GOLD RESOURCE CORP — Call Transcript 2026

Thank you, Ina, and good morning to everyone. On behalf of the Gold Resource team, I would like to welcome you to our conference call covering our second 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 US 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 available on our website at www.goldresourcecorp.com. I will now turn the call over to Allen Palmiere. Good morning, everyone, and thank you, Chet. I'd like to welcome all of you to the second quarter conference call. I'll be making a few prepared remarks followed by an opportunity for questions and answers. I'd like to begin by addressing a few key points regarding our performance and outlook. As discussed previously, 2024 presented several challenges for us, and many of those issues persisted into the first half of 2025, as demonstrated unfortunately by our financial performance. Specifically, we continued to experience production constraints stemming from limited availability within our aging mobile mine equipment fleet, compounded by a lack of sufficient mining phases. These factors led to production levels declining for the first half of the year. While the situation has certainly been difficult, it was anticipated. Accordingly, we were and are very focused on cash management. I'm proud of our team that rose to the occasion. Thanks to a private placement and the significant income tax refund in Q1, ATM sales in Q1 and Q2, our securing of a loan in Q2, we have obtained sufficient funding to execute the plans that we have previously discussed. I'm pleased to share that we now have momentum on our side and began executing on many of the initiatives we've been discussing over the past several months. We continue to prioritize infill and exploration drilling near the known resources. As the press release last week disclosed, we're having significant success. The Three Sisters remains a focus. The mineralization is open along strike and down dip. Recent drill holes show the grade continues to be attractive and the veins are wide enough for productive selective mining. Additionally, we're drilling the down dip extensions of both Arista and Switchback with very encouraging results. We have engaged Cominvi Servicios, an experienced underground mining contractor, to accelerate the development into and production from the Three Sisters vein system. To refresh everyone's memory, the Three Sisters is a new vein swarm that was first discovered two years ago. It is between the 2 original swarms or mines known as Arista and Switchback. It is higher in elevation than Switchback and is closer to the portal or the entrance to the mine, thus reducing the cost of haulage and importantly, ventilation. Most importantly, it is higher up on the geological column, which results in higher precious metal grades. The higher grades will have a significant impact on the mine's profitability. By using a contractor, we will be able to access this area more quickly than originally anticipated, allowing us to bring forward high-grade zones earlier in the mine plan. Accelerating access to this area is expected to have a positive impact on profitability. I'm very happy to be able to tell you that last week I was underground in the mine and saw the first production stope from Three Sisters being pulled. This is a major inflection point for the Don David mine as this area represents the future. By year-end, we expect fully 50% of our production to be coming from the Three Sisters. We have also changed our mining methods for most of the mine. Historically, the Don David Gold Mine has been a long-hole mine as the widths of the veins lent themselves to this mining method. Over time, the width of the veins has decreased, and accordingly, we're in the process of transitioning to a mining method known as cut and fill. This method is more selective and results in much lower dilution in narrow veins. Specifically, we have been averaging about 40% dilution with long-hole mining in narrow veins, and with cut and fill, this has been reduced to 17% in July. This translates into less tons mined while recovering the same metal. Less tons implies lower mining costs and milling costs for the same amount of metal recovered. The changeover takes time and continues. By the end of the third quarter, we will be seeing the benefits. We've begun acquiring used equipment to begin replacing our aging mobile mining fleet. The current equipment is old and requires substantial maintenance, which in turn reduces its availability and efficiency. Our approach to upgrading the fleet is measured and deliberate. We are focusing on acquiring gently used, hopefully, readily available, and appropriately sized equipment that aligns with the needs of our operation. We're starting with the most critical replacements and will expand purchases gradually based on operational priorities and necessity. This approach is justified by the long lead time for new equipment and by the change in mining method. Mining more selectively requires smaller equipment. For instance, long hole mining utilizes 6-yard scoops. Scoops are basically an underground loader with a big bucket, 6 yards. We're going to be utilizing two-and-a-half-yard scoops going forward, which allows us to mine selectively narrow, narrower openings, less dilution, and higher recovery of metal. We've placed an order for a third dry stack filter press to expand our processing capacity. Currently, our throughput is constrained by the limitations of the two existing filters. Adding a third unit will eliminate this