Q2 2026 Aris Mining Corp Earnings Call

Operator: Good day, everyone. Welcome to the Aris Mining Q2 2026 results conference call. We will begin with an overview from management, followed by a question and answer period. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. As a reminder, all participants are in listen-only mode, and the conference is being recorded. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. Please note that the accompanying presentation that management will refer to during today's call can be found in the Events & Presentations section of Aris Mining's website at aris-mining.com. Q2 2026 financial reports for Aris Mining have been filed on SEDAR+ and EDGAR and can also be found on their website.

Speaker #1: Good day, everyone, and welcome to the Aris Mining second quarter 2026 results conference call. We will begin with an overview from management, followed by a question-and-answer period.

Speaker #1: To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. As a reminder, all participants are in listen-only mode, and the conference is being recorded.

Speaker #1: Should you need assistance during the conference call, you may reach an operator by pressing star, then 0. Please note that the accompanying presentation that management will refer to during today's call can be found in the Events and Presentations section of Aris Mining's website at arismining.com.

Speaker #1: Second quarter 2026 financial reports for Aris Mining have been filed on SEDAR+ and EDGAR, and can also be found on their website. I would now like to turn the conference over to Mr. Neil Whittier, Chair and Chief Executive Officer.

Operator: I would now like to turn the conference over to Mr. Neil Woodyer, Chair and Chief Executive Officer. Please go ahead.

Speaker #1: Please go ahead.

Speaker #2: Thank you, Operator, and welcome to our Q2 2026 earnings call. Today, joining me are Doug, Oliver, Cam, Dustin, Corné, and Alejandra. But before we begin, please note the disclaimer on slide 2.

Neil Woodyer: Thank you, operator, and welcome to our Q2 2026 earnings call. Today, joining me are Doug, Oliver, Cam, Dustin, Corné, and Alejandro. Before we begin, please note the disclaimer on slide two. Moving to slide three. The headline for the quarter is straightforward. We delivered a strong H1 and remain firmly on track for our full year guidance. The Q2 numbers I'd like to highlight include 74,000 ounces of gold production, $179 million of adjusted EBITDA, and a quarter-end cash balance of $426 million. More important than any quarterly number is what these results allowed us to do. In the H1 of the year, our operating cash flow after taxes was $200 million, which funded our capital expenditures of $196 million, allowing us to maintain a strong cash position.

Speaker #2: Moving to slide straightforward: we delivered a strong first half-year and remain firmly on track for our full-year guidance. The Q2 numbers I'd like to highlight include 74,000 ounces of gold production, 179 million of adjusted EBITDA, and a quarter-end cash balance of 426 million.

Speaker #2: More important than any quarterly number is what we do. In the first half-year, our operating cash flow after taxes was $200 million, which funded our capital expenditures of $196 million.

Speaker #2: Allowing us to maintain a strong cash position. Our financial strength enables us to advance the execution of our growth strategy across all four of our assets.

Neil Woodyer: Our financial strength enables us to advance the execution of a growth strategy across all four of our assets. At Segovia, the expanded mill is performing well. Our focus has shifted underground, where we're adding the haulage capacity and mining flexibility needed to keep plant consistently full. We expect that work to translate into higher production in H2 and a full run rate capacity for 2027. At Marmato, the project focus is moving from major construction towards startup readiness. The bulk zone is now connected directly to the new plant area, and the SAG and ball mills are on-site, and mechanical installation is underway. First gold remains on schedule for Q4 of 2026. At Toroparu, the pre-feasibility study remains on schedule for completion in H2 of 2026, supporting a construction decision targeted for early 2027.

Speaker #2: At Segovia, the expanded mills performing well. Our focus has shifted underground, where we're adding the haulage capacity and mining flexibility needed to keep plant consistently full.

Speaker #2: We expect that work to translate into higher production in the second half and a full run-rate capacity for next year. At Mamato, the project focus is moving from major construction toward startup readiness.

