is ongoing dialogue for on Newmont's behalf with the regulators to consider, again, the overall requirements for what is going to be ultimately the the plan for the Carlton Tunnel discharge. Whether it needs intervention, you know, through some sort of water treatment facility in the long term, et cetera, et cetera.

Rod Antal: on the tunnel discharge, look, remember, this is a Newmont remains a Newmont-led piece of work. I'll say that. They did achieve some of the permitting requirements from the regulators in Colorado that necessitated us having a requirement to pay them the that milestone of $87.5 million. In layman terms, they achieved what they set out to achieve. There is ongoing dialogue for on Newmont's behalf with the regulators to consider, again, the overall requirements for what is going to be ultimately the the plan for the Carlton Tunnel discharge. Whether it needs intervention, you know, through some sort of water treatment facility in the long term, et cetera, et cetera.

Speaker #2: So, I'll say that they did achieve some of the permitting requirements from the regulators in Colorado that necessitated us having a requirement to pay them that milestone at the $87.5 million.

Speaker #2: So in layman's terms, they achieved what they set out to achieve. But there will also there will always there is ongoing dialogue for on Newmont's behalf with the regulators to consider again the overall requirements for what is going to be ultimately the plan for the Cotton Tunnel discharge.

Speaker #2: So whether it needs intervention through some sort of water treatment facility in the long-term, etc., etc. And remember, the way that we carved that out through the deal was that was always going to be on Newmont's account.

Rodney Antal: Remember, the way that we carved that out through the deal was that was always gonna be on Newmont's account. It's important that they take the lead on that, and they continue with that dialogue. Obviously, we're a stakeholder, but not a stakeholder who is leading the discussions on this.

Rod Antal: Remember, the way that we carved that out through the deal was that was always gonna be on Newmont's account. It's important that they take the lead on that, and they continue with that dialogue. Obviously, we're a stakeholder, but not a stakeholder who is leading the discussions on this.

Speaker #2: So, it's important that they take the lead on that, and that they continue with that dialogue. And obviously, we're a stakeholder, but not a stakeholder who is leading the discussions on this.

Speaker #4: Got it. Maybe a question on Chirpler. As you had mentioned, in your guidance, there was about 80 to 100 million dollars in care maintenance costs budgeted for the full year.

Cosmos Chiu: Got it. Maybe a question on Çöpler. You know, as you had mentioned, in your guidance, there was about $80 to $100 million in care and maintenance costs budgeted for the full year. If I were to take the difference of your free cash flow in Q1, $210 million and $175 million, difference is about $35.6 million. Is that the part that's kinda related to care and maintenance for the quarter? Which seems a bit high because you had guided to about $20 to $25 million. You know, I guess what I'm trying to get to is that the number related to care and maintenance? What should we expect in Q2? When would it stop? Is it only gonna stop when you, I guess, close the deal?

Speaker #4: If I were to take the difference of your free cash flow in Q1, $210 million and $175 million, the difference is about $35.6 million. Is that the part that's kind of related to care and maintenance for the quarter?

Speaker #4: Which seems a bit high, because you had guided to about $20 to $25 million. I guess what I'm trying to get to is, is that number related to care and maintenance?

Speaker #4: And what should we expect in Q2? And when would it stop? Would it stop? Is it only going to stop when you, I guess, close the deal?

Speaker #2: Okay. I'm going to pass it on to Mark.

Rodney Antal: Okay. I'm gonna pass that one to Michael.

Rod Antal: Okay. I'm gonna pass that one to Michael.

Speaker #5: Yeah, Cosmo, how are you doing? Just a couple of points on that. In the Q1, you'll remember there are a number of taxes and license renewals.

Michael Sparks: Yeah, Cosmos Chiu, how you doing?

Cosmos Chiu: Hi, Michael.

Michael Sparks: of points on that. In the Q1, you'll remember there are a number of taxes and license renewals, our Q1 costs, care and maintenance and otherwise, are always a little bit higher in Q1. That original guidance that we had of $20 to 25 would be what I would use for Q2. The answer to your second part is, we will maintain that care and maintenance and ongoing support through the closing with the transaction. As you're doing your modeling, you can use that $20 to 25 rough estimate, and then that would continue on until we announce the close of the deal.

Speaker #5: So, our Q1 costs—care, maintenance, and otherwise—are always a little bit higher in Q1. So that original guidance that we had of 20 to 25 would be what I would use for Q2.

