GOLD RESOURCE CORP — Call Transcript 2025

Good morning and welcome to the Gold Resource Corporation third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Following management's presentation, there will be a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by the zero for operator assistance at any time. I would like to remind everyone that this conference is being recorded today, November 5th, 2025, at 12:00 P.M. Eastern Time. I will now turn the conference over to Chet Holyoak, Gold Resource Corporation Chief Financial Officer. Mr. Holyoak, you may proceed. Thank you, Mike, and good morning to everyone. On behalf of the Gold Resource team, I would like to welcome you to our conference call covering our third quarter 2025 results. Before we begin the call, there are a couple of housekeeping matters I would like to address. Please note that certain statements to be made today are forward-looking in nature and, as such, are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings. Please note all amounts referenced during this presentation are in U.S. dollars unless otherwise stated. Joining me on the call today is Allen Palmiere, our President and CEO. Following our prepared remarks, we will be available to answer questions. This conference call is being webcast and will be available for replay on our website later today. Yesterday's news release that was issued following the close of the market and the accompanying Form 10-Q have been filed with the SEC on EDGAR and are also available on our website at www.GoldResourceCorp.com. I will now turn the call over to Allen. Thank you, Chet, and good morning, everyone, or afternoon, I guess, technically. I would like to thank you for joining our third quarter conference call. I would like to address a few points first. Then I will follow that up by addressing operations, followed by Chet addressing the financials. Following these remarks, I'll make a few closing comments, and then we will take questions. I'm pleased to tell you that we are seeing the early signs of a turnaround at our operations in Mexico. As you may be aware, a year ago, we were facing significant challenges. We knew it was necessary to address these challenges, but we were capital constrained. As we were able to raise funds, we began slowly implementing our plans and made some management changes. There were major issues to address. Lack of development severely constrained our production. Our mining fleet needed renewal, and availability further constrained our production. Another issue related to the size of our mining equipment. Our fleet was sized for wider veins, which resulted in inappropriate mining methods having to be employed. It resulted in excessive dilution. As part of our fleet renewal process, we have and are acquiring replacement equipment to address aging assets. Several units appropriately sized for our projected mining requirements have already arrived and are operational. As previously announced to reduce production risk, we engaged a mining contractor to assist in mine development and to focus on mine development and production from the new Three Sisters area. Development by the contractor continues to progress well, with 1,435 meters completed in the Three Sisters area. Their progress has validated our expectations, revealing good vein widths and high-grade mineralization. Notably, this work has enabled the commencement of production from the Three Sisters, marking a significant milestone. The material being extracted from this zone is high in precious metals, reinforcing our confidence in the area's potential. With properly sized equipment, we are changing our mining methods in narrow vein zones. One key improvement has been the introduction of cut-and-fill for approximately 40% of our stopes, which is more profitable in narrow vein applications. By reducing dilution, this method results in lower tons mined while delivering the same metal units to the mill. Lower transportation, crushing, grinding, and processing costs, coupled with higher recovery, results in higher profitability. In addition to the operational improvements we've discussed, we're also benefiting from record-high metal prices. While our strategy does not depend on elevated pricing, these market conditions are certainly contributing to a stronger economic position. This added momentum supports our efforts as we continue executing on the plans that we laid out earlier in the year. I would like now to provide an update on the operations. During the quarter, the operation unfortunately recorded several lost-time injury incidents, which, while concerning, do not reflect our longstanding commitment to maintaining a safe and healthy workplace. In response, we have engaged an external consultant to conduct a comprehensive safety assessment and audit. This initiative will help us identify operational risks, evaluate our current safety maturity, and develop a proactive plan aligned to our zero-accident mindset. Despite a challenging quarter driven by extensive mine development activities, our team implemented key adjustments to mining methods, particularly in the narrower reserve veins and Three Sisters areas to reduce dilution. These changes yielded measurable results, resulted in higher production volumes and enhanced ore grades delivered to the plant. As a result, metallurgical recoveries across all metals exceeded prior quarters. To support our growth strategy, we successfully acquired specialized narrow-vein mining equipment, which has improved selectivity and operational control. While we await the arrival of the third filter press, the dry stack tailing system, we completed several upgrades at the filtration plant. These enhancements have increased productivity per cycle, allowing us to maintain a steady milling rate of approximately 1,350 tons per day on those days that we operate. Permitting and rehabilitation efforts resumed at the Alta Gracia mine, with commissioning targeted for early Q1 of 2026. Mine development and exploration drilling remain critical to sustained production and expanding our resource base. Continued support from our mine development contractor and two diamond drilling contractors is essential to advance our resource-to-reserve conversion pipeline. I'll now pass the presentation over to Chet to discuss the financial results. Thank you, Allen. As we have mentioned in the past, and as you can see when reading our current Form 10-Q, 2025 has been a difficult year. I do not want to rehash all the information in the filed report, but there are a couple of points that I would like to make. We concluded the third quarter with a strong cash position of over $9 million, reflecting both our success in capital raising efforts and disciplined cash management. In addition to this cash balance, as previously noted, our production ramped up significantly towards the end of Q3. We completed multiple shipments in late September, which were still in transit at quarter end. As a result, the associated revenue was recorded under accounts receivable, with cash collections occurring in the first few weeks of October. Importantly, we also showed mining gross profit during the quarter, a key milestone that signals meaningful progress on our path back to profitability. While our cash cost per gold equivalent ounce and all-in sustaining cost per gold equivalent ounce remain above our long-term targets, we are encouraged by the downward trend that was shown during the third quarter. As production efficiency improves and the quality of mined material increases, we are seeing a corresponding reduction in related cost per equivalent ounce. It is also worth highlighting that the current environment of elevated precious metal prices is positively impacting our operations. The precious metal content in our material, especially in silver, has increased, which is contributing meaningfully to our cash flow and overall financial performance. As previously discussed, many of the operational challenges we faced earlier this year stemmed from insufficient underground development, which limited access to multiple mining phases and higher-grade zones. To mitigate these issues and support long-term growth, we made significant capital investments in both underground development and exploration throughout the year. Specifically, we invested over $2.6 