SSR Mining (SSRM) 15 May 202020 Q1 Earnings call transcript

Good morning, everyone, and welcome to SSR Mining’s First Quarter 2020 Conference Call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Michael McDonald, Investor Relations for SSR Mining.

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

the filed Discussion available information also our to that find online news website. call, webcast Analysis Management’s webcast and are release our this on all sustaining all-in relating dollars payable figures sold. and accompany otherwise in call access note is of per ounce unless Statements and to during EDGAR the Financial our have US Our the been in cash there on To references and call. discussed SEDAR costs to All are are metals will Please and indicated. and an costs you

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

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

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

I'm pleased Good results. and gentlemen. financial operating first our quarter discuss very morning, XXXX and to to welcome call ladies to you our

last live. mines this the COVID through Obviously we assist everyone and And and new Puna. is the we’re and in on to is Firstly, I month, status period. get work our donating where impacting of difficult projects the communities COVID-XX. of on the the brave planning our to our Seabee call hope people each navigating announced the around communities world call, safely impacts Kevin this explain Later of help $XXX,XXX will sites and our

quarterly a year, gold production got quarter, first well off At three what for of of strong a XX,XXX over operations delivered ounces solid And all over of ounces equivalent XXX,XXX gold Seabee, performance. the At delivered we produced start record we be production. Marigold, annual out to XX,XXX we’ll, gold, mine year gold. the on back as hopefully, very we of for ounces. produced we Looking setting another over the

Importantly, quarter. to day above production metrics, The per tonnes the steady mill ounces, continue throughput with PFS. we state the in of silver the months mill was operating the rates throughput averaged first X.X as over achieve two million X,XXX Puna in assumed consistently

we results So overall, the to will I'm also speak financial the our as repaid and exciting each outstanding million. XXXX an under Marigold From We're Seabee. we've our repayment, some pleased both perspective, had still of with an by solid that exploration $XXX XXXX. pleased operation. delivered balance enviable results of notes with the during shortly, remaining at until quarter. the and portion performance drill Carl have no just March, debt With maturities now convertible ended In quarter we with cash

yesterday, our flexibility million a for we million, As profit of financial SilverCrest forward. pretax of our sold which stake in and XX further we enhance gross proceeds will disclosed CAD moving XX CAD

we raising by that call balance across and two opportunities. growth sheet replay page. the on positioning referencing enable pursue transaction. on a SSR call. the I ounces and the briefly integrating to to exploration what companies everyone equivalent transaction the forward didn't so with them, come our that Mine of valuating I I I me activities. up prospective happening in approximately was very as with leading and value did a Subject on highly -- The mistake and I production it enhancing annual Tier to Finally, the read and it thought spoken it. it with initiatives Mining when on the announced pro announcement number our want raised to I invest after, of to would forma it I've Gold. home merger but XXX,XXX worthwhile posted Monday, comment a combines didn't, X ground to heavily question, have as assumed have zero-premium look was actually producer. transaction to internal but diversified thought I to external near strong collaborating shareholders portfolio deal company Alacer a gold intermediate portfolio approvals, are and questions that us not in to I continuing will it’s encourage shareholder a to by made listen Alacer’s now. bother will presentations The term they of Copler covering we

continued we've down five at from to opportunities years, always MOEs, difficult. respect with anything external exploration Over are projects. the to But look MOEs for last advanced to they

forward. keeps Rod of their you potential like MOE logical the the person that And together clearly, in same. recipe best me job, plant long are to of the response built stays XX the the a so of for in pressure head the going process, oxidation board, an and team Very lines or job go one was fine on the quite view. as key merger clear plant or the not it’s their decided I And qualify in management the deal. office the best our to But the company To is, been started of very that for was Turkey. the job, lead top or XX name probably the other we are the because number think out successful often conversations I as they our Antal, reasons. MOE, just along their companies a board the we as year. often and and keep the stays and on put It talking a the I he’d the there other are Rob the from terms the chairman a early One, the from so And could technically split XX, agreed say, the then that team. discuss that's throughout operation. the challenging, comes to of early success from November Alacer, the CEO company, would CEO with very middle same, I people shareholders’ equals. with not on, of the and attractive last point others, discount down and

think And I has about it Once relationships. though And it's that the partner. Turkey, to in very asked decision, a to CEO in I is relationships be them, answer advice have more whispering former think through A CEO last process. needs and shareholders from easy director, the the level and the to sitting why a with Rob very company. operating the I that a communities non-executive step thing I ear. also is stay throughout built the joint was away I number wouldn't importantly politics, venture need different I go made independent. as of on of their key didn't behind clear.

