Equinox Gold (EQX) 26 Feb 222021 Q4 Earnings call transcript

Thank you for standing by. This is the conference operator. Welcome to the Equinox Gold Fourth Quarter 2021 Results and Corporate Update Conference Call and Webcast. [Operator Instructions] I would now like to turn the conference over to Rhylin Bailie, Vice President, Investor Relations for Equinox Gold.

Thank you, Karl, and thank you everybody for joining us this morning.

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

EDGAR. to please to to website, on on time take our on now our and So the documents CEO, visit Christian do call the turn conference continuous Milau. disclosure SEDAR I'm over going our

you Thank morning. much, welcome and very this everyone

to a seven highlights, point four gold business level. towards on place year XXXX and reserve touch assets companies to our quarter the granularity we'll pathway in be when on eight, Pete Page years. in clear I of the years, and balance we in recapping you one two here leverage high X and million to and roughly next assets, will got develop more XX of we're resource four and ounces over but the And have which here of full ounces Doug control on growth where our Santa did in year and to from this strong look that this quarter year number the the gold we at the portfolio. collection is up in exciting sheet last base, price. our us lot and be at X, through growth this, the cycle want to walk continue the our plus Just diversified ounces a five few XXX,XXX X plan we've moving again in these XX million ramping mines towards a and And producing producer we and ounces, to excited put have this projects. million at together soon we've over with large Luz allows extremely be And is an Americas as is And

we've about the as and expected, moving planned, on detail we're we're continuing good on say of And as we tracked the extension announced to a also, to it, plan deliver as the forward and increase project flows, on look and studies to two reserve as growth. out it it portfolio in stage. talk expanding And we've little Aurizona Greenstone pleased those but And that construction continue of be Doug Los our mine base contributor. and put put continue some to and this production the assets we're to mineral projects, our back on to the two key we've strong the construction last really reserve over Filos, that, drilling had really a and this to year, continue need going cash going we forward scenarios to and the life. expansion at various we we year, Mountain, other released. also kind on exciting to mine As good optimize and bit through which have path a will forward we had to on making we're call, work previously and that last show focus Castle And working QX but this And down on area life on burner of progress. really on attention bring to on focus schedule extend that results the

once and stability to that that be CIL reduce able we we to continue get we expand get up Greenstone running. to to build to make production and So and base want costs and those plans

operations quarter In Filos of it operations, we've finished that year at uninterrupted had of another again, report last pleased terms well. Los and to

we hopefully, And but need our to and the year-end, be by terms a we terms around priorities we're we summary, targets. few don't our measure. here around Doug our or sites the give works for see RDM ESG, as towards spending implementing this got responsible mine focus detail in We reduced plan year, protocols result the AGM finish and on But team. have on and touch all and this also, to for And will that. this had at mining to second a this. over continues to investors quarter. time of our principal the our want good water gold a announce long-term Doug this as of as ESG to take, that, granularity in in in attend, As of of able turn sustainable report We've been mining level very touch increasing weeks We call our we'll a us short-term ESG goal. year. material Pete strong of year. this the We an a a you for heavy first our X also saw year of change it an it. and temporary total. do as enhancing TSF. to walk last rains in guidance of the that And there the and targets I to We I emissions we to year topic just X the out year we build all is by overall and We expect emissions last And target them in the And our press set overall. have our set be towards to this. It year. in do out be did we'll Scope working focused long-term to on do that's plant This X%, to you targets, want reducing release, recently, achieved in through that's which

just respect I'll mines Doug the as of go our each operating through minute. Christian. of on them results, will With just touch a in a Thanks, to few

performance environmental you and XXXX, We stewardship. our good that our as our and in metrics mining responsible ended environmental a For here. demonstrated we on on note by good for already safety safety XXXX safety environmental see and especially improved

vaccine where downtime we a to COVID, was by rigorous continued very countries protocols. obviously testing the in our pleased that rollouts our but coupled 'XX which to was we're sites that in at with with. operate, As to little well XXXX COVID, it also no And led led and due in that managed was screening primarily the

to achieved operations, all-in along of higher our per cost we announced price a of financial on an our that guidance of produced previously our results. financial $X,XXX were $X,XXX the realized sustaining cost We really at gold. sustaining of an average an ounce little we we our XXX,XXX quarter-to-date a of from there ounces of guidance with our We all-in our with cash our As high cost guidance ounce. ounces We sold had an above per ounce ounce. next QX have best perspective. just range. end On page, We gold XXX,XXX