million in underground development and more than $6.5 million in underground exploration development, mainly in the Three Sisters area. These investments are already yielding results. As noted, we now have access to multiple mining phases, and production has commenced from the Three Sisters area. We will continue to invest in developing and exploring these areas to meet the long-term plans that we have for the mine. I will now pass the presentation back to Allen for his concluding remarks. Thank you, Chet. Thank you all once again for joining us today and your continued support. It is encouraging to be able to share positive developments, and we are optimistic that the momentum we are experiencing will not only continue but strengthen through the remainder of this year and into next. We are beginning to see the tangible benefits of executing the strategic plans we outlined earlier this year. I would also like to take a moment to address the Bat 40 project. As you are aware, lack of capital has prevented us from advancing the project. With the improvements at our mine in Mexico, we are now able to fund the permitting process and complete a feasibility study, advancing this exceptional project towards a production decision. We expect this work will commence in the next couple of months, and we will be keeping you posted on a regular basis. With that, I'll turn the call over to the operator for questions. Thank you. Ladies and gentlemen, we will now conduct the question-and-answer session. If you do wish to ask a question, please press Star one on your telephone keypad. If you are on a speakerphone, please lift your handset before doing so. If you wish to withdraw your question, you may do so by pressing Star two. Once again, if you wish to ask a question, please press Star one now. Your first question comes from the line of Jake Sekelsky from Alliance Global Partners. Your line is now open. Hi, Allen and team. Thanks for taking my questions. Hi, Jake. Good to hear from you. Just starting with the development work at Three Sisters you were just talking about, are you able to quantify the level of throughput you're targeting from here, I guess, as we head into 2026? We're heading into 2026. We're anticipating that between 40% and 50% of our total production will be coming from Three Sisters. The balance will be split roughly equally between Arista and Switchback. Okay. That's helpful. Do you think you'll hit that 50% balance from Three Sisters in Q1, or do you have a timeline to kind of get to that? We're anticipating it actually being at least 40% in Q1. Potentially higher with the progress that the contractor is making. Certainly, by Q2, we'll be at that run rate. At the latest. I'm anticipating it earlier. Got it. Okay. I mean, we've seen base metals rally the last few months. Any thoughts on hedging to kind of lock in some of those higher credits at these levels? It's something that we consider on a regular basis, Jake. On a fairly regular basis, we go out and get quotes for collars primarily. We've been reticent to hedge in the past. With metal prices where they are, it's something that we are actively considering. I'm not going to say we're going to hedge all of our precious metal by any stretch of the imagination. Zinc is pretty strong. Copper is pretty strong. By underpinning those, it will help us with surety in achieving our cash flows. Got it. Okay. That's helpful. That's all for me. Thanks again. Thanks, Jake. Thank you. Your next question comes from the line of Heiko Ihle. Your line is now open. Hey, Allen. Hey, team. Can you guys hear me all right? You're perfectly clear, Heiko. Good to hear from you. Perfect. I'm standing in the lobby of an office building waiting to go into a one-on-one, so I apologize for the background noise. In your press release, you talked a bit about receiving some used equipment at site. Can you elaborate on what exactly has been received, what you're still waiting for, how much you paid for it, and how you paid for it? Also maybe just maybe quantify the uptime, the delta that you had compared to what you had before? The what delta, Heiko? Sorry. The difference in uptime that you have now versus what you had before with the older model. Okay. I don't know if you have the expenditures at your fingertips. Do you? I do not have them right at my fingertips. Okay. Directionally, Heiko, we've spent probably $4 million on new—it's not new equipment. There's a blend of new and used equipment. We've received two and a half yard scoops, and that's specifically for the narrow vein. We received a six—acquired a six-yard scoop to replace one of the old ones. And we have a jumbo that we have received. We're still waiting for a narrow-profile jumbo for the narrow-vein mining applications. I would anticipate that by the end of this month, we should have most of our mining equipment operational, on-site and operational. Okay. Fair enough. Fair enough. The one thing we—sorry, I just want to elaborate a little bit more, Heiko. The contractor, of course, brought all of their own equipment in, and it's a blend between narrow-vein and long-hole equipment. They have got a couple of small scoops in the batch or six-yard scoops. They have quite a large inventory of equipment, so they are able to bring in what they need on demand. That has freed up our equipment to focus on Arista and Switchback. Fair enough. Okay. That makes sense. You talked a little bit—go ahead. I forgot to mention the availability on the new equipment, and it's running north of 80%. Oh, okay. It's probably quite a big change to what it was before. I assume the old stuff, at least some of the spare parts, can be scavenged and three loaders turn into one, right? That's exactly what we're doing. The old stuff is purchased, and then we salvage all usable parts from it and scrap the frame and anything that's unusable. Yeah. Fair enough. Can you walk us through the impact of cut-and-fill mining, the method, on cost per ton? I mean, obviously, dilution improves, but do we need to make any amendments to our model based on that change? If you have to make amendments, Heiko, the net result would be an increase in revenue per ton mined. The cost. Historically, long-hole is running in the low 40s. Cut-and-fill is running low to mid-50s per ton. The big change, of course, when we were long-hauling the narrow veins, we were unfortunately experiencing dilution in excess of 40%. By properly constraining the cut-and-fill, and we are throwing in a bit of rescuing just to ensure that we get lower dilution, we have managed to bring dilution in those areas down to 13-17%. We are moving 25% less material to the mill, but we are producing, moving all of the mill credits. Your mining cost is up directionally 10-15%, but the volume moved is down by 25% for the same revenue generation or better generation because the delivered head grade is higher. Our recoveries. Correlate with grade. We're getting better recoveries as well. Net-net, it's a significant improvement. Awesome. I'll get back to you. Thank you guys very much. Thanks, Heiko. Thank you. At this time, there are no further questions. I'd like to turn it back over to management for closing remarks. Thank you, Mike. I do want to thank everybody for joining us today. I do want to stress the importance of what we are seeing in terms of a turnaround at the Don David Mine. I'll put it in context a little bit in that July was a terrible month. It was terrible because we were in the midst of converting from long-hole to cut-and-fill in a number of areas of the mine, necessitating additional development. As we got into August, things improved. September, we significantly exceeded our forecast in terms of tons produced. I'm happy to tell you that in October, we significantly exceeded our forecast in terms of tons produced. I'm expecting that to continue for the balance of the year. The turnaround is very much in hand. I expect to be able to tell you when. We next talk that we have seen very significant improvements sustained and looking forward to additional improvement in the future. With that, I will thank you once more for joining us and look forward to speaking to you, if not sooner, for year-end results. Thank you. Thank you. This does conclude today's conference call. Thank you for attending. You may now disconnect your lines.

