DPM Metals Inc. (DPM.TO) Earnings Call Transcript & Summary

Good afternoon everyone Investor day Baoli person webcast. Before we give the material regard and for elevation provided during the call under the core presentation and operate -- just a couple of on where we end we should be a comfortable for questions diesel. We have a [indiscernible] we ought to for a question of the year versus in the case of divergency we expect to as facility and certainly a -- we're going to begin saying that a review of a especially the most recent exported, which asked in November are Cosan broader. And it will take our network and a acquired content we're using a that with Aston for those please on will say or as violations are rate will be for. With that [indiscernible].

Good morning, everyone, and welcome to us. On the 1 side late for. And we continue to post participation in virtually depreciated businesses this investor day comes particularly exciting time for DPM. And over the acres we can on several base aniline story and the underlying product profile and value that it would be the solution. This has included the starting of the new micronization as at operation. Also the feasibility study in Catarina, which we increased to results in the bus operations that will generate since shareholders. Also the initial usual assessment phase anaesthesia the oversales the U.K. on 1 of financial perspective to support growth? -- important sales growth and financial stats keep in mind that the situation that the acquisition late -- so with the 4 million impact on the balance sheet, no debt and a nonown credit facility and the significant cash flow that we have generated, we are well positioned to fully support Strong financial the flexibility and confidence to execute on our strategy and deliver value for shareholders. Moving to today's speakers. Iliya Garkov is our Chief Operating Officer. We're going to have Mike Nolte talking about our projects, and he's the VP of projects. We'll have Tsvetomir Velkov. He's the Vice President of Technical Services, and we've got Stefan Metodiev talking about exploration and Ross Overall, who is our Director of Corporate Technical Services. This team will be providing deeper insights into our assets and our recent achievements and our excitement for the future. And now I'll ask Stephan to start things off by taking you through the new wedge deep discovery at Chelopech.

Thank you, Dave. Good morning, everyone. So yes, we're going to start with some geologies and exploration. -- everything in mining starts with George, everybody knows that. So we're very excited to announce our new discovery in Chelopech, probably some of you know that these systems are quite constrained in space. So that's what we were thinking as well. after long thinking over the structural context of the deposit, we decided to draw into a zone that was considered as a no go very deep. And below the level of economic mineralization. So finally, we're successful. I'm proud to say that we hit a zone that is having a significant material impact I hope in the near future for the mine. We're talking about a similar style of menization, massive sulfides. Very good grades that you can see on the screen, about 300 meters below the level of the nearest block that is under mining in the moment. So we have a strong potential, not to expand only this zone, but now we are looking on the deposit on a different approach, different angle. And we're planning extensive exploration at that level around the mine for similar ore bodies, very concentrated, massive to semi-massive sulfide very good gold credit, a bit less copper. But at the moment, this is perfectly fitting our strategy for going forward. move forward, you can interrupt any time if you have any questions. The zone has been intersected so far with the 4 drill holes. We have 2 more ongoing right now, and we're dedicating about 10,000 meters in the next quarter or 2 quarters to keep drilling. And meanwhile, we are already planning ideally infrastructure to reach the ore body and put it in production, hopefully in the next year or so. We hope that we have no constraints and no limitations on the drilling technically speaking. So in the next quarter, 3 to 4 months, we're able to provide more details on the volume and the grade of this ore body. On the chem scale, outside of the mining concession, we have one pending mining concession that you can see in gray Polygon outside of the Magenta 1 that is the ongoing concession. We have expectations to get additional concession rights for this ground in 2026, where we already have constrained very good resource will be back to this ground with additional drilling considering the good high metal prices at the moment. So Chelopech Siver about to come in 2026. Meanwhile, we have the bigger license around called Brevene that is over 27 square kilometers. We have multiple targets, different style of menization we're drilling right now there with 8 rigs at the moment, ramping up probably to 12, 13 rigs in the next month. We have again, high sulphidation porphyry targets. Our main goal is Volta that is just north of the concession where we have multiple intermediate sulphidation veins, base metal and gold -- the mine itself is with a strong position, still in very good shape. As you can see, we have over 1 million ounces of gold, 4 million ounces of silver. And to 140 million pounds of copper as a reserve resource. Moving to Coka Rakita and service.

Sorry, Stefan sir, sorry, we had 1 question coming over the webcast. which is what led us to decide to drill in that area to discover the Webstone view?

Yes, I was expecting that one. Well, as I said, most of the attention that has been paid to this deposit, Georgica speaking, was focused on the geochemistry and petrology petrographic we start rethinking the structural context here. We know that the basin that hosts the deposits of Copec has a significant drop down over this normal fault that you can see on the left-hand side of the size the so-called [ petrolympol. ] So we know that this normal folding is dropping down significantly the whole basin to the south. So thinking about this and knowing that on top -- in static license or this so-called Chelopech Silver mining concession, we have the wechzone target that very well demonstrates the drop-down of a whole block -- we were thinking how much we can extrapolate down going further. And if we have another book that has been dropped down significantly. So really over thinking again and again on the structural context. We decide that there is a significant potential around this regional fault to have a normal movement and a drop of ore bodies now. There is a second geological concept that we might have a telescoping of the system, and we have a second or later inputs that can produce fertile hydrothermal events. -- or could be a combination of both. But right now, we are sticking to the structural mostly.

Okay. Stefan there's a question at the back.

Sure. care as posed to the reserves. And comment on the development that might be involved in the time? Question on the development time line in order to get this into production.

Yes. Well, we have a conceptual internal decline that is under consideration. I cannot speak exactly on the time lines. It will take the mining crew to project properly think about ventilation. We're already talking about 300 meters deeper. So it's getting a bit warmer. And I think some of my colleagues can reply on that on the mining side. Okay. What we are planning the first quarter of next year, we do have a targeted a workshop about how to mining this area on that debt. We're looking around 2029, we to be in position to start production from there because that is in current mining license. When I say production, that means to have a first stop establish and start of the posting tests.

And then another question from -- coming from the webcast is for the Wedge zone Deep discovery. Is there any early interpretation on what's driving the potentially higher grade?

What's driving.

Yes.

Well, if we're speaking about the same impulse of hydrothermal activity, I think it's the same source. -- what might believing is as a geologist is the porphyry that we know that exists on the -- between the hanging wall and the footwall of this major fault is too tiny and too shiny to be driving the whole system. So we keep exploring in the area to find the real source of that. And knowing other deposits on the TTM in the near neighborhood, there should be a bigger driver, bigger Magmatic Center I would say, a bigger porphyry that we hope that we get into really soon. We have some indications, but it's too early to speak about. We're looking actively for not only one, but multiple sources for this system. Okay. Going to Serbia. So first to say a few words about the district scale of the geology around and how we went to the discovery of Coka Rakita, maybe some of you have already heard the story, and I won't go in too much details, but we're speaking about the Western flank of the Temmigmatic complex that was considered as unfertile broadly. -- just until our original discovery to Coka Rakita. So we're talking about the camp-scale multiple targets districts, I'll call it. So the deposits that I mentioned here and the new announcements that we have, not only on Coka Rakita, but the [indiscernible] as well just speak about the scale of this magmatic hydrothermal cell. We're talking about a few cubic kilometers of very intense alteration, multiple stocks and as it's mentioned here, we have several styles of different alteration and neurotization. This is really a huge chance an honor working in such environment. And we are -- I do believe that we're on the gate of a flip of the geology there. That's how we discovered Coka Rakita after a long conceptual thinking. And after the discovery to Coka Rakita, we start thinking what else could be there. So first hole that we decide to go deeper, start seeing mineralization exactly where we were expecting it. We're talking about porphyries, current carbonate replacement sediment hosted everything just in few square kilometers. And we have a huge land package that we continue drilling right now with 10 rigs, hopefully, expanding in the next 3 months up to 15, 16 rigs. So it's a discovery that we should not speak only for the Timok zone, but for the whole [ Tatum ] built. Coka Rakita itself doesn't have many equivalents globally speaking. We know about 1 similar deposit in Ecuador, and we personally have heard for another 1 in China, but not too much. details can be found for that one. So we're talking for gold-bearing exist current hosted in the sandstone unit that you can see in yellow on the section to the right. most of the ore is hosted in the sandstones, very limited as an [indiscernible] the green units that is dirit, sea-lice body, very small copper credits there. What's interesting and makes Coka Rakita unique is the very lumpy nugget gold. We have a few millimeters grain size of the gold that comes mostly as a free gold native or attached with some sulfides, but the sulfide content is very, very low. That makes the deposit even more attractive. We have very good results on the flow sheet. So here, I'm going to ask Ross to continue with these resources. Thank you.

Hi, everyone. Ross Overall, Corporate Director of Technical Services. So just a quick walk-through of what we did for the lead-up to the FS in terms of resources and reserves. So -- in the lead up to the FS, we looked at drilling and targeting the high-grade course. So draw hole spacing is around 30 meters consistently across the deposit. But where we anticipate the first years of mining, we're actually getting down about 15 meters spacing. So very good control, very good understanding of the deposit geology, and that speaks to the models that we generated. The resource itself, you can see the table there, exclusive of reserves indicated an inferred constrained to DSO shapes at a 2-gram cutoff. So the resource consistent hangs together, we understand it well. The reserve coming out of the PFS, we saw a few optimizations and a few opportunities we wanted to look at in more detail. First was the geotech drilling. So we did about 7 geotech holes across the deposit and another half a dozen are on the decline. We improved the engineering model. We understood the geotech ground conditions that are that fed into the stope design assumptions. So the stopes slightly enlarged versus PFS. And also, we took a bit more time during this estimate to actually refine some of the stopes. The previous PFS was using more straight DSO outputs, but we actually took those out but this time did some manual corrections. End result is that we improved our conversion from resource to reserves, increasing some of the tonnage as you can see. One of the other things we did was look at the cutoff grade. So we optimize that by adding an additional marginal cutoff for stopes that are accessible. And we also looked at, again, adding a bit more definition to the marginal cutoff development. End result is we increased the reserves tonnage and contained gold by 10% and 11%, respectively. Okay. There's no questions, Tsvetomir.