Speaker #2: The bolt zone is now connected directly to the new plant area, and the Saginaw bore mills are on site, and mechanical installation is underway.

Speaker #2: First gold remains on schedule for the fourth quarter of this year. At Toropuru, the pre-feasibility study remains on schedule for completion in the second half of this year, supporting a construction decision targeted for early 2027.

Speaker #2: At Sote Noti, the environmental studies will be ready for submission. So the story for the past half-year is one of execution. Strong performance from the producing assets, visible progress on the growth projects, and a clear path to our 2026 production guidance of 300 to 350,000 ounces.

Neil Woodyer: At Soto Norte, the environmental studies will be ready for submission. The story for this past H1 is one of execution. Strong performance from the producing assets, visible progress on the growth projects, and a clear path to our 2026 production guidance of 300 to 350,000 ounces. With that, I'll pass to Cam to review our financial performance.

Speaker #2: With that, I'll pass to Cam to review our financial performance.

Speaker #3: Thanks, Neil. Turning to slide 4, starting with our cash position: we started Q2 with $472 million of cash and ended at $426 million.

[Company Representative] (Aris Mining): Thanks, Neil. Turning to slide four. Starting with our cash position, we started Q2 with $472 million of cash and ended at $426 million. The cash movement here mainly reflects the timing of our annual Colombian tax payments and the significant capital we put into Marmato and Segovia this quarter, as detailed on the slide. The bigger picture is really the funding story. Over the H1 of the year, our after-tax operating cash flow essentially covered our entire capital program. We stayed free cash flow positive even as we pushed forward on multiple major growth initiatives at once. Despite revving up investment meaningfully in Q2, we ended the quarter with a cash balance above where we finished in 2025. Turning to slide five. These charts really tell the story of our operating momentum behind that financial strength.

Speaker #3: The cash movement here mainly reflects the timing of our annual Colombian tax payments and the significant capital we put into Mamato, and Segovia this quarter, as detailed on the slide.

Speaker #3: But the bigger picture is really the funding story. Over the first half of the year, our after-tax operating cash flow essentially covered our entire capital program.

Speaker #3: We stayed free cash flow positive, even as we pushed forward on multiple major growth initiatives at once. And despite ramping up investment meaningfully in Q2, we ended the quarter with a cash balance above where we finished in 2025.

Speaker #3: Turning to slide 5, these charts really tell the story of our operating momentum behind that financial strength. Since we expanded Segovia's processing capacity back in 2025, we've seen a clear step change in production.

[Company Representative] (Aris Mining): Since we expanded Segovia's processing capacity back in 2025, we've seen a clear step change in production. H1 gold sales were up 27% year-over-year, and on a trailing 12-month basis, we're now approaching 300,000 ounces. Combine that higher volume with stronger gold prices, and you get record H1 revenue, adjusted EBITDA, and earnings. What these charts really show is that our operating growth is translating directly into cash generation and profitability. With that, I'll hand it over to Dustin to walk through the operations.

Speaker #3: First-half gold sales were up 27% year over year, and on a trailing 12-month basis, we're now approaching 300,000 ounces. Combine that higher volume with stronger gold prices, and you get record first-half revenue, adjusted EBITDA, and earnings.

Speaker #3: What these charts really show is that our operating growth is translating directly into cash generation and profitability. With that, I'll hand it over to Dustin to walk through the operations.

Speaker #4: Thanks, Cam. Turning to slide 6, our operations generated consolidated gold production of 74,000 ounces in the second quarter, and 148,000 ounces for the first half of 2026.

