Discovery Silver Corp. (DSV) Earnings Call Transcript & Summary

These things work better when you turn them on apparently. Welcome to our Investor Day. We really value the opportunity to meet with the investment community, particularly during PDAC. And last year, we had a lot to talk about, but we should have ended it by saying stay tuned because this year, boy, do we have a lot to talk about. As we go through the presentation, you'll notice, I think, some things become very clear. One is this is a team of people that are very committed to mining in Timmins, Shefflo and all of Northern Ontario. We believe that there's really no better place in the world to do our business than in that area. And we're very appreciative that the support that we're seeing from government and particularly the Ontario government, not just for critical minerals for all mining. And on that front, I know there's a lot of talk about the ring of fire, and I'm sure it will be an unqualified success eventually, but we like to think that there's already a ring of fire in the province, and that's the Timmins camp in Northern Ontario. Our other business is Cordero. Cordero has always had an element of politics around it, but we think that's going to come to an end very quickly. And what we see with Cordero is a mine that's going to be able to help be part of the solution to the world's need for silver for things like energy transition, solar, electric batteries, water purification, things the world needs. And I'll tell you, I talk about our commitment to Northern Ontario. We're absolutely committed to making Cordero a shining example of how you can responsibly build and operate a large-scale open pit for the benefit of the people of the world. So we're going to talk about all of that today, and this is how we'll roll out the session. We're going to do a presentation that will be followed by Q&A. And then afterwards, there will be a light lunch outside. The speakers today, firstly, will be Tony Makuch, our President and CEO. And I can tell you that I'm personally, and I think we, as a team, are all very proud that Tony last week was named Kitco's CEO of the Year. And I think you'll agree it was very deserving. So -- then we'll have Alison White give a financial review, largely reviewing our guidance. Eric Kallio, over here is our Senior Vice President, Exploration. I always tempted to call Eric a rock star because he's always finding rocks that we create a lot of value from. He's got a large program he's executing along with his team, about 280,000 meters of drilling, and you're going to hear all about it. And then Forbes Gemmell, our Executive Vice President, Business Development and Growth, will talk about Cordero, and he'll give you a sense post EMEA approval, what things look like in terms of moving forward. I need to show you the obligatory forward-looking information slides. We will be making a lot of forward-looking statements. We think you deserve to know what vision we have, what's driving us every day when we come to work. So please -- these are all available on the website. And this is our other cautionary language slide, deals with issues like resources and reserve cautionary language as well as non-IFRS measures. And again, you've, I'm sure, seen all this before, so please give that due consideration. And with that, I'd like to introduce Tony Makuch, our CEO.