Speaker 4: Good morning and welcome to the Gold Resource Corporation third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Following management's presentation, there will be a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by the zero for operator assistance at any time. I would like to remind everyone that this conference is being recorded today, November 5th, 2025, at 12:00 P.M. Eastern Time. I will now turn the conference over to Chet Holyoak, Gold Resource Corporation Chief Financial Officer. Mr. Holyoak, you may proceed. Good morning and welcome to the Gold Resource Corporation third quarter 2025 earnings conference call. good morning and welcome to the gold resource corporation third quarter 2025 earnings conference call At this time, all participants are in a listen-only mode. at this time all participants are in a listen-only mode Following management's presentation, there will be a question-and-answer session. following management's presentation there will be a question-and-answer session Instructions will be provided at that time for you to queue up for questions. instructions will be provided at that time for you to queue up for questions If anyone has any difficulties hearing the conference, please press star followed by the zero for operator assistance at any time. if anyone has any difficulties hearing the conference please press star followed by the zero for operator assistance at any time I would like to remind everyone that this conference is being recorded today, November 5th, 2025, at 12:00 P.M. i would like to remind everyone that this conference is being recorded today november 5th 2025 at 12:00 p.m Eastern Time. eastern time I will now turn the conference over to Chet Holyoak, Gold Resource Corporation Chief Financial Officer. i will now turn the conference over to chet holyoak gold resource corporation chief financial officer Mr. Holyoak, you may proceed. mr holyoak you may proceed

Speaker 3: Thank you, Mike, and good morning to everyone. On behalf of the Gold Resource team, I would like to welcome you to our conference call covering our third quarter 2025 results. Before we begin the call, there are a couple of housekeeping matters I would like to address. Please note that certain statements to be made today are forward-looking in nature and, as such, are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings. Please note all amounts referenced during this presentation are in U.S. dollars unless otherwise stated. Joining me on the call today is Allen Palmiere, our President and CEO. Following our prepared remarks, we will be available to answer questions. This conference call is being webcast and will be available for replay on our website later today. Thank you, Mike, and good morning to everyone. thank you mike and good morning to everyone On behalf of the Gold Resource team, I would like to welcome you to our conference call covering our third quarter 2025 results. on behalf of the gold resource team i would like to welcome you to our conference call covering our third quarter 2025 results Before we begin the call, there are a couple of housekeeping matters I would like to address. before we begin the call there are a couple of housekeeping matters i would like to address Please note that certain statements to be made today are forward-looking in nature and, as such, are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings. please note that certain statements to be made today are forward-looking in nature and as such are subject to numerous risks and uncertainties as described in our annual report on form 10-k and other sec filings Please note all amounts referenced during this presentation are in U.S. dollars unless otherwise stated. please note all amounts referenced during this presentation are in u.s dollars unless otherwise stated Joining me on the call today is Allen Palmiere, our President and CEO. joining me on the call today is allen palmiere our president and ceo Following our prepared remarks, we will be available to answer questions. following our prepared remarks we will be available to answer questions This conference call is being webcast and will be available for replay on our website later today. this conference call is being webcast and will be available for replay on our website later today Yesterday's news release that was issued following the close of the market and the accompanying Form 10-Q have been filed with the SEC on EDGAR and are also available on our website at www.GoldResourceCorp.com. I will now turn the call over to Allen. Yesterday's news release that was issued following the close of the market and the accompanying Form 10-Q have been filed with the SEC on EDGAR and are also available on our website at www.GoldResourceCorp.com. yesterday's news release that was issued following the close of the market and the accompanying form 10-q have been filed with the sec on edgar and are also available on our website at www.goldresourcecorp.com I will now turn the call over to Allen. i will now turn the call over to allen

