G Mining Ventures Corp.

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Good morning, everyone, and welcome to G-Mining Ventures' fourth quarter and full year 2024 results conference call. My name is Jessie Liu-Ernsting, Vice President, Investor Relations and Communications, and I'll be moderating today's call. We will be making forward-looking statements during today's call, and I would direct you to slide two of the presentation, which contains important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to U.S. dollars unless otherwise indicated. Louis-Pierre Gignac, President and Chief Executive Officer, will provide an overview of GMIN's 2024 corporate highlights, operating performance, and health and safety achievements. Following this, Julie LeFleur, Vice President and Chief Financial Officer, will present the financial results. The call will conclude with a discussion of key catalysts for 2025, including the development plans for OCA West and GMIN's exploration strategy for the year. Following this, we'll open the floor to Q&A. With that, I would like to turn the call over to L.P. Gignac.

Thank you, Jessie, and good morning, everyone. It's a pleasure to join you for our inaugural earnings call as a gold producer. From the very beginning, our vision has been to establish a leading intermediate gold producer. And today, we've made significant strides towards realizing that ambition. Since founding the business in October 2020, We have transformed from a company with no assets into a cash flow positive gold producer with our tokens and gold mine in production, the world-class Oko West gold project in development, and a highly prospective exploration portfolio we call the Gurupi Project. In 2024, we successfully executed all phases of our buy, build, operate strategy. We acquired high-quality assets in Oko West and Gurupi, built tokens in Zeno on time and on budget, and ramped up operations after achieving commercial production at TZ. With these milestones, GMIN has firmly established itself as an emerging low-cost gold producer with a clear and scalable growth plan. Our next phase of growth will be driven by OCO West in Guyana, a large-scale, high-grade project that was acquired through the transformational merger with Reuny Gold. The strong economics outlined in the preliminary economic assessment we completed in Q3 solidified Oko West's position as one of the top development projects globally. Once in production, it is set to propel Gmin above the 500,000 ounces per year mark. Further strengthening our growth pipeline, we ended the year with the acquisition of the GURUPI project in Brazil from BHP. This asset presents significant exploration potential and aligns with our strategy of building a robust, high-quality portfolio. As TISI continues to ramp up to mainplate capacity, the strong cash flow generated will offer us significant financial flexibility to fund our future growth. Q4 marked our first full quarter of commercial production, delivering strong operational and financial results. We produced just over 40,000 ounces of gold at an all-in sustaining cost of 862 per ounce. For the full year, gold production exceeded 63,500 ounces at an ASIC of 972 per ounce. This cost performance underscores the disciplined operational execution of our team and the high quality of TC.

Strong margins driven by low cost

translated into robust financial performance. With a realized goal price of $25.60 per ounce in Q4, we reported $58 million in adjusted net income, or $0.26 per share, and generated $53 million in free cash flow. Adjusted EBITDA for the quarter totaled $78 million, and we ended the year in a solid financial position, reducing net debt to $27 million.

Next, I will highlight key operational achievements and health and safety milestones from 2024.

