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SSR Mining (SSRM)

Participants
Alex Hunchak Director of Corporate Development & Investor Relations
Rodney Antal President & Chief Executive Officer
Alison White Executive Vice President & Chief Financial Officer
Stewart Beckman Executive Vice President & Chief Operating Officer
Tyler Langton J.P. Morgan
Cosmos Chiu CIBC
Ovais Habib Scotiabank
Mike Parkin National Bank Financial
Michael Siperco RBC Capital Markets
Call transcript
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Operator

Hello, everyone and welcome to SSR Mining's Fourth Quarter 2021 Conference Call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the conference call over to Alex Hunchak from SSR Mining.

Alex Hunchak

Thank you, operator and hello everyone. Thank you for joining SSR Mining's fourth quarter 2021 conference call.

provide our on financial will a business we of review performance. which an our update and During Beginning with in the results, our fourth quarter and financial have annual statements been presented accordance U.S. consolidated with XXXX financial GAAP. along years have ASX two and statements, for SEDAR available also on prior, with financial been restated These statements comparative on the are EDGAR, filed the the our website. to this news there is you the information and release an will our in to webcast call, access online our webcast accompany call. To relating the find that note during call Please figures all the are discussed in U.S. dollars indicated. unless otherwise discussion forward-looking Today's include statements. will

So please read the disclosures in the relevant documents.

call are White, the on us CEO; Beckman, and Antal, Alison Joining and COO. Stu today Rod President CFO;

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

Rodney Antal

We're lot record take is lower you going as significant there and share positive excited include; of time, firstly, to our full-year thanks Alex Thanks to today. everyone our a hello that The highlights with and free to generation. production, we information today. cash are flow and us for costs joining

our ounce our positive some the a for incredibly a now And increase which highest baseline lay returning technical finally, the of XXX,XXX delivered which an reserves growth opportunities business. sector. our upcoming our our to the for our organic plans a is portfolio represent have reports growth execution Second, success. of our XX% Three, out year publishing new opportunities phenomenal near-term within which projects substantial in

performance our or ounces previously peer-leading costs of cost generation which results performance globally of XXX,XXX our proactive of sustaining top-end million the XXXX showcase post-merger, with $XXX was off in We lowered a quality our resulted us $XXX yield. and our trends. operational supply starting of range, XXXX our to testament guidance, performance. beat base. guidance flow free These the at delivered bucking our diversified management the chain our that first first XX% resilience sustaining while in exceptional our to ounce, and an were a all-in inflationary all-in So, production cash allowed asset and nearly year

committed we a flow million we to cash yield. free last or about distributed translated have into this returns As directly our and nearly year $XXX X% to capital shareholders, shareholders has

the outlook to years free come, generation Given strategy will XX% against increase allocation flow to is cash the deliver evidence commitment. capital for that robust recently our for of base continue we and dividend announced

did XX given occurred weighted over average We mine drilling the mine -- year life by year. give in was of Second, us of XX-plus the technical in XX% growth not with They in statements. full reserve conversion addition our results, to Hanging impressive included million resource is achievement Ardich we our last or resource our for cut-off much that and of incorporate remarkable, of released successful ounces to anchored course, million even This both result life. Walls. the of year a Copler's our XX an direct Seabee year-over-year. to This years, reserve X.X more updated with ounces sit now reserves opportunity reserve Gap reports excess a and at

SEC are assets. operating Third, of as the we report becoming obligated part technical to issue X our at of an SK-XXXX our all summaries transition issuer, to

least become production iterations. in has than the next over what million the the Together, our SSR. ounces previous into the positive was the sustain a I ounces base production gold decade over represented for outcome it we're much make base the did for added not line more of while XXX,XXX a the given just in reports vision new technical gold by production As means, was This to new mentioned, production, of ideal, XXXX of yet the at timing of results X.X not update, have reality. drilling excited of

prospect the to by excited bit. we're further point, upcoming in The our is this in respect projects. the this even fourth growth improving on drill highlight from Finally,

technical production we the the the and part Ardich or report Copler Ardich, Both Copper example, million $XX This report X for capital. $XXX reserves add growth initial during iteration development CX, investments. maiden of ounces provide had Ardich update, add million for or will million can abundant Copler XXXX. capital for ounces initial million return, deliver deliver ounces XX%, projects. production IRR CX least showcase plan with of an Gold and will across we at of fantastic to high results modest and about both low about for the at an Project, while resource capital As and X.X Copler million significantly of at intensity in X us Cakmaktepe board highlighted impressive of value CX. and of will development Extension, how opportunities it's plan capital Overall,

taken of and affected. washed before was January Highway but incident which slide river a I sadly, family commitment the ESG and a the But to Just was her crossing reiterate vehicle on support X is and minute loss she On to not. was one from team who to XX, and home off we take a prevent want XX, moving I in reflect of site. repeat X Melina away mine priorities the Estrada passed way vehicle to have do, members on Actions The to to the initiatives. want a of other our ESG those Melina on were Argentina. in while were sad traveling to on occupants rescued our been our when

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deliver sustainability to against communities environment and and We outlined our to our to are continue we the committed the XXXX priorities in report.

