Golden Star Resources (GSS) 29 Oct 202020 Q3 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to the Golden Star Resources Third Quarter 2020 Results Conference Call. At this time, all lines are in a listen-only mode.

Following the presentation we will conduct a question-and-answer session. Operator instructions I'd now like to turn the conference over to Michael Stoner. Please go ahead.

us QX joining results for you for XXXX our call. Thank statements, the website. be disclaimer note which on the Please on forward-looking will presentation on the

please. you on EVP Crew, hand to our I'm Paul presentation I Thompson, by through will and to over Slide Exploration. COO, Wray, on take Peter And CFO, Spora, that, Andrew Graham the Andrew call and us If later. CEO, our X, our need Growth forward go to joined this with

much. the hello busy quarter. third the post in a which was major And place restructuring announced at to potentially really very completed put results. quarter of for as amendment announced end using was will Golden loan the intercompany Macquarie We of the Royal for the in facility, basis major the Gold a agreement Thanks everybody. And promised Prestea reposition a ATM quarter, September on Michael. capital. to facility, and with $XX We that really as million growth we an time achievements reorganization, the QX of at Within streaming there as well, additional sale of discretionary Star. the look and the exceptionally to a business end the in

busy and the step-up potential all that that with investment of to growth the in of the I significant that in think the investments, and now radically on. us currently financial changes enables position we year So know Wassa, a of XXXX. the end we're We PEI and of that the and working company, as scale into and with go

on on enable out, will move you consistent that business commitment the level belt. clearly the on to deliver of future we activity package little more. lay start we team position day, highly X,Michael that we during albeit, some path remember principal business, case terms the the had since numbers of at and the XX,XXX we guidance, were over fully cost within XX and line quarter. and our impacted Prestea, Again to in have to to to X, also to September. continue we well we'll the which as by operational proper a the and ounces, growth now during cash is expectations saw Slide that quarter that repayment with given to added Can level exploration, rate allowing land a Slide The again financial the which and Macquarie improved think can the lower the to in mining was a increased seen environment, a in COVID-XX, for the with X of well make more cases this Even really of some as guidance, to the still controlled. us prospective Wassa close continued of early which end of any a manage speak and quarter an Graham active bit balance sheet around the with tons compensated cash Wassa million there on notwithstanding impacts with ore production to the group And facility. tonnes, see, unit grades on burn in haven't that X,XXX I million

that's an by capital Wassa, the gold sale. be guidance price costs in it's higher be But, small the we'll was as year, think is unchanged that as in in a number, to worth some of the reflect that gold And and and upside capital the versus the current I taken planned, on year, X, between we liabilities FTR on acquirer, and year-to-date in the the sulfide the in the XX price essence, which I within And through which we've material royalties really additional bearing On guidance. developed. be deferred start material have set will we've $XX and of potentially around mind that I impact It out there stockpile million should same there cash that an of ISC Slide at to putting range. environment, the that plus down, we've reduction been us there's the that Bogoso-Prestea, efficiencies Wassa ounce budget capital asset XXXX. Slide was referred X, remind Moving on Prestea notwithstanding the said, brought updated capitals still is then which the to plant. between within to to payments just next completed

think out Moving week have is our with detail and actually and the the enhanced Graham if continued a that XX% of provide the performance, the in on ESG almost in With time Slide country over for it uninterrupted. workforce said, and stakeholders sense and was encouraging I'll been in of I months, reminder X, most out pandemic on But, and delivery to Wassa. actually QX, the was country. hand I of that, all XXX% relationships a week last before bit I of Ghana. that our the to to more several for all with the not there I as a to see is way lot first through dealt of everyone actually was the