After two months of commissioning, Duke and Denzino reached commercial production on September 1st, on time and on budget. Q4 marks the first full quarter of commercial production, whereas the full production year includes two months of commissioning. The mining team was formed and trained during the construction phase and has effectively been operating for over two years. During 2024, 14.3 million tons were mined, of which 6.4 were ore, resulting in a low strip ratio of 1.23. During the quarter, 4.3 million tons were mined, of which 2.2 million tons were ore, resulting in a low strip ratio just below 1, as more mining was focused on the initial phase of the open pit. Q4 throughput was over 10,500 tons per day, representing 82% of nameplate capacity. While all major equipment is operating at or above design, mill availability limited throughput due to unexpected shutdowns to replace worn polymet liners in the sag mill. A full metallic liner system will be installed in early Q2, resolving this issue and eliminating further downtime. Plant performance to date has shown the ability to consistently reach up to 14,000 pounds per day. With recoveries over 89% near the estimated 90% in the feasibility study, we were comfortable feeding higher grade ore to the plants. The average grade process for the quarter was 1.45 grams per ton compared to 1.32 grams per ton for the year. Despite being in ramp-up, we produced just over 40,000 ounces of gold from PZ24 and 63,500 ounces for the year. While building mines is our DNA, we are now ready to set a new standard as a top-tier operator as well. As a new operation in its first full quarter of commercial production, Tocantinsino has already established itself as a low-cost, high-margin mine. Total cash costs for the quarter were $577 per ounce and $668 for the year. Using the World Gold Council standard, ASIC for the quarter was $862 per ounce and $972 per ounce for the year. For the year, owner mining costs averaged $231 per ton mined, with processing costs at $10 per ton milled. G&A costs were $7.29 per ton mills, with Q4 average being lower at $6.62. As we continue to ramp up the main plate capacity, we expect our unit G&A costs to decrease given the significant portion of fixed costs. When we step back and compare Tuckens and Zeno's cost performance to the broader industry, it's clear that we've built a highly competitive asset with strong cash flow potential. On the global cost curve for primary gold mines, Token Tenzino ranks in the first B style with a Q4 ASIC of 862 per ounce, 33% below the average, the global average of 1,285 per ounce. Our strong margins stem from low costs, which directly translate into robust financial performance. Maintaining a peer-leading cost profile is a key strategic objective going forward. Before turning it over to Julie for a comprehensive financial review, I want to take a moment to highlight our health and safety performance because it is foundational to everything we do. At TV, we're proud to report strong safety results for 2024. With 2.5 million hours worked, we are proud to report only one lost time injury. This translates into industry-leading safety record with a lost time injury frequency rate of 0.08, and a total recordable injury frequency rate of 0.17. Our performance reflects the team's strong commitment to safe operations as we progress from construction and commissioning into steady-state production. A key achievement has been building a strong local workforce. Today, our operations team includes just over 1,000 employees and contractors, with 67% of employees coming from local communities. As a new producer, we are aligning our practices with leading international standards, including towards sustainable mining, the global industry standards on killings management, and the cyanide code. Beyond operational excellence, we remain committed to the well-being of our people and host communities. Our support for local initiatives is aligned with the UN Sustainable Development Goals, reinforcing our long-term commitment to responsible mining. With that, I'll hand the call over to Julie to walk you through our financial results for the quarter and the year.

Thank you, Lucas. In 2024, we generated $145 million in revenue from 57,082 ounces of gold sold at an average realized price of $2,545 per ounce. Q4 being the first full quarter in commercial production was responsible for 70% of the 2024 total revenue, totaling 102 million from 39,938 ounces of gold sold. Operational success drove robust financial performance with adjusted EBITDA of 100 million for the year, and $78 million for the quarter. Adjusted net income totals $71 million for the year and $58 million for the quarter. Per share matrix are not very meaningful at this time due to the large variance in the basic weighted average share outstanding for the year and the quarter as a result of the corporate transaction with brilliant goals.

Free cash flow for the quarter totaled $53 million.

