G Mining Ventures Corp.

Good morning and welcome to G-Mining Ventures results for the second quarter and first half of 2025. All participants are in listen-only mode. Following the formal remarks, we'll open the line for questions. Please note that today's call is being recorded. I'll now turn the call over to G-Mining Ventures. Please go ahead.

Thank you, Operator, and good morning, everyone. My name is Jean-Francois Le Monde, VP of Investor Relations. Before we begin, I'd like to remind everyone that certain statements made on this call may constitute forward-looking information. Please refer to our Q2 2025 MD&A and news release for important cautionary notes and risk factors. Joining me today are Louis-Pierre Gignac, President and CEO, and Julie Lafleur, CFO. Today's remarks will walk through the operational and financial highlights of Q2 and half-year 2025, progress at OkoWest, updates on GuruP, and closing the call with our catalyst and outlook for the rest of the year. Louis-Pierre, over to you.

Thank you, JS, and good morning, everyone. With gold prices up nearly 40% year-over-year and sector margins at record highs, Ximin advanced on multiple fronts, reaching steady-state operations at Token Tanzino, generating record-free cash flow to strengthen our cash position, while progressing development at the flagship Oko West project and driving exploration across the portfolio. At Token Tanzino, plant ramp-up is now complete, and expert systems commissions are leading to gold recoveries achieving 90% in line with expectations. At Oko West, early works construction is progressing nicely and continuing to build momentum with ramp up of the workforce now reaching 485 people. With the EPA having recently approved the ESIA, we now await the imminent issuance of the full permit. Exploration fieldwork at Garupi has identified promising drill targets and recent positive stakeholder developments have prompted us to fast track our exploration plans. with the drill program set to commence in Q3. During the second quarter, we produced 42,587 ounces, bringing the first half total to 78,165 ounces, in line with our mine plan and guidance, which is weighed toward higher grades and throughput in the second half. Cash costs and oil and sustaining costs remain competitive, supporting strong margins of over 1,600 per ounce at current gold prices. The high margins achieved of around 75% have translated into 96 million in year-to-date free cash flow. With 156 million in cash and net cash of 49 million, we have the financial capacity to advance OKOESC while maintaining a strong balance sheet. With 78,165 ounces produced in the first half, we have delivered 45% of the lower end of our annual guidance range of 175 to 200,000 ounces. This performance aligns with our mine plan, which is way toward higher grades and throughput in the second half. With ramp up at the plant now complete, we anticipate a strong second half achieving our guidance. Our all in sustaining guidance of 1025 to 1,155 per ounce adjusted for a production tax introduced during the quarter remains pure leading. First half all in sustaining costs was 1,170 per ounce and is expected to decline in the second half as hardwood production drives unit costs lower. With stable plant operations and an expanded mining capacity, we are well positioned to maintain strong operating momentum and meet our 2025 production and cost guidance. In the second quarter at TZ, we continue to execute strongly while maintaining our focus on safety, delivering the quarter with zero lost time incidents. Mining productivity averaged 48,000 tons per day in Q2, up 18% from Q1, reflecting improved fleet availability and haulage efficiency. We moved a total of 4.36 million tons of material, including 1.65 million tons of ore, at an average rate of 1.35 grams per ton, resulting in a low strip ratio of 1.64. The additional mining equipment received in Q2 will be fully commissioned in Q3, resulting in higher mining tonnages in the second half of the year. On the processing side, we milled 1 million tons in the quarter at an average grade of 1.45 grams per ton, with recoveries averaging 90.3%. Importantly, in May and June, we averaged approximately 96% of nameplate throughput. These gains reflect the benefits of the April sag mill liner replacement and the commissioning of expert control systems on the sag mill and flotation circuits, which have improved plant stability, throughput, and enhanced flotation recovery. Cash costs in Q2 were 763 per ounce and 728 per ounce for the first half. This includes the impact of the State of Peraz production tax implemented March 27 and revised May 28. The change introduced a fixed component of approximately 179 Reais per ounce, or approximately 30 US dollars per ounce, which was not included in our original guidance. Price level ASIC was 1246 per ounce in Q2 and 1,053 per ounce for the first half, all in sustaining costs was $13.55 per ounce in Q2 and $11.70 per ounce for the first half. On an adjusted basis, excluding $11 million of one-time sustaining capital expenditures in Q2, adjusted all-in sustaining costs was $1,081 per ounce in Q2 and $1,006 per ounce year-to-date. The higher sustaining capital in the quarter reflected planned tailings facility expansion, mine dewatering upgrades, and expansion of the mine fleet with three additional haul trucks and a mining shovel scheduled for commissioning in early Q3. These upgrades will increase haulage capacity by approximately 18% and support productivity gains in the second half. On a unit basis, mining costs averaged 325 per tonne mined, processing costs were 1272 per tonne milled, and GNA averaged 7.03 per tonne milled. Fuel and reagent costs remained stable, helping keep processing costs in line with plan, while GNA was flat despite higher activity, reflecting disciplined cost control. With progression weighed to the second half and these one-time items behind us, we expect per ounce costs to trend lower and remain within the updated 2025 guidance ranges. Sustaining capital in the first half totaled $24 million, which is 37% of our full-year guidance range of $60 to $70 million. This keeps us on track to finish within guidance, with continued spend in the second half as we continue our tailings capacity expansion and the receipt of major components for the mine fleet. Capitalized waste stripping was $6 million in the first half, on schedule with our $23 million full-year plan as we increased waste stripping in the second half. Regional exploration was $8 million in the first half of the year, split $5 million at Oka West, $2 million at TZ, and $1 million at Gurupi. Following the recent favorable court ruling, Gurupi's 2025 exploration budget has been increased to $6 to $8 million from the original $2 to $4 million, with the expanded program beginning in the third quarter. On the development capital side, Oka West's early works totaled $63 million in the first half. This includes $33 million in long-term deposits for major equipment and $30 million towards on-the-ground early works construction, such as the permanent camp, the barge landing, and access road. Open commitments for Oko West now total $190 million, which has spread over 2025 to 2027. Overall, our capital program is progressing in line with plan, with disciplined deployment of sustaining capital and continued investment in growth projects. that will underpin our long-term production profile of 500,000 ounces per year once Oko West in production. PZ continues to demonstrate its competitive cost position when compared to pure gold producers. For the first half of 2025, our all-in sustaining cost of 1,170 per ounce was below the pure average of 1,558 per ounce. Our cost leadership reflects the benefits of a modern processing plant, an efficient mine plan, disciplined cost control, and stable input costs. The operational momentum achieved is now translating directly into financial performance, and now Julie will walk you through the numbers in more detail.

