TRX Gold (TRX) 5 Dec 242024 Q4 Earnings call transcript

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

Thank you, Jen, and welcome, everyone, this morning to TRX Gold Corporation's Fourth Quarter 2024 Results Presentation. [Operator Instructions] So I'll now hand the call over to our CEO, Stephen Mullowney. Stephen?

Yes. Christina. you, Thank this Leonard. us our Financial Chief And morning Mike Officer, joining is Mike, raise hand. your

see can't hands in Your it the background.

go of morning, So quarter welcome, outlook We going for This good was and and fourth we to we're year. reinvest we full where year XXXX. get in everybody, and record revenue XXXX a expansion investor third record you'll the to XXXX in on had going XXXX through And and we're what our a did time, in continually throughout had a business. on sense XXXX budget, and call. presentation. the EBITDA this

We have go. you we No want some more background to we Christina, just go noise. on There noise. background mute. There Mike, go.

one sitting Mike, which me, was. I in next he'll to presentation. not of in maybe office out think is him, but and so come sure Probably, an the you of I'm

through I just as -- presentation, please the Mike, if interject we So anything. go miss

going forward-looking foremost, disclaimer. So other get statements to Obviously, first items. and and we're into

ask I'd presentation. disclaimer on read participants the and our website to So

So growth. fast-paced transformational

tonnes to a story and in execute. the on are our into the that in which the and XXXX expansion And XXXX XXXX, starting There we bit hear over was restructuring day. time you're -- little and same story budget. continually mirror. rearview now we're in lot per over and X,XXX of So was a as period. That's changes third mill on

in that zone. or that the that between grade shear that. -- gram I drilled good X which the tonne zone the Project, We call holes also, get a Zone Buckreef in in the the ever what over so we well grade length gram well discovered drilling tonne limited we'll at Buckreef really sits over XXX meters meters, the returned best do, main that that we've the both that and into And did Anfield our Gold and in presentation, is of continuity

more very more closer have gold is extended the on that's the profitable property, is is further to ability because, more and we And expansions exciting and obviously, the the it it life. mine the activities, do mining to --

XXXX deposit. is little of deposit stripping to is the the portion first that the one single of activities higher we XXXX the year, the a softer of half second a the a nature and will bit is we're versus in due be year the half what that's grade more through So like? we're with going normal, of asset, look to mine and lower going that. the to completely have And and grade comfortable portion get that's of to and

more second a you'll are than in the funded first you because flow. So half the half business see we cash in from will activities

higher versus the half the a in half cash second first to obviously, profile year, new the little second half the sense leads the better higher in the that we'll year. coming of give market of in bit the So grade flow and

change the the obviously drill and iterations plan, what's what change We're what's business on business that. part getting be part getting the will and longer underground, plan will and pit the and through good handle and that a to medium open term various we're that go of now the looking we broader can today of also exploration what's the project today, bit say known but known will always is versus known at

I the gave? Mike, to add to outlook there that anything on

was Stephen. well that said, No,

day, plant increased with from we benefit doing the we more stripping expanded detail. to which a tonnes are having a But you at expect into this talk As to mentioned, the back year, X,XXX next online of that come in about end throughput of we'll QX bit bit a year.

plant. of to I'm going the increasing of efficiencies XXXX the large also, part is around add, a And just operation, the Yes. particularly

upgrade, another -- it of when need and in will will an say I that. that, when and expansion plant I throughput we be the smile there's do that, possibly So

to is rates there going we're the what be tackling And doing recovery and in efficiencies plant.

