Eldorado Gold (EGO) 29 Oct 212021 Q3 Earnings call transcript

Thank you for standing by. This is the conference Operator. Welcome to the Eldorado Gold Corporation Q3 2021 Financial and Operational Results conference call.

As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. Instructions]. [Operator like Investor conference Relations. now Wilkinson, to turn President, Vice to would over the Lisa I Please ahead, go Ms. Wilkinson.

Quarter, Thank you, welcome Third to I would Conference operator. And good you morning, to everyone. like XXXX Call. our

be cautionary in would the I risk well call. remind we during begin, we our in forum. making to the like statements the Before forward-looking refer as out annual included you information factors to that set will statements Please as the presentation,

George on Burns, Show, President Chief and Chief Executive the Officer, call Strategy Yee, me Financial and Dick, Executive have Philip we Joining and Chief Executive President Officer. today, Joe Jason Operating President Officer, and Chief Executive and Vice Vice Vice President Officer,

results. Quarter be our otherwise of SEDAR Our website. conjunction All also with statements These financial which in unless our We've release and filed U.S. are details and been should are XXXX yesterday read analysis, Third our dollars, stated. management's Third and dollar today on discussion Quarter on figures both discussed EDGAR. available operating and financial

speaking will accompany webcast. slides the We this that to be

a analysts download questions. will After Q&A. will George. to now this from the for our will the can prepared for remarks, You of we these the open we time, over call At to call copy queue invite slides website. turn I

Thanks, Lisa. And good day, everyone.

and it increased based X% from XXX,XXX quarter QX up. on And third up through questions ounces QX XXXX Here it performance is go open in ounces, the Joe by and XXX,XXX I'm XXX,XXX financials. strong from guidance highlights results our a XXX,XXX of then passing our outline analysts. very approximately production full-year was previously. with I'll have before to by up higher X% to and than overview call. will reviewing for pleased to to the today's will brief Production we we last it fill for quarter kiss to provide operational production follow results.

HPGR and now our our range, We into production budgets guidance takes are we QX. right which XXXX the with are working through in of comfortable commissioning account

We Joe for about market to robust I'm operational first the XXXX safely of will production teams operational in and guidance more in performance speak call. effectively X New later of Year. update achieve the our working on very in the the the months the proud will year.

to successfully would improvements completing and team at I Specifically, mine. strong year-to-date like congratulate production several delivering operational Kisladag the for

to were During subsidiaries were but debt, Not certain we to speak of will our Kassandra a removed Greece this funding of allow senior cost of guarantors, call. Phil the quarter, the the in range alternatives Eldorado in we broader assets. secured development as only to refinanced the notes. will for the able later lower pursue us which

our the government and mine an new This from made continue and for from permit dry-stack and Greece, Petres exploration The October, funding Greek on also and We're sign mine Stratoni at non-core prospective this operations, the The of In aiming very accelerate focused sustained finalizing in expect the in the highly investment interest process exploration. financing our as verifying the We Greece we Mavres in project. Greek to the suspend year. Skouries to COVID allowed project. is strong program agreement to EU world-class tailings support early obtain banks seeing Mavres and amended identifying at and us to area, for to see operations a lacks we reserves. strong support in relief has encouraging mining for Petres reserves support decision currently continue fund. the we approval in

Operations transitioned review. be technical, positive phase, and to the could care upon maintenance. this economic future, and resume results During will mine for

training offer and term. Stratoni. ensure continue the center or Kassandra strive decision invest decision, to assets new technical This viability A other Eldorado the to a employees was training at to relocate under-development for will the to operations at long region allow Kassandra to of either but a We difficult programs necessary. in

all Shifting building and business We success. we the group want across forward QX. accountability integrates functions and in to mines core are capex exposure our inflationary inflation. continuous At by and the results. costs pressures has our the across sale that focused monitor and mostly sustainability, at pressure to TZ, to and operating support over supporting region, In sites following our year-to-date previously Eldorado's immediate project drive to be In health positive you ESG, offset to retain picked global in by any Mining that we our which causing levels system organization. we Brazilian integrated This social is track update Brazil of action right our cost Based launched will COVID-XX October, sustainable not been management Tocantinzinho is Turkey, responsibility, I for on-budget. cornerstone provides announced look in Ventures. Mining. future to seeing a Eldorado commitment creation the The security, on inflation and on-time a track have of of operations. Mining. we completed environment, weakening record TZ meaningful SIMS improvement. performance contractor we management team, local advance QX, and mining with the closed has performance. system of asset that responsibly G their the impact And for to ESG and will plans G stake allows better shipment putting will us Canada, G be QX continue supply notable Project includes Val-d'Or value with on labor G-Mining, up value our end equity now which standards the at through occupational We sale believe the we activity safety, the performance, set measure, to In asset, of and the now delays. This lira. to minor which on creating self-assessments able are addressing chain SIM We're of team to internal rates. in our impacted and strong with on