The campaign renewed fourth quarter ramp-up significantly and ends our cash generation with operating activities before change in working capital, contributing $73 million. As expected during any ramp-up phase, working capital increased, due to inventory buildup and supplier payments resulting in a $30 million outflow in Q4. For the full year, operating activities generated $28 million, reflecting robust production performance alongside the working capital requirements associated with commissioning and ramp up. Total expenditures for the year amounted to $120 million, primarily directed towards the development of Tocantinsinho. These investments were fully funded through $190 million in financing inflows, including debt drawdowns, equity issuance related to the region transaction, and proceeds from warrant exercise. After accounting for minor foreign exchange impacts, We closed 2024 with a net cash increase of $89 million, ending the year with $141 million in cash on the balance sheet. This strong liquidity position provides the flexibility to support QZ's ramp-up to NEM plate capacity, the development of OCO-West, and ongoing exploration across our asset portfolio, all while maintaining financial discipline and balance sheet health and allows a prudent approach to capital allocation. With Tocantinsinho now generating strong free cash flow, GMIN is well positioned to self-fund the next phase of growth at OcoWest, mitigating dilution risk and reinforcing our disciplined approach to capital allocation. To calculate free cash flow, we start with cash flow generated from operating activities, then deduct sustaining capital expenditures, and add back investment in long-term inventories. These long-term inventory investments represent stockpiles mined during the period, but scheduled for processing more than 12 months later. Free cash flow for the quarter totaled $53 million. Factoring in the initial investment in working capital required for the ramp-up period, full-year free cash flow is reduced to $35 million. This waterfall illustrates the bridge between the $53 million of free cash flow generated in Q4 and the resulting 37 million change in the cash balance. We began Q4 with 105 million in cash, and over the quarter, we generate 53 million in free cash flow, increasing our cash balance to 158 million. 36 million was reinvested into the business, including 17 million in long-term inventories and $19 million in non-sustaining capital. Net financing inflows of $13 million, driven largely by $15 million in warring proceeds, partially offset the investment. Finally, a $6 million favorable foreign exchange adjustment brought our closing cash balance to $141 million. This cash position underscores Genium's successful transition from a development stage company to a self-sustaining gold producer. Our ability to fund the next phase of growth largely through free cash flow reflects the prudent financial management that will continue to guide our decisions as we scale. Our strong capital structure and solid balance sheet provide the flexibility to support disciplined growth in the years ahead. With that, I'll turn it over to Lucia for a deeper dive into our operations as well as our 2025 catalyst and outlook.