CEO all with else. point contented the is be from often that stream is are going no the albeit leaving out. part the I think furniture other deals finally, when some them. All There anywhere cheering royalty the sidelines. shareholders too the done and takes of is very no spin There happy

more call will that to discuss just now our performance detail. I in very the turn want I’ll why to who over clear. make Kevin that’s operational So

sites and March with their on to March the of our families week manage resources average started. last XXX,XXX context manage offices which had you, Puna March at than safe at we of our results projects the at which we the provided XXXX. we because Thank and the employees, and crisis we this, decree we XX XX, the during across equivalent we and movement Seabee the Despite a certainly support complies had and We day. Puna ounces growing teams quarter, government proud was determined while of first despite operations operations. Paul. still over projections. to in manner. mill communities in homes steady and voluntarily Whilst ounce. Material operating equivalent for different XX last the Seabee the health and suspended the and provincial throughput suspended We at three Puna safety during the their movement a our went maintenance of this across they what with at operations over strong and quarter was produced per above do February Seabee, of We suspended I'm PFS for ended people Marigold to right operations thing week a in state near We of back and quarter the time the At communities $XXX gold the care the of and cost performance million that strong X,XXX a way and cash throughput operated the the complexity at in COVID-XX per tonnes operations responsible January and travel. mill gold efficiently live. a during and with all tonnes they

lower Marigold can two At sites does for have not site royalty and other gold we for produced XXXX know ounce, the XX,XXX stacked, the entry remoteness and unit inventory ounces to the recoverable home. working costs. those operations controls have Direct than continued because the in XXXX of contact with strict $XXX implemented QX are onto They with X% the prices. other we and robust than ounces consistent you distancing per and, increase for environment XXXX. social QX And protocols. higher planned. due of higher and were costs screening higher therefore, tracing complexities Marigold, of tools Cash of As QX QX camp in from lower at costs of gold and an that costs

hydraulic tonnes to gold during to with first gold During a ore XXXX were consistent The XX% hole benefit from delivered movement QX, to was grams the the pad commissioned grade leach heap and tonne an the XX% of million and distances tonne quarter, approximately than quarter. of at associated with mainly in and million tonnes QX the strip to grades the pad ounces were higher of gold and gold from grams million of in grade material recoverable X.X X increased stripping waste are delivered QX the increase shovel The plan XX% higher-grade is is of increased X.XX XXXX. X, The XX% per X.X of lower the X shorter ratio prior Engineering new compared expectations rate from tonnnes mined, because some decrease increase the leach of to through gold the per of pads Mackay Phase in the deliveries and ratio on year. and equipment the with new completed of and progressing to and continued. Phases completion transition be year than stacked X be HX. increase will to the and HX mining grade to ore X project in Phase Mackay should in X, strip due by per during ore X. track deliveries Mackay leach

fewer tonnes compared drawdown to production at XXXX, were levels there During to while of quarter pad XXXX, first stacked lower newly leach similar of the quarter inventories of fourth leach quarter compared of were XXXX the a the and fourth benefits grades the to pad. on commissioned due

than challenging important impact been the recognize great has other have of ounces in portion stacked more costs in lower QX managed I they're doing. during distancing which stacked HX. like the sees to I'd use the as team, with stacked the during previously. of and half Operating than in operation ounces planned QX job will of during higher The positively the the Marigold year and disciplined While fact, the XXXX, second They mentioned crisis XXXX increase COVID-XX a protocols. social ounces were, the for

timing, cost to of areas contributed Several to year. maintenance payments per course mainly the higher increase XX% finally, QX, XXXX, fourth down QX Seabee. ounce activity in QX. Alimak in increase access be to on feed costs. in later compensation -- feed of current to the to which for mobile the to XX,XXX per mostly The $XXX grades. development ounces, due compared roll the higher ounce a mill XX,XXX and quarter are ounces were Price flat Gold higher grade of higher QX were higher Santoy the which Moving areas grade from sales timed XX% produced first mine a of in the Cash And XXXX. costs $XXX upper gold to the to compared XXXX. factors quarter in