XXXX priorities, and coming an We and refresh months. we into sustainability are in will review release for finalizing updated move those report as the

XXXX. and it emissions take our commitment continue the we longevity project passed seriously assets. ensuring gas action to and quality an cycle, and towards work this zero development by Importantly, We to net into achieving of our baking have for greenhouse commitment our plan forward

the disclosed the for first and we our time enhance project. Additionally, on and started have to carbon already disclosures to disclosure water climate

of We efforts $XXX approach business that a production for few $X.XX strong slide on costs sustainable than improve ounce. the another XXX,XXX to all-in consider with the next sustaining our a to at quarter. ESG of we ounces highlights. to Operationally, in relevant I Then continue to are in are as the performance evolve delivered more we had adjusted at our want highlight and quarter. EPS moving Financially, of quarter per an will our future. to and to just proud the

future. in Saskatchewan ownership the presence the continue We successful and margins repayments, exploration Taiga large including and and $XXX updates in After prospect in flexibility the an pipeline, to of million flow $XXX while in our position track cash production Turkey. maintained advance and a net cash in of we to positive and across organic in delivering announcement returns the cost continued providing We capital required with $XXX capital million accretive Our highlighted translated in free our our growth number portfolio core strategic Copper the in record our and $XXX business for with million, Hill our a increased Gold acquisition debt we million low in the returns jurisdictions, our of the continued increase transactions. robust full year. us of M&A

$XXX the realized Mexico. continued consideration non-core total our our of and Pitarrilla royalty and Additionally, the we assets, in rationalization in announced sale sale portfolio over of million including through portfolio recently project

the detail highlighting ounces it's This as the will we Moving over can production where look a slide; next horizon, time execution. worth produce the released X-year opportunities inaugural believe and we level shows which and growth annually growth new platform, the reports of that XXXX, equivalent in we maintain of suite the that to today. discuss wealth we and on is released our our Stu we is by through January, to gold expect technical longer supported we guidance, XXX,XXX track record exploration and to impressive given over greater strong In XXXX.

for some our year. business of Moving the outlook priorities on want I to for this XXXX; highlight the to

We expect buybacks. increased base continuing share flow, shareholders us through to and our cash allow capital stable while profile return production cost dividend and significant our free base to generate will to

last the the CX Overall, the increase SEC completed cost across inflation. the breaking Ardich continue the later of in evaluate towards limit reports business efforts Pitarrilla to of our front, XX% asset this opportunities; that underway plethora sale of the level, high-growth advancing on will we showcase we baseline growth the opportunities continue portfolio spend supply and to ultimately production XXXX. targeting several We've and chain some including portfolio. improvement a budgeted our of to horizon. month, position, initiatives in the other with ground we're in project in a year-over-year the to technical continue and we and fortunate with prefeasibility invest we've first opportunities now announced impact management exciting At year growth continuous the the on further transition, And opportunities. study accelerate production rationalization in progressed surface our As with at including to a order platform new and value in within exploration escalating

in recognize improve to of in couple profile reports there's on the further A production technical to baseline the look of highlights technical we the lot even digest. we As and today's information reports. new contained SK-XXXXs a

here conversion. Ardich details going high-level reserve in by and at few in XX% to minutes. showcase Hanging we increase elaborate maiden year-on-year Stu's mineral the a the are of some Wall summarize I'll to proud reserves, To driven So Gap further mineral Seabee's start, gold

are are that ounces, the to more -- all issuers ounces. to of the With to reserves of current the million SK-XXXX these now Our note reserves gold reports, than million important increases SEC under it's technical SEC gold XX new equivalent total documents respect requirement regulations. X while