of our One sustainability to collaboratively to and of license build social key stakeholders positive the is to relations with engage operate. uphold framework our pillars

Agreement positive in the I region. the our the the Simon a of Phil, build example, review will Quebec Simon to For quarter, with the to goal also continue call towards In education Anishnabe future With the to our engagement studies Val-d'Or process we during nation. over Lak skills with an social sustainable a Development comprehensive development nation the mutual adult develop We're partnership community. shared work and and support long-term, Lak stakeholder a team turn Sustainable announced continuing impact discussions in QX quarter in to financial that, with results. preparation to and center support collaborative Greece, a environmental a for third in to understanding of

had everyone. on George. revise Starting us guidance Production X, we another our XXXX was by planned, Slide Kisladag which at with strong you, X%. operational and led Good of Thank day, results. increase production to quarter higher than

were a a increase the in in reduction heap ounce forecasting cash by million price growth with Our free refinancing QX, received modest combined byproduct in XXXX, by for to with in average cash attributable mainly up million $XXX increases costs by million and ounce in project, in lower $XXX last costs reduced volumes. sold $X.XX shareholders in All-in at ounce expense costs QX, costs of from to continuing a from shareholders remain share this as credit. in Tax in or sales The a and Depreciation base attributable per earnings sold, produced from adjusted operating million or in in Kisladag Free onetime in XXXX, and QX per XX.X including operating offset share, sales cost and guidance. Lamaque or reflects depreciation are ounces Kisladag through cash $XX million in lower the XX which in the beacon XXXX, in the Olympias $X,XXX was an capital at sold, QX debt year. generation Eldorado QX Lamaque, leach XXXX. spending to of sustaining investment This ounce share cost to increase million $X.X compared at as from tax an to higher of per and withholding net of compared These mined increase compared due in XXXX. compared cash QX adjusting $XXX among lower per Cash totaled increased third and QX to increase the FX taxes metal operations with improvements, to After remainder with QX sales, partially CaPex. in shareholders grade reported XX of financing sold of QX, new or along in million XXXX, $X.XX primarily per XX net higher $X.X resulting million Turkey $XX grades, XXXX, last million the significantly result the XX% for underground with million at of to silver $XX at the ore net Capital to to per capital ounce XXXX per $X.XX to averaged in decreased things, HPR quarter. other XXXX, XXXX. $XX expense QX, to non-recurring XXXX, and per and and Kisladag XXXX items, to realized per related QX to consistent primarily fewer flow XX in QX average quarter. in planned related earnings annual earnings, increase in flow ounce. XXXX, quarter average QX, operating cash strong an line Revenues $XXXX continued were project. the in quarter, the XXXX expenditures operating credit per we of processed gold million reflects XXXX plan was sold QX, with attributable ounce decrease supported per higher and expectations, sustaining QX from ounce share quarter. XXXX $XX driven our million XX quarter million costs due per were

to the disposal. the consideration changed in expect to to financing project, production. a the of We in reflects activity, the has of full-year closed Eldorado's million cash segment cash costs consideration only, rather upfront estimated voluntarily for of of on Deferred the we the of accounting cash re-classify in is flows. our less than end policy a to sale of activity. value as operating depreciation discontinued to operation payable as $XXX commercial as on value in reduction discontinued in interest fair XXXX Tocantinzinho paid million QX, of statement Brazil first expense million. of anniversary be $XX $XX been week. Reclassified At an QX operations the XXXX range from the QX, continue following $XXX loss this of which Net XXXX presented