Thank you, Julie. 2024 was marked by many significant achievements, and 2025 is shaping up to be another dynamic year as we lay the foundation of our next phase of growth amid a very strong gold price environment. Starting with 2025 guidance for teleconsensual, we expect to produce between 175 and 200,000 ounces of gold this year, with 56% of output weighed towards the second half of the year when we expect to access higher grade material from deeper benches alongside the plant reaching full capacity. Total cash costs are guided between 590 and 655 per ounce sold. with site-level ASIC ranging from 903 to 1,033 per ounce. On a consolidated basis, including corporate GNA, ASIC is expected to range between 995 to 1,125 per ounce, positioning Gmin as a low-cost producer with strong leverage to higher gold prices and a clear path to funding growth. In anticipation of making a full construction decision on Oko West in the second half of the year, We've budgeted $200 to $240 million this year to advance the project, mainly focused on early works activities and long lead item orders. For city capital is budgeted at $60 to $70 million, which includes waste stripping, additional mining equipment, and near mine exploration. The purchase of additional mining equipment was always part of the plan, allowing us to make a final ramp up of the mining rates. Regional exploration will take on a greater focus this year, where we've planned roughly $20 million across our three projects, which I'll touch on in more detail. The Elko West project in Guyana is clearly our next growth engine that will allow GMIN's production profile to reach a half a million hours. The September 2024 PA confirmed a strong project economics with average annual gold production of 253,000 ounces over 13 years at ASIC of 986 per ounce. OcoWest is expected to generate an after-tax MPB-5 of $2.5 billion and a 31% IRR at $2,500 gold. The feasibility study we are currently working on remains on track for completion in April which we will also present an updated mineral resource and a maiden mineral reserve for the project. With an interim environmental permanent in hand, we've already initiated early works construction, which is progressing nicely. We are targeting to complete the barge landing, access road upgrades, permanent camp facility, and construction support infrastructure, allowing us to ramp up the workforce during the course of the year. Our goal is to substantially complete all of this by year-end. We're also progressing key permitting milestones with the final ESIA submission and the full environmental permit expected by mid-year. With the feasibility study underpinning a robust project and full environmental permit in hand, we expect to make an official construction decision in the second half of the year. Our expedited development timeline for OCOS shares many similarities benefiting from a pro-business government, a predictable permitting process, and supportive communities. From publishing a first resource to early works construction in under two years is a statement of the support the company enjoys and will allow to deliver significant economic growth in Guyana. This is a timeline that we don't see in North America and makes Guyana a tier one jurisdiction. As part of the feasibility study, we are refining our schedule while maintaining an aggressive approach, aiming for first goal production in the final quarter of 2027. The success of our fast-track strategy will depend on the rapid advancement of detail engineering, ensuring designs are finalized and optimized for seamless execution. Equally critical is the efficient procurement of equipment and materials, allowing us to maintain momentum and keep construction on schedule. Exploration remains a key driver of our future growth, and we're executing targeted programs across the portfolio. At Tokens and Zeno, we've allocated $2 million for extensional drilling of the deposit at desk and along the northwest wind. Our broader exploration strategy in the Tapas West region is designed to create long-term value by finding new deposits close to our existing infrastructures. Our extensive land package covers 688 square kilometers of underexplored ground with high potential given the strong geochem anomaly and the regional structure highlighted by geophysics. The focus is on targets within 15 kilometers of the process plant, allowing for easy integration into the business plan. In the near term, drilling is concentrated within permitted areas and within five kilometers of the plant. Any new mineralization discovered would create flexibility, allowing us to optimize the life of mine plant, displace lower-grade material, and ultimately enhance project economics. Notwithstanding last year's significant drilling campaigns at Oko West, primarily focused on infill drilling to support the feasibility study, there remains numerous areas to be explored, and follow-up drilling is still required. To drive resource growth, we have allocated $8 million to an extensive drilling program. This initiative aims to expand the current pit, extend underground potential in Blocks 5 and 6, identify additional near-surface saprolite, and test greenfield targets across the broader land package. Our objective is clear. Increase scale, extend mine life, and position Oko West for the long-term growth and future optimization beyond the feasibility set. At Garupi, historical work on the project has outlined an estimated 1.1 million ounces of measured and indicated resources, along with an additional 0.8 million ounces in the inferred category. Our goal is to relaunch exploration with a targeted 2 to 4 million program focused on data compilation and interpretation, while fostering strong constructive relationships with all our stakeholders to lay a solid foundation for future development. Leveraging AI-driven re-logging of 150,000 meters of historical drill core, 720 kilometers high-resolution airborne LIDAR surveys, and targeted soil sampling, we're refining and prioritizing our targets. By enhancing our understanding of this 80-kilometer greenstone belt, we will be well-positioned to launch drill campaigns aimed at resource expansion. I'd like to conclude by outlining our priorities and catalysts for 2025, a year focused on scaling our growth and continuing to deliver value for shareholders. In 2024, we proved we could execute. We brought Teckens and Zeno into production and validated our buy-build-operate model. Now, 2025 is about building on that success, generating strong cash flows from TZ while advancing Oko West and unlocking the future growth at Urupi. As for Candenzino, we're focused on reaching in-plate capacity by the second quarter and optimizing costs and recoveries. In the second half, we expect production to benefit from higher-grade ore, driving stronger margins. Importantly, TZ is expected to generate meaningful cash flow this year, supporting growth without sacrificing our balance sheet. OKOS remains our next major growth engine. We're advancing the feasibility study, targeting completion in April, while progressing permitting with final ESIA submission and full environmental approval expected mid-year. Early works construction is already underway to accelerate infrastructure development ahead of full build decision in the second half of the year. At Group E, The large and highly prospective land package adds strategic depth to our pipeline and positions us well for long-term growth. With strong operating cash flow, exploration will take center stage as a key value driver. We're committing a substantial $20 million to unlocking the potential of our extensive and highly prospective land packages across our three projects. With production ramping up, strong free cash flow, and OCOS advancing, we see a clear path to re-rating as we shift from a developer multiple to a valuation reflective of a cash-generating producer. With strong gold market fundamentals as a backdrop, Genin is well positioned to deliver low-cost, sustainable growth and create lasting value for shareholders. Lastly, I want to express my gratitude for the hard work and dedication of all our Genin employees and for being an integral part of the Genin journey.

With that, Jesse, I'll turn the call back to you to begin the Q&A.

Before we open the floor for questions, a quick reminder, phone participants can dial star 1 to ask a question, and webcast viewers can continue submitting their questions via the Q&A function. Our first question comes from Michael Sperko from RBC Capital Markets.

Yeah, thanks very much for taking my question.

If I could ask a couple briefly. On TV, you acquired the project with gold roughly 40% lower versus spot. How sensitive is exploration potential and resource growth there to metal prices? And could prices over 3,000 an ounce change your longer-term thinking on the mine, the exploration spend? Is there a potential expansion scenario? Have you been looking at that at this point or still too early?

