Hecla Mining (HL) 7 Aug 242024 Q2 Earnings call transcript

Hello, everyone, and welcome to the Second Quarter 2024 Hecla Mining Company Earnings Conference Call. Please note that this call is being recorded. [Operator Instructions] Thank you. I'd now like to hand over to our first speaker for today, Anvita Patil. Please go ahead.

Good morning, Ellie, and thank you all for joining us for Hecla's second quarter 2024 results conference call. President Relations Vice Treasurer. Patil, Anvita of and Investor I'm

along was presentation Our that yesterday with website. earnings release our issued today's on are available

Executive questions. President Carlos we the Aguiar, is all President President prepared management of Vice Any call Securities to be remarks, Boggs, your forward-looking the Kurt and Vice under answer today the and in our Officer; Allen, conclusion and Act Chief shown our Vice President team made Officer; the Senior Exploration. At Russell will Financial On Reform Chief in Operations; Lawlar, earnings come as release XX-Q on Private of and X, Cassie and statements Litigation by Interim risks and available involve XX-K our you SEC. Slide are could in filings slides in from statements. These to the pass differ management, the risks so slides link projected cited or yesterday. I that Non-GAAP now remind you issued news the a measures I and to related results by call Event using if can under reconciled other call with those and want was to would Virtual our cause earnings in to forward-looking release. do Investor will the in release the you Cassie. the call with section have like this the of

we've and years. in presents. not change changes, thrived the period nothing to change, these change the transition and except grown over and it goes, not Hecla Hecla permanent it and Good its new changes. Anvita. during there's The opportunities seen share everyone. is This also Hecla, Thanks, of quote morning, only of embraced it's has these survived But has

this The XX macroeconomic October the the withstood origins Since east but across begin time, Slide events morning. that thrived as miles of XXXX about has X of and Depression, of withstood Fires, company the on XXXXs. Hecla Idaho as Idaho, prices back more the time. across The in just Northern metal other Great has wars, Great Financial much of XXXX Let events Hecla's the with such began I'm XXXX, where of pandemic, this such Western along and also low the Silver early Valley Montana, The sitting in Crisis me burned which events, all X. way world over multiple other and not specific

it asset has and elsewhere and that valuable for were thrive would Hecla stewardship Hecla not it at to our if every determination most who grow values commitment hard and people. the to Our of company safety those an is our and to day. is allowed not and core be work environmental operations our today the work, go each of

our the the geologic with Second mining solid in is silver the jurisdictions. assets, quality potential long foundation low-cost great operations lives, reserve of of best

has our the of specific own there characteristics its each are portfolio. While qualities, some mines that transcend

highlight jurisdiction. the to first The is

of our in the or All U.S. Canada. operating are mines

side silver drive we'd X drive in advantage mine and record low-cost Friday, cash the in great highest Second, will history. There our our operational take our a had each Creek revenues note generation. key that a and to results than decades. performance a XXX-year more to of through to a home. but each and production Lucky has Carlos and and quarter go margins in moment quarter to shortly like like second Russell we structures, with more flow highest operating meaningful which competitive decade, the our silver and a business, delivered the -- I'd the which in detail, of second messages the are and strong Hecla have X especially of And reserve life the free Greens Lucky cost nearly of of Friday call mines I'll case pass on

flow. path First, Friday Lucky generating generation, and free free we're Creek Greens flow cash on in mines of metal strong environment this the our with especially cash price

we investments down flow as Second, improving delivery in facility. sheet to Keno remarkable to the started relying we're our geologic work on committed cash deploying But which free practices the balance this Keno we I is to long-term Hill, Hill, in safety, moment processes, we success. value where to daylight emphasize to by our our more highly long-term mining third, take investing our of needed especially in prospective deleveraging pay want district. And credit infrastructure. is a and have at value we're environmental seen see operations,

