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SSR Mining (SSRM)

Participants
Alex Hunchak Director-Corporate Development and Investor Relations
Rod Antal President and Chief Executive Officer
Alison White Chief Financial Officer
Stew Beckman Chief Operating Officer
Cosmos Chiu CIBC
Michael Siperco RBC Capital Markets
Ovais Habib Scotiabank
Lawson Winder Bank of America Securities
Levi Spry UBS Australia
Mike Parkin National Bank
Call transcript
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Operator

Hello, everyone, and welcome to SSR Mining’s Second Quarter 2022 Conference Call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.

Alex Hunchak

Thank you, operator, and hello, everyone. financial SSR will quarter our provide a of joining during conference business for review we which an our you Mining’s XXXX second call, and Thank performance. update on

our call in release is financial information all our Our second otherwise with GAAP. to U.S. our website. and include EDGAR, webcast, this To financial These will access are have Please on there presented have filed the in relating dollars accompany forward-looking U.S. and discussion you find call. webcast to will been statements figures the the an discussed statements are unless news note SEDAR, quarter that statements. accordance been also Today’s online during consolidated XXXX ASX indicated. the available call, on in

in please relevant the So documents. disclosures the read

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

to his turn I for opening call Rod over remarks. Now, the will

Rod Antal

I’d for hello Thanks, positive to and us. of results. summary a first Alex, start and half our you thanks by brief providing joining like all, to

against and resilience metrics of and pressures continued of production demonstrated our the supply business year-to-date our inflation our The first consolidated the half chain in well XXXX constraints track targets. of as face cost

million. of operating assets with $XXX produced net at Our ounce, four costs XXX,XXX gold $XX.XX attributable sustaining of income per ounces of all-in solid and margins

strength continue return to our us Our drive capital financial peer-leading program.

fuel, continuing in we reagents growing. half nearly and costs. dividend that earlier $XXX Despite buyback a to and or the us This, face to across a the repurchase especially in program with cost first labor to the pressures million are enables together increased shareholders numerous in portfolio, resulted of to year-to-date this quarter, increase strategic the announced we equivalent XX% During yield shares. the positive XX.X million to electricity, year and year returns performance our up milestones, to X.X%

the bucking outpace past trend successfully efforts. seen the XX months, cost mitigation been have over costs now inflation we our have we While

the As a revising of suspension result, the we the guidance presentation. and are the reaffirming temporary our which at of to and first the higher -- are we’ll Çöpler, year our range, cost discuss pressures guidance the macroeconomic for guidance, bottom end albeit the for reflect during production we

a moving value Report relation success want as And Slide to just it highlight So on X. which April, our the business. long highlighted achievements this new ESG during of on XXXX has some and slide, to initiatives and in initiatives. fourth We the number for is, company. ESG values focus underpins for core a next and annual company core the of in our the Sustainability been released I our our to of

water our gas year. During to plan our roll science-based support full with greenhouse XXXX, amongst by this management things, progressed a Furthermore, stewardship X. positive stakeholders future to a which as see reduce next the are complete assets strategy third-party across our all slide, environmental ensure operating is closure post-mining also system establish of our XXXX. zero out forward. our to for action integrated XXXX, On footprint we’ll implementation to we In Slide emissions net to continuing our and going other efforts a expected to developing we commitment reviews we’ll continue safety

impressive record As track XXXX, is of highlighting we through execution. our continue worth it

ensure our production impacted exceeds the While low to end suspension business we’re full guidance. advancing the opportunities has the of projections, year Çöpler of

build the the from. across foundation, that is company where clear plus being a growth the future, that we the The baseline this means coupled Looking for to abundant production XXXX. the have we annually through targets of deliver platform to is baseline XXX,XXX towards ounces progressed opportunity message see just gold key solid the with continue to established portfolio production

as the And to second track established in accretive expands This of Gold, which exploration quarter proven as top and delivery, disciplined of on operational closed well our Saskatchewan. platform the Taiga our Slide and development. Moving history in M&A on of also X. a project record we’ve includes of acquisition

the to and closed in now also sale We Pitarrilla over of two million than straight last more our asset assets. consensus the noncore quarters, proceeds July, $XXX values generated in have sale the four times drive those

strong robust record as balance our execution of Given and well the sheet. project track as operations

respect will and We continue any opportunities evaluate the thoughtfully across with transactions. to future to strategic remain sector disciplined

on Slide So the X.