Thanks, Mark. Anyway, one thing, guys, I know they got we got to look that way, but this presentation this way is kind of awkward a little bit, but maybe it's like a union negotiation, you got. Anyway, yes, no, and it's been definitely a good year. And I know we talk about accolades and stuff, but we can sit and say Discovery is a company of the year and a lot of really good people. We've gone from maybe 6 or 8 people that were Discovery Silver in last year at this time to 1000, 1,500 and look at what we're doing with kid will be over 2,000 people in short order and growing in the right way in terms of what we want to accomplish. So anyway, yes, I know we've had these before. We -- last year or 2 years ago, we were talking about a great feasibility study and a great project in Cordero. And we are committed to Cordero and we can really work there and demonstrate responsible development and how we can build in terms of what we business. I come from this industry. I was -- and when a lot of people say things bad about the mining industry, in the end, we're -- and I can't say we're the good guys, we're the good guys and girls, right? We do a lot of the right things. And I think as we progress even in terms of what we're doing here in Timmins and at Cordero as we move forward, we can really demonstrate a lot of leadership in the industry and really maybe the next 40 years, people will want mines. They'll be calling everybody up. I always sit to say some of the best thing to do is you have a community call you up and say, "Hey, can you come and build a mine beside us because we want you guys and we want your people here and what you bring". Anyway, before I get into a lot of stuff for what we're doing in Porcupine and a big part and what we're doing within Discovery, but a big part of that, we just -- we've been working a long time on this. Some people here probably aren't surprised to finally hear or aren't -- don't have to read the press release to talk about the benefits of what comes from us picking up kid because I think we've talked about it for a number of years and been working on it for quite some time. And I think it's definitely a lot of synergies. And a big part of it was -- you can sit there and say there's really 3 things. The main driver was when we talk about Porcupine, the ability to expand Porcupine and really to do what we want to do on the gold side, growers we need mill capacity. You just happen to have a state-of-the-art. I mean, Texas Gulf Limited, who built the Kidd Creek met site in 1960s, they were state-of-the-art then, and it's been built well and it's been looked after extremely well by all the people and so we picked up really a world-class facility here. We're going to have to convert it. We're going to have to make some changes and invest in it and convert it to a gold circuit. But it unlocks a lot of value in Porcupine for us. And really, that's the main driver of the acquisition to get this mill. And oh, by the way, somebody is sort of like when we were started Lakeshore and we were trying -- we bought the Bell Creek mill and Goldcorp said, you know what, we got this Bell Creek mine, we'll throw it in, right? You might as well take it because it's -- we don't need it. So somebody threw in the Kidd Creek mine, and they threw in all this exploration ground. So I know Mark talked about our exploration and talk about Eric and [Karen] and yes, we've got a big exploration program in Porcupine at over CAD 90 million almost this year. Well, we just picked up a whole bunch of highly prospective exploration ground as well. So we're probably going to -- you're at the PDAC used to be a place where when we were students, everybody would come here looking for jobs. And hopefully, there are some students looking for jobs because we've got a lot of work for geologists. But anyway, it's a large land package. You can see where it is a big part of the benefit in terms of -- sorry, you can see the size of the land package and unexplored land package in the region and Kidd mine it being one of the largest base -- volcanogenic massive sulfide deposits in the world over about 177 million tonnes mined to date and still another -- well, they're still down at depth, there's still almost 30 million tonnes there. that it's whether you want to go deeper at it and all that stuff. And definitely, there's that, plus there's some significant exploration upside. But in terms of us, as we talked about it, in terms of our -- being able to increase production capacity from a milling point of view, we can basically -- it gives us the ability to develop Dome now and have one mill for Dome mill here. And eventually, over time, we can develop TBZ, we can do a lot of things. We have infrastructure here that we need to support the underground like the Hoyle Pond mine goes underneath the Kid met site. So we have the mining rights, but we don't have the surface rights. But now with this acquisition, we have the surface rights. So now we can bring vent raises and shafts to surface if we need them. We also have access to water where you need process water from mine, you got to have access to power. We need power to increase ventilation to increase. So you have access to all -- a lot of the utilities that we were short of and we would have had to go out and get. And we haven't closed the deal yet, but you can talk about what we paid for it, and it will be sort of a lot similar to what we did when we discovered Porcupine and I'll go back to what Eric Sprott would always say to me was you got to steal value. And we'll leave it on the table for a while and people will think, well, did Glencore get a better deal or did we steal something from Glencore. But it's going to be up to us to make it work. Yes, there's production here. And the one thing I think that the value that we should really talk about is the people. I mean you have access to a large skilled workforce, well trained, a variety of trades and all the disciplines we need for our industry and a lot of processes, management and operating systems that we pick up that we can really mature our company, the company now with the infrastructure here. And we're not just going to take this, and this is where you're going to tell these people what they do. They're going to come in and mesh, we're going to make a much better company with the people we're picking up from Kidd. I can go through the terms, people can read this all, but some -- there -- sorry, I mean, I think from our perspective, and I think it's a win-win from our perspective and definitely a win, I think, for Glencore. But we'll find out -- find out over time that we're the ones who really won more, right? And going back to what we're trying to do with discovery and what we see out of Porcupine and even the company, right? Where is the company going to go over the next few years? Like we had our technical report. We do have to do a lot of work and deliver a lot of studies over the next while in terms of advancing within our technical report to support that. We indicated that, that was a baseline. So part of it is increasing production, lowering cost from that [indiscernible] stuff. But really, the big thing is we feel very strong we can grow this to 0.5 million to 750,000 ounces a year production. It's not because we don't have the resources or the minerals and the gold in Timmins to do that. We didn't have the milling capacity. So the first thing, again, as we talk about with the Kidd acquisition, now we -- you can see now there's a path we have a spot where we can build that capacity. And if we get Cordero permitted, which all the -- it's all positive in terms of that. Maybe there's some administrative things that need to be eyes dotted and crossed. But you can look at over the next 3 to 5 years where this company is going to be producing somewhere over 0.5 million ounces or more than doubling, almost tripling current production, plus producing 14 million ounces of silver, plus now potentially producing 40 million pounds of copper, 80 million pounds of zinc and another 3 million or 4 million ounces of silver. Actually, there was a period of time when Kidd was producing over 10 million ounces of silver a year. during its production. So there's a lot of upside there in terms of productivity. But I mean, in terms of what we're trying to do and how we want to create value for shareholders, it's not just about growing production. That's not -- in the end, we've got to improve productivity. We've got to invest in the business. We want to lower cost. We want to get our cost to the lower half of the cost curve. We want to be able to -- although we got $5,000 gold or $5,300 gold and $90 silver, I mean, I don't know, I'm old enough to have seen both all different sides of this. And we got to plan for a different number, right? And so we got to be as efficient as we can be in our operations. And that's part of what our goal is in terms of investing in the business. and investing through exploration, diamond drilling. We've got to invest in equipment that we need and infrastructure for the mines to lower costs and just improve productivity. We got to invest in people. We got to invest. We got to train and develop and we got to recruit people, and we got to bring on a new generation of people for this industry because we're building a mining center in Porcupine and Cordero that's multigenerational, right? We're setting up here a 20- to 40-year plan. We got to need people that recognize and attract people and develop people and create that whole succession plan. So we need to work in all aspects. We need partners in colleges and universities as much as we need partners throughout the industry. And I think the one thing, and I'll let Eric talk about it, in terms of Timmins or in terms of Porcupine, you've got 110, 120 years now of gold mining going on in Timmins. You've had 60 million -- 60 years, sorry, of the kidd mine. What if you find some brand-new deposits in all this period of time. And I mean, that could be the exciting part of what we're trying to do. So not only are we're going to build the 0.5 million ounce plus, we're going to bring it down to be low cost, not are we going to be able to bring on new silver mines and bring on -- look at extending base metal mining in Timmins. We got the chance to find a lot of new deposits and build some more new gold mines after all this period of time. So it's going to be our energy. It's going to be our what we can bring to the table. And I think there's a lot of opportunity there. Maybe I'm talking too much about 1 or 2 slides here, but this is just showing where we are for people who don't know who we are. I think everybody knows where we are. This is a slide we put together to talk about valuation, right? What are we valued at today versus what we could be valued at. When we look at just looking at where prices are -- metals are today and what we're currently doing just in our technical report and just in our feasibility study for Cordero, you can sit there, you can find $11 billion of value. But we're going to -- we're increasing production and lowering costs at Hoyle Pond and Borden. We can bring Dome on to production. We can bring TVZ on to production. We can bring -- we got all kinds of exploration upside, and we don't have and now we have kidd, right? Now you can see the part of the path, not only there a path to being able to achieve the concept we talk about in terms of growing production, growing mill capacity, but now you can see some other new value-creating opportunity that's going to be here. So we think we've got an exciting thing going on here. And as talked to Murray, John, we said you never would have expected that we got a chance to own the Porcupine gold camp, it's like you can go to, I don't know, pick a spot. You can go to Chile and you can own all the copper deposits or you can go to Western Australia, you go to Kalgoorlie and you own everything. You can go to South Africa and own a large part of the Bushveld. We have some -- just -- it's here. And the other part of it, though, is we can go to Porcupine and do this. Most of us, we just have a lot of knowledge on having worked there in various stages in the company. So we also have people that we can hit the ground running and know where we want to go. And we understand the language, we understand the economy, we understand the people, we know what needs to be done. So this is -- I mean, this slide is here. I mean again, I want to -- and I know we had some meetings even last week when some people had BMO people are talking about you're investing all this capital, why are you investing? Why is capital up? First and foremost, I want to -- we've been saying this for discovery, first off, our goal here is to invest and build. We're not here about -- this is not a dividend story. This is not a share buyback story. We're not -- our return to shareholders is us creating -- improving the value of the company, right? That's the return we're looking to build. And this is a PEA, right, which shows, again, the biggest thing is we show production going up and costs coming down. We already come this year, we said instead of 300,000 ounces in 2028, we're expecting to do that in 2026, right? So we want to move the production forward this way. right? We want to -- we're going to grow production this way. And we got Dome, TBZ, we've got -- and we've got other things. But we also don't want to just do that. We want to lower costs, right? And we're looking at lowering cash costs, lowering all-in sustaining costs. So we need -- part of it is we always need to invest in sustaining capital because that's part of -- that's responsible mining in terms of what we're trying to do here. So I mean that's -- so when you look at that, that's going to be value creation, and that's what's really going to get us up there in terms of size. I mean I can talk about this with this slide, but it's really just talking about our -- the 4 operations that we're on now. We are going to start -- we are working on the Hollinger open pit this year, and we will do some more with it next year. And there's a lot of upside here. Hollinger is something that could be it could be -- it's a game changer again. That was -- if I were to show you the map of Timmins and Timmins always talks about itself as being the city with the heart of gold, that's the heart, right? So you don't know what you're going to find at Hollinger once we get at it. This is -- don't open pit. I'll let Eric and others talk about this more. And the TBZ deposit, which is a refractory gold deposit, which by having the Kidd Met site now, which having a flotation circuit, we can -- and by having a partnership with Glencore, which is not committed, but now we have a path to take this from drilling and concept right through the commercial production and actually right through commercializing and selling -- being able to get gold with what we've done now with Kidd Creek, et cetera. So I think there's a lot of excitement there in terms of building new mines and -- this slide is really talking about a lot of things we're going to try to -- we got to do this year in exploration, production growth. We've got a lot of studies. We've got to deliver a lot of things to our shareholders, to everybody this year. We got the Cordero feasibility study want to upgrade capital costs, et cetera. And a big goal is -- I know we only give 1-year guidance this year. As we come into next year, we recognize we've got to give -- start giving 3-year, 5-year guidance. We can -- there's a lot of concepts here, but we're doing a lot of work over the next while to really mature the company and get it set up for our people. So I think with that, maybe I'll leave it up to Allison to go through the financials and maybe provide a lot of the interest on the real interest in terms of what we're all about...