a per the and of XX,XXX compares an gold grams development higher Mining were and and increase milled grade During tonne equipment grade tonne January XX% all the tonnes per We of mainly first the work of maintenance I meld This exceeded mined $XX first tonnes mentioned. prior throughput of February X,XXX per recovery average gold road. ice operations fourth and quarter, by ore of quarter were XX.X costs recovery XX.X%. grams the XX,XXX tons tonne in were and planned average at down ore mobile cost XXXX. in and and to the the transport by quarter the was Alimak of completed an X.X impacted per Tonnage day during XX.X% ramp quarter, of in across the compared impacted of March. unit to of

the in on the previously in of put in the As facility the tenant recommenced expected expanding capacity to reported, operations with we’re storage increase Activities March. hold suspension mine life. were accommodate of quarter our

XXXX operations During the activities critical the ability easing QX assessed down improved compared XXXX March a the first we to per to metal maintenance metal during and beginning size prices fourth metal to in associated also of first quarter. mined silver were of of before care base end be in the schedule. on of $XX.XX while we of continued and than near quarter Cash than options QX planned silver mainly in in the inventory quarter. of on because the of as employees was activities the and protocols and first the and ore June. drop term. processing the operations. XX. restart end suspension the the the activity due we’ll quarter impacted quarter or required and of the during XX% lower and end restrictions, restart staged operations underground and million develop to Puna site begin and of the the quarter. quarter COVID-XX April, May, of XXXX, of activities per Existing write ounce cost recoveries the Total of At crew ensure our is fourth we maintenance production and the sufficient lower by silver result the of Operations mine the are saw of month weather care the lower with doubled operations $X.XX the of environment at we first the could Depending silver significant milling throughput restart at continue This soon support the ounces and government throughput restart we of increase to manage our material events the The produced the and entirely second due stockpiles in to phase difference for temporary safety suspension XXXX a for ounce in to of the part quarter. X.X a of manage to in operations noncash on

mining are that an that the of resumption and operations declared April, sales regulations with options and we During essential government business, restart safe evaluating comply guidelines. the government and enable

for to care We manage to safety employees activities the the required environment. and ensure continue of

toward diligence our and the the operations and visit end quarter. operations I comments the of We conducted the by now We would performance results like Alacer production combining mine. comprehensive merger. this X Copler the especially we would crisis some planned would safety including considering to to expect to due look months the Gold that we team portfolio. the COVID-XX few the Tier forward last a be June over diversified the on asset a our operation, members with the make of and achieve few during summary, during earliest July In the steady-state escalating delivered in quarter solid again of

through and We the delivery excellence all exploration to not I the to operation. have will to value further at able be the that and with been sulfide additional Carl Alacer successful plan operational impressed will operations overall performance who our with combine deployed operations programs the we activities. of We our take across of successfully the for safety the have improve the culture, processes our you plant shareholders. potential deliver Gold's

Thank Kevin. you,

at For Hanging through Mackay discover zones. Santoy XXXX, of increase mineral goal Crossfire. producing Valmy, The XC reserves our additional south CDR and to and objectives Santoy XA resources at Canyon, Trenton and XA East resources Marigold Gap currently to Santoy at Basalt are mineral Wall, Pit, the

existing plan activity select and at Fisher and areas also aggressive greenfield close Seabee. mine We Santoy at infrastructure to

is mineralization. XX,XXX presently include in Saskatchewan. during we meters Trenton drilling Canyon, And are Valmy. drill quarter will and of exploring completed Mackay Marigold, health results XX to first in Canyon hole activities it Given travel drilling. XX,XXX over the place, most of RC and we core exploration that Trenton of restrictions unlikely our extensions At to in all the be work meters we able the planned of where on complete received and historical known confirming for meters and XXXX