budget will on the front and flotation call we we it size be. But depth that the the project, discussed can a market I to finalize a predominantly with by probably drawings details to come in HIGmill through it. have we're mill to time order here from those line. grind and regrind we got recovery And believe should the we've this that that it experiencing. SAGD I increase much at cells or on ball followed tell to out require me front So they last we'll get what where back a you, finer rates process now, the more on in We in in as of down currently a on that

the various on have team our right and We executing ground that now. consultants the

to same So to have to that, the We're more cost asset jurisdiction. the gold want order exploration it's with regards lower and to plan, the longer a in continue continually in production simple. ounces which funds which as life. gold increase to well then expansions, leads as drill low-cost potentially to operating try thing. business Pretty increase the to mine need the We to a a good bit, efficiencies production then do we high-margin, gold hopefully

the June. XXXX, the We couple product go through had expansion last came in to of months of in With lower year. regards the online grade

we in remained profitability. we operations. do profile the since in by an cost EBITDA up as driven bring we it by So a on expansions, revenue G&A pretty a were little bit record was joined. but as expertise, as the record as increases offset both will stable. we low more that and come that well bit We expect cash will having well had keeping of in down And that has from I tick price. even uptick flow the production the as as be little first Again, gold that the

invested. effect capital continually I mentioned As on multiplier is the

of predominantly from out this doing been cash operations. we've flow So

ago at Xx a have over X net So multiple raises doing we cash now, you in the on invested into look the when the raised years over capital asset.

the $XX been So has date. to investment capital over million

of you to the get just let these? I do pass some into take XXXX highlights. ]. [ you want Mike, floor while Fiscal I'll

Yes. highlights the operational flow the to a financials can Christina, Stephen around back Why next This on, don't a It of some record results. and touched we and high-margin reinvest We achieve the the revenue that cash and business. that to operating talk continue we to specifics slide, generate maybe is into is fact as that use organically we go did business. did on slide about sort summary we EBITDA. of

the the to throughput and into up and expect around us the full year expanded for mill You saw the profits gross benefit heading year. XX% next

led with growing to into new mineral couple results drill time. call hole that bit best shear which more Stamford expand goal on, put further the our to You with the the touched and significantly that Bridge Stephen resource we to zone, over hopefully expose money that a help drill shear which expect ever zone of we has the

Next please. slide,

do touch the financial on mill expansion we you want Stephen, the specifics? before to get into

Yes.

came expected. achieving rates It's So in been time we again. on and budget on the that throughput the mill expansion

third increase asset. we're see we grade So in the profile. quarter particular to then more given nameplate this in And capacity gold the that near ounces produced on expect

improved -- kinks working too. on out But I that's crushing We're capacity, as some a company. said, that is crusher. the the normal, still asset in single

grind continually almost hard the on you to increase well on through on of that we're as as a it, the operation. expect anytime we So have handle metal, to that and rock the milling work that size have got bottlenecks you and through good in

So all, great all in third expansion.

in a drawings upgrade. in of I And me XXXX. we'll Mike? of the that probably that as the I as again upgrade increasing mentioned, capacity to for throughput result look an front have at And plant

was again, revenue Thanks financial the which a EBITDA, for a couple just the year. price produced But company. gold on sold sold the of just of for ounce milestone times course benefited gold and again, levels. record $X,XXX We already. the average -- touched over us, an Stephen. The over for but Yes. the record from record XX,XXX ounces of And revenues of generated year million the for just under is organization. of we've here results, at $XX and it We year, this big our on terms under a in it

$XX very, had profit the for strong I earlier. very gross around year, of million about We on XX%, touched as

the this gold a high-margin our We record growth used continually on. demonstrate over is we operating again, demonstrated came operation. in fund low-cost, talking touch And about. year-over-year-over-year to to as continue flow that $XX And we price. that around of $XX significant just again EBITDA leverage The the to business highlights cash that been we've So million. at million money

good on. a So touched as year, all Stephen all, in

took And shareholder-friendly the our into invested to operations from way $X philosophy plant to included liquidity. in $XX is that cash asset other at funding the very a and preserving this cash back flow business over expansion flow it operating use We a maintaining X,XXX million million our while in and a tonnes directly cash flow nondilutive generated organically day, of the Our fund to XXXX. in things, position amongst way.