All right. Thank you, Tony. So similar to what Tony has mentioned during all of his comments, we, first of all, really closed out our 2025 in a strong position. We consistently met all of our commitments and really feel like we've started to build ourselves a solid foundation for the future, which allows us to be in the position that we're in today and make some of the announcements that we made earlier this morning. Importantly, we generated significant free cash flow, both for the year and in Q4 of 2025 with free cash flow of $172 million over the year and $68 million during Q4. We continue to see operational momentum that we believe will project us into 2026 and allow us to deliver strongly and deliver on our commitments on a go-forward basis as well. So let's look at what our guidance looks like for 2026 and focus more on the future than the past.

Alison, there's one point. In 8 months, we paid [indiscernible].

We did.

So in terms of -- with the value back to the country and the people, we paid back in the first year.

And I would add that, that was really in 2.5 quarters. So we'll see what 2026 brings us, which should be exciting. So in 2026, Tony talked also a lot about creating value for our shareholders. And it does start with showing what we believe is solid production results from 260,000 to 300,000 ounces for the year. This is growth from our PEA case that we had originally published at the time of the Porcupine acquisition. And 2026 will also be a significant year of investment. We have $120 million to $165 million in sustaining capital and $195 million and $235 million in growth capital, both at Porcupine. A lot of that spend will go towards the mill, the purchase of new mobile equipment and some capital development on the sustaining side. And on the growth side, we'll be adding some additional tailings capacity. and improving ventilation as well as continuing our pre-stripping at Pamour, our open pit mine that we're working to bring into commercial production in 2027. The $90 million to $100 million that we're showing for Cordero is largely made up of the land use fee, which is $70 million to $80 million of the amount that's shown there for Cordero. The land use fee is expected to be received after the receipt of the EMEA permit, which is the environmental permit that's currently pending. The land use fee is effectively a zoning change on behalf of the organization, which will allow us to then subsequently begin mining after a construction decision. We have a significant increase in our exploration budget, much to Tony's comments earlier. We are intending to spend $55 million to $75 million this year. And Eric and his team have a lot ahead of them with 280,000 meters of drilling that's planned for 2026. So a lot of meters. Eric is going to get into that later, and I'll let him touch on what those individual items and areas are that they're going to be focusing on. But let's look at unit costs. Tony talked a little bit about how we want to reduce our unit costs on a go-forward basis. And unit costs in 2026 are intended to range from $19.50 to $22.50 for ASC and improve as the year progresses. That's largely because our production profile is back half weighted, and we are anticipating that a lot of our sustaining capital as we continue out of our 2025 momentum, our sustaining capital will be in the first part of the year and then our individual unit costs will come down as the year progresses when the amount of production comes into play. And so we anticipate that we'll be likely at the top end of our ranges in the first couple of quarters of 2026 and then be towards the middle or the lower end of our ranges. Our ranges are a little bit wide this year, which you may have noticed on the guidance slide, and that was purposeful given that we have this significant improvement in trajectory throughout 2026. So let's look a little bit more at our capital spend, and this is largely because we do have significant investment that we're making in 2026 for both our sustaining and growth capital. Over 75% of our capital is dedicated to replacing our trucks and mobile fleet and for our capital development at the underground as well as investing at the Dome Mill and the Dome tailings facility to increase our capacity and to improve the efficiency of our performance. If we look at growth capital, 2 of the largest investments are related to the TMA 6, including work to divide the tailings dam into cells. And that has a number of benefits for the future that we anticipate seeing reflecting in our OpEx costs on a go-forward basis. And that's largely because we will have some progressive rehabilitation that can take place once the partitioning is completed. The other key component of our growth capital is what I mentioned earlier, and that is the pre-stripping at Pamour as we work to build our Pamour mine into commercial production. And then finally, we do have a new vent raise going in at Borden that will improve our overall ventilation and as well as some ventilation improvements at Hoyle. And so I have a few more details on this next slide of what exactly some of the capital spend is. I know we did get quite a few questions about what's involved in the 2026 spend. So we wanted to make sure that we were providing as much detail as we possibly could about the investment that we have going forward. And I think that what I would say as a sort of closing remark on the capital spend that we have for the year is that we truly believe this is one of the best ways to drive shareholder value, and that is by redeploying funds into our assets and continuing to enhance returns, lower our costs and increase the efficiency across all of the properties that we own. And so I'm going to turn it over to Eric, who is going to talk about exploration and tell you about all of his 280,000 meters.