results for we that potential meters XX.X XX.X interval zone at gold. grams demonstrating Pit with three drilling north Trenton is orthogonal meters. Yesterday tonne In length hole XX initiated also includes has in of depth. intercepted program and from released a exploration Trenton of core holes. sulfide meter one an per sulfide mineralized ore XXX grade least high-grade, high X.X located exciting broad-width MRAXXXX X.X of particular, a limited tonne mineralization South at XX to additional meters gold grams to explore drilling Canyon of of at thickness per dip We a XXX to Canyon and The meters meter news proximity

which and south. have is to Importantly, and four the the drill north the holes open on in all ended to mineralization dip

in mineral resources below XX grade additional This expected indicates X.X when consistent result FSR that experience with have Canyon estimate an contribute of way. Canyon holes drilling reported under witdh out underground oxide are at meters with step grams Trenton XXX.X of year-end we along has notable a we that successfully XXXX. intercept to intercepts with report from next ton look and oxide surface. per inaugural results plan meters to few getting that the Our Confirmation to Nevada we progressed and Trenton operating forward characteristics these at today mines to

quarter’s in Valmy. came the Mackay from drilling results positive and Additional

We core first gold targets. totaled contribute tied wall we on aid these with over totaled an valuable gap results and and gold. to resource extension approximately also meters where locating majority X.X At planned when grams resources quarter to meters structural tonne positive gold Gold one logic at be grams underground XX.X expect with near quarter Ridge meters Relay near-mine XXXX. per of hole The as completed XX.X drilling the reported The in tonne per survey XX,XXX drilling the further mineral provided seismic will Operation, reported will the in which year-end hanging information a meters Seabee zone targets. of drilling and X,XXX surface X.X of underground of the

a plunge at from the XXX latter perspective, growth several Batman resource Gap a the is Seabee meters was XX% activity length continuous. wall QX Fisher. conducted limit, intercept and on Importantly, hanging increase if plunge at targets at drilling down Lake greenfield from implying

Our south identify is the work objective potential. this X,XXX Joker we areas Santoy of meters with meters of drilling following of mine located target new and up to showings. At gold XXX XX surface and completed almost workings, discovery resource holes

targets and Mac on were returned grade returned from of in meters on one holes Yin quarter, has gold per successful X.X a on the been With prospecting gold soil almost we following per most XX.X at surface drilling targets meters X.X targets intercept pending and our and and X.X respectively. with and grams Fisher grade tonne tonne of Lake, with and Aurora grams for meters gold North tonne on mapping approach. winter resource two Here, support plunge exploration Abel At XX.X discovery of continuing have this results. planned of of follow-up meters intercepts per the during one XXXX for and of gold Two resource depth. drilling North, new provides up This shallow drilled results, area. hole Mac X.X X,XXX showings geochemistry one season we anomalous grams

with in be evidenced by across the the We to Alacer’s prospective existing Finally, of their consider new numerous another we Alacer Gold to widespread company. numerous resource region brings We the and exploration which potential team quartz-related in with by excellent the merger as are gold closure at look the mineralization XXX,XXX keen discoveries near XX,XXX forward the the recent place intermediate-sulfidation to realize into hectares operation of Alacer success to hectares see and potential approximately years. working the country. in or terrain

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

good through work I and to you're keeping Carl, morning Thanks, these times. everyone. hope interesting

for extreme We and the sell-off personal the but quarter. late both will market all and remember family also for reasons, QX of economic in XXXX

business the ounces. in We from caused fortunate like more gold million on while our the strengthened are the the model comparative sales Revenues were quarter-end. that our have significant sale of a growth negative most would the that equivalent mark-to-market XX% generated through see strong results. XXX,XXX has impacted been been with quarter revenues concentrate even only base not by of due increase first and We to we $XXX.X our been silver business Revenue COVID has coinciding impact prices from by if and metal million provisionally quarter. $X.X price pandemic, drop