Following more change flows, XXXX, August policy. of information reflects the consolidated of these of nature our in Statement more resulting accurately statements retrospective this the The Financial in reflect change relevant the to cash in users. the refinancing debt of the accounting flows cash application policy of

of we Slide amounts to and in coupon rate on of senior X.X% X, and facility. executed position and XXXX. used lien solid second to an August an certain to October repay which On senior notes flexibility as revolving Turning and XXX Kassandra focus both [Indiscernible] the will a depending Fourth through value our from we senior at XXX grid. continue a to facility secured the On broader restated Arca, Greece a in and the assets. amended X, on $XXX were and guarantors, notes X.XX%, a XX, [Indiscernible] [Indiscernible] million Net credit offering issued of leverage of we Greece net by referring provides loan part Dorado we're Kassandra unrestricted removed in facility due outstanding bears as, redeem an increase to XXXX. for the alternatives notes XXX XXth, cash the which with the the available that has the to feature At of X.XXX% development increased us of outstanding Under proceeds secured the interest in It funding maturity range Arca. date subsidiaries El credit to fourth unlock senior quarter-end, the completed XXXX to million term of plus facility credit assets August senior option Fourth pricing X.XX% to September ratio a allow a the cash provides XXth, under October pursue equivalents the the for credit margin million. maintaining million financial a had we revolving due notes Both

September go the at year-and-a-half. of end over Our last times now ratio X.XX times XXXX. net This for as a to the I Joe operational at credit will XXXX the With reflects profile through Company over XXth, is that, at much-improved compared leverage it the to X.XX to highlights. turn QX,

and a time. triple an lost modified good important three I'd by recordable safety we achieved for Medical milestone start with and in health like Phil Thanks key no areas. to and work, incidents the is reported September, everyone. a the operations. X% QX production we zero ounces. triple day, highlighting of treatment, of month XXX,XXX for XXXX, In This from this I'm gold of XXX,XXX since first zero accomplishment. We increase produced time proud have extremely an in ounces the and third quarter, team month

between gold. and XXX from than of mentioned, and remain ounces Our focused have continued planned at We disciplined is capital on third range quarter by Kisladag. XXX operating as XXX,XXX increased gold George performance performance of driven we XXXX This be guidance up across production between strong. our ounces our allocation to XXX,XXX And operations. to stronger

we capital allocation closely progress. at been in Greece transformation looking Specifically, have more continue at Kassandra to the efforts as our our mines

detail. solution the quarter. Slide X expenditures a increase Turkey ounces, and more to of be totaled at at our for the several XX,XXX and $XXX that and As operating in year. leach gold growth at completion. in expect Kisladag, quarter carbon we guidance low third high-pressure looks pad, per The both production range XX% commissioning the operations last result, with the end roll sustaining our improvements over achieved grinding this Cash related the quarter third Kisladag regeneration underway year. a capital in Starting We costs in handling, earlier were mine, implemented circuit of the throughput increased is ounce. were to operational nearing

kiln X% already the the expect to from We enhance in positive of the results the the recovery half and by regeneration the achieved new trains HPGR first completed increase and gold CIC approximately carbon year.

to underway the the to north on campaign to continues for track work, Our we progress leach and stacking accelerating actively and X potential multiyear studies mid-XXXX. Kisladag. at are to on this Over begin [Indiscernible]. value continuous forward pre -stripping for Phase to heap continue assess to bring in completion construction, pad be We're F

exploration were production inferred drill focused significantly And mine on gold to of extending at and asset. At resources XX,XXX cash costs per Northwest ounce. potential with and a Kokarpinar both quarter record the results previously of we September, have exploration of news of current mine conversion Third at undrilled in testing the extend The the [Indiscernible], track drilling life and reserve Splay. $XXX ounces operating have of encouraging through totaled strong the included resource the base results the drilling life success. our release

quarter. per within new results Preliminary at identified the ounce. surface the completed, complete costs. decline a future a end integrate potential resource operation. with X% the The our to underway planning mineralized we over results underground continuity levels and and the gain Lamaque scope mine the resource deeper results showcase mill enable mine quarter the Sigma strong Greece, costs fourth third gold to over additional of and ounces, will update, to new discovery operations, Olympias [Indiscernible] Sigma information exploration published Triangle expanded growth high-quality our will the quarter. initial testing in to Over increase on Cash replace the costs deposit the plans. of quarter. eliminating the a host last totaled Turning Drilling. at and promising recent the our Mac. Canadian an Once at third-quarter operating the ounces, are to the Through $XXX confirmed laterally. and lenses totaled $XXX gold zones. Cash assess At is over the Infill XX,XXX to Ormat The group studies drift team These operating straight-line maiden production decline production per which Ormat were in our XX,XXX our of within decline to mill, last X% increase schedule haulage ounce. lenses haulage were included between exciting The will high-grade several from inferred September, current