Okay. Thanks, Allison, and good morning, everyone. As you know, we've been having a very active exploration program over the past year or so. And -- but at the same time, we've been showing a lot of success, and we've been identifying a lot of new opportunities. So I just want to let you know that we're feeling very optimistic going into '26, especially since we're going to be coming in with this little bit larger budget. And just to go over some of the highlights for '26. Overall, looking at much larger program compared to last year, 280,000 meters in total. And in general, working on a variety of different projects, which are both in mine, near-mine growth projects and also some regional exploration here. A lot of these projects are continuations of work that we started in '26, but there are a number of refinements and new additions that you'll see, which we think will actually make it more exciting. So I won't go through all the whole slide, but just to highlight a couple of the main changes. The big one -- one of the big ones would be at Hoyle Pond. Work last year was focused really on one main zone, the S zone, which is the largest and highest grade zone at the mine. But the program this year, we're going to be putting substantial effort into the mid and upper part of the mine, where we believe identifying new zones and new actual areas for mining to blend with the S zone will be very beneficial for the mine. Additionally, Pamour, we're going to be -- there's still going to be a strong focus on the conversion drilling around the current pitt resource, but we're going to see a much higher component of drilling along strike and to depth and trying to add new resources. So that's -- and you'll see in the presentation, we're starting off with some of that work already. The other key things, I think, to point out would be Dome and TBZ. These are 2 exciting -- great growth projects, which we just initiated drilling on actually in the late part of last year. And we believe that they're going to have a very substantial impact and aiming for new resource studies before the end of the year. So a lot of exciting stuff coming up in the next while. So turning to the next slide. What we see here is just a satellite image showing the general Timmins area and distribution of our main operations. And as you can see, Timmins is on the middle west side of the slide here. And you can see Hollinger McIntyre being located just on the edge of the city and then Dome down to the Southeast, Elk Creek, Hoyle Pond and Pamour about 18 kilometers to the Northeast. Turning to the next slide. What we see here is an overlay of the geology for Timmins. And as you can see, it is pretty complex. So I'm not going to get into the full details. But I would point out that a lot of the bedrock in the area is underlined by a mix of volcanic and sedimentary rocks with the core of the camp really being underlying mostly by volcanics and most of the sediments being on the outside. Additionally, I would point out that a lot of this rock has been strongly folded and faulted by multiple different deformation events. So creating a lot of small-scale features in -- which can affect how we do the exploration in the area. And just to point out a couple of the main features. We have the Duster Porcupine fault, which sits down in the south part of the lower part of the map and dividing the dark and light green rocks. We've also got the Porcupine [indiscernible] line, which sits in the central part of the camp. And finally, I think on this slide, I'd like to point out that in terms of the operations, we've got Dome and Hollinger McIntyre on the west side of the camp. And these are located just north of Duster Porcupine. And you could see that just north of the -- just on the north and south sides of the Porcupine [indiscernible] line. Looking at Hoyle Pond and Pamour, we're looking at the area off to the east. And these are quite a different volcanic different setting, each deposit being located on narrow bands of volcanics, which are extending from the main Timmins camp. So I guess my main point on that really is that all the deposits are quite different and different types of environments, but all good. So looking in next slide, what we have here is a close up of the Hoyle Pond and Pamour areas, which is a key part of our exploration program and where we've been doing a lot of our drill meters over the last year, and we're going to continue next year. As mentioned, Pamour is located just north of the Dust Porcupine fault on a narrow band of volcanics here. Main target area here really is along the south contact of the volcanics, which is in green and where it meets the sediments, which are shown in gray. Hoyle Pond is directly to the north, about 5 kilometers or so, and the main deposit being located on a main flexure, a big flexure of the volcanic belt. And Elk Creek is located about 3 kilometers to the west and just east of the fault, which we call the Elk Creek fault. Turning to the next slide. We see a -- you see an image with the lower part of the Hoyle Pond mine and where we are targeting the S zone. And details for all the work here are shown on the slide. The S zone itself is shown in blue. And you can see it's extending from well above the upper part of the mine. And you can see the workings, which are shown in green where we're doing the drilling from. The main target here is really between the 2,100 and 2,300 level, which is the lower limit of the current resource. Turning to the next slide. What we see here are just some of the recent results from the drilling, which are really the second batch of results we've released from the work and -- as mentioned, these are from the lower part of the zone here. And as we can see here, still continuing to get very high-grade numbers, which are in the range of an ounce to 1.5 ounce in several intercepts over 3 to 5 meters, which is pretty good for most mines. Turning to the next slide. I just want to highlight some of the new target areas, which we're looking at for this year. As I mentioned, we're going to be looking at areas that are more in the mid and upper part of the mine. And you can see it is an area where there has been considerable past mining. But when we look at the geology look closer, we see that there are still lots of areas where we have extensions of zones that were not fully mined and gaps where they didn't follow the trend, potentially gold prices and just having other priorities at the time. So we've got a bunch of about 6 different areas already identified, and we're going to be starting drilling on these over the next couple of months. So expect to hear more results about that. Turning to the next slide. We go to the south part of the mine where we have the TBZ zone, which is a significant zone of mineralization, which was actually defined by past operators with -- but on relatively wide spacing and then was -- the work was stopped again for other priorities. So the details for the zone and the development that was done on it are shown on the slide here. The main zone itself is shown in purple and measures about 600 meters in plunge length going from 900 to about the 1,500 meter level. So -- the program that we have in mind here is basically just mostly an infill program, so to tighten up spacing within the main part of the -- where it was defined in the past, but also involve some extension drilling below the 1,600 meter level. The program was just underway in the first quarter. So we were just starting to get results. We press released one hole, but already had showed some fairly good potential here. We did intersect the main zone, 3.7 over what, 7 meters. But a good surprise happened where we actually intersected about 4 grams over 30 meters in an area that wasn't expected. So already seeing some upside right from the beginning. So this is a zone we're going to be targeting for a resource update at the end of the year. We got 40,000 meters planned, and it's already well underway. We've got 2 to 3 drills already down there and advancing now. So just looking at a little bit broader exploration potential at the -- around the Hoyle Pond mine. This is a long section looking to the north and following the same geological contact, which hosts the Hoyle Pond mine. As you can see, the large areas here that are unexplored, the little bit of drilling that is done is just very shallow and focused mostly around the Elk Creek area. So in our view, this is an area that -- which has a huge potential in the future. But starting for us, we're focusing mostly on the Elk Creek area. as you might have seen in the press releases, we've been having 2 drills working here already for about 7 or 8 months and having some very good success in following up with -- in our results here. So just to show you a few of the results that we have been getting at Elk Creek. It is a bit of a mixture. It's not exactly like Hoyle Pond. We do see narrow high-grade zones, but we've also seen some very broad zones, 4 to 5 grams per tonne of 15 to 20 meters. But important thing is that almost every hole is hitting some good mineralization, and we've now got a footprint, which is about 200 by 600 meters in area, which is a pretty good starting point. So very optimistic about this, and we're going to be continuing with drilling throughout the year. Turning next, we're going to Pamour. And Pamour, as you know, is already in operation, but at the same time, has a very large resource already. Work we're doing here is really designed mostly to convert more of the resource and then expand it even further. As you can see on the slide here, most of the work that we're doing is centered on the resource, which is on the east part of the property and surrounding the historic pit that was mined there. Drilling that we've done has been done pretty much along the full strike length. And in pretty much every area we've drilled, continue to see some very good results, including wide lower-grade zones, but at the same time, some very high-grade narrow zones as well. So things going very well here. So turning to the next slide, just give you an example of some of the results that we have seen here. As you can see, label from east to west, pretty much everywhere having good results, which are between 1 and 2 grams per tonne over quite often 20 to 30 meters with a real highlight happening on the far side over 1.2 over 140 meters. And this -- some of the -- a lot of these values, you can see are near the lower limit of the pit shell. So we're very optimistic that when we do our resource update, we'll be not only adding inferred or indicated, but we will be expanding. Going to the next slide. I just want to highlight that we started work on another area of the property here, which is about 1.5 kilometers to the west. And this is what we call Pamour West or in the past, it was known at the [indiscernible]. And it is an area where there was a little bit of open pit mining, but it's actually on the same geological contact as the Pamour. And very little drilling between the 2 areas. So this was our first hole that we drilled. We've got one drill here already, planning to put another one. But through the year, we're going to be having -- our aim is to try and drill as much as possible, and we think this could make a very good addition to the resource here as well. So just to give you some visualization of the overall potential that we actually can see here. This is a long section to the north again and showing the current pit shell, but also results of drilling, which have been done from underground on from various different levels at wider kind of spacing. So as you can see here, the current pit is -- only goes down to a maximum depth of both 300 meters and even 100 meters on the very east part. And there's a lot of drilling down below showing some very good results already. So we're very optimistic that we'll be able to -- with further work, we'll be able to extend this even further. So if we zoom out a bit more, I think one of the things I want to highlight here is that you can see that the limit of the actual block model that we're using right now to create the open pit resource is actually truncated right at the limit of those green shapes, which are the underground workings. So that not only do we think that we can extend mineralization deeper where the current resource is, but then -- this is the big area where we're talking about towards [indiscernible] and the gap between. So turning to the next slide, we see the Dome, which, as you know, is another significant growth project for us, where there's already 11 billion ounce resource been identified and where we've now got drilling started. Details of the project here are shown on the slide. As you can see, all of the resource is pretty much centered around the historic pit, which is outlined in blue and captured by both the Magenta and the red outlines. The current drill program we're doing, I would say, is about 25,000 meters this year. It's a combination of both really -- focus really is mostly drilling to gain confidence in some of the historic data, but also to upgrade more of the inferred resource. And in the end, what we aim to come up with is a resource update by the end of '26. Drilling that we've done so far is mostly in the south part of the pit. As you may have noticed from our press release, we've had a lot of good results in there from both within the pit and on the outside. And just to give you some other views of the project, you could see that this is looking to the north and showing the trend of the overall ore body, which is plunging to the east at about 35, 40 degrees. We also see the pit shell, which goes down to about 2,000 feet compared to the historic pit, which only went down about 1,000 feet. Another thing to notice here is that below the -- even below the pit, you can still see a lot of mineralization, which is identified here in yellow dots, which, I mean, could, in our view, represent underground potential that we would have to still follow up at a later time. Turning to the next slide. Just giving you another view here and showing some of the latest drill results we had in the south part of the pit. And I would have to mention that this is an area that was not heavily drilled in the past, and we've had fairly good results both within the pit and on the outside. So very optimistic that we can be able to add more resources here. And turning to -- the next slide, what we see is Borden. And as you know, Borden is located about 190 kilometers to the west of Timmins. And in my view, a very substantial underground mine, where we've been mining there already for 6 or 7 years. Just the overhead shot just to give you a perspective on the overall zone that we're mining and exploring on. As you can see here, in different colors, this is the overall structure. It's sort of plunging to the east and then downwards to the north. And then yes, so the East limit of the zone is actually what we call the Deep Zone 2 and on the very east limit of the slide. And then turning to the next slide, what we see is some results from our current work, which is being done from drifts that are on the 585 level drilling downwards. And I guess the easiest way to explain this is basically all the results are good here. In fact, many of the results we're seeing are double the grade of the resource. So very optimistic about what we're seeing here. We've also seen some new results which are outside of the resource, so -- and with very high grades. So overall, Borden, we see that as very good, coming along very well. And if you look even beyond that, I'd point out that there is white space drilling that is up to a kilometer away along that same trend and does show that the mineralized zone is still there. So again, giving us a lot of confidence that we're going to have a lot of success at Borden going ahead. Okay. So with that, I think that concludes the Porcupine site, and I'll get Forbes to talk a little bit about Mexico.