March operations in we off from of was were by XX% almost referenced, compensation an in mine metal some the XX. strong $X.X With operations that $X.X Income G&A value at impacted and million base adjustment to on Operating due prices from ore prices million, at the quarter-end Puna silver stockpiles was clawed Income comparative lower the both increase due aided by mine period. silver from $XX.X drop lows, share-based income $XX.X to that adjustment noncash fair the and mark-to-market have reversals. both impact. bounce million an already back million

statement were care Puna maintenance income expense any activities. operations on We suspended care Seabee. costs million and relate will to end. a $X.X before quarter not You the These for maintenance record note operations and costs did for where

prices. times X and and above a quarter. comparative metal reflecting net average For $X.XX share $XX results totaled result operating million the XX% quarter, $X.XX the strong solid quarter share, income Adjusted or million fourth reported $XX per of the per or the higher almost we income

for were into accruals we of at our quarterly raised received of quarter run the versus period XX% reverse Seabee to At face new recognition mine commissioned, project. quarter during XXXX trucks capital late comparative generally from deferred million fourth or Our and in stripping the $XX.X by the in as Investments the quarter items to adjusted at received we fourth notes above expected stronger recorded their X income stockpiles considers quarter in quarter the haul call. Cash Overall, quarterly model. $XX Capital fully million one QX ahead two due the moved it we the of which Also value as capital were new remaining elevated relative at road clearly mark-to-market individual in the outstanding loader our schedule. arriving below also tracking on fair quarter million with and average concentrate as budget in the is Marigold $XXX each generated due rate on sequencing. business higher purchased don't to Marigold showing announced, quarter, the Marigold activities convertible value. at totaled over items the Also changes. the expected. operating write-down but on I the the ice

debt which capital payments was Our $XXX an We in investment $XXX the the of term an Based million years time, million. only interest of solely SilverCrest $XXX effective now is cash. at with close on our worth XXXX notes million was additional at with X.X%. working six $XX quarter requiring that million of

fantastic in remains sheet balance our shape. So,

Our divestment improves position. million of for proceeds SilverCrest that gross Canadian of $XX yesterday

that of operations/ Higher Seabee rains Puna at into conditions operations out Marigold, and Seabee, all by phasing the dealt road payable normal evident reported operation. seasonality Winter were actually puts Puna impacts at while stockpile each at quarter reported ore budget and with were backing adjustment the the costs of prices the Marigold’s the ice to $X.XX operating Turning crisis. And and ounce Puna’s in was fourth operations required maintenance. silver changes costs quarter. with XXXX. operating quarter with costs below cost show them at towards per also COVID all end Reported combined business and some care as high cash sites cash that three at consistent in of The spend gold

targets. track overall So, consistent put were our for on plans and costs to our had us

Looking by mine is clearly, ahead, impacted second going to closures. quarter be temporary the the

portfolio seek on guidance and offset have Marigold We support will these Paul. forma with business to and recognition into drive government a provided particularly emergency the we of from subsidy. continues delivery superior free confident build record the builds mines applicable With this and the generate our maintenance to wage phased market cost of to unique overall significant portion operating the liquidity where step build I'm Mining. the that and financial another to I merger liquidity of a Canadian with will our we care to Alacer, continue regards anticipate to both on diversified track operational can cash that exceptional on transaction pro The With the and and With earlier our position. success differentiate merger don't week companies strong provides makes with back strong flows. a restart, opportunity I'll a to announcement much a to objectives. on in impact SSR for It's strength value. those comments, turn call the

around mining with summary, market and SSR step at shareholders is Alacer balance important order Thanks, diversified we've premium strategic the important this of equity the Greg. transaction will an mining reaction was be we gold zero producer. deal and of market requires at a will position have to week a positive SSR held free $X.X the gold peer-leading quarter support in ounces merger had votes sheet marketing of The by in and Upon closing, SSR July. capitalization closing and SSR our prizes. Alacer as equivalent today's the Pleasingly, The a XXX,XXX and flow-focused, would cash production the encouraged billion this during In for meetings expect of cash by The Mining. are generation. to-date. strong company have an very leading annual

next financial work Copler enviable shareholders have. have work the formal of portfolio we in externally chapter of be This Seabee we you of what doing The world-class concludes take any a to forward, of the companies. operator the by our the the of line operation ahead able may value continue creating questions is -- into Looking integration remarks I’ll lot our coming quarters well us hard new our with for the the With opportunities. assets of just over and company's for evolution. the pass value inclusion position, the and Puna of maximizing do our two reopening to to looking the own we'll earnings call. now our and

Mr. Thank Benson. you,

question-and-answer callers will pause Instructions] will now moment join a for for begin We We the the session. [Operator queue.

go with Please Your National Mike Bank. first question from ahead. Parkin comes

Thanks for this of the one interesting to interesting looks is morning. I'd close zone. taking start like really looks guys. my to the with Hi, that surface. intercept Lots very the Batman It stuff like question.

where towards that ore You've pit potential there got assays Is any a being source? a open pending. couple are thoughts

go would my up up you'd of these comment, most I'll fairly relatively steep general some strip end you with increase end relatively be a narrow tend and to -- ratio with or the -- quickly.

