Hecla Mining (HL) 22 Feb 222021 Q4 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Q4 and Year End 2021 Hecla Mining Company Earnings Conference Call [Operator Instructions].

Now it is my pleasure to hand the conference over to your first speaker today, Anvita Patil. Thank you. Please go ahead.

welcome, and operator, you, everyone. Thank joining Thank and Hecla's Quarter for Year you XXXX Call. for Full Conference Financial Fourth Results us and Operations Patil, Anvita Assistant am I Hecla's Treasurer.

and with was in and Chief call could cause results site. involve X and management Web CEO; call, Baker, this our and XX-K release X Lauren in financial results to Phil With made Chief Lawlar, projected and and call today's are Private Reform that other slides have President risks Our morning, slides differ Hecla's come with on news those shown risks On President These along Hecla's and non-GAAP of today's on we Hecla's Senior from today forward-looking XX-Q I Slides Roberts, SEC. Reconciliations the release Russell that, in presentation, Senior in will Phil. available our issued earnings and statements earnings the measures filings forward-looking in this the cited as the and Vice Financial Operating the President Securities Any are Officer; to team and the release. under by found Officer. related Vice statements. Litigation pass Hecla's

we're everyone, that Anvita. trying Slide going to to X, joining Thanks, start morning, and messages our communicate. Good with four there's where for thanks call. key We're you'll see

demand little realize annually. silver market only for so increase. solar energy, use. is it, The happen. to current silver be being projects transition a Silver is billion carbon in for and be that the key with Agency energy silver Information X than to silver used Energy will increased the for increase States solar energy is power First, renewable huge the fundamental the make demand to more a that's ounces, United lower has for X.X ounces to continuing billion it to I demand a

message. Second,

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we And the But our this are would we mined our in year we'll more determine as year consistent becomes XX% over expected the XXXX. to it now, and is works UCB contributing We million-ounce we're seismicity confirmed dilution growth end a in a increase to focusing not the manage speak how the with silver is improve ourselves didn't it to with until worked, clearly cycle Friday place management, not. we put the consider workforce. we Lucky XX% to the the method sure the of which works, wanted method. whether we how how producer. on we the And X want mine impacts XX% method, the of production the or silver XXXX's and last XXXX UCB even the almost a 'XX make Now have understood over be where tons about increase optimizing because production on method where in

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Hecla with million. financial a operations in million strong flow adding revenues highest threshold a performance by past our million common price Cash led enhance XXXX over in years generate Now per This in and has silver from excess Lucky dividend year's the were those history. the second two to was $XXX million $XXX lowering the $XXX adjusted and to further $XX flow in and our $XXX year, free of EBITDA ounce. to cash realized flow million free and and stock Friday cash last of record was of allowed $XXX policy

went our free about year. this, a to as So of cash flow of result last shareholders XX%

to to the the in as resume turn exploration million than able X, We highlight that to of COVID-XX. we Slide our and -- program. our $XX we our moment operations I sites XXXX were little due spent at want less a after take achievements slowdown drilling drilling had you if to to Now

depletion with at and XXX history they're last the Greens highest only now as So its increase over highest and our million replaced in to about it's that that's we year of over XXXX, ounces, since our not reserves a XX% left ounces, XX XXX silver chart and of X% of reserves Creek's mining million but million result that, ounces on second increased The also at resources reserves. XXXX. converted shows an the

end X.X reserves Now the the million graph at XXXX second ounces, on our shown our the were that's in gold highest and the in right. history,

indicated Our resources and company-wide measured largely reserve conversions. to declined due

resources lives, our XX-plus I at the Sebastian. X% we report us the Friday. allow expect resources increase we reserves Creek, to in increases XXX our million that with mentioned continue San the However, that should ounces inferred Lucky And did and have. by see Friday years Greens Lucky and increases to silver to reserve technical to maintain we on

for reports of does that filed reserves. economic which the Casa two resources And at XX% reports, strong also the assumes the Berardi there's an give reserves. that to and that waste. Creek was we we that's We support And in analysis very in inferred economics Section typically about is it those is for Greens mines shows mine to X% what that it those that, mine, of XX what

at summarized Section And information is the includes included inferred plans their that materials grade. information, expected in our we've long-term supplemental so we've done gives what the this also that XX