bottleneck, allowing us to process more ore, but critically maintain a constant feed rate, which is a prerequisite for good metal recovery. This increase in capacity and recovery is expected to drive higher payable metal and improved profitability. The company has also initiated a comprehensive analysis of reagent usage and process flow within the processing plant. This review has already led to changes in reagents, resulting in improved metal recovery and payability. Payability is the term that is used to describe the quality of the concentrate produced and minimize it. By increasing payability, we minimize the inappropriate metals reporting to various concentrates, i.e., we reduce the amount of lead reporting to the copper concentrate and vice versa, thus improving the amount of payable metal because we only get paid for copper in the copper con, and we only get paid for lead in the lead con. Early results have been very encouraging, and as the analysis continues, we expect to see further enhancements in both recovery rates and overall metal payability. Thank you all once again for joining the call and for your continuing support during these challenging times. The good news is that we're beginning to see positive momentum. Our plan is being implemented as intended. Everything we're doing is part of a deliberate and controlled strategy, and we're confident in our ability to execute it successfully. While the turnaround will take time, key developments such as the acceleration of the Three Sisters, the arrival of newer equipment, ongoing enhancements to the processing facility, and continued exploration success are positioning us very strongly for the future. We firmly believe that the Don David Mine will once again become a significant cash generator. Now, with that, I'll turn the call over to the operator for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the 1 on your telephone keypad. You will hear a prompt that your hand has been raised. Should you wish to cancel your request, please press star followed by the 2. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Once again, should you have a question over the phone, please press star followed by the 1 on your telephone keypad. There are no questions at this time. Mr. Allen Palmiere, please proceed. Thank you, operator. Thank you again for joining this call. I would like to believe explanations were so concise that no questions arose. If you have any follow-up questions, I think you all know how to contact us. I'd be happy to answer them in person or online. That being said, thank you very much, and we will be talking to everyone at the end of Q3. Thank you, operator. This concludes today's call. Thank you for participating. You may all disconnect.

Speaker 2: Thank you, Ina, and good morning to everyone. On behalf of the Gold Resource team, I would like to welcome you to our conference call covering our second 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 US 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, Ina, and good morning to everyone. thank you ina and good morning to everyone On behalf of the Gold Resource team, I would like to welcome you to our conference call covering our second quarter 2025 results. on behalf of the gold resource team i would like to welcome you to our conference call covering our second 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 US dollars, unless otherwise stated. please note all amounts referenced during this presentation are in us 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 available on our website at www.goldresourcecorp.com. I will now turn the call over to Allen Palmiere. 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 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 available on our website at www.goldresourcecorp.com I will now turn the call over to Allen Palmiere. i will now turn the call over to allen palmiere

Speaker 1: Good morning, everyone, and thank you, Chet. I'd like to welcome all of you to the second quarter conference call. I'll be making a few prepared remarks followed by an opportunity for questions and answers. I'd like to begin by addressing a few key points regarding our performance and outlook. As discussed previously, 2024 presented several challenges for us, and many of those issues persisted into the first half of 2025, as demonstrated unfortunately by our financial performance. Specifically, we continued to experience production constraints stemming from limited availability within our aging mobile mine equipment fleet, compounded by a lack of sufficient mining phases. These factors led to production levels declining for the first half of the year. While the situation has certainly been difficult, it was anticipated. Good morning, everyone, and thank you, Chet. good morning everyone and thank you chet I'd like to welcome all of you to the second quarter conference call. i'd like to welcome all of you to the second quarter conference call I'll be making a few prepared remarks followed by an opportunity for questions and answers. i'll be making a few prepared remarks followed by an opportunity for questions and answers I'd like to begin by addressing a few key points regarding our performance and outlook. i'd like to begin by addressing a few key points regarding our performance and outlook As discussed previously, 2024 presented several challenges for us, and many of those issues persisted into the first half of 2025, as demonstrated unfortunately by our financial performance. as discussed previously 2024 presented several challenges for