Full Transcript for Equinox-Orla Merger Creates $18B North American Gold Giant

old Arabic word and it's Genesis. 00:02:22.560 --> 00:02:33.439 And because we've been talking to each other for the last four or five years, and again, not looking for the right time, just keeping the door open as we sit here and we look at what each other is doing in the business, and it's just like kind of mirroring, if you will. 00:02:33.520 --> 00:02:35.280 Hey, you're doing a good thing, hey, you're doing a good thing. 00:02:35.439 --> 00:02:38.960 And thought, hey, this could this could really come together, right? 00:02:39.120 --> 00:02:43.520 And that this happened to be the right time for that transaction. 00:02:43.599 --> 00:03:04.240 It was just like, you know, Jason and team done a great job at at transacting on Muscle White and been able to paint a picture for what Muscle White can look like in the future by recapitalizing some of the mining fleet, doing some exploration, and clearly there's a there's a 10 to 15 to 20 year life in front of it at current or even increased production rates. 00:03:04.639 --> 00:03:09.840 We just went through the caliber transformation or kind of acquisition, if you will. 00:03:10.000 --> 00:03:15.039 Um, coming out of the other side of that, we've disposed of some assets, we've cleaned up the balance sheet. 00:03:15.199 --> 00:03:17.199 Um, so we're in a logical place. 00:03:17.360 --> 00:03:19.840 And you know, we think about where we sit today. 00:03:20.000 --> 00:03:24.560 You know, we're both equally undervalued in our in each other's eyes in terms of the market. 00:03:24.800 --> 00:03:27.120 So we see, hey, this is a good time too. 00:03:27.280 --> 00:03:32.719 And we're starting to see that play out in terms of the feedback we get from our shareholders, is that no one's saying, What about the premium here? 00:03:32.800 --> 00:03:33.840 What about the premium there? 00:03:34.000 --> 00:03:52.000 I think people are looking through and seeing that each company would continue to deliver and would re-rate in its own right, but putting them together with the implied premium there is what you'll get as a as a senior producer, which no company in its own could do in the next few years. 00:03:52.319 --> 00:03:55.280 So uh again, it just makes a lot of sense, uh Joyce. 00:03:55.520 --> 00:03:56.800 Yeah, no, I absolutely. 00:03:56.879 --> 00:04:00.400 And and we often get asked, uh Darren and I, you know, why now? 00:04:00.479 --> 00:04:08.479 And and my answer to that is uh because now is the right time to uh accelerate our value creation. 00:04:08.560 --> 00:04:17.759 Uh both companies uh uh had very robust uh pipelines in front of them and and could grow, but over a more lengthy period of time. 00:04:17.920 --> 00:04:31.759 And the combination uh uh propelling us into a senior space uh as well as uh um the multiple that we can expect from that and uh that accelerated appreciation is the answer to why now. 00:04:31.920 --> 00:04:46.079 Um and so our combined business uh uh that I look forward to partnering with Darren on uh is going to deliver that value uh not only on an accelerated basis, but I predict an amplificate, amplified basis as well. 00:04:46.560 --> 00:04:47.120 Excellent. 00:04:47.279 --> 00:04:52.560 Now, uh of the resulting entity, Darren, you're gonna continue as presidents and CEO. 00:04:52.720 --> 00:04:55.040 The company will continue to be called Equinox Gold. 00:04:55.120 --> 00:04:57.920 Jason, you're gonna become president of the new entity. 00:04:58.079 --> 00:05:11.759 On the conference call this morning, um, Darren, I think you said that this transaction allows you to do together what you couldn't do separately in terms of propelling the companies to become a senior producer in a short order of time. 00:05:11.839 --> 00:05:14.079 Um Jason, let me turn to you for this question. 00:05:14.240 --> 00:05:18.319 What is the opportunity that you both see that this deal accelerates? 00:05:18.959 --> 00:05:26.000 Well, uh one of the important aspects of this deal is we are not overcomplicating our independent uh portfolios. 