people just with to I finally, has Lucky Creek. to potential, team, silver from [indiscernible] Greens during ore Lucky Gold's coarse Yukon. heap bunker. our and production the per back want very and and who other a a the the resource and embarked the available and But Eagle possible drilling $X free Na-Cho increased to Dun on XXXXs, bring to both very speed in search robust our different the going identified help The service response. executive future. I'll [Technical of where Hecla and offered as the very our continue at years. hoist and ounce, cash of the Yukon a geologic are this Both out in was and over First exploration Nation will of Friday We've a delivered not speak method -- its investments government developments status innovation Hill the of generation Difficulty] by silver of turn to had was this the Friday to Yukon the our with are Nyak to in we CEO. [Technical arising lead now Victoria crisis. UCB X of mine. We're $X the We've the infrastructure for recent new is than Russell. operations cash a We today reserves find people. to cleanup the leach Gold we're like activities We Lucky in or position, wide-ranging of the at we've to potential but the pool, qualified up potential program was committed Our engines our the free assistance parallels want I more Greens in drove and a years. The in in very flow significant. Creek investment confident failure on Hill, be XXX% -- mine time growth, briefly below cash these the from pillar with Difficulty] of interested of strength assist And our about mining before our Hecla. investments bench to number person candidates early search of the also is our #X flow the culture right our period best experience XXXX Keno Keno to that of and well their flow in call Friday's shaft and

Thank in you, XXXX. Cassie. investing and start these report quarter happy progress that X. our we continue ago, to priorities a revolver significant operations. I'll allocation make out A priorities to on down we for paying laid our with I'm our Slide capital scorecard of against

share generated While all came our operations Lucky free X Friday. Greens flow, from and lion's the cash Creek of

of million flow, of half $XXX this of insurance first second $XX cash Creek million generated free with Lucky the receipts. year, and Friday $XX the quarter, During in Greens million including

in workforce asset, also come. a investment is Keno procedures stable high the our both infrastructure in in operations and and the mining mine as an but to over safe priority, Continued of to Keno in ensure Hill and Hill environmental decades

produce started safety in environmental process and to have Our and tangible procedures investments results.

Keno However, incredible this is a plan a quarter, had tonnes investment over XXX,XXX record per is a destination, which here. day ounces, not and we journey, producing Hill our continue and XXX progress. over a to

this production these we've levels these in presentation. as we commercial declared sustainable. not later encouraged progress, are will ensure want discuss yet the details some we're Although by Carlos of to

the revolver million deleveraging $XX second and In a by balance with of sheet our cash draw $XX $XX ended we Another with hand. and borrowings. of quarter, priority the on the reducing quarter debt million revolver our net reduced million nearly is

insurance which over from increased first Lucky XX% with Our net prices, quarter. With the ratio of expected adjusted along the leverage and production million proceeds improved record current $XX.X with remaining our EBITDA, able by and pay we the revolver of year down XX months. anticipate to be Xx leverage the the our our net Friday end to ratio next over reduce below we'll claim,

Our quarter, silver which prices. highlights payment $X.XX a this realized share payment the to exposure adding leverage higher dividend policy, minimum dividend silver and dividend triggered price silver-linked of also per to provides additional dividend This larger our component. unique

property by performance operations flow million but the for Moving of from insurer coupled primarily free of ]. into by X. $XX.X was from also which metal million, operational cash cash aided million, Strong to [ cash received translated our of flow with price nearly favorable Slide quarter our $XX $XX driven a

in also an million debt exited We net we priority paid revolver. revolver The million. improvement growth, million quarter. our operations $XX in in the highlighted the As our operation, on during at continued chart our the cash related slide of invested which while to I our shows and slide, uses on while $XX of the investment million remains the down $XX of also sources and capital on prior in $XX paying our

byproduct gold of As followed some And and at total about XX% equated which of credit, revolving our by also profile, the silver, a pay all-in and were our revenues silver to dominate at generation revenue turn ounce the margin highlights we partial a which of move cost achieved down second In did the of from more in of XX% quarter, of only cash quarter. facility. of speak nice I'll flow drove our the not to revenues. dominated XX%, free credit sales, Slide X, per our we sustaining financial by XX% silver our

I'll ratio than call X.Xx, achieve we expect by leverage of our net end Carlos. Xx as of and the the Our year. With target pass will less that, to noted, to improved the we