Speaker 1: Thank you, Chet, and good morning, everyone, or afternoon, I guess, technically. I would like to thank you for joining our third quarter conference call. I would like to address a few points first. Then I will follow that up by addressing operations, followed by Chet addressing the financials. Following these remarks, I'll make a few closing comments, and then we will take questions. I'm pleased to tell you that we are seeing the early signs of a turnaround at our operations in Mexico. As you may be aware, a year ago, we were facing significant challenges. We knew it was necessary to address these challenges, but we were capital constrained. As we were able to raise funds, we began slowly implementing our plans and made some management changes. There were major issues to address. Lack of development severely constrained our production. Thank you, Chet, and good morning, everyone, or afternoon, I guess, technically. thank you chet and good morning everyone or afternoon i guess technically I would like to thank you for joining our third quarter conference call. i would like to thank you for joining our third quarter conference call I would like to address a few points first. i would like to address a few points first Then I will follow that up by addressing operations, followed by Chet addressing the financials. then i will follow that up by addressing operations followed by chet addressing the financials Following these remarks, I'll make a few closing comments, and then we will take questions. following these remarks i'll make a few closing comments and then we will take questions I'm pleased to tell you that we are seeing the early signs of a turnaround at our operations in Mexico. i'm pleased to tell you that we are seeing the early signs of a turnaround at our operations in mexico As you may be aware, a year ago, we were facing significant challenges. as you may be aware a year ago we were facing significant challenges We knew it was necessary to address these challenges, but we were capital constrained. we knew it was necessary to address these challenges but we were capital constrained As we were able to raise funds, we began slowly implementing our plans and made some management changes. as we were able to raise funds we began slowly implementing our plans and made some management changes There were major issues to address. there were major issues to address Lack of development severely constrained our production. lack of development severely constrained our production Our mining fleet needed renewal, and availability further constrained our production. Another issue related to the size of our mining equipment. Our fleet was sized for wider veins, which resulted in inappropriate mining methods having to be employed. It resulted in excessive dilution. As part of our fleet renewal process, we have and are acquiring replacement equipment to address aging assets. Several units appropriately sized for our projected mining requirements have already arrived and are operational. As previously announced to reduce production risk, we engaged a mining contractor to assist in mine development and to focus on mine development and production from the new Three Sisters area. Development by the contractor continues to progress well, with 1,435 meters completed in the Three Sisters area. Their progress has validated our expectations, revealing good vein widths and high-grade mineralization. Our mining fleet needed renewal, and availability further constrained our production. our mining fleet needed renewal and availability further constrained our production Another issue related to the size of our mining equipment. another issue related to the size of our mining equipment Our fleet was sized for wider veins, which resulted in inappropriate mining methods having to be employed. our fleet was sized for wider veins which resulted in inappropriate mining methods having to be employed It resulted in excessive dilution. it resulted in excessive dilution As part of our fleet renewal process, we have and are acquiring replacement equipment to address aging assets. as part of our fleet renewal process we have and are acquiring replacement equipment to address aging assets Several units appropriately sized for our projected mining requirements have already arrived and are operational. several units appropriately sized for our projected mining requirements have already arrived and are operational As previously announced to reduce production risk, we engaged a mining contractor to assist in mine development and to focus on mine development and production from the new Three Sisters area. as previously announced to reduce production risk we engaged a mining contractor to assist in mine development and to focus on mine development and production from the new three sisters area Development by the contractor continues to progress well, with 1,435 meters completed in the Three Sisters area. development by the contractor continues to progress well with 1,435 meters completed in the three sisters area Their progress has validated our expectations, revealing good vein widths and high-grade mineralization. their progress has validated our expectations revealing good vein widths and high-grade mineralization Notably, this work has enabled the commencement of production from the Three Sisters, marking a significant milestone. The material being extracted from this zone is high in precious metals, reinforcing our confidence in the area's potential. With properly sized equipment, we are changing our mining methods in narrow vein zones. One key improvement has been the introduction of cut-and-fill for approximately 40% of our stopes, which is more profitable in narrow vein applications. By reducing dilution, this method results in lower tons mined while delivering the same metal units to the mill. Lower transportation, crushing, grinding, and processing costs, coupled with higher recovery, results in higher profitability. In addition to the operational improvements we've discussed, we're also benefiting from record-high metal prices. While our strategy does not depend on elevated pricing, these market conditions are certainly contributing to a stronger economic position. Notably, this work has enabled the commencement of production from the Three Sisters, marking a significant milestone. notably this work has enabled the commencement of production from the three sisters marking a significant milestone The material being extracted from this zone is high in precious metals, reinforcing our confidence in the area's potential. the material being extracted from this zone is high in precious metals reinforcing our confidence in the area's potential With properly sized equipment, we are changing our mining methods in narrow vein zones. with properly sized equipment we are changing our mining methods in narrow vein zones One key improvement has been the introduction of cut-and-fill for approximately 40% of our stopes, which is more profitable in narrow vein applications. one key improvement has been the introduction of cut-and-fill for approximately 40% of our stopes which is more profitable in narrow vein applications By reducing dilution, this method results in lower tons mined while delivering the same metal units to the mill. by reducing dilution this method results in lower tons mined while delivering the same metal units to the mill Lower transportation, crushing, grinding, and processing costs, coupled with higher recovery, results in higher profitability. lower transportation crushing grinding and processing costs coupled with higher recovery results in higher profitability In addition to the operational improvements we've discussed, we're also benefiting from record-high metal prices. in addition to the operational improvements we've discussed we're also benefiting from record-high metal prices While our strategy does not depend on elevated pricing, these market conditions are certainly contributing to a stronger economic position. while our strategy does not depend on elevated pricing these market conditions are certainly contributing to a stronger economic position This added momentum supports our efforts as we continue executing on the plans that we laid out earlier in the year. I would like now to provide an update on the operations. During the quarter, the operation unfortunately recorded several lost-time injury incidents, which, while concerning, do not reflect our longstanding commitment to maintaining a safe and healthy workplace. In response, we have engaged an external consultant to conduct a comprehensive safety assessment and audit. This initiative will help us identify operational risks, evaluate our current safety maturity, and develop a proactive plan aligned to our zero-accident mindset. Despite a challenging quarter driven by extensive mine development activities, our team implemented key adjustments to mining methods, particularly in the narrower reserve veins and Three Sisters areas to reduce dilution. These changes yielded measurable results, resulted in higher production volumes and enhanced ore grades delivered to the plant. This added momentum supports our efforts as we continue executing on the plans that we laid out earlier in the year. this added momentum supports our efforts as we continue executing on the plans that we laid out earlier in the year I would like now to provide an update on the operations. i would like now to provide an update on the operations During the quarter, the operation unfortunately recorded several lost-time injury incidents, which, while concerning, do not reflect our longstanding commitment to maintaining a safe and healthy workplace. during the quarter the operation unfortunately recorded several lost-time injury incidents which while concerning do not reflect our longstanding commitment to maintaining a safe and healthy workplace In response, we have engaged an external consultant to conduct a comprehensive safety assessment and audit. in response we have engaged an external consultant to conduct a comprehensive safety assessment and audit This initiative will help us identify operational risks, evaluate our current safety maturity, and develop a proactive plan aligned to our zero-accident mindset. this initiative will help us identify operational risks evaluate our current safety maturity and develop a proactive plan aligned to our zero-accident mindset Despite a challenging quarter driven by extensive mine development activities, our team implemented key adjustments to mining methods, particularly in the narrower reserve veins and Three Sisters areas to reduce dilution. despite a challenging quarter driven by extensive mine development activities our team implemented key adjustments to mining methods particularly in the narrower reserve veins and three sisters areas to reduce dilution These changes yielded measurable results, resulted in higher production volumes and enhanced ore grades delivered to the plant. these changes yielded measurable results resulted in higher production volumes and enhanced ore grades delivered to the plant As a result, metallurgical recoveries across all metals exceeded prior quarters. To support our growth strategy, we successfully acquired specialized narrow-vein mining equipment, which has improved selectivity and operational control. While we await the arrival of the third filter press, the dry stack tailing system, we completed several upgrades at the filtration plant. These enhancements have increased productivity per cycle, allowing us to maintain a steady milling rate of approximately 1,350 tons per day on those days that we operate. Permitting and rehabilitation efforts resumed at the Alta Gracia mine, with commissioning targeted for early Q1 of 2026. Mine development and exploration drilling remain critical to sustained production and expanding our resource base. Continued support from our mine development contractor and two diamond drilling contractors is essential to advance our resource-to-reserve conversion pipeline. I'll now pass the presentation over to Chet to discuss the financial results. As a result, metallurgical recoveries across all metals exceeded prior quarters. as a result metallurgical recoveries across all metals exceeded prior quarters To support our growth strategy, we successfully acquired specialized narrow-vein mining equipment, which has improved selectivity and operational control. to support our growth strategy we successfully acquired specialized narrow-vein mining equipment which has improved selectivity and operational control While we await the arrival of the third filter press, the dry stack tailing system, we completed several upgrades at the filtration plant. while we await the arrival of the third filter press the dry stack tailing system we completed several upgrades at the filtration plant These enhancements have increased productivity per cycle, allowing us to maintain a steady milling rate of approximately 1,350 tons per day on those days that we operate. these enhancements have increased productivity per cycle allowing us to maintain a steady milling rate of approximately 1,350 tons per day on those days that we operate Permitting and rehabilitation efforts resumed at the Alta Gracia mine, with commissioning targeted for early Q1 of 2026. permitting and rehabilitation efforts resumed at the alta gracia mine with commissioning targeted for early q1 of 2026 Mine development and exploration drilling remain critical to sustained production and expanding our resource base. mine development and exploration drilling remain critical to sustained production and expanding our resource base Continued support from our mine development contractor and two diamond drilling contractors is essential to advance our resource-to-reserve conversion pipeline. continued support from our mine development contractor and two diamond drilling contractors is essential to advance our resource-to-reserve conversion pipeline I'll now pass the presentation over to Chet to discuss the financial results. i'll now pass the presentation over to chet to discuss the financial results

