DPM Metals Inc.

Good day and thank you for standing by. Welcome to the DPM Metals second quarter 2026 earnings results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker for today, Jennifer Cameron. Please go ahead.

Thank you and good morning. I'm Jennifer Cameron, Director of Investor Relations, and I'd like to welcome you to the DPM Metals second quarter conference call. Joining us today are members of our senior management team, including David Rae, President and CEO, and Navindra Dyal, Chief Financial Officer. Before we begin, I'd like to remind you that all forward-looking information provided during this call is subject to the forward-looking qualification which is detailed in our news release and incorporated in full for the purposes of today's call. Certain measures referred to during this call are not measures recognized under IFRS and are referred to as non-GAAP measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by EPM are based on management's reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Please refer to the Non-GAAP Financial Measures section of our most recent MD&A for conciliations of these Non-GAAP measures. Please note that unless otherwise stated, Operational and financial information communicated during this call are related to continuing operations that have generally been rounded. References to 2025 pertain most to the comparable period in 2025, and references to averages are based on midpoints of our Outlook World Guide. I'll now turn the call over to David Rae.

Good morning, and thank you all for joining us. I want to start by recognising the dedication of our teams across all operations whose commitment to safety, operational excellence and responsible mining continues to drive our success. We delivered exceptional results in the second quarter, generating record free cash flow and earnings while continuing to advance our growth strategy. The ongoing ramp-up of the Varish mine and continued advancement of our growth pipeline, including the major discovery of the Breveni South Porphyry, have further demonstrated DPM's position as a growing European-focused precious metals producer. Moving to the highlights of the second quarter, we produced approximately 103 ounces gold equivalent and remain firmly on track to achieve our 2026 production guidance for the 12th consecutive year. We continue to deliver strong margins with an all-in sustaining cost of $1,214 per ounce gold equivalent sold, compared to an average realized gold price of $4,375 per ounce. We generated a record $227 million in free cash flow, driven by strong operating performances, the ramp-up of Viresh drives production growth. We continue to return capital to shareholders, returning $58 million, or 25% of free cash flow, to our share buybacks and dividend payments. And we ended the quarter with $761 million of cash and $1.2 billion of total liquidity. Let me now turn to our operations and growth projects in more detail, starting with Varesh. We're making significant progress at Varesh, and we're on track to achieve the ramp-up to full production by year-end. We are achieving development rates over 400 meters per month and have done so since October last year. We've processed 117,000 tons in the quarter and a 48% increase quarter over quarter. The planned shutdown of the processing plant to complete tie-ins to the additional tailings filter was completed in seven days, well ahead of schedule. This allows for reduced downtime in the second half of the year when we anticipate higher production rates. Varash produced approximately 35,000 gold equivalent ounces during the second quarter with an oil and sustaining cost of $563 per gold equivalent ounce sold. Navindra will have some additional color on the oil and sustaining cost at Varash and our guidance expectations. We are on track to achieve the ramp up to the 850,000 ton per year run rate by year end. During the quarter, we started commissioning the second water treatment plant Construction of the PACE backfill plant is well set, and the second tailings filter continues to advance. Both of these are expected to be operational before the end of the year. We initiated our surface drilling program during the second quarter, drilling at priority targets at the Rupitsi-Vorovice area, alongside advancing 3D models and conducting geophysical surveys to support target generation. Most importantly, we progress the development of our future leadership for Varash, including key positions for mining, processing, technical services, finance, HR and legal, and laying the foundation for our long-term success in the country. In short, Varash is exceeding our expectations and we're excited about its contribution to our growth in the years ahead. Turning down to Chalipetch, our flagship operation delivered solid production of approximately 57,000 gold equivalent ounces in the second quarter with an oil and sustaining cost of $1,174 per gold equivalent ounce sold and is on track to achieve its guidance for the year. We're very pleased with the progress of the wet zone target. Delineation drilling continued during the second quarter and results confirmed and extended the high-grade mineralization This mineralized zone is currently defined over approximately 170 meters along strike, with 130 meters in width and 300 meters of vertical extent. The target remains open along strike and down dip, with strong potential for further expansion. Initial metallurgical test work indicates that the mineralization is amenable to flotation processing using the existing flow sheet at the Chalopech plant. We are planning to complete an initial mineral resource estimate for