mineral a was released from these is expected Copler, of included study line, as plan the million and both of Marigold rate XX-year mine around an be total We as sulfide the production see life over used a copper maiden the mine to by mine will near you average report this similar with Buffalo million Copler term, results This in well we at new provides a to us concentrator XX% particular, In driven just profile Canyon. XXXX, in in outperformance plan mineral reserves X-year X.X development of add at delivering production Marigold, case, sure scenario assessment ounces material. strong understand, reserve per potential compared resource of CD While gold. $XXX X,XXX The Millennium upside to the to total extend At and $XX success of life in Ardich, of production tech and assessment in complement [ph] gold flow The XX% at by production reserve life. At planning project reflects an reserves development per which reserve to case as to after-tax throughputs, mine a scenarios further project. the initial Trenton case Ardich as the for a stunning drives XXXX the CX by Seabee, advanced represents profile mine mine X.X production like MPXX this reports. billion in with At initial the the year-over-year, those million starting of from driven which increased the tech assessment returns. $X the overall for At around the internal conversion the production production life. X.X are CapEx. the an current new Puna, to to million including additional have of reserve increase work profile, On increase SGN return day. Gap PEA a mine, well we the of X.X Valley NPV lot level profiles. Hanging to in with which plus initial life XX% potential reserve adds production Seabee of case top about case existing the million with incorporating XX production, future additional a an case the of in total this opportunities incorporates total CapEx targets in production development mine year nearly showcases unlocking ounces gold XXX,XXX years. opportunities master gold and the the production reserves the of outlines With ounces terminologies. case, not exploration to includes extend first by the exploration optimize over from a yet recent XX-year and in production a overall to had case as opportunity further million, sheets, the we CX alongside release production of to see Wall time adding ounces I'm profile, ounces tonnes and the further and the

exploration complement where the ramping plus are key the platform, we combined gold a opportunity drilling opportunities technical production to XXXX. through activities, brownfield existing baseline targeting annually other We of profile and deliver in-pit And clear up production reports the equivalent with finally, XXX,XXX establish message see to production is ounces to opportunities.

we're we're the to this done about not with the abundant in operations However, all ability today. excited build yet progressing, and targets incredible growth on X result

the over performance to that, turn more call the financial X. going number who with going I'm Alison, slide to So to on discuss is

Alison White

I undertaking business as the over another financial on to and also SEC to preface time the the time last company slide our this for involves comment month. numbers today, members exciting are of SSR business, effort Thanks, a where quarter first thank to this X. shown filed to slide team us Rod U.S. minute fact, like GAAP under across the an was function is which I'd and a that almost for want for incredible an first the incredibly hello, the filer. here. every with is was get shown the reported what to in as large accounting accelerated results basis major This everyone. we on take the for It's positive the the

first our of GAAP operationally total solid a produced equivalent U.S. and We ounces sales over over quarter the XXX,XXX XXX,XXX had QX the take gold As results, company. at was per QX, for another quarter $X.X attributable look revenue the was in $X.XX equivalent was $XXX ounces, million of we XXXX and adjusted over net basic for for million total revenues or or $XXX income share million basic $X.XX $XX income bringing billion. share. for net to per Attributable gold

For the per $X.XX income or income and million full $XXX was year, share was per $X.XX attributable million net or adjusted attributable net $XXX share.

$XXX flow free we of flow result, the proud highlighted, in of continue business generated $XXX cash and returns flow a flow during Rod to million that including peer-leading As million as cash XXXX, in to aspects free and cash yield. in are cash all and our XX% are equivalent deliver a operating

$X.XX a net recorded share. Alacer some of earnings slide, not to calculated price those side start to company's impact adjusted impact the are transaction. result net on largest waterfall removal assets are in our FX the Each of right for exclude of company's on on purchase per the chart commentary slide, share, of for of the with as operations. adjustments that and specific the right the I'd then on the of On outlined of adjustment that related items is the ongoing the based after-tax to primarily like We of the reflective adjusted the non-monetary provide definition the you reported per $X.XX, adjustment $X.XX items the attributable our of the in share income attributable make of income per with

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transition, only and of necessary few consider overall, this changed of on points business our underlying details the performing thorough highlight. position are slide. up evaluating a few accounting very financial complete listed and have that positions basis to make the the key A adjustments to a Our we material has to that the accounting despite also analysis

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mill's liabilities U.S. and the to be write-up results lower material. was extend to the higher and updated reflect The opportunity XXXX, when income U.S. write-up is that This an complete concept cost Pirquitas accretion of discounting to GAAP impairment. the up the previously statement required original presented deferred and under the have Prior of to in has the the taxes. lower the under mill impaired, impact for under Puna accretion of but company's closure rate analysis. IFRS, allow life. impact removes reclamation written exchange Chinchillas on had expense. reversed foreign reflect been higher to depreciation U.S. GAAP does been been and This assets. the discount the tranche U.S. the to not of to specific GAAP assets net operating the subsequent retirement GAAP liability, at Our assets layering not impaired expected also lower asset mine for use depreciation