the and capital XX Early this for accretive yielding driven XX X.X% significant six dividend XX%, $XXX of performance program. second return strategic M&A annually. buyback over that our period, we itself our combination our million by with the that strong payments operating to capital Over programs months that to free in year, capital $XXX out year-to-date, the we are generation nearly reflected in months is our multitude XX.X we and continue capital have And we effective ensured X.X% the expect repurchase shareholders shareholders to returns catalysts last a a of announced $XX X% we dividend a returned Overall, the increased million Combined returned to of effect, is yield. quarterly already peer-leading initiatives results, program with coming million has the yield. to year-to-date months. returns through a strong or over the by which permits Subsequently trend share shares. our already our cash we’ve quarter, base returns XXXX two and flow million

So the to slide on discuss the quarter. next

for the of Just consider a few the to key points relevant quarter.

and XXX,XXX ounce budgets and at our with internal gold in per line of guidance. production cost of half was First all-in $XX.XX ounces sustaining

suspension an in in operations leach improvement incident Çöpler heap resolving initiatives. However, we of June the on of a pending completion XX, had

XXXX. initiatives of We required. quarter We further which the have aligned approvals regulators. remain restart verification, now to towards updates verification move closely pending the we’ll the we’ll as is completed by and the inspection the and work these provide After inspection with during and is required anticipated operations, third regulators,

with on that, discuss over I’ll updated turn the now financial call who X. the XXXX and is Slide to performance going Alison, So to outlook

Alison White

and everyone. evening afternoon, Good Rod. Thanks,

gold equivalent we produced our equivalent ounces the the first with for production line quarter in over half This XXX,XXX of back over profile. ounces gold expectations half year, and in XXX,XXX weighted

earlier, production for our guidance costs $X,XXX all-in lower sustaining mentioned to we end gold range. are revised the to and existing targeting As $X,XXX ounce of per our equivalent guidance

also cost permanent Attributable equivalent higher forward. pursuing aiming sales are million or $X.XX in remain the diluted quarter to $X.XX $XX quarter improvement net pressures net of feature revenue diluted Gold and XXX,XXX mitigate business share drove was to ensure for the initiatives $XX We aggressively $XXX while ounces costs income adjusted share. working was attributable moving possible per do where a continuous or and per not the inflationary of diligently management million of million. income

operating $XX Second quarter million. flow half operating was cash first was and cash $XX million, flow

$XX million free previously half of timing capital outlays tax flow cash the impacted was of payments, and guided. royalty as First and by expenditures capital working

half cash Looking strong distribution with influence the of QX expect free a the during to XX% expected second year, to free half XX% QX. of forecasted we flow the back to cash flow

diluted as against of with $X.XX for side Turkish earnings commentary during the foreign the the for of devalued and U.S. of security some adjustments I’d peso net income lira Slide the minor and dollar quarter currency fluctuations adjusted the of our along tax adjustments Argentinian adjusted marketable per impact for share with mark-to-market right in portfolio. our the net provide $X.XX company’s on reported on per On based is like share. attributable definitions calculated income per to share that Attributable X,

move Let’s we XX the on the to the for Slide outlook of as year. discuss remainder

across business we quarter also Rod, cost from and about XXXX heard pressures talked I guidance had of and suspension the have inflationary seen in the now persistent temporary increased the a we’ve that first result as As our call. and pervasive the

our reflecting end Çöpler. finish we guidance unchanged, While lower the at suspension the range, at expect of year production temporary again this remains the to

cost is lower diesel, Our largest now of for conversion as $X,XXX our lower $X,XXX range as locations. silver to gold And per equivalent and driver prices electricity increased well at guidance the production prices ounce. the of guidance higher volumes and our all-in includes reagent ounces cost all of sustaining