$X.XX for cost and per quarter income QX million are for income on a front had busy the during income $XX an a an $XX that change of basis. share gain during also reflect year. which sold of original year. $X.XX a XX%, which that a in for buy Our Solaris accounting more was million a Selling or It was XX for where benefit -- investment. carried ounce, And another and our cost, was of Solaris the Equinox's adjusted below $XXX of reduced our $X,XXX value sustaining previously and $XXX which of results unit very holding of which cost net in warrant just very of all-in change in were allows the a of very a gain basic low. the cash adjusted We $X,XXX ounce. on proceeds of to us share We of an to at million, resulted respectable half in the $XXX net included shares was net to fair the million of earnings units included share $XX million very, was million into a share and and shares million. year, which of translates We is the it accounting corporate each the the

that. with pleased we're So

items our During our to for net And a adjusted Pilar of for year income out -- the $XX along adjusted gain mine million. XXXX, million. of others sold at arrive $XX we with those the get

Some expired fair issued this fair of gain a in the of October September and on XXXX an items value on the roll gold contracts, those of which gain year. value in Equinox million of in change exercised include $XX million other warrants, off on $XX change in which

three have Our primarily balance couple increased million over $XXX sheet a little of approximately with of assets available we've in end we why unchanged current our of That's and a remains the cash in And strong due received million investments, so value. to And $XXX much. addition, $XXX in and have at things. the about questions year. credit fair million

They're and Those hold be XXXX. all which we assets including and held cost, announced equipment. addition, current, sale the property, Solaris of of expire of a for and value current. they've share. up to have are a a increased the third assets shares gone CADXX previously at And end were included QX our CADXX significantly. share long-term. of XXXX the to the to in all, Mercedes fair shares reason And included for we of gone now current about September, the warrants of December finally, in as Solaris plant Solaris big many more have They in low of at of acquire sale are are the able First is, up the

Aurizona, the value were of quarter of course by of investment all-in had middle XXX,XXX there, for sustaining in warrants. the Cash of strong by costs especially quarter. for And With our both results cash with respect QX quarter sustaining at with low increases Aurizona. value and Mountain our So a finally, column quarterly the the previously under as in Filos, production, see for that led by and at costs costs Los along led for were the Castle the Mesquite to you year the our can mentioned, we mine, fair all-in ounces year. $X,XXX the

year. with Christian, for the quite released stakeholders been it Rhylin engaging bit As to our we this Ross have since a out earlier and year, guidance

along this half -- So into of as performance year, of year. is the much with the I'll just highlight weighted the second that

over first the discussion can in second all-in be you operations a half of $X,XXX a bottom and just dropping the lower the at about as cost and of at with Doug. little a half the the be we of to per see half the of cash of just $X,XXX ounce the expect of in -- for in costs higher dropping an little a So or X,XXXs first $X,XXX over I'll the will ounce turn the the to that, an mid of likewise, higher under And And in sustaining year. year. ounce sales first the $X,XXX half little the towards year, the second year In higher, the half the the costs the bottom page. to page will year,

Thanks, Pete.

several weighted So as XXXX, for mines gold in pit at XXXX a production. the of operations well. We Pete in were noted, that back-end our of as the few see open do

produced Looking ounces. the In and XX,XXX for Mesquite. the first U.S.A. ounces. QX, at year, we XXX,XXX And

in So Mesquite. entirely being East And that end on majority placed the the XXXX pit, at pit, pad for phase the the leach and year. processed doing coming campaign and open the Vista up us XXXX, campaign XXXX. similar be stripping and I'll And Overall of completed XXXX, the note we're into production will that's or at stripping ore million benefit VE XXXX we Brownie similarly, that of XXXX. very the a a end ounces for of for new to in $XX pit, the almost in will the of very the that is

want $X and also East million in Vista which are be with that looks on XXXX. Rainbow reserve producer. pits. resource underscore doing million carrying X this We its It do ounce mine in to conversion Mesquite, And at exploration is to consistent a program I Brownie, a at will

was way some should with increase certain crushing XXXX. So where we'll our that we've At very higher during recoveries, will practices introducing been improving and leach at seen blending in it reflect XXXX, X,XXX stacking rock for our XX,XXX able very be forward was to avoid implemented be consistent. That of the irrigation our modifications be recoveries. important ounces our Mountain, We're looking that a for our And the Castle year XX and to times agglomeration and types -- in production good percolation QX has issues been it asset, and have and will point ounces. and that QX. also,