GAAP is is of in not the Lira and U.S. currency, local remeasurement U.S. Turkey, liabilities required. functional such the dollar, under or in the However, as currency the assets nonmonetary

of acquisition, basis, item never out value. that deferred is is resulting is for properties prices remeasured, is price deducted of gold for For through adjusted a tax approximately and was costs considered that income, the adjusted liability mineral the as only created expensed will be assets. purposes. This production inventory book adjustment is a longer which tax a relatively and billion in net and and no Alacer for the capitalized steady, equipment book on increases on exchange Deferred is purchase entry asset dependent total nonmonetary instead, of the nonmonetary attributable cash which foreign it holds $X.X stripping accounting AASC the example, time at costs

impact Finally, the GAAP had conversion, attributable growth GAAP-related balance deferred outside have of during analysts' stripping, million our Overall, business SSR's $XXX GAAP company of Turkey. occurred of over of returning equivalent we XXXX. impact after underlying million to the cash the cash with held talk our opportunities, capital based cash $XX that balance do focused Slide debt U.S. the to in with $X on fully explorations additional associated U.S. changes is shareholders balance respect well removed XX% interest We not and and non-controlling XX% in the in our the over that and largely to positioned billion, On repayments end U.S. we that strength. XXXX, can continue allocation going about dollars. align business. and XX, our continued policy and remain to portfolio, regulations forecasts. with estimates are immaterial, sheet forward, funding on At

shareholders We returns the share in continue ratio illustrated more XXXX, capital a of than of on payment X%. XX. to $XXX cash to that's our repurchase and and dividend X.X yielding than capital our to more magnitude maintain slide We've base program XXXX net inaugural returned the EBITDA peer-leading million through returns of

outperformance that profile. aligned noted, XXXX strong initiatives. to cash our operational our with January, announced have production our flows translated inaugural we free clearly performance cash guidance in and flow capital we return we robust a As With illustrated X-year continued in

our declared commitment base increased our returns share dividend Our shareholders. XX% $X.XX our to by of significant per furthering dividend Board capital to annually, a which

look maintaining to priorities we sheet continue remain; allocation shareholders. investing strength capital cash returning beyond, in and our growth, and balance through As XXXX

operationally, to when Stu and We will our to continue be over disciplined, going executing operational priorities, update. for as move XXXX. it to we on through both now financially an I'm And turn

Stewart Beckman

much, you Alison. very Thank

our foundation detail, I but this on from us for step on a reports the let in-mine each we exploration does spend, the to is from. a we the share great any to a make includes with slide growth sure comment what considerable you, upside profile into not slides to XX. production production to be define positivity technical near-mine believe me extensive profile. and commitment just as just stronger my portfolio. through dive made It CX the that our leverage Before This much our can show longer, the increase I'll future of Remember year, Slide from and for properties. and composite we work include organic next we've production that

Copler with outlining development. CDNP mine masterplan ago, on it building XX. convert number reserve case, report. a November to to following the We start year's and feasibility this Slide technical level the an intent focus as discussion published started Let's in the XXXX, District of the help strategic XX We to years a Copler direct in PEA with Ardich

production X.X the and busy the of plan expansion As Ardich very start team, low, and reserves The Copler been the laid group the trucked on this promised, and than was the ground to with be Copler to out The preparations for permitting heap CDMPXX of The and added to cost ounces this order which in later our year's PEA. Copler even to report, better and have million limited the infrastructure is Ardich development million leach. of year. profile will work project case production treatment. that work ounces X.X of we and in we

ongoing drilling, We expect that we still are and Based is still exploring the open. reserve the will to on at grow. Ardich and continue resource it

some recoveries, We how the ideas more there to so to still come also from value to more improving is Ardich. be underway, extract on have expected by and deposit value from studies

going have the copper. at case. with could projects. value. CX value no relooked resource at assigned In the we take Copler and amount we surrounding the the of large drilling in The mine, some I'm was development food to project accretive After metallurgical leverage assessment paradigm small Copler of case, describe the reserve. study to of the and first initial a showcased initial outcome look next this annum This to has minute Ardich, project. both copper which assessment copper this we Copler. the will gold or concentrate a the or sale as pyrite an and a case, In economic the changed gold-rich past, use PA a to in concentrate into Additional CX the the test a success little concentrate will copper copper at successful work, was the supplemental in and initial deposit, per the the from both the assessment fee make and assuming for smelters highly autoclaves. to X.X we added that a we and tonne outlined million fuel gold-rich deposit

