Contango Ore (CTGO) 15 Nov 242024 Q3 Earnings call transcript

Folks are actually coming pretty fast. I'm going to say good morning, good afternoon, depending on where in the world you're signing in from today. I'm very fortunate today to be joined by Rick Van Nieuwenhuyse, Contango Ore's President and CEO; and Mike Clark, company CFO. Gentlemen, how are you doing today?

Doing well, Romeo, thanks for hosting us.

it. appreciate I No,

Zurich. from live You're

So thanks way Europe. all joining us the in for

in really Mike about live questions that you don't to then advance to bottom in today's going We're this to with There's I'm wanted back into over e-mail just we'll Please questions the guys get then format questions some on I've event. to audience from your today's a of time week's chat and to start today, to question in I some possible. to additional as let team soon it going use the the we were start for event. to the on know quick own questions. so can Then any Rick still presentation release. here's Contango your the context to my you for going for with jump ones the ask go chat. at whatever sent button news I'm they get screen. got it a of through, but right pass reason during as audience, If

if as we'll it, get don't to get today. try to worries to no many So can we we as but

into Also protein. right the will your recorded, housekeeping, into inbox. be of I'll say enough to It today's replay get come just But being and available afternoon. the for event is will sometime me this out

I'll Mike shoot get it to directly Rick and to started.

hosting always the appreciate and Again, We for platform. thanks us on thanks, here. Xix Romeo,

forward-looking statements. Mike and some I'll be making

just a uploaded have Also we your to presentation just attention draw So that. corporate we to the website. QX

at you www.contangoore.com. well invite at as to that So take a look we

just more view today, U.S. and of we'll from of give QX all his All kind Mike my -- then be so of -- by perspective give CFO I'll And talking been results. they're the just an you ask of we're start to dollars overview a about U.S. dollars. our company, the we've results

just a point of that of little million, -- are realized we a a a out silver. We We at over what of -- QX, ounces. reporting hedges, a that production -- the between the XX,XXX we basis. on on this quarterly XX,XXX I'll and quarter, XX,XXX bit a plus silver. sold delivered that's ounces what price our sold for then $XX of shy to blended gold. produced And So and In which spot $X,XXX, price we just is ounces we so going forward, price, little we XX,XXX the

little And -- so that got you sold we've QX. a when was bit in more gold

So $X,XXX. that QX our will be were costs But statement. our in included

in margin you if gold in So joint quarter Peak distribution on do our Gold roughly did realized the that's receive based We a math your million. the head, from of venture like $XX.X quick $X,XXX price. blended

So it's $XX and the treasury, we back ended nice with to finally see quarter into some million. money the coming

from So is million -- $XX about increase QX which reporting. a

produced will and first campaign and the ounces gold forward. and going produced But the in I -- updating It realized earlier, is We're as just we will report with whatever just hedges. forward, we not been specific going going And quarterly campaign terms have transition of during to then shareholders prices delivery second numbers our campaigns we're be reporting. to quarter. of mentioned

company. our course, a is quarterly just like a regular QX first would reporting of reporting that And quarter basis. on where we're so be And more

or X and original for in now underway with is between probably outline the X I ounces our for should guidance right that's end So year, higher definitely XX,XXX the up just wanted gave last weeks. XX,XXX guidance to we're this finish towards -- the going batch to and the thing ounces be the we X next of

not XXXX guidance, formal yet. it's

in have we'll be the joint -- sorry, the XX,XXX budget a production We meeting where shortly discussions somewhere our our and report venture joint guidance. based be, on of Kinross, going and venture we'll approve year to will yet we're that's in with in that believing ounces neighborhood to -- XXXX. have of here But the

Shot permitting obviously, on And make first additional priority expect of is pay money second of ounces. the business course, and So is And the priority we'll to overall sale to on use our to continue those debt. not to advance approach, of by -- of our that building the facility. the Lucky building Johnson back and projects direct our our tailings way continue which not to course, use which, a risk the -- DSO shipping a capital Tract lowers that or and and footprint, reduces lowers environmental mill

