Equinox Gold (EQX) 3 May 232023 Q1 Earnings call transcript

Thank you for standing by. This is the conference operator. Welcome to the Equinox Gold First Quarter 2023 Results and Corporate Update.

As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. Instructions] [Operator

like Investor conference Please Relations now Bailie, to go turn President, Vice for to would over the Rhylin ahead. I Equinox Gold.

this Ariel. you, Thank everybody joining Thank you us for morning.

do a of will, forward-looking so disclosure SEDAR website course, on making and visit We number on continuous our EDGAR. be statements of today, our on documents please

over Greg Smith. CEO, now to I'm our going turn to the conference call

joining Thanks, Rhylin. us for Good everyone morning, today. and thanks

our EVP Reddy; Rhylin On Hardie; the our our our and Doug with Bailie, Relations, Exploration, call CFO, of VP me COO, course. Investor Heffernan; Scott Peter of of

those Gold focus America's For the to new Company, is a producer. Equinox diversified gold

discussing Goldmine We Mine Pete with overview Mexico, a XXXX venture have our first we in quarter and the we have with the for over are Today quarter we turn Orion and our Brazil, partner including start also across several more And broad producing seven details. results. the growth Doug XX% then United for Greenstone call our joint Finance. Ontario, constructing I'll are mines operating financial which and now and States. projects, to scale large

meet XXXX per ounces X,XXX and the per and XXX,XXX sold production produced X,XXX the ounce. our to costs sold sold all cost XXX,XXX track X,XXX on with over gold During XXX,XXX X,XXX Cash This was of ounces X,XXX. ounce XXX,XXX was sustaining we're cash ounces and and to all-in of X,XXX cost and year ounces of to us costs per for ounce start we between under and guidance between was sustaining the just cost gold. ounce and first just quarter, per good a

course of time for of at and have of advance XXXX. the can that I Mine the a just on there half in quarter First weeks budget the ago the impressive. his and made Eric while team and directors is Greenstone the to say our a our progress first of Corp course that over with was Over construction I few continued few Gold the on winter

we construction installations complete primarily and the overall, At end preparing mechanical, XX electrical operational and for team of or the quarter readiness. complete, the commissioning complete were and piping is and now focused XX% XX% on was

Mountain a word now of Castle Arizona, at quick Just from permit on the received Castle we federal state, and and amendment of have county Mountain, application our completeness acknowledgement regulators.

on will statement permitting work later to advance the analysis So is to through this start the formal impact now environmental expected start environmental and year.

to Arizona addition of progressing At Arizona well is on as year at and public mine an mid we ready study the for the underground well. feasibility release expect have this results

take we as we to On the continue fortify some side, build. corporate our this through did quarter financial Greenstone the steps position

the XX this resulted XXX from credit the up into end That's from at the actions unrestricted approximately cash quarter. facility of year balance total million more million later a in cash People go available XXX million liquidity. million end available our of in in for plus detail These on call. an of XXX

our continued excellent record our with rolling continued injury in am a safety reduction recordable to also month pleased the I total we rate. during Finally, report quarter XX

of business as February, environmental reduction a in case. to XXXX, the emissions We and compared during XX% our as greenhouse had we announced that's gas performance also quarter, and target usual good by

on in out our our Action is Details Climate of that available website. Report, which are laid

to on very will information following loads This detailed, XXXX report encourage which we that also check shortly I'd all things and so is out. our of this this ESG be call, actually Finally, ESG report, on has available will our on everyone at website. call publish Equinox

call like our through run results. financial Peter over I'd to hand that, to With to the Hardie

