Q2 2026 Magna Mining Inc Earnings Call

August 13, 2026

Speaker #1: Good day, and thank you for standing by. Welcome to the Magna Mining, Inc., Q2 conference call and webcast. At this time, all participants are in a listen-only mode.

Operator: Good day and thank you for standing by. Welcome to the Magna Mining Inc. Q2 conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Greg Huffman, SVP, Capital Markets. Please go ahead.

Speaker #1: After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *11 on your telephone.

Speaker #1: You will then hear an automated message advising that your hand is raised. To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded.

Speaker #1: I would now like to hand the conference over to your first speaker today, Greg Huffman, SVP, Capital Markets. Please go ahead.

Speaker #2: Thank you, Elliott, and good morning, everyone. Before getting started, I'd like to mention that we will be making forward-looking statements or providing forward-looking information on this call, in accordance with the applicable securities laws.

Greg Huffman: Thank you, Elliot, and good morning, everyone. Before getting started, I would like to mention that we will be making forward-looking statements or provide forward-looking information on this call in accordance with the applicable securities laws. Please review the press release announcing our Q2 2026 operating and financial results for cautionary language regarding the use and reliance on forward-looking statements and for the risk factors applicable to such forward-looking statements that could cause actual results to be materially different from those expressed or implied by such statements. Any scientific or technical commentary on this call has been reviewed and approved by David King, our SVP Exploration and Geoscience, who is a qualified person under National Instrument 43-101.

Speaker #2: Please review the press release announcing our Q2 2026 operating and financial results, including the precautionary language regarding the use and reliance on forward-looking statements, and for the risk factors applicable to such forward-looking statements that could cause actual results to be materially different from those expressed or implied by such statements.

Speaker #2: Any scientific or technical commentary on this call has been reviewed and approved by David King, our SVP Exploration and Geoscience, who is a qualified person under National Instruments 43101.

Speaker #2: With respect to non-IFRS performance measures that are referred to on this call, please refer to the reconciliation to measures of performance prepared in accordance with IFRS accounting standards in the company's most recently filed MD&A.

Greg Huffman: With respect to non-IFRS performance measures that are referred to on this call, please refer to the reconciliation to measures of performance prepared in accordance with IFRS accounting standards in the company's most recently filed MD&A. All figures are in CAD unless otherwise noted. Our press release, MD&A, and financial statements are available on SEDAR+ and our corporate website. With us today are CEO Jason Jessup, COO Jeff Huffman, CFO Scott Gilbert, EVP Paul Fowler, SVP Exploration and Geoscience Dave King, and General Counsel Tim Bradburn. Following formal remarks from management, we will open the lines for further questions. I would now like to introduce Magna Mining CEO Jason Jessup to comment on the quarterly results. Jason?

Speaker #2: All figures are in Canadian dollars unless otherwise noted. Our press release, MD&A, and financial statements are available on SEDAR+ and our corporate website.

Speaker #2: With us today are CEO Jason Jessup, COO Jeff Huffman, CFO Scott Gilbert, EVP Paul Fowler, SVP of Exploration and Geoscience Dave King, and General Counsel Tim Bradford.

Speaker #2: Following formal remarks from management, we will open the lines for further questions. I would now like to introduce Magna Mining CEO Jason Jessup to comment on the quarterly results.

Speaker #2: Jason?

Speaker #3: Thanks, Greg. During the second quarter of 2026, our team at the McCready West Mine safely mined and shipped a record 98,446 short tons from the 700-foot wall copper zone, producing 4.5 million copper-equivalent payable pounds, in line with our forecast.

Jason Jessup: Thanks, Greg. During the second quarter of 2026, our team at the McCreedy West Mine safely mined and shipped a record 98,446 short tons from the 700 Footwall Copper Zone, producing 4.5 million copper equivalent payable pounds, in line with our forecast. I am proud to report that in June 2026, McCreedy West Mine achieved a significant milestone by completing one year without a recordable injury. This performance is a testament to the leadership, commitment, and accountability we continue to see across the organization and reflects the strong operating culture we have established at Magna. I would now like to hand over to our Chief Financial Officer, Scott Gilbert, to present an overview of our financial performance in Q2.

