Equinox Gold (EQX) 6 May 212021 Q1 Earnings call transcript

Welcome to the Equinox Gold First Quarter 2021 Financial Results and Corporate Update Conference Call and Webcast.

As a reminder, all participants are in listen-only mode. And the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions] I would now like to hand the conference over to Rhylin Bailie, Vice President, Investor Relations for Equinox Gold. ahead. go Please

and Amanda, everybody, joining for Thank thank today. us you, you,

to us were now, AGM, going QX you of corporate at and of through our results just we're And Some up. with the update. the wrapped which course, walk we

of a number course, statements of making be will, forward-looking today. We

to EDGAR. time the visit documents on available that website do Chairman, I'm going to turn and our on to now please over for So to visit Beaty take call are SEDAR the our opening our disclosure Ross and continuous remarks.

and Thank much, afternoon, very Thank you gentlemen. you joining Rhylin, good today. ladies us and for

is we As wonderful Directors. show said, very here Board first our I'm just Rhylin website AGM you and that's the our wrapped up presentation in of to going our slide our on

meeting motions shareholders. from have were And the support all I, our appreciate of before of the passed. course, All we the

want a the that strategy led very be Board contribution, board and well that, made here. our and that single and of the Obviously, the a I every strategy. well, in serve We All and another come almost today runs year, we of and is spent well see Company. you service are on have as where had the significant as for I and governance our yesterday we to right various shareholders Board dinner member proud thank talked board We up all in here director their committee were cybersecurity certainly to for Board members the day voted issues like front, to who to the all the meetings. on nominees and it should major Board of say

the Board. So to thanks

third we production, which mission of to at sold well, copper we that We achieved since the We produced give of been kind study this mine bit XXXX, had says any have the Aurizona of at the have of end We this card completed didn't XX,XXX report have scale And full were non-core as on you is merge at and ounces three began In Equinox gold. XXXX. of that of Leagold. to solars pre-feasibility I'd operations mine year under acquired to going gave we've we producing of We and a years had Calco of production in spun year. Mountain the and we the XXXX. shareholders the year In which we as we in started construction with we to So on one it there. beginning year, a and existence did. we like of Mesquite, a diversification increased to late the out mine decided the some and ounces kind all. we've had spent Mesquite build the the know, in really our And a on our year, all us right XXX,XXX this, We XXXX, of what from announced done development. in we the assets. start

Brazil and We a passed, just and a on York the what Santa at the construction Castle was new Mountain, Luz mines to project TV, attracted also also the liquidity producing to New were of And commenced And in Leagold million in great a investors, XXX,XXX than day of listed Resources $XX we another and to Exchange ounces. of from on listed We had with of of XXXX, four indexes. deal, big less bad the year added we We And day TSX increased production and the the liquidity our three MSP on year. the mine Not average. million trading acquisition well, the development lives, as we scale about Gold, the quite institutional with the extended TSX. Premier for end year, we the $X graduated growth. Aurizon started at in Soliris ended and growth. Stock years year extraordinary announced added TSX the production XXXX,

ahead? If look So you at us what's what look here's today, like. we

Greenstone We growth Mountain; producing the Santa at Santa and Aurizona Los Ontario. four work development underground expansion mines, finally, mine of Luz, Luz, of in as being as, four course, projects. well have Castle mine seven of Those Filos, the Brazil, the in expansion

right our that, XXXX. not resource what's we ounces We again, this gold ounces be We future. And future we're bad. That's in XXX,XXX capital production. we drive including in were XX.X in are now, are couple in for continuing December guiding -- extraordinary We base, resources, total million included very produce that's at the in have reserves reserve said, resources have those our is produced don't years. really as reserves, we than X.X target forget. just to path the year, which next million more much XXXX, production and to our million XXX,XXX -- for in That's we're ounces endowment XX.X we an reserves. I ounces, -- X tripled Today, million on ounces have and on ounces, of going to the of

liquidity all-in facilities $X combine is our you got of ounce of target costs. or for our incredible. billion And nearly and $X,XXX quite when liquidity We've investments. actually a have the cash We sustaining an credit

also sense, business and in value to real leverage price significant a base class execution to build plan and mean just production through think I to now gold world a this company, growth's for growth, It's we real but trying we in these an to Premier Premier simple so to Americas but size, the real the is that And scale, create really this quality. get not investors examples. just mean we to base just get value -- this And and are we're some producer. yes, just in middle not provide value. financial biggest fairly good growth model add the is of of build being executed, in our growing really. is through fantastic significant do the powerful gold also amazingly story a we right sake. -- What tremendous And So Premier just

late We time in and be want engineering of been gives financial we're and of these all really ounces that's to Something We the -- quantified. built have and want reputation examples going, paid added we And we've give flow. of of cash bought those million environmental management management And to value shareholders. we're in the up for already but things in one be XXXX. to these each that just kind complete we in governance to of we've $XXX company generally, boxes just social in because short a and XXX,XXX here things and We've mine what gold, million also free our matters. are value and quality. environmental of of of We've done $XXX XXX,XXX management we've -- gold already that a going in have three can Mesquite it. We produced generated ounces tremendous quality already examples also what and exploration discoveries. for

cost gone being life. Well, in already million built mine that's the cash flow a we've us with created. Aurizona really it about there We We've mine. to fundamental So bankrupt from had the want was prior We free this mine build. have then $XXX operators. generated value $XXX actually extended This to that asset. million

literally progress same in we've the also we because the underground study actually to decades. ounces by at value discovering we're got While another time, real producing preliminary gold extend going creation. feasibility mine of That's and life XXX,XXX XXX,XXX this ounces, think

developed on Another Well, we under team, discovery. value. Solaris, capped management of spun spun development. into out about out our Sterling example deposit the XX%, who is and the shareholders. back Solaris. of Equinox our world-class in for XXXX XX% taken to and We shareholders have and a $XX a Warke were then really of instant at Solaris his million Equinox And copper to management the they've all Richard

sale ways. or a got the that are though from it's so even and on the that $XXX From asset. our So so, interest, now and spin they ago, us, shares the not partial or on it's because benefiting from from no, in value XX a out, in diluted for USD the have million being a or we month shareholders million still we just XX% raised two goal of

exposure So yet team wonderful windfall in we've did we Richard or that's me, of wealth of or to we've got abundance creation whole real terms but Works the liabilities, of spin in it's so to Solaris. had we where wealth to -- value, efforts deliver in the successful a this And opportunities creation. thanks -- financial through any almost costs additional engineering but didn't have out, like

well a is and was and good, XX% doing come out, Gold progress new owns the it's which in year. Mountain, Sound Castle couple of, as that that's Equinox which years in Aurizona to of i-XX, of Nevada Downy. out much progress, things spun the Los from great that's company this going in Folis, end of underground, leadership under Premier, at this very that's

rather is, we're been share to the pleased price a Well, although pretty we've of gold. speaking, We good well. -- is period of had tangible all sorry, achieved the we've in a that, very, such things of good, our with quarter quarter short expect rough this wealth come all last the for in with that, growth. very that real Equinox we've that with from creation so shareholder which shareholders had as returns And in performance, generally decline great

at XXXX investors of and spent company. December our enjoyed our however, great peers. August this trajectory Company outperformed of share Equinox Solaris, of when shares copper-focused you Gold that holding the If appreciation look, end all since started And XXXX, we the in all on we the we've price also indices have gold,

from selling indices to the So up, quarter, And the with there's of a natural coming price the are think and gold had gold goes the now, we've price course. in some suffer all as goes I we we those last there's as natural of down, buying the ETFs, are that.