We pressures. of duration impact continue initiatives and to that and focus help cost savings some business improvement cost on these limit the

While on some business in track in the our remain operating deliver wages cost higher remain coming our confident ability we to with years, will items record improvements. like while incorporating

strong is $XXX in the the priorities quarter to detail. a nearly equivalent capital Slide $XXX With would cash that position and we’ll about results talk the balance SSR’s I million, the million. reiterate our net quarter, financial like more in of second now On nearly maintained business. allocation within end to to with Moving mind, cash respect XX, cash At while the cash of company position.

million for including our growth, which to First outage in and capital we CX account XXXX. high will through foremost, $XXX and total will project, reinvest in growth continue exceptionally return approximately

a in gold servicing and to a the robust sheet Next, commitments, whether environment downturn event of price base we debt are balance to committed price. payments even volatility capital of in the dividend ensure fully requirements and our all funded are potential commodity in maintaining

buyback annualized as the This our Stew continue over ensuring of the this over I’ll generation. with XX% impressive approximately it activities million for approach, and the the strengthens our nearly committed earlier increase a year, returns during strong $XX ago. disciplined This capital year-to-date further total of remain the buyback operational appropriately we in update. announced while Third, X.X% an resulted turn company’s million Most of given just dividend share free evidenced $XX an between importantly, capital to share. a the to year. reflects be capital an which buyback announcement with program, cash minimum per by XXXX returns, $X.XX flow program recent year renewed our in to totaling repurchases for or month coupled And returns return that, our a we dividend

Stew Beckman

it and considerable disappointed start with underlying saw are environment and business. as always, our the and reinforce suspension We across talk Safety core Çöpler I’ll working are at rate the [ph] I’ll Çöpler foundational and where above for improvement to but mine. we remains performance. focus. EHSS. values, little were teams, also in and caused Thanks, practices quarter, it business We Alison. a injury want review the of by in the and communities as found on and And our believe the to always, an our systems we the more effort incident, in area be an which care to

Moving on Çöpler. we’ll and XX about Slide to talk

call, re-bricking of given the This sustaining impressive all-in from with weeks took As I higher-cost performance we slightly of a noted of in delivered X shutdown we scheduled the an autoclaves completed in maintenance autoclave them major back planned XX,XXX resulted in first courses started QX. QX our grades of early ounces is mine five at number the which to The shutdown on an production softer lower about three We with cost complete, XXXX. in along quarter. $X,XXX ounce. autoclave over

continue also plant to quarter. ramp We the flotation up in the

Our order we overall more presenting performance are though asset we than good, using plays had we carbonate to still are the hoped, more line. meaning in is

the a was improvements finalized oversight process the pumps leach to awaiting the approval required and of learned officials. burns We restart Today, runoff from The Obviously, Çöpler of track Extension or in once full to including had director have for a are improve lot able Environment operations. year are optimized an the the initiatives, Turkish split of completed team and a have also that business, the this progressed the from CX this by remains operations of contact verification been growth on Ministry one regulatory regulators pleased [ph] to On to visit remain initiatives inspect planned more in a heap Türkiye aiming to the bring to authorities. much collaboration we and is report XXXX maintenance overhang we've of control universities. local through results we working to the we to XXXX. and improvement but progressing by incident, with the during with at positive and the carbonate close has a the to for quarter. operations are in note, of temporary Ardich X We're to a in was of we and under all completed, deliver project feeding Improved restart I’m Çakmaktepe the respect work. XXXX. to the the close of release forward the stronger the that first production expect quarter. more within Enabling three the Çöpler project week With suspension, fourth the and our previously market the returns to Autoclave for been these the PFS relevant

