TRX Gold (TRX) 23 Jul 242024 Q3 Earnings call transcript

It's now my pleasure to introduce Christina Lalli, Vice President, Investor Relations with TRX Gold. Christina, and the floor is yours.

Thank you, Kayleen, and welcome everyone to TRX Gold Corporation's Third Quarter 2024 Results Presentation.

As a reminder, all participants are listen-only mode, and the meeting is being recorded. After the presentation, there will be an opportunity to ask questions.

So feel free to raise your hand and join us in the queue and ask your question verbally or simply write a question in the chat box. like our turn CEO. would to meeting I Mullowney, Stephen Instructions] And to the now over [Operator Stephen?

to QX Thank joining is CFO, me Christina, this through you, for morning Michael the Leonard, results. XXXX introduction. And go our our

new We presentation to today. and our format have revised a slightly a

there's the the quiz So we're But presentation won't the and you don't all this too we Christina the much call questions. And I for morning, a going on that. and us answer. on to hope thank question participants not shareholders enjoy hopefully,

So thank you very much.

joining -- So you we have if information, the Mike to Christina, you of into disclaimer. Christina slide get today. can and this disclaimer, you the morning. that the everyone ask myself, read Obviously, control I forward-looking deck It's will and

I'd start TRX with So off slide a to today. with regards like to It's journey. Gold, this

as, as day. that's year put through and the forecast XXXX. And or to the month up press X,XXX from and now is commissioning together sheet we're here the X,XXX like drill a is tonnes next its realizes, we the in up we're so market management and been X,XXX up, our per we everyone well plan, next from for ramping the that will going the after mine now, right over get in over XXXX what and business releases, As be period a currently the plant particular a wet we're will X,XXX Christina is, and balance budgeting capacity. This with day tonnes year day cleaned for together to for look the back term has ramp ramp a since between for successfully we've refreshed is third bit going since our mill couple weeks what putting our expansion. roughly come the next Mike, into XXXX. and myself, And we'll on tonne nameplate Obviously, year. been executed plan journey our then, turned and the long achieving that Where

Next slide, Christina.

margin, operations I So in. a expansion. as on high good a operations, obviously won't but really we cost, we're have there'll be on call lot be existing are in more be jurisdiction consider XXXX operating a much believe Obviously, and as I to The in expansions well operational our low focus coming, as throughput what gold increase there that I'll increase of plants. margins had can through improvements what

profile of operations and the quick. So buildup the growth been has really

to be cost leads be we're the operator, cost some we able low that of a operator result should -- though plant. So even a available in to now the efficiencies expanded are we to that a believe lower as

really property as a X,XXX I'm property more underpinned that this mineral the a everyone there's comes And resource is to expanded believe really that in to day. So with on-time, and the expanded this a slide, build that than new gold take tonnes and by and is to try that lot and resource straightforward of that, unlock I it it's plant and we this property. Christina? is why again mineable to is the on that aware, metallurgy. some our I like on-budget the the slide time we've potential pleased good surface slide. job attempt in currently to reason and this around now takes is like So statements, to mineral new really

we've culmination through to to charts are metrics. see started where are starting done now, operational years at look If where in to a to come and you're you look ago and they're from starting what of And good, pretty right starting these couple the trajectory. have of we financial the we

So was a there joined, -- when plant. test I we've

to that's into get and plant, day per a flowing tonne in cash X,XXX order a this the thing metrics there's Now driven position. financial

raised flow. lot in it accretive this, do it's little generated type a cost this fully we haven't basis effective this do operations, other slower in organically. and a well shareholder, with faster cash any anticipate of than on organically But To operations? And similar future. We Is a Yes. done years. X than over equity the we some other doing approach

in So And this right increase the right gold I'm that's this the I results going in everybody a proud of forward. in look the get trajectory very involved forward the in direction. on team been and -- to to growth increase production,