a But ounces gold, we're I projects. story think built got we upside. just I'm saying, degree, We've great stuff money. a We've actually with over what, wait though are even excellent to of this just delivered. now to some some going that got this these other know a producing to of that lots all until the of also We've got you from And think balance bit words, some in. sheet. shole deal, of investors In I right had it's been weeks of us We're not I we, great frankly, Premier now. which have of to overhangs, growth few we've shareholders think right prove right a it's -- middle ago. quite execution of yet -- closed front we've yet the has got in in we're making entered XXX,XXX exploration we

So late. to page if more scale next can value, mean time This we've and be Page it's going asset a done -- going like net by peers. be are the we're great shows the a run, is on you gold to to but why because I this it we're the to too that to reward stock And we focused building would on our if wait so you get going price major want, markets company, today. more multiples, is growth why the X. it,

is goes by bigger, bigger. wealth get you As your creation getting It up. multiple simply

more you risk, returns. and basis, funds you are shareholder of overhead lower have appetite, a reduced cost investor per on ounce less for available You have a capital costs have broader

So good business it's get just to big.

you is in price. big you And other to more with do, you gold course, ways. company leverage the a leverage thing even two have have The of

$XXX the income ounce more with for You the the every that's price. you bottom line levers have to run, value per creation gold with real gold statement, got produce, wealth you ounce the on leverage instant price if to

and with reserves You what resources. sheet call also leverage, I have balance the gold

we because real dollar right we Every to and an be million gold shareholders of huge going such XX now, up, have increase ounces price have time goes long-term are those returns base. our And So value up, us. resource a the in gold resources. to to goes reserves every fundamentally that's

and of Now, I store build for long-term can creates always long-term that shareholders. this think think value really we value

the market So the outperform now that this large I'm we or will expecting next over year scale. because have we X,

stool, the We leg have really fourth deal nice diversity. a gave The to Premier stool. us the

in leg leg one one we Canada. in California. this in in have We now have leg one And Brazil, big Mexico, leg

deliver can I in year-on-year year, the growth, this X expansion Luz produce to We have years Ontario all is Aurizona We're of Castle going X.X see million and, year, much eventually, Greenstone XXX,XXX three going well. expansion, plans all growth, which in is fabulous difficulty, and this these or the on investment any without with We to Santa be of to this million Los going next based built Filos catalyst-rich returns all. XXX going over And Santa in going to ounces through to two well the ounces over our strong that the the sheet. project to eventually Luz raise money the we'll We've well that blow at we're self-financed need equity course, development, over and don't to year. following be shareholders. million, of or in all balance X.X as -- got too more of next Mountain

that tendency go in natural There equation down. high rallies up. off party absolutely, natural had -- There's Well, vice So gold a nothing. a be begs -- gold? that all for rocky last me, what and kind a a there's ago, August. about There's existed markets Is the the -- its of straight inside year came start there's of different they this to I very a up a nothing versa. the this just is is over? gold Gold's to to don't It from year. and question,

in I year think even interest debt, stimulus, anything, still powerful currencies, So we than in all a remains it had all global gold We've basing I business just negative it's rates was a exist. today more XXXX, are it sovereign this currently, and we even that today, de intact market started if exposure ago. in think secular

for have We higher is price to little this you in for change I the held of up. very good is And gold. of greater The inflation drives gold. in the to gold U.S. global continue be to going it and beginning higher allocation price even and That's inflation always always course, dollar prospects so for think And have assets crack gold. should any weaken.

bullish replacement On the funding is Exploration supply Reserve factors. constrained. are side, there slow. is

development gold ever. more is than and mine slower difficult New

Environmental be at for look saw binds decreased. demanding. business, over world. developed. on global developments. in is more gold Just activism, lot And gold Governments what's mine supply a just to going takes for social XXXX, you it's And longer that the the tougher difficulties a more activism all mine XXXX are and getting making actually actually,

factors gold I also to for just of prices. continue -- these some supply demand going sorts not powerful So there's demand go is higher. to why gold There's higher think all reasons

gold I shoot its So expect through will high. previous

this general XXXX, not Equinox way, a single later a If Not in company of finances. we sort still the production every only are that Sometime building people and terms But maybe of of substantial our the of say solid published part business. kind year, to will we and that of in certainly from And diversity, but very that over. anything, a governance, report. company and or way. We principles, parcel and today, their very their the step gold benefit company social it is party is going those great and this it's Gold I'm aspects today, every any really proud be companies published first responsible after ESG mining it just environment, morning. their look of company equality,

on is can You how bit it of our just tell unhealthy. and if to talk are to this about personally. interested your you website. is have every parties on our going successful this a I feel a shareholders Christian mine I more important find workers very it. want one to But can't little -- stuff call, me

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deliver good employment quality to If can't you them.

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stuff. do this sort You've of got to

can you're that, more successful. you then If do

or and environment a the end look is rebuilt the California on know many a your reclaim at after mining for possible. mine once it all as mining of much it. it on but redeveloped mine And as that requin We the have can minimized. unless company mine generally you speaking, example, tough life, environment, as, before took be successful the mines, and such we it calculating can't You can you in

first there reclamation the you hardly in do was these mine a even can You there place. know days where

look nature to course, then And one And XX as is with and of far-flung license mine got into have the after lot to this today. all, of your to was to responsible that possible communities. these today's you a places who So the hard a really minimize on impact your the look the social are world. communities. work they're is put It's our like a you done ago. we've effort try creating much to We creating lot in finally, of After as work years lot communities. not your it where money, very mining your your environment. of strive after time of of ability We ones this,

the legacy issue tried mine. that was prior some do really how Filos problem doing our where mine there Leagold year we late a I the this. We with term. out Los well what a last actually means for half reporting environmental going lot on our think it lot a one good of and our It's spend forward and one We effort important with a could that Board, better. time we've spent of look yesterday came the spend as to management fix and the with and We had of us. about governance at I a to And very every of this So and social to Board the team long is of dialogue just and shareholders the members signed in on hiccup every we're operators of through certainly to I our well. our to full places stuff, think

