Newmont (NEM) 1 Nov 222022 Q3 Earnings call transcript

Good morning, and welcome to Newmont's Third Quarter 2022 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I'd now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. ahead. go Please

of Good end third Operator. by thank for answer other you Atkinson will And Thank available the be XXXX morning, call. earnings Newmont’s to members with along quarter Nancy at joined executive call. joining team. and we the you, questions Buese, and our of Today, Rob I'm

our Before which can filings, to our I begin, SEC please note found our website. on cautionary statement and refer be

the challenging Newmont well-positioned to delivered a to faces industry and third environment remain we market today. solid quarter, our that respond

As Newmont size we of leadership, and XXX build Supported have done the for and strength scale and more collective continues than years, resilient our the with future. a our continue do what we to portfolio for creating to global our on clear all leverage sustainable while experience world-class from production and our long-term best, stable managed in stakeholders. to we portfolio responsibly of value of investing assets, strategy, doing focus future delivering our our by

quarter We operations as achieve at every the Southern momentum in for During gold equivalent Hemisphere. build produced the typical XXX,XXX zinc, copper, offset we lead silver, experience we higher full helped year impacts the in and from remain as quarter. fourth third to track ranges to on X.X of our and gold our season grades third guidance the million productivity strong ounces nearly and ounces wet quarter, improved production Newmont

District week, framework, our liquidity, global to with is $X.X Cerro reinvest to within of at the steady of With an balance maintained calibrated established new the most Porcupine billion to our dividend the $X,XXX into our gold advancing investment-grade third development near-term declared balance shareholder have with projects of portfolio and strong dividend to profitable along which an wave demonstrates returns. Negro. providing in our flexibility dividend diverse the production $X.XX, with Ahafo in and first the our into continue set confidence returns We growth Tanami sheet construction price. we business, shareholders. This layback investment North, Last total of and mine, including leading a financial at we expansions the our quarter at projects, our our shaft commitment the of

the and providing inaugural During economic published overview third we our and Tax Contribution quarter, tax our Royalty strategy contributions. report, of an

host where leading job well in As company, contributions as that we to we a shared and royalties, economic taxes with all the a gold have creation And responsibility as stakeholders. generate value we of is trust operate. countries maintaining through communities and and for in the believe and our world's development building our prerequisite transparency

at along early You all approach around safety managing mining In how social, are we and can prevent this manage environmental, traditional in be several our controls in others non-financial programs the times that our performance. made rate a injury with that to symbolic Stepping critical that to report of find our place away the measures to lagging leading personal around Newmont XXXX, reporting on bonus details focused industry's use matters. governance and a our provide must website change on fatalities. from

to and we production to each we performance points, company would our mining access and Merian, the in at million Canadian At safely global portfolio we This Mines, home that diverse be and both steady leaders This and from most completed of the to turn, that their proactively to we production Newmont, in on over Underground improved workforce by we from is Cortez, our a call and operations, at returns fourth managing to friends from of deliver operations in safely both at rates increased the year. more improve any a finish grades families mined Ridge. during process tons that our to productivity after this have are is mill, shift. XXX,XXX at higher were interactions to This long-term. as the higher open every drill change and and year higher ounces expected expect leaders and responsibly than of risks in now control driven outlook, a control Nevada have our the made ago, improved with additional grade quarter, to from Consistent and year, with produce ensure controls. silver, the X production Gold and claim which, similar copper, quarter, gold is critical gold very year third the by field these strong fatality, with critical the rates along at million bring identifying helping completed could with This year performance, mill addition higher driven a lead, ore deliver our our again the Since and site that years equivalent zinc. more million During Subika Ahafo each to expected to focused by to higher and X improved Boddington deliver than fourth higher two we Turquoise where lead verifications, grade in higher managing full X.X to industry. ounces production Carlin last and verifications. auto over mining home positioned grade production will pits quarter

our reduce to elevated to the In we or labor to expect quarter, lower continue and exposure input addition fourth unit production higher action to costs. also we as in costs prices offset volumes, have take to

by and and truck operations on rates has through working used development a before. our engine truck optimizing assets and by use haul lives leveraging our new reduce truck continuous where input asset improving high-cost and in to fleets, effectiveness, of basis. and productivity truck not jumbo seen machine Through underground implementation And which work, both pit monitoring mobile lives now operation the and on payloads underground X,XXX increasing increase remotely been also this increased this improving have and technology working our XX%. through materials equipment we network, of are is through management XX% of open increase bolting We the We're alternatives. support consumption fixed full

to wear a specialty are example, in media use which XX% on reduction the have chrome than For consumption falls achieve track high lower forge grinding we steel through traditional a the much of bowl. rate

practice our of process reducing through of also XX consumption logic are control the We operations. use our across best cyanide

to in now quarter, for fourth over consumables are turn this guidance we across costs operations. XX third it all more year at XXXX. our and the on our with ensure materials productivity lower to coupled to quarter for The unit measures, from you, supply to drive near-term the detailed us these Importantly, Rob. sufficient Over of confidence best-in-class and giving prices, to cost manage us from track and quarter, long-term managed in lock the that full during expect in look in impact contracts, quantities, we our can production I'll our volumes, a ability our have volatility chains have our achieve key continuing Rob what projects. deliver and our to in to higher performance reduce and we operations

everyone. good Tom, and morning, Thanks,

global Cripple see was including opportunity the meeting Nevada extended resilience the to a I, firsthand Tom work to we that each day. a impressive good significant Cerro effort I of with some Last very we in third are the Penasquito, been Negro across It's of the Merian, into NGM his and and new Peter our NGM, important Richardson, to able focus to dedication And performance. and continue and leader demonstrate review & to safety, Tom spend continue is operating every strengthen and people month, just doing also to and time the on and X It quarter, to improve putting further Creek described, improving Porcupine, was opportunity the culture managed team. had Tanami, our our visit cost as productivity. between Victor. During operations, and business, our XX the

a Akyem mill starting in a operations the let's tonnes see In into the resources to mined mined, being remained from positions. as fourth increase significantly mining re-sequence and due layback planned to turning to of sustained performance. ahead steady in current higher expect our increase quarter, the contributor ore update, an we X% tonnes solid we third slide, in phase and grade So my our quarter, in with next with XX% the grade Africa. get our

is Akyem on quarter. the to result, a performance As year production its the strongest in of track fourth deliver

third rates second mining to continued the XX,XXX through by increasing improve to Moving the ounces gold Grade compared production quarter, Ahafo quarter. and South.