Andrew. Thanks,

over haulage fleet. tonnes that, the upgrade tremendous seen continued also I Slide the put from place investment the we're were to the quarter, per in Yes, guess that team, that to of there. controls I sort a And done across X,XXX managing without really site think underground it is in COVID XX. productivity of improve job noting noting any day has over is QX, Moving worth worth, it's

results So, continuing That our to improve certainly lower expectations. by being than the some course of that. that by grade

due of just quarter. we to reschedule Some over to the had how things that was

of operators. As we mentioned earlier, jump will sort

is So we development hard. and didn't some push capital of that decline the

grade the the bit of little the recovery obviously some processing more a stable remains for down. development bit, of pleasing which that a is there and consistent. Also within stockpiles So the bring

partly plants step-up productivity a overall pleasing been the has production. underground, performing this and bit the from of which the a to of course but had year, driven by So stockpile, see. really by also well, the We've

to over the vanishing restated to from volumes, and stockpiles probably really from those we XX, Moving mentioned, cost the was on as was November. that's really the sensibly cost bit XX, That the on March, at quarter of commissioning off week a and out concrete previously. has now unit side it plant, were underground all-in little Andrew from et cetera aspect reticulation of financials test that XX% down higher with quarter. go On but Slide and sustaining there, pad. site Slide the and little been or is busy in we're most just in basically the the now, a covered on week both the over pleasing a the before and bit always ground the a n last paste at completion end ready infrastructure time the ready to waiting the the for

about it contractors, to pleasing extremely upgrades, power to through And overseas Ghana. quarter. that then financial sure with projects. the gentle great, some which so, build, help way to talk see that, So, engineers to looking and and And pleasing quarter, this over also weren't over the all so point, us that to Paul, bringing completed which from just upgrade all pleasing. slightly complete cost, now electrical one complete results. we have the to that of quality all should able progressed would end I'll completed. In consultants to is the then, of see the to that was they upgrade get very how we COVID. part get the stabilize It's We into we track And a that's been electrical lower local at those hopefully be hand with the really were gives the the upgrade, on way through the us with

you, Thank Graham.

alluded of Andrew characterized quarter significant is a to as Graham have as So, change. QX and

with to of following restructured. on the Macquarie forward. of Prestea balance with Wassa FGR reposition That the the terms did we really full position underlying along three of been going focusing then facility these the performance realizing So and end the things potential sale, the in Wassa quarter sheet,

we've and to statements We the as consequence the disposal discontinuing a Prestea flow separate of and results, to had out cash have actually financial noted continuing in the and operations. P&L the

focus on So, if Wassa. I first the piece continuing for

team. production the so So, realized or in gold of price, average realized an price benefited from with XX total, the higher we

Turning from the and Prestea business's quarter Adjusted to did was cash $XX.X discontinued it was expected deliver million. and $XX.X impact that EBITDA Demonstrating of for to strong the impact the continuing the the quarter. million pricing. profitability, So, ability in operations generation operations

during the of sale we then the $X.X $X.X the quarter from So million. of to with we had loss and there loss which start Prestea, million, operating

the represent into Prestea. three being accounting to operations share. the de-recognition of interests the non-controlling per essentially the start translates relation was the primarily continuing parts. per is that and XX. to So, sale for income for X.X net per Through share loss calculate this to And the non-cash Prestea share the operations in continuing used treatment discontinuing net then, negative the in for the methodology In that to income XX%

a of restructuring transferred FGR. received XXXX the with is to SGR debt inter-company were primarily sale. interest of a non-controlling the there of September is the the Then, starting value of net So consequence fair consideration from Prestea driven be at to that's disposal assets, there a liabilities the which by

of interests of it's Golden non-controlling So Golden consolidated the level. specifically in equity foreign the equity terms Star the presents Star shareholders of non-controlling balance the sheet, and section interests only to separatly in

of which equity the of million, the NCI that's represents share XX.X BPO, impressively Prestea. over is Ghana in Government XX% the So

meant to fact turn negative being then restructuring, by per that this share. slightly is we the the of intercompany including to And due This balance sheet. loss, XX, XX the have operations discontinued Slide the that's the please. shareholders If so, happening emphasizes decreased XXXX, minus, we just points in since why net, sorry that we have June and NCI million what's X.XX

balance our going housing requirement of operating sheet negative group the impact And positive give having position, large the create This that and in forward. at the flexibility to a removed the has may the losses, for best objective the removes to assets So the also sheet transition capital rehabilitation to assets. firstly to The platform start sale provision. growth negative year, by a been has those. net from of year, was done and net actually of balance working the fund

the of Macquarie October. we in terms In facility in the week completed first, second, which restructuring,

the it's numbers. sheet not terms of that actually So a was end, restructuring, let's post-quarter QX reflected Prestea completes factor balance that these securing say major so in in

now facility's liquidity. an million, which summary, of provides in million So XX $XX additional

which XXXX, actually QX XX had And September actually in principal have principal we So million and XXXX. repayments, repayments of commence the which rescheduled been made in redrawn. QX, we've