Speaker #3: I am proud to report that in June 2026, McCready West Mine achieved a significant milestone by completing one year without a recordable injury. This performance is a testament to the leadership commitment and accountability we continue to see across the organization and reflects the strong operating culture we have established at Magna.

Speaker #3: I would now like to hand over to our Chief Financial Officer for our financial performance in Q2.

Speaker #4: Thanks, Jason. In Q2 2026, the McCready West Mine generated net revenue of $29.7 million. The precious metal stream at McCready West reduced net revenue in Q2 by $5.4 million.

Scott Gilbert: Thanks, Jason. In Q2 2026, the McCreedy West Mine generated net revenue of $29.7 million. The precious metal stream at McCreedy West reduced net revenue in Q2 by $5.4 million. Our cash margin in the quarter improved to $8.9 million, or $1.41 per copper equivalent payable pound, up from $6 million, or $1.06 per copper equivalent payable pound in Q1. Cash costs in Q2 2026 were $3.76 per copper equivalent payable pound, and all-in sustaining costs were $4.54 per copper equivalent payable pound. For Q2 2026, the company became operating cash flow positive, generating $8.9 million or $0.04 per share, which includes $6.7 million in metal sales that were due in March 2026 but received in April 2026. In addition, free cash flow in the quarter was $5.1 million after incurring exploration and valuation expenses of $5.3 million, including $5 million at the Levack Mine.

Speaker #4: Our cash margin in the quarter improved to $8.9 million, or US$1.41 per copper-equivalent payable pound, up from $6 million, or US$1.06 per copper-equivalent payable pound in Q1.

Speaker #4: Cash costs in Q2 2026 were US$3.76 per copper-equivalent payable pound, and all-in sustaining costs were US$4.54 per copper-equivalent payable pound. For Q2 2026, the company became operating cash flow positive, generating $8.9 million, or $0.04 per share, which includes $6.7 million in metal sales that were due in March 2026 but received in April 2026.

Speaker #4: In addition, free cash flow in the quarter was $5.1 million after incurring exploration and evaluation expenses of $5.3 million, including $5 million at the Lubbock Mine.

Speaker #4: Our cash balance at June 30, 2026, is $40 million, up from $35.8 million on March 31, 2026, while our trade and other receivables grew by $5.3 million to $31.4 million.

Scott Gilbert: Our cash balance at 30 June 2026, was $40 million, up from $35.8 million on 31 March 2026, while our trade and other receivables decreased by $5.3 million to $31.4 million. We ended the quarter with working capital balance of $45.3 million. I will now hand the call over to our Chief Operating Officer, Jeff Huffman, for an overview of our operational performance in the quarter.

Speaker #4: We ended the quarter with a working capital balance of $45.3 million. I will now hand the call over to our Chief Operating Officer, Jeff Huffman, for an overview of our operational performance in the quarter.

Speaker #5: Thanks, Scott. Magna had an exceptionally strong quarter operationally. Our Q2 2026 year-to-date total recordable injury frequency rate, or TRIFR, was 0.63, with all hours worked on all Magna sites, including those of the many contracting firms we work alongside.

Jeff Huffman: Thanks, Scott. Magna had an exceptionally strong quarter operationally. Our Q2 2026 year-to-date total recordable injury frequency rate, or TRIFR, was 0.63 with all hours worked on all Magna sites, including those of the many contracting firms we work alongside. This compares to 3.87 during the same period in 2025, representing an 84% reduction. This achievement reflects the company's continued focus on injury prevention through critical risk management, strengthened leadership, and disciplined operational execution. McCreedy West achieved record production in Q2 with 98,446 short tons of ore processed from the 700 Footwall Copper Zone at a grade of 3.34 copper equivalent for contained copper equivalent production of 6.6 million pounds. Also a new Magna record. Our production costs per ton processed in Q2 declined by 6.9% quarter-over-quarter to $199 per ton.