Thanks in X Slide on Greg. presentation. the now We're

per received sale expenses in ounce we quarter, gold operating had XXX increase the for of in ounces is QX highlights generating million similar an million XXX QX, of XXX,XXX financial QX is from compared XXXX, operating We to in X,XXX our but on XXX million average million. the revenue. price which to As to expenses an of of XXX XXXX realized the

ounce QX consistent a in in per prices prices X,XXX offset Equinox unit from to consumables ounce small Key QX X,XXX The increased costs XXXX to last in and were Mexico in XXXX. increased in with by in cost key cost QX small QX QX increase year XXXX increases X,XXX decreases cash all unit to QX basis, remain in from we Brazil, From from saw inflation from which of half and stable in ounce is per XXXX. consumable first the the ounce ounce sustaining XXXX. consumable the X,XXX per QX, On per in experienced per USA. per

of costs early basis since trend been flattening the key Fortunately, a XXXX. per consumables unit consistent on a has

guidance. mentioned, Greg have for production XXXX As our cost QX track gold our and us on results

an in XX per or per basis, and had on QX XX of earnings $X.XX EBITDA of basic share XX diluted. adjusted fully income for million or of million was million Our net $X.XX share we

holdings a million associate an in holdings, adjusted The the which i-XX reclassification This $XX adjusting share. Gold gain an of to ownership. had total below main $X.XX in portion marketable investment we a On items i-XX selling to basis, from million income reversal moved of us XX% are a securities. or loss of from X to on reclassifying results the a our

won't $XX and for those foreign adjustments million gains exchange are are to and losses addition, be forward. was and contracts there XXX for on In share XX arrangement. unrealized incurring non-cash from the is per Those that in share capital operations on of $XXX investment associate. before included our i-XX million we going million of working receipt in cash $X.XX operations or gold the of flow changes prepay flow million from related Cash from

those out generated from funds, a back million XX cash flow $X.XX operations you Equinox in If prepaid or share.

credit $XXX available million unrestricted of facility, million of and us quarter XXX In the liquidity. giving of million $XXX a with total our terms liquidity draw capital and ended on position, of cash we to

received cash which gold the will for under gold with of arrangement ounces approximately prepay was arrangement, Our period. monthly of is than less million, deliver Equinox XX,XXX position that at XXXX March October, as to July, XXX terms installments of announced revenue. XXXX, enhanced production in recorded equal we for the deferred we represents that from which the forecasted X%

Deliveries start will led The gold the delivered. ounce for from that we it after come and revenue BMO deferred the ING receive meaningful pre-payable And per Greenstone and included prepay will construction MBF and gold Deliveries and as the X,XXX by obligation. course note with thank mines continuing can to the debt credited of is was calculations, of our treatment of is be satisfy at of complete participating, we the be not purposes for as covenant debt. support. any lenders

the of sale During sales XX the of XX on the from bolstered quarter, March. million million decreased debt total realizing million we shares. million December received proceeds XX XXX Net of of remaining the also end of with on and Solaris at investment cash the the shares our i-XX about sale by the to million XX end

the ceiling approximately of of a Company's in and XXX,XXX place strength through of and financial to put through little end that furthest over of into are hedge a floor QX QX we April, production an XXXX and significant the that There callers. our represents ounces gold QX XXXX price early with hedged $X,XXX ounce upside XX% from during position under per X,XXX ounce, participation a period. up The

share Moving to Equinox's the of the mean for on budget XXX construction beginning of construction at that QX, Slide progress what about is X, does all Based Greenstone funding? million. remaining

our with our cash $XXX million, We ongoing and this revolving the balance expect facility to of undrawn of cash amount flow operating fund $XXX credit million.

we With revolving and we're on other Greenstone remains well the sources XX at-the-market facility of note in the million paused of in also, after use to construction. the as facility. I Additionally, it. accordion those drawing from million credit $XXX funded stated January feature we about should complete place the liquidity previously,

So that's the ATM available. there's remaining million $XX on

our presentation review to I will Doug turn over that with the for And of operations.

Pete. Thanks,

we're Slide X. So on

focused improvement are consumable productivity also savings. programs operations, that on are and all For mines reduction of procurement the improvements, the continuous on working usage

Specifically will pits, and Vista on of looking for remainder the the during the stripping and at that or East was us QX, focus Mesquite and provide XXXX. the Brownie

emphasis period. from And the that QX, number we low and new due relatively previously have pad for Due side in pad as we leaching ounces the contributions got of stripping of slope to a were during did onto yet, leached planned to on ounces re-leaching and in the that that areas. part quarter went the

mine We permitting and are efforts life extensions Mesquite. our continuing looking expiration for at

prior increase the with quarter increasing At through conglomerated over crusher to pads. or we Castle were overall working mine the tenant continue We the placed intent system. all and crusher placing of and throughput Mountain, on the the bleach it heat run of being put overall conglomeration an both in the we had on and crushed