I prudent management. capital mentioned, been as there's So

had raised and You're starting other was results the to and now, up the financial net in after liabilities, G&A this balance see time come cash came at to at mentioned and platform I Xx the the through. into the into invested cleaned if that asset, gold growth look same generate we maintaining, while almost we've that you Right expenditures. sheet earlier, production that

top any then As than quicker -- we at increasing increase, sure We horsepower lines as site continue functions the to we lot at grow, G&A I G&A need make growth a want that think but and we corporate continues. do will this are to certain more will in increases. profile

to Costs certainly had gets again. gold profit price but So and margins. bit, we not grow result, the were capital as Again, going up a but pace it financial and, operating some flow the little at good really discipline. hold it's QX cash before cash with So continued XXXX we strong up revenue was gross the into more flow. Christina? to Mike going with operating same highlights, can't forever, regards

are So of are the run we sure it's they're make important is, operations expenditures operation on spent. that how sense a the before we to this generated get spent that

instance, prudent drill lot that, raising very we do flow markets drilling, to a We quickly, to could but to going need to to that for do that. do the the have flow advance cash doing the in more bit. versus cash we're so and And

and more operating the the over put a medium focus short cash generate growth last to flow That it has believe build. exploration well the operational been flow months to out a the is the mill place be at again on really faster term. That as can our commissioned, or wrung as now in Both bit. Mike, plant that the that? anything the add of we there's we X to plant order in So utilizing in that an profile putting and perspective, year build system, the lot from efficiency drill has costs been focus. to in are And in cash back on looking to operations.

No.

Stephen. I said well, it think you really

our enable of model it since management on many has it's times good the heard day value touched a couple you've the of growth build accretive area business plant prudent generated way a through talked capital growth of and of really, based dilution, for a expansions, cash value been think, job while You've and time flow one over we've sufficient to we've of which, things either was followers that you've demonstrating. seen, times. -- which really cards, minimizing I it in our which primary focus accretive, shareholder calling like about. And joined. The to was decisions, long model or we very TRX, a management Capital really exploration, done

here. from upwards onwards So,

the see in and And here, darker it's through. you'll is that -- slide a going new picture of crusher ore this

the delivering material oxide certainly, more crushing So is in But, circuit currently. particular than sulfide this picture. that's material

slide, please, Christina. Next

you regards, the some new with So pictures of see here.

a pictures. You couple crushing and see the new circuit

years' so can we the in will long-term be underway. get facility more well that TSF expanded is tailings The facility. see capacity couple You a TSF and plan

led As our, an QX mentioned, The a capacity. increase here crushing over of looking currently We're release, to the the the is increase what tonnes crushing production throughput. And, to to expansion in XXX% Buckreef almost up. That's XXXX. of lot There's day QX a operational in improvements growth X,XXX start now production. to of gold really processing and for or to Gold forward Project. potential I'll call a capacity we're further increase unlock looking, this improved

to hand you please. I'm financial think the go I to QX to Mike, numbers, going through So, over it

up to Sure. greater to. to close Happy million ramping Buckreef cash continued We're quarter. have getting day. $XX well-focused The on a for Sure. at up operating to tonnes strong flow strong be the operating about mill million quarter, $X a than X,XXX the year-to-date. did

the way. Stephen positive we're in value over Year-to-date, like year-over-year-over-year, plant seeing gold cash in this significant margin back was low gross again through that balance very a flow, prices margins, that significant to like be and $X plant growth and, high accretive, approach. this. to to and touched gross very under Again, remained our and a focus maintained shows a saw sheet. quarter. free a record, on growth that continue done things these expansions XX% we into just liquidity business put So we've again, seeing. Liquidity million a Stephen a preserved we're operating expansion did debt cash, We on working which We oriented capital, and in strong. self-funded the profit on profit strong. demonstrates is touched building of, But XX%. It, leverage very, project, for the that of grow about cost,

on So prudent again, on this prudent and keen capital most we notably, really on budget through again, cash, organically And generated management. on plant capital built time focus focus so management.

in is leverage you'll year-over-year prices, in, to of revenue, touched gold in profit terms in What our increase seen gross EBITDA. In a and have results we this. on

record as realized $X,XXX sold almost price. $X,XXX, which people I up ounce. Last is have price, gold at Our most a year-to-date is an week, seen, around again

$XX it And, immensely again, we Year-to-date, over this We So we revenues grow up as the these $XX metrics. We across million. are from we're this all operation got financial around gross quarter as touched record benefiting know. the all is for profit margin. numbers on of million. all

by plant So, flow use Operating just again, cash liquidity the preserving And way prices, our and larger this a EBITDA is balance capital in I'll growing. growing sheet. And benefiting and business, that touch it gold again. to growing. continuing we're -- flow that on prudent year-over-year-over-year maintaining and higher all growth from and is cash

tonnes day. tonnes on expansion market $X did our plant is the cash. We guided cost grow a to a We low it using to million, mill did a very, X,XXX and X,XXX time again, like we have which, from very about a on own to a day of budget

touched reaches Stephen doing wet tonnes capacity, it. on during X,XXX So We're nameplate a as day, commissioning. over this

We these and grow the QX on certainly you, accordingly. Back Steve. metrics update to which to into XXXX, all market expect into we'll

Mike, overview. that you, Thank for Yes.