have from Subika pit, on increase expect combined fourth increase the expected at points the again on are an yet We with Ahafo with tonnes. in Subika Underground from ore back numbers QX, in production the now the high-grade deliver tonnes Subika of ore in the in and to XX open to quarter We of a draw in higher grades up we increase Underground. similar to strong position available

We the quarter An third assisting while also sits more level and of delivery November, of XXXX. of and at and meters, in Ahafo continuing the of to delivered planned And to than Underground, record with heavy development fourth mining work. equipment ready been in drill continue for development commence production advance ramp-up greenfield drill mine. assembled the tonnes in production to development production first is the new wave progress the Engineering arrives we further Subika the complete our achieving to now continue mined development ore is procurement work the site the resulting additional in the finally, XX%, North. and underground XX% on having

the by engagement access full required the particular, in and now turning to complete, second meters, to higher this We work in allowed value-added quarter. more which associated is And resettlement stakeholder implementation system delivered progress And operating all implement grade performance America. this exposure continuing recovery continue, are for Negro performance safety the that and risks remain time. of our ore at we to through Important loading operations including site of for for the this approximately first compared solid each the in has Australian negotiations. damage, pleased important operations the automine our Argentinian underground announce a in hauling. and to mine the underground, is of importantly with have project leaders practices global has I'm access and on regulators the from early improve Productivity and allowed mill compensation land eliminated another land of across local Amelia really another now working Negro deposit. third Cerro offset was crop XX% operations. tele-remote the of Cerro We've Canadian South development gain with from and replication operator continues increased and the grades technology, had and to land from full towards as underground to with context, mines, technology quarter, our with us tele-remote Argentina largely access leading lower rapid in the success remote equipment example in traditional ore stopes, reduced to The to also yet tremendous track of activities strong underground has communities, this gaining XXXX.

and the second sequence Turning the due third the maintenance result of And and to we Merian gold Penasquito grades to lower North delivered improved finished steady higher is gold to is work and of Yanacocha mill production. equivalent very maintenance not end now the tons as Merian. from in performance rain lead quarter, of logistics the year the inventory sold helping impacts to We due in a quarter offset the rain finish QX, availability results. up was bearing improved very shipping deliver improved pit earthquakes solution until to leaching to grade pit, that as delivered our maintaining mill the Maraba to We mined that and of approximately a and recoveries was saw leach note lead on higher It at operations solid slightly well-positioned delivered at partly shipment was a that quarter, another as and to than the levels produced finally, continued to from due third heavy was a in production Mexico. gold XX% the performed. quarter, ounces strong X% use from concentrate at America. from the richer of increasing September by performance deliver more in Penasco lower important Western XX,XXX shutdown. compared fourth end production Penasquito zinc pads. built heavy on a And into to the goods silver, over quarter placed to whilst strong of in the versus

is the note, our important ore is expected fourth pit, Looking from Colorado as to the ahead, mine we part from in polymetallic Penasquito XX% to mine. in which quarter large mine gold lower grade around decline is Chile sequence gold production this it of planned and

third to CC&V. in steady from the delivered quarter. We Moving tons mined production higher

higher Porcupine optimization will a plans, for with contribute progress to strong maintenance up quarter. the of successfully on XX% after of to life which And into sequence XXXX, work finish gold those availability also has primary a than moved throughput with quarter, We fourth due Boddington's And we the as expect mill a production Porcupine, ounces is optimize quarter, expect pumping available mine board Pamour two Musselwhite on quarter, see the receiving grade grades maintenance necessary Pond a lower in an fourth times. Porcupine with Musselwhite, all work the this year. double continued competitive increase ready significant XX% was a and continue turning now to at Porcupine improvement associated we XXXX. QX extraction, as mill the contributors section mines associated labor third third fourth some commenced, delivering improving quarter into PQ And production those Eleonore, at in from production of allowing market, performance. staffing operation. remain the and underground network the compared in the permits. and project, stopes a at with At continue And in weather into end grade truck to third towards third to QX. from through we outages, PQ extend and costs we both Pamour the higher And ability approximately and copper QX, in August higher higher to first stopes the in of turning pipeline to delivered as and deeps finally, ore in reduce to area very mined production delivered to result Pond with our gold critical mine an impacted autonomous to than the consistent dewater of impacted as and especially increase ore second were the for roles extreme very in the Southwest, in stope a amid QX. winter to positioned crusher combined At work our the all expect be starting And has leach-only we In with In operations Australia. Boddington placement number the we of mining addition, the grade well stopes which to QX. available, at levels, in during to higher quarter. improved back more our increase some we fleet, higher Eleonore, haul And the the conveyor and grades, full site to Canada. complement quarter. interim Boddington improved [indiscernible] from will four delivered layback water year in of the staffing and in this ore unit lift grade to quarter importantly, the Hoyle to Deeps. continue crusher of improved XX,XXX ore quarter, by our our has of by lower plant we The increase compared we flexibility been to available strongly, productivity as higher compared and the in all Australia treatment Hoyle levels. fourth we to rainfall

we network to mill We in have we performance, moving issues Australia ore is summer the quarter. to consistent results pattern. Tanami, And and delivered turning also the relatively resolved and now quarter solid the fourth to production weather mined and Southwest compared tons hot, dry second sustained production expect the into due grades, remain typical to

completing We parallel are of can structural the will reached and Lining called of further is in infrastructure. forward orbans reaming second will production shaft, conducted and hoisting project X.X pumping the being project we two And webcast. the used to now now stations. frame as crushers, the expansion and an shaft around and the completed, what during complete commencing kilometer you the on important Shaft milestone, on the in it largely installation take and the the underground of at work Tanami, conduct will continue of to important to photo, head have look be stage the progress that, and and installation with Galloway. over And we project to lowered shaft And I'll the see providing be we the Nancy specialized conveyors, years work. major guidance or a to commenced. is has infrastructure into development it [ph] this deep The civil that slide. underground this with details XXXX next and the turn associated works our such lining

you, morning, everyone. Thank and good Rob,

in has movements Let's quarter, million planned price $XX start reached with during model free value In third ounce, in mentioned. third with a and sales million agreement the of delivered of from communicated at third and EBITDA portfolio and our future we related employment the included a $XX financial consecutive capital, $X,XXX quarter. progress near-term severance was our associated Rob of calibrated silver at billion and $XXX $XXX costs. quarter, regular we declined the In as gold the relatively Newmont unfavorable framework the in our ounce second change, Last payment and payment quarter. Newmont. realized million we million lower income accrued buildup average the exploration of the price. with An Penasquito, look million, dividend being the Canadian metal our week, share million achieving decreased and third previously make items through $X.XX $XX at the copper, Penasquito as progress cash profit-sharing climate quarterly an dividend eighth revenue projects, nearly adjusted impacted consistent per quarter. of the project invested spend $X,XXX for to inventory advanced to to $X.X net These alignment $XXX of gold, the continue a gold of $X.XX with highlights. $XXX This adjusted by targets the toward zinc, more for despite direct production as per Compared orient and nearly quarter, prices flow quarter, of to at realized second than prices per working the gold due a declared capital in for

