Contango Silver & Gold Inc. (CTGO) Q4 2025 Earnings Call Transcript

I've got with me today Rick Van Neuenheiser, CEO of Contango Ore, and Mike Clark, the company's CFO, to discuss both 2025 year-end earnings and guidance for 2627, among other things. Keep a broad list of topics today. Here's how today's going to work. For those of you in the room, I see at least, geez, looks like 40 who have never been in a six webinar before, so this next part's mostly for you. I'll say that I've got some questions for the gentlemen just to get us started. The chat is interactive. There's a button in the middle bottom of your screen. If you pop that up, you should be able to ask questions at any time during today's event. We'll try to get as many as we can, but we are trying to stick to about half an hour today. The recording, we believe, will be available at about 4 p.m. Eastern time. It'll pop right into your inbox. It'll also be available on Six's YouTube channel at that time. Enough of the boring stuff out of me. I want to get right into the good stuff. And, Mike, that means I will start with you. So you are on mute before you start. The cash distributions from the Pico JV came in at $102 million for 2025. So I'd love if you could walk us through how that flows down to Contango's balance sheet and what the unrestricted cash position looks like today versus where you started the year. You are on mute, though, Mike. Sorry.

Sorry, on mute. Good morning, Romeo. Thanks for the question. So the way that we account for the Pico JV is equity accounting because we own 30 percent of it. So what you see happening is we recognize 30 percent of the net income of the joint venture, which for 25 was 88.6 million. And so you see that go into our statement of operations with a corresponding increase to the investment in the PJV on the balance sheet. The 102 million distributions actually gets a direct increase to our cash with a corresponding reduction to the investment of PEAT Gold. So what you would have seen at the beginning of the year was a balance of 60 million in that investment on the balance sheet. And that's been reduced to 47 million at the end of the year, which is the difference between 102 and the 88. gate. To answer your second question, it's the cash increase from $20M to start the year to $65M at the end of the year. That was primarily driven by the equity raise we did in September. That's really what drove that. The profits from Moncho effectively funded our pay down of the debt for $37.5M and that realized hedge losses of $63M, which was coincidentally about $100M. So those funds more or less took care of paying down our debt.

Great. I appreciate that very much. Rick, I got one question about ASICs. I know it came in at about 16.16 per ounce sold in 2025, which is, I believe, almost right on guidance, like almost exactly on guidance. Now, the 2026 number jumps to that 2200 to 2300 range. So what drives the increase and how much of that is just the math on lower ounces versus cost inflation? Just what are we looking at there?

Yeah, obviously, yeah, we're pleased to be slightly under uh guidance i think guys was 1625 so i think good you know good job there uh in terms of next year or i should say this year 2026 um guidance has always been in uh higher because of the mine plan and the mine plan is there's more stripping we're switching from the north pit to the south pit um and uh and because of that a lot of a lot of the fleet sort of uh mine fleet is distracted they're doing a bunch of pre-stripping so um and that results when you're stripping waste that's a higher all-in sustaining cost on a you know on a across the board basis so that's the main driver of the increased cost is uh you're doing a lot of pre-stripping uh in 2026 and uh that's why you see the cost go down in 2027 because now you're just mining ore and in fact a bunch of the fleets kind to go away um just and that's just you know sort of the sequencing of the of the mine plan so that's the big driver now a couple of things um uh in terms of continued guidance going forward that's based on the mine plan and we're you know we're executing the mine plan you know plus or minus you know where it's always where it was originally in terms of grade and things like that grades in tons ounces delivered um where we we are starting to see inflation in particular uh wage more more wage related inflation it's relatively small but we're we're certainly that and i think that's that's in general what the gold price still tells you right gold price is going up it's it's it's usually an indicator the other thing obviously the recent developments are related to uh the iran war and the closing of the streets of our moves that's probably inflation potential inflation to come uh but you know in rough numbers a third of our costs are related to transporting the ore from montreal to fort knox so if we see higher diesel prices as a result of a you know a 200 spike in oil costs which some people are talking about if that happens obviously our costs are going to go up so that's a more of a cautionary thing we don't have anything now and obviously we buy fuel in advance uh in alaska particularly and for this project uh particularly so a lot of it is logged in i don't have any sort of specific numbers at this point um i noticed uh i just got back from traveling and uh i was seeing in the lower 48 a lot of really high uh costs for gas and diesel haven't seen that here um yeah interestingly enough. And again, I think it's that we buy a lot and it gets barged up and it gets stored. So we have a lot of storage capacity in Alaska. But I think it is something that we certainly expect to happen if the Iran situation continues.