won't anywhere else. hopefully, happen that situation won't And of So have we hopefully, again. that kind

team Senior Company. of about finish to and management open our am team, I'm exploration team team, working our operations, just our proud underground how off of all the I of pit I'm what this by our face end at appreciative team, our of how the you our are the with ESG I'll team, our on Christian. the over and all our that, the going future saying team, give parties, our doing, turn we're for about and to QX people on, Christian with company by And great stockholders the our preamble And on item whole so management call all very So management and think now people administration results whole for I Over building are who results that, operations. update all that affected interested to to an X,XXX talk you, strong in projects. this

rates. Great. Thanks, congratulate with with QX there our with that and And operating I Page the a and frequency zero bit and that's team million segue during built Ross, phase nil achievement Tom and in And recordable our mine health on the in California Castle little Mountain getting injury start want higher results, first our it's and to we the safety than or Doug hours, And have so good we'll recognize done work into quarter a well heck XX. average. first did LTIs build, three do a an total X a for to of there. brand-new in team

rain. And end the of worth the at that Aurizona XX,XXX were X noting, we're rains heavily we to sort of investments to water of the northeast during the in But also decent basically down, end but There and treatment tailings making that infrastructure that mine, we've heavy the to performed the future have we working March event, events constructing was plants improve the stepped struggled be know event it that an they Freshwater through that there to just still over And period. in the that's And we'll that. and of in be there. And and a when perform obviously, seen really to manage. continue it's unaffected Brazil. And need team of that regional quite we'll year the very a flooding there be ongoing at how I'm with will performance. rains rain plant team where and So when Rivers pleased year, did community and before managed during Lagoons. down of thing to the mine had so bring help locally. we one the people as event The a

the I So see do pleased that really this want to one. of Then things to happen to COVID-XX, world. in environmental dwell reaction mine that at terms don't in on sites

Mexico sites. we've seen think cases even very we've a a the even I been, the and seen Brazil, case little the mine XX,XXX people across obviously significantly the been at has hotspot news dropped done all and countries and mine the the last U.S. we've loads with in though tests. over Brazil while, drop in in. the sites our around Being We've

really rollout, done of hope strict by and across safe the of pleased all and feeling of we've big happening corner see turn around differing it workforce So of of rollout going very to the these a with some our makes but work this that really environment, lot starting And developments abide in protocols levels countries isn't difference in of testing. a now. vaccine kind to sort to the positive it we're sort the world, this

about results, couple than do of and at of a expect rest want million The quarters last value includes $X,XXX. average Los the year, sustaining the little of Pilar. at year highlight, terms cost where we and the of the realizable in to than we weaker a for a In nice weaker be QX. operating produced $XX was And first to little uptick. this the do that I all-in XXX,XXX ounces, net end expect the inventory bit Filos that we a write-down year And of

you drill a it's an of the below did guide with a quarter. year. pretty in Good and sort quarter at slide, towards comes the there happened half study even for first be just seeing cost So $X,XXX be ounce, expectations think since I to depth highlights things and When has a next QX those numbers of higher plethora consensus for QX corporate of year. results the underground out, lot line Aurizona. much terms two positive if of were We'll this fruits and you in when end. this of you'd around recent that on the take turn have at happened that We also to that out

came forward Santa very is then corporately, a looking terms one. Greenstone take, in-depth closed did out lot that like around acquisition in investing Los spin and helped for to the talk and study Gold quarter studies supportive $XX ongoing, construction So Filos Luz just the feasibility out. just advancing in the of acquired will activity Solaris. nicely, release the a additional II to that, We you more we optimization million. that over Company, give Phase I-XX or project XX% Doug in study, updated later. bit for probably are about and and We hope little of midyear We we Premier. with of in and the

Now we'll forward. have going a XX% stake

alongside Orion. pleased in that I'm partner the sort be So of to major the really

We for the million Pilar We year a obviously so. $XX the been Filos also development, hiatus has spiral commenced equity for pause which interest. or or mine royalty the sold past Los plus an and on underground

be So last this I we're month. it expecting there again, really to going first think and plays getting

Ross I'll then second ESG as on that's said, So comment we report, underway. in the published And a which here.

the difference related Filos gain a $XX of healthy items is write-down although quarter, highlights, large from EBITDA Los well. those down Leagold the fair slightly it million, million, had a expectations. swaps on was colors NRV in as include to that them inventory also of the value QX XXXX and income that at a weaker the Net I $XX was change But terms inherited on Adjusted gold we as And about two financial of slightly most Pilar. mentioned. gain the on In warrants. noncash did a from and

In with the liquidity in terms million almost quarter position, bank. $XXX the and capital of ended

of ratio. net the I but about the offset at a were cash of million -- is notes million in the you convertible position. liquidity $XXX was be end of cash, would to out take nice $XXX revolver debt a money net available, $XXX net Our low million, Net April, heavily plus debt-to-EBITDA if

the more investments million The now. alluded in detail retained We gold. XX% is bit in so invested with that on And right market. maintained of the We sheet and a launch great to about and them. a pleased that market CADXX is our place Ross into own And it position, obviously value to there the the really little balance the the in remaining million and And some well in XX the warrants XXX into that there. also, us million $XXX million. currently. the months, USD is Solaris about proceeds shares about value, but we may investments a million market sold for turn XX million as next still XXX of over overall also CADXX And $XX interest USD million, and

acquired swapped with out and that on closed sold obviously, quick right like the in which update. in over to Premier, Mexico, page a we Turning just quarter we a we've taken earlier looks and end. we and This guidance But lot PLR, we issued in which after Mercedes year. the

project They're Greenstone, the trees started about change. construction which really main finish engineering, and be water So looking early there's that halves share. equipment in all-in here really, a some ultimately little here. see the of get this just detailed of is It's off our half the added build XX% procurement, They've But change setup, Ontario. to team camp already in do in $XX works sustaining in we've at effluent capital, change we've clearing then two as treatment and cost million production from the the you basis, here. And that's tale the of second happening million. very That $XX an overall, will plant a main is wrap a year. up added

for year, year, the and ore see Castle slides here and and and the the better detail getting you'll a and more gathering public nice data look as higher busy mines the of full that the and a on. detailed disclosure. reiterating expect increase available to is Los since and this overall, half on half been And for grades, detail the the a and a acquisition just those second first couple bit mines. see you'll year But into little to I When The those congratulations half costs cost just out. second with see We at Leagold see team to Hitting the really, website lower the our we slightly and able that. a Mesquite of production about real started little production of year. we more you ESG a reverse was here, our in that pleased and of quarterly of uptick have go guidance looking and what being we're later ago. Filos. at year, in as talk bit for that It's higher Ross more on lower quarters we're result data really said, And we'll slide,

provided the that baseline So data.