Speaker #5: This compares to 3.87 during the same period in 2025, representing an 84% reduction. This achievement reflects the company's continued focus on injury prevention through critical risk management, strengthened leadership, and disciplined operational execution.

Speaker #5: McCready West achieved record production in Q2 with 98,446 short tons of ore processed from the 700-foot wall copper zone, at a grade of 3.34% copper equivalent, for contained copper-equivalent production of 6.6 million pounds—also a new Magna record.

Speaker #5: Our production costs per ton processed in Q2 declined by 6.9% quarter over quarter, to $199 per ton, final surveyed underground development at McCready West in Q2 totaled $2,238 feet or 24.6 feet per day on average in line with our plan.

Jeff Huffman: Final survey at underground development at McCreedy West in Q2 totaled 2,238 feet, or 24.6 feet per day on average, in line with our plan. Sustaining capital expenditures on developments and equipment at McCreedy West in the quarter was $2.6 million. Three underground diamond drills remain focused on definition drilling to support our near and medium-term production plans. The program continues to provide the detailed information required for stope design and grade optimization. During Q2, we completed 85 diamond drill holes totaling approximately 26,631 feet, consistent with our planned drilling program. Next door at Levack Mine, activity accelerated during Q2 with a focus on infrastructure readiness to support early ore sources upon a restart decision, and on establishing underground exploration platforms to continue delineation drilling of the R2 footwall zone, as well testing other high-priority targets.

Speaker #5: Sustaining capital expenditures on developments and equipment at McCready West in the quarter was $2.6 million, three underground diamond drills remained focused on definition drilling to support our near and medium-term production plans.

Speaker #5: The program continues to provide the detailed information required for stoke design and grade optimization. During Q2, we completed 85 diamond drill holes, totaling approximately 26,631 feet, consistent with our planned drilling program.

Speaker #5: Next door, at Lubbock Mine, activity accelerated during Q2 with a focus on infrastructure readiness to support early ore sources upon a restart decision, and on establishing underground exploration platforms to continue delineation drilling of the R2 footwall zone as well as testing other high-priority targets.

Speaker #5: Engineering, procurement, and planning activities are ongoing, and refurbishment is underway at the production hoist plant and at the loading pocket. Existing underground equipment is being recommissioned, and in July, we acquired numerous pieces of well-maintained underground equipment and inventory from a nearby Sudbury mining operation that is moving into the state of closure.

Jeff Huffman: Engineering, procurement, and planning activities are ongoing, and refurbishment is underway at the production hoist plant and at the loading pocket. Existing underground equipment is being recommissioned, and in July, we acquired numerous pieces of well-maintained underground equipment and inventory from a nearby Sudbury mining operation that is moving into the state of closure. Much of this equipment will be repurposed for use at our Levack Mine. After completing new developments on the 1800 level to access the intermediate ore body and establish drill platforms on the 8451 drift, during Q2, our underground development crews advanced the new 2950 level exploration drift from the Morrison Footwall Copper-PGE Deposit by approximately 185 meters towards the R2 footwall zone. An underground diamond drill rig will be mobilized to the 2950 level during Q3 to begin testing the R2 footwall zone from this new platform.

Speaker #5: Much of this equipment will be repurposed for use at our Lubback Mine. After completing new developments on the 1800 level to access the intermediate ore body and establish drill platforms on the 8451 drift, during Q2, our underground development crews advanced the new 2950 level exploration drift from the Morrison footwell copper PGE deposit by approximately 185 meters towards the R2 footwell zone.

Speaker #5: An underground diamond drill rig will be mobilized to the 2,950 level during Q3 to begin testing the R2 Footwall Zone from this new platform.