Sure. Okay. No, it makes sense. Appreciate it. Mike, on another quick accounting question. So I know you raised $50 million in September and another $50 million in February. With the credit facility already down to under $15 million, How should investors think about the capital structure from here, especially going into 2027 when distributions could be north of $165 million?

Yeah, the debt's around just under $15 million right now. It's scheduled to be down to $10 million at the end of this year. The hedges are scheduled to be down from, pay down another, deliver another $11,000 this year with $15 million in the remainder of this year. Our objective still is to early deliver into those and potentially early pay off that debt. So either you're going to see the debt and hedges all kind of extinguished by the end of this year or in early 27. Now, how that kind of ties through to our cash is, you know, we have, what, 65 to start the year. We got, you know, exploration and development expenditures at Lucky Shot and Johnson Tracks. So you're going to see us spend, you know, around $40 million on those projects. But what you should see is with the Moncho profits, with the expenditures on those projects, our cash should stay relatively flat for this year. So we should finish the year around, say, $60 million. But then going into 27 and 28, you're going to be debt-free, hedge-free, and generating a significant amount of free cash flow from on-show. So, you know, and we'll continue to put money into the Lucky Shot and Johnson Track and Kitsault. But you should still see us be able to fund all those planned expenditures while the cash is continuing to grow by a significant amount over the next couple of years.

Anything to add to that? Yeah, I'm just going to add, obviously, once the merger is completed, which is coming up here very shortly. Dolly Varden comes with a significant amount of cash. Mike's $60 million number is actually going to grow significantly over $100 million with the Dolly Varden merger, but we'll let all that kind of come out in the wash when we come out with new financials for Q2, I guess.

Sounds good. Coming in with cash always sounds nice to me, so there you go. So I got one question that just came up in the PR. So the transition from the North Pit to the South Pit creates this kind of four-month lag between mining and then getting credited. I love if you could just explain the mechanics for folks who might not be familiar with how Fort Knox does batch processing arrangements. So just give us some color on how that works.

Yeah, so just the batch processing, basically it's the middle month of every quarter. That's sort of the target plan. And, you know, it can vary a week or two on either side of that, just depending on conditions, weather conditions and, you know, when everything's ready. And it is it is a little confusing when you look at things that are mined at Moncho and stockpiled at Moncho. So that's the 225,000 ounces of gold that's mined and stockpiled at Moncho. It's not processed yet. And so if you took 30 percent of that, I think you get 63 and a half thousand. And so you're what's going on here because you're saying you're going to produce, you know, between 40 and 45. And so that that's the confusion. Now, you take you take that or in four months later, it gets transported and batch processed and sold. Then Mike gets a check for it. That takes four months. and and so that's uh that's that's the difference between what's processed and paid for and sold versus what was mined in a particular quarter or a particular year uh at mon show so that's uh if you're looking at you know why is one number 90 30 percent of the total of mines is 225 it's actually a big year for uh mining ounces so they don't get processed till four months later which is obviously 2027 is the benefactor of that which is part of why 27 is such a banner year as we mentioned we're we're doing a fair bit of pre-stripping on the south pit while we're finishing up mining on the north pit and it's one of those uh good news bad news things the good news is there's more ore in the north pit um that we're finding at the bottom of the pit you know and that's not uncommon um you know this you know it's a venture too so it's not like it's it's not doubling the size or anything but it is more when that belays moving all that equipment over to the south pit because once you're done with the north pit we're filling it back up right that's right that was part of the mind plan that's part of that sequencing that we're talking about so the bottom line mind at moncho is the the ounces that are sitting on a pad at moncho are different, and there's a four-month lag between the ounces that are processed and sold and Mike getting a check in, like I say, about roughly four months later.

Awesome. I appreciate that. Just the mechanics of it, I think it's helpful for people to get an understanding of.

