SSR Mining (SSRM) 6 Nov 192019 Q3 Earnings call transcript

Good morning, everyone, and welcome to SSR Mining’s Third Quarter 2019 Conference Call. [Operator Instructions] At this time for opening remarks and introductions, I would like to turn the call over to Stacey Pavlova, Manager, Investor Relations.

Thank you, operator. Good morning, ladies and gentlemen. Welcome to SSR Mining’s third quarter 2019 call, during which we will provide an update on our business and a review of our financial performance.

management’s EDGAR analysis on and and on been our statements and SEDAR are financial discussion have and filed website. Our also available and to our will to our this accompany call, is relating online To there news release find the access webcast, information call. webcast in an you are note Please call all discussed figures U.S. that the during in unless indicated. otherwise dollars, costs ounce of payable references cash All per to costs are and sold. all-in sustaining metal

in forward-looking statements today, please the We relevant disclosures documents. will making be read so the

Paul are and morning President this President, call Development the on CFO; DeCooman, COO; us Greg & CEO; O’Kane, Exploration. John our Business Carl Benson, Martin, Vice is Joining and Vice President, Senior Strategy. Also Kevin present Edmunds,

would call turn the like for over I opening to Paul Now to remarks.

results ownership. guidance and with meet X.X of continuing, positioned The at coupled records us for we where well programs amount and during ton, shortly. At to gentlemen. production well our quarterly the operating ounces under the you produced Thank advance for produced gold From Marigold end. consolidated pleased of reserves strong the ore quarterly are setting positive exploration resources gold, XX,XXX silver I’m XXXX. ounces we in record was focused of an margins you, results. per At grade at Stacey. tons with up property three operating Marigold, of had XXX% ownership we our on million call we equivalent discuss Newmont production delivered ownership of consolidated perspective, expect the XXXX consecutive Marigold, pleasing we quarter ore to a Carl to It’s increased or strong allow to operations, while achieving we Marigold, are Good add XX,XXX see year. at recently some and strong its operations, us quarterly inferred identified gold X.XX update Canyon results third All nearly that each each financial another and our south of work will an at Seabee, to gold into in rainy solid At quarter. Seabee over us provide improved achieved the X.X our exceed grams and QX and of ounces of the This Puna site season. to-date bring eighth of ladies expected gold, of mined property, Puna the was at position. mines performance during as at to will which financial and and over remainder of our an the welcome year. September, delivering improved grade exploration acquired at produced Trenton to at quarter, production XXXX year have Seabee results. XXX,XXX a production in maintaining our million recovery we and stacking confirmatory to our ounces morning, while immediately a on resources three higher resources year-end

diamond expect at the sulfide to drilling the high-grade year, we Next deeper fund campaign targets. looking

million generated our we more who reported us cash with operational billion, income third of increased the will which to flow. million the to in provides We discuss over performance we our of at to $XX with of securities detail. quarter, net and during cash With million as generated free also call Notably, end that, our activities. of I $XX operating $X.X over performance turn flexibility. significant marketable in will $XX the amount adjusted $XX We’re million as cash the from attributable financial pleased Kevin, quarter, cash and balance our $XXX million