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great great closing I'll develop to the value base have and this to We portfolio, on continue for back you his that, slide exploration and leverage which from. remarks. turn solid can team, Rod a we'll With a call see

Rodney Antal

a capital near results delivered be the returns and in generation, year have robust a on another build of expanded baseline and growth of free brighter that to Stu opportunity Allison. continue our cash our We'll we've returns generation. base with expect year strength now decade. next with help we organic thanks, business, the XXXX flow To delineate identify the operating of reports, today. that robust was course, results, will our our summarize, robust Definitely sustain get free to term. a In lot portfolio opportunities, respect today. a our further technical and of cash outstanding outperformance to of through outlined production XXXX Well, production future our SSR for we exploration budget including and even an profile, flow and, growth. medium from capital continued for XXX,XXX today's clear ounces into With profile to a to

take pass with questions call have. any going may to So you I'm Eileen to the to that, back

Operator

you, Antal. Mr. Thank

We Tyler J.P. will question first with ahead. session. Langton go Instructions] from Our [Operator Morgan. now begin the question-and-answer Please is

Tyler Langton

evening, certain question. you I of And think sort of or kind need production XXXX. with hit permits wondering, just CX, next items my you -- think starting you're Ardich, talking -- the that info for to kind about then kind PFS Copler for of production of timing with the for just in guess, you're a I start, was said I on Stu, Yes, that? maybe to taking if Could sort and of to just that Thanks little you I guess date? -- expecting I'm a Rod. good other provide step more

Stewart Beckman

is I'll that. Stewart. this answer Okay,

EIA the it you've and half is of these called on Ardich see why Cakmaktepe which of And permitting a if the you'll been documentation lot extension. you the covered calls, been for we've Cakmaktepe may some by was So in remember, time. about Ardich of some

we there's work, of the -- did the now. progressing report. factor in that what CX treat permitted extension that obviously, of at for study line to a through out we start and do see So come on estimates the technical we're that. have Cakmak [ph] year that us permits months. magnitude allow is in you of we'll recent as of then the we came cost feasibility that see of work subsequent pits of scope this both the the come this At that fourth And for stage We're Float Senko a do earnings and scoping way ongoing. Cakmaktepe, stage of construction were having in ongoing year, that's application stage, to last about. of the the riding work local come on permitting, process plant our for for those with in then the the the of with capital couple first that order always, series work start the back from had the to and to quarter see those the We have of for of to we're doing And CEC the expecting the out plant. now we number based the And next in we then the and of numbers study use

approved And beginning the start directly got for have we're detailed at work solid scheduling after expect So pretty engineering we earnest, stage much we numbers that. to think now work the more and April at of in a we've there. which and that

Tyler Langton

then I the know recently And I Thanks. increase dividend dividend. helpful. that's capital I Great, returns, the in the Rod. guess sort on just mean of

last anything of asset potentially you're sales. thoughts you mostly else on divested a there had what wanted obviously, at, noncore fair any to? that buybacks? And year, looking number Just of you Is then, or have kind you

Rodney Antal

first part, the answer Tyler, I'll I'll answer let Alison the question. second

So about, like also that the the across Luis there's taking and -- San could still portfolio we're targets sure within, others. discipline ongoing we obvious portfolio. looking you But review the to that exploration ask and from it's make same obviously process, just that are

rich. we're So land

lot our not land replace sort continue a of and as asset of where to have efforts those around bases hypothesis We we'll might those exploration we in over and and turn [indiscernible] of well. our that, churn the through terms

as it's for done But did XXXX of on. scale So now. think course normal larger opportunities much a rolls I a do heavy the that of continue, business have churn 'XX, we us in will lift so sort been pretty

Alison White

part of Tyler, answer that buyback plan. the And first share the on I'll

So that able you accretive intention announced million a be long it, do XXXX, X.X our we recall to plan. we XX us to repurchase and for about earlier have it still execute may outstanding million as is be in to And to shares would against plan shares so. as on

will we a that accordingly. and act take what So look constitutes at valuation

Tyler Langton

Great. Thanks much. so

Alison White

Thank you.

Operator

ahead. is question next go from The Cosmos with CIBC. Please Chiu

Cosmos Chiu

the question my is team. on Rod and Copler growth Thanks, Maybe first here. and potential

in and copper sulfide rich the report have How you oxide ore much material your you will to additional talked up As the technical open allow today? of you that included pit. potentially about,

Stewart Beckman

cut-off to made larger Cosmos, for the the mined all grade feed material of that's plant. to pit, in So plants, included we've that's the feeding the above is when the the

comes make to gold. that about from we the the most So in us ounces. And the copper be the drove pit, the of concentrator able to value from the runs make of CX, fact, X bigger from the although concentrates value

So far a [ph] it's gold concentrate predominantly as goes. as read our

Cosmos Chiu

And Great. then...