us and many of those issues persisted into the first half of 2025 as demonstrated unfortunately by our financial performance Specifically, we continued to experience production constraints stemming from limited availability within our aging mobile mine equipment fleet, compounded by a lack of sufficient mining phases. specifically we continued to experience production constraints stemming from limited availability within our aging mobile mine equipment fleet compounded by a lack of sufficient mining phases These factors led to production levels declining for the first half of the year. these factors led to production levels declining for the first half of the year While the situation has certainly been difficult, it was anticipated. while the situation has certainly been difficult it was anticipated Accordingly, we were and are very focused on cash management. I'm proud of our team that rose to the occasion. Thanks to a private placement and the significant income tax refund in Q1, ATM sales in Q1 and Q2, our securing of a loan in Q2, we have obtained sufficient funding to execute the plans that we have previously discussed. I'm pleased to share that we now have momentum on our side and began executing on many of the initiatives we've been discussing over the past several months. We continue to prioritize infill and exploration drilling near the known resources. As the press release last week disclosed, we're having significant success. The Three Sisters remains a focus. Accordingly, we were and are very focused on cash management. accordingly we were and are very focused on cash management I'm proud of our team that rose to the occasion. i'm proud of our team that rose to the occasion Thanks to a private placement and the significant income tax refund in Q1, ATM sales in Q1 and Q2, our securing of a loan in Q2, we have obtained sufficient funding to execute the plans that we have previously discussed. thanks to a private placement and the significant income tax refund in q1 atm sales in q1 and q2 our securing of a loan in q2 we have obtained sufficient funding to execute the plans that we have previously discussed I'm pleased to share that we now have momentum on our side and began executing on many of the initiatives we've been discussing over the past several months. i'm pleased to share that we now have momentum on our side and began executing on many of the initiatives we've been discussing over the past several months We continue to prioritize infill and exploration drilling near the known resources. we continue to prioritize infill and exploration drilling near the known resources As the press release last week disclosed, we're having significant success. as the press release last week disclosed we're having significant success The Three Sisters remains a focus. the three sisters remains a focus The mineralization is open along strike and down dip. Recent drill holes show the grade continues to be attractive and the veins are wide enough for productive selective mining. Additionally, we're drilling the down dip extensions of both Arista and Switchback with very encouraging results. We have engaged Cominvi Servicios, an experienced underground mining contractor, to accelerate the development into and production from the Three Sisters vein system. To refresh everyone's memory, the Three Sisters is a new vein swarm that was first discovered two years ago. It is between the 2 original swarms or mines known as Arista and Switchback. It is higher in elevation than Switchback and is closer to the portal or the entrance to the mine, thus reducing the cost of haulage and importantly, ventilation. Most importantly, it is higher up on the geological column, which results in higher precious metal grades. The mineralization is open along strike and down dip. the mineralization is open along strike and down dip Recent drill holes show the grade continues to be attractive and the veins are wide enough for productive selective mining. recent drill holes show the grade continues to be attractive and the veins are wide enough for productive selective mining Additionally, we're drilling the down dip extensions of both Arista and Switchback with very encouraging results. additionally we're drilling the down dip extensions of both arista and switchback with very encouraging results We have engaged Cominvi Servicios, an experienced underground mining contractor, to accelerate the development into and production from the Three Sisters vein system. we have engaged cominvi servicios an experienced underground mining contractor to accelerate the development into and production from the three sisters vein system To refresh everyone's memory, the Three Sisters is a new vein swarm that was first discovered two years ago. to refresh everyone's memory the three sisters is a new vein swarm that was first discovered two years ago It is between the 2 original swarms or mines known as Arista and Switchback. it is between the 2 original swarms or mines known as arista and switchback It is higher in elevation than Switchback and is closer to the portal or the entrance to the mine, thus reducing the cost of haulage and importantly, ventilation. it is higher in elevation than switchback and is closer to the portal or the entrance to the mine thus reducing the cost of haulage and importantly ventilation Most importantly, it is higher up on the geological column, which results in higher precious metal grades. most importantly it is higher up on the geological column which results in higher precious metal grades The higher grades