We is fairly did operation. into to expanded So us on did heading million, again, budget. in it day did And throughput which the summary, tonne it it that on unprecedented expect X,XXX built about plant. We time. we for We $X a benefit for XXXX.

a this, on day expanded plant only outlook, came full as towards online X,XXX again, far but capacity really end As the to tonnes touched at the of QX. back Stephen

mine next full gold we expect bit the from in in throughput but be body a blocks access achieved to campaign of we higher a benefit ore to this, and of embarking production year on engineered a consequently XXXX touched to on what So course, ore sequence. year, XXXX. in higher based We higher-grade strip we than expect operations into are on the of

but that. that and cost offset mining expect comes throughput production the And with the -- higher to higher higher

So come year's $X,XXX an expect ounce. levels with cash about cost last at in comparable to

a So into high, $X,XXX, all, at in again, high from $X,XXX that's grow and year. we low-cost expect gold, that operation benefit next margin, to all

slide, Next please.

Yes.

drill we our flow plan enough drill quick never with the So property. using business cash drilling, in to out

drill -- and drilling capital to to potential XXXX. and cash excitement I its have be able in way. drill to drill should bit. in of here around We more the to But do there's in more we but flow to quicker, you was drill can't of most lots saw allocate prioritize what XXXX would You have lots love prudent

pop The hole and Stamford ever. results drill is you the when things drilling constantly see up campaign like best changing Bridge

really year. still open still open at zone, the you where to still depth. is discovery main see, Anfield So to exciting north, all open reported, that as The last is are still looks well south, the resources good. as recent as the Eastern Porphyry

ounces into of and for mine a lots So there's potential life move plan here of as lots the project drilling. drilling long, long lots of of to result a

this you'll a this see have Obviously, discovery to nondilutive Wish plays relatively Stamford bit that's main Anfield we've in sits little seen shallow. quicker through. could then really Anfield. grade. and business typical but have structures we do and the dip than zone we little differently plan off to With drill seen coming in And does you at it and between that Bridge, continuity we've got currently It's the it's what like get people that out. between sometimes recent though, It good a these Zone. that And continue the regards type to Main press in this in the release. This and executed. of

out, first see out exploration which But what drilled So ounces. continually potential needs the combine Main I Zone, results we're that potential zone of as we well are drill the to needs have that great. Anfield continually lots going and to with out here. to drilled be to you as Like of this be lots here, said, drill add

opportunity plan value growth so add the So add expansion to growth. flow -- value, And continually expansion fund is the of program of operating fund both well of exploration again, we the as to to return, had and that ways. that business plan a financing to cash plants continually the see now, to in But is as fund other the business operations. the Buckreef. really the saw the If may quick from and we at continues look we use now, be of in right that business a plan around capital same. to Right lots

structure regards capital structure, to changed. With capital hasn't

of despite We between that bound in range. for increase hope results. good as to debt-free. our oscillated continually out seems years be drill We hole up It Marketing are well. in range X gold stock has still a put has to flow, increases picked price. we almost out cash the And as get

underway oscillated to sort in we -- We've outreach this of to conferences to is unlock campaign both try We of lot those have marketing index a underway. trading range. lots campaigns funds, [indiscernible] of order attended things also investors,

great believe before, have So asset. a as I we we said

down We goes but how as would like to as head continually of gold that the it. little business. significant to have at and We to a grow as quickly that continually margin high we profitably grow, lots our as it go looking quick we is nature deposit It how have never of expands. like to that's this possible. how And bit grow quicker,

now so it And Q&A. your remarks, like Mike, further I'd closing comments end? over Any to or hand to from

here We're prices. enhance No, the and gold as got and expanded a the enthusiastic very a I to and about expand set well benefit think mill of start. plans, efficiency hopefully said. We've from lofty these excited that was the well described, further from you mill as already

So upwards. onward and

it hand to I'll So Q&A. over

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

Stephen, can you hear me?