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as as to I'd XX. Russell. I'd that, Section And pass to over at encourage so to the you well Section With XX look call like

Thank Phil. you,

Turning to Slide X.

about our earlier, of while we $XXX contributed XX%. Friday operations Phil gold Each our led Casa more XX%, million, XX% noted to at of silver contributed As at revenue contributed generated by revenue and XX%. Creek XX%, Berardi record at than of Greens which Lucky significantly

at Record adjusted coupled target at high EBITDA Friday, is anticipate below $XXX for the generated resulting our which record ratio we margins, With contribution being the projected to production of significantly Xx. growth grow. our million, in with Lucky X.Xx, leverage revenues, its year

operations Our and free cash million were the at cash flow from $XXX million second of flow highest. $XXX

sheet as of $XXX year liquidity. continued to in As a performance, ended our cash excess balance consistent of operational we and result has of strengthen million the $XXX our in million with strong

there's costs. X, Hecla, are industry inflationary companies facing lot to of too. Turning in pressures, inflationary a discussion both pressures, of operating At Slide cost as we been capital as in the regarding the well

those reasons. rest of muted the be few factors to the industry for anticipate a relative we to However,

First, move a pressures. we don't since most operate others of lot within part, making underground mines. the some high-grade, we comes our cost for And high-value from the therefore, susceptible production our but tons to rock, low-tonnage than mines less industry, less processing

third, cost large we speak from come sites utilities the sources. are capital increasing the based renewable energy of. have power to at less we of on majority exposed don't of energy to Second, our local any expenditures And as

what expenditures In our capital of as on as million a capital approximately Slide we in $XX we X, XXXX of As million production were million, in XXXX, XXXX capital any you million have for costs anticipate ranges and million. capital. don't $XXX large planned costs to approximately $XXX production spending split $XXX $XXX and from low our total look

to Lucky spend is add while for XXXX, our the about million production capital due XXXX less at Friday. capital is than expected total it on total our would primarily the $X to investment cost spend. guided higher XXXX X% factor Our and X% inflation is A XXXX than slightly spend than higher

operating consistent capital strong to revenue flow free margins up X, Turning all and our record cash a lines. Slide to at what generation, strong spend as add

increase all the this and more that, XXXX consistent to seen flow and in You cash history. can in free flow more generate that With free balance an go our XXXX, mines of than which company-wide, than operations. during to Xx second generation, highest flow we pass cash With see over XXXX. $XXX cash of company's the the Lauren call positive through million strong free generated to our I'll cash we've XX% and was

silver I million originally end ounce, the years, at realized was mine of XX. Creek cost than per higher the per XXXX cash more silver In margin $XXX another as sustaining XXXX. credits will high mine. estimated. produced free the the byproduct solid cash free of increase million $XXX per Slide ounce. $X.XX Creek and was to $XX The in generation Greens beat start three the charges below These due Thanks, of mine over all-in lower approximately X.X past margins in guidance flow our strong over was silver treatment XXXX, and generated favorable Russell. an Greens ounce, flow flow. has which had year $X.XX The at XX% cash on million cost an at generated more ounces than free at drive

we financial at is guidance the among In operational best since XXX increased we million to by XXXX. production as ounces Silver silver be mining second in strong lower the cost high-margin the the and Silver cash costs while in million for reserves ounces, reserves $X.XX mine guidance is $X.XX XXXX $X.XX per to performance, X.X to grades expected highest will the are XX% to high-grade, addition be $X.XX sustaining and the are is million to This for sequence. X.X per the world. production the of range all-in ounce. ounce,