[Company Representative] (Aris Mining): Thanks, Cam. Turning to slide six. Our operations generated consolidated gold production of 74,000 ounces in Q2 and 148,000 ounces for the H1 of 2026. Segovia remains our main production contributor, while Marmato's production impact is beginning to increase as activity in the Bulk Mining Zone builds. At Segovia, the operating picture remains strong. Year-to-date owner mining AISC at $1,623 an ounce are below our full-year guidance range, even as we increase investment in underground development to support increased mining rates. Our Contract Mining Partner CMP is also performing well, with our year-to-date sales margin of 43% above the top end of guidance. Together, the owner mine and CMP supplied ounces continue to generate very strong all-in sustaining margins, $157 million in Q2 and $356 million for the H1 of the year. The chart on the lower right makes that point clearly.

Speaker #4: Segovia remains our main production contributor. While Marmato's production impact is beginning to increase as activity in the bulk mining zone builds, at Segovia the operating picture remains strong.

Speaker #4: Year-to-date owner mining ASIC at 1,623 dollars an ounce are below our full-year guidance range, even as we increase investment in underground development to support increased mining rates.

Speaker #4: Our contract mining partner CMP is also performing well, with our year-to-date sales margin 43% above the top end of guidance. Together, the owner-mined and CMP-supplied ounces continue to generate very strong all-in sustaining margins.

Speaker #4: $157 million in Q2 and $356 million for the first half of the year. The chart on the lower right makes that point clearly. Even with the gold price dipping since the first quarter’s record level, Segovia’s economics remain very strong and well ahead of last year.

[Company Representative] (Aris Mining): Even with the gold price dipping from the Q1's record level, Segovia's economics remain very strong and well ahead of last year. Moving to slide seven, the important message here is that the production profile is progressing as planned. In the H1 of the year, consolidated production totaled 148,000 ounces, close to 50% of the full-year guidance midpoint. We entered the year expecting a stronger H2, driven by two very specific factors. First, at Segovia, the production ramp-up continues to progress. Ongoing underground development is increasing mining and haulage capacity, which is expected to provide additional mill feed and support higher production in the H2. Second, at Marmato, the existing flotation plant can support the low end of the annual guidance range on its own.

Speaker #4: Moving to slide 7, the important message here is that the production profile is progressing as planned. In the first half of the year, consolidated production totaled 148,000 ounces, close to 50% of the full-year guidance midpoint.

Speaker #4: We entered the year expecting a stronger second half driven by two very specific factors. First, at Segovia, the production ramp-up continues to progress. Ongoing underground development is increasing mining and haulage capacity, which is expected to provide additional mill feeding support, higher production, and a second half.

Speaker #4: Second, at Mamato, the existing flotation plant can support the low end of the annual guidance range on its own. The ramp-up of the bulk mining zone has allowed us to fill the existing mill, while commissioning a new CIP plant in the fourth quarter creates the opportunity to move higher within the range and, more importantly, sets up a much larger contribution in 2027.

[Company Representative] (Aris Mining): The ramp-up of the Bulk Mining Zone has allowed us to fill the existing mill, while commissioning of a new CIP plant in Q4 creates the opportunity to move higher within that range, and more importantly, sets up a much larger contribution in 2027. These two drivers support our confidence in the 2026 guidance range and position the company for another meaningful step-up in production next year. Turning to slide eight. Here we outline our plan to unlock Segovia's full potential. The expanded processing plant is no longer the constraint. The task is now to increase the rate at which we can develop, mine, and move ore underground. To achieve this, we have increased capital investments at Segovia to $48 million in H1, which includes both sustaining and non-sustaining capital.

Speaker #4: These two drivers support our confidence in the 2026 guidance range and position the company for another meaningful step up in production next year. Turning to slide 8, here we outline our plan to unlock Segovia's full potential.

Speaker #4: The expanded processing plant is no longer the constraint. The task is now to increase the rate at which we can develop, mine, and move our underground.

Speaker #4: To achieve this, we have increased capital investments at Segovia to 48 million dollars in H1, which includes both sustaining and non-sustaining capital. We are developing new ramps at El Silencio and Providencia, and building a main haulage circuit that connects El Silencio, Providencia, and San Roque.