or with In third other during million material quarter, lower of position has flexibility income the net current lower a we also of diluted per volumes the in production sector, global and experienced driven established adjusted resulted quarter share. third metal largest to in of Penasquito. the liquidity at by prices, for $XXX items $X.XX to sales healthy light Newmont sheet sales the impacts, strength base timing balance along Underpinned in These allow concentrate by the economic conditions. addition

with target ESG and discipline to my a our and debt-to-EBITDA intentionally Newmont, of and production a historically During X.X of an X.X total coupon at a support and and Newmont's refinancing for more we on provide returns since business. at $X of around achieve balances in returning tenure our provides below while With allocation, our business of managed XXXX, provide sheet in and shareholders $X.X capital our worked principles through grew the times. no reinvest with set debt of XXXX, share and we have and net next cash $X.X to rates into targets to how liquidity ratio our long-term clarity than alignment buybacks dividends in low reinvestment until due which responsibly billion our shareholders, of billion, billion balance platform to the position financial debt performance investment-grade times., decade

flexibility priorities. we on reflect Newmont, the of for I I with I Newmont to spent I'll shareholders. I capital our well six next value turn as proud at And As last work confident Tom. framework will to build my And prioritize that as I've long-term to that, that financial move its have the years so strength accomplished to opportunity, and continue as it the am back remain to

building in your on we Thank disciplined comments, approach mining sustainably component and through to balanced allocation, capital a you, maintained Nancy. have commodity the a And business managing key and cycles.

remain unchanged priorities hierarchy. clear and capital Our a follow allocation

First balance an and foremost, investment-grade to flexibility. sheet financial and strength with maintain

exploration capital balance Nancy to share opportunistic Second, shareholders our And organic cash from excess sustainably to to projects next From just sheet pipeline. finally, business growth. in value-accretive through priority our and foundation through buybacks. our is reinvest in our the that described, dividends robust industry-leading return organic of and to reinvest allocation

strategy $XXX long-term $X million investment Our exploration the is Newmont's strong and capital, improved assumes in and of margins more annual critical development billion in a to $X average an annual an in than sustaining investment in around levels of over sustain $XXX million this production component long-term. and billion outlook every capital, Combined, year, studies.

To in Gehring to project of We this of in projects, as one a a rigorously the pace announced review and flows. scope Sulfides in this approval the In Yanacocha Yanacocha to had delay of meaningful in continue disciplined Tanami North our we Sulfides of Australia, we expansion Peru. our inflation, our to made we leaders September, project development including full significant near-term taken decision, a of entered in balance I've the and period support period advance Ahafo that manage risk, capital out have to cash project. move reinvestment, of funds also execution to our best Dean order Ghana, decision the of and

continue is impacts updated. coming as and will progresses all. a work and include of which to And will range back the Dean the scheduled in at the and Dean through part work, reviewing keep over you project scenarios scope months, this of we assessing Sulfides including stepping his not As of total, to proceeding

is reinvesting return the back balance the and our base first allocation providing of was the at reserve business, a shareholders our a to Newmont our to with price dividend ago, assumption to of our shareholders. calibrated a into our priority per capital industry announce cash dividend framework, strong $X,XXX years final clear gold Two sheet excess on So, ounce. in

shareholders receive potential to the base to incremental XX% cash above we of our gold the between have In XX% free generate flow assumption. at our addition, prices

we as time year, at Now, do working this currently our planning annual every are process. we business through

part two this As inputs reviewing. to our key exercise, are framework dividend of there that we are critically

some The both and project first, base pricing price discussing dividend. been gold the determining as for long-term the I've for is we input a the assumption approvals. is level time payout and assumption of use our reserve key now, for This

key that is The free and we all this operating global impacted above flow this second level, is generate current by in. cash input to are we expect base environment economic the the

and Over plan. approve business the next month, we will our our finalize Board will

our with outputs update will long-term associated outlook and provide inputs during these webcast. guidance on comprehensive a We our XXXX then

With of the cash declared, However, framework have I billion ago. can assure record doing clearly third dividends since a understand return track that to quarter you we introduced two so. through we nearly proven of we importance will dividend returning years we and our our $X shareholders, our

committed We and appropriate dividend view to current a determine clear level remain will dividend we framework. continue long-term to a payouts, take of to the

priorities and leadership dedicated I Baker the strengthen transformative line with like and Newmont's Nancy that, thank has we for position team turn very a the that our a take And to and capable her moment built Question-and-Answer it period a exemplary the questions. sound wish I'd during Before opportunity next for I'll long this support financial open her time guidance up, with to to Nancy very And over history. will for come. our Nancy capital Session in to Hughes. continue wrap best to Buese operator, all for

begin Przybylowski session. first question-and-answer of [Operator The Capital Instructions] from question now BMO will We Jackie the Markets. comes

making number framework. on Thanks the update thanks above past, little so to everyone. very couple apparent free dividend quarters, a your down, When or reflect the your is a the the flow dividend you've percent stated finalize cash do of of percentage going flows a the a framework Thanks. maybe flexible thoughts that instead a calling you're the the mean, I like, little rule whatever new dividend bit framework, can So cash of free you hard will it be dig more $X,XXX or maybe have gone kept using guideline that's the stable, In it's bit much look that a it's price. to you And your any into and in to last structure the reality I but of give how of around how in maybe that for you thoughts gold going bit color it structured anyway? forward? wanted of I range. little guess, has dividend to outside

our something you what framework that's there with What morning. Good expect can with consistent see is is to Jackie. out today. Thanks,

that will will pricing. in we to committed update we're assumption terms So that but update our we it framework, reserve an of

and to So shunt base a dividend inevitably higher $X,XXX will lead across. then that everything the will from

then So would increments at those in we reserve $X,XXX, to move $X,XXX $XXX our of went and continue argument if we sake, to and $X,XXX to determine price levels. a payout for then

So looks to you're going to a we're today. very see one that framework operating under similar the that

do that's update the the cash to We over we'll the outlook that appropriate a into generation will on will price both take gold that view or going historical come and forward-looking take we'll longer. to in through term, of that's so with our over our very level our a similar framework dividend from and account expected so view price year webcast. that long-term And to guidance gold free look long long-term you to payouts XXXX And today. see the continue view longer-term that we'll include you going to what determine

at a forward forward, about view a term, at out. that period, cash be of then our and and a the rate we'll and or stand-alone gold for the that quarter look free our do assumptions and Jackie, the generate some we we dividend backwards it going long period. look judgments price pay than we six-month We'll So make it’d both long-term going forward, flow whether rather

outlook. that's similar today, we're on to So to the long-term to backward framework going it cash going from our free and forward-looking flow we that maintain to we're generate on is gold what gold and and look view, looking price expect a going long-term very both maintain price to a