Rodney Antal

you -- think ahead, I Cosmos. can go

Cosmos Chiu

just up million on I here, CX. Okay. Yes. CapEx to follow And the at $XXX want

that just and you record a we factored potential budget for You I you bit has CapEx on your granularity of have you to lira, wondering factored you volatility on that CapEx come a very been numbers? but in on how inflation have into Stu, more get want delivering touched good much kind as also terms on how track of have Turkish of these terms estimates. it, how with have in There it up I'm in? in accounted risk, time. just But the

Stewart Beckman

Yes.

So remember, this an case. assessment is initial

XX% of estimate a so is -- sort the or minus estimate. plus the So

However, costs the I say would are. handle on We got a we've what the finished building good plant. flotation just pretty

with have, with So factoring costs, numbers. we cost concrete Turkey, good can it's supported efficient and we things. us build engineering said, that work did which those as We a particularly the to in source locally I very place [ph] steel then Senko factored

lot solid it's do. do really at a stage. an for as But a of this So as a far work estimate to estimate, have goes, estimate good a project we

at of happen either of plant the lot able we those plant grinding to or with how will I leveraging think a get opportunity -- to some the to we value of and this bringing or a ores, actually subsequent them in oxide lot might of quite not forward. We've looking quite that's exercise augmenting with end just the But large treating of we a a work. scheduling increase going high-grade sulfide ores and and up recoveries quite what significant and Ardich by which sulfide value the through the out the advantage plant, that. of piece and be been leverage there's out for would whether ultimately be Ardich

there's yet, think come I So it Cosmos. a more from to lot

Cosmos Chiu

like Things that of up, ownership into of areas? as question sort richer copper, you leverage it's that the No, next increased on kind because leveraging these was Hill. to terms you as other the consideration down Copper that some -- terms great you've road the is well? Could that in in And connects that you your that, later taken of copper of brought of mentioned, infrastructure, it well my at concentrate.

Stewart Beckman

And business, that's Hill at it's be of And preclude synergies operations is just will Copper see But the to material close going of any very the we between and it's chalcopyrite the what the the to us There around. really ore, to Hill, actually Copper a sort very of with No. chalcopyrite. distance smelter. course. is close tough moving the clean from coast

So we'll infrastructure Copler bit blessed also sort is move amazing of a well. little with there. as

power the the mine when have stations other railway the sits to So you were of there, hydroelectric highway. on which right next we the side directly you might underneath a remember

A So bit have infrastructure could little been the as be as more better building flatground a copper would handy. a far in place. for concentrate

Cosmos Chiu

moving Marigold. Maybe sure. For on to

based technical New really you a was few. on reserves. and in you as few Valley, a included case, As What later Could a name the, in Canyon expect to the just us, targets we what's on on be can just included base has there's here, case? out Valmy, I this Millennium, remind showed report believe, map, what quite mentioned, report base Trenton coming today's another of in being this just Buffalo may terms technical And been year? you

Stewart Beckman

a going that's that as pretty the around just at existing all so to reserves they the we're the deposits. areas forward, looking leverage The were, Marigold, are So remained extension pits. areas And much existing the Valmy to Valmy remember, larger in we also with at to shell, done extension and an have for an much was that the pit regards to the -- application application.

new that will pretty in much much takes pretty it pit. into that So the New make of and Millennium it all

then area, fill referred and out that that be in I that So on production profile we before get to, that gap, Seabee, the we're the drilling or focusing not to value and Seabee the that in to -- into busy we'll so, include Dot. reserve so Red show that able to year next

Cosmos Chiu

there's that Maybe Maybe MD&A could potentially just it sulfides? that Canyon. or the size, bigger and you alluding for a to Is on getting the Could follow-up here. Buffalo elaborate bit? you one last little in question, infrastructure just for Valley Trenton elaborate for you a separate that? I a potential a are read to

Stewart Beckman

would and and a for build that are the to where maybe the Marigold opportunities southern take really drive there the of deposits. carbon current pits take also reduce and from at the has come to existing rescheduling use haul leach of pits end be property, and the then up we the efficiency circuit. to able at for be, existing it southern Valley would also Buffalo and the significant some desorption that One then And the Marigold that some up from the heap to

arms out what able worth. work of running might haven't just some wrap by think we the we but around value to doing might at we're So Marigold real enough we done yet, that through us it be moment But that really squeeze our that.