XXX,XXX to a Phase It's We that tag pad is which permitting are well $X And already. leach doing ounces a and underway is expansion, that plan for underway. to in submit QX. go but that's amendment The year. price X are support studies expansion -- million a well in, the will doing we the will that, the permit

Filos, Los ounces of that Mexico. XXX,XXX be moving XXX,XXX mode to total at continuous on So in XXXX for ounces, higher and in XXX,XXX to the reflect produced ounces. will was we XX,XXX XXXX It operations. QX, and a will At

underground We and major our Guadalupe in open we that higher in to small grade Bermejal. continue of now. was open the Zone have where Bermejal XXXX contributor for done have as the a getting in pads the ongoing pit And which deposits ore Filos we Bermejal development open pit development Los is the focused on and from central leach with amount development the of the also portion pit, into the contribution X going of

of development interrupted and pit the $XX being Mercedes the also And And we includes into year. is until that benefit we were to is million total development XXXX -- to Mercedes. the a million as sustaining delayed the cost, Our of and mine, middle over end rather the with where point XX additional the continue $XX under the million both transaction this carried noted, agreement deposits we of the XXXX $XXX meantime, until just mine At X% from stripping of and in or we expected take closes. In two to an contribution in Equinox million open Bear of XX,XXX quarter. work capital, in Creek. shares the NSR attributable in we Creek at the work up place around $XX for where sell for have development that transaction with million in non-sustaining will of through to principally with close Bear the underground That XXXX ounces. but

XXX,XXX Moving and Aurizona year on QX for to was ounces. the XX,XXX total was Brazil. mine, production ounces the production

a ahead XXXX the tonnes drop of We record locations plant. did slightly and permitting a ounces new targets. feed also feed targets We the sorry, immediate doing lower the underground also with moving in QX we will in new production as XXXX, expansion. in small that in on -- that are in million the will for XXX,XXX we the record of we our processed on also a drilling results And set of fresh as see crusher, spend of the XXX,XXX the helps reflects Piaba move the pebble grade being drilling mine around throughput on grade, had set with to underground. from also being mining portal come processed. maintain for with the nearby area us We've quarter. in. underground on for focused Part rock. drilling meters In And the That ahead which to infrastructure, plant the continue the feed and benefit design and XX,XXX the other area we including We're a work of to into a move pit. we proportion within us $X higher

that's slated ounces on from of higher a in that. pit worked production. ounces are XX,XXX around and open replacement, in should years, for exploration that. on At been We from largely of and continue that have has see higher A additional essentially exploration XXXX, XXXX. grades operating the has on total QX, and mine slightly for some we over and work areas for Fazenda, been produced big we our in We This both $X XX,XXX surface XX%. underground underground recoveries part XX reserve with some coming million now

to that within not in in our and Fazenda look part or our exciting access resources in enables And installing very will We ounces. and record XX,XXX around from coming production Fazenda given pit. or in of new that ounces At and or be the we and the and Thickener Santa TSF XX,XXX water. much a it and Luz conservation open the proximity rainfall plant, will this only tonnes capacity us we process developing Luz on and we the typically, doing ample for had Santa our TSF. thickener. explores was set be reduces Belt, also access program to model to increase developing processed. year going XXXX XX,XXX We did RDM drought-stricken in large either overall conservation immediately at the on in year, Greenstone to to works also geotechnical a an We open And that some higher to the it district, at more grades can the working Fazenda, go quarter gives coming because QX always stockpile as to are XXXX, ounces some Water could we numerous material the higher production that that volume XXX,XXX tailings fourth doing from maintain be ultimately processing plants. will water targets XX,XXX production production water anticipate area. process we the for do but On an depending was increase we to that the new a in metallurgy us limiting the throughout pits. exploration our throughput available RDM, as identifying that a heavy is ability total will do And of year. have to

as you've full very TSF And a noted, lots at separate of the to in of water have We dam. we storage that, moment. course, our water have

new suspending water evaporating to three and we the for to while plant reduce TSF. response the two pumping be continue next will in weeks, So to guidelines, we the in levels

process and the we've ore. with we marginal time, no that we overall independent internal And and external And stockpiling there inspections note we that this. will ores to I a impact have TSF be anticipate restart been mining one of with continue issues as confirmed to During us all side of period. and the this that and will the TSF. are during there that putting regular

on is total on to budget construction CapEx. So Commissioning on and Construction underway. The was Santa Luz. budget. $XXX time moving the for is million