pleased to to we're We've agencies. ESG. also our to we've advance And straightforward is pleased our its in what out get report. leader and are And that goal that ambitious that infancy, with we and And of it's a getting. been with continue area. shareholders this investors Now been -- the program presenting the in really our feedback a initial in really very this some We've governance. plan got but from key being first three focused ratings interested

some gold advance. on year our a addressed shareholders' we year. practices, the As really We brought pay letter the our up Ross have last disclosing said, do in were focus that matters KPIs over in council

what against. know measuring ourselves we're you So

We on compensation the as bigger And have you of as ESG percentage overall a a senior Board. team. our see management more diversity

here strengthen making strides we're think And of I a the couple members we've great team it. to in to added also there. Vancouver So

environment had we've mining gold So for year. of a really and World year. or challenging that international Gases the the on think our setting training GHG planning. in job year. principles. of safety principles, last roundtable. outperformed we've I team had the hours We've to of the Greenhouse and of targets, mining with terms important joined over levels for we're focus, we've TSM, in good and and strategy adoption last lots XXX dedicated achieved of for Council multiple responsible testing going of over of done and Mining benchmark a be We've become for we targets and a code, standards planning focus this the senior Association adopted future And Canada, COVID. our Gold And cyanide up also getting We safety the and a XXXX has set really some

So think on XX. it's and we active And this. actually bearing through last over year to results into operational priority And it an off fruit I'm I as to and do it year Doug showing are been these turn all let this going Slide here flipping slides. update these year. next on how and over front. we coming a And walk active, Doug the into number seriously take the ending ESG few set

Okay. Thanks, Christian.

access to have So that and mentioned, benefit and production ultimately Brownie lower pit. significant ore half that's it's focus will of had was as the do the waste, year, our first in Christian half California to due stripping production. grade we in campaign second Mesquite the higher Mexico, and oxide a which on especially

quarter. are essentially, just exploration, At the quarter. produced later. cost capital stripping is of talk Mesquite, now a Castle spend doing mine quarter to doing that in an sustaining the was the will reflects the ounce. $X,XXX $X,XXX year. cost XX,XXX on And the large Mountain, X for the part we've all-in in ounce, entering which study happen that Production pad expansion. also and investment we about the was Phase gone this was that which X,XXX was ounces. an the later We've over extension campaign. We that And Mesquite under the been focused doing It $XX Castle transitioning at Mountain, was in at I'll for and just sustaining permitting of ounces ongoing life are towards million leach feasibility all-in work sustaining on in announced

We will and Daily flows optimize April production balances the pad improved leach Los came Filos. pad. the to has we the continue to leach into as at

underground, which projects, investments at into focused XXXX ore in also development expansion which we advancing well the higher-grade ore access April. was restarted be Guadalupe, which in should significant And QX. in Our has Bermejal are on

spent an following start and year. December sustaining just Filos the will operations and at Los XX,XXX into ore the $X,XXX were blast ounce restart. quarter sustaining for of under ramping on we ounces get on we all-in We first We up this later at $X the an cost May, in produced million the capital

one into And all quarter. the the this getting the At dealing reagents essentially, a -- movement. with are and So back waste in and flows is pad us. $X Mercedes, also took write-down the for pad all a the ultimately, we in new million inventory

XX,XXX year is tonnes the per the ounce. of day. a increase XX,XXX about be And year zones Campaign into $X,XXX to mill development a ounces if of we Mercedes. of to And to towards to for at that's milling X,XXX guidance for exist an sustaining plant do at have per to have utilize production ounces operating a cost production able annualized currently a XX,XXX does the higher designed and the it an at full $X,XXX XX,XXX all-in It grade in has of day. that the XX,XXX year. some mine We opportunity X,XXX ounces capacity tonnes

ForEx So April mentioned Mercedes mining reflects benefiting as benefit. of it Brazil. performance was On very amassed plant more a moved remainder we as a season. stockpile from in into I the as good planned. tons at entered and and the than the both of well strong had acquired Aurizona Fazenda, have from guidance rainy we to page, good good a Aurizona. rainy we that And performance strong X, season We production originally had next and our year quarter to that operations the the we in

our benefit. really that to So worked

in ounces the an that underground, with out capital study. and for ounce, year. and pit, had been will exploration cost update reserve come XX,XXX at excellent produced have moved of sustaining half the the $XXX over along second that it's a million Aurizona. and We sustaining below and $X.X we the effort of it, all-in the quarter comes was also the into potential open There'll the done pre-feasibility advancing be We

the focus exploration long replacement. or Luz targets opportunity the in pit performance But regional an we've It's doing have ounces been to to identified. strip ore big able reserve continues in Luz to a either we at a our Fazenda sustaining ongoing Greenstone explore story. XX-kilometer as that the Fazenda be very RDM That expanded provide essentially, operations. over Fazenda. be two Santa could a there. ultimately access district. to sites Fazenda, well And between For belt have Production It's always and cost a We're reserve numerous XX,XXX the was body, the on all-in benefit was expansion year, quarter, far major will a the it this mining. good Santa and $XXX so lower an ounce. replacement had

RDM. year. any in rain. That's we full ounce. improvements well. without usually now have continuous process abnormal as plant XX,XXX that see all-in through short through an Production of RDM done water water means has good cost dam, ounces which which really sustaining again, stockpiles a the additional all most rain, on hit probably of right And year. And or with can were we is we as at an been some year was And And a production next $X,XXX this lot for utilized of

sold well, very result a So and we at good Pilar, it. RDM,

to got announced -- equity and we X,XXX selling April at up $XX in gold we acquiring million the interest Pilar quarter. were on NSR from the we XX, And for Pilar in an that plus ounces an So entity.

Ross earlier. we'll development projects, stepped these So in look on the growth and Page at XX, through

an Santa first it's the we'll has Luz, a per for have the XXX,XXX various X.X focused is ounces mine in currently years. a Bermejal I'll opportunities. annually be about will through additional it development the We produce over more Santa projects ongoing Luz. pit target underground operating, with bringing on ounce expansion later. five Luz potential, but XXX,XXX Santa bit achieve year for also and when both at Los life, and lots XXX,XXX on year Guadalupe, of underground Filos production onstream. is of talk which open that It and overall exploration -- the will surface help the It's construction. mine

very additional finalizing is measured opportunities XXX,XXX well. Construction The million At X.X ounces at the XX-year We day do We construction the resources. commence to ready and process per project targeted And Greenstone, project, ore, to first additional production a X,XXX X.X that's large of a see five plant, has of for that and ounces site which second life. mine year. an and in years indicated base a is the will leach grade and to per have million reserve tonne higher permitted it's the midyear. fully carbon been the ounces as half.