But speaking of 2027, which I think we all know to expect to be a pretty sexy year at this point, Mike, I'll ask you, gold production guidance for 2027 is 75,000, 80,000 ounces, at cash costs of 1200 to 1300 so obviously at today's spot prices it's pretty wild margin uh what are the assumptions baked into that number just so folks understand yeah yeah um it's it's basically based on what's in the feasibility study and what's in the mine plan uh you know with some updates for actual costs and the tons and grade that we're mining in front of us um but really what what's really driving that is you know what rick talked about is you know that huge amount of priest trip down in 26 you're getting all the benefits in 27 and additionally to that you know the grade is much higher in 27 and you're processing a lot more tons. So all those things drive to a much, much lower cash costs and all sustaining costs. And, you know, I think if you, you know, the remaining life of mine ASIC is about $1,700 when you look at all the remaining years of the mine, you just have one, you know, 26 is a higher year and 28 and 27 and 28 are much lower, but it all averages out. So yeah, does that answer your question?

I think so. Yeah, no, appreciate it. I want to move over to lucky shot though for a second. So Rick, I'll throw this to you. I know you're targeting 400,000 to 500,000 measured and indicated ounces to support a feasibility study with a production decision, I think, in 2027 is what you're targeting. So I got kind of two questions for you, which is one, what are you seeing with early drill results? What are they telling you so far? And what does the classic contango DSO approach actually look like in practice at Lucky Shot?

Yeah, so because Lucky Shot's a fully permitted mine site and technically is an operating mine, even though we're not producing gold, we're doing all the things that you would if you were mining from a mining standpoint, from a permitting standpoint particularly. So we've got a roughly 18,000 meter drill program under well underway now. In the next month or so, we'll finish up the drilling in the West Drift, and then we'll bring the miners in and continue putting underground development in. That'll give us a bit of a breather to do some other work, and we're particularly excited about the KM vein, which I think we talked about on the last webinar. That's a new discovery. It's a vein at right angles to the one, the Lucky Shot vein that we've been drilling, and it's very high grade i mean it's averaging uh a couple ounces per ton so uh we're going to put together a specific plan to continue to explore that it's uh because it's at right angles it's sort of an awkward angle to drill from the infrastructure we have in place so we're renew some extent extending the the drift and get underneath the vein uh because it's basically dipping back towards us it's offset by the lucky shot fault which of course we put the west drift in over to the lucky shot fault because we know the lucky shot fault offsets the whole lucky shot vein system over to the coleman somewhere around 150 meters is what we're estimating so that means the you know the hangwall side on the on the lucky shot fault for the campaign is quite a ways below it so we to get the infrastructure underneath on the on the footwall side of the lucky shot vein uh to get that going so those are the sort of the modifying you know uh adjusting the program as we're moving along here obviously uh you know we're sort of targeting 10 to 15 grams for the lucky shot vein and if we're hitting you know 50 60 grams in the km vein well guess which one i want to drill first i mean it's not it's not too hard but we do need to get the extra infrastructure in place to do that. And once we bring the miners back, that's certainly one of the top priorities that we'll do. Just overall, the exploration program will take most of the year here. I might actually go into a little bit into 2027. And then once we have all that information and data. We'll roll that into a feasibility level mine plan and transportation plan. We'll decide where the ore is going. Is it going up Fort Knox? Is it going over to Asia? Is it going to a tolling operation in BC? Those are all options that we're looking at. I kind of refer to it as feasibility light because we're not building a mill in a tailings facility that really is it's basically just a mining plant sure and a transportation plan and transportation's you know pretty simple but rocks in a box so and just decide where they're going that's uh it's it's uh that's what we like about the dso model it is it is simple um and simple is good that beats our program this year will cost about 25 million dollars and so far we're tracking pretty well on our drilling costs uh we get the miners back and we'll we'll see uh how the costs are going there, but I feel pretty comfortable about that budget. And then once we have all the data and we're doing completed feasibility study and lay out the infrastructure necessary to start mining, we think that's another $25M to be spent in 2027, which should then get us in place to produce Gold in 2028.

Awesome. And jumping around to Johnson Tracks, and I'm going to hit you on every project here, so get ready for that. I know it just landed on the FAST41 dashboard in January. So for anybody unfamiliar with that program, I know there's just a lot of Canadians in the room. What does that mean for the permitting timeline and what's happening on the ground at Johnson Track this year?