the waste zone by year end as part of our annual mineral resource and mineral reserve update. We are also actively evaluating decline contractors and advancing and Economic Study for Wedge. We continue to anticipate commencing the decline towards Wedge from existing operations by year end, using internal resources. In June, we announced a major new discovery of a high-grade copper-gold porphyry mineralization at the Brevenet South Porphyry Target. This is our fourth significant discovery since 2023, continuing our remarkable exploration track record. Initial results from drilling including 713 meters of 2.5 grams per ton gold equivalent demonstrate the potential for scale and continuity with broad continuous intervals of high grade copper-gold porphyric mineralization. That particular hole, which was in progress as we reported, continued for over one kilometer and was terminated in mineralization. A large fillet alteration envelope exceeding 1,000 meters by 1,500 meters indicates a substantial hydro turbine system with the BSB target remaining open in multiple directions and at depth. Given the significance of this discovery, drilling continues with five high-capacity rigs dedicated to the target and up to 15,000 meters planned through to the end of the third quarter. In parallel, we continue to progress the technical work required to support the conversion of the Brevenne exploration license to a mining concession under the well-defined Bulgarian permitting process. On completion of the current phase of exploration work, which ends in September 2026, BPM plans to submit a final report in Samor to support of a commercial discovery certificate. At this point, and while the process to convert Brevenne to a commercial discovery is underway, We will not be able to conduct drilling activities on the Bremeni license. However, BSP remains open towards the southeast flank of the Chalapeche Mine Concession and we intend to immediately move to testing the target from within the mine concession. Wedgie and BSP are two great examples of how we have transformed our growth outlook, creating an exceptional project pipeline that sets the DPM apart from other mid-tier producers. Today we have several attractive growth opportunities including Csoka Rikita where we are advancing permitting this year to support a construction decision. We continue to advance permitting in line with the well-defined Serbian process to support the start of construction in early 2027. The special purpose spatial plan which was initiated in November 2025 and is a key permitting milestone, continues to progress well and is expected to be approved and adopted in the second half of 2026. Following that, we anticipate submission of the exploitation field application. Most of the baseline studies required for the environmental and social impact assessment have already been completed and it is expected to be submitted at year end. We are maintaining close and proactive engagement with the relative authorities and stakeholders to support the permitting process and we remain confident in the overall progress at Chilta Wakita. Project execution readiness and operational readiness are planned to continue, leveraging the project's proximity to our Chalapetch underground mine and our new Varesh underground mine to support training and development of key personnel and practices for future operating roles. We initiated a 20,000 meter drilling program at the Choka Rikida license during the second quarter. A significant component of the drilling program is allocated to infilling and extending mineralization at Dimitra Potok and increasing the drill density. Upon completion of the drilling, we intend to update the mineral resource estimate to the Rikida count. An additional drilling program is also underway at the Potash-Kuka license targeting the same northwest geological trend of Choker-Rikita and Dimitra Potok projects. With a significant gold-copper-inferred mineral resource already defined at Dimitra Potok and the prospect open in several directions, we look forward to advancing the drilling program and continuing to define the potential of this organic growth process. As we reported earlier this month, production at Adatepe concluded as scheduled on July 15, 2026. As the first new mine in the Balkans in over 40 years, Adatepe has been a testament to DPM's ability to permit, build and operate a world-class asset and implement standards that go above and beyond what is required. I want to express my deepest gratitude to everybody who has been a part of this exceptional story. I particularly want to acknowledge the community for welcoming us, partnering with us, and working with us to create a world-class example of how mining can be conducted responsibly, with standards that go above and beyond those required, and for the benefit of all stakeholders. We now have the opportunity to demonstrate responsible mine closure, with 95% of the mine area expected to be returned back to the Nature 2000, the European Union's Nature Protection Network. I'm proud of what we have accomplished at Adatepe, and I'm confident that we are leaving a positive legacy for future generations. Before handing the call over to Navindra, I'll summarize our 2026 priorities. Delivering on the ramp up at Barish, advancing our Choka Rikita to a construction decision, and daylighting value from our discovery of two Tier 1 potential gold-copper deposits. We will continue to execute on these priorities and with the same commitment to responsible, efficient mining, financial discipline, and value creation. I'll now turn the call over to Navindra for a review of our financial results.