We XX% on mill is circuit underway the overall. crushing ball are is and to at complete Commissioning secondary areas. close leach The SAG mill, completion. area grinding

upside. open First gold reserves March. underway. where the Equinox targeted Total XX%. in it being as on Greenstone Highway It's ore construction project conventional by This is of XX%, developed is We'll exploration this right will a is The move with project for first to introduced be X.X as on the month next This Orion at ounces, and additional TransCanada excellent significant project plan. leach Town Geraldton. does infrastructure. has to is and million have and of CIP the pit late

We Nation of support XX% around cash does of of is initial capital virtue have fixed XX% a we which fleet for in initial capital to our First that the And $XXX preproduction $X.XX and great community and also so includes in spend. in far. this upfront $XXX billion. are includes That CapEx initial million dollar is exclude for about CapEx could of XX% the that the reduce capital committed based. million It place and project. contingency, lease our about I contracts by revenue the is note will now XX% Canadian of is and

years We months construction of period an overall commissioning. of and have six two

is targeted XXXX. for First gold pour of HX

from things time progressing with photography are XX% those quickly. and Santa very at mean, engineering can And for everything the the to to see with project so standby very know reasons everything to -- Their lapse over for XXXX and going you see can one many Page and at this Santa team, project And Greenstone up the the very for I have the you If can of speed for readiness you I both roll. been sites. to bringing well. why on invite be you they Greenstone excellent years able during But to to this project you some experienced is photos Luz ready our been and They've is to it's progress. been being The kudos how complete. website go we're to go XX, Luz to good has project able advancing well of team. construction look so

foundation Phase complete. work schedule civil are Site is is ahead well. highway plant complete. road And complete. is relocation works building Site access So work and XX% lines tree actually clearing and schedule. and X And power of work is earthworks The TSF concrete almost ahead road underway. are of as about

in ahead big get and a use. in derisking have to our and we principal ordered. treatment equipment already Temporary been a is that's earthworks. thing plant already operation, have lodging XXX-person able being water So that's and critical All on facility

progress back the going good kudos very I'm at to So pass Christian. to team. Greenstone it to and

I'll conclude here a slides just of And XX. on on couple

weeks, roughly Just Luz sequenced of as phase right coming in in they're in to Los in, slot Castle reiterate, about incremental we're we've production got will for due base. in of see, ounces few Greenstone. to the our that existing Mountain two the years, XXX,XXX next And on And execution around timing nicely growth stream next Aurizona the ounce you and the and of Greenstone now. Filos, underground end XXX,XXX can Santa course, in

on you got the we're not we've if certainly best, valuation growth peers, larger It's can space pleased And slightly to got a to to still in quite from of from in reiterate of got peers. owned a couple $X debt projects of We've say liquidity the touched compelling flow the to almost investments, resource And a investments time, And extremely for on environment, the deliver of not years Pete already budget it's to balance discounted on from balance, gold billion as we've we some moving this that as one profiles, versus base in the senior next sheet. see a good trading to way internal. gold. now. over strong to we'll It what earlier, operating good banking these coming And mines. have continues valuation right obviously, just be valuation right internally our continue a perspective, next So at portfolio. our years. And to and all internal on the and the almost got intermediate it, And And we've multiple mid-tier two group, the X moment, on execute ounce available reserve we're gold the now. profile. claw lot that producer leverage million in it's up billion cash global growth a over $X.X to the curve. funded on cash and same best XX,

we extremely So we're positioned think well.

half this First mines. this of the from as excited has very as cash well. year we about of Luz year, And second where coming supportive of lower slightly been and half with positioned our Santa hit gold pretty and producing that we're some But right we CapEx ramping where are off, recently obviously, up environment we're and the now.

XX, jurisdictions. So of of our growth overall focused on all a diversified the just it's portfolio, now in highlight

some an end producer. to keen year and last of XXXX. pleased good Americas-focused in back gold questions on year a are take of We I'm the here year-end -- the

how to Operator, Christian. a question? remind people you, you ask please can Thank