Speaker #5: And the answer to your second part is we will maintain that care maintenance and ongoing support through the closing. With the transaction. So as you're doing your modeling, you can use that 20 to 25 rough estimate.

Speaker #5: And then that would continue on until we announce the close of the deal.

Speaker #4: Great. And I guess my last question is, what else needs to be completed for closing of the deal? As you mentioned, due diligence period has now been completed.

Cosmos Chiu: Great. I guess my last question is, you know, what else needs to be completed for, you know, closing of the deal? You know, as you mentioned, due diligence period has now been completed. What else needs to happen in terms of closing of the deal?

Speaker #4: And so what else needs to happen in terms of closing of the deal?

Speaker #2: Yeah, look, the working on the ground there has actually been excellent, with the discussions around the transition requirements, etc., etc., with Jenga Soldings. So all of the cooperation you would expect through a transaction like this has been very good.

Rodney Antal: Yeah, look, the work going on the ground there has actually been excellent with the discussions around the transition requirements, you know, et cetera, with Jenga Solving. All of the cooperation you would expect through a transaction like this has been very good. We're very pleased with that. The only thing that is required, I think we actually sent it out with the announcement, is the regulatory approvals. We'll wait on those that we will, that Jenga's actually require and we require through the Ministry of Mining and Energy in particular. Once they're achieved, we can close the deal. We expect that in, you know, by the end of Q3.

Rod Antal: Yeah, look, the work going on the ground there has actually been excellent with the discussions around the transition requirements, you know, et cetera, with Jenga Solving. All of the cooperation you would expect through a transaction like this has been very good. We're very pleased with that. The only thing that is required, I think we actually sent it out with the announcement, is the regulatory approvals. We'll wait on those that we will, that Jenga's actually require and we require through the Ministry of Mining and Energy in particular. Once they're achieved, we can close the deal. We expect that in, you know, by the end of Q3.

Speaker #2: So we're very pleased with that. The only thing that is required—I think we actually set it out with the announcement—is regulatory approvals.

Speaker #2: And so we'll wait on those that we will—that Jenga's actually required when we require through the Ministry of Mining and Energy, in particular.

Speaker #2: And then, once they're achieved, we can close the deal. So we expect that by the end of Q3.

Speaker #4: Great. Thanks, Rod. Michael and team and congrats on a very good start to 2026.

Cosmos Chiu: Great. thanks, Rod, Michael and team, and congrats on a very good start to 2026.

Speaker #2: All right. Good night, guys. Thank you.

Rodney Antal: All right. Good on you, guys. Thank you.

Rod Antal: All right. Good on you, guys. Thank you.

Speaker #3: The next question is from Don Demarco with National Bank Financial. Please go ahead.

Operator 1: The next question is from Don DeMarco with National Bank Financial. Please go ahead.

Operator: The next question is from Don DeMarco with National Bank Financial. Please go ahead.

Speaker #6: Oh, hi. Good evening, Rod and team. Thanks for taking my questions. First on CB, so Rod, I heard that guidance is on track. And so can you provide any incremental color on the costs on Q1 beyond what you already mentioned about the cold weather?

Don DeMarco: Hi. Good evening, Rod and team. Thanks for taking my questions. First on Seabee. Rod, I heard that guidance is on track. Can you provide any incremental color on the costs on Q1 beyond what you already mentioned about the cold weather? Should we model? If we take it at face value, should we model a step change lower costs in Q2?

Speaker #6: And should we model if we take it at face value, should we then model a step change lower costs in Q2?

Rodney Antal: No. Look, I think the feature for this, Don, let me take a step back, and then I'll try to play it forward for you so you can try to model it out. At the end of last year, and we said early into this year and, you know, through pretty much the H1, the real focus there is on development at Seabee, which is ongoing. That will continue through this Q as well.

Rod Antal: No. Look, I think the feature for this, Don, let me take a step back, and then I'll try to play it forward for you so you can try to model it out. At the end of last year, and we said early into this year and, you know, through pretty much the H1, the real focus there is on development at Seabee, which is ongoing. That will continue through this Q as well.

Speaker #2: No. So look, I think the feature for this, Don, let me take a step back and then I'll try to play it forward for you so you can try to model it out.

Speaker #2: At the end of last year, and we said early into this year and through pretty much the first half, the real focus there is on development.

Speaker #2: At CB, which is ongoing. And that will continue through this quarter as well. And we'll start to see incrementally better production profile coming out of CB.