Speaker 3: Thank you, Allen. As we have mentioned in the past, and as you can see when reading our current Form 10-Q, 2025 has been a difficult year. I do not want to rehash all the information in the filed report, but there are a couple of points that I would like to make. We concluded the third quarter with a strong cash position of over $9 million, reflecting both our success in capital raising efforts and disciplined cash management. In addition to this cash balance, as previously noted, our production ramped up significantly towards the end of Q3. We completed multiple shipments in late September, which were still in transit at quarter end. As a result, the associated revenue was recorded under accounts receivable, with cash collections occurring in the first few weeks of October. Thank you, Allen. thank you allen As we have mentioned in the past, and as you can see when reading our current Form 10-Q, 2025 has been a difficult year. as we have mentioned in the past and as you can see when reading our current form 10-q 2025 has been a difficult year I do not want to rehash all the information in the filed report, but there are a couple of points that I would like to make. i do not want to rehash all the information in the filed report but there are a couple of points that i would like to make We concluded the third quarter with a strong cash position of over $9 million, reflecting both our success in capital raising efforts and disciplined cash management. we concluded the third quarter with a strong cash position of over $9 million reflecting both our success in capital raising efforts and disciplined cash management In addition to this cash balance, as previously noted, our production ramped up significantly towards the end of Q3. in addition to this cash balance as previously noted our production ramped up significantly towards the end of q3 We completed multiple shipments in late September, which were still in transit at quarter end. we completed multiple shipments in late september which were still in transit at quarter end As a result, the associated revenue was recorded under accounts receivable, with cash collections occurring in the first few weeks of October. as a result the associated revenue was recorded under accounts receivable with cash collections occurring in the first few weeks of october Importantly, we also showed mining gross profit during the quarter, a key milestone that signals meaningful progress on our path back to profitability. While our cash cost per gold equivalent ounce and all-in sustaining cost per gold equivalent ounce remain above our long-term targets, we are encouraged by the downward trend that was shown during the third quarter. As production efficiency improves and the quality of mined material increases, we are seeing a corresponding reduction in related cost per equivalent ounce. It is also worth highlighting that the current environment of elevated precious metal prices is positively impacting our operations. The precious metal content in our material, especially in silver, has increased, which is contributing meaningfully to our cash flow and overall financial performance. Importantly, we also showed mining gross profit during the quarter, a key milestone that signals meaningful progress on our path back to profitability. importantly we also showed mining gross profit during the quarter a key milestone that signals meaningful progress on our path back to profitability While our cash cost per gold equivalent ounce and all-in sustaining cost per gold equivalent ounce remain above our long-term targets, we are encouraged by the downward trend that was shown during the third quarter. while our cash cost per gold equivalent ounce and all-in sustaining cost per gold equivalent ounce remain above our long-term targets we are encouraged by the downward trend that was shown during the third quarter As production efficiency improves and the quality of mined material increases, we are seeing a corresponding reduction in related cost per equivalent ounce. as production efficiency improves and the quality of mined material increases we are seeing a corresponding reduction in related cost per equivalent ounce It is also worth highlighting that the current environment of elevated precious metal prices is positively impacting our operations. it is also worth highlighting that the current environment of elevated precious metal prices is positively impacting our operations The precious metal content in our material, especially in silver, has increased, which is contributing meaningfully to our cash flow and overall financial performance. the precious metal content in our material especially in silver has increased which is contributing meaningfully to our cash flow and overall financial performance As previously discussed, many of the operational challenges we faced earlier this year stemmed from insufficient underground development, which limited access to multiple mining phases and higher-grade zones. To mitigate these issues and support long-term growth, we made significant capital investments in both underground development and exploration throughout the year. Specifically, we invested over $2.6 million in underground development and more than $6.5 million in underground exploration development, mainly in the Three Sisters area. These investments are already yielding results. As noted, we now have access to multiple mining phases, and production has commenced from the Three Sisters area. We will continue to invest in developing and exploring these areas to meet the long-term plans that we have for the mine. I will now pass the presentation back to Allen for his concluding remarks. As previously discussed, many of the operational challenges we faced earlier this year stemmed from insufficient underground development, which limited access to multiple mining phases and higher-grade zones. as previously discussed many of the operational challenges we faced earlier this year stemmed from insufficient underground development which limited access to multiple mining phases and higher-grade zones To mitigate these issues and support long-term growth, we made significant capital investments in both underground development and exploration throughout the year. to mitigate these issues and support long-term growth we made significant capital investments in both underground development and exploration throughout the year Specifically, we invested over $2.6 million in underground development and more than $6.5 million in underground exploration development, mainly in the Three Sisters area. specifically we invested over $2.6 million in underground development and more than $6.5 million in underground exploration development mainly in the three sisters area These investments are already yielding results. these investments are already yielding results As noted, we now have access to multiple mining phases, and production has commenced from the Three Sisters area. as noted we now have access to multiple mining phases and production has commenced from the three sisters area We will continue to invest in developing and exploring these areas to meet the long-term plans that we have for the mine. we will continue to invest in developing and exploring these areas to meet the long-term plans that we have for the mine I will now pass the presentation back to Allen for his concluding remarks. i will now pass the presentation back to allen for his concluding remarks