So that our QX results, -- more my and us CFO-hat to I'll the QX perspective Mike ask just with on perspective results. overview give his on Mike? perspective

everybody. Good Yes. morning, Thanks, Rick.

to -- at the of $XX distribution Rick about end. we venture subsequent as $XX.X of our quarter the June of million of the December mentioned, and We also and cash, Rick of about from this joint at last finished second $XX million finished $XX.X million the at year. as of year compares end received we this And end quarter mentioned, million to

does $X.X the That a relates per $XX.X of And $X.XX million a for the the we share. contracts to the mark-to-market expense a so on loss quarter, or loss reported include hedges. noncash derivative which for of unrealized million, loss of

to XXXX. in in loss QX in per Manh the So amount XXXX. or a this And is is this reason of $XX.X in Choh million about million. of loss reduction the for net XXXX commencing JV of Gold of million the compares $X.X share a compares our $XX.X for the income loss a $X.XX primary loss in to from QX due Peak investment The equity the net at resulting and to period production

in In addition, report on in million million XXXX. compares -- did $X.X did derivative company QX contracts which we QX $XX.X a loss the a the XXXX, to loss

of company cash provided in cash for X-month compares the activities $X.X like highlight operating flow period XXXX. used cash had September that I'd net of million XXXX, the million. amount statement the for this And year-to-date positive XX, to from of $XX.X On the net to

because As I company's Manh from JV. the result the Choh Gold cash production of of $XX.X mentioned, the and the at Peak distribution commencement million primary the first of of receipt is

portion That and the of Romeo. it completes I'll pass my presentation, back to

Thanks, Mike. Appreciate it.

really So chance to I I do -- grill get still Mike. the you,

for So I've questions of got a couple mind. don't if you, you

they Just your the cash gold up way at in eyes, statements. to costs, in and the like looking kind show of looks it on traditional my don't sales

those? of how that So I'm curious, And just a should it better look is? understand you clarify why at could reader to if kind

it's interest -- do quite it XX%, they're financials. with own these and Manh And We only very only question, don't that those a lot Yes. they're fact complicated, have a so of we Choh. minority in the good we results. a No, has to consolidate

profits comes of so I'll just the the in that activities, portion And in our -- the the operating of related first the gain all you expenses. to below is but mention in below equity a investment income, which through financials it's kind thing the main see as just

you that statement. the income So coming into $XX.X see million

you the share of operations, focus where XX% is kind profits. on the that's those profitability our of So of which

mining those our gold business and cost because core today. of The a topline. revenue sales the is it to up as in main reason show that silver not typically don't selling and as the the And gold company, you is see would sales, is

sell of we they and hedge -- us the our so gold. gives The so set the into whole at that Manh XX% And deliver reason that and is agreements, way spot. Choh we're can just because of up, do we remainder

financials our less JV of revenue so have we're than actually that that slightly revenue of of, back And cost that you'd see of sales million, you because what we in paying sales, would $XX then as you'd had silver. gold and say, and just the for if see cost

it And it's so it just the Peak cost isn't. those JV. confusing like through and actually avoids sales when of making and sales really And look flow the market this unprofitable

and So that's that it's get I'm normal, while figure but took to if a and out sure there. it not not clear,

the more cash But calls from you that's do No, that, do on that. helpful. expect appreciate I JV? any

aware do don't for $X.X not forward. any expect going some we was expect in expenses call any we were we cash unless cash But last there just million, and more are July of. Currently, unforeseen not calls that the

be the end to do what debt end reckon And you expect what XXXX? your will the of at this balance Great. of you year? do And

Yes.