[Company Representative] (Aris Mining): We are developing new ramps at El Silencio and Providencia and building a main haulage circuit that connects El Silencio, Providencia, and San Roque. This will improve the movement of people, equipment, and ore across the complex. At the same time, we are renewing and expanding the mobile fleet, including new bolters, jumbos, trucks, and loaders. These are practical investments aimed at shortening cycle times and giving the mine more flexibility. Together, these investments are expected to increase mill feed, improve haulage efficiency, and reduce traffic through town. They are important enablers of higher production in H2 2026 and beyond. With that, I'd like to pass over to Cornelius for an update on Marmato.

Speaker #4: This will improve the movement of people, equipment, and/or materials across the complex. At the same time, we are renewing and expanding the mobile fleet, including new bolters, jumbos, trucks, and loaders.

Speaker #4: These are practical investments aimed at shortening cycle times and giving the mine more flexibility. Together, these investments are expected to increase mill feed, improve haulage efficiency, and reduce traffic through town.

Speaker #4: They are important enablers of higher production in the second half of 2026 and beyond. With that, I'd like to pass it over to Kourney for an update on Mamato.

Speaker #2: Moving to slide 9, at Mamato, the project is increasingly shifting from construction progress to operational readiness. Completing the Los Indios cross-cut in April was a major milestone.

[Company Representative] (Aris Mining): Moving to slide nine. At Marmato, the project is increasingly shifting from construction progress to operational readiness. Completing the Los Indios cross-cut in April was a major milestone. It created direct underground access between the Bulk Mining Zone and the new plant, improving ventilation and haulage and allowing us to prepare stopes and build the initial ore stockpile for commissioning. Mining capacity in the Bulk Mining Zone has increased and is already contributing to production growth through the existing flotation plant. New mining equipment will begin arriving in Q3, and the main decline is now more than 85% complete. Put simply, the mine is getting ready to feed the new plant. The remaining capital requirements and funding sources are set out on the slide. So far this year, we invested approximately $120 million in growth capital expenditures at Marmato.

Speaker #2: It created direct underground access between the bulk mining zone and the new plant, improving ventilation and haulage, and allowing us to prepare stopes and build the initial all-star file for commissioning.

Speaker #2: Mining capacity in the bulk mining zone has increased, and is already contributing to production growth through the existing flotation plant. New mining equipment will begin arriving in the third quarter, and the main decline is now more than 85% complete.

Speaker #2: Put simply, the mine is getting ready to feed the new plant. The remaining capital requirements and funding sources are set out on the slide.

Speaker #2: So far this year, we invested approximately $120 million in growth capital expenditures at Mamato. We now estimate a remaining $118 million will be required through year-end to complete commissioning and achieve first gold.

[Company Representative] (Aris Mining): We now estimate the remaining $118 million will be required through year-end to complete commissioning and achieve first gold. Additional expenditures are related to project improvements across various areas of the mine infrastructure. Some of the additional expenditures are also being incurred to ensure operational readiness, including building a multi-stockpile and the timely delivery of critical part equipment. We expect a total investment of approximately $238 million this year, compared with the $220 million budget we established at the start of the year. In terms of project funding, we expect to receive the final $42 million of Wheaton installment in Q3. Of the $180 million of estimated costs to complete required for commissioning and achieving first gold, our net funding requirement is approximately $76 million. That portion is going to get funded from cash on hand and operating cash flow. In summary, the mine is ready.

Speaker #2: The additional expenditures are related to project improvements across various areas of the mine infrastructure. Some of the additional expenditures are also being incurred to ensure operational readiness, including building a mobile feed stockpile and the timely delivery of critical parts equipment.

Speaker #2: We expect a total investment of approximately 238 million dollars this year, compared with the 220 million dollar budget we established at the start of the year.

Speaker #2: In terms of project funding, we expect to receive the final 42 million dollars of Wheaton installment in Q3. Of the 118 million dollars of estimated cost to complete required for commissioning and achieving first goal, our net funding requirement is approximately 76 million dollars.