Yeah, so FAST41, and I'll always point out it doesn't mean fast as in quick. It actually stands for Fixing America's Surface Transportation Act. It was an act of Congress recognizing that That permitting roads and any infrastructure was taking far too long, and so that was the purpose of the permitting council and coming up with the PASS 41 program. And basically, the permitting council is a coordinating agency amongst the federal agencies that are involved in your project from a permitting standpoint. For us, that means the U.S. Army Corps of Engineers. They are the lead federal agency. that's because uh they they're the ones that have to issue sort of the the driving permits of the of the project which is a 404 permit uh to build uh the road connecting the mine site to uh the the coast the port site and then the other thing is a port uh a port authorization uh that's a combination of u.s army corps of engineers uh the coast guard noaa uh national marine fisheries and then there's state permits involved as well. Now, the state is participating in the process, but the state permits aren't actually listed on the FAST41 dashboard. So the dashboard, or it's referred to as a FAST41 dashboard, is a website that has all the projects that are covered under the program. You go there so you can track the process of delivery of information to the agencies, review, and then when a document is determined to be complete, is the terminology, then it goes on the dashboard. And so we submit projects or plans. They get reviewed and authorized by a variety of agencies. And again, ours are U.S. Army Corps of Engineers, the Park Service, because we're doing the road building and the port will be in part on Park Service land. NOAA, NIBS, National Marine Fisheries, and then Fish and Wildlife are involved, Coast Guard. So the nice thing about what we like about the process is it's transparent. It's all out there for everybody to understand what's being reviewed, what plans are being reviewed, and what the timeline is. And this is the important thing from our standpoint is you work with all the agencies you're agreeing on a timeline to get your your permits your final permits from from the federal agencies and that is on the dashboard it's march 2028 um there's actually a date i think on there but i the only one i remember is march and um and you work backwards from there so yeah everybody has a job to do and an expectation that it gets done so that the next thing that needs to happen the work can get done to get out in the field the work can be reviewed properly and and organized and kept on task and that's the important thing from our standpoint so we should get our permits by march 2028 great no appreciate

that uh and now one last project so i will say assuming the merger with dolly varden goes through which i know you and mike can't say so but i will say probably looks pretty good i'd love if you could outline the exploration plans in Kitsalt this year?

Yeah. So first thing on the agenda is an updated mineral resource estimate. And by the end of Q2 of this year, that basically incorporates about 200,000 meters of drilling that Dolly Varden has done over the last four or three, four years. So it's a substantial mineral resource update. From there, we'll outline what our exploration plans for this year we know we're going to spend about uh about 25 us uh in expenditures um and that'll be about 50 000 meters of joint now where that 50 000 meters is going to be i don't know exactly but i'm gonna i'll take a bit of a guess or wild uh guidance and say you know a third to three quarters of it is going to be in field drilling because what we want to do is do a preliminary economic assessment uh under canadian parlance or an initial assessment under u.s uh parlance uh to unto you know say here's the plan lay out a plan for developing the kit salt assets there's five deposits uh you know between torbert and dolly barden and then going up wolf uh homestake silver and homestake ridge um so we want to you know lay out a an overall development plan for that. A good part of the drilling is going to be directed at infill. Expansion, if there's obviously some high-grade holes that we added another two or three holes on, we can continue to expand the known resource. As long as we're not getting too deep, we want to stay focused on developing a 10-year plan for the assets. Then I'd say a quarter to a third of the of the drilling would be for greenfield expiration upside new targets there's a multitude of new targets to evaluate a very very large land position in the it's the southern it's the southern triangle of the golden triangle so it's a it's it's good hunting ground you're going certainly lots uh lots to explore us that's exciting uh and i know i'm gonna kind of give a wrap up question before I get into all the stuff that came in over email and the chat, which is pretty active.

So I'll get to you guys in a second, but I'll say with the vote, I believe tomorrow on the merger and expect it to close towards late March, once you're operating as Contango Silver and Gold, which I believe is the new name, how does the combined portfolio change the way you think about capital allocation across all the projects?

Mike, you want to start on this one?

And I'll give you, you can talk about from a financial it doesn't change much for us because we already have our plans with lucky shot and johnson track we know we're more or less fully funded to deliver on those plans kit salt's just kind of the the fourth leg of the chair i guess coming into the company uh i think there's a little more work for us to do on you know the the mre and the drilling this year to kind of decide what our plans will be for 27 and 28. so you know i still think there's there's there's plenty of uh cash available to to fund that internally um but you know we'll need to do more work to get there but i don't think much changes you know we're gonna we're gonna close this merger at the end of march we're gonna have over 100 million dollars in the bank well 33 million shares outstanding we're nearly debt-free and hedge-free so we're just we're going to be in a good position to deliver on all these assets and um and you know be done with these hedges and the debt rick is there anything you want you want to add to that yeah i was just going to just emphasize that you know we still want to stay focused on getting out from underneath the hedges.