Good morning, everybody. Tsvetomir Velkov, tech services, VP. Thank you for joining us. On the mining side, what I can share in this stage of our project will continue to improve all the aspect of our mine design. Improvement into the development while having multiple aspects. -- put significant effort adding axillary infrastructure at this phase to ensure that our future mining plan will be done in terms of some critical infrastructure like explosive onerous store maintenance workshop was relocating the better zone of the mine. Talking for the ground condition would complete our geotechnical drilling program on time, what the results showed that around 90% from overall infrastructure of the project are locating Roma with good parameters, which give for future when operation are in production phase, observing the ground behavior to a traditional improvement. Based on the results, we also revised our ground support regime and optimize them. and also relocate some of the critical infrastructure like a ventilation shaft and the main ventilation zone into the better ground conditions, taking into consideration the results of our geotechnical gelling program. Also, we put effort and to improve our ventilation system, as I mentioned, revising the exhaust entry systems moving near to the ore bodies. And as I mentioned, the ventilation shaft and main ventilation rises are also moved into the better ground. In terms of the stocks, what I can share, all of them was refined and adjusted manually. So this significant exercise at additional ounces into our inventory. The watering system also has improved, aiming to achieve the estimated water levels. And the main pump station also was relocating into the bottom of the mine. We also have improved recoveries based on the additional methodological test work. And all this exercise actually resulting end of the day to increase done in the first years of our project. This is on high level on the mining side. As I said, we continue to improve in very deep details of respect of our mine design. If there is no question, I will give to Mirco to continue with our project.

Thanks, Tito. Good morning, all. Mirco Nolte, at VP, Projects. Give you a bit more information about the Coka Rakita project and the feasibility study results that we released a couple of weeks ago. I'm sure you would have seen. So Tito and Ross took you through the reserves, the resources in terms of processing designed. We have 850,000 tonne per year processing plant. It's a very standard combination gravity, flotation circuit with overall recoveries close to 90%. And we're fairly comfortable with this flow sheet. It's the same size as our tape process plant, which allows us to use some of the infrastructure, some of the refurbished equipment once a tape is closed down middle of next year, we'll use some of that for the Coka Rakita processing facility. A note on the tailings. So those -- the tailings that's not used underground will be stored in the dry stack tailings facility, which minimizes the footprint, but it also derisks the permitting time line for us in Serbia. Just a quick overview of what the site looks like. We're doing the feasibility study, we've got an op we've really looked to optimize the layout and make sure it's optimize not just for construction, but for operation as well. I used to -- the natural photography wherever possible and basically -- sorry, have the ore flow sort of a gravity from the crushing circuit all the way down to tailings. In the background there, you'll see the dry stack tailings facility towards the end of life of mine. As [ Tito ] mentioned, all the mine design optimization and schedule optimization, has resulted in a really favorable grade profile for us. So you'll see we're seeing 10 grams a tonne for the first couple of years, which results in more than 200,000 ounces per year in the first couple of years and averaging out at around 190,000 ounces per year for the first 5 years of the project. Our on-site operating costs are around $80 a tonne which puts the project in the top decile in terms of low-cost operators, gold producers with the all-in sustaining costs of the life of mine, less than 65,650 per ounce. Initial capital of estimate is at around $450 million and well within DPM's capability to fund with existing cash and cash flow generation. We did see an increase of around 18% from a PFS estimate to the FS estimate. It's mainly driven by a weaker U.S. dollar, inflation, some scope and design changes, specifically around the mining and the earthworks volumes and imported material.

A question for [indiscernible].

[indiscernible].

So we -- the current circuit has a gravity circuit and it's around 40% to 45%. And -- and within that gravity circuit, we're producing a high-grade [indiscernible] icon and are -- all right. So we've brought the -- we developed a project from discovery through to feasibility in under 3 years. And we envisage or the target is to be in production and producing first concentrate in the first half of 2029. Now that we've been gotten the go ahead to commence the spatial planning process in Serbia. We have more certainty on the permitting time line. And if we look ahead, basically for the next year, it's all around moving the permitting along and getting execution ready for -- in the construction -- when we receive the construction permit in early 2027, to be ready for that FID, final investment decision in early 2027. DPM has been present in the local community for more than 20 years. We continue the positive engagement, the community investment that's earned us the trust of the local community. We continue to engage both at a regional and at a national level with authorities, making sure they understand the project, making sure they understand the impact of the project. And it's the social acceptance and also this proactive engagement of the various stakeholders, local, regional and national level that really derisks the permitting time line for us for the project. So lastly, just to wrap up, Coka Rakita, a low-cost, high-margin project with ZAR 2.2 billion NPV at 3,500 gold. At that gold price, it's a year payback on the initial capital and IRR close to 70%. And DPM is in a position financially, technically and execution-wise to execute this successfully over the next few years. Thank you.

Questions from the webcast, and we'll likely also touch on this topic when we move into the broader Coka Rakita camp. But the comment -- the question is, the recut camp resource update was great to see in terms of adding additional scale for the Coka Rakita project. Can you please comment on what it means for future development of some of these deposits. Will it be possible to access for [indiscernible] from existing Coka Rakita underground infrastructure and also from a processing standpoint, given the seemingly different mineralogy and lower grades, would it be efficient to use the same processing circuit.

Thanks for the question. So yes, the metro product discovery is early days. The work -- technical work around that has kicked off and then is ongoing. Yes, there are certain synergies in terms of utilizing certain infrastructure. At the same time, it's a different scale deposit. We're talking quite a different scale. So -- at this stage, we probably don't see the Coka Rakita processing facility being suitable for what we envisage for the metroproduct. Having said that, there would be other synergies beyond our local presence there. The infrastructure that we have in terms of administration potentially some of the portion of the decline could be used for that, absolutely. So we're considering that at the same time, we're not -- the Coka Rakita project studies, permitting is not being distracted by that. So that's ongoing in parallel to what we're focusing on at Cocoa.

And the next question is actually related to the permitting time line for Coka Rakita. Can you provide a little bit more detail in terms of next steps? And what are the key milestones investors should be expecting for 2026?

Sure. So like I said, the special planning process has just kicked off. We asserted in government on the 14th of November and then got into force on the 22nd of November. So that gets the permitting process going, if you want to call it that. We envisage going through that process and receiving the approved spatial plan towards the middle of next year, early Q3 and the next big milestone after that to look out for would be our exploitation permit using the special planning information and our Serbian feasibility study, we're foresee receiving the approval of the exploitation field in Q4 next year. And that allows us to submit the environmental impact assessment, which is run in parallel over the next 15 months. and get approval for that in early 2027, and that all pulled together to get the construction permits in Q1 2027.

Perfect. I have another question from the webcast, but if there's anyone in the room over here front.

Cost that you use for your feasibility study in terms of benchmarking, did you benchmark it to like Chelopech, did you benchmark it added Tape? How much conservatism have you factored into your cost estimates for FS.

Specifically CapEx, OpEx or both?

I guess, are reading. -- what that I think is important..

Sure. All right. So first of all, I guess, as most of you know, benchmarking CapEx is always tough. Every project has certain aspects. You are able to benchmark the processing facility. That's fair enough that that's most apples-to-apples, certain things that you -- is harder to benchmark how your earthworks, the volumes there that you really are different for every project. So yes, we've benchmarked in terms of productivity, unit rates, commodity prices, all of that has been benchmarked for the region. We have the regional presence, both in Bulgaria and now Bosnia. So we're comfortable on the CapEx side of things. On the OpEx, that's, let's say, easier to benchmark. There we've got of underground operating mine at 2.2 million tonnes. This is sort of half the throughput. So yes, -- we can benchmark a few things there and then have, and then we've aligned with that. And on the processing side, again, the processing flow sheet and what we're going to be running at Coka Rakita, basically the Adata flow sheet was a gravity circuit so stuck on to it up the front with a few details at the back end that are different in terms of past plant and so on. So once again, a very good data point for us to benchmark and what we've seen in terms of both CapEx, sustaining CapEx and OpEx is a very reasonable assumption. I don't think we've baked in too much conservatism. I think we expect to have a realistic executable estimate there.

And look how much inflation have you factored into your numbers?

So our base estimate is estimate Q2 2025 estimate. We've not factored in inflation beyond what we foresee the labor cost being next year. So no, we've not factored in inflation at this stage.

Question right here.

If I remember correctly, I think you've used 1,900 gold for your resource and 1,600 gold for your reserves. And I'm wondering if the applicability of those numbers to the current environment, but also if you run a scenario or sensitivity analysis, what sort of difference would it make to your current mine plan?

Sure. So that's -- thanks for the question. That's an exercise we do as getting out of the gate into the new year is just refining the cutoff grade with metal price assumptions, costs, et cetera. We've looked at the sensitivity. So at the moment, the average cutoff grade for the reserves is about 2 grams a tonne at the $1,600. If that -- if we were to use a price closer to, call it, 2,500 tonnes, that would add at least 1 more year of life of mine, we call it around 1 million tonnes to the reserve. Having said that, that only considered measured and indicated resources. There's obviously quite a bit of inferred, which doesn't fold into the reserve at this stage. So overall, though, it wouldn't drastically change the mine infrastructure. We sort of understand where these areas are that could be added into the reserve and we see that as an opportunity that we'll pursue over the next year in terms of detailed engineering.