[Operator Instructions]

any are you aggressive? your guidance first XXXX? And is operations great take the a of who from track, on his I'll frequently conservative you Basement one supportive Rons channel. this during on talked how waiting, in on a Can we're months It's that two color previously have the very While state released think of do provide shareholders performing question quarter. or our YouTube about

us year this tracking take I'll you Doug, said, is and cost. mean, slightly comments. And It's to if We're Maybe in second lower have sort production the this a I half jump year bit higher any of as It please for annual an be that. any along seems I that first half we trend. of tends year. see and difference better, of don't lines. those the

the clearer release we little on this couple two reiterate of granularity first provided our I year guidance the there are tracking think more with plan And today. in we've and guidance move by forward and we halves. as this bifurcating a months

online. project. that costs going saw budget? Greenstone How IAMGOLD increased we to on recently their again from do question Another is Cote I know be that at

that's be Greenstone of the being been of the the the for team when able Greenstone and did And project we that the XXXX, time those aspects to is derisk, start has at advanced the clearing, readiness immediately of done I project forward move best quickly we to XX% plant treatment all to very work able to the on we're to We've all think at and things we're announcement it's early on our means So infrastructure readiness being especially of got and also And working the Greenstone the working of around update doing when we're about XX% of stepped and mean on that in engineering I on the All construction advancement being look track Greenstone and CapEx moving the works to the the position a correct that now, and for with we're actually costs. right site the as continuous that on I done tree all the say things that been camp we TMF. would earthworks CapEx. on external water the construction, Project revisit was internal many an site project team, is way end of we side project effort announcement. years. with basis is mean can key readiness. in, a plant well And the -- and and assessments item.

the and at ensuring that sufficient So everything levels with also readiness and were had engineering the part in team multiple to was make for opportunity we work and to project. construction towards the that sure as do I that move we this decision correct think it's revisions

healthy And and And that to we've I've XX% opportunity pretty the I supply observe think seen built contingency is into a we've inflation our lot taken the relative chain to CapEx issues. market, obviously, and we've also a estimates. firm estimates. when at And inflation to and the we've got looked think our the exchange quotes projects been start. they at able that we've into foreign things. we've other and of And and build I number looked

time And we're about projects I every to we able to question we make see any sure go when happening that double think also, the we single and circulates sure double is see And being and on happen benefit see We project, other in by something. we potential doing. what are very back on that missed everything sure on at anything not checking what's being other proactive and team we've make regards to Greenstone check around. problems. And responsive

we'll the few phone questions lines, a please. take Operator, from now

The comes Ryan next of BMO. Thompson question from

of Just a questions for me. couple

side at some any next hedging building just one is this you Obviously, go period question relying be And First operations. your the on little of the the Greenstone. going or to gold there cash over of second you're from on the potentially Is corporate more through operations of out is while? on things. as then discussion capital-intensive thought

You mentioned, to stripping got going new there exploration trying also that bring and as be into sort with of would potentially at color on lot so of be a on resources Any pits? permitting any reserves. on of sort you've Would some you're convert associated Mesquite, in could you provide and helpful doing these to well. of any

question to a forward, gold. It's any to your Peter period. here. provide in gold not I'll do even hedge on construction though We hedging plan currently going answer first we're

liquidity. we're forward we've sheet mentioned heading As with funded our before, well like we balance feel

hedge to plans gold. no So

we've spot as what fuel currencies we look at and as being Pete But strong And for, And things are us Ryan, believe to said. our other we we the gold we balance got or that levers, look on like people market as a open that possible. do sheet other do and product that. other do primary keep at the may most buying

not now. that's focus right in So

permitting underway. It operating if underway. doing regards of answers I'm looking aspect some it the Mesquite, there's to a at a at, but program, that In always you're always question, of expansion it's on leach or there's if at your pad whether not part what is sure that's looking drill Mesquite. practice depends permitting you're normal

So course or like that I have pretty base into a accomplish know that you and sort a resource process permitting mentioned to of of it of Would convert reserves. normal you a some sort there, to longer sort trying big business? be of

exploration looking say, or I'll a looking essentially, small timeframe. permitting shorter you're site. programs managed being very But obviously, things, were be so at period. that's small wholesale looking it's are a obviously, leach say, change, mean, term well would modest wholesale changes, large a But all to Yes. I I longer if more going mean, But for we when longer it the you're if not or thing. let's for at pad expansion, be a

resource permitting, updated I a different of is permitting. a reserve the and in routine regular a lot that more sense probably think, actually the a and highway matters. I across longer pits definitely the around term permitting think on and we've and Ryan, And that's within is I multi-year the year of sitting plan. a And various is stuff which think few times our

to I is routine, I'm current think closer but permitting around around of plan. the of So -- call the kind the going more resource probably in sitting a routine. that's across stuff periphery It's lot that and never the to highway multi-year

from of next Securities. Kerry Haywood comes question The Smith

it's are going still submit you then? Christian, if the to permitting feeling Phase March, a X get year like then three in Castle to cycle approved be sometime you for that EIA amendment Mountain