Thanks, Louis-Pierre, and good morning, everyone. Our Q2 and first half results reflect the benefits of TZ reaching steady state operations. In Q2, we sold 40,082 ounces of gold at an average realized price of $3,233 per ounce, or $2,992 per ounce after the stream. That drove $130 million in revenue with the increase over Q1 coming from both higher realized prices and slightly higher ounces sold due to shipment timing. For the first ask, revenue was $228 million on sales of 75,517 ounces at an AsterStream realized price of 2,700 $87 per ounce. EBITDA in the quarter was $104 million, with adjusted EBITDA of $93 million, representing a 75% margin for the first half. Net income for Q2 was $49 million, or 21 cents per share, while adjusted net income was $36 million or $0.16 per share. For the first half, net income total $73 million or $0.32 per share and adjusted net income was $71 million or $0.32 per share. Free cash flow was $60 million in Q2 and $96 million year-to-date. Strong working capital management helped lift our quarter-end cash balance to $156 million, resulting in $49 million in net cash, a milestone reached just two quarters into commercial production. We have applied for the Sudan tax incentive, which would lower Brazil's corporate tax rate for TZ to approximately 15.25% from 34%. The process is well advanced and we expect a decision in the second half of the year. When approved, the incentive will be retroactive to the start of 2025. Slide 14 shows how our operating performance translate into free cash flow in Q2 and year to date. Operating cash flow before changes in working capital was $46 million in Q2 and $85 million for the first half, supported by steady-state production, strong realized gold price, and a stable cost base. A positive working capital change of $34 million lifts operating cash flow to $80 million in the quarter. Sustaining capital totaled $19 million in Q2 and $24 million year-to-date in line with plan, with major spend on tailings, facility expansion, mine dewatering upgrades, all trucks, shovel, and capital spare. These investments are positioning us for higher haulage capacity and lower unit costs in the second half. Free cash flow was $60 million in Q2 and $96 million year-to-date, representing a 42% margin in the first half, well ahead of expectations for our first year of operations. Non-sustaining capital was $69 million in the first half, including $63 million from OcoWest, largely driven by long-lead equipment deposits for grinding mills, process plant components, power plant and mobile equipment, and $8 million for exploration and evaluation across the portfolio. Quarter-end cash increased by $7 million in Q2 and $15 million year-to-date, bringing the balance to $156 million, and net cash to $49 million. The takeaway is clear. Discipline, execution, and cost control are driving a robust financial position, allowing us to advance OcoWest from internally generated cash. With that, I turn it back to Louis-Pierre for project updates and 2025 catalyst and outlook.