Speaker 1: Thank you, Chet. Thank you all once again for joining us today and your continued support. It is encouraging to be able to share positive developments, and we are optimistic that the momentum we are experiencing will not only continue but strengthen through the remainder of this year and into next. We are beginning to see the tangible benefits of executing the strategic plans we outlined earlier this year. I would also like to take a moment to address the Bat 40 project. As you are aware, lack of capital has prevented us from advancing the project. With the improvements at our mine in Mexico, we are now able to fund the permitting process and complete a feasibility study, advancing this exceptional project towards a production decision. We expect this work will commence in the next couple of months, and we will be keeping you posted on a regular basis. Thank you, Chet. thank you chet Thank you all once again for joining us today and your continued support. It is encouraging to be able to share positive developments, and we are optimistic that the momentum we are experiencing will not only continue but strengthen through the remainder of this year and into next. We are beginning to see the tangible benefits of executing the strategic plans we outlined earlier this year. I would also like to take a moment to address the Bat 40 project. thank you all once again for joining us today and your continued support. it is encouraging to be able to share positive developments and we are optimistic that the momentum we are experiencing will not only continue but strengthen through the remainder of this year and into next. we are beginning to see the tangible benefits of executing the strategic plans we outlined earlier this year. i would also like to take a moment to address the bat 40 project As you are aware, lack of capital has prevented us from advancing the project. as you are aware lack of capital has prevented us from advancing the project With the improvements at our mine in Mexico, we are now able to fund the permitting process and complete a feasibility study, advancing this exceptional project towards a production decision. with the improvements at our mine in mexico we are now able to fund the permitting process and complete a feasibility study advancing this exceptional project towards a production decision We expect this work will commence in the next couple of months, and we will be keeping you posted on a regular basis. we expect this work will commence in the next couple of months and we will be keeping you posted on a regular basis With that, I'll turn the call over to the operator for questions. With that, I'll turn the call over to the operator for questions. with that i'll turn the call over to the operator for questions

Speaker 4: Thank you. Ladies and gentlemen, we will now conduct the question-and-answer session. If you do wish to ask a question, please press Star one on your telephone keypad. If you are on a speakerphone, please lift your handset before doing so. If you wish to withdraw your question, you may do so by pressing Star two. Once again, if you wish to ask a question, please press Star one now. Your first question comes from the line of Jake Sekelsky from Alliance Global Partners. Your line is now open. Thank you. thank you Ladies and gentlemen, we will now conduct the question-and-answer session. ladies and gentlemen we will now conduct the question-and-answer session If you do wish to ask a question, please press Star one on your telephone keypad. if you do wish to ask a question please press star one on your telephone keypad If you are on a speakerphone, please lift your handset before doing so. if you are on a speakerphone please lift your handset before doing so If you wish to withdraw your question, you may do so by pressing Star two. if you wish to withdraw your question you may do so by pressing star two Once again, if you wish to ask a question, please press Star one now. once again if you wish to ask a question please press star one now Your first question comes from the line of Jake Sekelsky from Alliance Global Partners. your first question comes from the line of jake sekelsky from alliance global partners Your line is now open. your line is now open

Speaker 2: Hi, Allen and team. Thanks for taking my questions. Hi, Allen and team. hi allen and team Thanks for taking my questions. thanks for taking my questions

Speaker 1: Hi, Jake. Good to hear from you. Hi, Jake. hi jake Good to hear from you. good to hear from you

Speaker 2: Just starting with the development work at Three Sisters you were just talking about, are you able to quantify the level of throughput you're targeting from here, I guess, as we head into 2026? Just starting with the development work at Three Sisters you were just talking about, are you able to quantify the level of throughput you're targeting from here, I guess, as we head into 2026? just starting with the development work at three sisters you were just talking about are you able to quantify the level of throughput you're targeting from here i guess as we head into 2026

Speaker 1: We're heading into 2026. We're anticipating that between 40% and 50% of our total production will be coming from Three Sisters. The balance will be split roughly equally between Arista and Switchback. We're heading into 2026. we're heading into 2026 We're anticipating that between 40% and 50% of our total production will be coming from Three Sisters. we're anticipating that between 40% and 50% of our total production will be coming from three sisters The balance will be split roughly equally between Arista and Switchback. the balance will be split roughly equally between arista and switchback

Speaker 2: Okay. That's helpful. Do you think you'll hit that 50% balance from Three Sisters in Q1, or do you have a timeline to kind of get to that? Okay. okay That's helpful. that's helpful Do you think you'll hit that 50% balance from Three Sisters in Q1, or do you have a timeline to kind of get to that? do you think you'll hit that 50% balance from three sisters in q1 or do you have a timeline to kind of get to that

Speaker 1: We're anticipating it actually being at least 40% in Q1. Potentially higher with the progress that the contractor is making. Certainly, by Q2, we'll be at that run rate. At the latest. I'm anticipating it earlier. We're anticipating it actually being at least 40% in Q1. we're anticipating it actually being at least 40% in q1 Potentially higher with the progress that the contractor is making. potentially higher with the progress that the contractor is making Certainly, by Q2, we'll be at that run rate. certainly by q2 we'll be at that run rate At the latest. at the latest I'm anticipating it earlier. i'm anticipating it earlier

Speaker 2: Got it. Okay. I mean, we've seen base metals rally the last few months. Any thoughts on hedging to kind of lock in some of those higher credits at these levels? Got it. got it Okay. okay I mean, we've seen base metals rally the last few months. i mean we've seen base metals rally the last few months Any thoughts on hedging to kind of lock in some of those higher credits at these levels? any thoughts on hedging to kind of lock in some of those higher credits at these levels

Speaker 1: It's something that we consider on a regular basis, Jake. On a fairly regular basis, we go out and get quotes for collars primarily. We've been reticent to hedge in the past. With metal prices where they are, it's something that we are actively considering. I'm not going to say we're going to hedge all of our precious metal by any stretch of the imagination. Zinc is pretty strong. Copper is pretty strong. By underpinning those, it will help us with surety in achieving our cash flows. It's something that we consider on a regular basis, Jake. it's something that we consider on a regular basis jake On a fairly regular basis, we go out and get quotes for collars primarily. on a fairly regular basis we go out and get quotes for collars primarily We've been reticent to hedge in the past. we've been reticent to hedge in the past With metal prices where they are, it's something that we are actively considering. with metal prices where they are it's something that we are actively considering I'm not going to say we're going to hedge all of our precious metal by any stretch of the imagination. i'm not going to say we're going to hedge all of our precious metal by any stretch of the imagination Zinc is pretty strong. zinc is pretty strong Copper is pretty strong. copper is pretty strong By underpinning those, it will help us with surety in achieving our cash flows. by underpinning those it will help us with surety in achieving our cash flows