Thanks for your question, Mike. Yeah, to be honest, when you look at our resource, we essentially pull in most of the resource into a reserve. So that's why we're very keen to be wrapping up exploration at this stage. And as we pointed out, some of the regional exploration is going to take center stage now that we're generating cash flow. But the near mine exploration that we're going to be doing is finding extensions to the existing TZ deposit, some of which we hit with some of our drilling last year on, for example, the northwest limb at TZ. So currently, yeah, we do expect that with exploration we'll be able to grow the resource. To your point, what we've seen so far in mining the deposit is we have encountered more low-grade as we mine. So that's a lot of the positive reconciliation that we've experienced to date is encountering more low-grade that becomes economic, obviously, at these gold prices. But yeah, just maybe to finish the question, yeah, we end up stockpiling most of that low-grade that will extend the mine life more towards the tail end. because we're really focused on feeding the higher grade to the plants in the initial years.

Okay, and I mean, maybe a bit of a segue in a conversation about financial flexibility on the free cash flow from TV and presumably higher spot prices than budget. Can you talk a bit more about how you're thinking about funding OccoWest in that context and what considerations you're taking into account, including potential other growth opportunities and accelerated exploration plans?

Yeah, so obviously, as we point out, I mean, we are going to be using a lot of the free cash flow from TZ to finance Oko West. So as we get the feasibility finished and the final CapEx established, we'll be able to firm up our funding plans. But essentially, we'll be looking at all options, including corporate revolvers, equipment financing, And the high-yield debt market seems quite open and interested in mining issuers these days, so that's also an option that we'll be looking at.

But I guess – sorry, go ahead.

Yeah, and that's why, based on expiration success, we could be increasing our expiration budgets as well. Um, so that's something that we'll monitor over the course of the year. And I would say like we were very conservative and at groupie in terms of what we thought we could do out of the gate. Um, so we only allocated two to 4 million, but, um, you know, the discussions we've been having, uh, in the state and with local stakeholders are indicating that we'll be able to do a lot more work than we had anticipated. So, that's where we could see exploration budgets being increased as well.

Okay, perfect. Thank you.

And then maybe one last question for me. I know the feasibility study for ARCA-West is coming, but can you maybe refresh us a bit on what the biggest changes could be versus the PEA and what you've been focused on as you advance the study?

Yeah, so obviously we're kind of in the final stages of the feasibility study being pulled together. The thing I would point out is the PA that we did was very good level of detail. So we're not going to be changing the plant throughput targets that we have. And the infill drilling that we've done to upgrade the resource was quite successful. So the conversion has been very good. So we don't see a large impact in terms of the gold production profile that will be coming in the fees. So we'll still be around the 350,000 ounce per year average mark. The one adjustment that we see in the feasibility is raising the pit bottom a little bit and leaving that material for the underground to take. So it's more fine-tuning and tweaking in terms of the open pit underground interface that will be built into the fees and obviously significant more detail on everything that's and all the engineering that we're doing and I think what we're doing now is as we point out is we're fast tracking the project so we're advancing early works construction and and a lot of procurement is being is taking place and so the good thing that we're seeing so far and in all the procurement that we've done it's lining up quite well with the PEA.

So that's what I can put forward at this point. Perfect. Thank you very much for the answers. I'll pass it on. Thank you. Our next question comes from Anita Soni from CIBC.

Hi. Good morning, Louis-Pierre and Julie. Thanks for taking my questions. My first question is with respect to the installation of the steel liner. Can you just give us an idea of how long of a shutdown there would be in Q2 when you install that?

Yeah, the shutdown to replace the full liner set will be about 96 hours is what we plan for. So when we do that, we typically bring in some specialized external support in that process. So that's being organized as well.

And is that going to be at what point in the quarter? Is it earlier in the quarter or later in the quarter that it's going to be installed?

Yeah, so we're anticipating receiving all the material in April. So if all goes well and we receive everything on time, it'll likely be during the month of April.

Okay, and that allows you to get, right now you said it was 90% you achieved of full throughput rates, and then what's the ultimate, I mean, sorry, when do you expect to get to the 100% of the nameplate capacity?