Cosmos Chiu

Great. Rod all opportunities. team looking Thanks growth to different again forward once Stu and these and and and

Stewart Beckman

Thanks, Cosmos.

Operator

go next with is question Please Habib The ahead. from Scotiabank. Ovais

Ovais Habib

of strong and SSR a congrats the team with released and tech Most been Hi, Thanks, have on and Rod for plans, really thanks quarter all my all the reports answered maybe mine today. updating questions operator. you that but today, a bit you not took by Cosmos. drilling include case base In and of pointed a released regards are last to question do follow-up question that tech that from place in reports asked out all XXXX. scenarios these

operating endpoint on term? upside your asset team's you potential the the which expectations based the near exploration Now and do most see in

Stewart Beckman

a inclusion. question. That's difficult There was some

of So a there. of I XXX for about, And June for drilling. us, had for at example, the end holes the cut-off sort we beginning think, subsequent the May, of date was

existing to continue sure going We're Ardich think I will that see So Marigold. pits grow. the around growth at to we're

high fill than lower that put have Santoy to X about as the that then numbers extensions where mill, the X, really been can is. the look extending that at so excited rate we grams what's with I X quite And the currently grade leverage mine at sure that, in Seabee. we're we'll able of the do from time. Seabee. on over much to lower at do be Seabee, you And think grade, off, headboard X and given production We're those or laterally we free slightly capacity we've in Seabee's a we'll when step able sort So

We as to use increase, future we'd lot another like a it go do long Ultimately, an good. to But to Seabee. got capacity spare we've to where we've bit all-weather road that's the to mine. well. go to and like decline perfectly see got a of are exploration But at Seabee, top in there's that and the work indications way up, conceivable material a maybe a of and with in get at there, will

Rodney Antal

Yes.

they're the it, other, but take they're exciting as you portfolio, look can the you when we [indiscernible] as each think work across I different it's through. across at as all just

success, from focus to as if do can so. and and here terms if see the obviously very what we it. terrific XXXX I do Copler Stu's have the areas -- way of time think we during we and been and and right the going in the the can did, thoughtful the prioritizing what we done, this continue approached outlined and rest have in portfolio of just That's being we've has on that have you expect into methodical come year to what team

Stewart Beckman

about you at point, Hill get too. excited some Copper think I start should to

assets easy deposit, easy, it drilling If access. so and around, you looks nice look easy open at high-grade we treat it's like at relatively copper daylights; a will have it's there relatively the that to be

rely hoping So access on can quickly drill. site as to that we will we're well. getting pretty develop that But

Ovais Habib

on extensions And Perfect. thoughts that. mean, Thanks follow-up this apparent on to just anything your in that. the on I that's thoughts offsite, looking about market? all your current Any that for M&A? obviously, we've a existing assets or talked Any out portfolio. projects you're at, in

Rodney Antal

it's always as same be think we've issue, we'll the I Look given Ovais, as thoughtful. --

talking asset at the would strategy We portfolio, opportunities. ensure base we opportunities stop great in for that at look our to a they us us sort stay the will complement but not less aren't We on have looking of them. that won't to the progress great obviously fundamentals we're not we've talk about that them lot. about also built the and And of we business and we'll interesting and

look at there's So it. to talk really stage. will else into this But nothing about we

Ovais Habib

Rod, for Thanks all thanks perfect. me. Stu this for and Okay, that's

Rodney Antal

you. Thank right. All

Operator

Mike The National Bank next with Please ahead. from Financial. go question is Parkin

Mike Parkin

in in has you're exploration kind some Really, pretty that us information work Buffalo kind you of can good been of starting of asked do continue target everything come Valley, of you've success? of -- give walk kind us of show of in you're resources we Canyon Trenton the and Hey, like terms updates -- and of where kind through guys. together terms given you updates terms if just can to But at seeing think us drill there, of kind what thinking. how exploration beyond but to programs kind doing

Stewart Beckman

become into haven't and this sort will using Buffalo places different lot anything. making we Valley a -- is do in we of geochemical some We were that work, year next that did through clear that think of more right -- techniques. I sure -- missed were probably we looking year. a the probably

been was that's see relatively consistent placements of bit narrower that there. things low the well the vein that we material more of way compared interesting would we're to drilling to and have be sort it past at seeing compared resource in other We grade a we We're some parts. the high-grade that And now. Canyon larger there sort seeing mine narrow the in the extend way was sort also Trenton with mined of as known of which to

there... out we to of do, pathway work have clear we So development do before sort come a bit more with a

Mike Parkin

Okay. And legacy access the to do you historical pits drill based core, that have the were on?