Thank you, Julie. OcoWest stands out as one of the most attractive gold development projects in the Americas and globally with an exceptional production profile averaging 250,000 ounces per year and a low all-in sustaining cost of 1,123 per ounce. This large-scale project offers significant leverage to the gold price with an estimated 200 million increase in value for every $100 change in gold price. At a $3,000 per ounce gold price, the project's NPV is estimated at $3.2 billion, delivering a robust 35% after-tax IRR. We have long viewed Guyana as a Tier 1 jurisdiction that fosters responsible mining development, a perspective now reinforced by the Fraser Institute's Mining Investment Attractiveness Index, which ranks Guyana ninth globally and first in Latin America and the Caribbean. Following the completion of BFS, we seamlessly transitioned into detail engineering, focused on supporting procurement activities and producing issues for construction drawings and designs to feed our early works program. With the issuance of the interim permits, our goal has been to leverage this authorization to advance infrastructure construction, enabling a smooth ramp up of activities once a formal construction decision is reached in the second half of this year. In the first half, we spent $63 million in development capital, largely directed to deposits on equipment and advancing detail engineering, which is now 19% complete. We have expanded the exploration camp to support up to 350 people on site. The initial critical path is to deliver portions of the permanent camp facility and kitchen to enable continued wrap-up of the construction workforce in the second half of the year. We expect this infrastructure to support up to 1,000 people by year-end. In parallel, we have progressed the barge landing, which is a key logistics infrastructure to support the project, and have significantly advanced the access road, which will reduce transportation distances, enabling safe and timely delivery of equipment and materials. On the regulatory front, the EPA has approved the ESIA and now awaits the imminent issuance of the full permit. Once granted, this will mean all major environmental authorizations are secured, marking a significant milestone and a key de-risking event for the project. Financing discussions that are non-valuative to equity shareholders are advancing, which we seek to have in place before a formal construction decision is made in the second half. Our development schedule for OCA West is intentionally designed to accelerate the path to first goals while maintaining tight control over execution risk. Procurement and detail engineering are advancing well and remain ahead of field execution, supported by greater financial capacity and flexibility when compared to the TZ project. We have completed procurement of all long lead items, securing manufacturing slots, and further de-risking the established project timeline. This front-loaded approach positions construction to peak in 2026 and 2027, with commissioning and first gold targeted in the last quarter of 2027, followed by commercial production in 2028. We are very pleased with the rapid progress being made to unlock the value of our Oko West project, which is one of the largest gold development projects globally under construction. Our strategy is straightforward, disciplined execution of the Oko West project to achieve 500,000 ounces of production in 2028. The company continues to be focused on unlocking value through its exploration program. Groupie is advancing as an exciting future growth option within our portfolio. The recent lifting of a longstanding injunction has opened the door for a fresh start, allowing us to pursue exploration drilling permits and restart activities in earnest. The project hosts substantial open-pit resources across the three main deposits, totaling 1.8 million ounces of indicated resources and 0.7 million ounces of inferred resources. Historical and recent exploration work has defined a 55-kilometer golden soil anomaly along the 80-kilometer-long Chagatudu corridor, with values reaching up to 1.5 grams per ton, highlighting its district scale potential. Trenching and auger drilling confirmed the continuity of non-mineralization north of Chegatudu. These results are now informing target definition approximately two kilometers further north, where we plan to commence the first drill program since acquiring the project at the end of 2024. To accelerate both near-resource and regional opportunities, we've increased the 2025 exploration budget by $4 million. Our objective is to grow the resource base and evaluate the broader potential of this highly prospective project over the next several years, while we simultaneously advance the development of Boca West. Speaking to our catalysts and outlook, we continue to execute steadily across operations, development, and exploration. In the first half of the year, we delivered several important milestones. We published the updated GURUPI NI43101 resource in February, We began early works construction at Oko West in March. We released the Oko West feasibility study in April. In June, we achieved nameplate capacity at TZ, with recoveries performing as planned. And in July, we published our 2024 ESG report, highlighting our progress on safety, community engagement, and environmental stewardship. As we look ahead to the remainder of the year, our priorities are clear. At TV, we will focus on maintaining safe, steady-state operations while continuing to meet our mining processing and cost guidance. At OcoWest, we will work toward a construction decision in the second half, with early works and roughly $190 million in long-lead item procurement already committed, allowing us to move directly into full construction once the decision is made. At Garupi, we will launch the first drill program since acquiring the project. Safety remains our top priority, and we continue to strengthen our health and safety programs, in particular at OcoWest, which will see a significant increase in workforce. With a clear set of operational development, exploration, and ESG deliverables ahead of us, the team is fully aligned to deliver, and we thank them for their hard work towards delivering to this plan. With that, I'll turn the call back to moderator to begin the Q&A.