high these of both of potential low the return, by capital excited are We projects. cost

be on material Slide production timing to north ounces cost talk largely all-in of though in can fine impacted back at stacking sustaining expectations almost improvement, to of XX with from Marigold half XX,XXX line production we profile. Moving was continues quarter-over-quarter ounce an the pit, of Marigold. an weighted and by about of delivered production $X,XXX

second of fourth half the higher grade material, expect stronger the the end production quarter. we quarter, a staking Towards began and significantly in two, especially in we a

of XXXX. Marigold We for expect result to for Valmy release to pit this XX,XXX the the and QX XX,XXX we a XXXX to grades. of expanded work just Master at in in expect in June ounces advanced that and and report the the advance market and Plan continued ounces higher EIA expect Valmy in Permitting receive the to District as with

ounces all-in of another XX. Seabee XX,XXX at Next an to $XXX fantastic ounce. an over quarter cost producing sustaining Slide had

record of nearly half record ounces $XXX quarter, the ounce. produced Following mine at production the first XX,XXX an first a

exploration We mine be we've able at the the And master were first and this that documents. showing However, Plan phenomenal Please to the successful, is that more, soon. have we drilling exciting We've Seabee XXXX the we're option a until out we some to of and accelerated development area to move plan The to of a high-grade think we itself pathway zone possess area expect in provide high-grade start for open the this production would growth, the XXXX, accelerating and going potential production reframe Argentina. exploration which $X,XXX the we'll the inflation drove soft the the in Master really are is quarter of have accordingly, ounce. which Santoy bounce of Slide the XXX,XXX ounces. $XX.XX District year access half is half with touch to from very first a to in expected advancing we subsequent moments, targets If XX. to but in quarter we an that to of at good Porky Seabee. for and be sustaining impacted nearly asset silver an XXXX that increase continued also reserves. to expect million extension XXX,XXX don't the future half costs back another that performance. present team. few that Production release the to include ounces - There outcome that to continue of increased can to X work intent John of target, We're in been A in highlight of guidance but progress first I'll pit Seabee. on while development for could the this development better West, all-in high for with cost back to foundation by news

exploration which progressed drilling plant. is in Sea the prospect is definition the we growth CDMPXX to ore mine Turkey, our the highlight I of off Black the this whole expansion We Lastly, Copper earlier progressed across quarter Shane efforts body second region. preparing programs we the the before further some as target, this over XX outlined in quarter. that and additional we the and want Hill progressed Slide at resource half we business to during turn Ardich between Saskatchewan, In year. Also team drilling profile of questions. the the it second just jump are the drilling for year. the exploration restarted to initiatives some that could project, in the which road the results copper the of to development release of at the continues processing these and and At have in in production pure add the complement

reinterpretation also As allows the process I main very an Porky potential In target, future. West the Buffalo reimagine the road operate resource New Trenton plant, and more Valley where Such potential for excited is for the all-season both mine of Drilling the upgrade recent the expansion open operation an noted, underway exploration and to targets encouraging for currently to rig we or exploration progress, and the number the to count and at excitement the such the for indicates is to underground six, and additional Seabee at about plan pit significant regionally. could modeling with We've northwest of an existing near tonnage are drilling in as which target the Millennium near-pit operation and simultaneously the and us illustrating the increased results. now asset. operation. Nevada, Canyon showing of the drilling

included Millennium year. Some portion the our resource annual update New in this should be of later drilling

Hill, time drilling if for since Copper in-pit near opportunities. number end and started look you at team the we to mine exploration possible Rod. and the The includes release extensions, to updates identified extension Thank has of Çöpler, Seabee for course, much we'll and and Puna, technical Marigold mine-life the XXXX. reports exploration Seabee, successful a the very Marigold of Çöpler, Aldrich, that in and back the first new success incorporate of Puna provide of by into at as which you, targets and We to Lastly, as exploration the year, much, plan XXXX. could