Christina. please, slide, Next

funding we cash not of for as myself. So Mike reinvesting and are growth. mentioned, again, the flow really I repeat to have It's,

this We been a on grown future, efficiencies strategic capital quickly do, like drive near look will the see ESG as to is necessary And will, you'll has have a CSR programs have side. the both the processing on can the on -- and to at investment, firm disclosure side similar in that And M&A particularly That's higher and in mentioned, mining and hopefully, several a that things start programs basis cost Buckreef, term several the believer investors I'm opportunities, the enhanced here. We well profile order more periods, as effective the all in in in price. operations. to in done the an fairly demand be place. reach as some that for I

and like regard, so well have And companies need so to our this that other is we in disclosures underway.

as we get. pretty the operations all-in-all, we Buckreef So lies future in growth the at operating we confident are expected. that and what the And are profile

Zone, to to be south see next drilled categories. have the infill our the to we focus be and obviously, the X on go XXXX. and there down Main Porphyry. bit in than looking we zone that need mine the the main it will around will Eastern for as extensions property, Zone Eastern know, regards also with to larger to which drill in Porphyry, well we stars resource program some back started those So go there. In Also, much you the to They some XXXX, on pit, into a on northeast drill was holes out there, zones. XXXX XXXX you is Anfield slide, in the in there. And, infilled be the order way the those in and anticipated below The as

the and control Zone a will we'll what So get infill go start there. have that on at That better be stripping that much through the we at is the oxide handle to now the and zone Eastern year or great program over next Porphyry. We mill, in did happening a really so. looking Anfield

always priority pretty keep be fingers look and to going and targets you for high this, anticipate. we're first know, a So going a And, and It's it. have but in -- there's easy to bit there good, that, some in got the little you those luck have to more gold in confident you for for go to place, explain, the nowhere to than look lot gold is have XXXX. we pretty which we our a we're that crossed of the to are

were price asked period performance, to $X.XX I between Christina? me, zone With everybody we're is would at an aware more and $X.XX of, regards time. slide, say, oscillating we as everyone in Next share this of kind

I should hopefully flow trying we're think stock cash increase a start program move successful in plant to of drilling the well price out as this that zone. as the expand a to

We free. are debt

in right and, an We profile. have around $X sheet, with to million cash $X.X now balance our increasing of million liquidity on production

the production. where continue to we're flow in back and crush to process hopefully, So to regards pretty lot of an is from it we margin. to, Buckreef operation. reinvest cash good the to out and fairly operations increase We're it gold, the the that go property property. We grind in the going operations in CIL something that's straightforward more to confident high has again, a we're that, start fashion know a It property. a oscillating drilling, to resource get in good value. could grades, There's and a to order confident a range significant grow shareholder in feel to to able significant. With going of It's summary, in increasing mineable, into get

So and I the like would back hand moderator on to the it process. Q&A that, to start

[Operator with Niehuser question Our Roth Partners. first from Capital Mike Instructions] is

an this think kind is exciting of I Really, time.

level I the all a quarter. it's current of is transition, that is to can going -- we I one see it appears think by stabilize higher that at quarter but next

in this that current as we're stability? So a basically to transition now quarter view you do

growth a the quarter the Yes. That's from It's fourth way tonnes within -- production, to tonnes it's better X,XXX to internally, time business. the transition that's higher Obviously, profile run and certainly we the a the a flow, X,XXX for describe Mike. good transition gold quarter quarter. But rate be cash the stability. over you're it won't going operating to, a the higher because

think So, yes, it really phrased I you well. I would --

going looks it recovery? figured ores from any or transitional like confidence think out to of be, I'm have the have still Okay. in able getting moving of you're you're some crushing into size to satisfactory comments you And you're going. winded sulfides you Or but what kind seeing I you be with the recoveries? recoveries. to got Do distinguishing -- a It's the where on, question, as fine good long sulfides getting with oxides know terms