will have a significant impact on the mine's profitability. By using a contractor, we will be able to access this area more quickly than originally anticipated, allowing us to bring forward high-grade zones earlier in the mine plan. Accelerating access to this area is expected to have a positive impact on profitability. I'm very happy to be able to tell you that last week I was underground in the mine and saw the first production stope from Three Sisters being pulled. This is a major inflection point for the Don David mine as this area represents the future. By year-end, we expect fully 50% of our production to be coming from the Three Sisters. We have also changed our mining methods for most of the mine. The higher grades will have a significant impact on the mine's profitability. the higher grades will have a significant impact on the mine's profitability By using a contractor, we will be able to access this area more quickly than originally anticipated, allowing us to bring forward high-grade zones earlier in the mine plan. by using a contractor we will be able to access this area more quickly than originally anticipated allowing us to bring forward high-grade zones earlier in the mine plan Accelerating access to this area is expected to have a positive impact on profitability. accelerating access to this area is expected to have a positive impact on profitability I'm very happy to be able to tell you that last week I was underground in the mine and saw the first production stope from Three Sisters being pulled. i'm very happy to be able to tell you that last week i was underground in the mine and saw the first production stope from three sisters being pulled This is a major inflection point for the Don David mine as this area represents the future. this is a major inflection point for the don david mine as this area represents the future By year-end, we expect fully 50% of our production to be coming from the Three Sisters. by year-end we expect fully 50% of our production to be coming from the three sisters We have also changed our mining methods for most of the mine. we have also changed our mining methods for most of the mine Historically, the Don David Gold Mine has been a long-hole mine as the widths of the veins lent themselves to this mining method. Over time, the width of the veins has decreased, and accordingly, we're in the process of transitioning to a mining method known as cut and fill. This method is more selective and results in much lower dilution in narrow veins. Specifically, we have been averaging about 40% dilution with long-hole mining in narrow veins, and with cut and fill, this has been reduced to 17% in July. This translates into less tons mined while recovering the same metal. Less tons implies lower mining costs and milling costs for the same amount of metal recovered. Historically, the Don David Gold Mine has been a long-hole mine as the widths of the veins lent themselves to this mining method. historically the don david gold mine has been a long-hole mine as the widths of the veins lent themselves to this mining method Over time, the width of the veins has decreased, and accordingly, we're in the process of transitioning to a mining method known as cut and fill. over time the width of the veins has decreased and accordingly we're in the process of transitioning to a mining method known as cut and fill This method is more selective and results in much lower dilution in narrow veins. this method is more selective and results in much lower dilution in narrow veins Specifically, we have been averaging about 40% dilution with long-hole mining in narrow veins, and with cut and fill, this has been reduced to 17% in July. specifically we have been averaging about 40% dilution with long-hole mining in narrow veins and with cut and fill this has been reduced to 17% in july This translates into less tons mined while recovering the same metal. this translates into less tons mined while recovering the same metal Less tons implies lower mining costs and milling costs for the same amount of metal recovered. less tons implies lower mining costs and milling costs for the same amount of metal recovered The changeover takes time and continues. By the end of the third quarter, we will be seeing the benefits. We've begun acquiring used equipment to begin replacing our aging mobile mining fleet. The current equipment is old and requires substantial maintenance, which in turn reduces its availability and efficiency. Our approach to upgrading the fleet is measured and deliberate. We are focusing on acquiring gently used, hopefully, readily available, and appropriately sized equipment that aligns with the needs of our operation. We're starting with the most critical replacements and will expand purchases gradually based on operational priorities and necessity. This approach is justified by the long lead time for new equipment and by the change in mining method. Mining more selectively requires smaller equipment. For instance, long hole mining utilizes 6-yard scoops. Scoops are basically an underground loader with a big bucket, 6 yards. The changeover takes time and continues. the changeover takes time and continues By the end of the third quarter, we will be seeing the benefits. We've begun acquiring used equipment to begin replacing our aging mobile mining fleet. by the end of the third quarter we will be seeing the benefits. we've begun acquiring used equipment to begin replacing our aging mobile mining fleet The current equipment is old and requires substantial maintenance, which in turn