Thanks, Eric, and good afternoon, everyone. Obviously, very exciting growth plans we have in Timmins, but that should not overshadow the opportunity we have in Mexico with our Cordero project, the world's largest undeveloped silver deposit. Just to set the scene, we have a map here showing the location of Cordero. To the north is the city of Chihuahua, a population of 1 million people, a major regional hub with an international airport. Just to the south of the project is the town of Parral, which is actually not too dissimilar from Timmins. It's a mining town -- it was built around a silver discovery going all the way back to the 1600s. There's a population there of 120,000 people. There's a number of mining schools. And for us, it's going to be a key source of labor and supplies as we move through into development and operations. I know cartel has been in the headlines in Mexico of late. I would just note, in this part of Mexico, there has not been a history of significant history of cartel conflict. And you can also see the number of large, long-lived operating mines operated by very well-known companies. We have Agnico, Coeur, Fresnillo, First Majestic and Grupo Mexico, all in the region we've operated for a long time safely and securely. If we just zoom in now on the project itself. We have a really fantastic setup. You can see the landscape here, no population we're dealing with, very gentle flat topography and it's a very benign homogenous landscape. So from a permitting point of view, that gives us a big head start. If we just look at the actual site layout itself, what's really important is this project footprint is on privately owned land that we actually own. And for anyone who's followed Mexico, that is a very critical element, especially as you move into building a project and operating a large mine. Just some numbers to run through from our feasibility study that went out in the start of 2024. So the reserve base just on silver alone is a touch over 300 million ounces. So that's actually more silver reserves in core, more silver reserves in Hecla. And even with Pan American, if you take out Escobar, which has not been in operation for close to 10 years now, we would actually have more silver reserves in Pan American too. So this is a huge silver deposit. And to give you a rough feel for the cash flow generation that it's going to produce years 1 to 10, there's 14 million ounces of silver payable. Now we do have byproducts predominantly zinc and lead. And over the first 10 years of the mine life, the revenues we get from those byproducts are going to cover all our operating costs, all our TC/RCs, all our freight costs and all our sustaining CapEx. So if you want to get a rough feel for what the pretax cash flow is going to look like, the byproduct revenues cover basically all those costs. And so the pretax cash flow will be that 14 million ounces of silver times by the silver price. So at $50 per ounce silver, that should be about $700 million per annum over the first 10 years on average. And obviously, at current silver prices, it's more like $1.2 billion, $1.3 billion per annum. So obviously, huge amounts of cash flow this is going to generate. At current prices, the IRR for the build is well north of 50%. And we talk about putting money into the ground rather than doing dividends and buybacks. If you assume our cost of capital is in the high single digits, we have the opportunity here to take capital at that cost and invest it in the ground and generate huge returns by getting a plus 50% return on invested capital. So I think this will be a very significant value driver for us. And also in the near term, when you look at the actual net present value of the project, $75 silver, I think we're up around $6 billion. If you use a silver price more around where analysts are right now, let's call it, $50 an ounce, the net present value is probably more like $4 billion. I think when you look at the analysts who cover us, the rough multiple they apply is 0.3x to 0.4x NPV. And I think the reason for that discounted multiple is we don't have a permit yet. But I think once we get our permit, if you look at a developing asset that is fully permitted and fully financed in the silver space, it's probably more like 0.8, 0.9x. So when you look at that multiple expansion on an NPV, which could be in around $3 billion, $4 billion, I think that's going to be a very big catalyst for us once we receive that permit. We do feel we're close on the permit. We're through the legal, technical environmental reviews. We're just waiting for that final approval. This is a project that's going to have a significant socioeconomic impact not only regionally, but within Mexico, not only taxes, but also job creation and just our direct investment in supplies within Mexico. Our plan this year is really to work towards an investment decision towards the end of this year, we'll be doing an updated CapEx and OpEx exercise. We'll be doing a little bit more work on the water treatment plant as well as finalizing our choice of power, whether we're going to go with grid power or gas power generation. The objective there is by the end of this year, make a final investment decision to go ahead with the project. The majority of the development capital will go into the ground in '27 and '28 with the first potentially being produced in 2029. That covers everything on Cordero. So I'll just hand it back now to Tony for some final remarks before the questions begin.