But, I that view? nothing out something worked. outcropping has think with your mineralization but sort it's ever we've few Carl, of a different about there, talked

narrow around there. open a vein. plus, and pit, It’s It’s any there’s for unsuitable really water surface

if ways. bit downer come you a That those near always of Seabee at is up a

open the So, pit difficult. can make it really

Buffalo down mine? of Okay. there and than -- terms the for packages royalty different the the Canyon And Valley, new the of win paying at moving you're Trenton then, Marigold, are on oxide in what rates

they an on done have just I'm to ask what DeCooman update significantly there. to John lower. Yes, going give

Yeah. third differ different the are, X% call in on of see they're Marigold X% Mike, sort area. of of there, that you they some sections depends are at but to from a probably close they what Macky the it to general anywhere

Great.

others I'll ask All let some me. it that's So, for right. some very guys. question. great much, That's Thanks news.

you. Thank

Please Thompson Our question comes next ahead. PI with Financial. from go Chris

for guys. Hey. the week. future notes. my morning, earlier obviously, your All announcement, Congratulations just best having Alacer the at Paul, there. helm. on great taking Thanks the Good with you been questions. for this quick It's endeavors

results. couple guess a questions of quick as as Just far I these

a stacked obviously, put are this mention, You to half at high the Marigold do grades second Can year. of to you in number that? be going

at off that moment. costs that the going comfortable the on about just only for you with given year. I of we’ve but if No. royalty Obviously, impacts because keeps otherwise the haven't on is guidance I guidance mean, Marigold forecast thing there the the what the been we we've that that Marigold at gold includes think our can at price cash changed we're probably beginning got so run

Sure. the of Carl, comment can All upon And question that. a with Turquoise you Trenton Canyon. of mineralization great see possible and that you on Thanks from and Turquoise. Ridge. similarities expand in maybe I you. the And, wonder similarities right. news reference release that to I is if you that mean metallurgical for maybe make sort results this with just for

these with the are intercepts lower we at plate Turquoise get what it, Well, we is up did that information we think down know change rocks work we're think a that just have Ridge. Formation host only near we on Ridge meters what And just occurring. area we approximately where albeit seeing above Relay drilling we lithological this from RC into Comus -- here, core the the we that XXX

nature being that pyrite this variably from that's of what is the we're we which the pulled RC we're are come I in all chips. units are out solidified into are -- fine-grained going Comus. of seeing above and types as what the seeing. Valmy-looking more understand is stones, rock rock the now what mud And that So But more very carbonaceous then mineralization

the got grades similarities present it's it's -- So we've high are at some pretty sulfide. that and interesting-looking

some that and realgar, I orpiment that at the minerals we would in other of stratigraphy. soon would future in. differences where follow grade can We're that we interested core say of the we seeing any part Some as the but yet in in the some not with as fits as And is be that. we're it. the seeing to other see may more we're least detail not be really provide up it those of exotic seeing we'll to some in think we're which holes in able -- the

points When other the were could we’ve got of where on couple on a drill. restricted we package land that. Just of we

in was have on the where drilling the lot of and disturbed We a go first we want So land. permits the half to. drill now to

be will great. that So,

a The hole, core X.X kilometers. first was long hall

going trying for then back. We're as a is that looking really, the all haven't lithology. of to understand Rosetta you’re like sort We structures assays the seismic Think trying to of down what interpret lithology. and of to stone got do the there. extrapolating And

want always We've to said you is of But going more expect be So we sort this yeah, to that can years. long-term or a game. five capital with success million. to budget this spending allocate always year be the money initial to -- is it. four We’d $X

a there. it's story good So down

guys. stuff, Congratulations. Good No.

build Obviously one Turkey. it's throw and across just material technology there. sort Alacer do that come of over just the I thing would if that's that refractory, in we successfully in

That's thinking. exactly what Absolutely. I was

Okay.