I think we're a long ways there. I think if we deliver into this current batch and the next batch, we'll be sitting in a really good position for the future. The market right now, and I think the war in Iran has the market a bit freaked out and naturally people go to go to the dollar when when there's uncertainty going around the around the world and that's certainly what we have right now and gold is priced in us dollars and so strengthen the dollar weaken the gold it's a little frustrating to see the equities all get punished as much as they have but it's sort of a risk off environment so just got to muscle through. You know, the assets are still there, the gold and the silver is in the ground. And as a former associate of mine said, it's not steam, so it's not going away.

There you go. Well, I appreciate it because I had a what the four letter word is going on with the markets question that we can now skip because I think that gives some color for people in the audience. Now there's one, four people asked this question. I don't think you can answer it, but I'm a good soldier, so I'm going to ask it anyway. And Rick, that is people looking for an update on acquisition of a permitted mill?

Yeah, stay tuned. We're working on a number of opportunities and we are going to be patient. We're not trying to rush into anything here. We think there are a couple of good opportunities, two or three different opportunities we're taking a look at. So just stay tuned. We're definitely working on it.

Perfect. I had one. There's a couple people asking, just the question generally, and I think this is for folks unclear on how mining works. People note that you mine a lot more than you actually produce at Moncho. So just some confusion there. I'd love if you could give some color to what those numbers mean and why that looks like that to investors watching.

I'm going to guess it's this difference between how much is mined in a year versus how much is processed in the year and the four-month lag that we talked about so um and i had like i said i had some inbound emails this morning uh asking that i think pretty much that same question you know looking at the the the guidance you're you're going to produce 225 ounces of gold is what what the question was well why isn't that you know 130 of that 62 and a half thousand ounces and i said well yeah but it's mined it's not produced it's actually mine and sitting on a pad and so um and there you know we have this you have to build the pad up and then while you're building the pad up you're transporting it and building another pad up at fort knox um and then the you know by the time it actually gets processed in the middle quarter middle month every quarter uh and then again mike getting paid for it so it gets processed gets produced in the dory bars at fort knox those go to the refinery they produce four nines gold and they sell that four nines gold mike eventually gets a check and so that's that four months all those things have to happen that's that four month line period there's nothing i like more than days when mike gets a check those are the better days uh so i'm jumping into questions from the chat today one we've kind of already gone over but i'd love just a quick recap i think it's helpful

David says he's a Dolly Britton shareholder. He's looking forward to the merger. What's the update? So what's the timeline from here is, I guess, the best way to answer it. Might be, yeah.

Sure, yeah. The vote for both of us is tomorrow morning at 10 a.m. Pacific. We expect that to be successful. And then the BC courts need to approve it on March 26th, and that's when it'll close. So you will see Q1 consolidated between the two entities. And then, you know, we'll plan to give more guidance in April on plans moving forward. just need to get there first ahead of ourselves. But yeah, I don't know what else I can add to that. But yeah, everything's looking, looking great.

So I'll just say we will press release the results of the vote. And, and when the court approved, so we'll, we'll, we'll make sure shareholders know all these steps are actually, they've happened. And when the timing's right, so you'll see news tomorrow after market.

Great. So stay tuned, folks in the chat. Jan has a question, one of those impossible questions, but I'm still interested to hear your perspective on it. So any expectations on a re-rating of the stock anytime soon?

I mean, there's a couple of different triggers here that I would think would help re-rate the stock because as we just talked about, you've had a $200 decrease in the gold price and which is you know de minimis in terms of percentage and yet the equities are all off you know 10 plus percent so um it is it's a risk off war is a risk off environment i mean that's all all you can say um i can't it's you know our we're not you know the five thousand dollar gold price is we're gonna make a lot of money at five thousand dollar goals if you just do quick math it's not hard to figure out this is a very very profitable company and we've got lots of ounce lots more ounces of Gold that are being developed. We've got the cash to develop them and the cash flow to continue to advance them. So, I, you know, yeah, short answer. I think there's a hell of a re-rate story here on a number of different fronts. The fact that I don't think we get a lot of value. I think we're being valued fundamentally on our cash flow from Unchoke, which will dramatically increase when we stop delivering in the hedges, when the hedges are gone. And that's imminent. I think there's a lot of value that we can add that we should be able to capture as we advance Lucky Shot. And I think there's a lot of cash or a lot of value we can add as we continue to advance Johnson Track. and and get salt uh look i mean we're going to continue to you know put out these banger holes that are always among the top 10 intersections worldwide so uh you know we're not going to stop doing any of these things and we have the money to do them all so um yeah i think it re-rates in the cards and uh um i think this uh the merger should start to you know obviously we're going to uh do a lot of marketing on what this combined company is and how strong it is as a as a uh explorer as a producer developer and explorer awesome we've got four big districts to continue