I should follow up. If you leave material behind, would it be easily accessible afterwards, if you wanted to add a life of mine, let's say, for instance.

Yes. Well, we wouldn't leave material behind first of all. So you always have your long-term plan. And then in the short-term planning, you do consider more recent, more relevant metal prices. So we make sure we don't sterilize material and leave it behind. So that's -- I hope that addresses the question. And then the things that -- well, when you do change a metal price or drop your cutoff grade, the material that comes in is sort of around the age of the ore body, so if you lower grade material that then falls into it. So at the core of the ore body where we mine the first 2 years, that's all 7-plus grams a tonne. So there's not a big risk there of leaving material behind that is team uneconomical.

The exploration at Coka Rakita, can you just talk about whether it's happening? Or is it focused more on the Rakita camp? Just given the great difference between the 2, right? You think there would be a prioritization of Coka Rakita, but just curious.

We'll speak later on the chems exploration. But to Rakita,we have targets related to extension to the north in a different host. They're more related with the metropolitanization in the Marvels, but we're going to speak a bit later. We're planning about 20,000 meters of drilling just around Coka Rakita in this 2 square kilometers and another 20,000 meters going further on the belt.

We got a question at the back.

Maybe my question follows the last 1 in some way. You've got the mill nameplate at $850 million, is that the right size? I mean it sounds like there's some synergies without a type. But in the event that you find additional resources, is it easy to scale that mill up a little bit bigger?

Yes. So I mean, it depends what you -- when you talk scale, but I would say there's at least a 30% to 50% scale capability. And the reason we're fairly confident about that is that we're taking a SAG mill from other [indiscernible] with a 3-megawatt motor. This ore is quite a bit softer, less abrasive and we're converting it into an ag mill for OpEx savings, et cetera. So the way you increase throughput there is then add steel balls and go from ag node to sign node and go up from 850 to north of 1 million tonnes a year on the grinding circuit, the crushing circuit is sized for only running half a day. And then we have space in the plant to add another flotation train. So all in all, the short answer is yes. It will need a bit of work. But -- and then we're talking expansion in terms of 22% to 40% increased throughput, where we're not talking doubling throughput at this stage for the Coka Rakita circuit.

We've got 2 questions from the webcast. First one is what is the square meter footprint of the tailings facility?

I need to get back to you on that, Jennifer or the person to take that down and then we can.

Perhaps you could talk about the capacity that we've envisioned for it and how it relates to Cord.

Sure. So the capacity is 3.2 million tonnes, if I'm not mistaken, of the dry stack tailings facility. And once again, working with our engineer record and the consultants there, we have capacity to more than double the size basically. So we've got 100% capacity increase on that tailings facility for more reserves that we might find or might bring into the life of mine plan.

Perfect. And this one may actually go to Ross. But in terms of the -- sorry pardon me, looking at the actual drill results for Coka Rakita, there are very -- there's a number of very high-grade intervals. Are the top cuts used in the resource estimate too conservative? And how would you expect the resource to reconcile when the deposit is actually mined?

Yes. We actually did a resource optimization sensitivity review. We run about 50 different resource estimation parameters, and we basically waited them and chose the optimum parameters. The cutoff, I think we've used around 86%, I think, for Coka Rakita. That seemed like not too optimistic, yet not too conservative somewhere in the middle, and we've been using that consistently, and it seems to be a good sensible top cut to use for the project. In terms of the deposit itself, the grade continuity is very good. And you can see from the results that we publish, the grades, high grades, continuous and the model is quite -- it's not too difficult to capture that because I think the continuity is there. In terms of reconciliation, we've done something different in that we've done screen fire assays consistently throughout the deposit. So not every company does this. We've done screen fire assays consistently all across the mineralized footprint above, I think it's a 1 gram or 0.8 gram threshold. So that's the optimum assaying approach for that mineralization start, and I think it gives us confidence that when we come to reconcile we're going to be getting good numbers from that.

Any other questions from the room before we move on to the next topic. Thank you. Okay. So I'm going to move on to talk about the Rakita camp, which I think some of those questions we can revisit in these topics, starting with Stefan.

Sure. I hope I'm able to answer the questions that were given just a few minutes ago on the camp scale exploration. So you can see on the map here, we have 3 major licenses, 1 is Chocolate, where the positive Coka Rakita hosted and the metro. -- partially Frasen as well, -- and then we have Potato license to the north quite big client package that costs our main targets for the next, I would say, year -- so we're going to split the work between these 2 licenses and a bit of sterile is the license to the south, where we have similar Georgica environment on the western boundary of this big Montoni inclusion that you see in purple. We are talking about really following up on known targets like Valja Saka. It's a target north of the mill we believe that it represents the same geological environment, just another fertile magmatic stock. We have 8 drilling on this target at the moment. We're looking for shallow sandstone and Marvel hosted gold silver carbonization, but also we're looking for deep targets. The host stratigraphy is such that it dips to the east with about 40 degrees. So as far as we step further east, we're going under covered deeper and deeper. We're already testing targets at kilometer plus debt under the epichlastic cover. We did lots of geophysics. We did including seismic survey, very extensive. We're continuing with empty survey to the north, and we're going to step building up the geological understanding stepping to the north and to the east on all the targets there, like [indiscernible] Visits are very further. The Visor the yellow circle to the very north where you can see we have one operating at the moment, trying to figure out the stratigraphy. We have confirmation. That's what gaps there. So we just need to find the next fertile inclusion that we have good signs on the geophysics about have to be moving, as I said, to the south as well. We know that the geological environment on [indiscernible] is very similar. We have the same sandstones. And therefore, we are looking for targets of Coka Rakita style. And MT is helping quite a lot. We can see conductive domains and alteration and mineralization of the style of the metropolis very contrast on that. We can see very good contrast between conductive and resistive domain. So we're testing everywhere where we can see the shadow and a very sharp boundary. So that's a cross-section along the magmatic hydrothermal sell of Coka Rakita, the metro potion Frasen I would go it. It's I would say, in a way, classical, classical domain of porphyry, proximal currents and state bonds deposits in a very confined space. If we look on a broader scale, all the discoveries that we had in the past, a sediment hosted to the north, we consider them now just as a signature of what's happening around. We have several intrusions on the context of 1 of them called to we have this outstanding copper mization copper gold enization with some good silver credit. Going more shallow, we see strata-bound hosted again in the marbles the different style and different sulfur ratios, a bit more sulfides. And then we transition in towards another porphyry that you see in the center of this section called Frasen that I do believe is causing the difference in the metal endowment in the marbles going further close to surface. So we go from more copper-rich towards more gold-rich events. And right now, we're pending just a couple of months to renew the license here and bring back uric during only on Frasen porphyry because we see this very confined pencil like McMacBody that is running good gold grades. Looking on 3D and chemscale potential I just mentioned, most of the ore bodies are open in multiple directions. So the vertical contact at the metropolis very -- could be very challenging and technical perspective, but we -- I do believe that we found a way to drill from the intrusion outside towards the contact cures, and that's the plan for the first 10,000 meters once we have the rigs back on surface there. The ore body is open to the north and to the south we have a constraint only to the east where we have this big magmatic picture. Then going further up in the section, -- as I said, the stratigraphy is dipping to the east. So when we move towards chocolate that is west southwest of the metro, we have started boltonization hosted in the marbles, quite significant footprint. We're talking about maybe 1.5 square kilometers of a strata that has been confirmed to be [indiscernible] at a different scale. So that's the target that we have Coka Rakita North going further North, the Fresnorphyry with the Frasson, state bond mineralization that transits from copper, copper gold, gold into some base metals at surface. I have no reason to believe that -- there is no other ore body nearby. We're looking just for step-by-step exploration to find the next good fertile intrusion that we have good signature about in all the geophysics that we have done in the last couple of years. I hope you're able to see the picture here for the geologists in the room and online -- it's a huge variety in this dialog mization that we see. There is a transition coming from east to -- from West East of more oxide to more sulfide mineralization. What has to be highlighted here is the incredible grade that we are facing. We're facing 5%, 6%, 7% of copper with up to 10, 12 grams of gold. We have some good native copper intervals that are so far showing very good recoveries on simple flotation. The state bonds and mono-like carbonate replacement are on the contact with Marvel between Marvel and conglomerate. This is something that is already proven, so we know where to search for them. We know that this stratigraphy continues to do not as well and today. So we're brave enough to go deep and find more of that. About the footprint, it was already mentioned, the [indiscernible] is significant as a size, and it's still open in 2 directions. We are talking for a relatively narrow, but extremely high-grade copper gold menization at the contact that is transitioning in towards more bornite, [ chalcopyrite ] copper gold going further out in distance. Here, we have only 1 of the doses mentioned, but it's very representative for the mediation. You see over 100 meters with 1.5% copper and 2.7 grams of gold with significant creative silver now. I won't stop more on the mineralization style and..

Before we move on to the met testing. Just a couple of questions that we've gotten focused on the exploration piece. So one question is about the metropolitan intrusion and where we're seeing the higher concentrations of grade and with -- can you talk a little bit about what is the potential for further exploration around that intrusion? And what is the approach we're taking in 2026 in terms of drilling out that section more?