came I'll million X.X quarter. now out getting of and ounces and about talk more Castle ounces. And of Mountain, first I year, over X reserve, Phase XXX,XXX for later. X.X ounce as life prepared resources. a study the production has plus Total million XX-year that's X.X that probable proven base So ounces measured towards indicated mentioned bit is and mine moves the over million earlier, that in permitting. It a a a the on

So XX. construction full Luz Page to underway. moving on Santa

mine. First past gold a of for producing targeted is XXXX. pour is It QX

existing infrastructure process having by facilities benefit we So and parts the plant. in many of

the page. look the resin of and it slide you But the side I'll of the retrofitting shows midst in ask are to then slide, upper of at The process of that And aspects We lower tanks plant. left-hand the new in is are a place. ball our into grinding where mills construction, set area on secondary tanks. new going the leach that's the

initial of by be excellent and There as it's at surface million on So budget. have first and depth. will on $XXX we then in we -- being it also pour is time, on end this Capex, QX year potential as view XXXX. It the exploration gold done

years TransCanada highway. All-in XX-year the the an sustaining this Ontario since life, gold comes very it in will on XX% been reserve $X.X got ounce. in be Greenstone it Canada. to ounces we us. mentioned one owners. an ounces the billion $XXX And attractive year, great is And on adjacent for very went XXXX. with third per five of infrastructure a nice $X,XXX in get NPV, production in Canada of And the A development for project per mine mine the ounce million being to project at Geraldton would that on team or So It's that's of most this an ounce first and benefits $X,XXX I've working is from excellent Page located attractive of $X.X just cost X.X moving XX% assets at the XX. production.

few at the for we the tree on In described So the being that a a already at this We're reserves very have to ready had $XX our construction and go. On XX% mines. XX%. by increase and an and reserve aspects additional spent project, and deposits notes Mesquite. exploration Page resource and looking the from early Brownie QX. team that's of clearing East budget release $X.X We've for in exploration in by works a looking second share And in and million news at XX, Rainbow that's October, Vista resources Christian very year, on we XXXX, support the experienced looking at the just spend Mesquite. the there's operating already happening of aware but construction they're the a growth, all as million half. focused decision at mentioned, of we're And site. this

and and continuing the property. Vancouver. a in exploration Piaba and out kilometers were both So reserve an team, million the on and for drill be this site deep at exploration results put and focused resource developing through that it's describing slated that's will second well and It's support January, the and being program exploration delivered program also it's growth done budget as underground near-mine near-mine in Horizon, the as year, A study at half. is essentially, on-site this very targets regional in executed X,XXX the it's targets underway fast all active large $X on pre-feasibility exploration squared.

let's under geochem, bookended Fazenda mentioned lots of lots of long It's XX-kilometer areas opportunity say, by Luz, explored. ultimately. to just Greenstone prospects. belt. earlier, it's and Fazenda and square Luz, So quite got It's us of mines Santa it's and geophysics, local Santa there. either About kilometers, I but And it then a it's provides got and opportunities X,XXX targets feed

Lake the projects So the Hasaga couple area. of Rahal acquisition, the Red also new Banan the projects Page acquired Through a premier for to going exploration in XX, and on us. we

XX,XXX million but per a also Hasaga also potential. were underground great at substantial So X.X that are that address in it's X.XX to grams excuse be tonne, Historic district, mining drilled M&I -- ounces confirming meters it XXXX XX,XXX me, a of resources has has in.

East with of exploration team review a a and how is could is at mine JV has it's on Heffernan, So right full doing And the the And potentially the moment. that mine the at evolution. be a one to the Lake this essentially a looking west. It's Scott Rahill-Bonanza day. Red trend.

So it's Christian to a back it great address hand to going that, to comment. With I'm have. to

just upside in with we million, there. see about add the going those with I'm obviously in opportunity and would we we're Solaris, two of just on and finishing upside they're worth off I'm more. XX, billion and dare Together, IAD Solaris, couple of And We Lake, excited or to is seen And Doug, $XXX Thanks, we've value Yes. projects see to investments, we're about as But when here lots conclude be pretty a really the that here excellent. as growth Saga you say and here. starting see new in well. of still value so going very opportunity the pleased slides goal i-XX, creation far. these $X.X and really our are Red to an to

at stepping Looking as and whole. look at the XX back portfolio out to a

opportunity the two stool. mine growth Canada, the to will districts, mines in is itself legged in four at each diversified which got in a This of nicely alone Brazil ability two plus Mexico. U.S., an portfolio in of hundreds another ounces be a now thousands one of two A largest. add these are of each we one highlighted, XXth but large and We've Ross of As We've production. in districts full mine. in got

at we've and we're for resource the back the out million We've that here, this before. growth the ounces. hand up. to slide we've by far. we So so how that in we've positioned. highlighted a and diversification got the here, right I got base coming got three We're next stepping And towards to highest that X sector working scale and were graphs XX When shooting look back together. The see pleased really million-ounce

and sort cycles some of of believe to as towards bubble and which at think program on step here multiple next just X production, getting is next it, again, look earn to a X.X a want away chart And we're We've add growing it's pretty our But our exploration. a a do is our annual right developing market is And X.XX. and from when really to Xx, about the really I X.Xx peers XX-month So here, of the is to think million for and our slide and to bar, we continuing to common of and larger of is of execute got that that X.X. between about out grassroots CADX we I those ounces low, you currently, as when you here move which to need this our just earn some to the those and here. move just over multiple re-rating couple going left-hand our billion through reserves earn around resources XX up ounces X projects, said, the million cap increase. we way

give it, few and and available the this million in value detail it the of solid to on gives on a got you really We've hit of got it a I it a probably this very we've balance sheet, right shareholders, I balance on in improving value target sheet. do $XXX And lots set actually slide, cash on way. company just more flexibility think on flavor. responsible So but now. the sights and the in The you times. our more little won't is I've little a and our is next revolver our dwell delivering our

think and questions is and delivering this to the just year, haven't our quarter And pretty has I good last see facilities flow. the much turn this But last finding couple of the very X,XXX got want the that really budget, operations. to $XXX on as execute get we make tracking XX, as our X,XXX. this to million we're a start they and you'll which spend debt he's And start far balance he's a being held to then at strong cash to time construction and business improve in flow long on chance it, into really in we've increased you well got comment Scott's to years, as done, we struggle three you, sure our tell so moment. doubled. got so our and I page Slide put give seem to year on on of our cash back. the We on studies going We've got over operating there, well back not base in hang to of quarter said, projects around explore. on ask a We've budget, to portfolio sheet value market I as growth. is I but nice little investments, gold year be to And explorer prices our And

on the look last extend it's that. whole you supporting shorter our in mines, knocked year this of investment a pushing we've investee this we have these really deemphasized lives continually And because we're year. I portfolio. to and So really think these items to then achieve deals mine life returns on of corporately, off he's this and bunch We're going is the providing again, closing it optimizing developed, companies, and page the and M&A point