As a reminder, to ask a question in the Q&A, press star plus one on your telephone keypad. Just one moment while we compile the roster. Your first question comes from the line of Mike Kern from Beacon Security. Your line is live.

Good morning, ladies and gentlemen. I think operating results that we saw last night were remarkable. definitely in line with what I was looking for. I think where I got kind of off track was the tax rate, and I guess we heard a little bit of the reason is that you've applied for the lower tax rate, and that won't kick in until it's approved, and then it'll be retrospective, I guess, or retroactive. So I can see that partially. I guess the other issue on the tax is that obviously only the second quarter of operating results for the TZ, and so I thought there'd be you know, a significant component of deferred taxes for the first few years. Is that not the case? Can you sort of clarify maybe what the tax rate will be and if there will be much deferred taxes in future quarters?

No, we don't expect having large deferred taxes. Really, what is around the taxes is really to focus to get this SUDAM incentive This will have a large and very significant impact on our earnings per share.

Great. So like you said, you've applied for that. It might kick in later this year, but it will be retroactive for full year 2025. Is that correct?

Exactly. Correct.

Very good. Thank you very much.

Welcome.

Your next question comes from the line of Fahad Tariq from Jefferies. Your line is live.

Hi. Thanks for taking my question. Can you give some color on the percentage of nameplate that you've achieved in July at TZ?

Yeah. What we reported this quarter is 96% of nameplate for May and June, and we've continued that trend in July so far as well.

Okay. And then in terms of the second half on recoveries, is there room for improvement in the recoveries or is this kind of what we should expect around 90%?

What we've been seeing so far is slightly above 90%. And this is related to grade, head grade. So as the head grade goes up, we're getting a slightly better recovery. So we can see it between 90% and 92% in the second half.

Okay, and just the last question on just going back to taxes. The SUDEM tax incentive that you've applied for, just to clarify, that would be on the corporate level for income taxes, but that would not affect at the site level the production tax grounds. Is that correct? Correct.

So just to clarify, this is really an incentive at Brazil level. So it's really the statutory rate in Brazil that will be reduced by using this incentive.

And yeah, the production tax per se doesn't get affected by this, Sudam?

No.

Okay, thank you.

Your next question comes from the line of Michael Superco from RBC Capital Market. Your line is live.

Yeah, thanks very much. And thanks for taking my question. Switching gears to Oko West, you gave us a bit of an outline. I'm wondering if you can maybe expand on that a little bit in terms of milestones over the next six months. and how we should look at spending in the context of guidance? Or maybe in other words, is the $200 to $240 million in CAFEX dependent now on the specific timing of the permits and the construction decision?

Yeah, not so much based on timing of the permits. It's more just delivery of equipment and related to that timing. But what we've seen is, you know, obviously we're ramping up activities on site. So the spend level is increasing kind of month to month here. But yeah, that's really the case. So yeah, we're still guiding about the same range for OCO for this year. And yeah, like we mentioned, there's 190 million of open commitments. So that obviously is phased over 2025 to the end of the project. So it's not all coming this year, obviously.

Right, okay, so we shouldn't necessarily be expecting a significant increase once the final permits come in. It's more how these items come up and you pay for them as the project ramps up. Is that fair to say?

Yeah, that's fair to say, so yeah.

Okay. And then in terms of Garupi, I mean, I understand it's pretty early days and you've got to get drilling. But how do you think about development and advancement there in conjunction with Arco West construction over the next couple of years? Are you comfortable taking on two projects at the same time, more than two? How are you thinking about growth in that context?

Yeah, in the context of Garupi, I mean, obviously the objective is to start drilling again, which we expect to do in September. So what we see there is really advancing the project with drilling and essentially redoing permitting and studies while we're constructing Boko West. So that's the objective. So that's not a lot of, call it spend, compared to building a project. And the objective there is to see how we can advance that on a, accelerated basis to make it a viable, you know, construction-ready project once SoCoWest is delivered. So, you know, we're excited. We feel that we've turned around the project quite significantly since taking control of it at the end of 2024. And, yeah, we definitely are excited by starting the drilling programs again, just given the exciting targets that we have in front of us.