of depth and UCB XX, Friday the for strong mining the positioned Slide introduction to ahead. method Lucky grades have higher Moving decade at anticipated a

sustaining excited of of mining We are seismicity productivity. XX managing in translates Friday to than Lucky million UCB expected sustaining while silver UCB The reserves, has the the cash $X.XX $X produced Friday mine XX% of about ounce the increase in improvements and which method, and with cash free decline million mine reserve per costs Lucky ounce. plan tons significant with XX% to a is per all-in $XX.X our production mined a very mine XX% per X.X life ounces The ounces more greater in to improving in in $X.XX in planned produced almost $X.XX XX production ounce years. is the be which ounces than of in to showing the for almost line over quarter. In expected XXXX, ounces method. using were All-in to XXXX is and due flow by fourth to byproduct of XX% million X.X produce in silver the to silver X million XXXX, year, for the guidance. million The year generated and XXXX. mine $XX.XX per with of all-in is ounce, costs XXXX credits. was higher Production million cost XXXX, to costs X.X sustaining

to or to proactively and drilling UCB seismic stress raises pump mucking along local feet of blasts method and of and Turning to drives, Large significant in the XX,XXX without XXX and engineered depth for beneath stress mining slip under exposure of blasting cut, blasts the blasted is by bench methods and new and length is result to the lower then effort events. strike XX, fragment shortly pounds large proactively accomplished high mining XX This a the detonators productive the extents taken top blast to These and the in programmable to of drop XX two fragment Slides cuts. which use the developed induce vein slip of corridor the the electronic mined The concentrations seismicity vertical strike may method [backfill]. mine vein feet. increased approximately emulsion is the narrow at seismicity method up and lateral time of The using it. vein underhand Hecla of at method fault up mining. a after uses deep an control to fault

Dilution a controlled zone. increase blasting done to and fault utilizing seismic as dip ore. mining the under control The The supporting little been mined, events, seismic mining achieved and notable method slip progresses reducing by has to for stoping a through fill footwall them. by is entire bulk and repeats and In in down wall advance are advances destressed conjunction, cuts the productivity greater techniques. improving allows delays these no cycle blasted As safety. hanging the of significantly is

day Moving the as Berardi XX. The mill throughput achieved tons mine in achieved to per X,XXX Slide record XXXX. Casa

to investments recoveries increase XXXX, results continued mill increasing with throughput. in in percentage X points Our conjunction in with optimization mill the deliver in

sustaining gold $X,XXX flow. of per ounce, the per From $XXX produced million mine XXX,XXX million]. For cash flow all-in $X,XXX generating while and of ounce free at cash more the XXXX year, of costs the [$XX.X of generated costs to cash mine XXXX, ounces in than free has

underground yielded optimizing seeing in volumes have we increased higher investments results, mined maintenance costs due are and contractor greater costs. our processed, While and to costs production the

to at XXX,XXX sustaining ounces, Of $X,XXX XXX ounce. a at costs production the ounces at to XX% mine to note is reserves mine XXXX, per attributable million to guidance $X,XXX X.X costs for cash of For $X,XXX our is of to XXX,XXX pit. $X,XXX all-in additions and ounce in increase the per the mainly

like Phil. With Berardi would plan With that, has XX I these a to mine years. to the of Casa reserves, return reserve call

Thanks, consolidated guidance. Lauren. our shows Slide XX production

aggregates to So 'XX. And look given give it. the it 'XX guidance anticipate for has gains growth then on production productivity we seeing the due the also next that basis Friday, in takes our the And guidance high-grade all of of you coupled you we material Lauren business the at mine-by-mine years, silver for we due the and a and production few UCB to Lucky we'll be as to method. with mining

deliver continuing and the move we silver of of will expand, improvements, free the in and silver position to Creek flow. a flow significant of mines. and expect top-tier margins we seeing as be to to cash cash these Greens the hold generation continue asset, curve With Friday free cost mine will anticipate that its best the third Lucky primary margins