We are permitting test work of and Phase in more X, on. I'll some advancing and mention later of our that support met

higher Guadalupe more the and We've we're from had well as mine. in coming and open pits and Filos the At Filos with both open Los Filos, with Los mining quarter currently underground grades mines. productivity as in placed the the Los tons underground pits improved being

some for the from impacted ore open Guadalupe was recovery of pit. However, coming

they Some grade, oxides, consumers, gold and overall they has specifically delay are copper copper of and ore a high recovery. cyanide the our

anticipate an that We're ore. cyanide going ounces extended higher the mean be cycle recovery for using the that that we separating of quarters. subsequent been to now leach or out ore we've will from dragged and a over gold dosage So, so. That's that the from

during of development lower the Also getting underground investment that the the was period of and suspend the that and the to and period we out were mine. we Bermejal quarter productivity note, did due prolonged

to will plan CIL restart that will plant. develop fed be revised grade that be match the to for higher so ore We timing able into mine the the

Arizona, production we Slide mine peak good had we season. At rainy to the of Turning X. through the moved as

brought Our the during trucks quarter. in contractor additional

that maintained for slightly than abate. we We quarter overall. we a higher movement also plan so as contractor the The to and plant throughput can begins process season mobilized material rainy the than the catch up the second on produce higher planned,

underground our Fazenda scopes ahead continues between we put up Greenstone the Luz. underground. doing also the mine up produced, and and on well At planned, year resource mine that performed and Fazenda with on and and contributing development of Fazenda catch and additional and at Santa from belt announces the Fazenda, focus per more we headings the each through as pit tons replacement to at recoveries Fazenda, work than grades Both open plan extend following while good was reserve been provide life I being overall to note to expiration expiration has on and were mine above on mining, higher helped the in plant lower bring offset production the which

At the waste ahead restarted quarters RDM, XX equipment, for delay, owner mining a we're the both prior equipment grade ore rental in and by a dump plus ore of in movement. situ material. January our process permitting mining doing with we with processing fleet, plant combination supplemented We're this of low own after is supplemented and

XX%, TSF, percent facility that the optimizing tailing at is current almost a our have the permitting mine and intends up storage a projected we've are we entered and year as In which tailings, by year. progress. is in available on process volume in The cyclone catch full final the for into couple RDM. the for we're Recoveries plan, to production above the raise TSF filtered

March being are work of XX% had completed on recoveries higher Santa Santa plant overall in detox is critical achieved possible than resin leach process but recoveries to blend a was on be we XX% now which to kept modifications the what as been second lower plan on to Recoveries the the were at over Luz. and is XX% year. do with Luz, would've and the note achieving for being leach Moving in for, plant we in we war half April, system, with carbon I improvements recoveries and over continued processing. maintaining February January, the recoveries steady to over for

the first after of onto Canada on Annual Moving and Slide moment all million especially Greenstone, be production the of XX reserves. a safety as XXXX. mines I end gold acknowledge focus with just They've injuries a the the largest good the XXX,XXX a first take at ounces will time be lost at to this Greenstone. passed the to coming project safety. mines, so construction our want on just but development and quarter of life hours of in side, that on years with will ounces first $X.X five keep they in X production focus million one to half year, the no for XX-year

the on Slide is is on QX. the XX% and to information. track. the XX at project of The complete budget on at Moving and Overall, looking project construction end

You Capital a winter going. how really for thunder can XX% have been about on share as steel. XXX remaining spend progress months see of is complete items we talked things our is the structural the Greg spend stole various have some procurement, construction other and as million the Project good around concrete, and during my the project. of well

to buildings by the and All quarter. can and lot the installation ability buildings of has move inside. of in you schedule of heated the now were see enclosed provide -- the a the mill commenced excuse mill as being the ball Ball as me, the end per installation us photos,