revenues Yes. rock. this in any oxides, to the on you're period going, at are mining the basis, exposes operation, is exactly to you what now you same balance between weekly look mind, it and size the as to I because where know right grind a recoveries that down that we because a harder cyanidation throughput is in don't get to a you're recoveries it's profits. harder process. With Typically, maximize and gold the in where, obviously, sulfides have

the effective to grind increase the we're to increase on at of cost look efficiencies so basis. in where And size a will that recoveries in we phase sort operating now order

-- see either you get HIGmill a front. That And operations would get a back as typically, on a thickener evaluated also will SAGD you the a time or mill So over there's may on the over evaluated sulfide end certain well. time.

studies grind and these our we well. that continue we what that So more size. really do look it's the obviously, bit expensive what at grind saw it's of need rate. Really, to sort little MET the a that finer are efficiencies increase see, as recovery to of to in some to we it, you about operational And

maximize optimal through rate So optimal the and and to out throughput make what That profit. go sense? recovery we figure need to is

answer. Great

and So learning, that's you're to good see. still

Yes.

more there expense the seems operating -- -- expansion can starting Not strangely. about be learning up you're expenses it you are exciting and you be to going are to are like than throughput, gold throughput. which be going not higher it to fixed there's with variable might able items the there's you anything margin the the it's seems -- the increased variable have share where make With from or it all -- things like price, but to all the cost,

with agree I'd No. Yes. that.

And So contractors. But lucky you cost been our to lot together is utilize now, cost this look be way business profile the Tanzanian if able the we've mining. expensive. in put that for growth of more plan labor a is largest we've to at and

So is Mike, mining own we having miners don't delivered, equipment be that that being next have the other equipment That fleet something There's to regard. potential. fleet at contract mining would that's will week looked have. the or time week, I in supplement believe, this our over

Yes, that's Correct. right.

Yes.

better. up that So to you'll We're on to position cost. in construction that do a see to a can us bit where to you own lease the now equipment, build on of also little we're going helps that. start lot start a That we so

lot So earth of things. sort of we and constructing contractors utilize for those of a tailings facilities moving and

rates power packs and So that X,XXX can in XXXX we'll efficient putting gensets throughput. doesn't if utilizing look really getting We that grid the the start a down day a that do on much. bottom ways profile. Obviously, per the you as continuity line. well more place that to That's our at the at. then efficiencies things cost own going to nature. get then And so reduce of battery all to and that just increase labor for of your tonne of helps you drops plant, recovery tonne to by increase of need The a by forward, look lot

be of at. are lot to these that a there's looked So efficiencies starting sort of

time. the haven't had We

You capital only drive to in human much that. have really bandwidth so

years. X we for -- on focused to need last So we've building the been

look looking build operations and just to efficiencies then again. to building step -- at at and the need increase we So from back

for Mike to one Stephen, that. add I and comment might to Well, just make

the from processing. same Mike, that but be run stats, but labor force synergies touched on to $XX around a end plant. You And, been we've half, to where, you'll things using tonne to day to X,XXX up tonne have perhaps like will around you're the a larger expect would plant effectively X,XXX that tonne it, the tonnes this -- quite up see the not certainly in you cost quite significant processing will you seen have per Stephen's $XX, $XX, point, day do that key a

better processing start the So significantly, that and of as margin come some a down out will seeing you'll result. plant

Yes. from That higher at stuff that right, throughput. of site. doesn't all gets sort increase, covered G&A,

good answers. It on derisking like -- going refining, Both further and answer. improvements or could. recoveries that to listening I'm you with to spent if with get questions Another capital sensing really exploration. X more answers I the M&A, looks money's mentioned that after but your possibly

money going the level to sustain project right So the that is potentially the and get able expand recovery. really, the into if to back just you sulfides be into

is opportunity seems get that to the that real So to where close? to want where go. you Is

Yes.