Stewart Beckman

Yes.

handed over. that of So all data was

As is of lot a quite happen, are things these the when case those old.

delta. do all the have we But that's perfect. I So say wouldn't

Mike Parkin

it understanding, kind on a scale, my of done benches, From smaller cut-off so elevated. probably was grade smaller is

age a data to see you potential of kind very your of probably, the some Marigold guess bigger make with thoughts that what is scale? for today I at do but be some you it, that given of but lots doing maybe you, that mine terms of grade -- that fruit in confirm actually holes you some on low So and could just low-hanging good maybe cash of look that of

Stewart Beckman

was we'd because in we of outflow was thinking about We if the probably it that, think at was below in reported think as some the do get that grade you're sets, some about certainly, of reported it drilling, report. part anomalies see more time Canyon I Trenton the cut-off, the just the grades this value. ago, when data Well, was as the Yes. with some world done, no when where weren't done it

some analysis going got of projects. -- that's together we've in those the samples. So part, for And drill that that, the redoing of plans we're those back drives and putting

Mike Parkin

of Canada. mostly in We're Turkey Okay. seeing in any -- last Are you or question. tightness some Nevada? seeing crew drill constraint in of kind in that And availability just

Stewart Beckman

We're has in on We've are in drills managed laboratories all but got he what Nevada secure Certainly, this want doing the Jim, it the easy struggling. health. wasn't the year we okay. for manager needs to of Turkey.

that some there. So we tightness have seen there is

Mike Parkin

me, it looking very That's to and much years. for guys. forward next Thanks our

Rodney Antal

sir. Yes,

Operator

Michael from final Capital Please go ahead. Siperco question Markets. with is RBC Our

Michael Siperco

just guidance. years. late had looking Thanks lower very Understandably, lower things that production headline you've from $XXX,XXX are thanks much but discussed. in staying for levers it year you next sequencing for great is fussed that and or the Maybe XXX,XXX-ounce you the possible established, me concerned a the year and at at 'XX? on over XXXX here. And can any 'XX How a couple pull base are X-year about you or Is of mark the outlook Obviously, about at there maybe are all? number? you in an almost you've

Stewart Beckman

had you reports, at it's think take really Copler, all if production that We last operations. Michael, a we of while we the And bring look the it for step telegraphed tech sequencing the mine Cakmaktepe consequence profiles Life have. the aggregation Mine particularly, online. the Look, at and down, I of it a does just in of

not worried no, about as it. we're it's expected So and

can plus future has very goes a stable give that form. really XXX,XXX, been decade to focused that really creating ounces next okay job profile. least to priority our on and a plate XXX,XXX set where that ourselves longer-dated it published. well Our XX-year been sustain then to at and we're we with the and out, tech If XXX,XXX trying Today, and production around been has and reports XXX,XXX ounce with a XXX,XXX down have as targeting

very we achieve that. call confident You heard during the feel say times that, going we're that us probably now to X

been us. priority So that's a really for

Michael Siperco

hitting than And there on you'll XX-week buyback? maybe Okay, guidance Can a capital it in now. which rather close you're be high apologies about then stock, any the I you're but if do a buying update special and active how your allocation, thinking great. missed to you a at dividend very call point or is on where earlier back it you'd quickly

Alison White

Yes.

for thanks to still share other we million to to left with have some repurchase. a question. continue the started shares that also we months intention left had program So few program We We X.X still repurchase and There's shares the on buyback current dividend that or special in into look buyback about we Or on left. do addition valuation like in have program as will would shares have XXXX. on that at the another have And the a as make share reassess, we well consideration something market the to sense for does options even to then that, else. prices, company program? take and it

just all So information a we'll today out that at definitely that on and kind to be of taking that, have. some through everything need come that's time look the and we work based all

Michael Siperco

Okay, Thanks much. great. very good evening. a Have

Rodney Antal

All Thanks, right. Michael.

Operator

session. the Mr. call back to the This I'd to Antal. turn like question-and-answer over concludes

Rodney Antal

Well, thanks Obviously get everyone. today. a lot to to

we as a through huge trolled Obviously, building exciting bit. patience, really your a amount interesting appreciate So a -- on news, fantastic 'XX.

Thanks, date talk So during look to up unfolds. 'XX the year as forward to keeping more, you everyone. and

Operator

call. conference today's concludes This

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