00:05:26.160 --> 00:05:34.720 We're in fact consolidating our portfolios, uh, you know, uh focused on uh North America and in a particular uh four countries. 00:05:34.959 --> 00:05:46.240 And so uh amongst the uh peers that that we will join, uh we're a senior producer uh with uh concentration in the four in four countries within North America. 00:05:46.399 --> 00:05:55.360 And so what this enables is for us to together uh focus on uh a bigger business, make sure we're organized to run that bigger business. 00:05:55.519 --> 00:06:12.800 Uh clearly uh um uh we'll need to focus on the internal uh production delivery, construction, and growth to that 1.9 million ounces that uh that we'll move towards all the while, making sure that we uh stay in tune with our shareholders in the external market. 00:06:12.959 --> 00:06:21.360 And so Darren and I have uh have talked about how we'll organize uh us as a senior producer so that we can uh deliver into that. 00:06:21.680 --> 00:06:25.680 Okay, the the zeitgeist for this kind of deal definitely seems to be there. 00:06:25.759 --> 00:06:32.399 Uh and I say that, bearing in mind that Barrack Mining is looking to IPO its North American assets later this year. 00:06:32.480 --> 00:06:36.959 That's perhaps fan the flames for large North American-focused gold companies. 00:06:37.120 --> 00:06:42.560 Other large gold miners have flocked to North America, Angler Gold Ashanti, Goldfields, they've all come in. 00:06:42.639 --> 00:06:53.040 Um so you, Darren and Jason, you both seem to have read the tea leaves very well for creating a company that will um resound very well, very positively in the market. 00:06:53.759 --> 00:06:54.800 Yeah, no, I think so. 00:06:54.879 --> 00:07:05.279 I mean, again, you know, we're both Canadian companies that went abroad to be able to develop a business that allowed us to come back home to Canada, right? 00:07:05.600 --> 00:07:21.199 Um,

and you look at the construct of what we see today with 1.1 million ounces growing to 1.9, and with 70 plus percent of our mining NAV within the US and Canada, you know, the premium that that results in is significant. 00:07:21.439 --> 00:07:34.560 Stable jurisdictions, quality assets, long life, good margins produce a really durable, resilient product that allows us to, you know, continue to build lots of shareholder value. 00:07:34.720 --> 00:07:37.680 So I don't think there's any true science in it. 00:07:37.759 --> 00:07:40.079 It's just like it's sticking to the fundamentals. 00:07:40.399 --> 00:07:56.160 Yeah, and one thing Darren has pointed out is on those land packages that he talks about in the US and Canada, the the prospect for additional discovery through exploration, uh, which we'll be uh very uh heartily uh doing, is uh is tremendous. 00:07:56.319 --> 00:07:59.120 Uh Valentine is a great example of that. 00:07:59.199 --> 00:08:01.680 Uh, we've demonstrated that at Mussel White. 00:08:01.920 --> 00:08:06.079 Uh, you know, we've got a large land package in Nevada in our combined company. 00:08:06.240 --> 00:08:28.720 And so we're we're not only excited about the growth that we have on the books and our 23 million ounces of reserves, uh, in addition to the 1.1 million ounces of production, uh, but also the ground that surrounds our territories in those four countries is going to be very prolific for discovering more gold and setting up the pipeline into the next decade. 00:08:29.040 --> 00:08:33.039 And and and again, Jason's covered it really well, particularly on the exploration. 00:08:33.200 --> 00:08:36.799 But if we think of it, we're currently operating in the four jurisdictions. 00:08:37.039 --> 00:08:46.480 Our jurisdictional complexity does not change as a consequence of a 70% headline growth number in production to 1.9 million ounces. 00:08:46.799 --> 00:08:53.360 So we're going to add two plus or minus assets into our production portfolio of six assets. 00:08:53.440 --> 00:08:58.159 So our business doesn't become complicated any more complicated than it is today. 