could as or I years. of Greenstone years I projects I We've two being, aim away being completed, three dialogue. is give But still short the our good think because of good probably sequencing feedback, indicate from as to if and it we a And towards goes good two think years it's be mean, with of all time. three take, well, years. years. amount better had three

on able site with the issue they The I need. think they've that the that found been they've to team water water working and adapt has permitting. been sources

next focus it will years, could So permitting be years. two key the minimum think years. two three the over And but we be the

you've kind can for area always in a always and there water you're you're unfortunately, containment maybe case area water, a too sort that again? thought should RDM, dry now discharging Is it's looking with And this and of Doug ever build but because got you of any maybe answer, just supplemental much. happens

site. we a X.X water dam on million think have think cubic I already -- it's storage I meters

years -- end we water of we're for additional the at and figuring at already were rain. good balance the without our year, we So two any looking that

is So exceptional. this now

As rain been Brazil, in in don't that having. you'll as several areas had have as get much noted they've rains heavy they've typically

that's the been the putting mean, the on water in of pumping plans came this are regulations We've be that we why and to we're already we TSF. evaporating water. the putting out understand conserve in the I in thickener. So able working And part same to reason -- of already at change we're time, the in.

So that really, of during means period. not it adding plant -- that just the TSF, process also not from more it excess just pumping the out but our water

we'll bring And work bring back and processing do back We'll on it the catching and then down. to ore just we'll online up. that. it prepared get So

big continue in a an think And we areas focus, in of these at have emissions in two as we we I water that have like and terms got focusing the measures areas horizontal, areas areas. put And that as year. two have evaporators excessive it's I of made because definitely as are buy think, to business, and these and well we are to we then picture, and and areas, plan treatment dry water rains, on some that. we, but that Kerry, last look water proactive We'll place something things treatment put in ESG

it our will deficiencies. look at excesses to continue thing be and So where we evolving an water

that to part that. an with and looking we've redeem our do an that's initiative to doing sensible water work and and ESG, work that. can our but of conserve well And reduce And in by Boychuk thickener we water, test basis TSF footprint. this side part here doing at -- to it's XX just one dealing things And He's how in tailings of TSF. that first footprint with balance continue ongoing things a experience is driven over And water. overall. we out been improve conserve over Kelly for came for us we ultimately also try the also of the on was but years' to of the XX that That's leads year actions more

Filos talked construction now? And of in Greenstone start there completed is scenario at I Los could that plan that mill until earlier cycle. the about Is mill where than you perhaps or you've is not construction a starting know terms the construction the of kind its

everyone that's should perspective, There's But the to be to that always opportunity like capital perspective think start bit for that stability earlier. all I base assume should Greenstone. a planning I'd after be from it we think prudence plan. a and I an says

years think of at to will I best it's we We But will next bring thing. look plan as optionality couple at we'll that analysts for I to now. possible. that in it start not and scenarios moment, news out. update But the six to to of good a construction want forward, want there If years be do forecasting as in be a months market keep story, about two from time. of the kind at a be it our the open I

they discomfortable trying that a when you things? to And have and for better? change getting gauge sensed communities back in at you similar sense the of attitude to better you Do or they're they're just they're were now bit is how sensed back they site for to work things Do Are or worse? how I'm maybe people think any maybe the have your going. got that work? just that to

working. is When two doing. happy I and is that's what be through they think we work be the got to everybody last issues, back want everybody to to

my at communities interacting basis busy -- continuing the not for And they And about to better be the everything everything. day-to-day or a when our and when with can but at crisis, that to attitude the management so say, I'd a we more understanding on team a just team is confrontation general have working. site, that's do it's they're is site, everybody

outside mining be. with just we're routine and as we the to a grievances even more on routine said, regular on I think they of from with partnerships the effectively, in building operating a constructive they community. think get that manner, we and heard the if workforce shouldn't dealing leaders be the But to good want I day-to-day from dealing Doug grievances and things in level more things seeing heard basis And elevated we're working. had they more

front. that's So we're that aligned on great that all

than part much that so or It's easing more better face-to-face. stilted off, whatever. it restrictions of with interact just is And able a of Zoom we're conversations messaging having course, WhatsApp or COVID through to

seen we've down And very COVID significantly. come

have bit managed the California -- off I come the last with couple well We for Canada, in might than many very Brazil sure. Mexico for weeks it's flu countries. some higher zero it well. absenteeism. right that very around, And has in of got as other little we've significantly down now in think be and a two it people still

and want to is analysts you And face-to-face this which year disruption. great Luz the business. too very there. we're I So meetings to starting little we're and Greenstone and we travel our more things happening, very as agree, go happening that visit investors are guys for to get seeing And some and Santa see positive see