Rod Antal

industry, to base. Çöpler mitigate updated developments and positive forward facing guidance and vigilant look proactive and ahead have the at thanks for Certainly, further any Great. and a deliver keep in of we'll external remain required with We remain to we're the which catalysts Thanks, restart the number market we approvals. the our from to the as of We asset operations year impacts. challenges XXXX, significant potentially full regarding on track production Stew, an Alison.

executive the transition while of leadership. at to the go through to contribution senior business team do the welcome we to planned Ebbett I Finally, want this continued John Stewart's

you it hand going So with Q&A. that, I'm for Ariel, to over to

Operator

comes go Cosmos of Our question from Instructions] [Operator first CIBC. Chiu ahead. you. Thank Please

Cosmos Chiu

Thanks, the receipt to And you Rod, are like inspector now and just of or around team are the the approvals? first has Alison, site. presentation. it or Stew it Rod, Stew confirm Maybe And or the my is she? awaiting for sounds is Çöpler on clarify, to been questions now hazy regulatory

Stew Beckman

So have go And of a that today, happen. visits the well. as we'll out. we'll from a And it. approvals receive finished the also we come have that we weekend. inspector There's the And of work bit the inspector to a series through local – it's today, process over

Cosmos Chiu

of after us And the Got in or else more of get you sort would again? approvals, it. everything kind take you've bit long detail to a terms restarted all outline give maybe received your could how autoclaves it of and

Stew Beckman

All up close will days on take it, to coal the start. about four restart [ph]

Cosmos Chiu

terms push then of maintenance, of the second forward half from guess, scheduled to a shutdown you of the in bit the into the are And Great. a maintenance able lining, I plant silver that some period.

a confirm, I weeks half. the about scheduled shutdown to planned you So of in had in previously, guess, terms second three

So and making correct? production. those be talk three necessary, about second Is help when that lost longer half you weeks will we up in will that no of for terms time,

Stew Beckman

Yes.

done and autoclaves, on bricks. on we'll push it the the out be year able to the So all to do we've courses mechanical work the next phased into

Cosmos Chiu

take long talking the the... take you that, or about week on going to it through weeks? you're going to And X.X we year. next the How guess, Stew said, one is I autoclave Are is full Or XXXX? in one as that re-breaking

Stew Beckman

part. critical the be It'll

weeks. be three it'll So or two about

Cosmos Chiu

Okay.

Stew Beckman

don't the of it. autoclave, just We whole do part

Cosmos Chiu

everything see okay up and it Okay, of is to I and guess. you're there, sort go going from then if open

Stew Beckman

been the are certain and of ones phase the that more was that those redoing in course we've it, regions than the There same get are aware others, Yes. that other…

Cosmos Chiu

guidance see brought a that switching you year here. Good the And as think on talked guidance. the maybe Seabee bit for gears Great. up little production I about you've to then

in kind prepared is that QX? updated the some increase on QX of Seabee. the also it half well. second fact element on guidance You that out to performance kind on whereby the some is call for – there mentioned in hit based those remarks to your Or guidance, the you're as you've depending in as outperformed of well the But that production and

Stew Beckman

little we reserves. – forward little a of rate, bit high a the Yes, it's pulled within there’s but

So the it's wouldn't part our say high of plan. I those – lease scheduling. mine normal it's risk,

Cosmos Chiu

question wrap last one to then And up. just things course. Of

know guidance? for inflation could you've that had your mentioned, in in, been your had the Seabee talk talked you I maybe As you in about previous factoring now in has I of only to factored cost a ask, year up of bit about, talked terms increased. it's down in? terms what we you've but is What different. production the for composition the given of about a Çöpler guidance in you're prepared kind bit. remarks, come that has as guidance guidance, production. now that,

far, lower. So is Santoy the bit a cost Seabee,

indeed, still So the terms of I inflation would offsetting go guidance up. your imagine that pressure, of helped in to caused some inflationary but

put just quite bit guidance? into did comments you of conservatism cost some your So Maybe that. a on

Alison White

one. that take I'll Cosmos, Hi,

Cosmos Chiu

Hi, Alison.