00:08:58.559 --> 00:09:03.840 So it's keeping it simple, it's keeping it predictable, and that's where the exploration piece comes in. 00:09:03.919 --> 00:09:08.559 You know, the best place to find gold is where gold is, and we know where gold is because that's where we're mining from. 00:09:08.720 --> 00:09:12.799 So being able to generate the cash to be able to reinvest back into the land package is significant. 00:09:12.960 --> 00:09:19.120 If you look at the genesis of the the muscle white transaction, it wasn't an asset turnaround, right? 00:09:19.279 --> 00:09:28.879 It was about being able to demonstrate there's longevity in the asset through exploration and then turnaround the assets, the same as Nicaragua, it's the same as as to a degree Ballantine, right? 00:09:29.039 --> 00:09:37.840 So, you know, again, we're kind of we're kind of explorers, you know, backed by you know five, six billion dollars a year in in revenue. 00:09:38.559 --> 00:09:43.039 Okay, let's dig into a bit more of the exploration and development potential. 00:09:43.120 --> 00:09:48.639 Um, your 1.1 million ounces now more or less, you've got 800,000 ounces development potential. 00:09:48.720 --> 00:09:56.320 Um, if I remember correctly, you've got 23 million ounces of proven and probable reserves, a similar amount of uh measured and indicated resources. 00:09:56.399 --> 00:09:59.039 So a very good, strong, robust resource base. 00:09:59.360 --> 00:10:06.159 How do you intend to unlock that development potential for that other 800,000 ounces a year of additional production? 00:10:06.320 --> 00:10:09.919 What are the priorities and how are you planning to move forward on that? 00:10:10.320 --> 00:10:15.600 I'll let Jason talk about the things we're going to add and the sequence we're going to add them in. 00:10:15.919 --> 00:10:24.799 But I won't underestimate the opportunity that exists to extract value from our existing asset base before we look at bolting things on. 00:10:24.960 --> 00:10:28.480 If we took a muscle white, muscle white has underutilized milk capacity. 00:10:28.639 --> 00:10:36.559 So whatever we can do from an operational perspective to be able to deliver into and fully utilize that capacity is going to be very, very accretive from a cash flow perspective. 00:10:36.799 --> 00:10:49.759 So I'll call it sweating our assets to realize the full potential of those assets is going to be underlying everything we do because that's what generates maximum return on invested capital because the capital's already been spent. 00:10:49.919 --> 00:10:50.240 Right. 00:10:50.399 --> 00:10:52.240 So extracting that value is going to be key. 00:10:52.320 --> 00:10:53.440 But talk about the growth. 00:10:53.759 --> 00:10:59.519 Yeah, and and just to build off what Darren said, we need to ramp up uh Greenstone and Valentine well. 00:10:59.600 --> 00:11:02.799 Uh so that'll be sweating the assets as he just described. 00:11:02.879 --> 00:11:22.559 Uh and then uh following onto that, Darren and I have outlined uh the sequence in which we'll uh build uh the next uh growth of the company, you know, beginning with phase two at Valentine, uh, followed very quickly by uh the South Railroad project, uh which is underway and subject to permits, uh, we'll uh move into the field. 00:11:22.639 --> 00:11:30.559 Uh and then just as we're wrapping up construction in in Nevada, we'll move over to California, not far away, and and uh get into Castle Mountain. 00:11:30.720 --> 00:11:40.240 And then we have the longer-term prospects that will, throughout those times of building those assets, be engineering and preparing for for their subsequent construction. 00:11:40.320 --> 00:11:44.480 And of course, that looks like the transition in Mexico uh to underground. 00:11:44.559 --> 00:11:56.799 Uh, and then upon restart at Los Filos, uh, you know, those