production assets. initiatives to at relation were Olympias the reflects that implemented quarter Kassandra some Third at efforts in transformation the

to not track to As effort remains touches optimize conference the completion PEA any implementing I'll the every an of on we been first Lamaque The the discussed in part of study a and ranging, the point, operations the we on Perama for But With updated quarter. complete, be XQ for is fourth on would that, completed feasibility with this completion Skouries on closing wide are back sustained our to call, turn update Greece business. XXXX, study in for I end disclose position that updated to in expected technical to XXXX. the studies. early a At George brief has at remains like technical for it track so we're in quarter remarks. details. not study Hill on

continued upcoming and growth solid strong to time. to questions. the for creation. Phil numerous additional Eldorado over you Joe. value your provide operational results, Operator and position, Thank well-positioned for a We'll With turn it now and Thanks, financial remains catalysts,

a [Operators moment Instructions] pause will queue. join Thank as the callers you. We for

Chiu ahead. The go with CIBC. first from comes question Please, Cosmos

increased haven't Thanks George, and thanks, team. as the pressures and in the impacted cost to seen on you you -- that good question really the guidance and haven't is my Phil, first Hi, industry you your for mentioned, for George, you've year. call Joe, yet. inflation. been production see Maybe

I I in store, costs higher. grocery when to go clearly, the However, are when go

feasibility maybe now. you And can right us being how you so as your you into in your that How but factoring foresee, kind as budget, for are your has cost next you looking with as into for at it? with pressure you're Joe forecasts, you George, are of your us? case, forecasting terms you far, report, share what happened in, not said, you're that through into year, Anything is any in anything the mentioned, Skouries technical so XXXX study budget much can So, finalized. working of share Skouries

the equipment thanks you our cost is There sure. And media, detailed got grinding Yes, wear at recognizing. we periodically. question. some we all of replace have pressures of Cost on for we're our in Cosmos, up. business, when a look that materials steel that are level, have we for to

you cost anticipate that definitely particular longer-term that look constructed. we Skouries, our we'll nice And as some budgets when pressure, project so, one And is body looked item, the of the plants if -- talk main the of the about and plans. there's about at at in part you things

purchase stack have definitely a The wiring building purchase the we filter remaining of would are filters, dry to going So, We lots to we steel up. and and the exception of need put tailings. the some on to of from to to cost perspective pressure materials Much ground. be just a steel. materials, building need for be the due cost construction there's the the

tells refining spend and things, other is year, processing, the So up areas steel are costs when globally at structure, we're look and around seeing overall cost. quarter-over-quarter from impact the like on looked end, and But counteracting energy our inflationary you our fuel. far, we that planet, the so mining if are us that's our The in up a so at specific of example. improvement not this cost fuel which pressure some

outlook I the haven't unit that's a has We're Lamaque, couple And guidance fourth it fourth but comments I through seen great do have at quarter. as we the things going stronger more there, have us, perspective, if a think or Lamaque's a to out with up, from for to quarter. fact. grade. moving we're bottom-line And of you you at year But X, yeah, some mentioned to productions our and look plant on a costs. on look expected tons So underground. our going stronger the of about changed A we've when QX,

a talk -- more why increase not they're Kisladag end about to with what their performance do tons. basis. year-to-date, we've their to performance moving year-to-date been so up expect reason able And below to on Kisladag, then unit our you annual cost on the when we guidance is largely And has

ore debottlenecking existing year. been us set the plant plant, that in that With better up we've delivering the plant and through a for increased

but a cash It's additional so And mine them. ore, of to fact in still site, you work on to to and not had have ore, new the get the we a similar so, create to volume higher see is, and at matter crush margins that ounces. free our the the going corporation. it's that deliver guidance, particular We

we're out our guidance about still be guidance. confident. think and hard the way to in put So, got and solid year-to-date worked have good meaningful time. Kisladag to on some able would guidance beginning a the can't bake a answer cost I impacted our the I throughput but going through year. over and We of we really higher we pressures, of impact will And land decisions seeing but our year yes, to talk as that in we to on it's through really we budget, sustain feeling quarter pressure, it, we're final We're five-year next on any work five-year fact budgets fourth cost could performance. pretty And the a at we these remain year's

everything all and to So, we're the can us. mitigate the that's I we doing for planet, far, tell is so -- can inflationary reality hitting I'm you good so