And Our year. end the right is to that's million, facility. currently and we're -- now, at $XX million another this year, to debt of $XX balance expect scheduled at down for next pay where credit the it end and that's the we

$XX just finish should end we XXXX. So shy million of at the of

cash are $XX.X I from flow, And development? million say to to Tract I'll Rick's think hear allocation said debt good lot I and you you strong of thinking about you, -- shift that. How Johnson get I were about perspective that's e-mail don't there most Manh advancement, Great. questions a cash, about in in know companies, the to on my it, as Lucky capital too. between but of Shot Choh. reduction,

what looks Just curious that of like?

to how excess that. will my You can focus that, is spend my where And that's hedges. ensuring want if schedule, with he to the decide comes to do of it down in wants sure pay we cash. to look we outside then start And we to me on And the From that, opinion, accelerate deliver Rick we any time. that? on making debt

projects. I for is of -- that to sense sort good a guess because think we plan. And that just really would And little And love likewise, take of makes I first a horizon. a but it's Lucky is getting We with really to down We've say, the to like producing business mineable a mine outlining say will we longer couple that -- we talked of advancing ounces. It Johnson debt. years the execute Tract, the Shot. our with order just more timeline ounces permitted bankers, we able then also Shot. XX-year for about the tunnel, we're to If resource We Shot to get whereas plan to Johnson pay the the to mining do in Yes. the be Lucky and goodbye. Lucky say our Tract, XXX,XXX of then build permitting -- We're that, do neighborhood to underground have drilling. XX,XXX be a producing XX,XXX drilling for have plan, as fully done a XXX,XXX a to it's to to operation, able about thing nice still

So it's stepwise a it's process just -- of there. more

clearly, revenues gold, depend So a big going price took which the Trump just are to nice of dump. our on

if And important to we we'll have we're to have because -- good -- And underneath debt gold want of we're if again, So gold. slower. is ounces pressure the XX,XXX most price, get strong to going with producing on thing. cash still the go there's the going from we're out to flows

price the gold. on But that of depends does -- that margin

continue watch of to price going of how to is spend our not thing important we a company gold run money. So have out is money. most going to tumble, to to junior for the we're And

That's true.

shaking can his You that head. He's Mike's with definitely see me agreeing one. on

is I'm there that That's -- Mike shake. is the that. CFO believe was a which for tax notice familiar I back expense, head Contango. I to you, did new income -- with this $XXX,XXX

So were income? to no that I'm shelter losses curious, there

the Yes. of gold and fact result apply No, XX% you can was year it the the quarter during against we loss your income. -- your that it's of as price had carryforwards a only direct purely current high

best made we the by our tax come had to accrual of year, and down we'll the too what with. but was to we the JV the end period. And unfortunately, that estimate had up a the money that bring in for to do quarter, So much

that. appreciate I

It's needs share. about thing his Sam Uncle terrible making money.

quick. regarding takes real thing He One always just Tract Yes. -- to piece. getting the Johnson

you going resource program, testing elaborate you're if Regarding I'm work could on, on seeing as understand the metallurgical drilling? alongside the drilling that's from I curious hydrological what and the

data the more hydrologic so purposeful there understand drilling the drilling, is fault. deposit I hydrologic is infill do from mean, of for geotechnical definitely work on the drilling results reporting all is on all that be we'll orebody to do the the the with intersected orebody, water all because the the I'll there the to -- the the bottom and the it to top okay, just much work. way Yes. really start that get of how side The deposit, was was which of to holes holes infill

recall, the intrusion As the on there's separates from mineralized that other fault fault, dayside the you the main unmineralized side. tops dayside a

purpose, main much is the is water so there. And understand how that's to over

these So pump hydrologic you monitoring and test do tests.

chemistry little there's So as water." how of there's It's more looking a there like about or a much of and as like water is. not chemistry is holes water at about really lot is saying, -- a there's the water water, lot it about much "Oh,

the tunnel process which permitted to a we state That's step, and started in, the For have permit. getting the still underground state. incline that get with next we've

when MSHA, which near you're though -- you're or You're still a you're mine a tunnel not technically building you're even under processing mine, moving if is a and oversight. federal ore,

step. water there. next much the have quality there highly we we the understand that's And So know confident how mainly water and we that that we're

couple that's So we're We with Association a management That management -- permitting. we what ago had weeks Alaska meeting office for the of the when was good the project and from but and attention. actually a -- the had state. Mining

town, OPM, Office we're we it's project all Product management, since Management. -- met called also in of We -- also the with

the permit. issues mine there, -- So that group and operating that's the

is good equipment following we next months take get start building So and it in the XX we which year, year, road. build of kind The From the the tunnel. about will timing. a year,

and So year it then drilling feasibility do or a to a and all build tunnel. the -- about level will mine year take the planning. And plus do minus the to