fine. hear I just can you

and the that. takeaway seek Well, equity in going like let about to you carried have repeated coming is Really with that thing. risk away like restrict that the -- seems use and things call. But kind might to you're additional might where of finish zone. times several and that Stamford project without obviously, here that doing seems off you grow shear of optimize to It -- the it getting cash Bridge to the me the that's congratulations pose main continue

case. expecting the I'm that So be to

Yes. Mike? Is that your question,

to that to Yes. It you're just equity do... going raising like not seems be

a shareholders more business saw work to we yet. opportunities I plan. at future look shareholder then both value a said. plan. the to If But we to is for really do enhance and to current we get little Like business quickly, That different might existing that bit Yes. have point

place. that area the times, seeing there's the drill the Certainly, And ago. couple the like And with put pockets many all that something. look, time of and on you in There's exploration, in gold as bit even years did ground, said this -- XXXX. this area. we all you're -- well in there's literally you region, we visited this saw what the getting I'm over campaign being gold drilling I over of when a verified seems that's It every all limited

So very is very, very, it certainly prospective. becoming

opposed a capital outside the reinvest have put XX%, of So as the in which business makes other is to you plan XX% contribute bringing sense in the party lot the we JV that forward a to when capital. from cash as doesn't

I'm sorry, Mike got demoted.

I'm Let me you. just I'm see if you reconnect have a to not follow-up. sorry, Mike, able

a next have you rejoin please Reiser queue. investor. if from the So a ] private is follow-up, question The Stephen [

can thanks all Stephen, hear me you Firstly, okay?

fine. can hear I you Yes, just

investors, noted. days later, this earnings and Stephen, after know, has Stamford $X.XX, the $X.XX. us, Bridge $X.XX thanks announced week, you as was recent all stock Bridge at for news fourth zone, few Unfortunately, then on for discovery the the as Monday release, QX X% the up The rose of a November the report close earnings dropped stock, presenting had Mike when X% exciting, on falling a to TRX regarding been quickly stock to the XX% to pullback. This down XX greater quarter day X% on was dropped Stamford but then than news.

occurring TRX investor on drops at lack buying of gold. this time, in news, indicate meaningful These interest unfortunately, any a strong

well industry X, of at stock XX a average to XX. about sits of below PDE Our also the mining

severely have point. this a we So depressed price at stock

are Now, and reasons this junior to that year, in for miners are there TRX are it. whose I stock prices up finding am contrast there similar significantly

about West from from this mining, Limited, analyzing African unfortunately, Gold stagnating equivalent companies Mawson $X.XX $X.XX. year junior about $X.XX price, about African up up rising And difficult to miners rise $X.XX these year XX% $X.XX. from $X.XX. XXX% this been XXX% up to to markets, miner, in able I've and year RioX and why to has TRX declining. and resources, non-mining are been example, For while this

suggestions. I XX major regarding research, could TRX my like stock TRX loyal I shareholder heard suggestions about of nor other I'm I, September Based own then call, I an in received Gold acknowledgment Regrettably, the investor and I've analysis buy more shares. would any company upon a the back from and neither November. and shareholders of outstanding. who these sent X% in on the note approximately am Gold. to

questions creating my XX of associated and and X goal for provided of value highlight subsequently, like management for the With suggestions to this TRX shareholders fellow out listen call on who the today. may previously I others would briefly X

observing I'd be TRX comments, and of CEO of a everyone, net are the investors, team, price. What the for have My and equivalent marketplace. worth though segment review few investors. and your great. getting analysis. I'm to new point, operational of miners with to be details. again, financial their attention. would finding of stock go about company's in whom are ultra-high we selling this Point you knowledgeable of whom of who very worth to the your net like, first grateful, doing everyone, personally What I me wondering could I'm all in success in the Gold kind Thanks other one, companies TRX who's particularly a ultra-high then and through is the executive if Stephen, minutes course, rainmaking give is all and