Speaker #5: In addition to development on the 2,950 level, Lubback Mine personnel are rehabilitating along the 2,650 level from our Number 2 Shaft over to the Number 3 Shaft.

Jeff Huffman: In addition to development on the 2950 level, Levack Mine personnel are rehabilitating along the 2650 level from our number 2 shaft over to the number 3 shaft. The 2650 level underground exploration drilling platforms will be better positioned to define upper R2 footwall zone and to test additional target areas in the footwall of the number 3 ore body. There are currently two surface diamond drills and two underground drills operating at Levack Mine, and additional drill results from the R2 footwall zone will be released in due course. In parallel with preparations for potential construction activity and ongoing exploration, the Levack preliminary economic assessment is on track for completion in September. At Crean Hill, work continued during Q2 to advance the project to an expected construction decision with power, engineering, commercial discussions, and water treatment design, installation, and commissioning activities.

Speaker #5: The 2,650-level underground exploration drilling platforms will be better positioned to define the upper R2 footwall zone and to test additional target areas in the footwall of the Number 3 ore body.

Speaker #5: There are currently two surface diamond drills and two underground drills operating at the Lubbock Mine, and additional drill results from the R2 Footwall Zone will be released in due course.

Speaker #5: In parallel with preparations for potential construction activity and ongoing exploration, the Lubback preliminary economic assessment is on track for completion in September. At Crane Hill, we're continued during Q2 to advance the project to an expected construction decision with power, engineering, commercial discussions, and water treatment design, installation, and commissioning activities.

Speaker #5: The Crane Hill Pre-Feasibility Study is on track for completion in September. I would now like to hand back over to Jason for some additional comments.

Jeff Huffman: The Crean Hill pre-feasibility study is on track for completion in September. I would now like to hand back over to Jason for some additional comments.

Speaker #4: Thanks, Jeff. As you can see, we've had a very busy first half of 2026. The operational records and safety milestones achieved at McCready West during Q2 speak to our team's hard work and relentless pursuit of excellence.

Jason Jessup: Thanks, Jeff. As you can see, we've had a very busy H1 of 2026. The operational records and safety milestones achieved at McCreedy West during Q2 speaks to our team's hard work and relentless pursuit of excellence, one of our four core values at Magna. We're firmly on track to meet our 2026 guidance at McCreedy West on all metrics, and its cash flow is being reinvested to support the advancement of Crean Hill and Levack. In addition, we continue to plan and prepare for the potential restart of mining at McCreedy West nickel rich intermine contact type deposit. Levack Mine has become a very busy site, both on surface and underground. We expect to complete refurbishment of the production hoist and loading pocket before the end of 2026.

Speaker #4: One of our four core values at Magna: we're firmly on track to meet our 2026 guidance at McCready West on all metrics and its cash flows being reinvested to support the advancement of Crane Hill and Lubback.

Speaker #4: In addition, we continue to plan and prepare for the potential restart of mining at McCreedy West, Nickel Ridge, Intermaine contact-type deposit. Lubbock Mine has become a very busy site, both on surface and underground.

Speaker #4: We expect to complete refurbishment of the production hoist and loading pocket before the end of 2026. As of today, development crews have completed the 2950 level exploration drift from the Morrison deposit to, within approximately 300 meters of the R2 footwell zone, and drilling from this new underground platform is scheduled to begin next week.

Jason Jessup: As of today, development crews have completed the 2950 level exploration drift from the Morrison deposit to within approximately 300 meters of the R2 footwall zone, and drilling from this new underground platform is scheduled to begin next week. Delineation drilling of R2 continues with one surface diamond drill rig and two underground rigs, with a third rig underground to be added in September to target other footwall exploration targets. Work on the Levack PEA is well advanced, and we anticipate releasing the results in mid-September, after which we will be in a position to make a formal decision regarding the restart of Levack Mine. Activity is ramping up at Crean Hill with commissioning of the water treatment plant and installation of the power line poles now underway.