That makes sense.

together a questions came we all of cover you I that that can now. shoot out as While number on this, Johnson but that kind more to about e-mail. know of there touched I I'll Johnson going will e-mail. on Tract? already Tract, when that the to most Hopefully, summarize we've we're questions on basically hear them the of came of So were in are

Yes.

out within week say, a in, is thing here. have I'd results we'll or X our drill main So

press here. all all infill think that up QA/QC the just together. on they're Waiting look, release for This saw And drilling. I to put I want starting results. final -- I the is heads to

relatively X/X we're the to resource of upgrade on resources indicated, orebody either to the the share not X/X located can other when So and was -- from to we did up trying top from deposit access X rest the here. mountains we in easily the of build standpoint geometry the that of lion's big inferred a We're conveniently surface. not drilling of got The you've going side. trying is the

need underground Because be and development you're put to you the from do do get we to all So to surface. go in the permit that. that have feasibility orebody underground it level would that's why prohibitively just have we Plus, mine for going why the the to study that drilling done. and so a of expensive the anyway,

all done at Lucky that We've work Shot.

Tract. we just the And at repeat, so do we -- rinse, again, Johnson kind of just thing wash, same

So a and to press model. drill or the it's -- next is assessment, direct and next then have then the a preliminary a in we're And results. PEA, ore we'll the the economic X here -- doing shipping release on on thing week

place that So be -- in we've ore got we're to. a this to going sending

polymetallic, silver. is ore the gold, lead, Now so zinc, copper, it's

of concentrate concentrates, to has going flotation we're a know will so job of specific silver a flotation it, if a just lead And have copper some just the lead X zinc gold that with occurs actually since zinc most gold silver a of the processing concentrate most of will require that that usually good that you're and concentrate. floating the zinc the to -- a kind with and doing we produce then the concentrate have

to place has but a a existing facility, have here working going this and not So equipment. an a tailings mill specialized place now there's sending we're flotation assumption is to -- the that it's

a access it existing plan ore here the working capital location. barge Since down very the included water, assessment. we're transporting then and the is transportation in the of to ore that mill. that So barging this to point And to to get we're assumption the be the to close will course,

out, the things see we'll of getting I'm these probably as year. that So But get a before PEA mid-December, don't you done it mid-January. come if until hoping the not by of end it's done go, lot

S-K this file your rule XXXX, done And later. can't is that's U.S. S-K can the get days put get Canadian different one it. we'll absolutely out. differences your Canada, say So XX-XXX. in little reporting, I In Under you that then XX than report the of it's a under big but and out results won't that's you certainly XXXX, do it to year, objective, under

have the report You day. to out the same put

report and days So the no flashy press later. formal releases filed XX then time. got to be It's the same at

So we job, dotting the all want Is. do the to so a good and we're Ts crossing

great. No,

about ago time in about all dividend them thinking in that There's came had almost that running was one Contango. were possibility for long a question Tract. other came that future of mentioned of somebody The on in, the said the Johnson a you e-mail

to on that? thinking curious current Just your as

let debt obviously off But this, again, Mike and our too. advance projects. weigh I'll philosophically, in on pay the

have buyback. of have like a paying So I to on speaking to that don't dividends love what would few commented shareholder, think or a taxes get impression think about at A to a either people like dividend look people we're me about that as to a a I it's in share the that. selfishly us say I pay that don't them. be lot years that before to taxes. pay going a see But lot place they just I'd is, of is they actually that

certainly or flow something and or I to a be the tight way. position either a everybody like, shares, So "Oh, free XX want know have. people $X we're something in I got a it's we like we like dividend stock that you XXX else. forward it benefit to goes X and we're way, million like your structure why but a don't is we're the some if roll thinking. -- should long share where say, $X And That's that's -- obviously will way shareholders, cash we've like to I'm And well, of that." making that

definitely we're that. that's thinking of philosophically, where before But about to So a our certainly that's seriously at. is head couple going it's years be