strongly X,XXX-plus more, family thousands CEOs, illustrate whom XX/X have of investors could net buyers. X,XXX penetrate million investments, worked specifically is ultra-high only defined substantial that tirelessly the To performance I come have emphasizes new financial differently in investors, worth offices I'm business", large bringing globally. these personally, know CEO's to to role be and and I operational of million on several but where not to companies to $XX other focus "new plus, In seeing the scorecard performance, $X better the and

not X in are short, first significantly type XX% screens, see look this Level than with management strategy shares TRX? trading share XX%, stock almost And have so their from value of the this and family, with their case, of less sits companies Correspondingly, XX%, at friends, who rainmaking of intrinsic my that I at of buying doing influence the when -- describing In I different now stock. I'm large company's question, one investors is TRX Gold. My networking almost by held And TRX. works.

have aren't believe My Stephen. over top your XX second tip My then stock. own and TRX and last TRX shares that to and with top XX underlying are their base the the their is wherewithal there this years affluent, X I iceberg I'll I existing of of adding networks X go TRX colleagues My senders that stock investors declines them These not been of investors. point, through relationships comments, point, second friends have with out investment comprised welcome each. additional concern XXX,XXX building based is to buy an investors upon own like to and positions. investor burned to

from shareholder. who to our to when patronage because out of -- if particularly support haircut. value judgment stock price, the the in We're Not joined XXXX, there, Who XX% responds $X.XX. phone question, Stephen, calls simply a a on now these $X.XX My around probably the making is context was question, reaching about a December for who today, existing you X, to around e-mails. you recall, but thank giving company? their investors? them and their standpoint calls proactively My and

does one the TRX have not compensation no of a contact acknowledged on note, miners peer including number the suggestions. at website. TRX a that group e-mails contact does I number researched, the with The and have my majority website. on also for gold used As I've analysis

for no being shareholder executive issue value have problem paid third creation. My TRX shareholder on and compensation. no exceptional point, I well aligning with executives or centers

very to worried is am at compensation compensation that this appears pays top year I what stock and AGM tied system of happening However, options, the little salary, XXXX millions based the executives price. but TRX's TRX cash dollars grants upon cash-based of bonus, each very stock reading to current in stock

TRX, linkage are price financial is appreciation, the stock the management esteemed for in TRX to most importantly, align but consistent depressed to compensation Board there linkage disincentives Executives So with there new PDE that intrinsic investor appears stock is price stock My clear incentives critical accomplishments Again, and rewarded which of to X. question the operational good clear performance? a value. can with acquisition price of no and please and shareholders. clearly at to part TRX no be third are

Our intrinsic a value, shown minimum in presentation is today's at as of $X.

today is with price undervaluation. second, a a about would about just realized for Our Stephen. That's I $X.XX. me bear -- severe for market XX%

XX Yes. the for you I've given minutes... floor

gold release, TRX's revenues explains the and think XX% so a the important, the that fourth we can't point On Net fourth flow why last a were metrics Operating the was that proceed. for I achieved to But indicated the news the showed on several point however, My Production please marketplace? let sold record decreased Yes. quarter. provide XXXX today, okay, why we centers Deeper final Monday, year-on-year. the most cash loss. reading and is just forecast company EBITDA Stephen, and stock quarter me the in production year-on-year. operational income decreased the of which of release off.

is that the no of production the will Most to provided was increase gets guidance core. This and my vague, XXXX, discussion but the indicated today. forward quantified importantly, core TRX projection. this pivot for

situation in earlier, the concern X with is XX,XXX. November my you public weeks YouTube Stephen podcast this that -- X, on Now said

you a And now. I'm and you stop shareholder. This address an being have your call phone is ongoing of and more me you you basis. going number appreciate And on to a I my rant questions.

real problem, have give points. you So these me through go please call and a a we'll