Speaker #4: Delineation drilling of R2 continues with one surface diamond drill rig and two underground rigs, with a third rig underground to be added in September to target other footwell exploration targets.

Speaker #4: Work on the Lubback TA is well advanced, and we anticipate releasing the results in mid-September. After that, we'll be in a position to make a formal decision regarding the restart of the Lubback Mine.

Speaker #4: Activity is ramping up at Crane Hill, with commissioning of the water treatment plant and installation of the power line poles now underway. In addition, an exploration program targeting new footwell-type copper and precious metal-rich discoveries has been designed and diamond drilling will begin later this month.

Jason Jessup: In addition, an exploration program targeting new contact type deposit copper and precious metal-rich discoveries has been designed, and diamond drilling will begin later this month. We continue to make good progress on the Crean Hill pre-feasibility study, with completion anticipated in mid to late September. The PFS results will form the basis of a construction decision at Crean Hill. On 28 May, we were honored to be awarded Business of the Year by the Greater Sudbury Chamber of Commerce at the 29th Annual Business Excellence Awards. On 23 June, we achieved a key 2026 milestone with our graduation to the Toronto Stock Exchange. We celebrated this accomplishment as the featured company at the TSX market open listing ceremony on 20 July.

Speaker #4: We continue to make good progress on the Crane Hill Pre-Feasibility Study, with completion anticipated in mid to late September. The PFS results will form the basis of a construction decision at Crane Hill.

Speaker #4: On May 28th, we were honored to be awarded Business of the Year by the Greater Sudbury Chamber of Commerce at the 29th annual Business Excellence Awards.

Speaker #4: And then, on June 23rd, we achieved a key 2026 milestone with our graduation to the Toronto Stock Exchange. We celebrated this accomplishment as the featured company at the TSX Market Open Listing Ceremony on July 20th.

Speaker #4: Subsequent to the end of Q2, on July 6th, we announced a strategic investment by Alpayana, a private Peruvian mining company with six operating underground mines and four decades of continuous operations in Latin America.

Jason Jessup: Subsequent to the end of Q2, on 6 July, we announced a strategic investment by Alpayana, a private Peruvian mining company with six operating underground mines and four decades of continuous operations in Latin America. Alpayana will invest CAD 140 million and will own approximately 19.9% of Magna's issued and outstanding shares. This financing allows us to simultaneously pursue multiple growth opportunities and accelerate the advancement of our Levack and Crean Hill projects. The strategic investment is subject to receipt of all regulatory approvals, and we are working hard with our respective external counsels to close the transaction as soon as possible, targeting prior to the end of August. Finally, our Chief Financial Officer, Scott Gilbert, has announced his intention to retire by the end of 2026.

Speaker #4: Alpayana will invest $140 million and will own approximately 19.9% of Magna's issued and outstanding shares. This financing allows us to simultaneously pursue multiple growth opportunities and accelerate the advancement of our Lubback and Crane Hill projects.

Speaker #4: The strategic investment is subject to receipt of all regulatory approvals, and we are working hard with our respective external counsels to close the transaction as soon as possible, targeting prior to the end of August.

Speaker #4: Finally, our Chief Financial Officer, Scott Gilbert, has announced his intention to retire by the end of 2026. On behalf of the entire Magna team, I'd like to thank Scott for his exceptional leadership and contributions to the company over the past two transformative years.

Jason Jessup: On behalf of the entire Magna team, I would like to thank Scott for his exceptional leadership and contributions to the company over the past two transformative years. Greg Huffman, our Senior Vice President, Capital Markets, will formally assume the role of Chief Financial Officer upon Scott's retirement. Greg will work closely with Scott over the coming months to support a smooth transition. I personally extend my sincere appreciation to Scott for his dedication and leadership and wish him all the best in his retirement. Operator, we would now like to open up the line for questions.