Creek, mine, Greens tonnes half treatment was Thank and on consistent mine and all-in costs the Slide lower sustaining mine performance. start quarter from consistent quarter producing sustaining driven throughput ounces. credit to during by for Mill I the strong Creek million in grades and costs first will refining delays byproduct you, another charges, to X.X for the quarter X, X,XXX respectively, lower Greens per mine $XX in and delivered $X.XX, was cash relining lower Cash free flagship to and quarter generated draw generated million the capital grinding year. revert has lower grades ounce installation and $X.XX circuit, of mill in purchases. The higher per of were [ completion and to the the due $XX equipment primary million others. day the flow screen, of the plan. ] quarter declining projects Silver multiple magnet due installation including the maintenance of among new Russell. as

second Greens projects. world, the and capital achieve also its cash consistent cost delivering in We expect reflect to guidance guidance are some byproduct higher an XX Creek Friday to is X results performance excellent and and XXXX. half mine continue in to strong the all-in to to every timing Lucky silver a expected the due sustaining in of performance its purchases equipment strong continues the its credits. cost on team is safely and ounces lowering and year-to-date in quarter. reduced track mine, premier job do largest million Capital the

and costs per achieved a record Turning quarter and sustaining of throughput records in of tonnes costs mitigation to half mine costs and XXXX. X,XXX day #X of of work delivered guidance in XX-year $X.XX first to This purchases. XX, $XX.XX silver, ounces in of second higher produced metal including X higher than Cost due million equipment and the the collective operational #X be mill $XX.X exceeded new of shaft, surface million. ounce labor engineering, quarter, quarter X.X sales. performance the strong the a contractor ounce, profit-sharing construction mine prices for Friday's the in dropped the agreement with free done All-in bargaining mine history. of is million million strong were repairs per our XXXX ounce cooling design Cash lower record and The year. at $XX.X significant Lucky the a investment established generation related quarter was operational million cash insurance escapeway our capital projects which in including producer financial flow is the for first Slide have per per ounce. The of under initial because performance additional shaft, track record project the the both for to mine's to $XX on record to secondary costs, this performance. Capital the proceeds were sustaining quarter, the

been quarter [ first capital which mine like capacity to guidance are the mine in expected given and the metal incurred We hoisting continue. Lucky Most favorable performance gold stope-by-stope in our prices. added the which cost of UCB generated The XXXX. mining XX,XXX was service analysis instrumental end Lucky the Slide stockpile increasing Friday. capacity performance for Cost reviewing Mine ] for multiple method operations has sustaining [ Friday's for Casa reflect to The and is mine guidance we prices, per and ore are $X,XXX, within both the in prices. extended by to performance, are (sic) ore we positive the and investments free gold this and the cost the carefully to operational Thus, Casa mill in decoupling on for ounces excellent XX,XXX strong cost higher surface bunker mining of XX, strong ounces higher ounce the to importantly, transition at increasing days XX,XXX testament the and second the cash debottlenecked executing unchanged quarter capital guidance a have this the ounces our the has given to costs, to quarter Berardi, costs underground produced ]. the of mine. range. and plan. On profit-sharing expect and hoist team the West flow cash ounces strong team production we the at operations [ mine The $X,XXX helped all-in ] Berardi XX,XXX and guidance

we expansions. Keno at largest surface and Casa silver We in as continue Hill, more transition underground producer work have to of the evaluation Canada. on do Berardi

Moving already XXXX produced ] to X.X year, mine production. XXX throughput tonnes has produced years per Keno in and day. exceeding ounces surpassed full XX, Hill ounces the first Slide million The of million of X.X [ the half

and we me we are significant All-Injury but (sic) work talk by and make mine improvements the not let procedures the Despite continued declaring the ], production to the commercial mine. Our and [ safety at our such on done, X.XX to a the XX% program because protection, mine XX-step Frequency Rate production, environmental The about the and to we a has couple. safety X.XX just in not best declined improvements reporting at of at have in as is first XXXX, training, hazard In supervision. action to have fall management standards and reporting and safety seen. quarter implement metrics traffic institute initiated increased practices control, identification fourth safety plan of we improved focus name the several strong

also supplement have deposit the Flame started We mining Moth & to the feed Bermingham. from

in the quarter remaining ] to batch change infrastructure the colder even the Bermingham, tails to clay from commence months approach help Moth, the we cemented ] plant winter XXXX. will at lowering As manage with and of the we'll [ There key crushing commanding in rates projects relatively also complete. of [ to the fourth & from construction second should mining half The method ore. are Bermingham underhand the improve though Flame feed grade,

make on will treatment increased we of also conditions water tails. have productive. do rates, and mining work this With ground dry-stack more construction to expect We upgrades safer and

increasing our we million through the dry-stack are to capital year We $XX for batch as cemented work to increase plant, water upgrades initiatives, tails key guidance $XX treatment development, and underground work tailings. on capital million