Yes, sure. You can see the inclusion here on the right-hand side of the section. Really, the high -- ultra-high grade contact car are like a show that is not thicker than 200 to 150 meters around the intrusion. We do have open space to the north, where we're planning to put the holes maybe first in once we have all the permitting for drilling. I cannot say what is the volume. I would say that we know that only even in that section, we see 2 intrusions and both of them have mineralization in intrusion and outside of it. So open to the north, open to the south and moving to the next inclusion to the Northeast and Northwest of it. So I hope this answers the question as a scale, I wouldn't say a volume, but I know that right now, even in the published resource that we did a few days ago, we still don't reach the drill density that the resource guys are requiring. So just infilling between holes that we have good intersects should increase our volumes, I would say, significantly.

Okay. And then the next question, just in terms of stepping back and thinking more broadly about the system. Do we -- what do we think is driving the source of the system? And what are we thinking in terms of the overall scale stepping out from the immediate Coka Rakita area.

[ Tumomimatic ] complex consists of at least 3 phases of magmatic activities. And in the past, it was considered that only first and second phase are productive where the big porphyries from the Solvia town are hosted. The magmatic Phase II the 1 in pinkish here, the big monsoon it was considered been because the monzonite is bearing so far. We managed to prove that this western boundary of the whole basin is productive in an incredible way. Actually, if you think backwards the porphyries of Bor and [indiscernible] big ones, they historically are recording this high-grade contacts cards. But nobody was thinking that actually these cards can exist in Phase III because Phase III was considered to be on Forti. So on the chem scale, I just think that we have to continue drilling more and step into the east. We proved that this porphyry is being low-grade or high-grade that exist on every few kilometers, I would say, even more denser. So it doesn't mean that we'll continue finding every kilometer of porphyry, but we know that the whole system here and the one that you see in the map couldn't be driven by only 1 single intrusion, so I would say that between Korkan and Valja Saka drill holes, we know that there is another inclusion. We see it on the surface, and we have to drill at the right spot at the right debt to see where it contacts with the marbles -- if we find that, I have a strong belief that we'll find another mineralization body there.

Okay. I've got 1 more question from the webcast, but if there's anyone in the room, please feel free. But the question is just in terms of the -- our step-up targets, how are we prioritizing that? How are we identifying the next set of exploration targets that we'll be drilling.

Well, we're trying to not be overexcited. We cannot put the 10 rigs at a time, but we're probably going to aim anything between 15 and 20 in few months. So we're stepping slowly, making sure that we understand the geology, the structural complication, the post mural and similar structural complication is a big thing in investment discount. So understanding structures here is of high importance. We already see that even in the [indiscernible], we have on the recent drilling between Valja Saka and Dumitru Potokay, we have a significant step down in the stratigraphy. So we have to be step-by-step moving in order to be successful. For example, if we just put all the risks all over, it will be very hard to get a constant Georgica model. And it's essential. That's the reason why we have these 2 discoveries just in less than 3 years. because we were stepping slowly at the same time being aggressive enough once we find something that makes sense for us. That's the reason we have 8 rigs on Valja Saka right now. We know that it's worth it. We see some good results, and we have to go step by step. Yes, we have a question over there.

Thanks very much. So you're calling this a camp now, which is obvious given the number of discoveries here and the pace discovery seems to be accelerating. I know in the resource, you mentioned the possibility of additional infrastructure here. to target some of these new areas. And so it's still early days, but just wondering how you see this ultimately envisioning and how you can leverage the synergies here from Coka Rakita going forward?

Or logically speaking, we see lots of synergy. And I honestly, has been the most positive in the room, I guess, I would expect another orebody like to correct or somewhere nearby. We know that this calcite sandstones are a very confined state. So it's about what kind of intrusion is nearby. And if it goes to [indiscernible], gold rate or it turns into something that is more corporate. On the production side, I would leave my colleagues to speak about how we see the synergy because as there was a question before that, how we accelerate that, this will take us time to find out. But on the exploration side, I have no problems with that. yes.

Thanks. So we touched on sort of what synergies they are and how we potentially see this going forward. I think one near-term synergy that we see is practically speaking, is some of these targets are quite deep, drilling them from surface is not technically difficult and expensive costly -- so once the Coka Rakita decline starts in 15 months from now, there's a good opportunity to use that infrastructure to get closer and drill roll this from underground drill this out from underground. So that's something quite near term and that we see could be a synergy.

I could be missing it, but I don't see an obvious source of the mineralization for Coka Rakita in terms of an intrusion, and where it's placed state-wise relative to the other intrusions and this one being in the sandstones as a positive limestone term marble. Do you know where that mineralization has been driven from our other cost [indiscernible], the same 1 that is we drive in neutral product? And if that's the case, which way do you go for your next target?

Yes. That's a good question. Thank you. The green unit here is a direct, [indiscernible], we have multiple phases of magmatic activity there that we believe are driving the system. One targeting perspective is how far east we can step and drew in the sandstones on top of this Montondirect as well. So we know that the source of quite is this inclusion with a hydrothermal activity that's been caused later. How we found Coka Rakita North and it made us think about the [indiscernible] is that we knew that in stratigraphy, we have limestone/marbels in between. So one of the first holes that we seek from Coka Rakita going through the ore body of Coka Rakita, but continuing 1.2 kilometers to reach the limestones. The first hole starts showing some bornite in the limestone. So if we step on the chem scale, it's really nearby marbles from Coka Rakita. This bluish contour on the map on the left-hand side, this is the footprint of the Maro confirmed mineralization start to bound like. So back to your question, I think that this marble should be chasing all the way to the basement contact that is 15 kilometers to the north. It's about how we find the intrusions. And I think that in seismic data, we start seeing good signs for the intrusion themselves. And as I mentioned, the empty survey is showing us a good contrast of conductivity. So once we have these 2 parameters, we are ready to stick a hole there. It could be just a stratigraphic confirmation, but in 1 or 2 attempts and with all the navies that we're using, we're able to achieve an exact point of penetration where we want to be. So yes, the Magnus are driving everything here. We have 3 or 4 generations of magmatic activity. We're trying to date them. They're very close in timing. But more or less, we start understanding which one is the fertile and it's very common now to start making our geological conceptual thinking where this fertile phase is.

Can I ask quickly about permitting again? How does this regional exploration? How is it getting permitted? How is it getting integrated into a permitting of Coka Rakita, as you mentioned, some of that decline could be used to target some of the deeper drilling. So again, how does this fit into the bigger picture? Maybe it's too early. And when you do decide to go ahead with this regional or some of this regional upside, would that need additional permitting later on? Or have you started thinking about that upfront so that when the time comes, it's less -- it's more incremental versus something completely brand new.

I will answer this couple of questions because I see here are 2 questions. The first 1 about the permitting of the exploration permitting, there is a very well-established process 3 years plus 2 years, plus 2 years. For Coka Rakita, we just finished the first 3 years exploration. We submit the report to the government. And after that, within 2 to 3 months, we are receiving -- we will receive the extension for the next 2 years. It's a pretty similar process in Bulgarian all this part of the world is pretty similar processes. So far, we didn't have any delays on the permits with entire comp there about how that will work together with Coka Rakita, Dumitru Potok, et cetera. what are our current plans from the 1 -- from the bottom decline of Coka Rakita access, to have access on the right, say, Northeast to accessing the Dumitru Potok to be able to make the next drilling campaign from underground, much more faster, much more efficient and cost effective. Does that answer your questions?

Just to add on the exploration, Iliya was speaking for the overall exploration process for permitting adopting surveys very we're dealing mostly with private lines, taking just a couple of weeks to put a recon position where we want. This is a significant improvement on the legislation. And globally, right now, you might be waiting for years for dopants very, very, very flexible. Yes, there was another question.

Yes. thinking at a high level, strategically, Coka Rakita gets you guys above the 500,000 ounce gold equivalent mark Chelopech, you could extend mine life there, that could sustain that level for longer term. with these prospects here, are you thinking that you'll be able to sustain that level for longer? Or is there a potential additional upside to the production profile potentially to I would think, 700,000 ounce gold equivalent, that sort of range.

Yes, we are definitely looking to step up. We are working by 2029 with to be a bit different company.

To talk about interest in terms of what next steps we're going to have. We'll dive into it on the death push-up mineral resource estimate. But in terms of how we're thinking about developing that resource and how that can translate in terms of timing.

By first half of 2029 Coka Rakita will be in production. The clear pitch, what we're looking at the moment is to sustain for next few years, the same 2.2 million tonnes, also to ramp up in [indiscernible] achieve -- or to meet the design production rates there. For the Dumitru Potok that definitely will up more last year, but also as production. What we are looking for that higher level, if I can say. That definitely will be another long-haul stopping mine. At this stage, we just can't predict how much that will be, but we're looking to achieve from there say by 2032, 2033 to be in early production stage.

A question from the webcast. Can you walk us through the metallurgical risk at Coka Rakita, given the complex menerology, how confident are you in your concentrate assumptions?

Mirco speak about concentrate.

Thanks for the question. It's -- the metallurgy isn't too complex. We've done extensive test work through all the phases. We've done gravity recoverable gold, extended tests on that. We've done all the flotation work. So we don't see that as a risk. Like I said, at this stage, I believe the assumptions are very reasonable. In fact, in the early stage of life when we're seeing the 10 grams a tonne feed those recoveries should be north of 90%. And then as the grade drops closer to 5 and 4 grams a tonne towards the end of life of mine, obviously, that drops down a bit. So we're confident about the 88% that we have in our models, where there's extensive test work, both gravity and flotation that backs that up.

Perfect. That's actually a good segue into the next section of the presentation. As we move into the met test work that we've done for the digital pathogen or reserve estimate. So let's move forward with that use.