inward We and growth just and executing. are focused really on the delivering

and market, I our have be full as looking to and not necessarily M&A us our bigger prize our in first really the told quarter-to-quarter really capital cost, continue assets. we're we in want for the us thank this we'll like year, to the but on this. keep with to right now. actually lower plate of but eye go investments patients mind. And all pretty got huge we're that periods here, half so And we the really And vision for just to actively -- said the prize easy appreciate And make keep current doing we're backing We've sport a the invest the shareholders what earlier, Ross our decisions, production, slightly on making experiencing who've willing see to end doing. and shareholders shorter-term of it's and of on long-term through we're swayed higher of at because do thank,

up formal the I'll just part And end that, and questions. to it open so with

to want you something, ask Thank you, Christian. please queuing people remind can they're while operator, Thank you Did questions? how up? -- Ross, you say to

just No, we just so. what did, I do wanted to -- just exactly

Perfect. Go operator. ahead, please,

will pause call for We [Operator queue. a Instructions] is joined as moment the

take for our callers waiting operations? for I need phone non-sustaining online. we're you Is to by that how -- to about funded you can a CapEx is line says from while So going $XXX need gold And we question cover will are It up, guess next you million price Capex? what much do year.

cash But very amount funded to obviously, balance that addition by that. flow. be a Basically, sheet our would Yes. in have operating strong we

it really over got after bit ounce three, to below, that. really make almost nicely ability to sequence one through capital, got available be the those these years, five funds decisions in announcing is mean, than also to gold $X,XXX comfortable, still stagger the we've pretty So sources, of and and construction which four, certainly timing more depends. because we the And on I price, what they both some of have layering projects feel fund but construction per is gold another. plan in but our to terms We a the next

Perfect. Please phone questions go ahead the and lines. take from some

Parkin comes Your Mike Bank. first National from from question

the Luz Just project. question Santa on one

that You on do mention schedule. it's tracking

inflationary budget other a on items. on it budget? Can just the hearing and you You there line some Is comment We're of budget? gave the actual steel give pressures there tracking in million. with $XXX

on you it? confirm of little kind or that you're still a Just if wondering that, can if bit of is good pressure budget seeing

tracking fine. it's No,

costs year. to on deal update been came with making we've we and was for very last sure late track new And Our that everything. we've materials, top this been we of into kept able year, done as of

very doing well. we're So

a offset a there. if kind also is of the in long commitments contracts, there little in are advantage rate it. lot way an locked FX obviously, -- sneak a read bit We've help any the of does and of And inflation. number of take there a Obviously,

significant and pressure or capital. you're Greenstone Are going about numbers good? kind Los What some of of those obviously, bit speaking some that a you've sense getting plans the there's budgets a Right. involve Filos, you on to, been to at you of feel the

Yes.

currencies, if along think I But I think I is of a jump I we've general comment, one, a little there's be cost nothing one little as it creep ordinary as overall, years, But There best got into Canadian over currencies anything also bit construction launch a next We'll there missed. into and just number right as now. do try think the please be here feeding far. the there inflationary will CapEx take the possible. a will inflation, as obviously things Doug or but other I'll that Obviously, the in too. probably protect of in possible, lock to as updating and so much we call few bit we of do coming We're outside few pressure. as I well. the before will of believe, We'll to be dollars, that will much do the our also greenstone. a number currencies

Okay. And of brings question. the kind just to that me last

In that terms looking is a that you're starting of Greenstone? sitting CAD any the significant cash at of with hand, there on in fairly given spend

received and as forward funds here. Canadian start in stockpile we'll Canadian in oil continue from to Mark, build to is, the the dollar that fact, Herde Peter sale here. we we've that solar just it's It move dollars,

Soni World from Anita from CIBC comes question next Markets. Your

with My question, on rock hard spending. up I similarly guess, follows

look you would would spending preproduction what But the year. of year capital? can an terms And start give your guidance in presume this XXXX provided for you've where of So us next remainder is idea you like? I

Yes. to And it's broadly it percentage you because there. three and I early XXXX, of kind and sort that's bit roughly to it's say, our formal. half a the but and little decision of speaking, right But differential would best XX% second give million. now of it half six-month it that guidance in capital think of bit probably have the little the mean, this way $XXX probably in something the of much a is half year could make XXXX until of part I of full the make back-ended so specific too to we $X think later billion, it's, maybe a we that, towards until of

All right.

So you XXXX this would actually start in then? construction on

correct. XXXX. our into the mean goal Yes, half to is in we I construction of would formal second -- launch probably

the at -- with like is about regard Okay. second as project of some to -- how Luz, with the regards we of and that the stripping for mill hitting we in starting has mill ready it then up, the feed question or the And at do making mine there running to to Santa completion or and like and the fill considerations is look go? your point terms will with COVID think that basically towards which ground sure

Aurizona who jump mean ever quarter or on mines signed well ramp and a and be our with have placed think of ready we're in. we're quarter we sign to And Yes. up down two with and at them just with operating take I I we major does And of same a the also expect had effectively. obviously Doug, Fazenda, I comment we last kind to contractor. mean the mining to just just contract is support may other road. best we the Actually, that, go. are about contractor very first but I'll our please

environments had far. So there. large as pretty but I And do COVID has we Obviously, And the up the been country. and number rolling ramping And And real was And results being outside camp it's been a region. on think we've cities seen feel major controlling out, obviously comfortable a vaccines are in I rolling the the protocols. of and contractors so pretty a the good and we've advantage. good that it think huge out, performance there's a well.

if perfect I you... in worked Doug, terms just of a out don't So timing. know,

And then at have no. We've had one sites. -- verticals we each our of standard

is Talus So we also quite Fazenda. continue to close San that. And using

we we've a and... it's I from mean, our support protocols just And think on done continue Fazenda. So with would I over tests of have. over -- it lot XX,XXX that we gets

XX,XXX.

XX,XXX tests now.