Alison White

Hi, you from to today. hear good

So we year we've course a has seen through budgeted. initially did the the not put rate an outpaced run of additional factor what had steady we where certainly into the inflation, inflation

our said on what cost through we the based seen of our year come year. already this we've so guidance And and remainder

a there. the the some inflation across seeing of of overall, the cost record base that And down – increasing are driving you track costs at certainly ounces But of further we're number the – to little increasing Seabee as well, are a bit of elaborate organization. some the

Cosmos Chiu

and again, Alison, Rod. Thanks Stew Great.

those all Of are the course questions I and have.

Stew Beckman

Cosmos. Thanks,

Operator

Our Capital go Siperco RBC next Please Michael comes question Markets. of from ahead.

Michael Siperco

on government's push operation a possible we the visits little bit a is it and more Thanks that if thinking very And days, Is planned schedule. end Or Çöpler. in can of the Should much for could off-line I be to try on through my September, just weeks? be there the taking questions. depending schedule place?

Rod Antal

we Stew terms more a just the activities and it all opening in well in well Look, more site. written bit just on think as documents of our I physical elaborate as Michael, Yes. outlined remarks

And estimate. into today, built in we in based Here best of that's XX the on our sort a know stage, last our start-up this three. what planning quarter At we've hours.

Michael Siperco

XXXX, up you starting and previous the Okay. cost kind seeing cost continuing Are you into you're about well trend to seeing can business? you're how higher? seeing? stabilized your Are as what seeing visibility Any on question beyond maybe stabilize? you on of others then across and some to trends maybe elaborate Copy following costs

Alison White

say, are the fuel, we a starting definitely Michael, looking – are on to we not peak bit but necessarily is would little see I into, of, sorry. to

months, we we’re that inflation we So, seen next of forward, positive fuel. peak will but we future, rate are few going And with the definitely the just some aren’t definitely do to we’re the change what of have over that But expect costs as exact that we’ve year. rate will past into look next that sticky experiencing early to that now on seeing be past be we there pace the into rapid year. is going will the some we necessarily that continue going

Michael Siperco

Okay. forward? hedging, an chains, then changes on to to respect and considering looking And but to Great. in basis, you’re about things stockpiling, imagine plans at terms future supply going your have conclusions changing any mitigation ongoing I are of strategies come with you these you mitigation,

Stew Beckman

have, we planning undertake effectiveness either business. to to opportunities. that’s we that improve be be normal just as operational normal our us. Michael, supply chain continuous cause some always for It improvement, base, – through I our We initiatives there could think a look cost bet could cycle,

of some of definitely for already costs anticipated work we will those our outpaced we sort into of build Alison XXXX. have planning But those So, that mentioned, the as sort cycle.

the up we next out. will months, wrap we’ll netted few where in and that tell So, that us

Michael Siperco

forward to of Ardich maybe at addition next And bit just about the Okay. and one, start-up costs. Çöpler going expand should see the Ardich Çöpler improving how last year, XXXX? a in you and little Can the costs be you trending with back

Stew Beckman

I [ph] think CDMPXX the Ardich that our the earlier expectations in we with technical to report the best what year. issued guide is the

Michael Siperco

responses. much. very Thanks, Appreciated Great. Okay. the

Stew Beckman

Thanks Michael.

Operator

Our from Ovais comes next go Scotiabank. of Habib Please question ahead.