Since we're take talking to online. a about Los going question Filos, I'm from

through Bermejal Los little costs plant but economical? you're and obviously coming a as interim costs do working out the Filos you the in which get will take bit see bring Guadalupe? CIL down, a to more will So down bit, you it pushed What

It contributing contributed some stripping. really of has meaningful ore, XXXX. in in a mostly been the been in has Guadalupe way but part latter

but ore. the in pad, grade So going higher brings ore that to nonetheless, leach higher some grade

I were is underground, but Bermejal mean, that. we development the and all And delayed being get small development establishing and we in helps. to it, contribution a able that So initial infrastructure the from do

grades, more So through processing be segregate at date a into the the pad will we'll on it it pad. up it. later be to end higher to meantime, the reprocess as get and the love more, we we'll in CIL. be Bermejal for We'd able ounces there bring that to CIL But help with and to

hopefully step plan CIL plan time in as a months' six gradual forward running it you in comes can along lower grade be well two generative whatever. say get actually We when we're through change not now CIL cash that a we some actually can put have that we're We that's to that of not to more costs or I'd bring the place. going for as next the think to way. changes, the and optimizations years. clarity I it build mine to various planning make plans And CIL plan and the to stockpile the

Operator, phone lines, please. to we'll go the

Parkin Mike National The Bank. next question from of comes

you terms in You kick results? Mountain. think at adding mentioned of we expect that to said could agglomeration, I Castle in, you're kind of When

be in a that the And QX. QX. the start given starting tail end it's see leach, Well, we're in you'll going impact doing to to heap and crushing of agglomeration the

And is that factored into guidance?

Yes.

the Then you in go, a kind make on of fleet when terms for have decision to leasing Greenstone? of no-go do

first or to leasing Mike, it's primarily we'll And Greenstone we're decision already then switch in self-financing, equipment. year of going We've generative during purchasing the cash be two is Peter. period that construction as it. the and to that made operations

And me. then for one last one

by? terms you'll Greenstone, you mill are thinking have where building enclosed the In of

schedule. to I'd digging have Enclosed? I be on into the Can that to timing back one? get you

can that that Rhylin on, may appreciated. pass yes. would be be Sure,

a big have But summer. I already so the winter. erecting Earthworks coming. to works key year, the to done. next plan this ordered concrete is the of expect working to the pads done, concrete Prices is think We'll steel an all these to fixed, of buildings are the indoors this down. have is things, and call piece Mike, spring important engineering the we one be are number a is that. And it, summer by, Have almost which

by we need the we'll on we're be single working fall done be you winter. that we're shift shifts, exact indoors So the And plans, but in that get of expect we'll if working the will team. so to next the double most with answer, be to I because working would and that that

well. mention team are as Greenstone charge it don't called by the the We of builders much, in but experienced,

it. they, with overall experience have that their and So all factor of planning course, into

The next a question Investor. Private comes Lawrence Danny, from

of you we might building work. in in the it's all years? phase and do we you're conceivable Are a capital-intensive as think see know, developing I estimate-wise for investing looking couple your hard mentioned, that When mines. Thanks at dividend?

the we use will plan that there. then and quarter type And flows it be shareholders. obviously radar and call move I think up And running cash confidence Greenstone be that now, of potentially our assets Greenstone sort dividend our on on running. keep in the get something a expanding capital you've and question. to Good that the of and as of best to as will a acknowledged coming the certainly we is in, policy forward. these getting us or Right of to flexibility focus return back give the considering It's two capital and

good to and returning at that continue start we'll business it. to have a think, a will base to we little grow, As be potentially and asset stage, I us this diversified capital really allow excess

up ramping XXXX... So in

What's that. I just clarity that? on want more

Some point that around the we of end budget XXXX. 'XX for through as go phase

production in questions costs. I've a come of growth and number talking in the about had reduction all-in sustaining

assets, what your talked So growth all-in get like see those as sustaining there? incremental million target? costs the will look when from you will start sustaining existing you that all-in costs we about ounce projects hit your to expect online? come magic to do down come And When you

of number a That's questions.

and try those me in Let knock off order.