Just realize to zinc States. the prices, to we and year third guidance gave higher zinc mine that Hecla we're that with on remember, to ago, in able a the -- is the producer relative United the guidance largest comment

as to mine grade result, cash and or even a flow. the So better able same silver actually we're lower maybe generate

year. a from see production bit So a year of ago this you that's a why reduction to in the little

slightly gold with the Greens next from over On to side, our and production coming Creek. we Casa few the years anticipate production grow gold

improve operations remain that And guiding the $X.XX with $X,XXX On the see of work to we're guidance producer, to So our and to Casa an going being the to $X,XXX we're per sustaining to we $XX.XX. with deal going low-cost at continue to inflationary ounce. gold, Abitibi. very to pressure in a we're all-in silver cost ASIC

assumed and than $XXX Looking result slight Lucky Russell the to this a with so of Cost capital mentioned, a COVID Friday, from managing X% costs the higher and equipment, capital, previous inflation. approximately change we which million, that driven that. at is years. as of just number anticipate spending mainly and stopes is increase Remember include associated slightly as assumptions new increasing

for at will We $XX and exploration a of Greens Creek predevelopment. About spending Casa. also anticipate that spent be and quarter million

San extending focus testing to of heat is the as and is for and and where programs the a called have high-grade area [Graben] reserves two Graben. miles well predevelopment some deeper testing identifying drift program, about Nevada try going addition Hatter [La new just to In for an in Roca]. going properties At mineralization gold expand on to program, targets. the at we're Midas East Hollister's mineralization infrastructure both And more as which third and the at we're The zone the the complete drilling near mining resources, mine to type we've Sebastian, had intersections. of silver to corridor exploration very

and previous Our the for will on data formulate reset the properties both also was drilling we withdrew years of assets. have the programs what we to operations for really hold year. mine innovative at are that about be of do to We Cree the view [Montana] take for districts of based the to that have speak since what on a owner's have it a plan. Republic but this been on to mines moment taking want I modern some they a their our didn't need would plan number

more hosts and that's ounces pounds intact. combined third silver XXX an than Rock copper inferred. activities our billion Rock rights X have So the to silver own just new limited of geologic site mineral develop largest are only will we're At that the we US plans. maintenance and Creek for our Montanore in this and submitting Montanore Remember so operation point, activities with and a property of and plan environmental can the copper Creek and of deposit that care million

these Given two believe early next the growing to metals, back as importance year this that production one begin allow to sort step next of forwards two of as we will decade. the allow approach step in

has not able changed in be to view that that should next in So we the be our production there. decade, early

the for Art questions, the Art CEO I half had to Hecla's Brown, moment only years, line and of new many method around the away almost legacy of a almost in friend shaft had I XX he of we and world is are continuing be Hecla was that number want Friday, innovation. circular we've automation Before just culture that the cutting the predecessor not technologies, who for UCB the not is open are for at many for that the standard him. recent but we without and Hecla had Art of and Friday. Greens Lucky pace Hecla edge The Berardi. operations on His Creek take today of that. innovation, like to the most worked my passed the recently. Lucky would CEO, that backfill at a remember only advances to Hecla the Casa at company example

And I open operator, in your keep call that, so thoughts. to would family questions. With the his to please like

B. comes with Your Lucas Securities. question Instructions] first Riley from [Operator Pipes

is a This for actually Matt Key here asking Lucas. question

inflation You in as than details pricing But provide should that? you to big on greater of kind percent pressures of this could unit impact on of of cost year, of your parts? mentioned offset of of to the other others. business inflationary still was I byproduct moving kind that to as a some experience kind be be or kind by to due increase Kind expected do you kind higher expect compared aren't an previous hoping

with lead. the higher we definitely, credits prices have the Well, and zinc of byproduct

basis, certainly But on a we pressures. else, inflationary benefit everyone feel that the will, us. So net like

hydro and Fortunately, power. is of that our pricing that stable very power primarily a very, is

credits in add? of pressure business. well. parts we'll So cost for The a course, I the Anything, feel the the going our to do to you the labor. net be to And we of basis, on But goes other biggest think of we're inflationary to because cost Lauren, labor. avoid not pressure us, able want the do that byproduct of cost of that the is

group. impacts that just low associated other grinding, our we're I'd in, things to things so and seeing relatively that cement, high media, pressure relative volume the inflationary peer with fuel, like reiterate we're grade, are the modest