Rodney Antal: We'll start to see incrementally better production profile coming out of Seabee, but it's really Q4 heavy in terms of the production coming out of that through the development work that we began in H2 of last year and will continue in H1 of this year. That's how to think about it. It will progressively start to get better, the real big quarter will be Q4 this year. Really the costs or the all-in sustaining costs will average themselves out over the year as we get the ounces production back into that sort of guidance range.

Rod Antal: We'll start to see incrementally better production profile coming out of Seabee, but it's really Q4 heavy in terms of the production coming out of that through the development work that we began in H2 of last year and will continue in H1 of this year. That's how to think about it. It will progressively start to get better, the real big quarter will be Q4 this year. Really the costs or the all-in sustaining costs will average themselves out over the year as we get the ounces production back into that sort of guidance range.

Speaker #2: But it's really fourth quarter heavy. In terms of the production coming out of that through the development work that we began in the second half of last year and continue in the first half of this year.

Speaker #2: So that's how to think about it. It will progressively start to get better, but the real big quarter will be fourth quarter this year.

Speaker #2: And really the costs or the all entertaining costs will average themselves out over the year as we get the answers production back into that sort of guidance range.

Rodney Antal: It's just because we're still incurring costs while we're doing the development, but obviously the ounce production is much lower in Q1, Q2, moving up into Q3, and then obviously a great Q4.

Speaker #2: It's just because we're still incurring costs while we're doing the development, but obviously the answer production is much lower in Q1 to moving up into Q3.

Rod Antal: It's just because we're still incurring costs while we're doing the development, but obviously the ounce production is much lower in Q1, Q2, moving up into Q3, and then obviously a great Q4.

Speaker #2: And then obviously a great quarter four.

Speaker #6: Okay. So in other words, Q1, 2, you might be above the top end of the guidance range. And then Q3, 4, you could be below the lower end of the guidance range.

Don DeMarco: Okay. In other words, like Q1, Q2, you might be above the top end of the guidance range, and then Q3, Q4, you could be below the lower end of the guidance range. Is that fair to say?

Speaker #6: Is that fair to say?

Speaker #2: Yeah, I think that's right, Don. And just remember, a good chunk of our costs for CB come across on that ice road. So Q1 is always going to be a little higher for us.

Michael Sparks: I think that's right, Don. Just remember, a good chunk of our costs for CC&V come across on that ice road. Q1's always gonna be a little higher for us. As we increase the production, as Rod said, throughout the year, and as we get out of that Q1, early Q2, which is the ice road span, that will normalize.

Speaker #2: But as we increase the production as Rod said throughout the year, and as we get out of that Q1, early Q2, which is the ice road spend, that will normalize.

Speaker #6: Okay. Thanks. And then on Hod Madden, looking forward to your update in the strategic review. But can you remind us what your book value is for this asset?

Don DeMarco: Okay, thanks. Then on Hod Maden, looking forward to your update in the strategic review. Can you remind us what your book value is for this asset?

Speaker #2: I actually don't have that on hand.

Rodney Antal: I actually don't have that on my hands.

Rod Antal: I actually don't have that on my hands.

Michael Sparks: I'll get that for you, Don. I don't have it right here with us.

Speaker #5: I'll get that for you, Don. I don't have it right here with us.

Michael Sparks: I'll get that for you, Don. I don't have it right here with us.

Speaker #2: Yeah, we'll get back to you, Don, on that one.

Rodney Antal: Yeah, we'll get back to you on that one.

Rod Antal: Yeah, we'll get back to you on that one.

Speaker #6: Okay, sure. And then finally, on M&A, you had mentioned the Americas and so on. But I'm just wondering, do you have a bias and preference in terms of stage or jurisdiction?

Don DeMarco: Okay, sure. Finally on M&A, you know, you had mentioned the Americas and so on, I'm just wondering, do you have a bias and preference in terms of stage or jurisdiction? I mean, given your cash balance, would you have a favor toward development projects? With the Americas that you mentioned, does that imply North and South America, you equally weight all the jurisdictions, all the countries within those jurisdictions?

Speaker #6: I mean, given your cash balance, would you then have a favor toward development projects? And with the Americas that you mentioned, does that imply North and South America and equally weight all the jurisdictions, all the countries within those jurisdictions?

Rodney Antal: I think it's, we look at the full life cycle of assets. Everything from greenfields type of opportunities, which we do over time quietly acquire, you know, particularly around our current assets. We're fairly active in that space anyway. All the way through, you know, to brownfields development and then producing assets. We don't have a.