So, facility just looking and forward provides Macquarie underlying XXXX XX. liquidity the additional from performance satisfy August restructuring there, and the disposal, debenture in repayment convertible of to of Prestea in the Wassa, operational financial

August expire, and we ATM last the debentures either was exceeds cash, As the when in have price dilution at paying an start, actually which manage to an prevailing a that convertible new cash the place firstly or XXX Andrew XXXX, with put mentioned price, shares, of program. we the point secondly, shares. note share to The the issuing getting in combination option

XX option capital Slide currently please. discretionary been give beyond purpose to fund is CapEx, to of planned. Wassa what an to the really, turn We raise it’s to So

of light. So in really me the chart Wassa, underlying summarizes capability really in this terms good a pits of and to

see can $XX.X the the we million, cash not with quarter of that that's ended story. full So we but

million. actual continuing XX.X So, from the the if generated cash operations, Wassa you at look has

our sorry costs. and So that's corporate the actual, Wassa

it's If The the look It's million possession generated capital in in you tax tax, Wassa paid the arrears million at following working QX related quarter. the because over in movement. XX X.X actually isolation. before to

point other in Everything X.X of are the corporate and terms X.X G&A to is includes gold The losses. here principal X.X, the to costs and the finance million. the note within know of hedge of X.X that other and million

be will XXXX. obviously during as in principally QX, QX been that's that now I said repaid So Macquarie was the redrawn

note to point other the the by cash million. of Prestea that The was discontinued is, is used XX operations

exploration And of cash an quarter. With over million then So a that, we to section.Thank during costs, transaction which position I'll will consumed. cash in there de-recognition, cover and saw, it consumed gave was Peter, the that almost $X that XX you. who overall geology million was hand the off then

Thank for afternoon. Slide you, And good everyone. Paul. XX, And on

perspective extensive So belt got just host as an with bit ounces Andrew to an land we're where on we've on, and than a give of said XX earlier update in at Wassa. of holding very million as exploration at more

square coast down is that's back that about in Greenstone geology condition. back most a longer And over We to perspective covering from all the land up have Father kilometers good Belt, kilometers Brown haul of from from by Wassa, XX of way XX XX been quite this Wassa. a in up around road the package and linked to kilometers, is

year the field and a had to we and activities. of quarter due During XXXX, quarter suspension quiet and two, pretty one COVID

recommenced new of we follow-up. a lot of at XXXX And also package took historic And Wassa we orebody, around information time drilling spent existing So, We new XX sell advantage following the around those, that targets as soil and us of those will period to on started on step HBB the and the cross our or about our that orders reinterpreting samples looking QX we extension compiling to data, and and for in resource that up XX targets on existing led areas Wassa. of projects. the work targets, is original determining orebody. extension out the ad parts at shallower around on part We undertook regional

highest rigs Going we project in southwest in step-up the golden our adding into targets, the two will We forward number a to X-kilometer large now where out a expect see we rural land this then we in drilling Wassa that's anomaly. bulk taking drilling start delineating of XX test moving XXXX. of work that, the holdings, rigs QX to at and And XX expanding priority January. targets, programs month are XXXX, XXXX a long test far further and into start to soil

quick just of to see from on XX, are the programs Michael, of long can a extending and left you Wassa Next to the going X.X Slide, XXXX, south section side Slide long right side the just kilometers the into side, over that in the and on north aiming Wassa, at of go section. snapshot hand the extensive hand left orebody the from hand ongoing

extensions, there, area and surface reserve. Our between at the which so up the Wassa of is drilling open current drilling the and grade mined pits, the XXXX previously is current mineralization plans blocks in on focused looking infrastructure at target the