reduces its availability and efficiency. the current equipment is old and requires substantial maintenance which in turn reduces its availability and efficiency Our approach to upgrading the fleet is measured and deliberate. our approach to upgrading the fleet is measured and deliberate We are focusing on acquiring gently used, hopefully, readily available, and appropriately sized equipment that aligns with the needs of our operation. we are focusing on acquiring gently used hopefully readily available and appropriately sized equipment that aligns with the needs of our operation We're starting with the most critical replacements and will expand purchases gradually based on operational priorities and necessity. we're starting with the most critical replacements and will expand purchases gradually based on operational priorities and necessity This approach is justified by the long lead time for new equipment and by the change in mining method. this approach is justified by the long lead time for new equipment and by the change in mining method Mining more selectively requires smaller equipment. mining more selectively requires smaller equipment For instance, long hole mining utilizes 6-yard scoops. for instance long hole mining utilizes 6-yard scoops Scoops are basically an underground loader with a big bucket, 6 yards. scoops are basically an underground loader with a big bucket 6 yards We're going to be utilizing two-and-a-half-yard scoops going forward, which allows us to mine selectively narrow, narrower openings, less dilution, and higher recovery of metal. We've placed an order for a third dry stack filter press to expand our processing capacity. Currently, our throughput is constrained by the limitations of the two existing filters. Adding a third unit will eliminate this bottleneck, allowing us to process more ore, but critically maintain a constant feed rate, which is a prerequisite for good metal recovery. This increase in capacity and recovery is expected to drive higher payable metal and improved profitability. The company has also initiated a comprehensive analysis of reagent usage and process flow within the processing plant. This review has already led to changes in reagents, resulting in improved metal recovery and payability. We're going to be utilizing two-and-a-half-yard scoops going forward, which allows us to mine selectively narrow, narrower openings, less dilution, and higher recovery of metal. we're going to be utilizing two-and-a-half-yard scoops going forward which allows us to mine selectively narrow narrower openings less dilution and higher recovery of metal We've placed an order for a third dry stack filter press to expand our processing capacity. we've placed an order for a third dry stack filter press to expand our processing capacity Currently, our throughput is constrained by the limitations of the two existing filters. currently our throughput is constrained by the limitations of the two existing filters Adding a third unit will eliminate this bottleneck, allowing us to process more ore, but critically maintain a constant feed rate, which is a prerequisite for good metal recovery. adding a third unit will eliminate this bottleneck allowing us to process more ore but critically maintain a constant feed rate which is a prerequisite for good metal recovery This increase in capacity and recovery is expected to drive higher payable metal and improved profitability. this increase in capacity and recovery is expected to drive higher payable metal and improved profitability The company has also initiated a comprehensive analysis of reagent usage and process flow within the processing plant. the company has also initiated a comprehensive analysis of reagent usage and process flow within the processing plant This review has already led to changes in reagents, resulting in improved metal recovery and payability. this review has already led to changes in reagents resulting in improved metal recovery and payability Payability is the term that is used to describe the quality of the concentrate produced and minimize it. By increasing payability, we minimize the inappropriate metals reporting to various concentrates, i.e., we reduce the amount of lead reporting to the copper concentrate and vice versa, thus improving the amount of payable metal because we only get paid for copper in the copper con, and we only get paid for lead in the lead con. Early results have been very encouraging, and as the analysis continues, we expect to see further enhancements in both recovery rates and overall metal payability. Thank you all once again for joining the call and for your continuing support during these challenging times. The good news is that we're beginning to see positive momentum. Our plan is being implemented as intended. Payability is the term that is used to describe the quality of the concentrate produced and minimize it. payability is the term that is used to describe the quality of the concentrate produced and minimize it By increasing payability, we minimize the inappropriate metals reporting to various concentrates, i.e., we reduce the amount of lead reporting to the copper concentrate and vice versa, thus improving the amount of payable metal because we only get paid for copper in the copper con, and we only get paid for lead in the lead con. by increasing payability we minimize the inappropriate metals reporting to various concentrates i.e we reduce the amount of lead reporting to the copper concentrate and vice versa thus improving the amount of payable metal because we only