And points turnaround and stack I very way we're situation capital our not that that. inherited into. existed since I've are a XXXX stack a working came came here, of clean. I always capital your That are some So since we as I've said, valid. in was through since do I in believe

shareholders, focused we you're our going to messy right. the any gone We've business when on of successfully very does hide business. we still a business, That through that, time lot the is to part on outlook was been yourself. didn't But and be the in, a good. has take that on came regards the we of through are from It including With the focus that.

call, And you're less it that still I'm until information I'll to pointing comfortable it so into what I'm the rightfully there out, definitive you this not and is place. getting going this extremely asset change that be right overnight to some, want. with put And in -- going

The marketing is ongoing. We were down the We've to New of are. Orleans to lot a turned our couple of high attention weeks ago that. where a individuals worth net

comments have number. So I my ignored, forum. been But this I've here called like even honest be to I ignored am never your and being in because public don't not and this have your out comments. you quite like going

unhappy, like shareholder performance either. I don't you're If the

to And will I I I'm again, I that good market continue can't hopeful put is will results. that can can what happening. to market out it at prices execute, out unless we but impact get start continue there But overturn the is what those

than So if talk attack to you. you more shareholder. a me, And And any on have please I'm that's to with me give call. happy an

with and I enlightened through. and And with talking up it. with you'll to always have you be stuff that a -- think like raised follow I here. So I will go points through out lot you a of and further went call had you by the other and call major a And a yesterday shareholders to shareholder reaching shareholders. that, we're to on our regards with

The next Mike question with from is Niehuser ROTH.

I'm I bit the is the with sorry, the it that sounds I main phone this really pit Stamford again. went going not be the was zone production the shear Mike reported ratio some Bridge do a Bridge for me into on time. yet. it's in was to it seeing dead Yes. disciplined assume approach haven't now. you're just the was Stephen, Stamford to drilling of quarter the to is like I But for apologize, guessing the was you're around coming primarily that reason. leading I'm where increasing with that that on you got last and strip But me

zone, question you production? at? timing underground the questions X thing starting So And the at there. for are show what time in So hinted think is what you you this might up do those is, Stamford think do the that you do kind Bridge of to

Yes.

takes resource is with So of Stamford the as to needs well to category. that put on It be work reason depth. both a time you lot And that hole at have drill the into to surface regard done. have spacing things to for Bridge, as there's certain

there that into so to to that infill bring resource. to of And be a drilling lot around start needs

doing So and this you -- start infill like like you then it.

So that going we some be will take time, dependent when flow cash to on and that's that. do

there cost. long looking when the mine then becomes -- go the point And part underground you're reach life with have your that you cost is, And development in open a stripping then the the you can when look, equals underground. second cross go where a you mine mine so And regard and at that point to plan, of plan on Main you'll Zone, the pit. inflection

the open an rate you ultimately want. rate then processing throughput pit built on and looking at at we you what to now, that that's probably on thereafter, anywhere years. depends it depending go so from get And seeing that plant -- the underground, X a right it you're X And mine we're to but

higher underground And working, in you're grade material. bringing up

getting as your resource. question? answer we're it on that that's So the Does current current through

can a prospect thinking. ore -- you've it's for point mill is sulfide to kind zone seems to did it start this be for transitional commissioned underground I'm optimization so Bridge well. actually Stamford fully that flow that the as continue of up. finer a that The to to But really, grind cash your plan Yes, keep starting you very now that prepare seeing that you

an balancing able Operating and a having not mine problems appropriately. will because is That's right. in of here complete easy to being mines every problem understanding a balancing operating And your thing. solve It's problems the key It's act. have app. a mine is a firm

that. on So I good think we've got handle a

think impressive a in hopefully, on pretty I fold nice exploration really later. surprise. you than that Well, can quite And sooner and the

the But Given for me. your sorry off optimization for plans. again, and it dropping call. That's

All right.