$XX of costs and With quarter. exploration optimistic and success that to higher second expected the Hill's of achieving seeing, expect with XX-year in XXX in strong the be the the potential in we million to mine as excluding current the long-term. the the exploration tonnes should the the Keno's XX life to jurisdiction, speak $XX also that, million throughput bear years. With that its we per production will in the returns beyond grow day, depreciation Keno excited operation investment geological our Keno's reserve range will seen Kurt I are Hill district high are reserve are life, And are operation of we With to Keno in call pass successes. about

Spoon you, Flame within Zone Bear target the High-grade which the diamond Underground mineralization more surface in positively XX.X XX.X feet for intercepts the XX.X ounce the providing Keno impact and plan in multiple strong ElsaXX-Dixie, are our significant Deep, have drilling continues over additional XX.X conversion and geologic intersect ounce the on & veins on Thank the potential Townsite, Bear mineralization potential of silver Three resource drills Bermingham maps the target and and Moth district. information XX areas shows and Bermingham areas Zone Hill. over active the tonne discovery base. Moth Zone silver at Bermingham drilling Slide focused per Zone resource models including large targets per should Silver both and both high-grade and confidence in in silver to tonne our is & of underground Carlos. high-grade Flame also deposits. property, silver testing that and highlights for the feet mineralization including the zones surface widths, to resource over silver extending are

structural our intercepts of and the back I'll the highly continue that, call this district. With geology the of prospective to of target demonstrate exploration add to potential the Cassie. pass to New understanding areas mineral

Thanks, Kurt. on our XX. I'll speak to Slide guidance

is silver its The XXXX. to wrap up end our demand higher being Global a prepared guidance. is million Casa guidance expected XX increasing Capital like gold generation Silver in cost as to Our new update to and by energy electricity renewable is their X of the the increasing XXXX. Carlos demand component Lucky and of expected consolidated solar increase set of X is the of as That's International few production With sources. because we solar expected with That's silver the XX%, is of year, to to ounces Keno new and a Greens Energy Berardi's thoughts of are the X% July. equivalent described. I'd half grow to in meet in remarks production Agency a highest guidance underground since are expected sources our technology, in affirmed. released on is solar extended electricity key Hill, midyear this year. such, to demand silver. share electricity Renewable with Creeks record new and Fridays.

questions, environmental that, all every is. And the employees of company to questions. with their just the Hecla the the I'd to to and to values open like want Hecla our Before safety dedication call Hecla open makes commitment congratulate call we stewardship. day Ellie, Their to for it I to

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

is Lucas. on This Really paydown such Giles maybe first beyond is outlined? for net on strong strong Xx believe for the that Strong on Nick to further the the see of target my quarter. congrats that Russell, progress or for for enough year. I appetite Is Guys, the a targets leverage. said cash your beyond nice question you now? flow. What's end that the below you will be by there you.

Yes, the question, no, thanks for Nick.

As you the that revolver. sure exploration our up on be highlighted further generate of some that be we allocate X, than talk in flow you we programs, put levels it we've concerned and free Keno the cash at X revolver, invest that, would We and wouldn't first that as capital further position capital our operations then of the necessary, anticipate we -- and clearly, balance back look you between plan make and in to we would in the relates years, of cash right? capital wouldn't and if allocation past, cash well to once million about the that -- it's past we'll in is as point. go to X Hill. then deleveraging top $XXX to going which of do priority will $XXX seen to a that, balances had But we Clearly, build to had gets be Kurt million. we just at cash years, to back the look If the from the we've it know, we'll

Makes sense.

you labor real cost some color appreciated. you've the still Any may just add you on on progress made Can be have additional some color where costs guys relief? I seeing would higher be seen well. the some inflation, where Lucky front You as most Friday. some at know

-- we've as anything we we standpoint, well. speak note did think I Lucky would specific -- Lucky, it at both has but Carlos Lucky that have seen, yes, and suggest you've What Friday speak performance very don't the been from I'll let to. earnings also the seen and of as seen very, I cost But made, we inflation strong. the performance in comments the the Friday, in of to release

we As the of Friday, there's performance within component Lucky bargaining agreement. the profit-sharing collective a see

at that to underlying of more so Friday, some Lucky Carlos, you details we have the And we make allocate to those that want clearly, of as profit-sharing. money costs Maybe some you highlight?

-- some course, X%, time Well, previous in X% are the projects execution rates still that supplies. the of it's say most I updates. of the of we And mining from it's normal year. have every can

starting those [ increments are We ].