look when struggle better M&A, in Just opportunity of you? So front you the leave that. is you do it than a have what at at you find

actually opportunity to of of kind you, a the government agreement and to Do on the leads it's significant Well, with that relations the really with I you've and that softball any that that, seems to that all current them. you to second going have an earned of It the government and upon guess, Because is improve are question work the there's I for opportunities to much Is care -- that negotiation community the think, kind that? come got like doing, I enough. good because sense fair some question? that be record you're might real. comment safety you have. too of the

because in Yes. it comment in Look. is can I press Tanzania. the that Yes. on

the venture that government government, the jobs, have And a earliest sure start a at stages, the increasing dialogue on the of making taxes goal around of have the our government. and royalties, a We economic reasonable with agreement with joint arrangement for obviously. with end, we

stages. much something comment is But So there well. can't than at is that that the as earliest I out those more are that that. on

in a government So very are our the good. of large the months. had delegation government on last site X relations We probably side twice things

to the praise you're what's when and politicians on going and and, -- So in stead. good then, there, want going to up show be

to lot a Good Well, manufacturing you're really so again. credit of why answer enough. around, go Fair producing not?

Mike. Thanks,

Thanks, Mike.

see submitted like I'd Stephen to Instructions] [Operator take writing. anyone through to join, we're to else questions it While to if to Mullowney waiting us wants in hand over

Yes.

Okay.

see in So have submitted writing. we let's questions if any

share one first a with The potential buybacks? That's is and -- have considered question. we interesting any regards to taking an profits

we much see think I how to be cash is to going flow generated. need

but if base a program would then a it how the there We as look think, the not get value, and at need I that as of obviously, share is process our look look, in through share share to to long are the share have we're view in to certainly we to increase has -- years at to at which robust we a a looks the caps United share it have is and sense was good now, not term, buyback State shrink the it before I'm budgeting shareholder small price of look market -- ago, number opportunities base. But liquidity, that. increase couple ultimately, The immune in it. -- and

be question. this it'd hope at more something the if that to the to efficiencies looked look increase at. But the there's term, with answers Buckreef profits I that operational so, right the be opportunity increasing short at to point think shareholder to and And benefit time, in I an value, cash. there's in

next it different the so on test plant are in is, than the we're rates question Next gets the run. that what versus obviously, was the in recovery getting rates sulfides test thing in the run. the And, the

we are higher what the you operations, in all the that's in finer grinded run, experiencing ore size. have the rates. recovery and was much grind It's So why test the than about

bit plan profits. That next to is go asset. milling this over or the develop is and looking that XX%, recovery order in little XX%, how the XX%, be is the through to maximize determine what analyze we whether rates, mentioned, it's and business we'll As I something at next ideal to what need XX% levels versus we throughput

it had have the ounce. Yes. should front to HIGmill could what to just determine and experienced year, be. Cash what a mean And So anticipated, the expand work have what again. guidance that is difference could mill an We've it our than SAGD We or put that a anywhere. and consultants between are we we've we on with we little experienced. than that a get or more cost originally as on-site a There a of hasn't we mine people into mean and need ratio rain different in gone mining last much plan so higher. also costs experienced anticipated. The ore $X,XXX

in we've a grade had originally bit year's profile operations. a So we little this than lower of anticipated

and go other obviously, get higher ore grade Now, back in that or the grade future. ore we'll

that higher than originally anticipated. what we led the So had cost to has all

So anything to you're that really all Mike, to of as factors. that? those on add sort Because of of well. top

was you mining I end blast, mine it. additional compared availability in the considered maintenance, at with harder higher so the sulfide some was mining envisaged the for example. proportion slightly equipment with that on And add, example, more to requires, in and -- It's up you up drill the what touched than of that of our the is and year ended on looking mining. Because than and -- you're equipment, for at oxide ore the plan. what it just rock harder a encountering ore, things was effectively because like rain of original I would Yes. as of Stephen maybe sequence also we originally contractor, different mean, start

of throughput more grinding the it's it and and reagents -- requires terms In media through mill, consumables.

cost So originally your per mining than they're cost higher a ton higher you processing end a point, to with, and up per envisaged. ton

adjustment the the So figure number. reason cash the to for cost the guidance hence -- on

Yes.

we is value it warrants. now, So recapitalize well love company, the question one. X derivative liability? So the we next the to needed to when -- over out this years -- fair take oh, I Is ago