16 million ounces and resources that they have there, uh uh surely we can liberate those ounces to create tremendous value for shareholders. 00:11:56.960 --> 00:12:12.879 So we've got uh short uh uh term aspirations to ramp up uh all of our assets well, medium-term aspirations to grow ourselves to 1.9 million ounces, and then longer term uh growth potential in our very same portfolio. 00:12:13.039 --> 00:12:19.279 And that is not counting any expiration we have success at uh in the coming years. 00:12:19.519 --> 00:12:27.519 And just one thing to layer on that is that you know the expiration and the capacity that we're providing from from a treatment perspective is significant. 00:12:27.679 --> 00:12:32.480 Now, building heap bleach operations are very easily scalable, right? 00:12:32.879 --> 00:12:38.399 Um, you're more constrained in a mill scenario, but we've got excess capacity at muscle-wide, right? 00:12:38.480 --> 00:12:44.240 We're going to provide for the additional capacity of doubling the mill throughput at Valentine to five million tonnes. 00:12:44.399 --> 00:12:52.480 So we're setting ourselves up for what can be significantly higher than what even we foreshadowed in the presentations this morning. 00:12:52.879 --> 00:13:00.559 I think one of the uh attractive things about this development pipeline that you mentioned is that you can finance this, you can fund it internally. 00:13:00.639 --> 00:13:11.919 Uh, if I remember correctly, the presentation said you've got, let's say, two billion dollars worth of development projects, but during the time you'll execute that, uh, you'll be generating sort of nine billion dollars of free cash flow. 00:13:12.080 --> 00:13:17.759 So that uh I imagine the market is or the investors are very, very interested in and attracted by. 00:13:18.320 --> 00:13:19.600 Yeah, no, absolutely. 00:13:19.759 --> 00:13:28.720 I mean, and they're on consensus numbers on the period between 2026 and 2030, and you nailed the numbers, it's 2 billion and generating 9 billion in free cash flow. 00:13:28.960 --> 00:13:45.759 So, you know, even if we said that the 2 billion was 4 billion, just double it to allow it, you know, a management reserve, if you will, it's still going to generate$7 billion of free cash flow in excess of what's required to deliver into that$1.9 million ounces of production. 00:13:46.000 --> 00:13:56.720 So, you know, the return of capital to shareholders here is going to be significant through buybacks and dividends and yeah, aside from the return on invested capital growth we'll see from share price. 00:13:57.039 --> 00:13:58.799 Well, that's another aspect, isn't it? 00:13:58.879 --> 00:14:07.600 Because you also mentioned that while you're going through this investment period, you're going to maintain your dividend payout, you're going to maintain the share buybacks. 00:14:07.679 --> 00:14:13.679 Um, I imagine it's perhaps a little bit preliminary to talk about what the resulting shareholder returns policy will be. 00:14:13.759 --> 00:14:19.919 But do you have an idea of what you're going to be sort of pointing at as and when the two companies are come together in one? 00:14:20.399 --> 00:14:30.559 No, we've got some work to do, and as Jason and the team work through exactly what that schedule looks like in terms of the ramp up and exactly the funds that are required. 00:14:30.720 --> 00:14:38.799 And we'll ensure that we, before we make commitment to any project, that we're absolutely fully funded in advance of that full funds decision. 00:14:38.960 --> 00:14:50.799 And we'll ensure that we have an adequate level of management reserve above to ensure that we never run into a situation where we've got to go out and raise money or and create debt to be able to do it. 00:14:51.039 --> 00:14:56.799 And with that, that'll be the basis by which we we come out with a return of capital to shareholders basis. 00:14:56.879 --> 00:15:01.120 But given the magnitude of what we've foreshadowed, um, yeah, it'll be significant. 00:15:01.200 --> 00:15:02.000 It'll be soon. 00:15:02.240 --> 00:15:08.639 Yeah, we the capital allocation equation for for our company is no different than other companies. 00:15:08.799 --> 00:15:18.240 Uh shareholders uh need us to invest in the business to uh produce more gold and create more value uh through what it is our gold mining business. 