Ovais Habib

morning. good Hi,

questions me. inflation, regarding Maybe of answered. have of some I as cost a been I guess, well Just the as restart had questions for couple

Are follow-up any advance on any Ardich. there So anything just regulatory a permits in or requirements maybe regarding Ardich XXXX? pending production to

Stew Beckman

credit have hard [ph] for having for us. permits Yes. The always the been for

perspective, a technical from So relatively easy. it’s

as bit of all than or and a have our because line moving all mining permits been multiple faster the projects, permits have required far, with schedule. towards in those So been little progress the there’s

we’re still thought on issue of the for So, on track the we what report. technical

Ovais Habib

obviously, then I just Are with exploration some a play and And lot you to you all moving there’s Perfect. exploration on research across. looking then kind of mentioned, deprogram front, mean, out then of and come update early these you these if on master plans you’re looking updates in moving bit a of that? little mine give kind XXXX. can into color with or plans Maybe out to that

Rod Antal

Yes.

the So we’ll the updates issue of and provide for we the year world exploration that holes updates exploration received a the be projects where details and will later this steps typical of we’ve to those.

is how what of the drill part it’s new and quickly density, in, whether We build or existing it deposit which on a depending those will resource evolves resource. then

our much for to as do will into with years, over continuing those explore the be updates. next when the Ardich in incorporated we happened, But we’re of build example, then we as we as normal Ardich. can reports. Some And technical has

can. prospect our continue So, going holes we’ll generation this many forward. that to And we next as drill into we’ll as get to

Ovais Habib

perfect. That’s for Okay, for questions. thanks taking it me. Again my

Rod Antal

Thanks, Ovais.

Operator

Our next America question from comes Bank Winder go ahead. Securities. Lawson Please of of

Lawson Winder

the pushing for update. maybe was evening, now Çöpler why the from instead not Rod, of Nice Steve. the maintenance curious, good Çöpler ask Thanks into just XXXX. at I more time. you and Could it one Hi And I finished both. to Alison about hear

referring restart of kind moment? a to else? second could the relining So, autoplay. I’m any Or come that function is the Is that there the of of expectation your something

Rod Antal

and the we with for November scheduled do arriving. to has It are bricks just

we the time, don’t we’re and They are next we’ll we enough next week. do cost have bricks that carry running, will If do not, we arriving at not work. And for will over the work. all the up some So, if to year.

Lawson Winder

then other and Okay. price gold have for to reserve cost potentially given And inflation, Excellent. just in the any of perhaps assets? assumption increasing light Marigold you thought the

Rod Antal

come we to the We’ll do resource calculations and reserve by course normal and technical the year. the when that as in reports

Lawson Winder

guys... Okay. Do you

Rod Antal

normally we do. As would

Lawson Winder

Is that You that normally do guys right? November. in

Stew Beckman

of Yes. to answer pricing this Lawson. it end market the a anyway. and of We do question anticipated I we don’t at review at your Look, think stage, sort the haven’t year. anything consensus it. review We do We’ll

So to of by It over your reserve raise us be reserve question. arbitrarily it price that driven will won’t just course part reviews. be of just the our

Lawson Winder

Okay. just broader a maybe That’s question. bit And then a of clear.

us Maybe target of and development quite low. mix update on mentioned and stage? metal definitely thinking terms You historically you geography, could just M&A valuations are your in

Stew Beckman

Look, SSR. Lawson, of consider where the in nothing and has would really of we terms we opportunities that changed, for appropriate are types

obviously to across at so think comes like I’ve open very discussions cautious the we’re about we’ve the And haven’t But changed to ensure been be anything current the very with previous about The of look the the mix. we in strategic the in market environment. I of terms desk rationale, anything drivers jurisdictional mentioned that in going fits. or it sort that that

miss this opportunities do up sort and hasn’t us to permutations stage, the haven’t changed and a or as pick drivers, of assessing it. matter market course, to slow to different that’s we down. any this speed ensure we driven we always don’t So something, the but of to Again, of

Lawson Winder

Okay. Thank for today. Sure. you comment your Great.

Rod Antal

you. Thank Good.