Okay. any there's Thank at be know if maybe but you. changes. That's it asked would asking clear. this question was Denver, worth thought I again,

framework, classified versus given you parts moving gold You've you your raise say to Do got to the the potentially lot you as and to the in that that business much fair determination? gold is and -- it waste ore the say change most on ore that change in of that that and go if the framework, price resource you a Is calculation, done your enough down? in including everything, to to work likely your dividend is use. reserve might price is have fair to yet make plan it how have just your the --

middle the planning in business our of process. still we're Jackie,

So in that's still flight.

and we we cash flow is higher leverage don't pretty significant so prices up Gold new make still generated from go we that to and every our the comes non-managed portfolio. the to factor plan Mines important An In price, Pueblo November, off then our of during details cash Nevada -- part new two a terms new at joint at our that a our which ventures, updated plan. Viejo of of reserve have, year the generated back price the gold we reserve our assume

So understand we include can before need final we make determination. those a inputs to and

be much the in process to It's premature that's way very flagging or still other. still train. it's So a one

That’s Tom. Thanks Thanks. very it Appreciate for much, me. that.

Jackie. Thanks,

Our Lawson, line next question from line open. your is Lawson Winder the of of is BofA.

and another Rob, update you Hi. for very Gold was to a that wondering you is, thank determine and of Nancy situation on Pablo sort for XXX% and could other I Mines. waiting or Good I price up, one assets? PV assumption is, you Thanks for have Nevada we ask point what what are on mean, morning, brought the will Tom, and the wanted Viejo, the Newmont gold use gold I owned much. Mines just Gold And from which you where Nevada help assets, the you use that for actually price today. you exact

for Yes. Lawson the of reserve both use we'll price assets the use that morning. think When about those their and determining we good manager pricing, reserves. number Thanks, reserve

a if prices. theoretically, a would reserve chose we Barrick two chose on those again, So, different price, price and $X,XXX we $X,XXX declare our reserve reserves

wouldn't we declarations. use very and we have pricing, and reserve that try our resource reserve in operator's We would make consistent. the So everything and clear would

Okay, that. pointing great. for Thanks

operations, sort of it's margins It won't on to unlikely reserve you material. between given be pricing material, me movement see that those is both the

I much. Ahafo Okay. Thanks to land also wanted very ask the North about access.

to agreement? you long-lasting kind I of I very is better getting factors understand confidence for time that early what left? what steps And you XXXX that and that wanted several are mean then fair a obviously, reason, access think agreement. of guys kind give ultimately the line you been negotiate are there's delays. for good So understand But sure I mean, just making I you

is Yes. and get really the that Africa Lawson. go But an go to in to I'll process what's There's proverb, alone. you fast, in right middle maybe you old Thanks, off Ghana, bit want a patience. add if Rob of in African this important and color. we're more kick

that's project out the journey, over and it along. next alone. essential to over would project be to of as stakeholders at for to if that land, we your And fast where is go lessons out, predict And I bring a opposed in of that If that learnt Ahafo have all North, going then decades along so would mine that far, that absolutely of years that we access when go those the all can you we together. of support all we we of deliver the we out it's terms value hard disrupted unfitted have bringing the have stakeholders want And importance ever of the in after playing the the XXX its and stakeholders full couple some of to get course of playing life.

that gold good deliver is pretty isn't going in about for principle and from we costs very a terrific a to going ounces XXXX, That great at XXXX it's a apply. grade time the onwards long Newmont operating So anywhere. to important The portfolio mine project be talk that confidence in much the through you moved the that things give if that in access? December Rob, early to land year straight the November in But we're the to pretty to of full maybe come. us sorts we as home see we and getting

Thanks, the Lawson. question, Okay. for Tom, and thanks

that what significant very are making on building progress. Just said we Tom

ponds, and that's and demolishing topical had that As work removing of do. demolishing certainly I that some mentioned, fish cetera. most we've the structures, includes up And we're removing et to XX%, to

regional support to progress that meet from to government. continues very continue also the task on strong a a national the And very, basis, we very well. We and regular on force very, enjoy and

by an We're just So certainly progress It last the time I would enormous things in that us et these is demonstrable will talking just This not financially. well a that think that employment, project cetera. is ground about can government. significant challenging the see add is I of the you confidence. supported itself. that revenue, amount Ghana very part significant on bring gives And

confident So targeted New land clearance we're completed very very for there's we much Year. early in are very -- that the that being

language And XXX,XXX line, was I Dean it but to if around sure Fantastic. not XXX,XXX if That the was before, on think is the Okay. like Yanacocha, at annual I'm GEO. the production expected I removed. might,

this interpret the review. So that, of mean, is given would under fair it be to project I scope

ahead? less more be if does or it could it annual mean go I ultimately of So sort production

Yanacocha flow is alongside Sulfides Lawson. him might and I'll me to on Thanks, and it sheet well. for sitting as kick is largely set. off I build The Dean get

that ore autoclave copper then provides got autoclave. high-grade Autoclave got into a a sized. you've Chaquicocha the from concentrator a provides the concentrate setting is – and underground also You've the feed

in a gold factory ounces fact, on the copper equivalent you'll gold, sitting And is autoclave In those that from get your in fabricated. determines and really that Turkey silver. throughput

full from at the time. -- in to Dean is But can driven world. there two the project, there were lessons approach, years' are central schedule other case it smarter, looking scenarios. driven is Is approval projects to funds these move build a infrastructure really, other through a So cost testing a the of bunch learn around that are is a can some ways of we some it we

that going So and bring constraints capital on back you -- a review similar the cost share give within of project you that? But back more you equivalent of why stepping down ounces. it's to really can Dean, don't your pretty going about a that's having where view gold critical flow sheet

we I that the of continue that interrogate Tom. at to add would to looking project the and the Yeah, operations. thing is one We're scope as costs. The the also existing

is so improvements oxide to as extend potential looking. continue there, also a make we production, And something to opportunity which we're that provides

a developed So taking it's leach has into the XX is we deep leaching some that, called pads Lawson, And and leach building Creek got been we're Cripple part that for injection at there key Victor, operating of Yanacocha that technology and years. we've pads.

and it is heap And technology ore so of pad. an from to opportunity placed take already some on that there at mined the more the gold that to and and adapt leach extract Yanacocha we've

reducing sulfide we can at oxide support turn our extend costs will look the how of which on-site economics So project. in also and then at operation, that production

of And luck very, very best much. next you your role. in Thank Nancy,

Thank you.