-- you recovery? going then, recovery, X% take mentioned, me as or operations going there's of on production you I'll And Walk we days November in in is about Thanks, in terms to talking the Is the time? at commissioning increase over improving come XXXX. sounds weeks, Great. X% maybe that to impact why that mentioned and is Kisladag. almost impact that The the through increase days is in Joe are impact into in long like the on it that? the are going be QX? How dive is deeper George. HPRG in some as QX XXXX. to -- down HPGRs completed, Can MD&A, But

Where you a at the talk operations, XX% roughly bit a commissioning XX-day start cycle half of high first that had clarity speak our level cycle lead the HPGR, when Kisladag, here. little recovery. and new of Maybe the detail Joe lead I'll we to I'd that, some bring and look impact about a got is the can historic, decade from and roughly we might

Looking XX% forward with the with get goal HPGR, we new over the around getting, one-year Kisladag, recovery, but we're a that period.

a bottom lead it's So, years robust of led conclusions this deposit. we part slower these us network in that's and in mine cycle And the of did much what last all couple drilling the the a to over plan.

the this our planned year, tonnage, is are expected. largely as than So, by productions recoveries driven doing better but

good is news this us. So, for

in So, the of to be little the third quarter, when beginning were detail, a the at alright, year we commissioning about in and expecting think of that's you slipped terms the to the in bit fourth-quarter.

our and 's I'd thing the impact the COVID a look Kisladag had projects and that's schedule. you portfolio delivered We've say number too on not on is planet. dominantly across at when budget bad First of on

slip so, production that XXXX, HPGR there on XXXX put was There and in no into over the impact. delivery, schedule me but that's slight to budget. bad the impact on is plan. And due a is and our not news We've to

cycle. it's a shift So, quarter-over-quarter, X-year but slight there's lease a

We're But it. far. beating what a set at so will year impact next late connect overall, impact of Kisladag We there's downtime the yes, to for deliver had So year, QX no great going negative to the guidance the in and we here. and up commission we're our and terms required into finish we're strong. begin XXXX. HPGR promise to

the color positive. little can is a So Joe maybe high this level, And in commission detail. give around all

due in circuit offline in HPGR, later the tons. impacts in when the And tie October. when early to that's Thanks, George. we shows October didn't which weren't we when were see impact the place to Any those And switchover ended and tons of we it's we'll placing is took to production. up where timing or in commissioning started

the matter a of just moving, that's change. said, not a George schedule As

So, it goes a little later.

on series we're on overall in to commissioning now, far potential plastic size kind We we in over metallurgical next call so work fractions, the we do to as to the transfer a pad, all dial HPGR that the which a recipes running agglomeration on as go pad north the tests. of things recoveries, tests we of then framing the next Other we go. portion As see and heap various south months we heap are of best. bring up that leach online, year. a mid-year HPGR test couple of clean to knowledge various lot we And as we metallurgical of set wet the want on it when leach

think So, start from separating new time don't [Indiscernible]. how And information period pad. us George of placement of now the We're to I gives this we want that also the solutions new pads.

as complex the we the best talked solutions. pad early all And proxies we as any past of pad on north in the well clean We as with about go. will that doing we months we data or can contamination metallurgical column placement, in start the issues solution X over next the solution of So, that in of be gather leach

the through dial we months. XXXX. we're more up XXXX that six recovery production highly dial placed Cosmos the George said, first over the we'll tons that optimistic as we'll likely see than pretty in in that So, whole from And mine circuit,

leach been at you're I've since while pad North to the a be the It all to the on in been pads will stocking And getting how's the which are I've high. mid-XXXX. leach well. it's pretty leach there of honest, Could North imagine, been us to we current track, now? at be brought anywhere, about start Is be recovery at are us point it to where It's Joe. the I some look? point up some been you remind right to how or that as on part recovery Kisladag, is as at you the high good remind impact sounds to current pad. pads the stocking leach going would good honest. at a Can It's pad talked while Kisladag. you leach is thanks since going North time that is like Great,

may better the the we still [Indiscernible] next there leach year pad use look more where south. but be instances

the As in inner put we of the replaced there in or lift you basically, lift lift so numbers because have so was off second placed recall, we inner me, pad, south right on the high. of are leach -- liner that front was miners were Cosmos, I we don't

below. So, maybe stopped of placing up the not we interconnecting, inventory clean to after we also have only go there but the opportunity

to So, from pad. we pad I think of because liner, take time. know, I Did across at the question, don't above lift over can inventory pierce residual inner present any that it lifts answer the south but do things we lots whole leach the I can your

Okay.