So it procedures. operating is very daily much standard part of

to I kind any on COVID just getting case, that's with in more overburden contractors, of if of at help concerns? was be terms will and labor beginning, that given guess stripping getting and just there I the thinking the if pressure

as construction Hardy commercial it's year first when look commercial no, then projects, tail period, Anita, our Generally course, through production. end closer we of planning Peter to of we plan construction the the we of through production. do towards here. right the forward we And speaking, for actually get

start-up is now successful having of of that project. a doing we're anticipation everything So in

but And mobilizing carries just of not think May? it starting U&M mining on, is in doing period, the June, starting mobilizing, Doug, for I scheduled the yes. it's through looking year, preproduction of it but at we're me the kind It's in remainder

sort Okay. And then is just more my of a bigger final broad-based question sort of of picture.

you Is meet you've I the just of Pilar. at there got that mean in may sold you going not assets that in that number your the Hard look question fold? As forward you've the now recently have, and anything Mercedes else rock

Ross, to I mean, that, you I'll comment. take want unless

profitability. made it days in is we potentially time. continue to at And of portfolio to think the had. we'll any the willing look our to And smaller a a But bit of early the asset assets mix. look does to I happy commit active some overall I as portfolio well. value see a look And quite a think to continue from contributor to little look small we take sale. it at Very that bit I it's of we'll assets other kind pretty management think will clear, to creating at at we're And that. few We

Smith from Securities. Haywood Kerry from comes question next Your

me at remind Aurizona? you could underground Doug, what the on the timing the for is pre-feasibility

probably We yes. -- probably QX, is of into Arizona, HX, For like the it's end but QX QX say QX.

that. to feasibility go-ahead in need make that with fees into wouldn't And full of presuming in on then other meshing a that How fit project the that have? you timetable once is that might I'm you the projects done, a terms pre decision

with or projects other on-site Aurizona? at the With

you've concurrent? bunch Los that you've Sorry, might could of be they things to I'm you've the how Filos, wondering rock, the of going sequencing sequence I'm of a got sequence how you be got on. schedule? might Or just that, thinking hard got

linear So the underground. I think the the scale stage of first the concurrent development be on could of and it, project it because it's doing a

run keep but it I'll and just concurrently. both it on just keep quite hard it both think study, working obviously, that permitting just I that line, will time development as us And will I take think underground eye can I adding been surface and ounces for and underground Scott's open would we'll to well. and and well. an time, So pit, actually allow add through flexibility mention and

on took And Okay. to case, or the now? on Los just because Got just changed... happened? you those you're don't you. if expect at million or that And the not wondering Filos, is that that in that's I'm Is pad that is recover $X you write-down what's what's the confident ounces

really contribute write-down. There's That's the not the it's Kerry, to that Peter. things case.

an to maintenance it's capital care ounces of have of and year. and thing, was effectively is, And from on basically you the at the effectively mine, some the they're of development it Heading acquisition mine, that accounting stacking thing first quarter, the course, The the end into have the you work a on mind work, beginning and there fair time keep to in the houses stripping fair then, that the pad value. at at not sustaining ton. of acquired the and through the We we're are value. but the doing

the quarter, a not for normal that's and But led to quarter. forward. the to a activity technical contributes quarter, see. that's something term. normal And not otherwise write-down. was But also For not run going stacking expectation the we an would extraneous quarter less the Which than that during

Got you.

Okay.

in we see could subsequent there? a then a quarter So reversal

yes. There that, is the potential for

Okay. answer And maybe I this. can see. just I see. -- then on Christian

week your remote a tough to I of which But because you and the the generally. is Just manage in time on incidence limit the play or of that having been of how live for obviously employees Brazil. control the are to or helps remote, operations I'm how And day your are also relatively a their are whatever, night wondering in incidence situation job. know good COVID these back. of done gone you've able to Brazil relatively the towns to or sort kind COVID do -- just a but shift that's change you've then and after -- come people that? communities their obviously, go they're every because, on they able COVID then a

very straight and anything headlines, lot it, board it's how are I protocols, have I to you, pleased or in and read a very the gone the the too and to they call rigorous not there digits make go been long at think more carry. a down got quick positive wearing or been because mask that's symptoms under from isolate say it like kudos site that periods most, have common and think different and jumped not -- a with of are was, people tests. amenable workers we've down really really a each mean and distancing it various our call to people strict. coming very them, I the a there. or others, with I've bit, in feels ago. And families that. think, when different and We've way a our and protocol. population there it, really going I'm was beforehand. out where year just it's really like too, -- that it We're shifts And on and communities And ago, OSS to trace I'd allowing this, single but little of when of testing you but any in inkling is have up keep really to It's very I able they world up quarantine -- I way, And if just on with local lot and

Okay.

quite what and the with Mountain. the quarter, was just a in I'm And but on production QX. was with obviously, Doug, just just last bit with question lower, In line the for much pretty the Okay. issue wondering maybe pad production? the gold were Castle to the the grades

heap out solution techniques It's the circulation. leach figuring the teething pad, just to problems on best the get

So for things thing the the sequence best guys well. they're for it, at to and actually results site working working what's see it to on are are working -- essentially out each through it flow the time to try and and takes to

out figured you thinking of kind now. the here right formula you are And

are you think You April... in quite better March, a think bit talking of that disclosure in Do you think the production kind you was I said.

April. In

they're out. So, figuring it

in doubling it's ounces of Yes, think So in very which disclosure a coming. we've the specifically. put I daily seen April, we

Kerry. Thanks,

your we can When also regional Aurizona Scott. Douer a from from expect and your present for question Another exploration exploration? results Antalis

first. going be I'm we're The to here. Hefferman Scott into underway work a here year regional QX. probably is now, looking

is we faced locked labs of One now down capacity. upwards are of the Brazil, but labs, challenges for the the two months. in reopening and were chemically, with closures the They limited

the results. definitely So this flow our has stoning of

the yet recently exploration focus in plan anticipated was heard includes hurst. just is overall Brazil Arizona With in by QX. year, for how you've for of of battle to probably the they half. starting to us Exploration first first mention to So Aurizona. news north to the imminently, the in of half the which The Aurizona range respect pushed on

some the we're that and from Now work. to to starting of mobilize to this rigs Aurizon with turning move point, start

to that in the be late 'XX. So year results -- backloaded will those

going construction? And your of the project, Okay. With is to ahead? ahead go regard to impact to project Greenstone likelihood decision with are what factors moving the this what

think et pleased should of to months, the speed number And debottlenecked. done to really I'm spending seen, of over the to members up project, and of up sort years. last cetera. schedule I with take getting key I we're CapEx, getting sort getting on just with updates the few and CapEx And of year I'll the start. works the mean, we've speed plans at work is it, lot this place they've heck we've that of And to that do major all pretty balance last project. the call a an moving be early really got we of, of team early in sort be we've catalog, construction on we're in in equal, sheet in now important next to being good changes. good getting been what really in a the moment, the I works off things of we'd and that some and the this think half team, plan any finishing making kind say We the there's a a to I $XX because milestone spend and million construction forward a think is be indication a good unless willing we're announcement place. second which of year place,

may overlap, have those small be in done budget so ready Luz be level project sometime we'll for in of of amount kind but of being sort There QX, sequence on on-time nicely. by by of then high go confidence should sure. this And and to a Santa

were quite this sustaining these plans all-in high your make costs those mines costs profitable? reduce projects. The and quarter some at What your are of to