Thank Paul. you,

grade system. gold, was were $XXX was impacted Mine were cost lower higher EIS. current costs on but year-end. delivery the gold the advancing lower in in ounces Mackay gold, delivered ounce, continues increase performance at tire heap quarter. QX than XX% against operational $XX pit. to X:X gold been with reach mid-year. we our and the increased Cash the takes ore quarter. mine due produced to price consolidated at loader million, guidance it and Sustaining XXXX, its track and costs equivalent quarter. in the with improved by positive be leach guidance, to by recoverable mainly ounces times, of the Marigold, hydraulic end, pads the The in a solution stacking stacked due X% was change-outs ore than during grade lead of labor acquired year-to-date quarter due more $XXX offset and to less per increased Approximately our XX,XXX quarter. means grams leach costs. reflecting the to the of XXX,XXX we locations of second which million quarter. is during on to line expenditure Mackay Marigold the ounces a Subsequent replacement timing higher fuel quarter, QX. X.X for as $XX deferred We material anticipated the in royalty hauls were As higher Cash for and stack unit were gold well of you tons longer pads the the million pads, equivalent ounce. second we of gold of quarter-on-quarter, consolidated longer of production on QX At with offset to to of Marigold compared by heard, cash lower to received to maintenance fourth collection by than has costs to produced higher which third of stripping, consistent higher-grade at were capital ratio phase The an Higher ton per loading replacement the the favorable the The costs plan, XX in second X.XX mined, optimization Marigold before X% gold tons per million strip record to ore decision mined the leach

mine power still per mining Nearly processed produced due electrical Moving offset a production commission new lower Underground transformer second over processing a per the due to We the XX% – gold higher-grade reach lower mill XXXX, recovery third $XXX from to the grade tons was quarter feed for the weather-related XX% X,XXX damage per The XX.XX a QX mining quarterly stopes. mostly higher previous rate outage. ounce during on The tons higher quarter of outages. more to day strikes. day quarter development Cash mainly rate the well. full third during underground throughput. rates quarter, mill the resulting compared for production ownership. lost week from operate was to in XXX to per the than and continues Seabee. to the of to record ton, grade than power equipment which XX,XXX quarter flat mainly than the to hence result XX.X%, year-end quarter, ounces due – our previous Gold to XXXX, were feed lower grams second feed in of due compared to the XXXX. XX% due higher from of second Gold was expect ounce, of the to by XX% record mill a increase lower quarter, The higher grade. XX% than quarter costs this higher $XXX our a the lightning per slightly were due and quarter,

increase during previous indicated calls, accommodate the the As we expanding past storage we tailing capacity during the of reserves two years. in our added facility to are

mainly XX% We on the XXX% will to due time first per XXXX. and of quarter budget. in to quarter mainly revenues mill silver for expansion third of the remains quarter, second operating operations during than second higher third costs due higher the ounce X.X complete byproduct to of XXXX, the ounces Cash in the ounces. $X.XX sales silver the The half X.X of project grade. to the this totaled compared the Silver tracking scope project lower XXXX Puna higher of silver produced QX $XX.XX costs. of tailings per silver ounce million were and million throughput for during well quarter,

quarter, the new of average increase tons the X,XXX of day, system. to a the improved per pumping to was third compared X% an performance ore due tailings milled at previous During quarter, mainly

compared to lower plan X.X:X, quarter grams During consistent ore quarter per reserve per as the grade. increase compared the the the XXX The XXXX, during tons silver, X% ton with was average strip silver and of month significantly of September previous was we quarter ratio mine average the the and during second to during quarter, milled an conference us X,XXX a with grade In in Seabee and at day. of exploration our again solid at indicated Marigold contained now grade an delivered the ore at higher average our setting third averages near will in to fourth production full I quarter the the equivalent record up Carl, you for second a well summary, the quarter. through over reserve quarter, throughput will year head call. activities. hand the take who operations gold results Seabee Processed

Kevin. you, Thank

exploration mine and resources our at growth During reserves remained supporting the activities three on mineral of focused quarter, our sites. the

been drilling at advanced drill most North Puna Dot. we at mineral we a continued additional In Pirquitas At work to engineering drilling North at also XX,XXX our began activity we continue South towards quarter, the of and American goal XX program drilling fronts. declaring Crossfire and have and mobilization our operations, Exploration Dot, drillholes. Red Basalt active the reserves, on of while total, additional At RC during Mackay the geotechnical several diamond meters in the occurred of and define new resources third Valmy, at property for Marigold, operations. While at East Red completed drilling targets. infill