It was a lot more fun to stand up [indiscernible]. We could talk about -- I could spend a whole hour talking about exploration. I mean, you can see and the upside in terms of what we do in exploration. We could spend half an hour talking about all the synergies in Porcupine, all the growth initiatives in terms of investment in the 3 existing mines plus the investment in the mill and the ability to build Dome and TBZ out of what we've acquired now with picking up the Kidd met site in terms of what the growth is there. And so -- and we can talk a lot about initiatives in the mines to reduce costs. There's a lot of exceptional value drivers for this company and lots to do. And we got this slide here. I mean -- and again, it shows -- talk about what we're trying to accomplish, but it doesn't show now the Kidd acquisition, which with Kidd enables a lot of this happening with our permit in Mexico enables this happening. We're strong balance sheet, fully financed, lots of discipline in the company and lots of potential growth going forward. So a lot of value drivers. I think we got all the value drivers that you can look for in this industry is here with Discovery. And I guess maybe the other part is there's a lot of energy and the value is made by people. There's a lot of people with a lot of knowledge, a lot of energy and a lot of motivation to get things done. So I think it's pretty exciting times. And let's just say, keep watching. I think we've got a lot of new stuff coming forward as we keep putting the whole picture together in terms of vision of what Discovery is going to be. So anyway, thanks. Hopefully, we didn't take too long. I didn't bore anybody, and we're happy to take some questions.

[indiscernible] I don't need a microphone, do I?

No.

No, but we are on the webinar.

Okay. He told me -- your dad told me at -- during the war that the only way you can get out of Poland was either you had to have gold or you had to have diamonds. And back in early 2024, when Tommy come to me about the Poles buying a lot of gold. As a matter of fact, in 2024, the Polish bought more gold than any other country in the world, more than Japan, China and India, there are government's and there are individual purchasers there. Now that was because Russia moved in Ukraine. There was uncertainty with that point in time. And now we have other issues in the world going on, mainly Trump, which gold loves Trump because every time he talks, the gold goes up. My question to you is that congratulations on purchasing Newmont at the time that you did and expanding Timmins now with Kidd. On the silver side, the Kidd mine is the second largest silver producer in Canada just behind Hecla. I get to see the numbers every now and then. And so with your Kidd operation, is there plans to expand that recovery of silver? And of course, then also with the mill, you have an autoclave that's been mothballs for lots and lots of years at Kidd. And with your TMZ discovery or that ore body being refractory ore. Is that what your plans for the future is to return that autoclave on and produce gold from refractory ore.

Thanks, Tom. Yes, in terms of -- just came back to the first thing in terms of my father coming over to Canada, he would say there's only 2 things you should invest in. And you can look at a lot of things even today, but it's a gold and land, right? And I know a lot of stuff happen and there's all kinds of -- all kinds of places to invest. But -- and I remember with Diane Francis, when we were building Lakeshore Gold and I remember one day getting upset about the stock market and all the trials and tribulations we have trying to build a mining company, you said, yes, but imagine if you're in any of the other space, you have a product that always stays relevant. And gold will stay relevant for the next 100 years, next definitely for the well outlive us. So yes, we do have the right commodity. In terms of the Kidd met site, Tom, there's 4 circuits. I mean that was a well-built operation. They had 4 circuits. They call them A, B, C and D because when Kidd was in there was 4 different types of ore, they could get high-grade copper or copper, zinc core, high-grade zinc core, zinc, lead ore. So they had the 4 circuits. And over time, as the mine progressed and you went -- they lowered production capabilities as they went deeper, they closed down the A circuit. So that's sitting there right now in care and maintenance or it wasn't put away greatest, but it's there. The B and the C circuits they use, they don't need both of them to run the current Kidd operation. But by using them, your utilization of the plant is really good and maintenance. And then the D circuit was a flotation circuit was converted to a nickel circuit. So that D circuit, we look at it being perfect for using to create a flotation concentrate out of the refractory ores and then look at the next step. What do we do? Do we put in an autoclave? Do we go [indiscernible] or do we ship a gold concentrate to the Horn smelter or something like that. So we intend to do that. And with the A circuit, we intend to -- we're going to have to pull out the flotation part. We're going to have to change the circuit in the mill and put in a conventional CIL gold circuit for the Pamour run of mine. So it will be one of -- in terms of a metallurgist and mill operators, I mean, it's going to be one of the -- a different -- one of the very unique processing plant where you can have conventional gold, you can have conventional base metal and you can have refractory gold and all the stuff. So in terms of people wanting to learn metallurgy and get multiple what the discipline understanding, it's going to be a pretty exciting plant. I look at it. Okay. Any other questions?

Tony, can you talk about the closure liabilities -- talk about the liabilities that come with Kidd and how you're going to deal with those, please?