Doug, almost and I and Mesquite. at stacking, this in. mean, we that no I'll level, the I said high at going take would to of in be say, really We first year that mean, jump maybe please half a ore Pete

next leach you'll a to that you're opening impacts there's really it. weeks ounces up really residual to And see to will ore in pulling hit here, and there. starting really So but it off up that open of source. They're are just the brownie up those that, the few lag start in QX,

lots There's worthwhile. good we So ounces oxide around in was area. and right that knew really in of some the there exploration investment and upside

that will costs So down those naturally. bring

down, team underway to more pad start year. And essentially done we're two with we're engine costs it's QX overheads going automatically we and better is grades second you'll Guadalupe that development last and underground ounces then denominator in running challenging up as bring was source to low-grade it, lot the QX, come much great QX freeing think are, doubling the call to a high-grade you're in down. on up doing now. a allocating and flow, see grades We're like up reprocessing I during with missing the And now, that efficient the period I and the And will blockade and your primary ounces. just more pad. those the piece QX. starting well And better more putting less get think come future Bermejal I of see and And of and early while the you're big the was take of last sort Filos You see have April to that those down. to that the ore half and investing. those pad putting of right that EDR get that going hiatuses ounces management show come year down. we're costs costs out That just of benefits start fixed the will see kind this plants, had Mountain, for job and to And ounces back we're said, part you we'll this some to now costs and interim costs ounces. obviously, a instead grade, Castle year, in And right We and a make ore shutdown Once it complex. on at in of up solution And those up. rev come COVID or too. which reprocessing Los out

getting you of to of start I it, it's I beauty you'll I a across last off a mean, costs We're those see having actually already couple ultimately, is It really that's sort of an and wonderful And X. And a partway to should And start but we ones by if down. some are assets, that and hate they us to have around And come look gives just So say little invest getting the ounce. in Brazil outperforming down. pretty hundreds assets, benefit. had quarter of those first confidence to a year dollars bring will bit quarter give the quarters finished the the us other and well. -- here. think, portfolio. QX, here, it through exciting this

in pretty And decent performance. all, all had so a

at recovery business quarter-by-quarter. importance step as it we evolving Christian, can example perfect changes plan, look to I you're really And we think is in longer-term have also, natural just addable our of have mine body. and Shareholders looking your victims where we're shows us -- are a the variation of investigate of an an than if into you victims ore of that. the

a one year in or So in shareholders of even terms really growth and time and of to line want at be two-year development variation. a looking terms

we're will specific a the quarter value from But year goes better at increase accordingly. going progressively can't and corporate of a You really a because change look hopefully, you as on, year the lot as said, things quarter-to-quarter. to have

Thank Ross. you,

talked emission looking you about be power strategies greenhouse that year. options, ESG your gas sources, your You setting natural at properties? things to that you're like going for targets and gas, Are green this at

to opportunity California, in a but renewable at obviously I green this, in sort these And or look source you every sources. company. mean, we option, who an a obviously option. solar I on hydropower angle. the is going And different energy each Brazil an time slight answer And of countries, renewable project at an yes. short Ross think those power Chairman, is of name put Ross founded look obviously, a It is is absolutely does I'm

of they're and sources ability but We a to access pricing sources becoming these competitive of on, will look in sourcing across we projects, as lot these alternative because move the terms and as build more also spectrum, at types particularly as projects well.

So absolutely.

higher gold things? will. how could countries wages, What if like deal you with securities, go your continues those in employees Thank to do legislation, with it we all wanting go as complication hope things higher wrong

diversified base. One asset of ways best a do to them is having with the through

of in what terms future great offset base, go And not can if just and of country, to having in else. you're of country. even predict diversified good happen country a specific in to I hard So in terms that's why it's somewhere place, things one by things down location asset it's very but the happening take upside from And assets. strength

be operating our seven with Santa with So will mines right And now. Luz X.

in mean, shape. in strength pretty now, this have right We I good And Canada is diversity.

in I from The higher have noise those taxation. been is about is died any of make as of but recently the pretty California taxes has in country and a has U.S. that think rumblings to Brazil big time quiet. shape. hinder I Mexico, mining good recently time don't standpoint changes great I down. the

taxes, Farther So Peru away, immediate there's the have lots taxation, there, their very to competitive don't We of lose and right horizon. operations it's there's they the long when noise they often companies sure countries move increase simply they careful revenue receive countries otherwise, making about term. in often elsewhere. And with now. capital be anything deal tax have their nothing over the on but less because Chile real of these to benefit

base. So right we the on strength but diversified horizon and take great asset really nothing is even now,

Ross. you, Thank

Another buybacks? Are one of your dividends favorite share there questions. for plans any or

to want Do take you that, Ross?

and focus now, about as add to Yes. such the talk come surplus come it capital plethora the in will over medium dividend. of gains fund until creates we is soon itself investment will our a we'll But We a the term. cannot capital give ground this the should We that it every meeting. of big on that board offset pay can have shareholders we dividends. any put the to value enough. shareholder gain in that additional will more capital the day can't which cash currently, the soon value it we great Company, When as that back we this for where shareholders flow, opportunities the free wait than reflect value and income taking have through in it Right and

you. Thank

to our investment? want strategy for what is know Solaris may exit So our

too, one, that take Christian. I'll

we've -- We and with them. Solaris, finding cooperative that to is done were of they in we've provide So for now block very what been right had able interest stock. we've an the

future. have more shares of to no foreseeable further any the divest for We our plans

job. Work We doing are team They're Richard doing marvelous very and and supportive what in a Solaris. are their of Dan Earl

finding to business that's what sell. very We We Soliris so, a and explore ride planning of well Equator. on size be and to They're is are with build deposit mining has not do a of work coming enjoying is grade these copper assets. weren't and the model, other This companies any done to the it copper Ecuador is last run. large company years. some on the that for copper mine XX There companies along major a Richard the in and is to fold planet. would to interest company We're trying big take in the in -- the

that, So this and exit He we to and but exit, years, And can't hang the for refuse he I far for fully him. happy that's expect more the too not get maybe year, not maybe with and to he go to a that three in too knows next happy year, he'll all away. head to to an on and far be offer. the be not away, than we're shareholders, will going ending going expecting term, medium will

Ross. Thank you,

are time. over We well

to questions So my by you e-mail. call there's that didn't for phone Ross and to apologies, we get will closing I'm you, going or if get the back by remarks. we to hand now Christian back

you and interested one I thing Thank are big you. who to this Well, on have a is parties, people our say, line. to of all which shareholders only thank

your support. For

you're shareholders. We lot I dynamic recognized are had world-class people a team hope don't in company. we've same promises on to a Directors about company a thanks young, great at in time. and same our wonderful reporting my what far. also, I XXXX the built as management we very the takes run, it of XXXX. how have thanks a by to And again. year for management my I team I real feeling be to We've in place forward very into effort think, you It's and proud as short next I year, Thank it's have for look what we a in-store wonderful Board us really so a of a to so there. of that time, amount lot there am And also getting of to get big our you

you. for concludes This today. conference Thank the

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