Speaker #2: I think it's — we look at the full life cycle of assets, everything from greenfields-type of opportunities, which we do, over time, quietly acquire.

Rod Antal: I think it's, we look at the full life cycle of assets. Everything from greenfields type of opportunities, which we do over time quietly acquire, you know, particularly around our current assets. We're fairly active in that space anyway. All the way through, you know, to brownfields development and then producing assets. We don't have a.

Speaker #2: Particularly around our current assets. So we're fairly active in that space anyway. All the way through to brownfields development and then producing assets. So we don't have a we don't have a strong preference either way.

Don DeMarco: Okay.

Rodney Antal: A strong preference all the way. I think the most important thing for us is a fit on strategy. Does it fit and align with our long-term vision of building from the platforms we have? Obviously the value add that we can, we can add to them. Each one of those will be unique in their own circumstances for various reasons. It really just depends, Don. Remember we're, I think we've got a reputation of being good discoverers all the way through to mine builders, so and operators. We, you know, I think there really isn't anything that we wouldn't look at, or wouldn't tackle.

Rod Antal: A strong preference all the way. I think the most important thing for us is a fit on strategy. Does it fit and align with our long-term vision of building from the platforms we have? Obviously the value add that we can, we can add to them. Each one of those will be unique in their own circumstances for various reasons. It really just depends, Don. Remember we're, I think we've got a reputation of being good discoverers all the way through to mine builders, so and operators. We, you know, I think there really isn't anything that we wouldn't look at, or wouldn't tackle.

Speaker #2: I think the most important thing for us is a fit on strategy. Does it fit and align with our long-term vision of building from the platforms we have, and then, obviously, the value add that we can add to each one of those will be unique in their own circumstances for various reasons.

Speaker #2: So it really just depends, Don. But remember where I think we've got a reputation of being good discoverers all the way through to mine builders.

Speaker #2: So and operators. So I think there really isn't anything that we wouldn't look at or wouldn't tackle. It's more around, is it on strategy?

Don DeMarco: Okay.

Rodney Antal: It's more around is it on strategy. Do I have a bias from North to South America? I certainly think, right now our focus is on North, for sure to continue to build out the sort of, you know, the lower risk ounce base that we now enjoy with Marigold, Cripple Creek, and Seabee. That would be a preference. Not forgetting the fact, we have a platform in Argentina and more recently over the last few years, we've seen a much better environment down there for foreign investors. That's another thing that we'll keep on looking at given it's fairly underexplored because we've already got a presence there. It's not like marching into a brand-new jurisdiction.

Rod Antal: It's more around is it on strategy. Do I have a bias from North to South America? I certainly think, right now our focus is on North, for sure to continue to build out the sort of, you know, the lower risk ounce base that we now enjoy with Marigold, Cripple Creek, and Seabee. That would be a preference. Not forgetting the fact, we have a platform in Argentina and more recently over the last few years, we've seen a much better environment down there for foreign investors. That's another thing that we'll keep on looking at given it's fairly underexplored because we've already got a presence there. It's not like marching into a brand-new jurisdiction.

Speaker #2: Do I have a bias from North to South America? I certainly think right now our focus is on North. For sure, to continue to build out the sort of lower risk ounce base that we now enjoy with Marigold, Triple Creek, and CB.

Speaker #2: That would be a preference. Not forgetting the fact that we have a platform in Argentina. And more recently, over the last few years, we've seen a much better environment down there for foreign investors.

Speaker #2: So, that's another thing that we'll keep on looking at, given it's fairly underexplored, because we've already got a presence there. So, it's not like marching into a brand-new jurisdiction. But yeah, look, I think our focus at the moment is really North America, and then trying to build around the platform we've got down in Argentina.

Rodney Antal: Yeah, look, I think our focus at the moment is really North America and then trying to build around the platform we've got down in Argentina.

Rod Antal: Yeah, look, I think our focus at the moment is really North America and then trying to build around the platform we've got down in Argentina.

Speaker #6: Okay, great. Thanks again. That's all from me, and good luck with the quarter.

Don DeMarco: Okay, great. Thanks again. That's all for me. Good luck with the quarter.

Speaker #2: Good on you. Thank you, Don.

Rodney Antal: Good on you. Thank you, Don.

Rod Antal: Good on you. Thank you, Don.

Operator 1: This concludes the question and answer session and today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

Operator: This concludes the question and answer session and today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

Speaker #3: This concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.