Hi, everyone. So going into the Dumitru Potok resource work, we actually kicked off the net test work earlier this year. We basically tried to map out as best we could, the key mineralization as sandwiches using different geochemical ratios. And we mapped out basically different sulfide assemblages, the Prize zone, which is more polymetallic, that's the carbonate replacement zone, the kit North, which is more marble hosted, scan type mineralization. And then you're not seeing it on the map, but we also did some testing on the Frasen porphyry as well. That test works just a bit late. We couldn't use it for any of our modeling. But we'll look at that, I think, when it comes later this year, early next year. Initial results are positive. Some of the characteristics we can talk about will be the one mill index or Coka Rakita in that same sort of energy requirements, grindability requirements. The rougher cleaner test that we did, we consistently saw very fast float kinetics, which is very positive. When you have so much native copper and complex sulfur assemblages, they flow quite quickly based on the test tube we were seeing. So producing very high concentrate grades in minutes of flow test work, which is quite an attractive property. The testing generated sellable concentrate grades. We're not seeing any issues with that. No real deleterious elements to talk about, even though there's more work to do, but our initial screening doesn't show the -- there's numerous areas of optimization. I think firstly, GM is probably the 1 we're going to focus on. There is some variability in test work, but for copper rich, for copper gold scans, it comes with a territory. This is not unexpected. We know there'll be variability in mineralogy, methological performance. We've got the team who are going to be able to drive this. So that will be a big focus on the next phase of test work. the test plan itself, there's a lot of optimization we could do. So just one point now we wanted to highlight was looking at trade-offs between rougher versus cleaner stages. So it was quite exceptional, some of the rougher recoveries and roughly concentrate as we got. So do we need that extra cleaning stage? That's a question we'll be looking at later on that could save on costs and also on make operational life a lot easier if we just have that single stage. So lots of optimization, and we'll be looking at that later as we continue to the initial inferred mineral resource. So I think the numbers are there, 2.6 million ounces, just under $2 billion of copper. I guess dementia portal, as you've seen following the drill results, that's where the grade is, that's where the width is and the tunnels as well. So a significant higher grade, higher tonnage core within the deposits that we've modeled. I think I'd like to highlight how good our understanding of the geology is Stephane's got an exceptional team, but he's backed up by over 20 years of exploring on this cap. So the strategy is well understood relationships, the timing, we've got a good handle of that. So even though it's an inferred resource, we've got a solid geological understanding beneath that. The resource itself, we did a bit of work on the net smelter return calculations, so we developed around recovery models. We've also got good cost data. We can draw on from Chelopech, from our smelter contracts. And we've used an initial $50 per tonne cutoff just basically by benchmarking different underground solo open stoping operations between 2 million to 5 million tonnes per annum production rates, 50 was sort of in the middle, it seemed like a good cutoff to start with. But obviously, there's more work to do on that -- just 1 other point. For Dundee, if you look at Coka Rakita, we drilled that our -- and we sort of knew the footprint, and then we went to the market with an initial resource. But we're doing something different here in that we don't have the deposit footprint really covered yet. We've drilled out and we found these significant results, and we want to show the potential early on. So this is an initial estimate. There's potential to grow. And we're really confident with the next phase of drilling, we'll be able to grow this thing. We're not really thinking about PEA, only scoping study. I think it's too early, we just need more drilling. We need to sort of bolster the models, understand the continuity, work on the GMF, things like that. And then I think once we've done the drilling later next year, we might be able to come back and look at the resource and decide what we're going to do with it. You can see the resource there Yes. So it's very exciting, significant result and a testament to how productive the Rakita and Timor campus.

So a question from the webcast, just picking up what pretty much what you just said, but the maiden resource is very exciting, but it's limited by the amount of current drilling. How do you think the grades and tonnage might evolve versus the estimate as more drilling and data becomes available? And then the follow-up to that is what are the areas of the highest potential in terms of increasing the resource around Dumitru Potok.

Yes. I think the Dumitru Potok contact cars, you see the 2 scans in the cross section and the Manta like Sky. That's where we see the grade. That's where we see the very favorable recoveries I think that's why we'll be focusing, looking at infilling and extending them. My guess is we'll be able to grow that, but consume we'll probably be looking at cutoff. We'll be looking at some of the other operational constraints. So we'll probably see tonnage increase, but hopefully grade increase as well. But I guess that's kind of something we'll be looking at. We can't really give you a straight answer just yet.

Okay. A question on the front.

I think Iliya just mentioned that the potential of the metro product, adding to life of mine or also increasing production. And if I understand that correctly, how would you increase production in the sense that you're limited by how much time that you can process, 85,000 tonnes. And if you displace material, say, from the metraprot which is about 1 gram gold and on ground copper, wouldn't you be displacing higher grade gold stuff to process this -- and given size, not sure can you can increase life of mine. But given the size, doesn't it look like it's especially gross, right? As Ross said, if you are going to increase the pane here. wouldn't you rather contemplate a standalone production as opposed to increasing life of mine?

Dumitru Potok protocol will be a different mine that will be not additional Coka Rakita. There any more questions?

Just clarify the time line? If I may, I think you had said that first stopes arm waving in 2029 of first production in 2032 or something like that? For Demetropoulos, what would be a conceptual potential time line?

For Coka Rakita production in its first half of 2029 for the Metro proto conceptually. Now we are looking 2020-2023 to be in production. But do we need more work to do.

If I can just add 1 thing. I think we're assuming that Coka Rakita is well defined and that's it. what I think is a reasonable assumption is there's going to be materials more similar to Coka Rakita than to Demetriou. So the concept is that you can see the great profile at Coka Rakita we have a couple of early years, more than 200,000 ounces. Clearly, as we're looking, we're going to be looking to find other things like that, that we can bring into that profile. So you extend the life of mine, but you also extend out that higher grade portion which will be produced through the facility we're bringing from Adata and building at Coka Rakita. So with Dumitru, we are thinking about that as a separate stream. And I've sort of said this before, really added to -- if you eureka, that's a pilot plan compared to what we need for Dumitru Potok. These are significantly different scales.

Another question just in terms of what is the gorilla drive drill grid that you'll be targeting in terms of the next phase of drilling and resource upgrades?

Yes. I think right now, it's quite variable. We had a lot of challenges drilling at that depth. So the drill holes, you can see on the cross-section of navigational holes. We really try to make sure we hit the point as best as possible, but it was challenging. I think we'll be looking to sub 180-meter spacing, at least on the contact cars. We're probably not going to get to an indicated resource next, but we'll have a much more higher confidence in third resource that we might be able to look for a scoping study or something like that.

And what's the timing for that?

The timing, I think this year, we'll do the 20,000 meters that Stefan has spoken about. That will be done, I think, by Q3, I would imagine, and we'll look at the resource, we'll review it, and then we'll make a call on the next steps then if it will be a resource update and then leading into a PEA or there'll be a resource, and we'll continue to drive. We just don't know that's the footprint. We don't know the size of it. And I think -- we really have to understand how big the siting is before we start getting into detailed marketing study.

And just to add on that, we just first face after discovery after, I would say, confirmation of our Georgia intending model. The first phase was aiming to have a good constraint and very good control on the geology. So we achieved that there are holes that are not included in the resource because of the distance, but we're quite confident that by infilling, we won't have serious interruptions. We might have displacements because of structures. But next phase will aim at we have to fill the gaps in between and try to extend to north and south, not right. I think we'll extend it. It's a matter of technical challenges that Ross speaking, but I think we are improving on that as well. And every next car is getting more successful. First few holes were taking 2 to 3 months each home. Right now, we're able to achieve 1 hole per month, 1.5 months, and I think we can get better than that.

Thank you. Two questions. What are the logistics or what would you have to do an exploration decline?

I just didn't pick up the first part. Okay. Thank you for the question. The exploration decline, what are our current plans. Actually, that's to start from the bottom Tokaito access decline. In a few hundred meters to turn in Northeast and from there, actually, where -- what we are looking to have a 1 permit for construction of the decline. And from this to start the other the exploration because that is under 1 and the same, say, comp as permitting, we are looking, say, by the end of the next year, we to be able to start our latest this beginning of 2027 to start to decline next year, we to do the prep work

So the permitting is about a year process for a decline?

More or less, yes. models. Okay. Second question, not too worried about building kiss a small operation clearly come back. But at Cureus and even Olympias floor. There's -- we thought there was a lot of slack in the labor force in Greece, and it wouldn't be a problem for skills and it turned out there was one, okay? And then they started taking workers in different countries for El Dorado. Just what is your -- I know this is a mining area. What is your anticipation just in terms of the build? Is there getting the right skills, et cetera? Is there any problems with unions as there was at [indiscernible] Olympias, any barriers like that you worry about in building in mine.

Yes. Actually, we don't expect to have because so far, we have really good -- okay, the unions that are our employees even now. We have there around 250 people, plus around 150 contractors, and we don't have issues. We don't have challenges. We have a well-established relationships and good level of trust. That's why we don't expect. Actually, what we find now for us is not that difficult to attract people, very well-qualified people in this region. And for 6, 7 general labor positions actually, we have more than 50 applications with very well qualified and with underground experience, miners.

Recognizing it's still early days here metropole and some of the other targets. But just confirming here, you're thinking access would be basically through the bottom of Coka Rakita? Or would you develop separate access -- and then I guess separately, are you considering sublevel cave at this point or something more productive? And maybe another 1 I could, like phrasing it's hard to tell, but would that be more of an open pit target? Can you permit open pits or are these all underground?

That's what we are targeting now is to have this development and this exploration decline to be able to define really the ore bodies there. And based on that, we'll have a different access and different ventilation system, which will be separated by -- from Coka Rakita system. That will be 2 different -- will be 2 different mines. For the mining methods, the most preferable from a social perspective is open stopping with backfill. So we were stopping with Pace. That's from the social perspective, that is the most accept, we didn't discount any mining methods at the moment. However, it's a bit earlier to say exactly in which mining method will go to use.