Sounds last good. And for Phil. question maybe then one

we for QX, Phil, With or result that sounds coming as or still case? to And different of give that be assets in to -- clarity to new debt, are the possible feasibility past. new of - -- know at the an been us the some the alternatives is can, a a to options, terms have have final reports more it maybe technical timing the going us, get you finding out debt. will like not I now the partner two, study, Greek we of or financing as to connected looking example QX that open if Number number Skouries an guess in ish wouldn't of you of questions. for heard, one, refinancing a in not give alternative bit like you're at the a could some get I the agreement two don't you looking XXXX

question. Good Cosmos. Hi

that really there de at a all us. timing-wise, -risking continue different to potential talked we carriers, JV more past available assets. alternatives come alternatives overall other strategy for been that in would European while. think geared other is towards a partner be an towards talked the think that the here for to on that financing talked We've the that past key funding, It strategy example. of beneficial mean, the having forward. we've a has about the COVID I where, refinancing, multi-decade talked with the we've There of which be strategic are EBRD It's project. was think is part well. I would alongside we've for past, There's I that, the look Eldorado alternatives partners. potentially, relief the Greece view moving in in quite -- example a Greek for as And are with Union I light. example, our it approved for as And of to have potentially

so institutions of also all in Greece looking avenues. financial we're interested different Europe as Some are the well, at and

we'll then the for considered going want We -- solution and extender make Eldorado make we'll which to them, shareholders. and for the make that choice will strategy to forward, is fits of the best sure a the which we've the as all and assets

lots sets that Phil that Cosmos might us that deliverable feasibility as I debt. come really something. on set is out. one relationship for said, and last more getting the new solidified in study November. stage way that to our alternatives we've completely our with we're have track to up in our the the that be out and hand perspective, all in control bank supplement from revolver flexibility. That's in these we Balance on my got various We've completed pursue -- And you've and Sheet. And a our on really syndicate land of

So, negotiation the best our with the make we're financing, it's a and to ahead, in corporation track and so full-speed but a we're we're that solution still QX, decision of trying targeting terms on aggressively objectives. for in

it's Jason. And Cosmos,

-- thing other The

Jason. Hi,

question you're effectively carve and to and crease, us agreement out to do The alternatives a here effectively equity I refinancing before. credit the the to do what sell asking amendments mention amendments potential or credit-related couldn't about that to allows and to to us to the partners, and covenants we Just lenders. -- potential to the allow do consider

with project refinancing. to to without was potential the equity partners ability to that consent So, one, or done seek lenders again, would And having all either from financing bondholders Company. senior the be effectively the and sell to the

going CEO. the a treating, George, I have. sure happy usual or are a as if to dressed Those as and but Halloween. go I'm Thanks, you'll trick Gold all questions Not George weekend, team. sure good be Have you're Great.

a Analyst. again, I'll So dressed looking Once as lot. Gold a better thanks me. be than

Thanks, Cosmos.

Kerry Smith Haywood with question comes The next Securities. Please go from ahead.

now. bit color guess, them little try got to terms Operator. into redundancies you point mean, be Perhaps at in operations X,XXX some more rehire costs your you and and employees some around put just and there I could Thanks I the a holding you're will Stratoni, other there of going retrain some of I but there. presume

on understand go-forward quarter basis an pursuing X strategy. while what cost holding exploration for or that asset I'm So, year might you're basis the per all-in on a trying be this to just

take I it. can

off of Out that? to start

Sure.