Thanks, Dave. I'll be touching briefly on the financial highlights for the quarter and conclude with some commentary on our balance sheet and return of capital program. Overall, DPM delivered record quarterly revenues, earnings, and free cash flow. and the inclusion of Barish's pre-commercial production revenue of $110 million. Adjusted net earnings in the quarter of $211 million, or $0.95 per share, more than doubled compared to the prior year due primarily to higher realized metal prices and the inclusion of Barish partially offset by higher income taxes and cost of sale. Adjusting items, which were not indicative of the company's operating performance, primarily included a $33 million reversal of certain provisions at bearish and a $10 million loss on settlement of a previously recognized receivable related to the DPM tolling agreement. Cash flow provided from operating activities for the quarter of $271 million reflect an increase of $172 million compared to the prior year, due primarily to higher earnings generated in the period and the timing of deliveries and subsequent receipts of cash partially offset by higher annual cash redemptions under the share-based compensation plans reflecting DPM's strong share price performance, the timing of payments to suppliers, and higher income taxes paid. Free cash flow of $227 million per the quarter reflects an increase of $133 million compared to the prior year due primarily to higher adjusted net earnings generated in the quarter. Taking a look at our cost metrics in the first half of 2026, all insustaining costs of $1,470 per gold equivalent ounce sold, referred to herein as GEO, compared to an average realized gold price of $46.35 per ounce, reflecting the high margin, low cost nature of our operations. All insustaining costs per GEO sold was comparable to prior year. At bearish, all insustaining costs per GEO sold was below the low end of its 2026 guidance range, do primarily to the capitalization of certain pre-commercial production operating costs. With commercial production anticipated by the end of the third quarter, all unsustaining costs per geo sold is expected to be within the guidance range at bearish. On a consolidated basis, all unsustaining costs at bearish is largely offset by higher costs at Chalapetch and Atatepe, due primarily to higher labor costs, a stronger euro relative to the U.S. dollar, and higher royalties reflecting higher metal prices. as well as the impact of mark-to-market adjustments to share-based compensation expenses. Mark-to-market adjustments to share-based compensation expenses resulted in an increase of $95 per geo sold for the first half of 2026 compared to an increase of $122 per geo sold in the prior year. We are on track to meet our own sustaining cost guidance for the year and we're closely monitoring the market dynamics outside of our control which impact costs such as metal prices, foreign exchange rates, and oil prices. and their movements compared to our guidance assumptions. In terms of our capital spending, sustaining capital expenditures of $3 million for the quarter were lower than the prior year due primarily to no capital expenditures at Atatepe, as the mine reached the end of its life in July 2026. Growth capital expenditures of $28 million were higher than the prior year, reflecting capital expenditures at Barish, including the capitalization of certain pre-commercial production operating costs, partially offset by lower capital costs related to the Chofra Akita project due primarily to timing of expenditures. We continue to maintain a strong balance sheet and cash position with a consolidated cash balance of $761 million, no debt, and a $400 million undrawn revolving credit facility. With our significant financial returns and robust free cash flow, we are well positioned to fund our growth opportunities and exploration prospects while continuing to deliver peer-leading capital returns, peer-leading returns to shareholders through our enhanced share buyback program. In the first half of 2026, we repurchased over 2.1 million shares at a total cost of $75 million under the company's Normal Course Issuer Bid, or NCIB, and paid approximately $18 million of dividends. From July 1st to July 30th, 2026, we repurchased approximately 800,000 shares at a total cost of $27 million, bringing year-to-date repurchases to approximately 3 million shares for an aggregate cost of $102 million. We continue to deploy our capital in a disciplined manner that balances our desire to reinvest in growing and optimizing our business with our commitment to return capital to our shareholders. In closing, we continue to deliver strong performance from our mining operations and continue our track record of generating significant free cash flow. We remain in a strong cash position and are focused on growth. I will now turn the call back to Dave for his concluding remarks.

This is an exciting time for DPM. DPM today is a premier mining business with industry-leading margins, lower risk development assets due to their scale and quality, and a disciplined capital allocation strategy that has delivered share price outperformance for several years. We remain focused on executing our strategy to deliver above-average returns to our shareholders as a mid-tier precious metals company with a clear path forward to dry balance. I'd now like to open the call for any questions.

Thank you. As a reminder, if you would like to ask a question, please press star 1-1 on your telephone. You'll hear an automated message rising, your hand is raised. If you would like to remove yourself, please press star 1-1 again. We also ask that you wait for your name and company to be announced before proceeding with your question. One moment while we compile the Q&A roster. First question of the day will come from the line of Fahad Tariq of Jefferies. Please go ahead.

FAHAD TARIQ Hi, thanks for taking my questions. On Cotra Rikida, can you talk a bit about just the level of dialogue between yourselves and the government as you think about getting the permit in the second half of this year and just the comfort level in starting construction in early 2027?