Russell, anything else?

add. nothing to No,

good you a think guys job. I did

you something you year variable or kind ever And kind just market to you is to share to for on in at shareholders kind me. XXXX, of that buyback one returns would very looking more capital time? just and guys. hopefully, focused the are on a strong consider maintaining be just of for this you I of And recurring Obviously, guys wanted mainly that dividend press

to so I our do But want shares authorized certainly some thing that's future, purpose. that pull of have anticipating think we'll need to that we we off relate probably the first lever suggest will are have. exploration, we modest back, exploration that of we're so investments the the buy and that the sheet. would the for to We would balance to continue policy probably We we strengthen not the capital want require We sheet -- amounts to to would is you with make, we in table. dividend particularly the up success build do that to next further balance

more number, be for and our a we're be sheet that. a of it's to likely do balance got back to pretty that's to shares in burden think order meaningful, large not it because the buying to thing fact going I

think see consider appropriate we be prices we higher more something cash that's anything in Certainly, and an if price Now would flow. the way. add? not we're what we Russell, react significantly to that share seeing

probably like at As metrics we certainly, buybacks, ways But as there's the you various essentially frankly, have exploration. share that to the investments But to return pull, shareholders, it. like said, that being well, we to we allocation, levers can an for or other we to the that better then various do capital think authorization and produce flow dividends look the Phil capital consider so. look we'll we'll that cash

Mike of Bank line America. Jalonen the from is question next with Your of

gold Phil. price reserves, $X,XXX. raised $X,XXX the just was to I had couple a questions, from noticed for gold of I

their logic due flat, just that wondering increase because using been to other was prices price? reserve of much for the the keeping I have was gold how higher So companies gold and what was a

to trying use, Mike, Well, of things. we at what a price look determine in number to

of were think of companies did at look with right the line we're and One things other was companies. sort we we in where other

that's Casa is relatively And some that price how it's high-cost fair you're reserves that on producer. when at the run set reality is the -- thing current the you a is operational, not operation actual operation to lower to based other The the its price.

So we thought we should be more add? in line. Lauren, anything to

one I to lenses, end those of of call, leave because or take irreversible at operational we zones is of stoping And blocks agree, Casa that the think horizons. I whether calls on as And Phil. different put we And an the I operational many, multiple might limits would mined and in is this there mine maybe we are Berardi. material. zones, the out those And many to the at be we at expansion lenses. those have make end

order to in resources, at strand those bit it higher not appropriate so a And felt run was to we price.

I you're know who go and maybe companies my So from $X,XXX but I better back work, talking about, are review. which even don't

Just going back...

a slide we that send were Mike that who to. -- that, comparing We we’ll has you have on

Barrick that on list… think I is don't

Well, yes, compete Barrick, -- we with we actually, don't really don't Mike.

when costs in to reserves. stranded XXXX, Going this up that happened 'XX, companies the the went -- back after 'XX went because stranded reserves

will costs with So while mine also guidance? line that higher XXXX in longer Casa remain life operating is mean does at Berardi,

the of we the hard cost the ore those just to body, are have working Well, and nature try really our relates to with that to drive down. we costs issue

Zone we grade than to underground higher found. mineralization Remember, there's think think we high-grade what to of is we need key One because to we the to be things explore significantly XXX more today. the do was mined continue

a better there seven so. -- of is was know, part for don't it years and history So I or mined, the

of So high-grade history mineralization there's there. a

continuing the to that lower same done try work. explore to we're the We've find try a of lot mineralization. higher time, we're So to At to working cost. to grade

through increase the really throughput step was to The the first trying mine.