Yes. So the closure liabilities at kidd, that's a good question. So the kidd mine itself has a closure plan, which would involve -- there's some waste rock around surface filling stuff back into the pit and letting the mine flood, tearing down buildings, et cetera. It's about CAD 78 million in terms of the plan. I mean our goal is to keep looking at Kidd and what to do there from an investment point of view in terms of moving that forward. What doesn't get included in those numbers are costs. Those are costs assumed that you would be doing them when everybody is close, so it's got full carry of G&A on it. And it doesn't include -- there's probably about $50 million, maybe $100 million worth of equipment in the mine if we needed to take whether it's electrical gear, whether it's trucks, drills, jumbos, et cetera. So there's value there. But that's the kidd. The met site itself has got about a $34 million closure liability, and that's mainly just carrying out buildings, et cetera. So those are the 2 main liabilities we take on initially. The tailings area, right now, there's a closure liability in the tailings area, but we've worked with Glencore to say they're going to retain the financial assurance for that for 2 years. And then they're going to indemnify us for up to 3 years for anything happening around that tailings facility, while we -- and they're going to fund the first USD 75 million of work around the tailings facility to set it up. And then what we've said to them is if we were able to then get that tailings facility permitted to now put gold tailings on it, which the closure plan for that tailings facility said if you could -- the best thing to do is to cap it with gold tailings. If we could then put gold tailings on there and right now, to lift, it's about 50 million tonnes of capacity there, which is more than enough to take Pamour for another 20 years or maybe -- sorry, maybe we want to increase Pamour's productivity maybe to 10 or 15 years. And there's further expansion capabilities there with that tailings. So in a nutshell, yes, there's closure liability somebody might sit there, but it's like we've done with the Porcupine, we've taken these liabilities and we actually turn them into assets, right?

And just one quick follow-up. The -- will the Kidd Creek mine when that shuts in a year or so, I understand it's about 1 year's life. Will that stop -- will that workforce then transition to mining gold for discovery? Or will that be a closure plan?

No, that will be part of -- our goal is that you've got people. We have lots of openings and we have lots of ambition to grow. So I think it's going to open up new opportunities for people. Definitely, people working in a processing plant. I mean they're going to be busier than ever. And then the people at the mine and et cetera, there's technicians, there's engineers, geologists, we're going to have work for them and operators. So I think they'll be work for people as much as they want, and we're probably still going to need to hire people. Go ahead, John.

Eric, I'm thinking about the Slide #5. Maybe if you could put that one back. The scale was 5 kilometers to an inch or something for -- Yes, for Timmins and 10 kilometers for kidd. So it makes kid look small. How many square miles of land is the kid package versus the Timmins Borden package? Have you doubled your land? Then at the top of that slide, where is the town of Cochrane and the Detour pit. And on the kidd's metallurgical side, where is the town of Matheson. Matheson is just to the right of the mill. And I think the top of the slide is close to Cochrane or Detour pit.

That's probably Matheson. Cochrane is probably right up here. Teachers off the map, Cochrane might be here.

So is this doubling your land package?

Pardon?

Does this double your land package?

More than doubles the land package, I would say.

So when Kidd started in 66.

These townships have never been drilled.

When Kidd started in 66, gold was $35. So how many college students are you going to have this summer doing geochem grids all over this doubled land package?

There's numerous showing drill -- previous drill holes and throughout -- scattered throughout here on this baggage. And remember, this is the best -- the one, the largest metallurgic, massive sulfide deposits in the world. And where is the other ones, right?

This excites me most of the transaction. But just switching gears. I did the best literature search I could. There was 1 fatality in '01, one in '07, 1 in '11. Each of them were somewhat in their 20s tragically. But it's gone 15 years without a fatality, going down to 9,880 feet. Once I went down a mine in South Africa that lost 1 a week, 30 years ago, Kusasalethu, Harmony is the renamed not. That mine has gone 3 years without a fatality. It used to lose 1 a week. So the improvements in safety technology are great. How deep do you think you can mine? I think Glencore a year ago reported 133 million tonnes of resources, 1% copper, 3% or 4% zinc, I think 3 ounces silver. So can you go to 12,000 feet? Can you go to 15,000 feet? Do you want to use those workers for TVZ and Elk Creek? How do you think you do that?

Well, we're going to assess that. And we've looked at it. I mean, you go down at Kidd, yes, too deep. Pierre, you can -- I mean what's your thoughts, Pierre?

Well, as you just mentioned, Kidd can go really deep. In terms of priorities, where we could make a big difference right now. You heard Dome, you heard TVZ, you heard Pamour, Pamour West. You heard the Hollinger as well.

Ore through the mill.

Right. So at the end of the day, there are studies we're going to undertake to see how deep the resource is going, and how deep we will want to go there. But if you just look around, LaRonde is at 10,000 feet, give or take. That should give you probably the first stretch target.

They did a feasibility study on Kidd Mine 5, which would be another 100 meters, 100-somewhat meters, runs till 2035 and then [ Kidd Mine 5 B ] went to 2045. So I mean there's a lot of infrastructure. We look at that, but at the same time, you got to make sure you can do things safely, right? And I mean the other part is economically, right? It is far down there, right? And how will the infrastructure support it. But we're going to explore that. I mean there's some significant exploration upside higher up at Kidd again. And maybe a little bit off to decide a kilometer or 2, but we think that there's some -- there's a lot that can be done here, and we're going to look at it, right? And by the way, sorry, when you talk about safety, if I were to show you the Kidd safety stats over the last 5 years, they're second to nobody in the world. It's safe for the work at Kidd underground at 10,000 feet than to work at Walmart in Dallas, Texas.

Concerning Cordero, where maybe the permit comes any week. And you did the detailed engineering over 2 years ago before we had Timmins as a distraction. Wheaton paid $4.3 billion down for 75 million recoverable ounces -- revenue ounces, not counting inferred, reserve measured indicated. That's sweet. I'm just brainstorming. One way you could finance Cordero would be if you went to Glencore that mines -- used to have 12 zinc mines, or Trafigura that owns Nyrstar and ask them to market the concentrate, so you don't have to think about lead and zinc. You just run trucks and mills. And maybe they pay you $1 billion for 20%, which is a discount to what you would get if you did a stream with Wheaton. That's the second option. Then thirdly, you have a slide with all your neighbors. Minera Frisco, Carlos Slim, he's a local Mexicano. He can manage the culture, which has many rich, rich attributes. There's Grupo Mexico, Peñoles, Fresnillo, local Mexicano partner for 20%. I'm sure there's 30 Toronto firms that will raise $800 million for you and charge $40 million in fees. But I don't want to take anything away from my buddies in Toronto or Vancouver. But if you -- maybe you'd only have to pay 0.5% if you sold 20% of the mine in an M&A deal, and had a big auction. How do you think is the most convenient way to finance Cordero? I don't think you need to issue a share and it finances independently. But do you want someone to market the lead zinc? Do you want a Mexicano to talk to the banditos? Do you want a financial partner to pay top dollar? I like a chicken chimichangas any way I can get it.

A lot of good points, and Alison can speak up. Definitely, it's financeable, definitely very valuable project. And yes, we've been having good talks with Glencore. And yes, that's option. I think the biggest thing is we get a permit. But I don't know, Alison, do you want to give a little color there?