So just it put to in Mike, perspective. just...

could sure not to I Yes, that. add what

I in will a more one think of think if kind steady than for that we're asset, I be also producing help to position. more

so doing continue. dividends, to you And once the we start -- and kind of want

yes, of behind out scenario the X and be us. X would think or I kind debt with would So best-case years

QX production from Jumping on who the from from now. questions why asks and guidance into the There's drops production XXXX in QX level? Tate Great. QX one based audience production

I'll you different in fill and can maybe start, from a perspective. Mike, then

We normally, I that's and this been over a in mining the the and material 'XX is for half -- July, stockpiles. we started so campaign going a grade in started it's -- year. started normally whole campaigns. of grade keep -- in year, sorry, production X. lot started basically, lower we it be mind, to we in get building lower the Because we But have would November. we in of a year, in a basically of were transporting built So course mean, started November we're campaign so mining we of an them extra transporting X only we mining taking startup And because up was July,

mine. obviously, do that's So your have those footprint grade better up. you any And got But of -- can a run to how you stockpiles And first. always want built transport you constraint. also sort you material

have that get only you You so stockpiles can big.

room a stockpile sort with a of area regular material is in stockpile bunch at keep you and Choh operation. the rid blending to campaign get so and grade basically, Manh of steady just lower can of So that it trying making X grade

I'll call campaign. the the third bit a that's of, it, of It's nature kind cleanup So a almost campaign. of

grade. and it's it's smaller So lower

that's main So that's the -- drivers.

I can Yes, anything I add think Rick. that, there's to don't

it covered You all.

I one, for think, is Great. This you, Mike. next

wants expenditures? net that's cash per the exploration presentation capital free from XXXX Somebody or if expenses, He $X. for and shows flow it share checks asked corporate the to of Kinross Manh Choh from know potential is expenses

our one our analysts. out that one That would of production. follow banks us, Choh that be slide And on the Manh of came of

make this additional questions. Great. one chat. any Maxim for capital talking about But I Twitter fun on question, hedges. is and know they about you Group, already have of if us me hedges. know let we about covered costs, There's we on that, questions get do the

so, Somebody to you asked, QX it looks like They of And why? hedge vary if want you amount know in 'XX. hedged if quarter-to-quarter. to is going the production XX%

Yes, the study. are feasibility amounts that the follow basically hedged

mirror And to what change in so feasibility. they each the quarter was of kind

about so are leaving that up have XX,XXX will hedged, it year, period. next we each ounces XXXX, just varies and which end XX,XXX And for

-- approach up remainder the just -- the And at so XX% followed just for did and dates. spot. selling, delivering because directly the of just campaign this as of the of each hedges Because year, kind hedge we line into selling with we basically basically the campaigns not same

kind short. so sure you program had of just come you to And and the up manage didn't make

want sure just thinking sort financing. I add are the we're Romeo, question, to are in like place almost, and way the the were debt all that asked person -- it secure seemed was asking you the of that to These wasn't the I hedges hedging. question proactively necessary

selling gold price. we're So -- purposely not at a just lower

And we when those $X,XXX. gold was locked in sadly,

$X,XXX, yes.