Speaker #2: That portion is going to be funded from cash on hand and operating cash flow. In summary, the mine is ready. The mill construction and commissioning remain on schedule, and we continue to expect first gold in the fourth quarter.

[Company Representative] (Aris Mining): More construction and commissioning remain on schedule. We continue to expect first gold in Q4, followed by a staged ramp up into 2027. Moving to slide 10. The photos give a good sense of the pace and scale of activity on site. We now have almost 1,600 construction personnel working across day and night shifts, with more than 4 million work hours invested in the project. I am particularly proud that the construction team has gone 457 days without a lost time injury. Since our last update, the SAG and ball mills have arrived and mechanical installation has begun. The crusher area is moving into mechanical installation. The leach tanks and CIP circuit are progressing well. The tailings thickener is mechanically assembled. The main substation installation is advancing according to schedule. There is still work ahead. The project is visibly coming together.

Speaker #2: Followed by a staged ramp-up into 2027. Moving to slide 10, the photos give a good sense of the pace and scale of activity on site.

Speaker #2: We now have almost 1,600 construction personnel working across day and night shifts. With more than 4 million work hours invested in the project. I am particularly proud that the construction team has gone 457 days without a lost time injury.

Speaker #2: Since our last update, the SAG and ball mills have arrived, and mechanical installation has begun. The crusher area is moving into mechanical installation. The leach tanks and CIP circuit are progressing well.

Speaker #2: The tailings thickener is mechanically assembled, and the main substation installation is advancing according to schedule. There is still work ahead, but the project is visibly coming together.

Speaker #2: An up-to-date construction video is available on our website. The link is available at the bottom of this slide. Moving to slide 11—beyond the producing assets, Soto Norte and Toropéru are moving toward their next major milestones.

[Company Representative] (Aris Mining): An up-to-date construction video is available on our website. The link is available at the bottom of this slide. Moving to slide 11. Beyond the producing assets, Soto Norte and Toroparu are moving toward their next major milestones. At Toroparu, the pre-feasibility study remains on track for completion. Engineering and optimization work is progressing, while pre-construction activities is already visible on site through the Peruvian bridge, camp expansion, road improvements, and other infrastructure. Our Guyana team has grown to 100 people, and we continue to target a construction decision in early 2027. With that, I'd like to pass it over to Neil for his closing remarks.

Speaker #2: At Tora Peru, the pre-feasibility study remains on track for completion engineering and optimization work is progressing. While pre-construction activities is already visible on site through the Peruni bridge, camp expansion, road improvements, and other infrastructure.

Speaker #2: Our Guyana team has grown to 100 people, and we continue to target a construction decision in early 2027. With that, I'd like to pass it over to Neil for his closing remarks.

Speaker #3: Turning to slide 12, let me close by bringing the pieces together. We entered 2026 with a clear plan: deliver from our producing operations, complete the build at Marmato, and continue advancing our two new mine growth projects.

Neil Woodyer: Turning to slide 12. Let me close by bringing the pieces together. We entered 2026 with a clear plan. Deliver from our producing operations, complete the build at Marmato, and continue advancing our two new mine growth projects. At the halfway point, that plan remains on track. We continue to expect to achieve our full year's production guidance. At Segovia, we're starting to fill the processing capacity which we have already installed. At Marmato, the new CIP plant remains on schedule for first gold, followed by a staged ramp up through 2027. Together, Segovia and Marmato provide a clear path forward to approximately 500,000 ounces of annual gold production in the near term. Beyond that, Toroparu and Soto Norte provide the next leg of growth.

Speaker #3: At the halfway point, that plan remains on track. We continue to expect to achieve our full year's production guidance. At Segovia, we're starting to fill the processing capacity which we have already installed.