Yeah, thanks for that. So with Chokha Rakhida, largely our main activities are with people in the administration of the different bureaus. So this would be Ministry of Mines, Ministry of Energy, Construction, Environmental, with the bulk of that being more towards the spatial planning activities at the moment, which are led by a sort of mix of disciplines. So there's regular conversations going on there to understand The expectations on delivery. And I would say that that was leading to ongoing confidence in terms of delivering expectations in terms of timing. So, you know, next things to watch for are the conclusion of spatial planning, the EIA, and leading to the move to an exploitation permit. And just to reiterate, we're confident of being able to get the permission to go ahead with the construction early in the new year.

Okay, great. And then just switching gears to maybe the balance sheet, the cash balance has grown substantially over the last year, and it's back to pre-Adriatic levels. Can you just talk a bit about just the use of cash? I mean, it sounds like Coach Rukita is easily well-funded. The $200 million in buybacks, I mean, there could be an opportunity to go higher. Any high-level commentary on potential use of cash on the balance sheet going forward? Thanks.

Sure, Pahad. Yes, I'll take that one. As you know, we have got a great track record of being prudent capital allocators. The approach that we take is focusing on our balance sheet strength. and many more. And then when it comes to just the levels of buybacks and even the dividend, the sustainable dividend that we have, discussions with our board, there's a healthy debate at the board level in terms of Thank you for joining us today.

Maybe just adding to that, if you consider our track record of exploration success, we clearly have the ability to direct some of our recast flow generation into some pretty exciting projects, so you'll continue to see An increase, even if it's a relatively small number overall, in terms of explorations that we've gone from 50 to 60 to currently 70 million over the course of the last three years. We've said already that while we hope to prevent an exploration, while we wait for the commercial discovery, we're going to go aggressively after the porphyry and additional activities around wedge zone, keeping in mind that there is a potential for additional Thank you. One moment for the next question. Our next question is coming from the line of Eric O'Neill.

of Scotiabank. Please go ahead.

Great. Thank you. Good morning, David and team. Congrats on a great quarter. Thanks for taking my question. Just wondering about wedge zone deep. Obviously, great to hear that you want to start the decline efforts there possibly before end of this year. Just sort of curious, I know still early days there, but wondering if you have any estimates in terms of CapEx or timing or how much drilling is required. Ultimately, I have to get the resource out in terms of being able to convert that into, you know, mineable areas. Thank you.

Good question. So we obviously have intent to go after this with the idea being that this could influence what's going to happen in 2028. So, you know, the sooner we do that, the better. So we intend to commence the development before the end of the year. There is work that the and a company, let's say, that is going to do that development on our behalf. And this is something that we've done and also considered for Chokha Rikida, and if you recall, counted into the increase in the capital cost for Chokha Rikida. So the reason why we're doing this is we see an increasing requirement for capability. It's been demonstrated at Celapeche. and in fact at VARESH, but is becoming more in demand as we have success with with Waste Zone and as we prefer for Choker with Kid. So let's come back to your question about work that's planned. We do intend to, with our own teams, commence that development. That will be largely intended to set up services and allow the separation of activities between mine operation and the contract work that's going to develop. A little bit of additional context, we have three ways to get at wedge zones and these things we are evaluating. We're in a period of engineering at the moment, so if you have other questions about capital spend and some other commentary, that's something we'll update as we get closer to the end of the year.

Okay, fantastic. Thank you. and then maybe just on BSP Porphyry I know you're going to go through the permitting process there you know converting it to commercial discovery I know it's always tough to comment on regulatory timelines but any thoughts here in terms of how long you're expecting the permitting process there?

Yeah it's a good question and obviously we'll keep people updated there's two different dynamics to this the one is that historically it's taken some time to get these things. It's well defined in terms of what has to get done. It can be a little bit more of an issue in terms of how long. The government has actually committed itself to actually look at these timelines and do more to provide confidence and shorten. So we're in a dynamic where two things are going on. So the one is there's a typical timeline, but at the same time, the government is intent on trying to shorten these things. And as you know, there's a very big difference between timelines in, say, Serbia and timelines in Bulgaria. So we will update on this but something like 15 to 18 months is not unusual to get to the point where we're going to be drilling again on Brevenne. There'll be a good amount of work which we haven't commented on too much here but we've got publicly on our website commentary about where else we are drilling and we want to complete drilling before we actually complete the activity. at Breveni. But the other thing, Eric, as you know from the visit, and for those who weren't on the visit recently, the information we have published on our website that comes from that visit, we are excited about the prospect that really this translates across that Breveni boundary into Chalapesh, actually towards wet zone deep and slightly below wet zone deep. So we see lots of potential for this to happen. Joe Petsch and The Concession. And the reason why that's interesting is we're not waiting for anything in terms of timelines. This will get straight into a question of Thank you very much. Thank you.