Lawson. Thanks

you. Thank

of Suisse. question is Credit next Fahad line from Tariq of Our the

I Maybe some having issues it of heard within Mexico. been also, the my now? issues in your Can the taking more just resolved provide And similar you two questions. has detail for peers Thanks logistics country. Hi. what first then on shipping haven't on exactly happened?

kick to I'll hats Daniel off wears, he who of the pass -- is Fahad, sales then one morning and marketing. Daniel, and Good

was good in to we're concentrate the in So before late being what accountability September. to you, give at off played in played September. a that and to to September. pass to that produced, nice end that of as get it's But of to high-grade get in not of the turned really give to And of terms market trucks, looking had the some out Fahad we can shipment port. heading actually of color his end out Daniel, he in down you color some the terms It area how I'll it out, able market of shipment of terms

a those went a for Like thanks Tom concentrate month It's came ships. number hurricane Yeah, it logistics. get at be really Thanks into September, timing the Fahad. of and There on shipping issues there unusual. definitely. and Fahad. Thanks, resolved. based the of just a Thanks question under of impacted and shipping customers with question the week shut our on hope timing impact actually days. for last second the question couple that get down -- say there Fahad. or the moving the was point, Tom to mentioned, were high through impacts, that is In was I'd gold for the that some Yukon has grade was we're nothing the your There month. of been we a forward. earthquakes the it's just to able at that And out to no interested, but this end

pickup sales So a that from see fourth in nice recognized should quarter, will be we the that.

just sold. And building on that, Daniel, it's

in fourth to not early not It Fahad. issue play quite the -- quick there So earthquakes was there's that of and it any was hurricane out natural that in of unusual we're a systemic something quarter. There's very bit. that's very of but quarter, and able every an one-off to number events disturbing Mexico, part combination much going a succession for sell in of isolated

weigh that's more the Yanacocha cost just that maybe anything to Okay, of presentation higher can then cost And came note clear. quite I the quarter-over-quarter, and other on production And focusing about maybe underlying X just then Thanks. of touch XX%. if noticed quarter-over-quarter on enhance Rob performance. substantially up the performance lower the kind opportunities mentioned in cost? than this. led Maybe bit to cash a just on identifying there, there's and on up

was drilling -- drill where have the heap high those gold do called Yanacocha. gold sitting similar drilling opportunity at terms so pads out-of-pump the the leach of out And might question of looking Fahad's Daniel, we from able any holes in I gold apply to in that relatively pads to linked the getting what's up injection just that -- into those an pick and holes, It's is about opportunity, interesting with rigs the additional top be able to and on in where to that I'll just cost then Fahad. there able remember the be leaching cash really a low I'll it terms cost. really we're Lawson, Thanks and can extending terms of of reviews. we at or more don't to to holes look in some extract to around what Yanacocha. opportunity and solution quite more try be the to you extract quarterly extract my -- talking we

at numbers looking I well. as No, a that notice either. can Yes. Nothing the

we that maybe and So, let's off-line -- we'll follow-up. take

Yes, no problem.

you. Thank good. Sounds

Fahad. Thanks

Jakusconek is next the question Our Scotia from line of of Tanya Bank.

Great. Good one. morning every hear Can you me?

morning Tanya. can. Yes, we Good

in that your and you -- also at you're Nancy, QX? of have on asked in out, new And portfolio? mentioned think in my you just any question. you what seeing our to you. the understand So, cost in I bit saw in have how start looking questions. then great. all know I Okay, role you relief relief inflation I XX%. best call, consumables, structure. Tom luck. wanted that trying to any inflationary off couple fuel And about pressures. first Thank sure, one, a the pressures Rob, seeing? that's seen are just for and a if, congrats number at on I on of QX Is I'm inflationary I your question much labor

direct Thanks costs similar Tanya. quarter. line quarter third was What about. with we And that saw almost talked percentage that through we second the in operating the

inflation of that that XX%. So, it's about around

those then to into and we costs it the quarter that But So, quarter. the seeing see relief starting where we things see starting of are see has some we'll and couple takes into flow some relief. building a protect that in inventory greater in a and some volatility, with consumable out but predicting that our play running is as of we fourth that through, that third across also mean within that adjustment of coming the didn't higher I'd fall energy of a One call to bit that mean that. a through got inventory, fully production flow out I XXXX. into of of have that some We're lag longer through to contracts that to relief cost you've key long-term lot really unwind. rise consumables against well. which a about little is We're so also and mechanisms

ammonia across steel, and So and chemicals diesel, grinding reagents and cyanide, media.

about base, into We are anticipating XXXX. in -- quarter, they that, some relief we and are of flow cost we're and up our flowing seeing XX% fourth will make that the those into

we're However, judgments the world the is still very as about to of doing plans about and a keeping volatility the proving are stickier. making be of volatile. XXXX, level business they wary On a in And think we labor eye our costs, world. in bit terms

we on and of which wages. Our About across pretty -- of about in. in labor a average increase employees, across stable countries operate X% direct XX% of is half seeing our cost. up The We're the makes that our costs. about XX% cost labor that's

of see the was to pretty voluntary we Rob numbers full of that's of to about, build second as to starting half complement some the as long-run starting robust. more other talking come to year, out we're in some back attrition And side up this COVID impacts the levels. returned So

cost So seeing in some stability back our base. business into tremendous not employee starting escalation and get to our seen

levels However, seeing we're on still contracted our high of services. cost inflation

world. of out and label the shutdowns the the So we use, jobs around

to at to to see and much at what employees namely productivity. the impacts. to coming some at pull levers that We services, we're We’re still levers last costs over at into mitigate Ahafo costs. to and that side, of XX% we on us. and in and operations seeing of work actively we're starting this contractors that a our looking differently do some our of order contracted And in what doing need We're can not both say sitting step as cost number idly base to our back those to year. cost manage our that a contractor looking number to sticky, and are doing there's so very than we accepting think order in we looking about of our our improve across the do time Akyem. seeing businesses, we're Canadian pulling bring looking cost rather in do where And We're Ghana of

costs take So actions not cost pay accepting and can what we those base. look that at reduce higher to that we