00:15:18.399 --> 00:15:22.480 Uh secondarily, we need to make sure that we're running a healthy balance sheet. 00:15:22.720 --> 00:15:26.960 Darren and his team have demonstrated enormous strides in that regard. 00:15:27.039 --> 00:15:29.440 Uh, and and we're delivering into that as well. 00:15:29.519 --> 00:15:35.279 And so we can use the cash to uh uh to uh you know remove debt uh from the company. 00:15:35.360 --> 00:15:53.200 And then the and then in terms of decisions about uh return to shareholders, as Darren described, that needs to be balanced with our our planning on a project-by-project basis to make sure that we're uh comfortably self-funded uh and then uh have sufficient uh access to return to shareholders. 00:15:53.600 --> 00:15:59.120 Now, in the the first quarter, Darren, Equinox paid down almost$1 billion of debt. 00:15:59.200 --> 00:16:05.840 Uh the new entity at the moment, you both have, let's say, about an aggregate of$800 million in long-term debt. 00:16:06.080 --> 00:16:07.759 Um, what's your view there? 00:16:07.919 --> 00:16:10.639 Will there be some kind of structure, restructure of that? 00:16:10.720 --> 00:16:11.759 Will be there a pay down? 00:16:12.080 --> 00:16:15.519 Um, will they be continuing to strengthen the balance sheet? 00:16:15.919 --> 00:16:17.039 Yeah, no, absolutely. 00:16:17.200 --> 00:16:34.080 And again, we've just recently refinanced our revolving credit facility, and we've been able to increase that facility for a lower level of cost as we approach on almost investment grade quality debt as a consequence of the improved balance sheet

we see today. 00:16:34.320 --> 00:16:50.320 So, you know, the the facility that sits under all of it will get rolled into that facility, and we'll look at extinguishing that debt as soon as we possibly can so we can maintain um you know a good level of liquidity outside of cash flow from operations. 00:16:50.399 --> 00:16:54.960 So we never run into that situation where we have to do something as a knee-york reaction to. 00:16:56.159 --> 00:16:56.480 Okay. 00:16:56.720 --> 00:17:01.759 Now, my understanding is the transaction is scheduled to close around September. 00:17:02.000 --> 00:17:07.759 Um, there needs to be a special meeting of all uh all the shareholders, two-thirds need to vote in favor of it. 00:17:07.920 --> 00:17:11.680 It seems you've got a lot of key shareholders and supporters on side. 00:17:11.759 --> 00:17:16.000 Um, but you also need regulatory approval in in Canada and Mexico, I believe. 00:17:16.160 --> 00:17:19.279 What's the uh the the regulatory approval timeline? 00:17:19.359 --> 00:17:22.559 What are some of the things there that uh people can watch out for? 00:17:23.279 --> 00:17:29.839 No, I think that the uh yeah the Canadian regulatory approval, we don't anticipate any issues, nor do we in Mexico. 00:17:29.920 --> 00:17:34.000 It's just part of the governance and the court approvals and things that are required. 00:17:34.240 --> 00:17:57.039 I think that you know, for all intents and purposes, the rate of close sits with getting shareholder approvals, which was us being able to get pro forma financials done, get the information circular out, get it in front of shareholders so they can uh express their support for the transaction, which, you know, based on early feedback, has been very encouraging of what we've seen in the last uh, what have we been, eight hours live now on this transaction? 00:17:57.519 --> 00:17:59.279 Um it's been very, very positive. 00:17:59.519 --> 00:18:15.359 So no, we're we're singly focused on ensuring that we manage the businesses uh as best we can between now and get to close as expedient as we can and work through how we organize ourselves such that we come out of the gate that we're well positioned too. 00:18:15.440 --> 00:18:24.319 And Jason and I have had some great conversations over the last couple of weeks, and we understand how things are gonna look, which is not typical at announcement day. 00:18:24.480 --> 00:18:34.079 I mean, we've significantly further progressed than what any other traction transaction I've ever been involved in in terms of what things are gonna look like and where things are positioned. 00:18:34.559 --> 00:18:35.920 We're in a great space. 00:18:36.480 --> 00:18:41.519 Without wanting to put the cart before the horse, and let me direct this question to you, Jason. 00:18:41.680 --> 00:18:56.079 Uh given what you said, Darren, and the sort of close collaboration and the closeness of the vision, are there things that both companies can do separately in terms of