So every that mark It related those market quarter. to is liability gets to warrants. derivative

favor. in Sometimes our it works

aware numbers, maturity. item of against will income market will And even et as or be works the and that U.S. that. This particularly will that We're expense that on players there's a on an closer time has it fully warrants cetera. part Sometimes trade get significant EPS that impact to financial us. over dissipate an the algos

don't company So it. like either, we're in the evil at fully aware a We the necessary the it of time. recapitalization it but was of

exercised very Black-Scholes company importantly, And a the or the into I up It But, be a that go of inputs and all minus. I won't this get or can warrants, very, on with direction will higher the in And the in if -- price, maybe the valuation. noncash goes end the higher is summary, share expire. when, consequently, share just either liability with price, if settled down, they're give plus But the you wrong the goes higher with and, adjustment, a the the and the loss. gain. the equity

So each at, noncash pluses and hence but all all know it's with perhaps adjusting. and, a something minuses, and quarter, as measure for future non-GAAP look we it's variable been the we

they get gold in in at all and this won't something I'll with at or time. had dividends the warrants last regards all with we've the discussions this deal that for point That's to allow asked of I is one, but something our us this It's the to era. Yes. cash in time, this warrant say. With or gold question a holders, --

bug. a Which than his a gold gold is Mr. bug. higher lot I was Sinclair, And when, price of and gold statements, lot do. envisioning declaration these of current I'm price. of was a envision dividends makes the I cash sort gold he gold think in to a think easier

that certainly of create period I same short consideration. think, have. also cash But shareholder gold not efficiencies, this or question asked and Either in better earlier I answer the believe -- a is there's look something cash to but or -- something the -- I one would the The the may need against in time. of question value and on are in we haven't operational short impact in thing have than sort term enough buybacks, cash that to be gold. gold. either a this, that analysis have this of consideration may a share in may of I assessed I dividend to in I anticipate the or think dividend future always ways, at term, as done at. I was a or ways don't

have them? from another introduce question phone we lines, Stephen, could the I if do

Yes.

Conceptual next Solutions. question is with from The Craig Sutherland

with Most of been the if correctly, as all on, one shareholders I debt. It's price doing because it do I any things, what concerned which should taking share you're appears. had production already had, answered. the questions story. are obviously, we other the My Cash increasing, particular, But question not that a is be. great focused have increasing, is flow are on really is is they doing

a picked gold this the price in basically or negative. but stock's from You've got Volume year, flat has slightly last whole up not point-to-point rise point XX% a lot.

phrased with and I building being you're focused should I on be. which So you question, that the know appreciate company, is, my

to momentum, specifically the but traction, However, of like company not done a visibility? doing, something visibility. what missing, things and realized. that, there be some the is also because Because trade and has story getting but to analysts component in building such there's is great such know great I it's shows talking being of type you've some that

it whatever to that need in they to or to make meetings you pick visibility that see they telling the So with recommendations, give analysts are guys up, your what is, market? to you to

Yes.

to with this is think a Part well we actually there. we've is that thing good starting regards journey we're them the resonate is as story said to And out a I do. of the that's done with question. what getting going So to

and of there's this in Because not even and year ago, where and around that their would believe industry growing is, So on been to a institutional unfortunately, us. this particularly to if look an a investors, a I'm would just going analysts smile at, assets into talk they lot to really years industry have production disappointment. them. we X you say perspective, putting face, an

of stories last couple years, the of in industry. over out look you this If lot a not great there

afterwards. it invest we'll a industry and is So doer

basically, we'll say you So, then as do you. and consider then

this call versus on at ago, had even number what probably I So to X participants triple. we we're the years that. starting and see it's look of

to story more the is starting and resonate more. So

also on up institutional up we investors reach on trade start We out and are retail and conferences. to pick shows, picking will to

-- lot situation. risky a as will investors Now lot you a than start appeal to a of now, know The it's said is that hopefully, a company quarter. XX Mike earlier, to we less ago. in months It transition it was where more

something, appreciate to no because field Or debt, Is doing spot be work, that analysts Is has companies, you? too they're sales, would doing that there a that like, see of the that that's any, size, looking if to the I to if same want back. we here, flow, story's cash with positive that, to I there guys small, expand. But once to resource, we net profile -- said go for the same certain, back for? And the there towards. be saying. take and again, you the continuing that's a They're same of to to that us. want you're have time amount go that you're Have coming sweet building I is unfolding, would get of No. what as you were anything the to think list extremely -- Yes. the it's you're then