was the success great to Second those increase trying of had with We've recoveries. both things.

of the efficiency, of the thing third Lauren? The that. really all is our we're And putting productivity into improving efforts the workforce.

at conversation. grade good the is It's look underground we increase to our a And pit significantly to the relative would I it production I because better. are way the production desiring is open guess

Phil And level. very And actually us so aspects, because on developers. as Hecla. mine Casa has in extremely is development order we're says, for increase leading underground productivity productive directly in the focusing they're some that throughput to the overall curve the It as costs in lowest

So just productivity your and make and years, touch in doesn't chasing underground I the of order would not past that and then you comment that mill. what happened it's on we're in money really mining cash about the deliver just flow stuff assure that. can today. We don't to increase a sorting out underground remaining bits the ore system to more of the matter And I do

And hopefully Phil… sick in XXXX. a getting I'm be of -- forward tired and of It's tourer Casa basement, mine I to look Berardi my

really Well, optimize doing even what we tour that, the and have of a we there mine to more can to the I do gains and I we be excited Really, there's as guys think close there. hope show you productivity to so method. up hope we're also Friday, Lucky had

I look forward to that also.

last question. asset? been Maybe million Just I've But one dominating. the of provide it. missed of $XXX you I a spending capital did breakdown by

can. we certainly we haven't, but No,

certainly provide We we press have release. in it the that but detail, Yes. did not

Do you have last? that there? was right What

This year. is this

you handy? Yes, Or... have do it so

at to Lucky -- $XX then well. million, Friday. million coming it, Casa call million from $XX And comes roughly most of from portion $XX At million. that $XX the say $XX roughly I Yes. call Lucky of to that largest million $XX it, Friday, million Berardi would as Greens Creek,

I'm ranges, head pretty -- those and so giving yes, my million. close that be doing to in $XXX we So should the coming up I'm math you

is from Reagor. question next Joseph Your Instructions] [Operator

questions. Joe It's A from couple Capital. of ROTH

you guys hitting And maybe chain on just touched in if working need, capital that consumption, pressures you guys. that? open But issues ahead? seen things aren't expect we as supply availability large it far First, as the like any you as anything should inflationary quite you order already of had to have some guys as pit you some hard

Lauren?

Yes.

guess began situation few say reacting first, just inventory I our that So the a back let taking a levels. COVID years to that step time, when now, me we we increased at back

a of working capital supply capital difficulties as in anticipation the we bit, up our chain. working increase So with went

those sustained going we've forward. levels So

in of I across reagents things seeing think where don't I themes would up. to pressure, up. With steel has for media is I perspective. price the instance, there are up, grinding go going respect increase we an So some inflationary industry. from that think capital gone common expect seeing Fuel are We're working

the our for mentioned, is energy our all biggest is Phil of course, hydro. essentially As mills, consumer, which core consumption

So in pressure little those things. able guess, we've supply a been odd for from there. get particular seeing a I but we're not chain, workarounds difficult supplier, to particular where do item the maybe see it's to perturbations, We find

I business. characterize it the would frustration as more to So a impact than significant a

year. many something companies you strong Casa you guys so have the finish different take. a get that know a Then Just couple to wanted areas, worst? of might mined I your other pointed going from quarter-to-quarter to volatility there I that continue might into had to, should some assume grade, what your in XXXX we to what that be the any best already. there's be But quarter, of be going or expectations is said to

better of from a I quarter my big for head, other. nature Well, just you so which those if ore remember. than Off not absolutely, another. quarter top just one huge have to Lucky will for the in quarter-to-quarter. have And one of it's the underground two, remarkable you can Greens these with sure -- volatility I'm it's much not Friday, difference Casa of don't but bodies, Creek, how is the the and

volatility You'll does see to... certainly it seem

is end probably one bit think, I quarter better the production. where of the than better Is year, see you'll a

weighted. back-end More

Yes, that's right.