this effort so yeah i think we're all pretty excited about what we can accomplish here awesome lots more to come uh i know we've hit the half hour mark there's two more quick questions i'm just going to throw those uh one rick i'll throw to you and then one i think is for you uh Mike, to close us off. Rick, contact from the chat asks, what's the plan with the life of mine at Moncho? Are Kinross and Contango planning to add a few years to it? Where does that stand right now?

Yeah, short answer is, yeah, we would love to add a few years. We're spending about $5 million on an expiration this year. And I'll say that's near mine expiration. It's not looking at new stuff way far away. So I'd say there's good potential for that, for extending the mine life a year or two um and the one thing i'll point out is uh we said this before that the feasibility study was done at 1400 gold um so and you know kenross are pretty sharp operators they they know the gold price is five thousand dollars we're sticking to the mine plan we're mining to the mine plan in terms of great and you know great ton and ounces delivered to the mill but we're not throwing the other stuff away. It's been a great big stockpile. And, you know, when you get done with the mine plan, the feasibility level mine plan, we'll take a look at how much of that material should, you know, pays for going to, you know, being processed at Fort Knox Mill at a $5,000 gold price. Obviously, it's not something you want to plan on and give guidance on now because we don't know in three years if we'll have $5,000 gold. But in three years, and probably before that, in say two, three years here, we'll make that decision. It's just like doing a feasibility study all over again on this mineralized waste material. It's categorized as waste, but we know it's got a lot of gold in it. It's low-grade, You know, so we got to, you know, we're not, we're not stockpiling high grade. We get high grade up to the Fort Knoxville as quick as we've done. But I see that's an upside. And then, you know, just the new exploration, finding more or around the edges, things like that.

And just to answer, sorry, two of the questions that just came in at the same time. What is the current, according to the current feasibility, Mencho, MineLife? So when will you start looking at the rest of that material?

MineLife goes to 2029. And so then I would say it's probably, you know, second half of 2028 when you start really putting some numbers to paper.

I think that answers both those last questions that came in. Mike, last one for you from Subas. Are you preparing your 2027 budget consolidating numbers from Dolly Varden already? Is that how you're thinking about preparation for 2027?

Yeah, I have a 26 and a 27. There's a little bit more refining to do, but we do have the numbers. And, you know, that's going to be a project over the next couple of weeks. But we've got high level numbers. We just need to get more into the details and make sure we're not missing something. And we're getting rid of some of the redundancies, but yes, we have a, we have a budget. We just, I just don't know what we're going to spend in 27. I'll, I know what we're going to spend in 26. I just don't know where, but it doesn't really matter because it's flow through. But into 27, you know, we'll, we'll put a placeholder for, for some work. I, you know, we just don't have that yet.

And we probably won't have that until the end of the year for, for, for Dudley Barton, but I know more or less what we're going to spend at Lucky Shot, Johnson track and what's going to come in from on show for the next three years yeah key driver for 2027 for kit salt is uh is going to be that uh pea or the initial assessment that we're going to get done okay and there is one question that came in just the end that i'll sneak in but we'll call it the last question for today wesley says he's heard kin ross has problems with their fort knox mill foundation he wants to know does this have the potential to impair processing of mancho ore i haven't heard of any mill problem foundation mill problems or anything like that. I mean, that mill's been operating for 30 years. So those are things that usually show up early in a plan. You know, they did have the belt fire, conveyor belt fire. There was a workaround for Montreux ore with just using rented crushers because our ore is pretty simple to work with. But yeah, I'm not aware of any foundational issues.

Awesome. I'll close it there, then. Rick, Mike, thanks so much for letting me really even go in five minutes over, which is good for us, actually. So that's not terrible. But thank you so much. And I know votes tomorrow. So everybody stay tuned for more news from Contango as we go forward. But gentlemen, thanks so much. And for everybody in the audience, thanks so much for joining us.