Speaker 2: Got it. Okay. That's helpful. That's all for me. Thanks again. Got it. got it Okay. okay That's helpful. that's helpful That's all for me. that's all for me Thanks again. thanks again

Speaker 1: Thanks, Jake. Thanks, Jake. thanks jake

Speaker 4: Thank you. Your next question comes from the line of Heiko Ihle. Your line is now open. Thank you. thank you Your next question comes from the line of Heiko Ihle. your next question comes from the line of heiko ihle Your line is now open. your line is now open

Speaker 5: Hey, Allen. Hey, team. Can you guys hear me all right? Hey, Allen. hey allen Hey, team. hey team Can you guys hear me all right? can you guys hear me all right

Speaker 1: You're perfectly clear, Heiko. Good to hear from you. You're perfectly clear, Heiko. you're perfectly clear heiko Good to hear from you. good to hear from you

Speaker 5: Perfect. I'm standing in the lobby of an office building waiting to go into a one-on-one, so I apologize for the background noise. In your press release, you talked a bit about receiving some used equipment at site. Can you elaborate on what exactly has been received, what you're still waiting for, how much you paid for it, and how you paid for it? Also maybe just maybe quantify the uptime, the delta that you had compared to what you had before? Perfect. perfect I'm standing in the lobby of an office building waiting to go into a one-on-one, so I apologize for the background noise. i'm standing in the lobby of an office building waiting to go into a one-on-one so i apologize for the background noise In your press release, you talked a bit about receiving some used equipment at site. in your press release you talked a bit about receiving some used equipment at site Can you elaborate on what exactly has been received, what you're still waiting for, how much you paid for it, and how you paid for it? can you elaborate on what exactly has been received what you're still waiting for how much you paid for it and how you paid for it Also maybe just maybe quantify the uptime, the delta that you had compared to what you had before? also maybe just maybe quantify the uptime the delta that you had compared to what you had before

Speaker 1: The what delta, Heiko? Sorry. The what delta, Heiko? the what delta heiko Sorry. sorry

Speaker 5: The difference in uptime that you have now versus what you had before with the older model. The difference in uptime that you have now versus what you had before with the older model. the difference in uptime that you have now versus what you had before with the older model

Speaker 1: Okay. I don't know if you have the expenditures at your fingertips. Do you? Okay. okay I don't know if you have the expenditures at your fingertips. i don't know if you have the expenditures at your fingertips Do you? do you

Speaker 3: I do not have them right at my fingertips. I do not have them right at my fingertips. i do not have them right at my fingertips

Speaker 1: Okay. Directionally, Heiko, we've spent probably $4 million on new—it's not new equipment. There's a blend of new and used equipment. We've received two and a half yard scoops, and that's specifically for the narrow vein. We received a six—acquired a six-yard scoop to replace one of the old ones. And we have a jumbo that we have received. We're still waiting for a narrow-profile jumbo for the narrow-vein mining applications. I would anticipate that by the end of this month, we should have most of our mining equipment operational, on-site and operational. Okay. okay Directionally, Heiko, we've spent probably $4 million on new—it's not new equipment. directionally heiko we've spent probably $4 million on new—it's not new equipment There's a blend of new and used equipment. there's a blend of new and used equipment We've received two and a half yard scoops, and that's specifically for the narrow vein. we've received two and a half yard scoops and that's specifically for the narrow vein We received a six—acquired a six-yard scoop to replace one of the old ones. we received a six—acquired a six-yard scoop to replace one of the old ones And we have a jumbo that we have received. and we have a jumbo that we have received We're still waiting for a narrow-profile jumbo for the narrow-vein mining applications. we're still waiting for a narrow-profile jumbo for the narrow-vein mining applications I would anticipate that by the end of this month, we should have most of our mining equipment operational, on-site and operational. i would anticipate that by the end of this month we should have most of our mining equipment operational on-site and operational

Speaker 5: Okay. Fair enough. Fair enough. Okay. okay Fair enough. fair enough Fair enough. fair enough

Speaker 1: The one thing we—sorry, I just want to elaborate a little bit more, Heiko. The contractor, of course, brought all of their own equipment in, and it's a blend between narrow-vein and long-hole equipment. They have got a couple of small scoops in the batch or six-yard scoops. They have quite a large inventory of equipment, so they are able to bring in what they need on demand. That has freed up our equipment to focus on Arista and Switchback. The one thing we—sorry, I just want to elaborate a little bit more, Heiko. the one thing we—sorry i just want to elaborate a little bit more heiko The contractor, of course, brought all of their own equipment in, and it's a blend between narrow-vein and long-hole equipment. the contractor of course brought all of their own equipment in and it's a blend between narrow-vein and long-hole equipment They have got a couple of small scoops in the batch or six-yard scoops. they have got a couple of small scoops in the batch or six-yard scoops They have quite a large inventory of equipment, so they are able to bring in what they need on demand. they have quite a large inventory of equipment so they are able to bring in what they need on demand That has freed up our equipment to focus on Arista and Switchback. that has freed up our equipment to focus on arista and switchback

Speaker 5: Fair enough. Okay. That makes sense. You talked a little bit—go ahead. Fair enough. fair enough Okay. okay That makes sense. that makes sense You talked a little bit—go ahead. you talked a little bit—go ahead

Speaker 1: I forgot to mention the availability on the new equipment, and it's running north of 80%. I forgot to mention the availability on the new equipment, and it's running north of 80%. i forgot to mention the availability on the new equipment and it's running north of 80%

Speaker 5: Oh, okay. It's probably quite a big change to what it was before. I assume the old stuff, at least some of the spare parts, can be scavenged and three loaders turn into one, right? Oh, okay. oh okay It's probably quite a big change to what it was before. it's probably quite a big change to what it was before I assume the old stuff, at least some of the spare parts, can be scavenged and three loaders turn into one, right? i assume the old stuff at least some of the spare parts can be scavenged and three loaders turn into one right