Thank you very much. There's just one more quick one if I can squeeze it in, but on the Chukwurkida camp, so clearly, you know, big resource potential there, resource update, I guess, following the drilling. Any thoughts there in terms of how you prioritize that or maybe some of the areas that you see the greatest potential for additional resource growth?

You can expect to see additional news coming on this as we close out this particular phase of activity on drilling. So I would anticipate a number of news releases looking at what's happening. have really updated that since the end of last year. And we'll come back to what's happening at Brevenik. We'll come back to what's happening elsewhere. So in the Potash Krupa license, the considerations about what's been happening around Choko Ikeda and so on. So we see a pretty active series of interactions on how this exploration is going and what our future plans are. But it's really exciting to now have two and what we consider to be tier one opportunities within the organization, one in Bulgaria, one in Serbia. Just another comment on Serbia, we still haven't got any further really than two kilometers out from Chilka Veketa. So we still have another four to five kilometers north-south and a few kilometers east to west that we still have to go to. and we have targets of authories that we've identified that could be the sources of future material at depth, Dimitra Popetok and Shokha Rakeet alike and that has actually ultimately resulted in the historical TMARC discoveries at surface. We're still looking at that connection but following that trend. So for the current, you'll see a number of different things Serbia will be one, Calabash will be another in terms of reporting. Wedgestone will be a third.

Fantastic. Thank you very much. I really appreciate it. Congrats again. I'll hop back with you.

Thank you. One moment for the next question. Our next question is coming from the line of Don DeMarco of National Bank. Please go ahead.

Thank you, operator, and good morning, David and team. Congratulations on a strong quarter. You know, first off, at VARESH, what was the magnitude of the pre-commercial cost capitalization benefit in Q2 in terms of dollars per ounce? And was this just a one-off for this quarter? And is it baked into guidance, or is it fair to say you might be tracking the lower end of the cost guidance range as it stands right now?

So I'll quote the half year amount. It's 30 total amount capitalized. We capitalized $48 million in total with respect to growth capital at Verish, of which 37 million of that related to the pre, what I call capitalized operating costs. We actually give two ranges of guidance effectively for Verish. One is on a gross basis before That capitalization and that number, I believe, was around $260 to $275 per ton of ore process. And then we provided a net number, which essentially equates to about $120 a ton, which is actually the The year to date number that you see, you know, in our tables for various. So, you know, so what I would say is, is that, you know, we provided enough, I think, information for, you know, participants to understand exactly what we're doing on the account because these accounting can get a bit complicated. But, you know, it should be done by the third quarter again as we achieve commercial production that everything else will start flowing through to, you know, our all-intestinating cost, cost per ton, you know, and that's what you're going to start seeing come the fourth quarter.

Okay, great. So you're looking at commercial production in Q3 for VARSH then? And what are the actual triggers for commercial production?

Yes, so the triggers for commercial production is a continuous processing rate for 30 days, and we're using a criteria of basically 60% throughput capacity.

Okay, and you expect that to come sometime this quarter then in Q3? Correct. Okay, great. And then, you know, ChelaPetch was also below the low end of the ASIC guidance range, and a good problem to have, right? But do you Should we take this to imply that you expect a reversion to higher costs in the back half of the year?

I would say that Jalapetch is pretty consistent and relative to what we've provided in terms of guidance, we expect to be within the midpoint of the guidance for Jalapetch. I wouldn't infer necessarily that it's a materially higher cost in the second half of the year. We've alluded to some of the cost pressures that we've seen, namely FX assumptions that we had relative to to the prior year. Labor costs are always a bit sticky, so that's always something that we see on a year-over-year basis. But everything else, it's really just normal course. Oil is obviously, as we've outlined before, something that we're closely monitoring and could impact costs depending on, obviously, the situation that's happening in the D. Okay, great.

Okay, well, thanks again. It's all for me, and We'll keep an eye out for those expiration updates. Thank you. Thank you.

Thank you. One moment for the next question. And our next question is coming from the line of Jeremy Ho of Con Accord. You may go ahead.