Yeah, like the expectation is in Q2, where we would be able to ramp up to 100%, and that's really to get the plant availability up, And as I pointed out, we've seen the plant do about 9% to 10% in excess of nameplates on many consecutive days. So that's why we're confident that once we get these small issues resolved, we'll be able to hit nameplates as an average.

And is that your only bottleneck that you're seeing at this stage? Or is there expectations that there might be a few other minor things to look through?

Yeah, I mean, that's typically what happens is you always focus on a bottleneck and the next one then becomes your next bottleneck to keep ramping up beyond where you're at. But really what we've seen is it's really concentrated in the comminution sector, so crushing and grinding. The rest of the circuit really performs really nicely and very few issues so far. So that's really where our focus will be.

And then just a small question, I guess, for Julie. On the mining cost per ton, I think there's a notation about includes the capitalized portions of the cost. Can you just explain to me what that means? Is that also sort of if you take those unit costs, should you be deducting something for capital? if you're trying to get back into the mining costs. Sorry, if you're trying to back into your cash costs.

Yeah, if I understand properly, and we're just trying to make sure we understand. So a lot of the major components for the mining fleet, they're built into or they're part of our sustaining CapEx. So they're not included in the mining costs per se. They'll be showing up in our sustaining capital.

Okay. Okay. Alright, and then lastly, I wanted to ask with respect to exploration, which I think Michael talked about a little bit, can you just outline the plans at TZ in terms of what you're going to be doing from an exploration standpoint?

Yeah, so what we're focusing on now is within five kilometers of the infrastructure, and it's more for accessibility reasons. given that we're in a primary forest, we have permitting as well to do if we start extending beyond the mining concession. So we're doing drilling within the five kilometer range, and we're also going to be completing the soil sampling on one of the northwest permits in our land package that we received last year, which is on trend on the main TZ trends. So when you do look at slide 22, You do see one big exploration box that didn't get covered by soil geochem, so we're going to be completing that this year as well. But we have two targets currently that we're drilling surrounding the pits, and based on success there, we'll continue, and otherwise we'll be moving on to the next targets that we have.

And is the expectation that that would add to resources this year, or would it be able to add to reserves this year?

Well, the $2 million that we're doing of drilling that's near pits, we do expect that positive intercepts there would add to the resource this year. The regional drilling that we're doing is still very greenfield, and we'd have to do a lot more drilling to build up our resource. So that's going to be more of a multi-year process there.

Thank you, and congratulations on a solid free cash flow quarter.

Thank you. Our next question comes from Rabi Zami from National Beck Financial.

Good morning, and congratulations to the team on a strong first quarter. Only three years ago, this was a $200 million market cap, so your trajectory has been very impressive and well done. So on the all-encompassing costs, the Q4 costs are perhaps a bit lower than the 2025 guidance range. So can you elaborate a little bit on the key drivers of that? And then as you study, as you transition into steady state, can you also elaborate on how that's expected to evolve through 2025 in terms of the fleet expansion and what specifically that means for your operations? And tying that into, is it fair to assume that your quarterly cost range could vary greater than the full year average range that you were provided?

Yeah, you've packed in a few questions in that one, but I'll try and answer it. So yeah, I would say our 2025 guidance has, you know, some sustaining capital related to mine fleet additions. So that's kind of what's bringing our ASIC higher up in 2025 compared to, you know, our Q4 2024 results. And I would say it's a bit of a peak that we see because we expect our ASIC to actually come down in 2026 and subsequent years. So yeah, we're adding a shovel, three trucks, additional support equipment. So there's $20 million of equipment there that's really done to complete the mine fleet. And for tailings management, we have a... One pond that receives our tailings from our leach circuit. So we're in the process of building the second pond. And that really completes all the capacity that we'll need for the life of mine at that point. Yeah, those are the main factors and variances in our ASIC.

Great. That makes sense. And then you already alluded a bit to the nameplate, the plant, and the de-bottlenecking that you're doing. But as you approach that nameplate capacity and time that into the excess low-grade ore that you are encountering as you mine, is there any thought at this stage about pushing that throughput further?