expected year-end. mining at outside from our on Valmy holdings announced at open almost our meters by Later XXXX. mineral such meters target ton grading grading XX.X encouraged per grams acquisition X.XX two-haul results expansion quarter the in and space are meters the as ton Marigold minimal the land during and to resources results the are for with Marigold. located Crossfire June, apart. of property, depths in doubles and of X.XX increase at These Trenton property, per XX.X areas which at we the We Canyon grams estimate XX past contiguous are received the

began interesting targets. deeper During drilling we several surface oxide the targets the project which near on ranging from quarter, to sulfide presents

added currently define be oxide estimate on work XXXX. near resources to resources focusing are We to to our mineral surface year-end at

program we on to both expect for deep Marigold testing XXXX exploration the property. higher-grade Trenton and allocate in Additionally, Canyon our sulfide budget targets

to Moving Seabee.

defined the work long additional – we zones. Most the mineralized exploration Gap and have of the we Gap hanging We to we underground XX,XXX-meter zone, Gap hanging which of wall expect and Santoy on Santoy defining report XA Resources are continued XXXX. at where Mineral wall, centered year-end

stations. the of underground XX,XXX quarter, drilling meters completed was three During drill from

we we to zones some ton South the an and with of form the mapping. as indicated are such our on the XXXX soil grading season received have per of the ton operations, prospecting up exploration wrapped anomalous X.X third In Lake inferred Mac in connected Seabee grading Shifting of target meters the our XX.X of ton progress the per to XXXX resources in meters grams gold. and property. here the X.X addition the the well quarter. quarter. on published below in grams grading to between through from grading were meters Project from gold grading intersection meters in Batman for XX.X resources and to Santoy is located north gap is lobes results Greenfields drill to soil an and to depleted ton, of will XX.X received positive the Gap such Granada workings, and near zone X,XXX underground to and diamond Miguel next between pit. July, and Pirquitas located areas quarter, the ton activities Fisher gold. grams identify one located XXX per workers San with exploration XX.X mineralized as the site per numerous district, zone the also geologic be bedrock returned we hanging information trenching grams XX Encouraging fourth meters of will wall, XA, X.X per XXX Puna the results area the in for potential we X Fisher mobilized as structures two underground Cortaderas two The meters X.XX we basis and of and geochemistry target, during drill drill Objectives on area as and work. report results which meters The Analytical the results here where major expect of resource new contiguous the North quarter area grams

Greg a of over Now for to financial results. discussion our

comments as margins. investors my remaining to metals with All Predictable keep I’ll precious and expanded quarter capital the operating Carl. plan. brief quarter prices. delivered with expect, corporate which Thanks, performance and operations results on the our delivered improving positively contributed what strong spending would financial

generated of quarter, from Revenue from to revenues sales operations. and quarter mine we Puna concentrate operations silver recall, $XX if you at the similar of million second income quarter For and was zinc the in benefited $XXX second as, the a catch-up million.

as strong reported adjusted quarter, of respectively, increases our XX% However, mine all operations. the or share $XX.X to operating and per increase share our improved line net a income we operating increased significantly, on These per earnings of per showing and This $X.XX $X.XX second margin the were share. in income net at increased margins quarter-on-quarter million XX% XX%, basis. compared million of $XX.X or of bottom

You a likely normal larger noted tax than the driven the in tax high quarter. expense. deferred by This expense was

Puna to of basis significant that due the the operation. the the operations devaluation So Argentine tax expense tax non-cash peso therefore, of impacts at