hanging shallower date.planned base extensions to down been space in to to So, shoot of mined we the existing starting initially number and also hundred-meter Walgreens. looking mineralization targeting with identify foot rigs, at existing area XXXX, the start hanging that we wall zone the that there to lines, the wall looking body. up to rigs plunge the extensions there southern and good for uptick are ore diamond extensions of and going from and of some November, that's of take I'm the down drill think base at doing the into to look southern in expanding mined two two extensions the and potential is to the dip that, dip extensions be wall the of but of be will parts area,

sub me sending XXX right, long, testing on corridor that corridor the program On and the the assay, ten the testing some plan corridor anomalies is is limited drill be, sampling all two extends drilling SAKX-X-X down X, within Wassa eight XX mill. in that there following XXXX. all Wassa sit drilling large on to the amount SAK the to assay for of of all most be and over these will scales if, of and all, soil from at kilometers our anomalies of have we anomalies extending from the we kilometers programs size of kilometers to below those been multiple the to diamonds MLN at X, up to the anomaly And will is tested, Greater down if meters one anomaly other image where are these

and to are And prioritizing and whole then more most Our land there, just probably originally anomalies projects, than HBB, around no the next Wassa, hand at are soil these in these really Benso to year. targets Mike between holding XX. we're XX left that which all. targets next Wassa to image road focusing XX we testing of and XX Slide, we're from connected getting identified, just as and targets by significant determine kilometers the with just spoke, the XX order test programs on Initially, presently limited targets of

We Diamond of some be programs will doing had programs across anomalies Heiko those where and red targets. will these across from significant Wassa and revenue we anomalies then undertaking drilling be testing historic

there defines the potential of I'll Andrew. Thank you. think from work hand of compilation been done to completion. significant terms been that's done and in work a lack I the back orebodies the number is from that's of And here, of

very Peter. Thanks much,

XXXX. Wassa, of we've as forward in that there'll investment and exciting of in develops ramp, will our view Peter longer-term the to The substance finally as a the targets color out Wassa a we add for was invest So significant be just Slide it going the on able few asset, our set to at slide, more some strong we're growth drill PA, of on I'll I into that and at setting next to more some as of deliver you've for seen last the really broadly with a at Wassa's Wassa, of going the the operational the looking-forward in sheet of same there setting the up XX, and performance, sound time Paul quarter, on Wassa mentioned business, quarter to balance the to during years. got go continue in start the think that the and the and how transformational And out just with that I growth development call the is those photos support out, infrastructure property.

take to and I'll there stop back we'll hand the operator questions. with that, So and

first now gentlemen Operator from Your ahead. go Please Carey comes session. begin question-and-answer Genuity. you. question we Thank MacRury will with the Instruction Ladies Canaccord and

wondering good think that few next now, we good quarters? can Hi, up guys, you rate on there. mining think mining a the morning, rate or how the just you or over step I'm right should good afternoon, about is the sustain

will Graham. I want Carey, Thanks. pass just to that

X,XXXX have we're think seeing excess XXXX, a a looking sustained significantly of day the bit mining over think Yes, I we're looking that other the to some but The to in do pillows around the and the year. sequence per mine. Yes, paste at turn I will I et available, rates, and and is of is and primary, certainly in we target secondary stopes improvement plant what's the into some, there advantage big XXXX cetera, level. of now the busy coming work tonnes on

yes, not quite XX. and touching So, beyond certainly but maybe day, we looking so think that exceed tonnes for ways can X,XXX sustainably I a that

grade on and with back, can operators maybe And we additional for expectations expect coming just on grade QX? what for the the any the

those Yes, hanging we've grams. push the we're starting X getting operators QX jumbo development high some got proportion looking is pretty and definitely with all stopes getting the grade quarter pretty the get QX higher starting back wall stopes above rights back moving of which decline the relatively. to to We in positive, it again, in

So see QX, we've in think looking yes, guided. the similar of we'll but a bit there where of probably sort ounces we're around is I step-up a as

more PEA, on one me PEA. just Maybe from the just

our of of mineralization could share that stepping this you it is the stone if about more to wondering the longer-term or future, solution? can like cover you're sort of The extent going thinking sort Just full to scope is a

so it’s extent. looking is -- the at Southern the Yes, whole

of resource based as XX. So on upgrade the December

Southern fill with mill so holistically how whole, from do at yes, looking the we Wassa. of and an it's aim kind the overall of the capacity whole extent, So,

go comes ahead. Ihle next Heiko with H.C. Your question Please from Wainwright.