HPGR, equipment is site on the which site have the at installations We electrical, to the the underway, of being moment. piping is major mechanical, All route exception on with focus. major a

mining operations note and the QX, I on shovel. have be trucks QX, of in this year analyst to we end visit in with one two trucks of X will site on side, shovels. And QX And doing year. the moved an We we XXxX four We seven now and in September million and moved last tons material. we'd operations started that by

a production other our a the to on see of an XX,XXX increase moving a year ounces over year Castle So Phase day around Mountain We'll leach include for tons XX projects. expansion and to pads to on life. XXX,XXX going They X.

of We've completeness permitting the work permit should to during noted, and Greg work through and March notices from had XXXX. application As our see happening our continue submitted agencies, the process we'll environmental in of assessment XXXX. we

mining feasibility by will at up be at -- underground up same on Piaba both mid-year. For wrapped involves should the working we're underground The Aurizona study as pits. that the mine, from the feasibility the the time study be wrapped open

locations. We have portal permits for three

and give hydrogeological parameters, the mine decline. timing underground also ore to completion and study, as production upon on looking the an drill will assess a look the ramp would and will us ultimately to of feasibility stations expiration at We geotechnical for that be will and serve ability it

efficiencies looking stability the noted, higher be we're on construction doing looking plant. the period for having work as Fazenda, making we for we're CIO a Greenstone, construction our the and the at We'll also CapEx local At are once and decision continued with of through operational on communities.

back hand I'll With it that, to Greg.

Thanks, Doug.

launch the quarter say, there. I quite recently new think, I a that did website on covers should we well.

of can of a of whole You at the see bunch pictures of progress all our sites, but also Greenstone.

at do we As Doug since September had year. this year. of anybody tour last said, site haven't a September site We'll in

the kind way. has website track that if the you can plenty meantime, of progress in But of pictures

the just our all all course, thank I who make the our of sites at stakeholders, comment think here of and continued Vancouver hard entire I'll and also in are support for Equinox as to a our of shareholders. working for always team final of

Rhylin for back it pass and Q&A. there, to up finish I'll

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

Certainly. [Operator Instructions]

you. Thank

clarity we Gold Can a when at any you from online. up, Greenstone? pour I'll further to give going you're first on question take While queue

gold been we'll is we've guidance what first far going that's of market we're the to Well, that in guiding to XXXX, the maintain so and now. for half the pour

the you please questions from phone? Can some take

Certainly, go Lam our Please Wayne of from RBC. ahead. first question comes

guys assessment of risk based the just recent at progress results that the you wrap Is is to Just the showing on the or sheet, the the or up in just wanted to assessment? construction, rationale understand behind from of balance kind Greenstone. the risk results want look the quantitative that of up on to prepay? the ask some And as hedging

so April, we feedback, We've working initial we started the but it. to thing. still we're through got way our the in whole through have work So, QRA

and So year. it's adjustments the good that the sure any gives we'll materials progress thing of on make the a that It and of last same all of all view us accounted make we've that did our for site going we whole forward. is track,

Wayne, refer on as QX hedges we I'll With and nail on Peter, to of head. next at end hedging. prepay, and run year. your it That respect your where intensive -- to April, Gold on expire to on then curve. occasions, two the was opportunistic it's we the were short you or term and It's hit take to of very Ford profits lock advantage question, CapEx the January in on Those the beginning locked in our probably of the through And the period. and hedging during

then course I of very have X,XXX, exposure is the greenstone short period. in unhedged, forward really then, two to add, That's the rate have hedged would And remains liquidity term add to we And the CapEx high at full meaningful X,XXX that's an during under period, the on post that ceiling and with on years. we just at respect high period. the that startup. ounce prepay, still now exposure a it's The throughout under hedge. with again, through XX% locked XX% And again yes, delivery just

number helps we to a We've And got Yes, Wayne, build as sure back balance through in October, it if November, that I late substantial just Greenstone. at think capital additional to early sheet make we've of middle very to gold strong was incremental a the build. move go some of measures X,XXX. as just taken as also context. possible you add We're

of hedging, of and we things, our covenants. lenders sold we've just some over period. to with build securities, which we different risk decrease So, our tap the done a did designed has ATM, all the our that was prepay, some relaxed number included we worked And