And just one more, if I could. On the billing side, though just confirming you are thinking about a separate mill and separate tailings.

Yes. Yes.

If there's any other questions on the Coka Rakita or the truck or the Rakita camp. I think we can we'll ask now. Otherwise, we will move forward and take a quick break. It says 10 to 11:10 on the slide, but we're moving a little quickly. So we'll ask everyone to be back at 10:40 Eastern. [Break]

All right, everyone, we're going to pick right back up after the break. If you guys could please retake your seats. All right. Welcome back. We're now going to move into Vares since I'd like to invite Iliya, our Chief Operating Officer, to kick us off in that section.

Okay. Welcome to Vares operation. Very high level, the initial operational life is around 15 years. Well throughput capacity, 850,000 tonnes per annum. I will not go to reach all those. But just the most important only sustaining cost, how we see this at this moment and how we evaluate this around $500 per 1 since we took over, we -- we take 1 decision. Let's stop it and reurup everything, reshape the mine and start mining like mining guys. What means that the deposit, the design and everything was for sublevel stopping with backfilling with no backfill fuel plant constructed and starting from top down. Or if I can take this bottle the things being like that we said, okay, let's stop it and for those 4 months, put in things back how it should be. We push -- we prioritize the decline in rent access. I may well -- I will come back to this later on. Just to use this slide, we start pushing the declines to go to the bottom of the mine after Block 2, what you can see. We will be there by the end of the November 2026. We are planning to restart the production from January 2026 and split the main ore body in cube or blocks like block 1 and block 2. And at the same time, the developed Axis Block IV and Block 3 in Rupee Northwest part. Why we're doing this first to put the things right there where they need to be. The open stoping, sublevel stoping with backfilling the required bottom-up. Second, to have -- to utilize the mine waste, which we will produce for backfill and to give time to construct the backfill paste plant, which now is under construction. For -- in between those 2 blocks, Block 1 and Book as well as Block and Block IV, we're planning to leave sea pillars, same as in Chelopech. We already learned there how we do very efficient to extract those pillars without of any significant challenges related to ground stability or dilution and our losses. Exactly the same knowledge we will apply there. I will go back now to increase the density of the drilling. At the moment the mesh is 40/40. We're looking to -- within drilling, we to be able to achieve 15 by 15 or maximum 2 -- at the moment, we have a under. The second one is in mobilization beginning of January, that also will start in January 2026. In total, we are looking to drill between to 55,000 meters for next 3 years. However, we're looking to accelerate this program. At the moment, we -- we completed the drilling, which is needed to cover the first half of production of next year. We're planning the production rate by the end of the Q3 with to be on 850,000 tons of annual base. And end of the Q3 and Q4 we to be on that design production levels. What makes us sure we will be able to achieve this. We already accelerate the development rates. We already are -- have over 415 meters per month only on the declines. At the same time, the sublevel development for the next year production is already completed from January, where we will start busting the stopes. I don't know how that work the laser. Yes, you can see. That's where we will start from January, February, March next year from bottom up of this. Just as benchmarking in Chelopech our cost per meter for 25 square meters waste development, fully supported with mesh shotcrete and split sets, including the labor costs, is around $2,200 per meter. In Vares, at the moment, we are targeting that were around USD 40,00 USD 4,500. Where is coming this big difference? -- is predominantly from drilling blasting patterns and efficiency. When you drill 4 meters and you have a 2.5 meters advance, actually, you have 1.5 meters wasted. We already have great, great results with optimization of the drilling and blasting patterns. We are working directly with our blasting suppliers there with Maxim to train the local workforce and improve their skills. For December, actually, the next 2 weeks, we will start blasting tests for the production earnings in the same -- with the same aim. -- to optimize the drilling blasting patterns and to be able to have -- to secure the ground stability. Not because we have consumers. We don't have concerns about that. But the aim is if we need to pre-support something that's to be pre-supported before we start production even during the development rates. You already can see how it's looking no. At the moment, a different kind of fuel backfill was tested there, cemented rock fuel, aggregated fuel and also the Pope was not done in the industrial scale. When I talk about the ventilation, all those which is direct, that's what we are looking to be what is our ventilation design. We're busy to develop this event decline as well. That is the access to rupia Northwest for those books here. And also, you can see the system of the return air races. How we are planning to do that. We are already in the discussions with our contractors from Chelopech for raise boring. And we are expecting within end of January to have a finalized contract with them, they to cover all our needs there as well. The first slopes race with an optimized pattern was blasted and the difference is less than 5% between design and the actual, which is close to cost effect. Any questions about if you're drilling Mineral Resources improvement?

Yes. Thank you very much for the update. Just confirming what you said was going to be ready by November 2029. And in terms of next year, any sort of guidance in terms of how we could think about the year, like first half, back half weighted production by tonnes?

By 2029, we will complete the entire infill drilling program. For the next year, for the first half of the year, we already covered with the drilling. And within December, January, February, we will cover the second half of the year with infield drilling. From here, the mine looks very twisted. Okay. With the decline we are here, we are passing the [indiscernible] Northwest access. And we are planning to start the production from here. All that is developed, and we are ready there.

Production for next year? Or is that...

That will come from that will come from this level. And in the end of the year, 2 stops from here. November, December, we will be here at 135 level.

And then as we ramp production throughout the year to reach the targeted throughput rate by Q4, can you talk about how that throughput will be ramping up?

Yes. Okay. Quarter-by-quarter, we're looking to ramp up in September next year, we're looking on monthly production rates to be equal to 850,000 tonnes per annum, which is 70,000 to 75,000 tonnes per month, September, October, November, December.

Okay. Jeremy have a question?

Just a quick confirmation. That 50 to 55 kilometers of drilling you're planning to do. That's all in fill whole.

One back Yes. Yes.

Okay. That's just infill to be carried out over the next 3 years, I'm assuming we'll talk about exploration a bit later.

That is not the regional exploration that is just in fuel drilling. Grade control plus resource development drilling.

All right. The question was about what do we expect to be the ramp rate. So what we said is that we're going to -- given we've only had the asset now for 3 months, we're going to update the 2026 outlook at the end of February. So this is with the Q4 results. And we'll also give the 3-year outlook. But just in principle, we're at the -- basically, at the bottom of Block 1, 90% of the production comes from Block 1 next year. So basically, what we will be doing sort of in that activity as well ramping up. So the first quarter will be significantly less than the second quarter. And at the end of the third quarter, we'll be at a full production rate at 850,000 tonnes per year annual equivalent. Fourth quarter is fully at that rate. So we'll give more clarity about what that is. with the 2026 update. So at this point, we have those plans in place. We've developed to the point we need. We'll start mining early in the new year. We're already testing the blasting patterns and the -- with the explosives provider and the support that we'll go into that. All of this is intended to be able to give us what we're looking for in the past at the right efficiency with the right fragmentation. Right -- it's cold is crazy. All right. So with the right dilution and so on. So we're pretty confident about where we've got 3 months in. We completely refocused activities at the mine focused on decline development rather than it was more lateral development and secondary consideration was decline development. We've done that successfully. We're working with the teams to be able to make the change from an expat labor force to a local labor force. So we've been recruiting in order to make that happen and where we have people already in place basically working through the process to have people competent and capable of doing this. And we're doing that with a mix of different teams. So we brought people in from Chelopech and you might look at this in consideration of what's going to be happening with Coka Rakita as well. So what we're doing here is we're testing the operational readiness that we prepared for Coka Rakita and the lead of operational readiness in the former General Manager of Atopic previously, the maintenance lead for Chelopech. So we've got this broad background of expertise. That person is actually there at the moment, working with Iliya and the team in order to support the development of these skills. And what I'm saying is that between the teams that we brought in from Chelopech, some external support in terms of professional services, we're very happy with the way we've been progressing the different elements of this work such that we'll be able to do 2 things. One is to achieve the expected levels of efficiency in terms of both development and mining and also transfer those skills. So it's largely going to be a local labor force able to do this. So at the moment, we've got around 85 expats at site. We anticipate that reducing dramatically during the course of next year, which has 2 benefits. One is better local ownership, of course, as people start to feel the benefit of our mining in this area. -- but also making sure that we're bringing down the costs associated with this initial commissioning and development of the mine that is associated with bringing experienced people as experts. So I would say overall, there was 1 slide in there that you skip through that I think is really important in all of this. Everything that we're doing has been very clearly focused on making sure that not just our employees, but our stakeholders are very engaged in this future. So we've been reaching out actively to the communities and the leadership and looking to make sure that we develop constructive relationships for the future of this asset. That has a number of impacts, but one of them is what was just touched on a few moments ago. And that's making sure we've got the right exploration opportunities where we feel there's real potential. And Northwest of this asset is certainly one area where we feel there's good opportunity, and that's associated with [indiscernible]. So what you see here is the opening of a new information center that we did in the course of the last quarter in the original engagements that we've had there. don't know there's any questions.

Dave, we have one from the webcast just in terms of -- what are we thinking in terms of optimizations beyond reaching nameplate throughput. There was talk at 1 point from the previous owner about expanding up to 1.3 million tonnes per annum. How are we thinking about that in terms of how we're prioritizing the work -- and is there -- do we think there is that opportunity to increase throughput beyond the 850 tonnes.