Speaker #4: Greg Hoffman, our Senior Vice President and Capital Markets, will formally assume the role of Chief Financial Officer upon Scott's retirement. Greg will work closely with Scott over the coming months to support a smooth transition.

Speaker #4: I personally extend my sincere appreciation to Scott for his dedication and leadership, and wish him all the best in his retirement. Operator, we'd now like to open up the line for questions.

Speaker #1: Thank you. At this time, we will conduct the question-and-answer session. As a reminder, to ask a question, you will need to press *11 on your telephone and wait for your name to be announced.

Operator: Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Eleanor Magdzinski of SCP Resource Finance. Your line is now open.

Speaker #1: To withdraw your question, please press star one-one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Eleanor Magdzinski of SCP Resource Finance.

Speaker #1: Your line is now open.

Speaker #5: Good morning. Can you guys hear me okay?

Eleanor Magdzinski: Good morning. Can you guys hear me okay?

Speaker #6: I can hear you.

Jason Jessup: I can hear you.

Speaker #3: We can, yeah.

Jeff Huffman: We can, yeah.

Speaker #5: Wonderful. Congratulations to everyone on such a great quarter. That was also safe, which is very important. And congratulations to Scott on his retirement and to Greg on the new appointment.

Eleanor Magdzinski: Wonderful. Congratulations to everyone on such a great quarter that was also safe, which is also very important, and to Scott for retirement and Greg on the new appointment. Just a couple of questions on my side today. I was just curious on the AISC lift for the mine capital equipment spend. I was just wondering what that line item basically was that lifted quarter-over-quarter.

Speaker #5: Just a couple of questions on my side today. I was just curious about the ASIC lift. For the mine capital equipment spend, I was wondering what that line item basically was that increased quarter over quarter.

Jason Jessup: Sorry, what abouts are you referencing, Eleanor?

Speaker #3: Hi. Sorry, whereabouts are you referencing, Eleanor?

Speaker #5: I'm here. Let me just there was just a stated I have to go back into the details of it, but there was a lift on the mine capital equipment spend from Q1 to Q2, I I think it's I think it was closer to maybe 5 million this quarter.

Eleanor Magdzinski: Here, let me just. There was just a stated, I have to go back into the details of it, but there was a lift on the mine capital equipment spend from Q1 to Q2. I think it was closer to maybe CAD 5 million this quarter. Let me just. It just contributed to slightly higher AISC. I saw it was in the AISC table as well.

Speaker #5: Let me just it just contributed to slightly higher ASIC, so it was in the ASIC table as well.

Speaker #3: Yeah. So typically, in there for the capital that would include any of our underground development as well as any of the equipment that we had purchased in the quarter.

Jason Jessup: Yeah. So typically in there for the capital, that would include any of our underground development as well as any of the equipment that we had purchased in the quarter.

Speaker #5: Okay, so was there a specific—was there a piece of mining equipment, or was it a little bit of a combination of both the development and...?

Eleanor Magdzinski: Okay. Was there a specific, was there a piece of mining equipment or was it a little bit of a combination of both the development and-

Speaker #3: Yeah, there will always be a little bit of a combination of both. We did pick up some equipment and some smaller equipment during the quarter.

Greg Huffman: Yeah, there will always be a little bit of a combination of both. We did pick up some equipment, some smaller equipment during the quarter. As you know, there is an aged fleet at McCreedy West, so we have been picking up some small things. We have got a couple things, biggest one would have been a 6-yard scoop that we purchased in April. That would be the biggest one, and then capital development would be the remainder of the items.

Speaker #3: As you know, there is an aged fleet at McCready West, so we've been picking up some small things. We've got a couple of things, like the biggest one would have been a six-yard scoop that we purchased in April.

Speaker #3: That would be the biggest one. And then capital development would be the remainder of the items.

Speaker #5: Okay, great. Thank you so much. Another question, just I mean, I guess the classic thing that I tend to ask is just on quarterly long-haul drill rates, if you have those numbers handy by chance.