was to overall part just more one that. that an So strategy do of

if the Is optimization of the at related quarter in to And Maybe wondering cash management. discuss, that's Mesquite, cost, part to lower a might where risk prudent kind to sustainable quarter. that some like pits? in just relative Looks I moving wondering able the was? smaller the of if just agree. guidance be I you Yes, was to

that. is to overall. that's Well, It mean, the at be moved is. smaller yes, extend I able pits to opportunities we to specifically life it look continue why at Mesquite we and to

the is that approach there. So,

And then maybe just at just last for Mountain. one me, Castle

permitting you impact on of And On impact does the us of terms front, phase progress across understand in the access that the monument help of how that timing the the national road? two? the can for permitting designation

to it's And go on guess, permitting. have power, monument. national timing It any ways existing zero infrastructure I that for detailed in, very the it's other you monument, exclusion if should from utilities the that of roads, proclamation the impact language of on of right in any actually, the be restrictions might whether

And So, that us. ultimately to very, in obviously interest language very was the the a pleased monument. that with they we're key used

place. to California expect don't we I mountain. have was put was castle monument And infrastructure into there's it not monument in with were that ongoing, on Nevada the guess just of in. being a on put Nevada that conversations where regulators We And there, permitting any border as side of lots us, the very effect the

it a everybody all we're way happy that turned with out. and in good think So, I for the result all, was

Okay. Great. Congrats on thanks a questions. good quarter my taking for and

Wayne. Thanks

of Please question go Markets. next Our Soni from World comes CIBC Anita ahead.

morning, Doug Peter. and good Greg, Hi,

So a few questions.

some to these at time of correct a understand its how read there? assume function the something costs inventories I looked, costs will wanted and Am the been of they've that wind assume, else take cause climbing the I notes, couple through, higher the, inventories, some play or the costs. to I Firstly, way is quarters into it's last for play the some higher to -- correct through of of unit just there to

Anita, it's Peter.

the main was overall both the there from recovery and where of longer increase bit QX, to at a activity, in quite contributors with in a inventory. QX of Filos inventories One stacking Los

they in those So, of come we the off in until gold. remain to the and sell costs the But inventories. contributor increase that's course, inventory biggest

Okay.

the it's been So, about last quarter million quarters. XX for per two

cycle year. out Like should of Los back come in what's that Filos? the the at the, leach So, half the over

so copper gold Normal leach of the XX it for all. days. at get a first out looking or higher XXX days, we're mean, XXX comes cycle third in cycle but is the I days. days, most to XXX But the

So tracks hence out. it

your building So you're of later yes, if it's that pushing then QX and into into yes, model, it QX. kind

them that an as the overall. and in Do have about, just of course that mentioned. question to then Will you will guess that rising flat we And cost cost this right. this of, then previously will anticipate delivered to the quarter? they you from Would quarter? terms overall quarter over that the, increasing the you be had expect be All this decline? production think I year you

for high end fair QX just think we And we're not cost us. production as traditionally end for is quarter. cost over Equinox, guidance. see I increasing our production And quarter for a guidance. We're to of at shooting shooting -- say the the it's low we typically usually our quarter of lower seasonality,

same to expect to year production We this the a have corresponding decrease and along with be that increasing in cost.

That's you're you I to QX, accounting, know, schedule productivity only about, around Okay. Greenstone? for can now, and QX. notice QX the And the about XX% you that move in think terms supposed ago, mine at that nine would've months mentioned right of I been you some but of you but in I XX% had little deliver over end that, pretty in guess tour, our good to just QX when I So on had the questions have my complete. we deliverables, to according do improvements, do XX%, a now

the shortfall the will completion in -- do of QX, up QX, into So, and to kind into make XXXX? out you QX over push is or expect QX it that

it we No, to intent up you catch exactly that is were as the QX. by, is looking at say

winter. I the up. coming think QX the at looking catch for through We're

few specifics. a then All right. And

you've is correct? guess point, at So got that trucks this I seven

operating, far yes. So

then the to you operational the need the case? that that of supposed Is for readiness. end year, And by you're XX Yes. have

to to and but sure I'd XX achieve it's doubled movement. We for do need down delivery check the we've have we to coming. dates, another checked to going per all we're material schedule, everything have make our

not wanted modified just the Sure. just is tailings it And a moving to clarify, facility, downstream line. to a TSF, center on then,

wall, mixing with on It waste. well, Downstream an of down deep do goes our the goes awe we're abutment TSF. is lot doing a where which cut-off the right material TSF now soil onto and as the that's to embankment a for or

then for crushers delivered quarter, this And other the about did deliverable get the yet? that was thinking I

talking about grinding you high Crushers crushers pressure crushers the or rolls that there? crushers, are

crushers. crushers was in crushers what last our listed our -- booklet should Yes, the mind been delivered. September The it terms have that as we've of from in to

Yes. Crushers are there.