Argentina continue over forecast paying We in cash not to coming years. tax few income the

minor with double as in timing Turning quarter Cash from million, totaled an position activities have from share hadn’t better. inventories concentrate shipments stronger we flow the to million, note million the at cash built their Sustaining flow cash quarter due fairly even if changes, operating flows and CADX.XX $XX We flow, with of to is been we already in interest in Of as the we cash interest Since from operations capital the of $XX impressive the capitalized statements of even was amount. increase controlling the price in the impacts in bullion Cash ended per partner quarter at We stood by all XX% sites. $X.X free quarter. being at recorded flow. gold was consolidated second in cash investing capital would to of story Marigold shareholder, of that payment transaction and operations. $XXX $XXX lower investment our which price higher with was a below XXX% financial benign. financed Puna’s the our to investment entry guidance, average with XX% mined quarter Working remainder Puna was were about X.X% ratio. the SilverCrest the end. to sheet of previously the in current the This non-controlling eliminated. largely securities. cash We million consistent as with sales marketable stripping Puna stayed a compressed the a the our and balance generated expectations both ownership the at reported share maintain offsetting investment strip top-up into our equity loan shares of takes other million made acquisition

so us capital reported simplifies Going a on as now at I The however, holdbacks. metal cash on at Also, asset. exposure in most Chinchillas which quarter flowing and flow its which concentrate both forward, low noted from we a result last see to with had deferred credits costs in amounts the byproduct welcome charges reported at cash project a costs, the royalty producer higher byproduct have credits. and effectively clear stripping, We Puna contracts meaningful at cash just cash to our of prices Well more due costs. full some previously costs. nature impact completed; with been this fair low Puna reporting comment that volatility to through operations, Puna will bit we reported as has higher jumped and well both economic QX. and Marigold, will a quarter gives the

Paul. call quarter, our Looking delivering close successful remains turn With predictable forward results I’ll those the back improved, fourth financial the to consistent comments, to to focus a on year. and

Thanks, Greg.

and which exceed for for with performance The financial three or consecutive So in guidance at million positions summary, a quarter, meet production the strong well the year. eighth solid of into $X.X margins over another increased of now line $XX and pass the cash translated free delivery improved formal mines call. operating you conclude operator strong to remarks balance this, I’ll our flow securities quarter, us questions to all we marketable to take the cash might an any the With of earnings billion. have.

Thank you, Mr. Benson.

We Mike ahead. from Bank. question-and-answer will National of now the [Operator go Please The comes first question Instructions] begin session. Parkin

Hi, my the off per guys. Is where like do per are is quarter that or taking Marigold a each for that that benchmark we ounce that for of this with basis and ounce, on basis? we’ve for like it trend question. kind on something we should depreciation Seabee, dropping go-forward Since Thanks seems that a stabilizing see tonnage basis. a per noticed

Yes. charge components, basis, our one side, overall mine has looked really to straight-line which policies the two into back done you at at Thanks, is so Mike. is accounting on Obviously, tied depreciation look – which the overall if life. PP&E the more is really broken that’s a

with success, of we’ve charge had life the because at there. that and the drop, we’ve both So Seabee seen mine extensions Marigold,

those at operations the periods. back PP&E reserve look coming how look over two gets I’d split basis at that to So, for our

done the The depletion the is, piece, is other units basis. is piece on of mineral production which part, resource a which

but bit little on because be piece, stripping that component existing a the predict, deferred decline phase-by-phase within is part depletion one amortizing that amortize cause The over three stable the again, year, smaller more proven as but pieces. reserves that’s So of And additional ounces. then and can deferred relatively more done up volatility that we’ll those challenging that a does We’ll it’s really basis. the are that the stripping to should is stay we over phase. some

good. that’s on so really, would same That’s the I And deferred say, with right. All Seabee, then basically Okay. so. strip, yes, the

that’s good. much. Okay, Thanks so

Thank you.

of Please ahead. from comes next The question go Cosmos CIBC. Chiu

Carl, on Greg, we’ll course, Trenton Canyon, on Marigold here. some come Paul, of year-end bit to like, hear when but Good by out potentially first find resources on when Buffalo wondering Buffalo inferred Kevin, you and likely Trenton plan? new mine see off the I’m might could we acquisitions into detail detail more that Thank Johnny. these Maybe, just or Valley, Canyon more and come find and they a bit Hill, – a maybe

that one. the I’ll thanks, the we’re focus about. work that the that’s answer Yes. – on what and had. talking confirmatory on QA-QC resource really Cosmos. is We moment at the Newmont and