Yes.

adviser what at they So any a you're put into. clients their -- looking also could okay, if you change at look investment universe, in

is things the a that of that penny constant we get that is considered fact on one or just feedback $X.XX stock. the share is So price

and that over looked to at crowd. Then to that institutional So that the to continually with it's around sort for that's things and do that where grow be in investable metrics add for increase is the of size. to it's one point can of that gets order is and we perspective, from thing And sure that a it they a financial them make say, the compelling needs time cap market investment. one this okay, such

our this the market, that. was ours conversation will than for metric share with have It's it of. market X,XXX number cap. And they when to with a Which a the free had market, we out of at price. flow instance, significantly was large would higher week around way cash because be Mike, XX%. I is in a whack the think yield miner free said look analyst an to was that there, tonnes your metric So flow day, a starting yield cash

bit So European sort dissipating starting Canadian and little the Whereas is, on Asian market, free those it's focus the for markets that certainly ounces. of and is metrics. One to on thing resonate a of U.S., on instance, financial amount more focus will flow. cash

So are most and U.S. shareholders. we our are shareholders predominantly New traded York, in in of

metrics, of that about rerates. I if well. think to get That economic sense, a as as more start doubt So the to is arrangement But and get hope XX% no we than government see benefit us has for with can the is our the There's an we'll to drawback that those makes is I well. That also tackle. that drawback. XX%, that a focus financial that on we it. been

last I already could, touch guess was point, up. it Yes. one and if you brought

properties mentioned is it, you without or Stephen the respectfully either of way question that see. a it. From did the like that. call fourth that I think, lot job you area referring can in talking I'm the have you about And of of said not I asked standpoint, talking the and and like a an M&A. may M&A at Well, third us really whole properties. general where you've kind ask This of in in trying row answer nice are acquire that to a could -- you that you're there's to

looking smaller we on do it, and asked or do say couple how to, want mines to play you're them, I've to you that us something -- with that I possibly this is calls. larger properties this are and with? ventures So for there acquire Are M&A a other

Yes.

opportunities yet, dollars. interest a debt. but other for more M&A So, assets of by resource say, the percolate There's similar are acquired get those appropriately. There look more opportunities value there it's think OreCorp, not look, in the would than numbers, And I with to lot Perseus you of when to which fairly quickly. to at equity sheer but holders, opportunities, -- you jurisdiction kilometers production of into and hundred is through that from structure. And in the the probably would than of issues Tanzania has people there's us million of it the at XX a And as there looking takes around away say and more they capital held what haven't not get to couple has management, fact wait investment obviously. been prudent time a but is is Tanzania, than opportunities got that anticipate, those capital value on social safer more particularly been would there I for it past. been you as

be ultimately, that Buckreef, an things at that So to similar prefer and would we think future. acquirer do we we've and in do the we done can

The next question is from Office. Stephen Reiser with Family the

fact dilution, history. in expansion terms the third achievement plant. like TRX of this Firstly, inflective Certainly, credit to and, it and on things budget, on in schedule that of these to are all indicators excellent an the the moment brought has team it looks of managed avoid TRX really date. performance the congratulations the are And team on the in that capital in great

constraints. Is creating story of the those that friendly is, -- in Tanzania? do investment that about, that of planning on, business share within some free accolades a promulgated. as level in there's largest in a the I that The were to terms Tanzania, on just more building around story strategic fact to are to regarding Tanzania new price I they actually economic from one of a more is second growth. talking a current Investment much, to is a Act the TRX questions, But bit still looks is port, of So, location or the and do apprehension one and there good of secondarily significant share tell there they've ask want the of Craig's Africa, little he is a in which climate, fact, you they're along a team up think, ways got lines regard. What pretty at Stephen, that been investor the liberate one, underlying discussion Because price couple generally.