Yes. So the first thing that we do is make sure that we're fully utilizing what we've got. So if you think about it, when we first arrived, there were a few different things that were constraints that we need to make sure that we released. So the first one was tailings. So getting in place a tailings facility for the first 5 years and preparing for the second 5 years of operation was a priority. The other thing is making sure that we're utilizing the metallurgical facility, which has been a constraint to date. -- and also the haulage making sure we're using this effectively. So it's not just the mine. It's also the haulage, it's also the metallurgical facility and the tailings. So the way to fully optimize that is not to start by thinking you're going to expand, but to figure out what you can actually do with what you've got. We're pretty good at this in terms of an operating company. We pride ourselves in our ability to optimize. So what we've done first is by going to bottom-up rather than top-down, that straightaway gives you some efficiencies in terms of costs. So if you have a look at the PFS, we talked about moving from $130 a ton to $100 a ton. And with that, you also get 2 things. You get better ore body recovery and you get reduced dilution. So now think about what that means when you come out of the mine or using the whole road for the same amount of transportation, you're getting more ounces moved across to the mill. Similarly, if the mill is constrained, you're better utilizing the capacity of the mill and the same with the tailings facility. So the first thing for us is like to get everything working the way it should. Now by moving into Zone 1, Zone 1 is actually a little higher in grade than what is the overall resource grade for the ore body. So we've already said because we've sort of heard comments that people may be a little worried about whether we're going to achieve the PFS. It's one of the reasons why we came out and not giving numbers, but we said we're going to beat on tonnage, we will beat on grades. And the bottom line of that is that's going to mean there's going to be more ounces coming out next year. But just to be clear, we'll clarify exactly what that's going to be in the information that will come out at the end of February. But we're very confident about our ability to do this and everything so far in terms of the work that we've done is supporting this. So now to get to the idea of, well, what do you do after do you consider opportunities to expand? I think first of all, we've got our focus fully set on let's get efficiency where we are. that's, like I said, going to decrease cost by about 30%. So that's already a pretty significant change if you can make that happen. But on top of that, we'll also realize there'll be other opportunities for efficiencies. So from that, then we'll determine the next steps. So during the course of next year, we're putting in an additional tailings falter. So it's already been expanded from 50 to 55 place before we took over. That should get to close to the full capacity requirement of the mill. And this previously was a constraint. In addition to that, we've got a second mill going -- sorry, second tailings filter going in the second half of the year. So that'll totally release that constraint. In terms of milling, there are some constraints, but we can have a look at what we can potentially do in terms of combination between blasting fragmentation, crushing and milling in order to optimize that in terms of both costs and efficiencies. So the bottom line is that very much a work in progress. But as you've seen where we built Chelopech to 2 to 2 million tonnes, -- and then within 2 years, we're at 2.2 million tonnes. I think that's more what you might expect from our activities as opposed to just jumping to something that's bigger. Now being said that, we are going to be looking at exploration, looking to develop our understanding of the ore body, looking to extend beyond the 15 years that we have in the PFS. And obviously, as we do that, we'll look at how we debottleneck how we look to create future value. So I'll pause there other questions?

Okay. There is a question about one slide we haven't touched on yet, which is about the paste backfill plant just in terms of timing? And what does that -- how is that factor into the ramp-up that we expect in 2026.

The plan is the best backfill plant to be commissioned and fully operational by the end of the Q2. We will need this from production point of view in the middle of Q3. So far, everything is on track. The stores, which will be opened the first quarter in the second quarter. We will fuel cement to fill from the waste, which we produce from the declines. And as David said, our focus now is to fix the pace, then to optimize and then to look for the opportunities to make the next step of the increasing production and productivity.

Excellent. Another question just in terms of one of the things that DPM highlighted the initial phases when we talked about the acquisition was the strategy around expats and bringing in and developing the local lever. Can you talk a little bit about how that has progressed since over the past 3 months? And where our plans in respect of talent development.

Okay. Thank you for the question. At -- yes. We started with 85 exports. At the moment, we are 77. We are looking by mid next year or to be on half of those and in the end of the next year, we have around 10 to 12 exports, which are the future trainers for Coka Rakita. That's what we are working for. Where we are with the training. So far, at the moment, all frontline supervisors, the ship [indiscernible], all of them are locals. The superintendents level, all of them, excluding one are local. At the moment, we have training programs, which we take people from Coka Rakita Chelopech. And also, we have a trainer from Chelopech, to Vares, we have from Chelopech to Vares, the trailers. And just, again, I will go to the development rates on the declines. 6 months ago, the rate was around 15 to 20 meters per month. Our last month, November, finished with 415 meters. I will say we are well on track with training Coka Rakita people.

[indiscernible] that was now versus the number?

Around 15 to 18 meters in the decline in 5, 6 months. Are usually leaving this kind of for almost the end of the presentation because for us, that is the base, but also the future of the base of the current and the future of the company, everywhere where we are. The stakeholder engagement, I will translate to the mining world. Those stakeholders are our employees. And those employees are our best agents of influence. They are our best representatives. We've been able to open information center in [indiscernible]. And why that is very important for us. if you see here on the right side, where is the Block 3 is written, that's where is the border [indiscernible] municipality. With developing -- establishing and developing trustful relationships, we are looking to unlock for exploration activities this part -- what is the difference between 1 and the rest of the [indiscernible] countries. Actually, a lot of things depend on municipality stake permits, not from the upper levels in the government. And there is a great potential to increase the life of mine. If you look from this, that is the right size. In reality, that is Northwest. Let me show -- yes. Yes, the Vares is -- the operation is here. We have a potential to increase here, but also a great comp, which in a few minutes, I will give a chance to my colleague, Stefan to talk a little bit more about that. At the moment, we had several meetings with the local authorities. Each one of those meetings being very positive. During those meetings, we invite authorities they to come and to visit Chelopech to understand what we are looking for and what kind of standards we are operating. Just a few days ago, they've been deputy ministers level, plus the lead person from different directors different spectra from Bose 6 people in total, including combining, including environmental and including the geology, of course, they've been surprised what they saw in Chelopech. But what was the most important thing they said, we're pretty sure you will have the same standards there. Otherwise, you will not invite us here. Now we have a pace to hold you accountable on. And what, again, what they said. You have our full support to modernize our mining industry in Bosnia and to attract more investments.

Okay. Okay. Should we move to exploration.

If there is no more questions about that, I will ask Stephane just to step up to talk about -- sure.

Thank you, Ili. well, a few things to say on the exploration potential here. We have a very significant line package. We're talking for over 40 square kilometers of exploration ground. The people before us were good in acquiring land. So the permitting regime in the country is quite favorable, getting permits for drilling takes just again, similar to Serbia just a couple of weeks or a month. What we are planning, and it's already going on is really to relook on the model of what this deposit means. I'm not a fan of drilling for the sake of drilling, filling gaps with drill holes is costly and doesn't bring much success, except you're very, very lucky. We want to continue the effort and the team is quite competent on that and confident to build up a model and we explore based on the model. So far, the rupee mine is considered as aesthetics, what I see there on a very first look is that we have an overprint of something that looks like VMS. And for those of you that have exploration experience, should understand that the exploration potential and the way we look on exploration is completely different. So we're stepping back now. It doesn't mean that we won't be drilling. You see that we have 20,000 meters for next year plan, but we have to spend this money and meet her smart. So we're going to start from brownfield exploration near mine, as Iliya was saying, expand to the Northwest when we have the permits. But meanwhile, do all the testing that we have in this pizza West license that you see. We have some very good geophysical signatures. We believe that there might be some deeper potential as well. So we're going to start from the norm towards the known expense over the build that you can see it spreading almost 15 kilometers along this Northwest Southeast take. One important thing to highlight here is that in this belt, we have multiple deposits of different styles. We have a siderite iron ore mine in the middle. We have several occurrences that have been mined in [indiscernible] time, I think. So -- and they never been followed up. We started seeing some donation on the metal endowment. We see more copper going south but it's still to come. We have to build up the concept. We have to build a model and start thinking based on that, what else is there. We see already some copper endowment structures at surface. There is a mapping crew doing that basic work now. So if I have to use Iliya's rhetoric, I would say that we are trying to -- let's stop and do the exploration, the way that exploration people do it. We have to be really smart and develop a concept and then -- the company is quite keen to funds in the next step. So this 20,000 meters, I see them just as touching the ground. And if we find something of significance next year, we'll increase that budget. -- as much as it's needed.

Stefan, where do you think the greatest potential in terms of resource expansion will be for Vares package?

Yes, of course, we'll be looking for the near-mine opportunities first. We have a quite contrast geophysical anomaly just southeast of the known deposit. Of course, once we have the permits to go northwest, we'll do that as well. But expanding the resource of New mine is our high priority, we'll continue going further Southeast, of course, depending on distance and infrastructure, we might be talking for a completely different mine in the future. But for now, exploration potential is all over this dinner right belt. The geology is there. It's complicated. It will take time to realize structures and all that, but we're planning some geophysics for that respect as well. So potential, I would say, if I have to answer shortly, all the way in the white polygons that you see. But we'll start from the Northwest. Next year, we'll be focus to expand along the belt.

Is there any questions in the room regarding Vares. So the question was, what was the historical problems with [ Hakone ] and why had the previous owner been able to drill?

I would say they have a different approach to the local communities. And for me, that was a strange way to build the trust. I will not go to comment their actions. They did it what they did it. That's why they didn't been able to go and take or whatever they -- our approach is, I would say, at opposite. First, we build the trust, then we start educating people what we are looking for, and then we go and do it for -- if I recall now, for 3, 3.5 months already, we presented there, we have a good progress with building the trust. And there is one visit is just 1 of the examples. We are planning to organize a visit for local municipalities leaders in Q1 next year to Chelopech. They took come and to see -- they have a great experience with the coal-mining. They don't have I will say, almost any experience with underground hardrock mining, they used to have a lot of open pits, hard rock open pits like iron and late zinc, but not underground for the means coal mining.

What are the key issues that the community is concerned with?