$XXX, went than less a up $XXX year. It in

just that. I'll already hedges? throw the to I price old But what chat, you you for of of it's of how tackled outlook throw area, from what's broader And said, generally a to asks for relates you. price outlook gold? to Sure. same affect the your this question, all van so what's think of does the your And of gold? question for then kind Morse Jan macro guys that the big the But we've both I'll But it but

Do to Mike? first, you go want

the because Well, guess on price of opposite usually I'm don't gold to that. end of Sure. I like the

the goes for So of up, more good We hedge with to to the back thing if the continue up, half goes a have give but money. I on are won't just of we profitable. also liability we price us. The But comment more make kind respect to but to it hedges, that. hedges, gold it's

losses. Mike wanted are says And unrealized Yes. I just just those to hedge liabilities, explain when --

what So in deliver means. we're gold, that's trouble. don't we Because if that the

as you're a just keep unrealized long And confuses -- fine. means less making just terminology I -- we we're community uses think and delivering happen. the the sometimes as because you it that it's shareholders. that We're gold that producing hedges, didn't But financial If money.

the I'll gold other But side, the about on question answer price.

can we the as as mention Elon need I and king the king Musk think crypto gold President-elect well king be he to to that of Trump debt. the

-- crypto So period interesting And had to it's crazy. been been -- that an buy benefactor see gold's -- interesting, just of the trade. go It's X-week and not we've been gold. crypto, short

think are I for the good. so And fundamentals gold still really

I -- they grew think and of relatively who But is Iran his I of discount saying, -- king empire or that he Trump is my China fond it. the Russia because be -- on view debt, it's he's short-lived to Trump sure banks not just and loving as He afraid buying debt. discount. and going it's of who is central gold got, the think been the the and Turkey, $X,XXX I'm all loved have are

trillion years, $XX the debt is -- expert debt trillion. our in not who at And things other these people to look my have X we it's going So States. say my in people, of $XX be United guess,

point, that and scary number number becomes big actually I at big some when know So but a number. big already. don't it's a a number, that's

Beyond $X trillion.

to that came past trillion, know what really somebody Lucky the catalyst that. Beyond to over right? think there One during it's It's is? the next and Shot Hard $X event. question wants in excited specifically e-mail just crazy, about

Drilling.

what going heard As "Drill to do. that's So The permitted. our I mine we're baby, say, drill." President-elect think is we've

set really and we're underground, drill additional all for we the of drilling. up to points, underground in to And And right need So is just footwall again, whatever we're vein. work the do. the we access then mining can it do

We're relatively about on won't at get the overall, maybe meters next obviously, short started year. surface. And until X,XXX drilling we XX,XXX or underground a they're looking holes. over meters XX,XXX period, again, X-year So and

So keep of we'd that. was would and road what And the the that's there, the we open that expect next that underground. access to getting in it's start I clearing -- in get snow May sort

get until So just ongoing next activities on because basis. But to maintain want won't started you things the summer. an really

tuned stay that. So for

we looking price months, the we're us debt. And order just back aware pay be to in will just is crypto caution, of of to Because we gold short what to the -- so go again, And gold obviously, long with still price. if business going we'll be first gold -- the X is is. the want the at have here to and

to our Second businesses is of advance order projects.

Great.

of what projects, advancing from the quarterly there 'XX going look were expenses Speaking in million. grow that are the think know somebody $X notes about exploration to to going you chats want expenses exploration They that's if to QX like? and

want that, You me to Rick? start with

go ahead, Mike. Yes,

That $X drill surface Johnson program Tract summer. this the to million related did we

to exploration expect -- QX, we to you're very we're So expenses do, then you to what for see guidance small going QX. exploration would you'll on And once give our for going year to kind it million. in ramp all we of But and so $X it's do we the budget. But spent a up. put it was $X million year what year-by-year budget, see and next decide this

of off that's it exploration spent joint we But cover on lands. in venture. captured Tetlin million to are venture joint just the -- $X.X did the case the wondering, inside And people

our so doesn't And it reflect books. we don't -- on

more One with how about Right. asks, question are years Seb to hedges apologies far hedged? you in Twitter. forward

year Yes, those -- those then and about XXXX. we're have into XXX,XXX ounces hedged remaining, we next -- deliver we and

XX,XXX in so those rest with next going XXXX, the of And there's ounces year. are

I appreciate it.

from So chat. Vitaly the

guidance or estimates? ASIC is if your expected covered of revision think I already. there I additional curious I'm just question an on half

I I'll we'll say in have, February, be which year-end just what, financials, will think, Mike?