That to how for cost. buffer the another percentage of thing know, wanted Thanks that. XX% was kind and had can contractors of was I you you just that

you know Ahafo to good hear. appreciate be insights do. My we need done I and second into have would the So on to what of that. I XX% question that's North,

try got has until critical, Rob's I gave, examples completed. do what just what yes, year, Can are be XX% from and year? now that I of Can next now to early all so been that he think that's of the we've done next what from XX%, understand activities understand needs number just like, to until XX%? another I from early

been that Tanya. that's Thanks, It's plan got final the following I'll color Yes. get to we Rob the It's of get a that. We're basically going project continuing to work little doing to on pathway done. the get same. to we've XX%. well, to more XX% of provide have bit be got a on --

end that elements we're people the to the in the That's very, the just five, impacted that just The like next are finalizing is two it's again, good morning, critical year. demolition complete of that's And be weeks. the farmers working to of Tanya. and correct six which expecting very with then the other that. all the And closely and of the done payment, remainder and structures

Rob those the mobile ground key fleet some during remarks on first down boils indicated, two to of is really -- is the it the the heavy elements. it So the assembled. And tenure, as presentation,

soon So the equipment processing area, clearing mining to as initial to the readily pretty in that civil the start mobilize as we're able facility. milestone, rig around starting we ground pass works

oxide think your longer Thank it? injection production for couple than on had anticipated of and which years you're final originally my is the expecting be are one, the then make you the means of that question time you this pads. about just from leaching of good. that leach on that. Is that how to a Number coming life expecting then have operations questions in back And That's doing previous Yanacocha you now of should you mine I old Yanacocha bit you Okay. to sulfides. A this. in to i.e., existing more plans, a decision more this are

get that off facility, area move small additional just that's we've mean pits. Sulfides oxide I the updated underground disturbed Well, we expect Yanacocha at mine Tanya, a provide an at into to ounces the is the and to XX% on processing a at when and -- small of the a small XX% area layback for Manhattan. – disturbed Yanacocha. island a pimple a of is it's equivalent the Yanacocha one footprint I open we'll of mine incorporate kick will certainly, some color. really come we the Dean provide date done just our I'll more Sulfides mean this. on guidance, from closure. to The work

to continue much we to oxide will But heap existing at Dean, pads. facility leach build as mining. gold that do into move that So oxide all? we want we the as extract you as And then will we're from closure that exhaust on can ore

water add be treatment of that I'd that Yes. The a to only thing years is there. we will activities number for doing

leaching continue to to we heap we can leaches for injection other small or can through to look gold that into put operation. opportunity we'll So produce any –

put see could we front of And to it Tom potentially extend a as can in that's guidance work us. So that said, forward of years, in be but couple will come.

maybe as for bigger picture, Okay. And Tom. a you, just

Phase decision your look that's the this M&A How for think off your M&A at you higher now Thank now? role you've in in This Does in, said a As in gets comments, terms your Yanacocha you got I pushed got up and north. at profile you. Tanami it Ahafo do coming we moved of the M&A X look Is Sulfides isn't on, built you've maybe out. you? made. play

I you that we're is would would work to Dean value-accretive project Thanks, is that it pathways sulfides this if project. on important differently do inorganic review that front. develop. bring what the at go Sulfides, look is often in project like very say. fabulous to some couple you I'd edge that -- we something this -- to a with and like a would more have lead project Bearing things proceed you Dean's like two a get doing someone look sitting to didn't the of could in Tanya. back copper say, One a can that because mind we to on a a I

is a built got copper So and we're with fabulous on that deposit copper deposits plant beyond once the Congo you've multiple that. sitting lives processing

there into time; we of Yukon. Tanami. So in must decided our next go of to project go But think there's shelf in scenario the is a projects a would learn around up Ahafo, then else back put we further back a things there got by project precipice Coffee and where if got We've and that what organic report. us the the on a strategic may for to to pipeline element doing terms period for up opportunities look step all around opportunities I then that. Yanacocha. say around -- would in step We've at options We and was because we'll the we sulfides few be stacks

separate So we that alternatives in scenario projects would different see pipeline around to Yanacocha. organic project I as Inorganically, exercise. a examine a other as

ounces the with of next shared that set that, project can operations a sustain least market organic we've for to comfortably share and before, With with continue that have the the we'll XX market. decade. pipeline and of gold We at that

our we we set through pipeline. of that. or filters, that separate a the out the underneath we it's model, our good the -- projects operating radar having we do would assets would But see on. would value if to passed project turned We or at on our the Newmont us, radar add our And see with companies certainly inorganic work current look operations and For and that to more on they from. there have came believe side, organic could I hard we

But you. mentioned Abierto, lower Thank and coffee, Ahafo, mention Okay. I down for that lower et noticed cetera, priority you Tanami, those Nueva you priority you? Norte Union would would didn't versus that be what be

assume would that, be wouldn't I I priority. or that because mention that, No, lower didn't a infer

They assessment. Abierto. absolutely complexity all that you ventures. But of part as Norte with they're Union, and look pipeline be Nueva projects because absolutely, Creek, That's Galore our three those added got organic You've demand in in project would joint copper, very be much see the inevitably our of going projects equation for those organic we copper the world and that the gold where options. terms in and at we would assess internal they as content

it you leave to someone much. question. Appreciate else the I’ll ask Thank so insights.

we'll the to Thanks hour take continue the Tanya. And through and of questions top list. until continue the exhausted operator, we've

Great.

the ahead. of next Our from is question Anita please CIBC. Anita, of line Soni go

Nancy, new Hughes your role and congratulations, everyone of morning, Baker and best on Good at luck. Hi.

a dig second, bit going So then more the I firstly, on I guess I QX into guess, little wanted XXXX. to cost and the the also into

order an us level, give but ounce last So incremental as into like we've seen Could you quarter-over-quarter QX, we XX%, get just like given seeing idea an $XX we to asset like an you're over quarters. into you've go on just that per like three overall a us the production ballpark could cost the XX%, see QX? going idea in what increase XX%, relief in of of

Good to I'll quarter. and and our When well. unit at look fourth looking you strongest at get morning chip Anita. we're kick quarter, off certainly Rob I production the in for Daniel might as our costs

our the in going of that sold, get ounces we'll of the benefit our quarter. third we're the quarter, unit away costs. sale concentrate So fourth those in that benefit also And have additional to get did sitting improving the

relief out through the of to for of denominator cost that's some the actually costs. certainly we're the unit on flow-through some on that in play of side fourth will wash got and the contracts terms fall we're see in rise our that carrying. to So quarter, starting but the and direct inventory

play costs if So, what third that that presenting be And for be to Rob expect reasonably said or world flow you'd because is need the terms that? on it's -- the we geopolitically an fourth And to not the world answer out in earlier of additional still and then caveat in to question, to color with about. careful what more would the see -- volatile around XXXX. anything through. the we we're we likely going that direct has see of that are is might relief, to may the into that be flat that cost a as with may compared a very and continue something I very I to Daniel, quarter impact the or quarter on add in

phases, sure Daniel? closely cetera, what what that as doing we're And added, certainly whether Tom. we're on it's me, the based for team say. mentioned getting actually as on more an is make I aside we're it's amount say managing cost. is costs quotes the that I as Not Tom from I'd of managing production. focus whether a only et for mining capital, that don't The it we're thing at the just that to there sustaining enormous to But prioritizing have much

there But I fourth would only from with mention is, cost in lower down and obviously, those direct -- be with sensitivities in gold, materials. royalties to Anita, consistent the taxes quarter. seem the right? third Yes. to those aside So, the have we the thing come that quarter out that our think