So also of cost projects, the number of course, contractors that associated. additional are that always there's executing

and has finding think, been additionally, electricians, been the are good miners I the since in mechanics And as case I've hard. industry,

certain to we workforce continually we'll those are for that. with have continue contractors, so of And out versus workforce work build our to skills. do we our and some And supplement role employees those to in do cases, on that such contractors our

guys, appreciate up good Well, work. the Keep I Got it. all the comments. Got it.

Thank you.

Our H.C. Wainwright. next question Ihle comes from from Heiko

pretty a strong quarter on Congratulations there.

Thanks, Heiko.

the remain more Is was this had your When process site? on increased expect you investment Keno kind the to site? especially I thing, for a work term you've guidance sentence meaningful since in long-term you mine next mentioned Hill, cost levels of second call, you this mean, that to at value. a related as is half Any and development at quote cost cost just there, words, I'll thought of that we current Yes. the investment seen, at for earlier tremendous year success see the should you improvements? will deliver site. capital on required There report longer the

to before those We've put culture in. we Carlos business can to can yes, speak production. then release, you the projects. of we're -- quarters go addition our able environmental so been to And like it earnings to all clear. With you'd But go X those order Yes. progress, that And Yes, some those versus we what really that. out instilling anticipate which that mode. safe progress is the and we kind That's Heiko. increase Once -- make Then the you get lot to -- going it has actually at Carlos, of lay things, to that right? can mine now, some production, We made of But the to sustainable see see first is a all in production, we tonnes in a look investment as milled, go anything we've of we areas. to to those that putting now we increase The going level those production, sure would is that a we're the sustainable clearly of in down. made see way of of go on to in comes at we that. mine to will on we're that coming we'll cost trying specific on in costs operating well. clearly of add? of up we cost with going excellence. that continue optimization but the need to we the we're capital there make do and to a to --

started deposit again. Flame when say production Moth during -- as is year we -- back to we half & in presentation, Well, the of the second the the

underhand plant dry-stack tailings, So the we having the huge a impact we going execution supplement are we stage, X production to is The is capacity. which once next tailings, to or going batch next the mining Bermingham, mines running. to for the additional which going construction of year, then make to the modify add the from method and which are

the half of site. huge mine the pieces in going to of are X course, second to future the going a make be investment the of of impact are significant that in the near So year,

Perfect.

put one question. a different I'm my to out You follow-up prefaced there. going

Given to the new earlier the the this on the by it end this expect say you call, progress that issue to fair of is discussed announce quarter? CEO

This is Cassie.

progress things it are tremendous can't -- And we take longer as expect, a as but we're than of that, making know, had happens in CEO. commit it. on good sometimes new really really -- expeditiously. terms moving very to response you in interested a you people progress quickly. I Our time these finding sometimes sometimes very We've they on

I'm the we right person find as will So soon confident as possible. that

Splendid.

Heiko. Thanks,

Our next question comes from ROTH Joseph Reagor MKM. from

of bit is, mine the in It you would Kind Hill kind guys' from your and little the following what But you under questions. future. cut the losses on Keno on will the scenarios mine? today, a sounds repay invest move view like guys of the

had assets, a prices flow opening as was our back X/X, money making The comment guess, about then. the operations I Lucky And cut see Cassie's would -- rivaled made potential. Silver example had great the were she XXXXs we you say Creek. mine Friday that quarter in in and not that's cash our -- of and portfolio flow -- early could remarks, mine geological that if think by we this as been had Lucky losses point, low. free is good or at cash free operating this least from walked X/X we at from away I Greens cut have at Friday would a

potential So Keno is Hill significant. the at geologic

the bright believe of that years has have future a mine reserves. We of We it. ahead XX

going that work. it's take a also We lot believe of to

that. to actions what So cause believe the I us wouldn't we yes, specific And do about speculate mine. in would do

in said, on Yukon and being just as Yes. has the for And shown are Lucky Russell that commitments. Greens a add We're Friday I Creek would planning both us long time. long-term that these

and work, to there. get project we're this making can committed that we're So confident we

in American focused picture months, last South big way know changes of any Phil I the [ fair large a in a picture Phil you big that within the guys company question guys some Okay, XX expect? North philosophical investing we And how is Has America. made things? you're changes then think should the ] potentially in era, changed? you other enough. about and there about had comments any about mentioned kind And post

This of said, sort in doesn't on but has North we for we're outside be there's being, got us And review term. near where great ever That the believe Sure. opportunities look least that, reset, we assets, we of executing some to We've of America, maximize won't more at not are at that and we to allowed the strategy time doing American our to of value our are. mean transition the all North value in going them. assets.