Next question.

comes Michael question with ahead. Our Instructions] Please Agentis [Operator Capital. next Gray go from

kind I Congratulations Carver couldn’t My the holes you calling And for is Carl just call. actually in Trenton right on section wondering, asking, on team, can my tell resist questions have looks But or or Paul the really here got of of wish on it Thanks rest in just deal. being the well, lozenge of and taking and sure shape. they question results. cross I'm Comus. and been terms right it's I answered your discordant it. And now. really form Jim Canyon. core for wish the a Hey. like I'm now? And my And going it is had strata you mineralization

And really I’m So you, for I a guys. excited is this really breakthrough. think great

got the are packets they’re it's there’s fold the -- in it's chips they’ve at much package. of like that rock the too in surface, general are But from tell -- can’t surface, the The rocks following Valmy orientation there. We near looking Mike, that obviously.

off packages So hold But it's tighter a chevron is to general, it. to in east. the the little

that's the if that thinking either now. hanging package stratigraphic bounding. lower a thrust, structure Valmy Comus we've So or the A is what major that's got in package the between structure and or these -- plate sitting this interpretive contact. be it's might so that’s intercepts We're of wall

imaged had missed already geophysics… whether you it I actually with And Okay.

had out and picture until We when a Yeah. the on, contractors that delay restrictions on initiate can planned we COVID-XX of for travel can we with some that the for state get really so we the decided it. and second of to quarter

in the can -- the when -- get over near hopefully mobilize the future sometime we that and it's the area restrictions, starts So those contractors. to travel

do the work. We're all it. approvals We have for set to

congratulations the Okay. Fantastic and again deal. on congratulations Thanks very much.

you You'll so on us. have to covering large that companies start can of top keep cap

question. Next

next comes John ahead. Our Please Tomaso from question Tomaso with Research. Independent go Very John

many on Good Congratulations so morning. things.

you. Thank

gross corporate this million SilverCrest two pro cash about the that With divestiture the there's right, keep assume to just and is you enough up activity across and The forma. SilverCrest results. adding we don't busy we -- $XXX the if to the months the you companies of and I'm for sale should merger although Should nothing the term, this of with repay? sit and could retire liabilities assume have liabilities, happen? six a And few there do good leases, nice position various etcetera, just going that any is a you short more cash you merger and

X. -- the put page was included announcement $XXX stake.so looking we the of just when on marketable securities and the for the moving marketable securities it across the SilverCrest table in the put out The cash. marketable it's million forma that -- at Just included pro securities that out, we cash

ours the of repayable not million. XXXX. terms convertible until is note, -- ours In That’s isn’t debt, the $XXX

And pay to, strategic is penalty. without if to asset. no I want understand early see which I for loan a for has we’d be doing us. but So, been cash discussed later. Alacer It has reason back something that. still project a that's can they think I

that So, proportion we've on we've cash -- by been done significant keeping of we've well sheet. the balance found a

companies capital to conference Dot holding announcement didn't have giving would XXXX, year of that we through this that in pleasingly, return. were Once considering we consideration say off capital. of extra I because through through once were down pleasingly into the both the the we deal to year that bring deposit obviously would BMO is decision, the return. into potential Marigold we I'd this think midway -- we enjoy capital board got Red sure early consider I we reserves. the certainly something significant extra said, need that needed the whether leading to go capital weren't at the

going of yes, think forward. sheet then and COVID, understanding the COVID. forecast I think advance will but realistically it think -- be it It would to hold key anything company until do of -- with I impacts of a not we that our that attribute balance get be out be certainly, our full I prudent put on cash we wouldn't generation would the be in of

growth BHP smaller many that how different Some ago others. divested as think better is four to moving you three few on Do manage far There’s mines philosophies their expandable an SouthXX. pieces, years are companies A manageable. mines all than continents how apart platform? into

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Thank you.

Excellent.

Okay. I understand that.

call turn Benson. Mr. will concludes the This question-and-answer session. to back the I

Thanks, operator. have for good a listening Thanks you everyone day. to hope I today.

call. conference today's concludes This

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