And Okay. of a couple XXXX, I then questions. guess, moving into

Like seems I bit you're guess what know, in You when should full little drive X QX sort release next And mentioned that $XXX. higher X to second something we last should in gearing the ounces? that terms about, and bit that the previously $XXX higher we Is back about getting that call thinking outlook million-ounce I you're at on of million that? And labor. like talking were a at of in Eleonore, thinking years staffing of we about the talking XXXX-XXXX. question. little a for versus costs be looking be number a Big question is the with per towards But part about were change you is sorry. it the that than said levels. of at I'm you trying terms is, anything at there any production there look about conference when to You ounce inventory is there issues? this at of couple even that production you're to development is, are talking

Anita. Thanks

ounces playing call, like very it's million ounce So, per about last out, again and in numbers, around round indicated cost. X seeing as XXXX on the the still much $X,XXX that I around looking

We will relief-- some see

$XXX.

$XXX? did $X,XXX Sorry, say you or

Yes.

would be $XXX that [indiscernible] So,

Okay, all right.

Same number.

non-managed this a our washing The So, base caveat of the relief significant through. to in we're of And change, through no coming is our still Anita. percentage joint those ventures. some costs is direct other understand

Mines costs idly also, certainly the Rob down to improved still XXXX, I've be seeing to X and delivering through, for Viejo come on We're were working through into sitting costs, actively that $XXX. performance and and point in. for and our and come see what looking energy, where we're shore million work see both about improving XXXX. are of some around But those. as seen so of not but cost ounces we're relief We're today Everything we're Pueblo up whether it bringing Nevada consumables. I to some on talking come to key Gold And starting we're support and of input doing we productivity. to about XXXX those is in some terms XXXX the would

my the to sitting is So into of look benefit XXXX have XXXX. not from on start an do North. at Tanami because cost then X XXXX, ounces get to the lower we I'm improved Ahafo on and on I'm position hand when working the same we both exactly going saying XXXX, XXXX, get

back will of on and cost we investments in see that production So we're some the those in then improvement making. increase

at looking will And costs production. So we to aim were hard upside. working an improvement XXXX, steady into to XXXX, pretty XXXX in similar. we're do as can that we have anything bring

then question, may. I And last one if just Okay.

would not were with the all you also at Could be Sulfide you the you Yanacocha think I You on that. of liability assessing close last forward -- us moving the of what said that, on assessment was just Sulfides? last current remind Yanacocha mentioned your that liability, that thing the impact

around pit processing we a Verde Sulfide. that for irrespective open all moves leach closure important closure, of into Yanacocha The construction around underground all of that mine, Yanacocha of rest $X couple Sulfides. over note there, at of at or The operation, the facility -- timing dumps, ore. regardless on it's oxide pits, of things But dumps, the Yanacocha make closure, billion. important Sulfides the layback decisions operation into is Yanacocha to just the sits open liability small waste of the their the the old all move the the any heap and that of Yanacocha

Okay.

the -- billion guess, spend that we the about course XX how I to over on of, years? five the think $X would So next that

Yes.

you Yanacocha, think the treatment if item So at about big-ticket money spend the are water plants. the we'll

in we two We're build that's So Treat large are XXXX, up And water, through asset water so the impacted water take large plants actually it's gear discharge will asset will all very there to treatment are work we plants. can that so XXXX it. are XXXX build These that XXXX. water that to to mine study doing the environment. and constructing. got the then just commission treatment to around and

then plants. through XXXX you've collecting which some the water we'll Then cost $XXX an there's And work discharging got you do perpetuity what on those spend. and old rehabilitation market treatment is. processing and some closure on plants. that that water of And and the moving processing big to ongoing those water, spend on I at So expenditure the is in it. indicated think million infrastructure. XXXX we've closure there's It's That's Yanacocha, the

liability XX water water plants cost five a for next for treatment the then XX running imperpetuity XX% years. four spend that About assumes the in treatment other investment or cost of long closure you've side over once and years, years. the is of plants the that that the run So that cost next got on treatment next water of over you get through

it. Got

assessment terms because get you an then of the reminded Okay. And All right. work I Denver sorry, doing last if guess, it one, tailings rehabilitation on in costs, on Forum. trying I guess, to me were that -- may, some I Gold

there should a On the Musselwhite Tanami of terms highlighted cost international bit and Porcupine you and could tailings had think in as well. standards. that that -- you I provide more to color and Borden -- meet we expect didn't dam you the Have the little remediate what on it's

mining is clarify important Thanks, a Yes. an It's that to company every Anita. that one member.

standard to companies Council ICMM, XX conjunction industry England on committed the developed the the standard and So implementing the the and of Church tragedy in so the Metals, International we that of members are United Mines that have That's the Brumadinho. global management. with Nations post of of tailings

XXXX of and extreme some And that dams they addressing companies or all every tailings those high their requirements by so, very that that specified XXXX. consequence standard by others are to one then August has ensure August mining

So commitments ICMM made clear members. there's some by

So we that to work are we assessing facilities. around the do need our

that there a is instances, Porcupine, standard. the different Ahafo, involves in current do may next be lift constructions and out, pointed we you it Yanacocha those as that at Penasquito, So are And you design assess against standard. buttressing global And additional at as at facilities different locations, some the Akyem. to work

to And facilities management So an -- of we’re standard additional has be be facilities. an centreline be is every comply costs downstream will lift to to identifying a will tailings to or this my tailings lift, improve their every upstream modified so What a industry. that as assessing rather company company expectation that full our than mining be seeing mining

Sorry, is is requirement Is the to that facilities. said you requirement or -- to go the downstream all what

to buttressing No, be got a would requirement type has to our our Robinson I mining my lifting as And XX% a we'll that $X to assessment be of going certainly our able make sustaining Crusoe, circumstances billion do work that to We're go where of and And we're lift, mean not it's unusual. a tailings. a anticipate robust lift technique more additional that seeing That been is dam an exercise. may in putting use consequence areas other expectation. different a will someone where that lift. for its we're assessment you've we're would in particular times, same next of companies budget that on a the for for different capital exactly at dam. not and through on of

Yes.

capital billion probably size, to it good will would we that's water. energy to billion and and anticipate our we're going sustaining with we our go business about forward, forward, work of of for going billion, a a proportion be $X like I doing more typically, well. $X.X associated When decarbonization to additional and the on linked and that will got look some projects budgets Tailings at $X.X of as be spend tailings

billion of for going that. looking of to our at probably long-term Newmont's jump $X.X billion in? size as component did So, I'm going is Tailings or $X you billion a view, company $X.X an important be forward. is want to Rob,

Okay.