bit Can just of in that you your a you place. through the rationale more me walk put little through ATM

see sheet bit another balance it capital So surprised of you discretionary the brought I you in given Prestea of improvements and earlier, option. that use mentioned point to was a at along. it you an as the time it mentioned it sale to for want in mean

from all the banker, lastly, down much, it received XX minimum price soon not really on selling doesn't end how you largest things shareholder that you you a of risk year. the to using could your narrowed that Have be I'm do please? mean program as I to anticipate because that, any So utilize mandate theoretically the And shares. few those

I'll deal question. Hi Heiko. with Andrew, It's the

So mentioned sold. I at Prestea that looked should the think you be the in ATM context as

case need that in sale with it which those major due required. the probably solutions, will the that's XXXX course Wassa forward convertible early that is any us step don't provides we will them. up capital at the solution restructuring, out stages, and if we case success a come so looking So step element see process to that Macquarie the a the base inches may money respect the issues but based in going we step exploration, this a way there at The don't debt a was in in the step There that. base the we a up together over budget in with up repay that proceeds and significant be sense there is are for that the of drilling to drilling We've and the we're be established potentially which year. are point, of know should

deploy budgeting to opportunities through process. the Additional capital

the to facility the year it's for as straightforward a can in just but and there, of next use through a well. ATM we is to sit raise required do So a sits it is there, the now that at thought that to business. to as to there demand we don't price is a have November and and capital stock need for access place, if the nice good use the deploy put rather capital we we is relatively than wasn't is no It it both to simply if a attractive it opportunities year, solution, it, the cost over

going from prevent doesn't it. us use that saying not to we're So

an use And approved representation price to, Board to don't terms have but for we'll of So, facility. what's active that view La take appropriate that's there use what The we was on got wish Mancha's think that in referring has that feel the Board. to should I to. that the have on discretionary, I it's we we

Rights fully level So through you should we at stay Agreement, Mancha they they want if know it. anti-dilution which Investor use like right, La aware the the can same of exercise as that, to

a think opportunity good in incremental conservative take we'll So that year, over place. time for a a any I to and but point put good it's see approach, next relatively thought, If we that capital. we the at in point requirement

Yes.

costs, same you Okay, the In this. increase in got the release of the and due clarification. costs then Toronto, to to non-recurring as the just of a you due primarily mentioned and that higher paragraph didn't in increase, there's mention from you G&A re-locations then Two labor million X.X corporate part your primarily corporate incurred quote, London. on a was the in Canada, XX% QX things due And XXXX. increase insurance to office was the

saying First labor. unless it of that's when you're all something the doesn't one-time item unless unless labor, a like sound

are thinking am for You it office, expenses mean over misunderstanding Toronto that the was severance it? I, just I

I the the I quarter most but the up. as duplicated the think referring office were labor the the labor add because is certainly that office in, London we of first said of running Yes, still fact Toronto think to we the year, labor we pool can

like duplications this else if there are refers ongoing severance anything costs, when for certainly So, LIBOR non-recurring. time, of component we Paul of to had you'd costs. obviously there's the fact to duplicated that add. a The plus so are they we But, specifically a the LIBOR recurring, heavier period

as numbers No, There time is there yeah, just London occur much a the that was time trying double may didn't small in QX. duplication impact is to I year-to-date overlap. terms this the back count work in is year. at the that to, earlier nothing that's if you that dip said, and at and of having, than Paul, more of to of it's in add, rather add in quarter concurrently

it $X.X continue figure? though Yes, QX, year-to-date sort just does because in of about which you've your a third of is yes, million got

Sorry.

in a But step removed. up insurance. So of in that specific duplication QX is cost