Like I will say, like everywhere else, water, air pollution and the employment -- that's what.

Okay. So nothing in particular that sticks out or you could say in Momalarga, it's the water. There's no overarching concern that?

No. I will say that is not concerns about tons that's being concerned about the whole mining industry, how during the common time how the mining companies used to operate. without not that much here, what will be after them or when production is completed, that's why we pay attention a lot to invite it to not tell them we will do this or the other. We say, come and see how we operate, come and talk with our guys over there, not just with our guys like our employees, but also with our stakeholders because our languages are not that different, and they can talking between. By the way, 3 years ago, we organized similar visit from the Jacobs municipality to [indiscernible] pitch and the people we just let them for almost half, they to go to speak with the local guys outside of us. Then what can be more open and more transparent than that.

For anyone who is not aware of Jakavi as the community located close to the Coka Rakita.

All right. realizing you've only had the asset for 3 months, but has there been any surprises to the positive or on the other side to the negative or anything that you can see maybe taking longer than you had originally kind of expected?

That is like you buy a house. You always will find something there. Yes, we did it very, very detailed due diligence. That's why I will say surprises not. But yes, we find different things after we took over. Because one thing issue to be there for 2, 3 days, completely different thing is so to be every day, 24 hours. If I can say surprise, that will be more on this perspective, the willingness of local to take day to take the lead -- they've been -- I -- if I can classify or if I can work reward like that, somehow, they've been negligent. -- election been neglected. I have some kind of doubts because the change when the local superintendents took over the date was sixth of October. Actually, since then you can see a lot of progress on the also implementation of the standards, any kind of standards, safety, even though working relationships, how people interact in between them, 1 symbol now, which is easy when you go there, you rarely will see somebody stay on surface. Then previously, that what was the common or to bluster pace, the decline phase and to wait 36 hours for ventilation, that means something or ventilation is at sufficient. They have a great even much more than capacity. But when you don't regulate those, like we can put it a bit on here to all windows and doors. We'll not do anything, just we will run power and just go around. That's why I will say that was a really good surprise if we can talk about the surprises, how people been ready to step up and how ones they are when they say, I don't know. That's what I like to love.

Just related to some of the other questions. This is an historic mining area at a lot of pits. Is there -- what legacy issues are there for the area is, whether it's water or any other contamination. And how if at all, does that impact what's been done so far in terms of building this mine?

There are if we can talk about the legacy, there are 2 kinds of legacies. So one of the legacy is during the commonist time how the mining industry used to operate in all our -- this part of the world. In this legacy, we have great support from any authority. They understand up that is not created by us, and that are the things which are 60, 70 or 80 years old, they're far away from the mine. However, they are looking from us with to implement high-level standards and they to be able to learn from these standards and to apply even in their like own operating mines. The other -- the second kind of legacy is from the previous owner from Adriatic. Again, if I can classify this like legacy, they missed 1 very significant, very important step during development of the project, and that is the operational readiness. And as legacy being built something like that's okay to revenue, or you just need to build something and that will start to operate itself just like that. Then we -- so far, I think we've been very successful to explain and educate people, you need this. You don't get -- even if you buy a new car for the first 3, 4, 5 days, even weeks you drive this a little bit careful until you learn how to drive. That's what is the operational reads.and that's what was like. That's why I don't classify this like legacy. Of course, there are things, which didn't be looked from the operational point of view. And that's why we design or reorganize the things. That's what is one of the things is the with asphalt, [indiscernible] on the roads. Of course, that's a managed the water. And also increase the efficiency of the take. So far all these which are to the local villages all that was assaulted. People have been really, really happy when they see this. You come and the good things start happened. That's what was the feedback. And the other, the road between rupee mine and the at process plant, around 70% we've been able to complete the asphalt and because now there is already winter when is the spring when the snow is melted, we will finish, let's say, by mid next year, all that will be completed. And there was also one temporary tailings facility, which we need to remove. We started around 40% of that is removed. That's what was the critical part the rest will mark cheaper remove for the same reason because it's slow always been.

The water quality and the surrounding communities in the whole area is it's reasonably good.

Water quality is but it's a drinking quarter. And again, our approach is the same like in Chelopech. The water is very, very key resource, not just for us, that is for every way. Everybody needs drinking water.

As we've kind of dived in more on Q&A. -- get a broader question over the webcast. Just looking at our Loma Larga project, -- has there been any progress on government tax or an arbitration decision regarding the canceled environment, dental permit for LomoLarga? I think we'll -- so Mickey restaff our SVP of Sustainable Development, who is leading the Lumada project, we'll take that question.

Yes. Thanks, Jennifer, and thanks for the question. We maintain all the options open for now. And what I'm going to say is that it's important for now to let the situation to depoliticize, -- and we're looking, obviously, not only on the next step that we need to take on, but also for the whole journey until this mine is actually put in operation. So not in a hurry to get into and making a decision for now. It's important for the motions to come down. where after that, we can engage with stakeholders and have a constructive dialogue. Are there any other questions? Yes, Eric.

Just a quick question on Vares the tailings. Can you remind me, you built a new road, I think, is that correct? And how is the tailings capacity there? And I guess that roads in service now, I guess you're trucking are you at right.

At the moment, the current earnings facility, which is permitted, it's -- the first stage is permitted, which secured 5 years of production. And we are busy to design or actually to review the design and complete the permit for the second stage, which will give another five years.

And then can you just remind me with Ada Tepe winding down next year, can you just remind me of what sort of the remediation sort of cost timing and plans are there?

Okay. The mining operation will be completed by middle of IPO. First week of July, the process the whole material will be processed. And since then, we will start the final [indiscernible], which is for -- it's planned for in total for 18 months until end of 2027. And after that, have 3 years post closure monitoring -- post-closure monitoring after water [ quality ].

What's the estimated sort of cost over that period?

I will come back to you.

Yes. So that was EUR 14.5 million total closure liability. Okay. If there are no further questions, just a reminder for those of us in the room, we'll be serving lunch shortly after the close of the formal presentation. But for now, I'd like to invite Dave to come back up and provide some closing remarks.

Thank you.

Thanks very much, everybody. So we've had a chance to walk through some of the details of what it is that we're doing, but maybe let's just step back for a moment. So if we have a look at the acquisition of [indiscernible] and we look at the add-on to what we got with Chelopech, there's a couple of things to know. So first of all, next year, you can see that we've got the groundwork in order to extend the reserve life at Chelopech beyond 10 years. Historically, this has been 8 years. And then if you look at the resources with a typical conversion rate, you're looking at 15 years in total. So we're looking to really push that out. And we're doing that by virtue of increasing the real estate and the opportunities by getting these additional licenses move through to concessions. And we're also looking a little more creatively at what have been the previous lines of thought that you might test in order to be able to find additional material and [indiscernible] is a good example of how something that previously we thought was not an opportunity has now turned out to be an opportunity. So bringing together, Chelopech plus [indiscernible] our two operations in 2027, when we're on full production with both will be at 425,000 equivalent ounces per year, gold equivalent ounces. And then with Coka Rakita on top of that, we're anticipating commencing in 2029. That's going to be in the first few years at a rate depending on when we started in the year, closer to 200,000 ounces per year over and above the equivalent ounces at [ 600 ]. So we're starting to head now towards the 800,000 ounces per year. Then you've got the [indiscernible] it's very early yet. But I think the idea that by 2032, 2033, we'll have something coming in from that at this point, early days, but that's the type of thing that I think is realistic. Let's talk about some of the other things that we're doing. So at the same time that we're looking at using our current plans. And basically, if you look at [indiscernible], we're lifting and shifting what it is that we've learned in the operation in terms of both the preparation for Ada Tepe and the routine operation at Chelopech, we're taking that across to [indiscernible] and building on the work that's been done by Adriatic. And some of that work by the way has been very good. Some of it leaves room for optimization. And of course, that's exactly what we're doing. So bringing in things like short interval controls, the -- basically, the practices that we have, that's been something we've been able to recognize and prepare for and keep in mind, we're preparing for Coka Rakita. We're now basically having a chance to refine that with [indiscernible] to once again pass on to Coka Rakita after this. So we're pretty excited about the way all this is working together. It's building out a high-margin portfolio not just ounces, but high margin similar to what we've had at Chelopech and Ada Tepe historically. So we're pretty excited about the ability to generate a free cash flow that supports our growth ambitions going forward. So if we come back then and unless there are any other questions, as we bring today's events to a close, I just want to reiterate that we're really excited about the way it is that we've managed to translate some of these opportunities into this future outlook in terms of production. The progress we've shared with you today reflects the dedication and expertise of our team. And I just want to reiterate what Iliya has been saying and others have been saying, our team we see and the ability to do what we do is very much down to how we integrate and we actually talk to our shareholders, and we take them along on the journey so that they're excited to see this impact on their future as much as we're interested in seeing an impact on ours. We're very confident in the foundation that we've built and combined with our existing growth prospects and financial position, we do believe this will allow us to deliver our growth ambitions and generate strong returns for our investors. Something that I would like to do before we conclude is I'd like to take a moment to recognize two of our team members that we sadly lost this year. So one is Peter Gillin, our Chair, and I'm happy to see Andrew join us today. Thank you for making the time. And also, Paul Ivascanu, who we lost unexpectedly recently, who was our VP of Exploration. Both played important roles in shaping the achievements we're discussing today, and we're deeply grateful for their contributions, and they will always remain a part of our success story. Other than that, what I would like to do is thank you again for joining us today, both in person and online, and we look forward to sharing more milestones with you in the months ahead. Thank you.

Thank you, everyone. And for anyone on the webcast, that concludes our event. Thank You.