We expect into to And inferred we we’re when moment. do that’s doing early next see some now come work that really of year. the the the there at resource update

Next of that we’ll year, at would do deeper see the any play to higher-grade next up we we’ll fund discovery yes, chasing that it satellite sort to actually program We’ve there sulfides, are next start to – see the and the Because oxide one but will then got there, targeting the will have exploration be can study levels, brought proved we and out any operation, couple year. operation, the also fund Marigold over years. start – a work. two exploration do to what into the to how of

there targets position by there and the the and ground. We’re really find excited land continue more. doubled to are already hopefully we’ll we We’ve know

now Canyon them may able Dot walk EIS the is that walking running? and for you the of to other expansion here. including what process back my of sort getting the this but need again, of facilities. include early, again, Red you Buffalo permits It’s And terms you’re positive question were then through a some me to associated huge too But to in Trenton potentially could maybe, we acquisitions, and permit if of leads get next us through Marigold up that and that of two Valley the other the

Yes.

application a one generalization, Nevada. in As you than permit time can’t any simple have one more in at

Around back Valmy. the same time, we started bought that So, we XXXX. process in

that. included So, in wasn’t Valmy

the mine So, Marigold we’re Record now that Decision – we on have property. of

whether Buffalo are we what We Valley. of best way decide we the are how that, with process Once we we to obviously terms Trenton will do the inform can planning next amalgamate a the on Canyon Valmy process decided forward and – market running. going we we through in –

is ground there thing Trenton that able is important The drill just already. and we’re there to a Canyon,

So held decisions. our don’t mining delaying that we it isn’t of so by it, see up impacting any

And by Marigold XXXX increased noticed your for I Pusher. $XX CapEx sustaining then for at million.

scheduled XXXX. that That into now it’s for for did you’re to This just I’ve XX of going big rope million be this bring million a This was it. in. to million site loader the mention but be loading, high those one hydraulic You because for XX – hydraulic XX in that an entire for that bit on the Is XXXX, addition to right? shovels again, hydraulic seems seen loader? brought terms isn’t to is

I’ll pass it Kevin. over to Yes.

Kevin. Hi,

in our Thanks, Hi. hydraulic existing between large Cosmos. shovel it’s size and hydraulic rope a halfway is It about shovel. and the shovels

So, a large it is shovel.

bigger a we the as last sense reason there’s go. have big just there fleet a to give this then more one the hydraulics to and issue the increase cost. The we’ll will had haulage analysis do begin to you Oroco, didn’t year is we talked was it size need said it about shovel, ready available also mining it. what that with a whether that existing one significantly at optimization rope year well us we flexibility We This And lower at is it happens the in to significantly study. and than bit made looked and it brought

time. So, the XX-month avoids it waiting

– So, able we that. to it to get be was were lucky

on my Yes, your a of noticed course. quite you’ve investors. a bit from as that gears switching I end X.X% well here. I and Maybe, SilverCrest, maintained little interest question get in bit that’s a

of now current might it. investment? place? have if money you And that of right us agreements thinking or of kind on remind So can terms Paul, standstill your you’ve good what’s you in any Clearly, reconfirm in maybe, made that

it’s about got think in I you now three a handle doubled. at almost with

point this current time? in your at So thinking what’s

way position like rules. the did but that project. the geology, when always We obviously, kept Yes. advancing project we and the we also it project. is high the they both the along, we’ve great a grade done and It’s have all standout in of very grade a tremendous position, grade, during they What of our as further The raise. took the aspect capital job said a quarter terms team, X.X%

I are to the think our QX what next they currently is working project. that very with of in to all shareholders said we’re way we prefeasibility happy And the along year.