Yeah, to be honest, I mean, that's part of internal studies that we'll be doing this year. So maybe two factors. One, project that we're implementing now is the implementation of an expert control system on our sag mill and flotation circuit. So on the sag mill, that's why we're seeing this ability to push beyond main plate, and it's working very well. The one on the flotation circuit will be commissioned for the operation a little later in Q2, so that's where we could see a little bump in recoveries. And then the other You know, throughput enhancement project that we'll be looking at is adding a pebble crusher to help support the sag mill and push more tonnage. So that's an assessment that we're doing now. That wouldn't be a very high capex type of project, but, you know, give us another bump in throughput.

And so we're assessing that. Okay, thank you very much for taking my questions, and congratulations again. Thank you. Our next question comes from Andrew Mikachuk from BMO Capital Markets.

Hi, LP. Great level of detail in the presentation and the questions so far. Just a couple of quick follow-ups. The construction at Oko West, how does the concept or timeline of basic and detailed engineering fit in with what's going on on-site in this you know, long lead time ordering that's ongoing now that you've already talked about?

Yeah, no, that's a good question. So when we show our timeline, the reason we show detail engineering overlapping with feasibility studies is actually for that. So we have detail engineering and we're issuing drawings for construction, issued for construction as we're wrapping up the fees. So there's a bit of a parallel stream there on the engineering side. And really our lessons learned from TZ is if we can advance procurement, that gives us the best chances to delivering the project on time. So we have about, I would say, about $150 million of either purchase orders or letters of intent issued that are going towards the permanent camp, mobile equipment for the open pit fleet, construction equipment, our marine equipment. So we're buying a tug and barge. So that's all work streams that we have ongoing that are aimed to advance the project and fast track it. So yeah, we're really working on two fronts here. And so that's why the feasibility will have a great level of detail on certain scopes because we're

very advanced in terms of detail engineering and actual procurement. Okay, and just last quick follow-up.

I think you mentioned you're targeting completing the feasibility in April. Does that also imply an April release for that, or would that be afterwards?

Yeah, so we're targeting... by the end of April to issue a press release with our usability study results. And typically our technical report will come out a little after. So that's the current target. But yeah, we're in the final stages of wrapping up our numbers and the results.

Well, fantastic. Thank you very much. Congratulations to you and the very talented team that's delivered this. I'll sign off.

Thank you. Our next question comes from Jeremy Hoy from Kanakor Genki. Please go ahead. Hello? Jeremy, you might be on mute. Hi. Yep, was on mute. Thanks, guys.

Hi, LP. Thanks for taking my question. Given the performance of the share price over the last several months, does this change your thinking at all about financing for OCO in terms of the mix of debt, equity, and operational cash flow?

Obviously, yeah.

I mean, we have the ability to do – to evaluate all options. I mean – Our original intent is to minimize equity dilution. And so we see the ability to add debt given our very low debt level that we have. But yeah, we'll be looking at all options when we get to that point of finalizing our financing package for OCO.

Yeah, understood. Okay, thanks. That's it for me.

Okay, we have some additional questions from the webcast the team would like to address. So the first question is from Brendan Gaffler from SEP Resource Finance. And he's asking if there's any updates on the operations in Q1 of 2025 compared to the Q4 results we just released.

Yeah, so I mean January and February were really good months. I mean we were very close to the midpoint of our guidance and March was a little less performance and related to the mill liner issue. But overall we're doing quite well and costs we expect to be in the same range as we had in Q4.

There's one final question from Howard Splinter. He's asking, what's the COPEX in 2025 compared to 2024? I think it's something we gave in our guidance.

Yeah, so, well, 2024 was the year we were building the project, so it's a bit... It's the initial project cost. So this is our first real year of operations. So our sustaining capital, like I was mentioning, is a bit higher this first year as we're completing the additions to our mine fleet and some of the tailings management facilities that we're expanding as well, but that will be built for the life of mine of the project at that point.

Okay, thank you, LP.

There are no further questions in the queue, so that concludes our inaugural earnings conference call. Thank you again for joining us, and stay connected via our email list and social media updates. Have a great weekend, everyone. Thank you.

This concludes the meeting. You may now disconnect.