Speaker 1: That's exactly what we're doing. The old stuff is purchased, and then we salvage all usable parts from it and scrap the frame and anything that's unusable. That's exactly what we're doing. that's exactly what we're doing The old stuff is purchased, and then we salvage all usable parts from it and scrap the frame and anything that's unusable. the old stuff is purchased and then we salvage all usable parts from it and scrap the frame and anything that's unusable

Speaker 5: Yeah. Fair enough. Can you walk us through the impact of cut-and-fill mining, the method, on cost per ton? I mean, obviously, dilution improves, but do we need to make any amendments to our model based on that change? Yeah. yeah Fair enough. fair enough Can you walk us through the impact of cut-and-fill mining, the method, on cost per ton? can you walk us through the impact of cut-and-fill mining the method on cost per ton I mean, obviously, dilution improves, but do we need to make any amendments to our model based on that change? i mean obviously dilution improves but do we need to make any amendments to our model based on that change

Speaker 1: If you have to make amendments, Heiko, the net result would be an increase in revenue per ton mined. The cost. Historically, long-hole is running in the low 40s. Cut-and-fill is running low to mid-50s per ton. The big change, of course, when we were long-hauling the narrow veins, we were unfortunately experiencing dilution in excess of 40%. By properly constraining the cut-and-fill, and we are throwing in a bit of rescuing just to ensure that we get lower dilution, we have managed to bring dilution in those areas down to 13-17%. We are moving 25% less material to the mill, but we are producing, moving all of the mill credits. Your mining cost is up directionally 10-15%, but the volume moved is down by 25% for the same revenue generation or better generation because the delivered head grade is higher. Our recoveries. If you have to make amendments, Heiko, the net result would be an increase in revenue per ton mined. if you have to make amendments heiko the net result would be an increase in revenue per ton mined The cost. the cost Historically, long-hole is running in the low 40s. historically long-hole is running in the low 40s Cut-and-fill is running low to mid-50s per ton. cut-and-fill is running low to mid-50s per ton The big change, of course, when we were long-hauling the narrow veins, we were unfortunately experiencing dilution in excess of 40%. the big change of course when we were long-hauling the narrow veins we were unfortunately experiencing dilution in excess of 40% By properly constraining the cut-and-fill, and we are throwing in a bit of rescuing just to ensure that we get lower dilution, we have managed to bring dilution in those areas down to 13-17%. by properly constraining the cut-and-fill and we are throwing in a bit of rescuing just to ensure that we get lower dilution we have managed to bring dilution in those areas down to 13-17% We are moving 25% less material to the mill, but we are producing, moving all of the mill credits. we are moving 25% less material to the mill but we are producing moving all of the mill credits Your mining cost is up directionally 10-15%, but the volume moved is down by 25% for the same revenue generation or better generation because the delivered head grade is higher. your mining cost is up directionally 10-15% but the volume moved is down by 25% for the same revenue generation or better generation because the delivered head grade is higher Our recoveries. our recoveries Correlate with grade. We're getting better recoveries as well. Net-net, it's a significant improvement. Correlate with grade. correlate with grade We're getting better recoveries as well. we're getting better recoveries as well Net-net, it's a significant improvement. net-net it's a significant improvement

Speaker 5: Awesome. I'll get back to you. Thank you guys very much. Awesome. awesome I'll get back to you. i'll get back to you Thank you guys very much. thank you guys very much

Speaker 1: Thanks, Heiko. Thanks, Heiko. thanks heiko

Speaker 4: Thank you. At this time, there are no further questions. I'd like to turn it back over to management for closing remarks. Thank you. thank you At this time, there are no further questions. at this time there are no further questions I'd like to turn it back over to management for closing remarks. i'd like to turn it back over to management for closing remarks

Speaker 1: Thank you, Mike. I do want to thank everybody for joining us today. I do want to stress the importance of what we are seeing in terms of a turnaround at the Don David Mine. I'll put it in context a little bit in that July was a terrible month. It was terrible because we were in the midst of converting from long-hole to cut-and-fill in a number of areas of the mine, necessitating additional development. As we got into August, things improved. September, we significantly exceeded our forecast in terms of tons produced. I'm happy to tell you that in October, we significantly exceeded our forecast in terms of tons produced. I'm expecting that to continue for the balance of the year. The turnaround is very much in hand. I expect to be able to tell you when. Thank you, Mike. thank you mike I do want to thank everybody for joining us today. i do want to thank everybody for joining us today I do want to stress the importance of what we are seeing in terms of a turnaround at the Don David Mine. i do want to stress the importance of what we are seeing in terms of a turnaround at the don david mine I'll put it in context a little bit in that July was a terrible month. i'll put it in context a little bit in that july was a terrible month It was terrible because we were in the midst of converting from long-hole to cut-and-fill in a number of areas of the mine, necessitating additional development. it was terrible because we were in the midst of converting from long-hole to cut-and-fill in a number of areas of the mine necessitating additional development As we got into August, things improved. as we got into august things improved September, we significantly exceeded our forecast in terms of tons produced. september we significantly exceeded our forecast in terms of tons produced I'm happy to tell you that in October, we significantly exceeded our forecast in terms of tons produced. i'm happy to tell you that in october we significantly exceeded our forecast in terms of tons produced I'm expecting that to continue for the balance of the year. i'm expecting that to continue for the balance of the year The turnaround is very much in hand. the turnaround is very much in hand I expect to be able to tell you when. i expect to be able to tell you when We next talk that we have seen very significant improvements sustained and looking forward to additional improvement in the future. With that, I will thank you once more for joining us and look forward to speaking to you, if not sooner, for year-end results. Thank you. We next talk that we have seen very significant improvements sustained and looking forward to additional improvement in the future. we next talk that we have seen very significant improvements sustained and looking forward to additional improvement in the future With that, I will thank you once more for joining us and look forward to speaking to you, if not sooner, for year-end results. with that i will thank you once more for joining us and look forward to speaking to you if not sooner for year-end results Thank you. thank you

Speaker 4: Thank you. This does conclude today's conference call. Thank you for attending. You may now disconnect your lines. Thank you. thank you This does conclude today's conference call. this does conclude today's conference call Thank you for attending. thank you for attending You may now disconnect your lines. you may now disconnect your lines