But heavy. not super

helpful Still very from one thing. standpoint. a final then modeling And

Like capital? Is On projects? the than previous little of anticipated that it putting are maybe year. maybe do Is kind you inflationary expectations we additional capital bridge this what a into budget, of it spending from a sign ending capital you're guys up pressures? we on to how bit more seems

us. or cash drivers primary have it as would So flow have three, two the to we so -- risk characterize to available Joe, you the reduction, I really opportunity

of have opportunity equipment. of upgraded fleet We our reduce or we've because pieces to the risk the upsets upgraded

where returns. these is Friday that a equipment. things more is third at need equipment mining this method Lucky very million that dollar are, it, And of identify bulk need Second we didn't the pieces strong to call we before. we of And equipment the have transition pieces

not talking we it it throttle we're to throttle back. So ability the up or capital huge have about and

throttle to lot up this ability great. is than not Our a more

Lauren, to. capital enough room add? have anything just you wanted spend You if to to more even

think two calendar thing that raises couple add and XXXX. one have said there's these in of we Phil along of to would I is what sustaining and them are tailings the I do periodically, come capital expenditures year

nature So it at we the in but fleet. a associated throughput of well capital, of just the that Lucky chunk business. some And modest investment infrastructure needs sustaining a things Friday, are making as increase with as

BMO with Thompson line from the is [Operator Ryan last Instructions] of Your Markets. Capital question

thinking mill could sort at or is Just a that tonnage for be be just more there comments or you Lucky any driven Friday. Should expansion production Is me growing of both we grade question pushing the mill and an around would maybe on that remind harder? capacity there? the Just helpful. driven or opportunities that any about,

Well, it is both.

have would been because is but the metal of have it happened that accelerated, production, silver production. anyway, mining going production, grade and Now method, in would it increase -- it's up,

during we ability the where capacity method about is tons at day limit of We X,XXX we 'XX. management because could to of average more to it a than tons about tons hoisting go beyond certainly will mill and would our over X,XXX -- that the I But mining try conceivably next couple day the this point, about tons expect is to seismic day a get XXXX, the X,XXX to a So from day Lauren? both go tons get day standpoint. to a primarily look a the during X,XXX think X,XXX a that years. at we course think

we as able the a XXX,XXX a closer, mine, of looked historically But about which at take when to year. capacity milling the full to going the unburdening being a to kind of think of latent bit of tons think the I that mill, to the And really capacity tons capacity mine. in XXX,XXX the we Lucky of think Yes, was advantage the that is capacity viewed XXX,XXX on year order we're the is be way Friday mill. full

increase in a significant the to mill the ability fundamentally, So in milling deliver from ore mine. capacity no improving with investment it's simply more our

ore doing for improvements chew are to the handling volumes, just mill larger in there system sitting up and order to is system infrastructure move but the we're So ready the it in couple there us. of the hoisting a modest

I last I increase raises, was of to tailings Lucky at And comments, your you there one there time? more tailend two those to Do in push Friday? said of didn't you think then the have sort catch then is but

is raise at at a and raise a XXXX. There Friday Yes. Berardi Lucky in Casa

tons get we years about, be push next how you And many of like should you thinking the guess, there? And capacity? will I raise more that when as

Lucky another Friday, years we Berardi, Casa different forth We to go between start I raise. it it's about way and -- this process think is back it's the be raise construction two really tailing an will on Berardi. Casa cells. give And us before think at at going two annual least to

one the to try do and year. we So the other one, other year

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to for was a this get us deal it big So position.

from in we're shape regard. So great that

don't like have operator. okay. So we appreciate any it. more I questions looks It

to other morning. So today. the questions, do us to And you'd know Thanks slots thank folks please if later We to talk some being available certainly, for you And or just any if calls call. Anvita on have have later for us or I call. like a this Lauren let or Russell want me give very much.

Thank This for you joining. concludes today's conference call.

You may you a Have disconnect. great so Thank day. now much.