Sure, John. So we have explored all the options that both you've brought up and that Tony just mentioned. We're getting incomings often about Cordero. And I think that as we look across the collective needs, not only at Cordero but at Porcupine and also at Kidd potentially, we want to make the best collective decision at the lowest cost of capital for the organization. We have also to add on to your list looked at a high-yield debt offering, which is at rates of 7% for USD 400 million to USD 600 million offering in addition to what you just listed off. So no final decisions yet. We'll consider all of the things on the table and try to come up with the best value proposition for the organization.

Do you think it's about the cost of capital or simplifying management so you don't have to market lead and zinc, and you have a local partner that manages the local culture?

It's all of the above.

Yes. I learned as we work around different jurisdictions in the world. In the end, the people -- and actually, we've been to Mexico, the people we have in Mexico, they know their stuff. We don't have to go there and tell them what to do, right? And whether you're in Australia or you're in Chile or you're in Peru or you're in Nevada, using the locals as much as possible, that's the benefit. And we're talking about the benefit we bring to the table in Porcupine because we're a bunch of locals. We got to follow the same rules that we see that's value creative. We're not going to have one with big egos. We just want to create value for shareholders and demonstrate that we can be really, really good, responsible miners and that open pit mines, whether they're in Mexico can be done properly, responsibly and generate a lot of prosperity for all stakeholders, right?

If I could bother you for one more. I'm assuming the slides got done Thursday or Friday during business hours. And sometime over the weekend, you settled with Glencore's attorneys and had the Kidd Creek press release today. So there's 4 categories of CapEx at Kidd Creek that you haven't had time to update. Eric is going to need money for college students to do the geochem grids to figure out where to drill. So you're going to have exploration money. Then you're going to have tailings CapEx, maybe expense, then you might have mill CapEx, and then you've got to have underground CapEx because they stopped CapEx last year for equipment and development, and whatever prestressing you have to do for safety. So to one significant digit, could you make a guess as to what each of those 4 baskets might be? What are the $1 million or $10 million? And just so nobody is afraid, there's $100 million basket.

We'd like to try to ramp up the exploration here. We want to do some exploration underground at Kidd. We can probably spend $20 million to -- and maybe hit to 2027, $30 million to $50 million exploring here because you've got a big price, right? If we only find one -- 20% of the Kidd deposit, we found a major new deposit, right? So that's one. The Kidd mine itself is and running. In 2024, it was the most profitable mine within Glencore, single mine. It still is in 2025, so it was in 2025, and it would generate a lot of free cash flow. Now depending on when we take it over, and we run -- if we run their current plan, we can still bring in plus $50 million to $60 million -- $50 million to $100 million, depending on pricing from Kidd. So you can invest that money back in there in terms of capital. The Kidd Mine 5 capital was upwards of about $400 million to get it built. If you did it their way, we probably would do it in a little bit of a different way. So there is that. The tailings area, the first bit of this work is going to be funded by Glencore, up to $100 million or USD 75 million, right? And it's going to create a lot of synergies for us because it's going to -- what we're going to do for Pamour, for the Pamour waste rock right now that we're hauling to some place. We're going to make actually, haul Pamour waste rock to the property line, and then they can pick it up and put it in the tailings area. So we don't have to pay. Our hauls maybe will be the same, but we won't have to pay to store it and new pads. So we're probably going to get some benefit for that in the first year. And then we're going to be spending money here. We're spending $140 million in our tailings facility in 2026. We're going to spend about $120 million in 2027 again. Tailings areas cost money. We've got we're going to be going here to build a new tailings area, and we're probably going to have to -- we're definitely going to invest some capital in building and putting in a gold circuit over at Kidd for Pamour. It will drop costs, et cetera. So some of it is more being put in line for 2027, but you can see, maybe it will be neutral in 2026. The tailings area is somewhat neutral for us in 2027, but we will -- we do intend to want to start developing and putting some money into the Kidd Met Site definitely. And we'll assess the mine site. And so it could be orders of definitely $50 million of exploration to maybe orders of $100 million to $200 million on CapEx for milling and maybe keeping the mine going and/or not. But the mine, as it's running, the mine can be somewhat that these prices could be somewhat self-supporting itself in terms of capital. So a lot of things to work on still, right? But we're going to want to put money to work. If we can build a new mill at Kidd, we won't have to bring in power, we don't have to bring in water. We don't have to wait for a lot of permits. We have a tailings area that we can just do normal work on that we're doing at tailings area. So we've got a big head start on a lot of things. But we are going to have to invest capital over the few years to build a new mill there. Did I answer the question without answering the question?

Okay. I think we're seriously eating into our lunchtime now.

We have a question from the audience. Why is the company called Discovery Silver? And would it attract more investors if it was called Discovery Gold?

You went right through all of them and came up with that one, didn't you?

That's the question. Yes. I mean we know our name was Discovery Silver. It used to be called Discovery Metals. They changed it to Discovery Silver to get the silver. We had a lot of discussions. I mean, when we came up with the -- you're seeing that a lot of brandings at Discovery, and we're on the [indiscernible] it's got gold and silver there. Maybe we're going to have to put some -- maybe we have to go back to the name of Discovery Metals, right? But we still own that name, right? Yes. But like in terms of Discovery, like in terms of -- well, I think Eric talked about it. We got -- we can discover a lot of -- not a lot of new golden metals with drilling. We're going to discover a lot of new value to bringing in costs and we're going to discover a lot of new value by building some new mines. So it's a pretty good name. It's whether it's silver or gold or metals, right, or mining, right? So we don't want to lose the DSV and our ticker symbol, that's somewhat important to us.

We went through that exercise last year. We dealt with the front end of the name last year and decided to keep it. That way, regardless of what we do at the back end of the name, DSV will always be our stocks.

And one question from the webinar. Any talk about listing to the NASDAQ or NYSE?

Yes. I mean that's part of our goal, to work that. Jennifer, I don't know. Maybe you want to answer that?

Yes. We're looking at that. We're looking at that for -- in the near term, definitely. We're getting some of our internal controls and things organized so that we could be in the best position to list this year. Likely in NYSE, not Nasdaq.

But it is part of our goal for 2026. We want to -- it's not like in separate terms. I mean we need to attract investors and shareholders, right? You go out to market. And how do we say we're even walking here. If you did want a Tim Hortons coffee, if you needed one, you walk by 3 Tim Hortons just coming here. You need to be out there and active. And so we intend to do that, yes.

Okay. Does anyone want some lunch? Listen, thanks very much, everyone, for coming. This was -- as I mentioned at the beginning, we really enjoyed meeting with the investment community. We're out there marketing a lot. We think we have a good story to tell that just got a whole lot better with today's announcement. And stay tuned because there's a lot more news coming. Thanks very much.