Our next question comes from Arun Lamba of TD Securities. Please go ahead.

And or then HPGR, you mentioned, for could of in buildings on Just of it keep anyone. ones timing that It's visit guess path on a except you the kind in view, answered. equipment mean What's are the just I'm all your guessing But enclosed you everything the site quick when couple us Greenstone, right can to September. critical on out? Greg kind first, independent schedule? largely now going be just before I it's of the is been site lastly, remind come to the And study item

the assessment, in now. we're on So, QRA right of it the mix

think be path which same probably since the facility. been construction, sometime we site And has milling the visit. start May May. market the so long or update in the can And done basically is critical probably through in I that'll the before September of June,

installed commenced schedule. equipment, we've on of core path be is got there. building, was we for plant of the remains was two keep it which piece that mills everything starting critical end to parallel. that Previously, but in It through track the east able which of process has on because the the the done should they're scheduled so being cereal, QX critical, it enclosed, commissioning in get which mill ball So, getting until installation really,

the spoke when and same guess what have is now, I contractors of thing the I me at to and then was me say the site. really kept that But night doing in, I'll January, we installation electrical piping mechanical it And think which maintain the same said Arun, the just thing at asked productivity are I it's you going well. level we is at up Greenstone

and the to lot at at this starting now, They're moving And Greenstone that's actually a move when quickly enclosed challenging We're more very enclosed. aren't all point. past are winter buildings there. things

So, things good. that's as path, the productivity keeping the are main looking get up really installed. But that mill we critical

just I work crushers are underway. is double-checked, crusher and on installation site secondary

you completion kind that's No, the then proximal And up an for potential estimated unknown? do XX Sandbox is of just have of on that, just still of It's or of bunch great. million, a kind time to it just quickly, variables?

Well, that term sheet in September it date an Sandbox, had the non-binding year. of outside signed with of this we

the on transaction. working And and then team the at -- Sandbox is to working and Sandbox that a is financing so Equinox doing documentation, and on final that then lead would closing

that So date in the date is right that's September sheet. the now, the outside and was term

Our next Please question comes from Mike Parkin of National Bank. go ahead.

Most of answer. my questions have the been

respect what forward you with us terms in at around permit path there to of the year mining at asset the Mesquite say, color a expect and the the give year bit Just can beyond? more you next in

have time Well, to to we a relates we them. the do Mesquite every for permitting drill program, permit

to drill get being permitted. always able So, the is single be to queue, in is that program every

So stepwise progression. it's a

like some involve able looking modifications are be infrastructure. where the that to areas will to would one mine of at we We to

So, applied that's underway. granted. And for which got had we pad also we a increase, recently height

there's relatively tight to So, modifications large mine. and footprint a done be on very permitting always a

low risk issue fairly being it's for like, sounds of it an So, XXXX.

be to drill the into all I thing that'd from productions mean, programs we Well, goes need the I key XXXX. to would end done of into say able XXXX essentially, looking is support that XXXX. yes. get XXXX through I

that of are that And come in then productivity this support staffing? peak us could an is terms just Are in flipping back an of contractor employment monthly your over or like where idea to you Greenstone, you rates? you give yet just And to completion can at year? increased still

but to that personnel the to but part was the summer Well, of been it'll combination be we've expected. be peaked plan. a due and tight, construction And everything and operations it's through all we the plans of and through housing

going? that long still your were area. like how And nicely? highlighting be You then to of choice looking of in employer for your, that of terms of given kind Is some a tracking in life in regular the wins the terms is worker staffing, of kind mine

but nicely, tracking it's challenge. without It's not

You know, the hard we're shows different and conferences and a I hiring. we're actively they of the employment team operation, very Greenstone's they're and at for everyone lot to working need attending know get

the job And love website Greenstone our so anyone hear you check from can the website, in or if to Greenstone, you. is interested we'd at

electricians, lot certainly the There's worked roles anyone talk a heavy to we're challenge it Greenstone. at of more operators, And duty challenging. well. those of roles mill to technical keen going who competition, are is is The biggest but mechanics, types

our personnel peaks moment, up will at June the about peak XXX on about. site. just And June be over We're for but