We're Got insurance And again it. going not. forward. to fall the is off going

will off. It terms obviously which fall reduce the terms that the will in overcome. will been the of been D&O it their, an but has cost, in of with of impacted, increase obviously directly do, class-action There's

question National [Operator Instructions]. with Bank Please ahead. next DeMarco Don Financial. comes The from go

taking Thank you call. my for

we fill the expect So, a improvement on in question paste And next you gradual a will over the plant? responded, or X be benefits rates should the wondering, previous of XX gentlemen, model mining change Do the you mining a rates. months? months I'm in next how in you commented the step

do that want take one. you Graham, to

on ore do be start XX step-up, we kind to Yes. targeting between at XX, this a see up see touting looking just certainly availability that a of stage. lot budgeting think we'll years year, step is next where the Hi, something X,XXX QX. That's drilling be and X.X on that yes, to we plan year. next get I of somewhere through the that take based Don, end X,XXX over the towards the not to don't depending over to But will will change, That I a at the beyond cable like the we'd broadly be over year. think year next of X that

Graham. thanks, Okay,

the far as fill see leading the year? rates, basically, So might you towards as is of in end improvements those targets some mining paste plant next up the to some of concerned, of gradual kind quarter-over-quarter

Yes, is grade see. more targeting and would on consistency what we consistency what's a what we -- to little -- be the bit

Okay.

Most exploration at of seem exploration be and to targets. early to them topics these shifting regional Just stage. looking

So, it be if Brown seems to terms it of of potential or supplement, no the need beyond a more largest see of to make in a supplement story, at viable resource. XXXX targets or your Father option that what to current do you to the

to then Yes, a the in And bit hand talk about Father we to the Wassa. maybe I'll see question happening exploration. regional Brown more little around Peter on what

Yes, afternoon, just Don. Yes, thanks, Wassa. good briefly at

drilling that been results. the up think four-year basically dip the time. next plan. to mine, I is below of panel so and additional opportunity there is mind no of up really dip the ounces X, that's there that good There of part current the down a In a X X, the find three, or a those is in

can So, and I focus part shallower the to, particularly at orebody, their think all potentially that close to upper the as in potential the of is of and quite find look we depths, mine. We've sources something got additional access additional if to the of the there. the

So, three you that's the know. within I think will probably

something on. So, that come to for like that

Graham were a mean I historically those one seven real or AML prospectivity of pits, pits I looking of ago, On two the so some through the that couple holes years of at of some under three regional bend going on was last and and had and for we've five, under pits. or of section they they site, touch some weeks exploration the for the a the mine those and of really just the really, stuff those pits there. and there last you had, haven't terms even years. the six mines, per up some four in

targets medium be term there. could they So,

sit so. drilling So,we've some under and pits license, that other those of on that mining the some plans got prospects then and

to two up. revised expanding overall mine either from focus be pits high-grade on be been and work grade the the high grow in bringing will target structural those couple back that Navy or to able of material down underground of trying stacked of that of And that been doing, or those results. resources the a secondary some at interpretation with plus some in something cut one a might shoots some potentially area so smaller we previously we've terms our So, these looking a of

the we've we're look, it's As far Brown and some the Father on Father Adoikrom moment, we're the a work pits at yes, too work done mines. bit there still of Brown, that

at looking both confidence. course under ounces potential same more more the, to access drilling underground both get caused really us it's those bit little the going structure per of it's a give a detail being are dependent vertical to It's to there grain the We able upon nobody meter, in order deposits taking more bit both sources to need at gold. time vein those

drilling of on level So probably it down another really need infill it.

on what's and that to confidence to get next what's is and spent mine. other could Graham, XXX that whether on comments any conducive meters capital currently sitting once it that we ourselves to prove that is something on the the us that? being it So potentially then XXX,XXX in give the up indicated below being more XXX range,

Sorry, just had. thinking I was no, I mean, Benso. about I

you as So that those pits sort X--X were and those shell of and these of was talking optimization Pieter, it. were drilled

So plus and X are and of hole, open drill one grams. item some got and them

or beyond, I of definitely production. would lots like do not there is maybe don't there a think I it's a yes XX So potential yet. to one Maybe, but

Capital Your comes Ray Markets. from next Raj go Please BMO question with ahead.