Okay, great. Maybe a broader question. I mean, obviously, you've been involved in the M&A market here for the last couple of years, but I'm not sure we've really heard your view on things maybe since the ACO West transaction or the transaction that netted you ACO West. Can you comment maybe on how you've seen things change in the market, valuations change? have clearly come up on the developer side can you comment on maybe where you're prioritizing in terms of spending your time looking at other projects if you're doing that at the moment um yeah I mean obviously we're we have a lot of spend in front of us with with Oko West and a lot of focus on on that

Like it was the case for Gurupi, we're always looking at M&A opportunities that fit within our criteria. But yeah, I think you've seen a lot of... You've seen valuations come up with the consensus price kind of rising every month, month to month. I think the M&A side is looking a little more expensive at this point.

Okay, great. No, fair enough. Thanks very much. I appreciate the time.

Thanks.

Your next question comes from the line of Anita Sony from CIBC. Your line is live.

Hi. Good morning. Thanks for taking my questions. Just the first one, on the contingent, sorry, the contingent payment, the deferred consideration that needs to be paid to Eldorado, I think it's the one-year anniversary that you pay it on. I think it was around $60 million. And if I'm not incorrect, you had also entered into an option to defer about half of it. So are you planning to pay the $60 million on September 3rd or just $30 million of it and use the deferral?

Yeah, we're planning to pay the full $60 million in September, just given the additional cost that comes with deferring it is not in our favor at that point.

And then just in terms of visibility and in terms of the outlook for 2026, obviously there's been some shifting from the technical report in terms of the timeline startup, but if we're thinking about following the technical report, should we be expecting sort of grades to fall off in the back half of 2026, or what should we be thinking about in terms of the mine sequencing and how that's changed as you started up this asset?

Yeah, I would say 2026 and essentially the first five years of the mine life are pretty consistent in terms of gold production. So yeah, we expect a solid five years and then at that point we do have a few periods where we end up drawing on some stockpiles to complement direct feed from the pit. But yeah, that'll be subject to continued optimization and additional exploration that we're doing around the pit area. So yeah, essentially we have a very solid five years in front of us, you know, in the range of the 200,000 ounces.

Okay. Just the original technical report had some peaks and valleys, and I guess you must have smoothed out year three where it was supposed to be about a lower grade year and then year five was a very high grade year. So basically just looking for a smoother profile from the technical part then.

Yeah.

Okay. And then just in terms of your financing package that you were going to be announcing I think later this year, can you give us an idea of the proportions of where you think you'll be getting the funds to fund Oak West?

Yeah, so essentially we have some equipment financing that's going to be available to us with the equipment that we purchased. So there's about $45 million that will be an initial tranche on that. And we're in discussions on a debt financing package right now that will complement or complete our financing package for OcoWest. So that's in the works. We're in discussions and due diligence phases with the counterparties.

Okay. I think that's it for my questions. Thanks.

Thanks. Your next question comes from the line of Andrew McIntyre from National Bank Financial. Well, I haven't changed banks. Still, it'd be Mo.

LP, lots of great questions that have been asked. But can we just come back to the all-in sustaining costs and the sustaining capital? I think the profile of sustaining capital that went into Q2 was slightly maybe smoothed is the correct word from what was discussed on the Q1 conference call. And there's $40-something million left in the second half of the year. Is that kind of evenly spread out now or is there still some lumpiness to it?

Yeah, that's a good question. Obviously, a lot of the sustaining capital items are sometimes related to delivery of things from suppliers. So that's sometimes where we don't have full control over that. So the piece there is essentially major components for the mine fleet. We expect to be receiving that spread out over Q3 and Q4. And what you maybe have noticed in our tables is obviously the capitalized waste stripping is is at $6 million for the first half below the $23 million guided for the year. So we do expect that to go up kind of evenly spaced over Q3 and Q4 as we increase our mining rate and mine more waste. But if anything, I think at this point, it's actually going to be a little more weighed towards Q4 based on our updated forecasts.

And I guess those are related. You need that extra mine fleet and supplies and commissioning of that fleet to ramp up that pre-strip.

Yeah, correct. So we received the equipment at the end of Q2. So it's been commissioned and it's going to be put into full production in Q3. So that's what's ramping up our mining rates and allowing us to mine more waste at this point.