Okay.

tracking Looking Thanks on progress one. forward that the Greg. to

It we follow one Anita. up looks have question from like

comes Our of next World Markets. ahead. Soni go from question Please CIBC Anita

the I were CapEx project to But the XX% little will the Hi, thanks. guess I that next a couple look behind over in on pattern the try impact quarters? I was going spend. given at quarter. bit about the just you're this you to of spend of CapEx If on the you terms actual ask of schedule the around end capital capital up spend on the couple overall have next of the that as progress, catch any or progress, to quarters over at

don't Yes, We believe will. Peter. Anita, it's it

Okay.

But.

some so you provide won't? on color And it why could

originally overall kinds planned, if hours contingency for more the to that might increase that than We satisfy necessary. contingency be taking believe those within an items of sufficient budget our

don't tour, remains? I update the of then. since I much contingency an on we been up the really were Okay. but some was the how it already, when believe had used think And of what contingency I have on

we're going through the QRA right part now. That of that is

So that that to us for I'm doing. work we're Again, just wait to sorry. have finalize

dig on Okay. tailings what little a to wanted guess right And on is, got seven dam. trying trucks now. I at just the drive you've more bit I this, to I'm

kind for sure I quarter. is have on end critical you me by available truck to built making think time supposed the to nine production. And you start then of of and that your when were this is the delivery about TMF to

to months, nine months, to first of over of you're be trucks timeline an, about the in needs the So could the a done expecting six to when on XXXX? TMF little be for the give you bit ready and be a order half what next us

and TMF our come use doesn't truck I'd the have available this you go one. back operations Darrol team on is That to back for progress. quarter Newhook on I'll monitors David Yes, the of side at on to that has for fourth but check be the change. what as Deventer numbers, services with actual year. Greenstone to of technical

XX those it to was end need QX, nine the next so by so, I technical you've mean, in do trucks. of obviously QX earth the quarter of it of end a you this Sure. Because quarter, the said got okay. moving and and in report, by lot of

Yes.

no just impact the and years went the could mining also It trucks period. we We five tons. XX of about the year it operating the million tons for off some the from, tons, had last push period think into first about first I million meant the XX the overall that for we that some to modified plan, pushed the of plan original about which we'd operations. was of talked had, We plan which we modified be

that guess, million given And was XX I the? the room That yourself, right? was, on basically you've tons so for wiggle of stripping,

Yes, yes.

check for back answer disconnect it back come with I the sorry, then we'll So, for an the and for can you. you. delivery there's come and on times

Thank you. Okay.

and It's a in And need of kind in point, on we to further shovels. put trucks the good we've point. just advance your orders actually that

as to that going and accelerated need in of made have So, need of we're very kind all time ordering that gear commitments on it we the comfortable gear. the we we're we've that the

Have need the you that now got Okay. RDM? online. all at you We've permits from one question got

Yes.

that we of for looking With permit's to we filter was know our up which for at hand. that been it the that some do storage permit just tailing have facility, consider the of the exception additional be be We to we were one waiting in feet. version dumps issued. the delivered, but that low-grade We're the permit for topping signed

and for finish So in Because to the mines filter they've tailing storage tailing way storage shifting shift for towards their is at RDM, facility, the current go facilities once obviously just future a filter us designs. which Brazil. are is all

any you do Greg, closing remarks? you. Thank Perfect. have

to if has website. sums via think that anyone questions, or I just usual, reach I'll out myself No, you any the well and up Rhylin say it as further always can

of is call. again contact All attending information thanks And our for there. the

us call. for conclude Perfect. now everybody joining Thanks can the you today. Operator,

concludes today's you. This Thank conference call.

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