preparing for this to you know perhaps get a head start on some things, assuming that everything will go through as planned? 00:18:56.480 --> 00:18:59.119 Yeah, and and trust that we're doing exactly that. 00:18:59.200 --> 00:19:03.839 And as Darren uh correctly characterized, I think we that's well advanced. 00:19:03.920 --> 00:19:07.519 Uh you have complete alignment here, which is which is important. 00:19:07.599 --> 00:19:13.200 Uh, you know, Ross will continue to be a strong advisor and contributor at the board level. 00:19:13.359 --> 00:19:18.400 Uh Chuck is a great leader that I've worked with uh throughout my uh tenure at Orla. 00:19:18.640 --> 00:19:21.119 So there's great alignment at the top of this business. 00:19:21.200 --> 00:19:42.319 And now what we need to do to your point is is drive organization and planning uh over the coming months uh throughout both of our businesses, whilst uh not uh relinquishing on the delivery of our product, which is uh safe uh uh uh gold production at the cost that are predictable. 00:19:42.480 --> 00:20:08.559 So we need to do that as independent companies uh uh until the close, uh, but simultaneously with delivering um to our guidance, uh we also need to plan uh for the combined company so that once we close, as Darren describes it, we come out of the gate fully organized, uh ready to run the senior gold producer and uh immediately begin to create the value that uh that we predict will come. 00:20:08.799 --> 00:20:18.000 And and I don't want to underestimate the work that goes into that, but you know, we both have relatively small corporate structures. 00:20:18.559 --> 00:20:28.799 And you know, what happens at Greenstone or what happens at Kumunorojo, you know, at each of those assets is somewhat independent of the way the corporate group is structured. 00:20:29.119 --> 00:20:32.960 So given we've got alignment, we know what it's gonna look like. 00:20:33.119 --> 00:20:36.400 To get to that, I think it's gonna be relatively straightforward. 00:20:36.640 --> 00:20:58.480 There's always going to be a little bit of work around integrating ERPs, but that's the responsibility that I'll be more focused on with Etian and Daniela Dimitrov and Pete Hardy on making sure that those things are prepared so that Jason has everything that he needs to do to ensure that we know what trains need to arrive at what station at what time and they deliver on those commitments. 00:20:58.559 --> 00:21:02.240 That's going to be key too, because that's underlying everything we do in the business. 00:21:02.400 --> 00:21:08.319 So we need to make sure that the the, I'll call it the back office, if you will, is is absolutely aligned in that space. 00:21:08.400 --> 00:21:11.359 So no, I again I don't see anything here as insurmountable. 00:21:11.519 --> 00:21:15.920 And given where we're at and the discussions that we've had, we're really, really well positioned for that. 00:21:16.319 --> 00:21:22.960 And when big MA transactions