Operator

Levi from comes Australia. question next Our UBS Please ahead. of Spry go

Levi Spry

how there call. Porky take Thanks this guys. might I and is found for you you Hi an update have exploration important can there? us what missed it, exploration an question. [indiscernible] through that? but Maybe due Can you, is just

Stew Beckman

that would and been been had looking has work around been a had previously. it been, a geologists had when and at our at So we’ve area, thesis and There I focus we’ve Porky a that. of drilled real as sort perhaps pit, underground exploring look exploring on senior guess

some relatively So relatively but extent. close lower It surface. intercepts, grade it we’ve seems wide, has that had to reasonable

pretty are we So excited about it.

dialogue we’ve will We end got year. the all a of with before when this of we release that do

Levi Spry

Okay, thanks Stew.

I exploration, notice in all So of didn’t that’s today. on much is the it?

Rod Antal

Yes.

sites. for We’re the going them of to do each

holes I Millennium. the Marigold our We’ve that done the we’ll Seabee, around in literally of Çöpler the A has think started Ardich [indiscernible] Canyon Trenton So there in from within Valley, drilling don’t other and targets number poking just the now. Seabee. anything ground that and get units. some which on the New work Buffalo we’ve Çöpler,

Levi Spry

Rod, Okay. you. very much. Thanks Thank

Rod Antal

Thank Good. you.

Operator

Parkin Our Mike next of ahead. Please from Bank. go question National comes

Mike Parkin

missed than the of is have higher really good the earlier high grade Seabee, but this that pulled that high that same potentially into may talk for I area kind guys. the the Hey grades, you this, normal, drove back really in about that QX? had year pocketed

Rod Antal

it about pinches Yes, we drilling directly excited stepped that where are grade we’re up it been now, that. that so a we hoping it what couple we’ve we below looks down. opens so It to into And Çöpler, looks because pretty but then out or back out so level, like get away. a straight of like were and below high level of

we’ve juggled expectation is – reserve in year, However, the we in a first. bit get area my that that out area so mine another that And us that’s this we’ll work actually we’re when to and the to other got back get is need to while XXXX. there. plan But going we’ve

Mike Parkin

it mine infill that sweet of kind where the work of little spot the plans? some in just Is same highlights kind thing

Rod Antal

it’s chasing one we’re grade in to down. The that going extending that Çöpler is it got exploring planned reserve this we’ve reserve and resource the we’re very high that outside within the since

Mike Parkin

Okay. rigs move surface property, maybe kind that. better that And as the South can exploration South allocating your through is versus kind there? of do discovery wall focus or more area? of but is North of Are Fisher of the putting see lot kind up distributed a you like to and fruit like into you force you still I the of hanging vein low structure that hanging the fire something Do more remind for you the to recall a prevalent this at or you update, evenly have near

Rod Antal

these we’ve within got about No, the mine we exploration work that is can the medium at we’ve a so to still that more the that make drilling then, in feed get work of work quantum been plant, most to other here. pulling and Çöpler. Obviously, the term sure we then And the work Çöpler the both convert areas. the do, we testing bit of things targets

And there’s pretty good still a excited probability. think Fisher. about we that We’re

seems depth. gets of it the The to at depth something get going of to Santo thing better Çöpler. South We’re out is grade that find immediately and and that, we at that to develop volume at

to hypothesis holes advance decided a until probably not some will of we’ve develop sort where get deeper that into Çöpler test development resource So we and depth. at

Mike Parkin

Okay. away are or can kind or anything And guys you Turkey of to any active fires respect right Europe, pretty region, just force now? on impact of comment from with far that’s through there’s obviously it’s you regional going

Rod Antal

for been Mike. impact there’s Look, us no

around and in We’re mine. the

news. good a that’s So

Mike Parkin

All right. Excellent.

forward Looking that much. exploration guys. very update to Thanks

Rod Antal

This to Antal. over turn session. the concludes Good. the question-and-answer Thank conference back to Mr. I’d you. like

Rod Antal

continue Great. Well, And around until updates and for joining to forward thanks Çöpler, then everyone. look next us. quarter Thanks goodbye.

Operator

conference to call. concludes disconnect. our free feel Please This