avail So, help to can on company Tanzania the understanding the extent to the enriching would perception. that investor

views dimension. get your thinking to wanted on So and that

are, in western, general, Look. than a West investor there perspective. It's Africa East is less problematic, press Certainly, Russian Africa Obviously, coups lot lot more of particularly West a There's things West Africa. a East Africa past from becoming deal had before, influences that people to happening perceived investors West lot is, Africa and been miners we're have is to there's what other the risk that particularly and of now been in geopolitical analysts as in gold able the with Africa the doesn't hearing with investors Africa. be West in influence in much. in and juntas the than in scare from Africa a

being that spend there's So out listed searching Samia into starting came billion we're in. more cap States. Dubai The right. well. a in cornerstone market of sentiment, Western that investor higher Perseus half the or the be investment. that it the as acquisition and Since more today. over what Africa thing. operation. It East for million, really that might -- has interesting into we're Mama looking as and World, been United believe a before she the believe, and investor nickel $XXX natural in what in in space well. as They're leads Metals plant. that the started has $XXX that I of are I a property to took part told. Also, The into probably a sort put became of Also, and gas are fact is They Lifezone that's the that's just is has that BHP for production, even port and well investors property. that $X.X over to they'll million, And OreCorp you see switch President of

It about to it certainly lot a to to quicker. the happen that come time. I things where all a professional we're And than to all but just starting patience of I've are things lot into services in us. takes again, for learned surface but come a I time it takes in and there's Right? experience together. go it, that around, just this is, more have this little role certainly things we what bit lean sort had say of to talk stuff, this time. percolating it, of are So these of takes all sort But in,

improving element. Tanzania, That the even periodically about look. makes will -- situation we the you in company's on I on the see dependent an Certainly, what marketplace the agree the the do in sense, Stephen. I think consider with time the more posture we website better,

XX,XXX, day. ounces we element wanted the in cash X,XXX to XX,XXX million serves production I recall of we terms in around excitement memory flow. expansion tonnes the or The -- second of throughput If operating second want you correct. per all to of that, is, generated like, to $XX X,XXX XXXX ask question around in gold,

now operating to flow the what all some over over see the and pro the over the, nearing year cash to is production just next of get that potential. looking a view early looks months, view Do we you type we of a the type next out that the of might one is? be plant operation, at have XX third of what form of expect year next As expansion might ounces

and within budgeting it with out coming the We're currently process. Yes. we're

as dependent rates and, are be recovery that from that will as to throughput. do -- the that. the going production we double grade a have well So the sense achieved of to profile is on throughput gold and Obviously,

the So certainly, I can't grade that today at, get we looking we're public second. do high that around remember in the I little low because direction bit that you're wise and the first, willing go a to depending and I more goal But be mind what direction numbers. grade think rocks in move the over grade, down because too to will looking it on like to at. And just it you say see, will particular just in up. to then a need wise this up that would is those I'm have work firm not to realm it time

only You much of do so can that.

experienced, we're cash have to going still the So year. I last bit be gold will what say, we've little and But, Extremely growth production profile in and great flow. healthy a margins believe, healthy. under,

I actually And, recent news talked last don't you're I talking capacity recall -- about X,XXX per that day. have potential grind the that my from on significantly. is the right the question But release fingers. higher we've than about tonnes figures

that's any in plant have one -- So bottlenecks, the processing of the you capacity. the throughput plant works in new bottleneck, you you got is, processing just a one remove the processing plant and Once it. way nature obviously,

has circuit your than that a capacity. crushing you than to the and day, X,XXX that's more grinding more tonnes So want be

So ball the are the crushers mills are grinding, crushing.

rates the increase as look crushing way recovery And the and so throughput we Again, do because get well as, efficient have grinding we to will increase the larger. is room that what's to at balance. most

We haven't done or time. point at completed that this work in

I all from back that's will questions phone lines. we the have hand the over Stephen, it to you.

Yes.

questions. joining So call as for good some everyone today, thanks the

am I anybody that available anytime So and the any pleased very questions to may with questions we're answer have.

You deck. pick can be This investor will or up investor deck is the information in the updated. phone Christina. contact Her contact

to just And in. quickly I want jump Yes.

share just we more through do question, text regarding one line think have I dilution.

the question the asking think we any in share I dilution near is to live future. whether expect

near Not future. the in

made I think flow It's cash all from that. operations. we

It looks that was it. like

was That Excellent. it?

Yes.

was That answer today. thus easiest to far question the

I and as us thanks say thank follow much. -- so, you continued shareholders ]. contact everyone Asante like us. their support. And Tanzania, for Thank [ to anytime, to and for at And our we'd joining us Continue sana thank very

Thank you, everyone.

This concludes the meeting.

You for you and may day. a disconnect. have Thank participating, pleasant