Speaker #3: At Mamato, the new CIP plant remains on schedule for first gold, followed by a staged ramp-up through 2027. Together, Segovia and Mamato provide a clear path forward to approximately 500,000 ounces of annual gold production in the near term.

Speaker #3: Beyond that, Tora Peru and SOTO Norte provide the next leg of growth. So, as I look forward, we have a strong operating base, a strong balance sheet, and a clear sequence of achievable milestones in front of us.

Neil Woodyer: As I look forward, we have a strong operating base, a strong balance sheet, and a clear sequence of achievable milestones in front of us. I'd like to thank you for joining us today. Operator, could you please open the line for questions?

Speaker #3: And I'd like to thank you for joining us today. Operator, could you please open the line for questions?

Operator: Certainly. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from Carey MacRury with Canaccord Genuity. Please go ahead.

Speaker #4: Certainly. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys.

Speaker #4: To withdraw your question, please press star then two. The first question comes from Carrie McCrury with Canaccord Genuity. Please go ahead.

Speaker #5: Hi, good afternoon, guys, and congrats on a strong quarter. Maybe first for Dustin: just wondering if you can give us some more color on the Segovia ramp-up.

Carey MacRury: Hi, good afternoon, guys, and congrats on a strong quarter. Maybe first for Dustin, just wondering if you can give us some more color on the Segovia ramp up. I know tonnage was up this quarter. I know you're working on the Silencio, the new ramp there. Is that what's needed to take throughput up, or should we expect throughput to rise through Q3 and Q4?

Speaker #5: I know tonnage was up this quarter. I know you're working on the Silencio—the new ramp there. Is that what's needed to take throughput up, or should we expect throughput to rise through Q3 and Q4?

Speaker #2: Hi, Carrie. Good to hear from you. No, exactly as we discussed. I mean, our guidance is more heavily weighted to the second half, as these ramps and all our additional development comes online, opens up additional ore freight cases, and our Silencio ramp to surface breaks through in Q4.

[Company Representative] (Aris Mining): Hi, Carey. Good to hear from you. Exactly as we discussed. I mean, our guidance is more heavily weighted to the H2 as these ramps and all our additional development comes online, opens up additional ore faces, and our El Silencio ramp to surface breakthrough in Q4.

Speaker #2: So as you can see, our waiting goes more towards Q3 in front of the later Q3 and into Q4 where we'll start to see production continually ramp up towards the end of the year and into 2027.

[Company Representative] (Aris Mining): As you can see, our weighting goes more towards Q3 and probably later Q3 and into Q4, where we'll start to see production continually ramp up towards the end of the year and into 2027.

Speaker #5: Okay. And what's the haulage capacity of that new ramp that's coming on?

Carey MacRury: Okay. What's the haulage capacity of that new ramp that's coming on?

[Company Representative] (Aris Mining): The ramp itself, it's not really a capacity issue. It allows additional feed through Silencio. It takes the bottleneck off the shaft, the main shaft at Silencio, which is restricted to about 750 tons a day. That ramp really will just open up some new areas that can actually come through the ramp. It won't run it at capacity. I'd have to run the counts, but it takes some of that feed off the shaft and allows some closer-to-shaft material to come up the shaft and closer ramp material to come up the ramp. It starts to just de-bottleneck and decongest Silencio mine.

Speaker #2: The ramp itself—it's not really a capacity issue. It just allows additional feed through Silencio. It takes the bottleneck off the main shaft at Silencio, which is restricted to about 750 tons a day.

Speaker #2: So that ramp really will just open up some new areas that can actually come through the ramp. It won't run at a capacity and have to run the calcs, but it takes some of that feed off the shaft and allows some closer-to-shaft material to come off the shaft, and closer ramp material to come off the ramp.

Speaker #2: So it starts to just debottleneck and decongest Silencio mine.

Speaker #5: Okay, great. And then maybe for Cam, just on cash taxes, I think you mentioned well, you did have a big payment in Q2, and normally it is in Q2.