get paid for copper in the copper con and we only get paid for lead in the lead con Early results have been very encouraging, and as the analysis continues, we expect to see further enhancements in both recovery rates and overall metal payability. early results have been very encouraging and as the analysis continues we expect to see further enhancements in both recovery rates and overall metal payability Thank you all once again for joining the call and for your continuing support during these challenging times. thank you all once again for joining the call and for your continuing support during these challenging times The good news is that we're beginning to see positive momentum. the good news is that we're beginning to see positive momentum Our plan is being implemented as intended. our plan is being implemented as intended Everything we're doing is part of a deliberate and controlled strategy, and we're confident in our ability to execute it successfully. While the turnaround will take time, key developments such as the acceleration of the Three Sisters, the arrival of newer equipment, ongoing enhancements to the processing facility, and continued exploration success are positioning us very strongly for the future. We firmly believe that the Don David Mine will once again become a significant cash generator. Now, with that, I'll turn the call over to the operator for questions. Everything we're doing is part of a deliberate and controlled strategy, and we're confident in our ability to execute it successfully. everything we're doing is part of a deliberate and controlled strategy and we're confident in our ability to execute it successfully While the turnaround will take time, key developments such as the acceleration of the Three Sisters, the arrival of newer equipment, ongoing enhancements to the processing facility, and continued exploration success are positioning us very strongly for the future. while the turnaround will take time key developments such as the acceleration of the three sisters the arrival of newer equipment ongoing enhancements to the processing facility and continued exploration success are positioning us very strongly for the future We firmly believe that the Don David Mine will once again become a significant cash generator. we firmly believe that the don david mine will once again become a significant cash generator Now, with that, I'll turn the call over to the operator for questions. now with that i'll turn the call over to the operator for questions

Speaker 3: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the 1 on your telephone keypad. You will hear a prompt that your hand has been raised. Should you wish to cancel your request, please press star followed by the 2. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Once again, should you have a question over the phone, please press star followed by the 1 on your telephone keypad. There are no questions at this time. Mr. Allen Palmiere, please proceed. Thank you. thank you Ladies and gentlemen, we will now begin the question and answer session. ladies and gentlemen we will now begin the question and answer session Should you have a question, please press star followed by the 1 on your telephone keypad. should you have a question please press star followed by the 1 on your telephone keypad You will hear a prompt that your hand has been raised. you will hear a prompt that your hand has been raised Should you wish to cancel your request, please press star followed by the 2. should you wish to cancel your request please press star followed by the 2 If you are using a speakerphone, please lift the handset before pressing any keys. if you are using a speakerphone please lift the handset before pressing any keys One moment please for your first question. one moment please for your first question Once again, should you have a question over the phone, please press star followed by the 1 on your telephone keypad. once again should you have a question over the phone please press star followed by the 1 on your telephone keypad There are no questions at this time. there are no questions at this time Mr. Allen Palmiere, please proceed. mr allen palmiere please proceed

Speaker 1: Thank you, operator. Thank you again for joining this call. I would like to believe explanations were so concise that no questions arose. If you have any follow-up questions, I think you all know how to contact us. I'd be happy to answer them in person or online. That being said, thank you very much, and we will be talking to everyone at the end of Q3. Thank you, operator. Thank you, operator. thank you operator Thank you again for joining this call. thank you again for joining this call I would like to believe explanations were so concise that no questions arose. i would like to believe explanations were so concise that no questions arose If you have any follow-up questions, I think you all know how to contact us. if you have any follow-up questions i think you all know how to contact us I'd be happy to answer them in person or online. i'd be happy to answer them in person or online That being said, thank you very much, and we will be talking to everyone at the end of Q3. that being said thank you very much and we will be talking to everyone at the end of q3 Thank you, operator. thank you operator

Speaker 3: This concludes today's call. Thank you for participating. You may all disconnect. This concludes today's call. this concludes today's call Thank you for participating. thank you for participating You may all disconnect. you may all disconnect