other will... no questions. there's So I

question I'm myself by muted sorry, accident. Sutherland Stephen, had Craig is next Conceptual from Solutions. The I with

discussed to So mentioned for. brief. other And I'm just to I either if belabor you it was of the doing me in being I want what calls, are we kind more on in going points don't you do a to previous and we're that that future. But you're to specific larger time show then going a you're cash looking it say do exactly -- lot had get unfold saying, as the analysts investors you you're little bit great appreciate. budget, which a as flow. we've or job you had something already I guys probably Well, on point, mean gentleman's made. of and far a what doing before the and

And I Stephen, I believe of do believe shooter. all straight a you're you are.

Or for have these where delivering produced. metric, of There you specific that. what Because want mentioned them a we? to also is people things on the is me disconnect? I for disconnect? start the advantage address number you to certain meetings, -- indexing at they're there Because have I are be So they order in is you're have for you're you are is, or that, if things, you what really you a where these looking I to that what to for a say want that. of to either disconnect? today if doing guys ounces talking guess And taking

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are Tanzania. ago weeks was of try the with so Tanzania I meetings in down agreement. that up couple to And a to government come we an sitting of around investable around with

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North And stocks XX%. have free don't XXX%. that So have type Africa in stocks a own interest usually they're to have is They that XX% if really from carried anywhere in of American performed arrangement. usually

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that is penny challenge stock. next a The it's

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though You've may Alarm When bell be small-cap advisers' they going that cap micro safe. not there, clients investment even large massively off versus in of the the overvalued market. seen and offices. is their cap put it bifurcation in in

seeing You're that bifurcation.

And combined gives so all of those together soup. that toxic you

have then Mr. thing is, you around those individuals your allay one find marketing sort do of on invest can that with those factors. So I to try Niehuser agree to to

a long that. American your Another investor, Tanzania factor, dispute in too, question? is some is time still it's will that, still will done. away. We help take it get Did But time raw. overcome that Tanzania. that good a Barrick over jurisdiction is ways is We the to And answer jurisdiction. operating to things The think we like

calls what Yes. No, it to absolutely. would the no, then And several because M&A? up this realistically I'm in going possibility this slide guess the case that's float then, you brought I of before. or If be out

Yes.

another cheaply get years X last skill you where and we've the we do because that. built So suppliers thing of we're do to that attention over to to that. constantly takes Again, that's Africa our build that need have able to do and how that my to up and X are very know size, looking a set sheer being at in internally

issues lend would is opportunities always I are challenges say What to the these constantly there well the that we're that. impediment at social itself looking in So regards.

I so well And be can way, grow think that's larger, to to we asset as certainly going the of help. if diversification the as that

appreciate I ask continued it. wanted That's to what And success. I again, Well, today.

guys forward. You year keep had just going a great and

you to review you if Stephen, to of the back to want any questions. I'd text like over it hand

Yes.

and me more underground where be I whether let the it get will costly. So was those. see operation on One

to need work there. we our So do

underground, As is shear to a it's when I mentioned, so is set the zone. up way wide you Buckreef go

underground is dilution. really in where So costs your increase

take vein in to your -- So normally, a at meter, less that, have underground mine, X you narrow say, meters a you're if than least of width.

Whereas dilution XX meters so get XX you we significant see dilution wide, to that. the Buckreef don't there. is So on

So much I pit your mining, as be increase. particularly open to starts that to mining don't than anticipate underground costly more strip ratio

United So particularly conferences That's versus what microcap we in it's started look, there's get does the conferences. mining the is marketing plan look do to small and angle, to out one and like? that. conferences, -- retail So the States -- marketing more to plan

those angle that. to base out to started. shareholder lot funds our is and a and part this offices another is index And reach to we Another continue -- and has talk that obviously, of funds family of to

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All right.

comments, any then you you call. close can add If want to the wrap-up

Yes.

I think we're good.

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right. All concludes This the meeting.

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

Yes, thank everyone. you to Bye.