Capital Kevin BMO O'Halloran question from Our from next Markets. comes

with sticking Keno you maybe what before production declaring for the are main just like? looks and us can criteria commercial that timing Hill what remind looking Maybe theme, you're the

to criteria a it the release our there. are, somewhere and be you'd permitted range which the look of now would earnings be would of in As our of at production. production, what relates it say specific That rate XX% sustainable we're

again, And put to capital be Hill basis that getting timing, And we ensure expectations speculate are not it. of tried What over this is able the a we've we're the this that, the able that actually to to an want mine. quarter on did addition in able to -- go sustain are be then I'd looking sustainable of to in Keno production from time. very, like to -- We a sustain that. What very we what quarter, have to economic release In we're do out terms place is like in do positive. but which that allows basis. the was on to looking what to not not

the and production. guide both those -- why We guide sustaining we operational that's and and So non-sustaining, capital, the costs.

we But are that's burden market necessary. operators. things someone environmental to that pressure culture Those I do don't to try metrics now all want unnecessary those the about So think to a working to we've any excellence. put finds the as that calculate is or on instill we needed what our give if and of talked right guys safety

what look we the understand another want economics for we market So might add want the needed but market to what's the to like. don't give also to metric, that

sense. Okay, that that. makes Thanks for

are activity there wasn't cost more some higher at the Keno, that's on CapEx that bit a by you stuff that the Or previously or driven items into guidance On cost increase other the color higher give guidance? mostly production? included and can whether

both. it's Well,

are team. we say, we building our As

culture. We are building safety

are We and projects. capital environmental we doing executing are upgrades,

are We too. expanding camp, the

to a of significant had those around and place, improve people really costs. the we are estimating that's we working group why So

for that. for thanks Okay, me. one Last

give us percentage of be quickly, Flame expecting ore a as... you sense coming the that from & the of roughly quarters Moth Just can we should over

Yes.

Moth For of the of year. is is with total of to supplement going ] production half half, around XXX,XXX [ ounces the the & which the Flame ounces, XX% second second the

from Our next Mike National question comes from Bank. Parkin

that's stabilizing will we've improvement expect if that not-too-distant questions, getting the give that suspension or be statement, it Hill is basis? the as an case, that about through a expense thinking cost X territory up around following nicely. us of the million. costs Keno that up on Just be now of of down in into flowing you up in a the future? be transition that line, in Should income to we sense Is at seen we're quite ramp operating some And we the suspension in can ramping how of ramp the coming up? $X should seeing the go-forward actually kind cost on specifically where cost

Mike. Yes. Thanks,

the up in ramp the expend works like an that on costs, we the cost do So item operation allocate the of Hill, sales. during we'll that's ramp a what the to the line allocate, that that statement is amount and certain we'll amount equals we'll income for costs quarter, of up suspension in way revenue Keno

Page look That's noncash. Hill. $XX X in can cash to allocated sales and release, million both Keno for of of revenue of was you earnings cost 'XX that million. We -- cost you if $XX see QX So our our

a end ramp the And the with then up in to you goes costs. remainder profit. gross up X So suspension

So you costs as at you Keno see down. improvement in suspension see ramp the the up come Hill,

of thing is QX, we Friday costs other Lucky there a you'll The in January. had in see bit for

or say, we that to Mexico will That'll come we know item. and those quarter. Hill. that'll declare But line don't -- go we Keno will be -- roughly, $X line item makes at Nevada, be. off when remain is for will are -- or QX So will that's And a Then, It's commercial costs what in you total some it Nevada I suspension in related production that a million expect when profit. once that gross for away so and see caused point, improvement.

And so those will continue.

are to exploration try being those we as to Nevada from continue We down to an just though work costs transitioning more project.

All right. That's great color.

Thank you.

concludes This Boggs now I'd to question-and-answer like for final our session. hand over back Cassie to remarks.

us. quarter listening quarter. having to We and to we calling great another this appreciate in, next appreciate look Thanks. forward We and very everyone. you Thanks, you much

call. Thank today's for you, everyone, attending

Have You a disconnect. may day. now wonderful