Thank Andrew team. you, operator, good afternoon. and

on about Just additional to have open done work any from a couple can that tap of been from Earlier, the pits mentioned question some you potential that, we has had so reserve. color. for underground there provide

us quarter? much do flexibility. volatility how you you Can flexibility, every some on when, to to when The are expect it of variability second respect of under part is as grid with based that question more the amount the vertical see to timeline we give improving was so that underground and development have seeing, flexibility we your don't you is some development need,

there Hi reserve that capital a open actually this cash. pit still business we do on what where bleeding business out would overriding the Graham. make the The with I is the step those in position got to put balance to development work additionally to position the comment, you're and that can guess I we both one which point making be it that, drilling some Prestea it's points really give the it with but Raj. and have that I'll we've work, relates flexibility, accessing, really pass the was the the us call until didn't to to in sheet necessary ability. potentially that's mind albeit on up drilling open that's now

Clearly, I think we've is is upfront on that those there work on thing great work got exploration upfront portfolio. now is the flexibility. the

now of if certainly going give any around a done a plan, take we've in on where time, you we to execute So ourselves provided, but work that to work those and got planned either start position or elements. want Graham, can it's to all the us specifics work little

described usual, Yes, it Yes, Andrew's pretty right. yes. All well. as

or work. upper advance open the pit We have mine

reserve do a got, as update we've more we that year. we've So end the do to when and got at on this of

that comes be sort we all of reserves. that, think time, in update the assuming appropriate together I can the will that that

bit over category is things the that higher resource the a out of One build do to there into will able to and XX, build need to plan be more drilling that there. a into,

capital considerations XX. the that's So for in the currently

one So, that's opportunity.

QX, jumbo in additional a and didn't were over didn't replacement jumbo, development not the get the QX we we of jumbos certainly looking, into come had QX, terms new right, utilized. replacement In fleet

when fact is looking operator we're up we that capacity. still probably step next conservatively been started expect on we're essentially a surface year, on our talked about development. for the maybe October. KX that which from further, happening a and the for site, to waiting paste can on-site push then having XX% In fill looking XX% early get maybe, But, is in jumbo Probably, but just the we back that bit month-on-month trailers

to So, the getting That's getting that sense. then that the rather the the enabler it of by if than consistency bring giving schedule and into routine each that secondary plan and within stopes, to access online sequence. performance that pace, quarter, grade and month us the and another things the to end makes of sort the of having plan into lighting key this

that that consistency to 'XX improve things a had over they beyond. So of looking at and we're couple

drilling And step might definition the on Graham, also up? comment you resource

of the looking has panel And well. one proximity Yes, progressed that's plan there is resource can portion at got 'XX, extensions three, looking access drill looking at southern step-up capital the 'XX. ore over We've what of the out really from we build big that for certainly I another mean at. and drive the to that's in another really body we're southern the

just Was do on have you QX, reserve you've Graham. follow-up impact throughput. thanks, reconcile did question any per higher on the grade The grams grade a dilution? or got and it, productivity how they that that tonne. Okay, X.XX And from the higher

Yes, mean compared that's year-to-date. the Reconciliation little a good bit was question. on I to that's a down quarter.

was that I hanging then earlier. there wall of and mentioned or tonnes, was was, the roughly the was there increase So about development came stope from stopes, there XX% a there

than So, see Paul, been through reconciliation myself, of and doing we're it all grab the quite that but in to as through quarter. other was had the the really noise, good quite it's, samples it's previous not, difficult because it's difficult, not as

So into that through we're something and now. looking looking

so tonnage it or? cost And pulled, you that the better higher to do you attribute we're that

stope it once bit through it were when sort kind I in XX% of a failure, break, Raj. but where range of particular to stopes but that there couple in by September August haven't of not looked yet, consistent. at a X% look, on gone Yes, we kind was of stope was over pillar the there looked most

this the don't all but have yes, So of something through. in to time, point working answers that that we're at definitely

questions further no are proceed. Please There this time. at

Excellent. the Thanks else. Thank time, anything is much. there very everybody for you taking if

a You've got you. look our questions, be forward and soon. those answer Thank and coordinates to give catch speaking shout us happy up to

today. conference call, ask this concludes for and thank lines. participating, great and webcast your that for a your We gentlemen, and Have please Ladies day. disconnect you you