Go ahead.

we're on we full million B annual operation but in full from finalizing. are where reached order the and and those to that. optimize transition $X.X And from $X.X Kerry, maintenance maintenance, and numbers A generally cost so then. to it, magnitude with maintenance, $X.X transitional $X.X care the or to care beyond or to look million and is care between offsets moving -- and million see in after -- of those the some we'll then range, maintenance. preliminary to with are of we're range, we'll transition numbers certainly, on that's care still we've Those Well look certainly that preliminary, to to million the costs. that's very that working and but through, $XX production still now we're Still the Then

the are like $XX that redundancy, retraining whatever Joe, and would million include then numbers severance And costs, sets Okay. cost, costs. [Indiscernible] that all

range. in that We're

Right.

you it, second on make about got I Okay. HPGR. I the to I all while starting Perfect. just but question And can you you're maybe any equipment commentary at to some Joe, then, to is mean, and that run one just fractions delivering? get it of the expected you'd size that be? tinkering need it piece Is tuning like where from products is you or delivering that know still to the

started we've couple we on Early We as Monday pretty customary news fraction what night. last well, runs Wednesday. glitches size going, actually went going of and get and the had unfortunate Tuesday, things things got some then a of on software and got to commissioning looks good and

our key pull had family commissioning and accident One car out. had a [Indiscernible] killed in member of from people to a

to good. site. fraction we're person on another size pretty get are and But commissioning early [Indiscernible] waiting until So, regrouping indications

pass really long recirculating report. week indication how thing. on initial manage reasonable point. pretty so how But the us we'll to happy initial you point this give where another in to gotten of even we fracture, seeing at expect It's with of any that haven't kind to at numbers the We least dial probably kind will at load, would throughput are that too rates, have of reasonable run or but I take early to

Are you will thinking only going long? week then, be it's commissioning to not the another that take just wet or two

guideposts those We run operating metallurgical turnover with that metallurgical ramping through month I set the and it period getting by we'll but operations on we'll pretty the basically, too up, parameters think white around continue certain commissioning this November some to start handover get we'll in parameters. data operating wanted, but to But point, up any But reasonable to at established, I ramp that we think as for handover. and early that then is and that of end time, and have we Kerry. yet, end be what level guidance analytical don't the of we're we'll fast early so we from

Right.

Okay. and appreciate it. Jason, That's helpful. Joe Thank you I George and very much,

Jakusconek The go with next from comes question Please ahead. Scotiabank. Tanya

my Great. everyone. questions. Good morning, Thank you taking questions. Two for

you come October, those can The I Efemcukuru changes percentage-wise? you did to projecting Olympias to about you what and concentrate that what impacts on the back want in one, are, just had the terms and changes talk you in first MD&A. sales to The that something are costs the

Phil. it's Tanya, Hi

past concentrate there I now from is those effective refining separate transport In way And blended in and costs the the part really the structured. are are as what's the the the sales alluded was of think being some of being costs. concentrate payability rate. on

basically costs, So, because costs been they're see the side and now revenue incorporating and costs lower seeing have the the reported slightly past, it's blended. you you in separately

to. that's think that's change I So, being referred the

Nothing structurally, it's just them. how you're allocating

part the no because as incorporating slightly will contracts, It's just impact they're be the on of is negotiation costs to of will because Exactly. the lower and be There no longer new the costs line. revenues reflected lower it's the bottom cost. real part of effect Its

And wanted be of your with you you. I what in September check on is and will reserve the those. after terms resources resources. then you I sort Thank just releasing Okay. doing you're program know reserves your calculating of and and to

Like pricing, we you pets your where X, and or can pressures. talk forecasting inflationary and assumptions. we you. at? for December. are think price any I resource we seeing reserve early are are it's what you are usually Can X, X, struggling? you the about what Thank for mines additions other number looking changing and/ expect

to want take Joe? You that,

can the you're Where through are George. I modest. and for December. it, calculated take MR numbers presentation numbers now relatively are we're looking you, sitting and The and we for ups Tanya. downs early Thank have November, more right final in ready early right, is we'll related or

all We in the go March cutoffs improvements drilling our way are [Indiscernible] and some this [Indiscernible] to but back expecting release. (ph), for (ph) end of

are and ups across-the-board. the downs modest relatively So,

but you direction. more news, either the major give release, nothing we'll generally. -- the of in good in But time at So, either information

Okay.

change going reserve much. So, is, base resource it and the generally, sounds that too -- to not

-- to want Just

Yeah.

no to No parameters that Yeah. And you're your are you're really -- how cutoff, terms that Correct. changing of in -- change upgrade just other? your I can calculating or reserves resources? how confirm not and

Not from commodity significantly, and price no, on to due no views. major changes no major cost changes changes long-term our prices

That's so much. also great. Thank you

Thanks, Tanya.

all session the conference call. is we have time stay. That for And question-and-answer and the this today's concludes

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