Hi, Dave, Nav, and Jennifer. Thanks for taking my question. Just follow up on Eric's question on the Chocoraquita camp. You've mentioned that there's a resource update coming at the end of the current drilling. What's the sense you're getting? Will you be targeting an initial economic study on these porphyry opportunities shortly after the resource update, or is there still a lot of work to be done on the exploration front to get a handle on the scale before moving to economic studies?

Yeah, well, I mean, we recognize that the initial resource estimate is just simply, you know, the starting point. Getting to something at a PEA level is definitely a priority for us in all of the opportunities that we have. So, you know, in terms of timing of that, we're going to provide more information as we're progressing. First thing is there's much to come in terms of dimensions and initial resource estimate on these different assets potentially more to come from the possibility of other weight stones so it's very dynamic but we are very focused on you know what we need to do in terms of drilling drill density given the nature of the material and what does that translate to in terms of timing and making sure that we're able to prioritize that work that's a bit sort of around what you were asking but hopefully that gives you what you need yeah no appreciate that

Several opportunities ongoing and that there's... A lot of work and prioritization to be done. Well, looking forward to updates there. My other question is on Varish. Wondering if you can give us an indication on what you're seeing for grades so far this quarter and what we might be able to expect into Q4. So far in the year with the stronger precious metal grades and throughput expected to strengthen through the back half, it looks like you're tracking Pretty comfortably towards upper end of guidance, potentially above there. And so any indication of what we're seeing for grades would be helpful.

Yeah, so I was actually at the mill this morning, so things are going very well. In terms of grade, we're a little cautious. You know, while it is that we're still establishing the updated life of MindPlan, a little more cautious than we might be allowed to say typically. But it is, you know, really, this integration has gone extremely well, really happy with what's happening. We've now got, so we're close to access, not only to the bottom of Zone 1, where we started in 90% of productions coming from there, but the bottom of Zone 2, access to the sort of top end area towards the northwest, you know, in terms of Zone 3 and Zone 4, which is also at the bottom of that. So our development's just been exceptionally strong. So opening that up gives us an opportunity to give more and many more faces on which to operate. Continuing with grade control drilling, that will ultimately translate into more confidence on grade, but I would say we're happy with the outlook that we have, and clearly, as you've sort of alluded to, we are easily on track so far in H1 to meet guidance in H4. I'd say we're being a little cautious, and at this point, I'm not too sure there's a lot of need to do that,

Thank you, Dave. Appreciate you taking my questions. I'll send back in the queue.

Thank you. One moment for the next question. Our next question is coming from the line of Frederick Bolton of BMO Capital Markets. Please go ahead.

Good morning, Dave and Jennifer. Thank you for taking my call. I have a question on exploration in Bosnia. In your MDMA, you talk about the technical settlement of the Droskabac Sidoid hosted mineralization. Can you expand a bit more on that and tell us what's going on there?

Thank you. It was a little difficult to hear you there, but let me give you the context. of what it is that we are doing at the moment. So we have been looking and prioritizing along the line of opportunities in the 24 kilometers that we have between the mine and the mill. We've been doing some work in an area that was not previously identified very close to the mine and I think that was one of the comments that was in the notes. In terms of other things, we're now busy and we have been to the whole of the quarter Thank you all for joining us today. and more information to come out of this early stage. I don't know if I answered your question on topology, but it was a little difficult to hear your question.

Yeah, that's sort of broadly answered my question. And then moving towards Rapitsa, what progress have you got in terms of setting up drilling for the Rapitsa North West deposit, particularly in the Kakang municipality?

I see, so in order to access Rapidsay Northwest there are agreements that we need to complete with the Kekani Municipality, so we're very happy with the relationship that we have until that's come a long way. There are some things that are coming up which I think are important and very much in the mind of what's happening to Kekani, I anticipate but halfway through Q4, we'll be able to get into a more serious conversation and by that stage, as I already sort of indicated, but perhaps not so clearly, we'll be in position on the ground from two different points in order to explore into that area. So we are anticipating to be on track with the ability to do some work in that area towards the end of Q4.

Great. Thank you very much for the answers.

Thank you. Thank you. There are no more further questions in the queue. And I'd like to turn the call back over to Jennifer for closing remarks. Please go ahead.

Great. Thanks, everyone, for joining us today. And as you heard from Dave, lots of exciting news to come. And we look forward to keeping you all updated through the fall on a lot of the activities that we have going on. And for everyone in Ontario, I hope you all have a great long weekend and look forward to seeing you all in the fall.

This concludes today's programming. Thank you so much for joining. You may now disconnect.