Okay, well, that's all I've got for questions. Maybe congratulations are definitely in order to your talented team that made all this work and is now running this mine very well. Everyone looks forward to great news and updates from OCO.

Yeah, thank you, Andrew.

Your next question comes from the line of Don McLean from Paradigm Capital. Your line is live. John McLean, your line is live. Seems they are unavailable. Moving on to Alison Carson from Desjardins. Your line is live.

Great, thanks. Good morning, and thank you for taking my question. It's just a quick one, and sorry, one more follow-up on the taxes, and apologies if I missed this. I believe there's a line in the MD&A that says, part of the increase was the non-Brazilian assets that drove the higher tax rate for the quarter. Is this correct? And is that expected to continue for the rest of the year?

Maybe, can you just repeat your question, please? Sure.

I believe there was a line in the MDNA that said part of the higher tax rate was from the non-Brazilian assets. Is that correct? And if so, is that expected to continue for the rest of the year?

Sorry, I will have to check the sentence you referred to in the MD&E. But just to clarify, our tax income payable is entirely related to our asset in Brazil. This is the only jurisdiction in the world that we have income tax expense.

Okay. So, yeah, I think the point is our costs in Canada don't... don't benefit from having income in Canada, so that it essentially increases, you know, our corporate effective tax rate.

Okay, so as you get the incentive, just the tax rate overall should just decrease then?

Yeah, driven in Brazil, which will decrease, yeah.

Okay, thank you.

Your next question comes from the line of Don McLean from Paradigm Capital, Inc. Your line is live.

Thank you. Hopefully you can hear me this time. Sorry about the poor reception. Just a congratulations on the groupie. That's very impressive how quickly you turned that situation around. Two questions. One is, can we get an update on the grade and tons reconciliation at TZ? And then second, maybe how the exploration at Occo West, how that's coming along, if you've had any recent joy in some of the things you're seeing relative to the model that was used in the feasibility study.

Sure. So yeah, in terms of grade reconciliation, we've been reconciling quite well with our long-term reserve model. You know, we've been stockpiling obviously most of the low grade and you've seen our stockpile numbers go up month to month. So that's obviously part of our mining strategy at this point. So obviously we're feeding higher grades to the plant and we're able to feed an average of 145 grams per ton in Q2. And when you look at just June alone, we had about a 1.6 grade to the plant. So that's obviously leading into the fact that we're accessing some of the higher grade zones at depth and is the reason why our goal production is higher in the second half. Yeah, so it's a nice model. It's a bulk deposit, so a lot less risk when it comes to variances between our you know, expectations and modeling in actual results. Yeah, just on exploration, obviously we've continued exploring at Oka West, which is a bit of a challenge at this point given that most of our team on site is dedicated to construction. But yeah, we've been drilling and we've been drilling to the north and to the south of the main pit and we've been intersecting additional intervals of mineralization that are outside the feasibility study. So that's something that we'll look to update the market on in the coming weeks, towards late August. But yeah, we do see additional splays coming off the main shear in the main deposit in Oko West. So what that does is really bring in additional mineralization into the pit that's been modeled as waste in the feasibility study. So yeah, I think the conclusion is we see continued upside in growth in the resource.

Terrific. That sounds great. Just maybe one last thing on the mill at TZ. When you look at the horsepower draw relative to the horsepower capacity, We often see a mill, as it reaches steady state, actually surpass rated capacity because there's some extra horsepower there. Do you think that's the case with TZ or is it topping out at certain critical areas?

What we've seen actually is just really kind of continued growth. throughput so obviously that'll be leveling out but yeah we we see the ability to continue pushing the plant throughput and it'll have to do with some of the fine-tuning between our you know discharge grades on the sag and you know getting additional throughput on that front but one thing that we've noticed is with these expert control systems that we put in place we're able to really maximize the full capacity of the equipment. So that's been playing, having a great effect on our throughput already.

Terrific. Well, congratulations again. Thank you.

Thank you, Don.

We have our final question from the web portal, and it is, following the installation of the steel liners in April, you achieved 103% of nameplate throughput in May and 96% in both May and June. Could you provide an update on how throughput trended in July and what you've observed in August so far?

Yeah, so basically we're continuing on the trend of what we've accomplished since changing the liners in April. So yeah, that's looking to be continuing.

There are no further questions in the queue. So that concludes GMIN's Q2 25 conference call. Thank you again for joining us. Stay connected via our email list and social media updates. Enjoy the rest of your day.