Eleanor Magdzinski: Okay, great. Thank you so much. Another question, it is, I guess, the classic thing that I tend to ask is just on quarterly long-hole drill rates, if you have those numbers handy by chance.

Speaker #3: Yeah. I can take that question, Eleanor. For the quarter, we sat just under 35,000 feet of long-haul drilling. So a slight reduction from Q1, but still in line.

Greg Huffman: Yeah, I can take that question, Eleanor. For the quarter, we sat just under 35,000 feet of long hole drilling. So a slight reduction from Q1, but still in line and obviously supporting the production profile.

Speaker #3: And obviously, supporting the production profile.

Eleanor Magdzinski: And then one last question, actually, I do not know if you have the splits here, but for, I guess, more of the narrow vein mining, do you have a breakout of tons by chance from long hole stoping versus say some of the vein mining?

Speaker #5: And then one last question, actually. And I don't know if you have the splits here, but for, I guess, more of the narrow-vein mining, do you have a breakout of tons by chance from long-haul scoping versus say some of the vein mining?

Greg Huffman: I do not think I have that in front of me, Eleanor. I would have to take a look for that. Just total tons of, I actually do not have that in front of me, Eleanor. I would have to get back to you on that.

Speaker #3: I don't think I have that in front of me, Eleanor. I'd have to take a look for that. So just total tons of yeah, I actually don't have that in front of me, Eleanor.

Speaker #3: I'll have to get back to you on that.

Speaker #5: Yeah, no problem. Just the last one, I guess, was the delta on the treatment and refining charges. It was just, if you compare it to on a dollar-per-pound basis, it looks like it's less this past quarter.

Eleanor Magdzinski: Yeah, no problem. Just the last one, I guess, was the delta on the treatment and refining charges. It was just, if you compare it to, on a dollar per pound basis, it looks like it has lifted this past quarter.

Speaker #1: Yeah, Eleanor, it's Greg here. I can take that one. And Scott, if you have anything to add, please go for it. There was, as you noted, a tick-up in the smelting treatment and refining charges in Q2 relative to Q1 and previous quarters.

Greg Huffman: Yeah, Eleanor, it is Greg here. I can take that one. Scott, if you have anything to add, please go for it. There was, as you noted, a tick up in the smelting treatment and refining charges in Q2 relative to Q1 and previous quarters. That is related to some adjustments into the underlying contract that we have been working on for a little while. Do not want to get into all the details there, but what did take effect was retroactive for the late part of Q1. So we did capture some extra costs over that timeline, which we expect to normalize on a go-forward basis in the H2 of the year.

Speaker #1: That's related to some adjustments to the underlying contract that we've been working on for a little while. I don't want to get into all the details there, but it did take effect in the latter part of Q2 with retroactive application for the late part of Q1.

Speaker #1: So we did capture some extra costs over that timeline, which we expect to normalize on a go forward basis in the second half of the year.

Speaker #5: Okay, great. That's it from my side. Thank you so much, and congrats again.

Eleanor Magdzinski: Okay, great. That is it from my side. Thank you so much, and congrats again.

Speaker #3: Yeah, thanks, Eleanor.

Greg Huffman: Yeah, thanks, Eleanor.

Speaker #1: Thank you. As a reminder, to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced.

Operator: Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by. I am showing no further questions at this time. I would now like to turn it back to Greg Huffman for closing remarks.

Speaker #1: To withdraw your question, please press star one one again. Please stand by. I am showing no further questions at this time. I would now like to turn it back to Greg Huffman for closing remarks.

Speaker #4: Thank you, operator. Appreciate everyone's time today. With that, we'll end the conference call, and wishing everyone a great Thursday and rest of the week.

Greg Huffman: Thank you, operator. Appreciate everyone's time today. With that, we will end the conference call and wishing everyone a great Thursday and rest of the week. Thanks very much.

Speaker #4: Thanks very much.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.