from We or we’ll exposure. the end of our decision are in less a either we Yes, it long-term, based on benefiting up shareholders. it, how earning it think more of make we’ll suits but

And to we’re developed. the happy so at that and project have sit you back moment so

again, any is And answer but if can terms you don’t I of timing that making of this decision? you in question, be when kind might know, there

No.

the sit them. around watch happy what to for We’re happens. feasibility indicated moment I the May, wait and and at and back They’ve see so think study we’ll

any company. a of now $XX,XXX. if I tax maybe one you’re Greg, like deferred basis as if taxes just that question – you foresee in kind question, at that taxes. here guess mentioned, you you asked as to income go-forward I of has only cash asset a I anticipate paying terms your cash wondering it that paying now I see And not been almost question, because decreased look overall taxes I’m your on you’re I and may. cash accounting statements, seem financial don’t doesn’t last then Argentina, in if

prior how thought non-practicing Your on cash somewhat taxes that deferred I as increased. much And accountant, that be maybe based would my a tax Could walk career might you connected us paying. you has to through liability aspect? be

refer Yes, income as it just line. shows the and flow cash to I thanks, statement paid Cosmos. basis a think Yes, the I you taxes clearly

taxes cash paying And not pay tax both two gold at reported of and those taxes. line, on income other Seabee. are at an an Marigold and is and tied Argentina. prices not end payable as income obviously we’ll taxes NSR, jurisdictions. tax. get up, pay depending, They mineral we Yes, royalties to they are So, There where because royalties, well through provincial the in as tax we those, do

want leave So, lower income impression about to It the was organization, the see income an a I that as but because million we’ve quarter, don’t as aren’t of $XX paid cash bit that’s taxes can we to-date paying taxes. just year timing. certainly you in the

focus our As periods returns we that bulk income at time. the certain to at tax of of the mid-year file tends payments

Argentina Okay. for then or I’d long mention Argentina Argentina, you’ve maybe, in you since And maybe, mentioned time. been

You less well. know now weeks as a election. than would party left-leaning Argentina two might is eight there of was years or Argentina been elected. About you now, that a got ago. NAV your Chinchilla, ago well percentage A know significant Puna, it an have seven lot

just the concerns we I’m should of if wondering we Argentina? However, have terms should concerned any changes in in be that

XX fiscally responsible people wait Have running previous over government the I are, down think, employer got of, very the where business paying we’re we but Obviously, we’ll significant the so. actual there, we’ve it’s track there, business in smoothly months. changes think in coming over ground, things the [indiscernible] from the in – President-elect a and has a how on obviously and change being I attention. is country see a December. good but the Certainly, record the

I all team, good Paul That’s Great. very a have, congrats here. and and financial on quarter

Thanks very much, Cosmos.

next The ahead. Please Chris of PI question go Financial. Thompson from comes

questions. Good my really, thanks a really for good taking quarter, morning, guys. Congratulations and on

think we has of of a answers. a received lot asked lot I Cosmos Thank Cosmos. you, them and

I ones. a couple of So, have additional

you bump question, the one and really grades nice through Seabee if parts, could walk two us wonder Marigold. in I at theme. same So,

sustainable Specifically, for month? near-term envisaged – in by Marigold way are plan each the mine the sorry, they of by way the of

significant the the Seabee, but variation I the to is mined quarter, With about We’ve Kevin I’ll average I’ll or and area year talk the there that mined with we less ore to think obviously Seabee X.X. – of beginning more grade body, that the line let model. Marigold. the was talk was across in that at the in

unexpected So, back to grade we to indicated we’ve expect reserve schedule, rating closer according much on was not to very Marigold? come QX our and that Kevin

I Marigold, it at mean the Seabee. again as terms in not as large as is – Marigold absolute mean I Yes, just at variability

in call, the in forward, be to we going grade. the fourth As quarter in grades reserve the going of the indicated neighborhood and the we’re

that’s expect. so what should you And

great. lead way just balance that if specifically, Okay, moving wonder and of to a just zinc? over question, for you Puna. us sort Thank the update I by between guess, then I a plant final just optimization, you I of and guess

a Zinc the product run concentrate. Yes. the with and the there. as silver silver plant production minor to the lead predominantly goes is We maximize