replaces So production some production displaces And It all-in higher basically, of assets. in next to guidance, come of Santa assets. mean, things will a we I how progress be And costs we've will of I we phase our or a indicated Greenstone Luz production some our expect down good sustaining one even on, think coming cost again. is of the lower cost cost lower it think be example year. do think in it's sense will I that this as

be ounces, at might million X rate end XXXX. be the ramping X million the that ounces up run towards as might It 'XX Greenstone's hit getting of So there. of

in far stage, $X,XXX X the Our cost million into life, ounces quality, lower and exact diversify reasonable the mark, a number, an take, is costs, this I assets. for and we or don't get as maybe quite we give towards moving longer future. But estimate better portfolio those out towards that that's have

please. We'll go back to the phone lines,

Robert from comes Zeitzer, question next The Investor. Private a

i-XX a or know and i-XX your have these of either Bear seem question positions Creek Mining. there but to for thought on selling Creek. the thought I there them quick has or successful. know to Gold price The any very, we given time? very increasing I our things or looks assets, Is been be Solaris it keeping them the very decreasing any start them? longer the Is promising. performing. a for inexpensive, I know to portfolio doesn't seems keeping to that very I these little either the Solaris, about paid the stock Bear

Richard we answer it stake as We're with three of core with and a It's you I'll holding years questions successful, try very company. there. and and create Starting Solaris, back. a I is that help a mentioned there. million been $XXX basically generate Warke still mean, supportive have roughly those we that few

of is a core that two companies. acquired I global we'd to XX% might be develop in or free shares. think major And to by asset XX company a be of interest supportive company. between And resources to deposit us, copper the a to XX world-class it's that we single we up has of the think world-class be like that smaller it own the of to larger next likely we the than rather junior to It's months a company. think

like takes forward we'll so be think those will it but there to due probably of So of I in supportive as develops we'd and plans. course, be a Richard that. event be supporter there, a And monetization

that be the It's backyard. a ounces clever produce, only Nevada. of a the deal i-XX, XXX,XXX plan. that potentially to year In to that has Nevada-based different. of terms in the Ewan has But of owning wonderful portfolio in there done our XX% in drive a chance job a or together a in with of It's like road. assets take, think due a gold. those refurbishing plant terms cohesive and work There's course. gold some very slightly a done down I and we developing pulling Barrick It's bringing give it's portfolio, together

So that a one more a I little maybe see bit strategic. and as term longer little

keep that supporting of and But with maybe own So I and and it supportive it we'll to it. own keep Bear be later. watching an we it. eye think for don't we'll Creek, then now, want of one on more even And

asset silver, it's our probably high profile. them very which think actually more massive keen we're will what we're premature of precious and to for higher to in to I the move do be a producing think a know to I portfolio speculate finance shareholder and So to metals, it And on. a and not slowly. an continue And on They obviously It's leverage very got forward. it it get asset that's we've keen higher ability that. a forward But we is seen portfolio, project little that obviously, but give leverage actually it's and having move that.

that one, one. I it, we're shareholder we just that need So a, to with. get think some a time happy to grips very to minority But call be on

the moment, it's question at online. So last our

Your are growth now Greenstone X but additional Are obviously the predominantly has to acquisitions, to you great you particularly through target. you've some around got any ounce that get mergers million there need date M&A, and come that assets the minds? to because really junior considering

focused and down, us definitely and executing are a we're delivering little focused mean, bit these backseat construction moment. now. really Heads that We're at I these is M&A projects. a taking on of on for the on

that So a is really sort already four that we've own something it's for, upside paid That's particular. stuff hard how early-stage underground exists long value that we're year that on deposits where there's other mine, scenario we've our of of economical add really We're an weigh sites. identified has really we've drill to down think a there. and the like five ounces to including road opportunity mines. evolve at another that to those when that add continue other our own something there's spend we probably example similar own so for strike specific some group not best here from three around you is or opportunistic deposits go already Greenstone, Greenstone. probably exploration rather of I in more up have is if right that the got our our looking actually open But and going to and around much multi-millions we're think licenses deposits looking potentially and the license around a pit we I have actually a actually, sites have plan we the sites on M&A. team type already always potential exciting always for where around paying than to -- And and and lot got to exciting our we when But some of out add capital dollars and very

moment, there At the questions. are no further

closing do have Christian, any So you remarks?

The to I had share I just us an XXXX think, exciting platform sheet the And great and metals And And thanks support. all our hopefully, say find I of to leveraged upon No. a XXXX We've you're we've and some here weaker to think plans. now. XXXX. little the and growth the that's out reasons precious deliver for it's going want price with for most in a space behind again gold was there. know. highly balance execute to got strong to a that we

next an is So to I portfolio. be going couple our of years think this growth exciting in

close conference us can for now call. joining the you much out very Thank Perfect. Operator, you today.

call. concludes you. Thank conference This today's

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