Carey MacRury: Okay, great. Maybe for Cam, just on cash taxes, I think you mentioned, well, you did have a big payment in Q2, and normally it is in Q2. Just wondering what we should expect for the rest of the year. Is that most of the cash taxes done for this year, or should we expect some in Q3, Q4?

Speaker #5: Just wondering what we should expect for the rest of the year. Is most of the cash taxes done for this year, or should we expect some in Q3 or Q4?

Speaker #6: Yeah, hi, Carrie. Thanks. Yeah, Q2 is the timing, and that's when we file our annual returns. So there's that catch-up. So Q2 is always the heaviest.

[Company Representative] (Aris Mining): Hi, Carey. Thanks. Q2's the timing, and that's when we file our annual returns, so there's that catch-up. Q2's always the heaviest. I think if you look back at last year, you'll see a relative proportion. I think it made up almost 50% of our cash taxes paid was in Q2. We'll see cash taxes increasing because of our increased net income, but the proportion will be similar to what you saw in prior years, with the heaviest amount being in Q2.

Speaker #6: I think if you look back at last year, you'll see a relative proportion—I think it made up almost 50% of our cash taxes paid—was in the second quarter.

Speaker #6: So we'll see cash taxes increasing because of our increased net income, but the proportion will be similar to what you saw in prior years, with the heaviest amount being in the second quarter.

Speaker #5: Okay, that's great. And then maybe one for you, Neil. Obviously, we had an election in Colombia. I know it's early days—the new president hasn't been inaugurated yet—but any comments on the change in government there?

Carey MacRury: Okay, that's great. Maybe one for you, Neil. Obviously, we had that election in Colombia. I know it's early days. New president hasn't been inaugurated yet, but any comments on the change in government there?

Speaker #3: Okay, the change in government gets complete next Saturday. I think we've had a good relationship with the current government. I think they appreciated what we have been doing with our contract mining partners at Segovia.

Neil Woodyer: Okay. The change in government gets complete next Saturday. I think we've had a good relationship with the current government. I think they appreciated what we have been doing with our Contract Mining Partners at Segovia. We did the first formalization at Marmato with them. They have taken our revamp of Sotraurbe to review. We've had a good relationship with them. I think the incoming government, remains to be seen what their relationship with, but sufficient to say that we spent yesterday at Segovia and Marmato with the incoming Minister of Environment and with his number 2, and also with the President of ANLA. We had a good review of what's happening, a great deal of vocal support from them. Hopefully, the situation continues in the future.

Speaker #3: We did the first formalization at Mamato with them. They have taken our revamp of Soto Norte to review. We've had a good relationship with them.

Speaker #3: I think with the incoming government, it remains to be seen what our relationship will be. But suffice it to say that we spent yesterday at Segovia and Marmato with the incoming Minister of Environment and with his number two, and also with the President of ANNA.

Speaker #3: We had a good review of what's happening, a great deal of focal support from them. Hopefully, the situation continues in the future.

Speaker #5: Okay, great. Good to hear. I'll leave it there and pass it on. Thanks.

Carey MacRury: Great. Good to hear. I'll leave it there and pass it on. Thanks.

Speaker #4: Once again, if you have a question, please press star, then one. If there are no further questions, I would like to turn the conference back over to Mr. Vidier for any closing remarks.

Operator: Once again, if you have a question, please press star, then one. Since there are no further questions, I would like to turn the conference back over to Mr. Verdier for any closing remarks. Please go ahead.

Speaker #4: Please go ahead.

Speaker #3: Thank you, operator. We appreciate it very much, and thank you, everybody, for joining us. As we said, we've had a good half year, and we look forward to a good year ahead.

Neil Woodyer: Thank you, operator. We appreciate it very much. Thank you, everybody, for joining us. As we said, we've had a good H1, and we look forward to a good year. Thank you for joining us today.

Speaker #3: And thank you for joining us today.

Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.