Early March.

year XXXX. Early a March. full Yes, we'll have production half -- full not from year, but a

a be think I and that that be numbers, -- will all the so will And have ASIC. reflective true we'll more of

we look if And give -- we'll the the Yes. Kinross, that. information as we'll know. also kind look numbers we'll as -- to guidance And as from incorporate of as update our we for I think XXXX, we change, get we whatever to as market soon

throws currently are And Choh? exclamation end an I discoveries! know Ecki any there chat, the from exploration around, And the is Manh Vas there And at that. bouncing at of asks, but we're mark any

Exploration is the months sure actually the X.X we joint results certainly report there's program results, -- if almost later. say, venture those. exploration we were. And see so. significant what wrapped have we'll of -- or will obviously, ago up, And we'll I'm a let's was And then can meeting

one both for you, to I'll you, future from got you next the like the of when you, Rick, I'm and Mike. I this then are start with ones near in I'd last go the unless for What Contango? at asking end. there's ask audience question it. about to Awesome. most additional excited

Just is gold. it a say, was hold I path making to deposit, to forward. figuring money start from and and bar very the finding a mean outlining up finish, of gold producing this okay, deposit, out exciting that

success I'm we repeat cash Lucky think advancing and much Tract Shot with can for the Choh Johnson with same in excited our the way. flow I Manh that about model.

of XX technically many In quality. a grade, underground of a Tract, Johnson simple different. good because is it's vein underground. both that high-grade but bit permit really it And to wide. ore high again, require ore zone. average little ore bunch meters but beast stuff. Shot it Not Lucky that on does a bodies. are I That's it's to really relatively focus it It's metallurgy. deposits have think of a simple, breccias bodies a simple mean is a don't us -- and high-quality, body, to too vein, high-quality simple it's And I so close we not infrastructure, a high-quality an

a body to mine. ore So nice it's just

and good like are I take -- for think we're I out opportunities there, position. a there our just So really that And in other think time. we'll and us

to be I think just patient. have we

margins too to what where don't We too the out ourselves the just gold look have of of to also want and company is and We junior can are not quickly is our -- to price either. get thing money. worst far a run be for is ahead you be at -- do

throw I'll the you Mike, same question.

as $X to this production in I'm having to mining what going exciting from growing junior of profitable that's to statements and company. have share, echo into And projects forward put I'll and getting it's seeing and No this a cash -- and and streams which both Lucky tough a and company Tract, moving out excites Yes. per do coming earnings financial Johnson debt under I me. X billion be Shot from looking That's company. Rick, different forward those to think

Awesome.

billion nearly $X a We're company.

from Rick. formal a So prediction and it's Mike

a forward-looking statement. Definitely

Very forward.

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raise There's mine we're a lot billion going here to in not low-grade telling we're stories that. the like go you middle big of So to a build $X nowhere. of

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Awesome. thoughts you on throw that? got any you to additional if Mike, it I'll

operations, cash is for Yes. to can based us profitable stock the quarter, think potential money demonstrate a over rerate when I I if there peer on we're quarter we I on group. compare making flows how our think to you then continue guess and much

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obviously, our analysts up, can go our the if are presentation, e-mail company. you us cover analysts are people happy online. higher. we because why corporate to And go flash the all from And significantly work understand because they there. Certainly, agree to them, the but those can't if that cover would I that's -- what valuations their you listed And they're their share

much through thank Mike, going who joined so us, today. Rick, for So you Everybody all the questions so thanks much.

sure perfect thanks as event the I'll to please If as much. back ends, do, you But you the it Contango team and to as often still gets so the gets in. it send possible. Mike, question right make otherwise, of think after Rick, I soon ask do

was thanks. to platform it Xix the great. here, the thanks Romeo, again, And for

Thanks Have a Talk guys. so afternoon, much. soon. great