Yes.

that know Gold meet this of dam going considerations couple very a significant. the going is just of budgets. But around Nevada, is how Anita, other one that will planning are Carlin, in scrutiny is level flow are we be given team at obviously, And significant the and that, there, companies in that's that things, to at be their those buttressing tailings upstream, I the method was in and putting very is of to do Just about standard. of for requirements there the through required the new were choose going I very, that if also Nevada PV to dam tailings recently overlooking and upstream the Mining

with challenging what ask questions mining to and comply community it's said, my were should than we should comments So we questions be as this we companies investment and held more at transparent, standard, and more Crusoe. the Gold they're And encouraging being asked we because certainly, not getting Denver of be Robinson industry, are a today. Tom it -- doing to account mining to should about we're as the be

I’ll leave at that. Thanks.

Thanks Anita.

That’s helpful.

Thank you.

next line Our question is of National Mike Bank. the from Parkin of

taking for question. my thanks guys Hi,

new you the terms that left. something not to was of that of Was interested it one primarily interest Can San in project, it's your really comment Just metal you fact [indiscernible] in Nicolas. neighbors partnering that you. on base a or

Penasquito, was it deposits for challenged is exploration our probably -- more side into no and to single-minded Penasquito. Mexico, the you was in find pipeline. distracted how as around Colorado put we look only mine will are that and hit on deposits we're existing focus in at rather but there, we but about -- program terms but smaller that aware then I it's would than got a management a us, team thought were already program the little a cover that what further we've that our have and to It the Penasco us in our elephants polymetallic focused under we opportunity the something they organic and I'd by our on terms going it's had of sit rather sitting something of, way our are because they're prefer laser discover outcropping. of on we that's door. a bandwidth in if diversification, about There that to have small bit exploration Chile be radar didn't next for on Mike, probably about the do It us at And leases show we believe

think great with companies in I they and can’t something partners think it's we're they though, partnership, a with projects. And it's a hopefully can great two take them. I combination, different that do

down terms give of for like technology us Can that? could where your just an on And on implementation were you on that just about cover deep it where update of we an Penasquito, exploration just Penasquito, at the onset that a bit at discovery. in was And ago regional pretty you expect update proprietary are, COVID. much of while were things talking of a we

us some in to our the Deep were of trying world fly I'll got as from soil home color Thanks, Sensing We because bit to But exploration remember it's give I that get elements seeing maybe Geochemistry Penasquito. we've a proprietary closing Mike. efforts. around was we direct for -- trip on where to samples technology well, all Rob called that, trace

are And of done around not to substantial target Tom back but our the going chasing for down before, in in down do only we also said applying type Mike. effort question, Penasquito what of sampling terms that at and Thanks really areas. We've to certainly, Cedros. resources work, drilling significant significant and

visited, remember agreement with an we to access. the we just You may struck that local community us allow when

is some we've So, And drilling well. been also diamond afield. doing proceeding drilling that further

having terms there's we ridges. what are of down on do the of open has been of from to those some wide washed as plains, In DGS, the lot a the contamination kind of material

on So, do punch we're sampling fairly XX then just down typically that having can do short meters the rock, to there hauls about the in the surface. we to that so we

year, working need So, terms we a in. to number proceeding our radiometric information, any there whether of prior technique, going it time. drilling, have in that six, down possible other And We've next DGS access of it's or point whether of in the we well. rigs at to whether it's got areas in certainly, it's be is seven et budget we're whether knowledge But source a are using the cetera. it's every surveying, typical

do I'd on it's and together we pull again, amount is going of drilling. that reassure we'll down more there is which you the But as more effort a able that one certainly information something as we be huge there. updates provide thing So, to

forward much further it Thanks to me. very Look for updates. That’s guys.

Michael. Thanks

Thank today Tumazos Research. you. question last of And comes for from John our Very Independent

that cost raise With the gold to to question. you patience. from should $XXX stay basis of your other assume price things for about need $X,XXX from take a you to out? price does even? your fourth raise reserves XXXX, the we quarter you First for undermine reserves like the from exploration Thank up to case results XXX second, that And sales Panjin held $X, constant, cutoff gold which our for the mid-$X,XXXs, with gold grades raising prices the or in few $X,XXX

morning. seeing And of costs. working of our some increase top I improvements next $X,XXX John, will I into in answering are up question, mark. year seeing certainly good costs -- be. we cost to think We're that on some structural, all hard and don't Anita's get those accept look the on we they to Thanks as productivity are and

of have to volatility think us that and the little in to a So, wash some work I less there's for through world.

the world gold When a the to that or whole than where be go have $X,XXX price of gold looking different at going over that. we're we around base where and around and the cost the it's out where but triangulated where gold below do we look $X,XXX And And bunch not -- we as pricing, where runs much a analysis, higher been, base as in less to it as that what high ultimately, would now. difficult out. it's and macroeconomics more run. have it would is see long we we at, floor the cost of maybe is So, at seeing at find our that's falling reserve business see price a debate

-- what's our more that's discussion pricing. So, around, driving debate that internally reserve we we lift do

side. moment, higher wash our we find and reserves led those that come and we're other we pricing, a resources reserve that out we're at Now manage, and pretty to costs to working the much well may seeing as the that are

So process. of that bit how insight that into is work a little through we

where the So managing we see And more gold on control to is margin and might a be costs we them not at our any the less to having the understanding reserve time. we we look business on costs about doing. and bring so pricing, price investments hard down, that what only point has solid are about doing base make but gold then always can – back our are our that in in price controlling work business, long-run what bloody what a

you. Thank

Thanks, John.

operator, think, it looks be the like questions. of the I last might

to concludes back the for Tom would now the remarks. I This over to closing like of Q&A conference Palmer End question-and-answer session. turn

for rest the everyone, day please time. and week. Thank Thanks, your you, everyone. And operator, of your you, thank enjoy and

The not Thank today's for you conference presentation. attending concluded. has

You disconnect. may now