are announced, a lot of people ask about, okay, great, what what are the synergies here? 00:21:23.039 --> 00:21:25.039 Obviously, there'll be some head office synergies. 00:21:25.200 --> 00:21:29.359 You've got projects, development projects, and mines in similar jurisdictions. 00:21:29.519 --> 00:21:34.400 Do you anticipate being able to deliver a telling number of synergies? 00:21:34.880 --> 00:21:44.160 No, I think that yes is a short answer, but I don't like the word synergies because straight away people go to, okay, you had$10 a G and A, now it's going to be eight. 00:21:44.240 --> 00:21:44.480 Right? 00:21:44.559 --> 00:21:51.359 What I see is that the symmetry in the business that allows us to leverage off the strengths within the business, and that's so think about it as a supply chain. 00:21:51.519 --> 00:21:59.759 Think about scope and scale, being able to negotiate really competitive and strong resilient commercial arrangements with OEMs on equipment supply. 00:22:00.319 --> 00:22:12.640 Or with commodities in terms of price, so that, you know, the people running the business, right, have what they need at the lowest possible cost and can work out how to best utilize those units as opposed to what those units are going to cost. 00:22:12.880 --> 00:22:22.240 Those sort of benefits, I think, are going to be real and material, particularly as we go into a growth phase and we're looking at, you know, at buying equipment, for example, right? 00:22:22.400 --> 00:22:30.240 Leveraging off the capacity that that we have in terms of where we come from and the history is going to allow us to be able to get a very competitive deal. 00:22:30.319 --> 00:22:35.519 So I think those sorts of things are probably the more uh quote unquote synergistic savings. 00:22:35.680 --> 00:22:40.880 Um, so yeah, leveraging off complementary skill sets is really going to be the advantage here. 00:22:41.039 --> 00:22:46.240 And is there a few dollars to be picked up around the edges on on GNA related costs, insurances and things? 00:22:46.319 --> 00:22:47.039 Yeah, for sure. 00:22:47.279 --> 00:22:51.039 But yeah, they're de minimis in the value proposition that we provide. 00:22:51.519 --> 00:22:55.920 Okay, so uh greater purchasing power, perhaps is a better way of saying that. 00:22:56.079 --> 00:23:01.599 Okay, so what the key catalyst is obviously gonna be the closing of the deal later this year in the in the third quarter. 00:23:01.759 --> 00:23:10.319 Going forward for the remainder of this year and into 2027, what are gonna be some of the key catalysts that uh our viewers should watch out for from the new Equinox Gold? 00:23:11.039 --> 00:23:14.799 Well, I think it's gonna be what each of those companies would have been doing independently, yeah, right? 00:23:14.880 --> 00:23:24.559 So it's gonna be continued ramp up of the Canadian assets, it's gonna be expiration success at Muslewide, it's gonna be you know getting the uh getting the approvals in handier at community at um at South Railroad, yeah. 00:23:24.720 --> 00:23:24.960 Right. 00:23:25.119 --> 00:23:26.720 I mean, what else would you throw on the head? 00:23:26.960 --> 00:23:33.279 Yeah, so and and then moving into the next phase of uh expansion and Valentine and getting all the engineering and preparation. 00:23:33.359 --> 00:23:37.839 And throughout all of those steps, we'll be able to update the market on how we're doing. 00:23:37.920 --> 00:23:42.240 Where where are we with the with the completion of the ramp up of the of the two acids? 00:23:42.480 --> 00:23:45.359 Where are we with the initiation of construction in Nevada? 00:23:45.519 --> 00:24:00.160 Uh, where are we with the with the projects that are further down the line and and progressing them towards construction start uh is what uh people should expect as milestones post-close and for the for the six months to 12 months of of the business. 00:24:00.240 --> 00:24:06.799 And of course, uh, you know, setting guidance in 2027 will be quite exciting as a as a senior. 00:24:07.359 --> 00:24:07.839 Excellent. 00:24:08.000 --> 00:24:11.920 Well, congratulations to both of you on a great deal and best of luck uh for the future there. 00:24:12.160 --> 00:24:16.000 Darren Hall and Jason Simpson, thank you very much for joining me today. 00:24:16.400 --> 00:24:17.039 Thanks, Paul. 00:24:17.119 --> 00:24:18.240 Thanks, Paul, appreciate it. 00:24:18.400 --> 00:24:21.920 And of course, if you like what you see, don't forget to hit that subscribe button. 00:24:22.079 --> 00:24:25.039 I'm Paul Harris, and this is Kitco Mining.