So, any everything much Kevin, is other product. driven so silver very around maximizing comment? the the is value,

plant And we highest we see the first, material the so our way, value run combination. is from that recovery, that value great way the not silver-lead first stockpile, the highest which with that we highest feed the the only do plant but

All right.

you are guess do the lead it should the way – and saw QX zinc expect moving we we So, forward? of of a by grades think I representative what

Yes.

All you right, much. guys. Perfect. Thank very

and well. And different has to byproduct zinc the variation that’s shipped cons, produce can other in time, the only lead separately credits, in say going con, the con I is, get so they a which was you as two in that and get thing terms silver of we why

All guys. Thank right, very you much.

Graf of question next The comes Instructions] go ahead. Please Adam B. [Operator from Riley.

for Thanks my guys. quick. just questions a and Hey, taking

Louis gain value any those out current potentially of be trying in You on still guys St. underlying out are curious have equity, been – the just there and PetroRio to commodities are some is a you there? pricing into there books, considered spinning separate given guys holding the may it’s or if progress

going have San we had to indicated the What open briefly sticking double-digit were and focused indicated a was and assuming we said is we the I’ll definitely project a sulfide we At during year, results. Yes, been but prices, resource had done beginning at this we’ve Adam. however high-grade spot noted configuration last I’ll PetroRio, reserve that we and and is were the drilling we with that and talk it had it PetroRio NPV talk IRR let and a with assuming on the the open only if Luis. just Greg single-digit the depth pit an look been all was a done discipline. at to it that an modeling of we go ahead would year, then was to the was pit. what said that positive

be sub to high-grade holes, tends be the at tends it mineralization So, vertical. vertical to depth

the that amount risk high of had drilling the know we So, underestimating grade. profile of

of an the the do at to increase So, there to to into put grade whether project can get whether some was there a objective is size extending drilling, that and looking improve we’re bit horizontal we high where the that we extend see could a be the project. see of existing would in the that decline position, would economics the infill we XXXXs

what the going XX just sense for us, We’re would all rebidding XX those if the be of when with and before the for development months that that for order that through available it Luis would million, Greg. drilling take depending over about consider of on do up a any project to it on make us costs contractor went ahead Mexico, San process there would the I XX ballpark on figure make and project in in the you from and and probably we to decision what’s do think seeing come development we you that to and magnitude

me. Excuse Adam. Yes. Yes. Thanks,

you modest-sized couple We’ve let some step in the and XXXX. mean high-grade, back with cash had year we just a communities, situation late settle San is reengaging high Luis that I started As flowing years down that know, a of we this to had asset. for of relatively strategy progress

have both seen of have that with active signed is progress Cochabamba some step-by-step. So, and we engagement communities into still agreements an It the recent some we’re and with piece them. sort back community Ecash and

that as for really or we’ll and to make we’re a we side taking that development project stabilized. that as is point the value model, better that some feel whether some there a decision but to in Ultimately, as we’re project encouraged get progress us comes it’s strategy here position through different community project engagement the we a maximum the from slow, there. for it So, our is

I think I just said.

country. where slow steady, has way the result. and where projects news an the relations We’ve been is lots community of look respect And at happy been this gone issues, team Greg really there happening yes, but cetera, progress, when led with move along. other people backwards in have et impressive that with think these been have can it’s I the that’s to you has in that you been Peru,

So, I’d – calendar over next away the hopefully, that at we’ll continue chip to year.

Excellent. Look forward those to potential hearing from two news further assets.

Okay. From call. what we can see, final that’s the

you quarter. and that, to speak next joining for again thank the with So call, very you much

today’s call. conference This concludes

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