Ladies and gentlemen, thank you for standing by. This is the event operator. Welcome to Barrick's Results Presentation for the Second Quarter of 2023. Following today's presentation, a question-and-answer session will be conducted. As a reminder, this event is being recorded and a replay will be available on Barrick's website later today, August 8, 2023. I would now like to turn you over to Mark Bristow, President and CEO of Barrick. Please go ahead, sir.

Thank you very much. Welcome, everyone. Good afternoon for those across the Atlantic, and good morning for those on this side of the Atlantic. A special thank you to all of you who have given up some of the sunny weather outside to join us personally. I appreciate it. I think I should start with a good news story. The average gold price for the last quarter was at an all-time high. It's interesting; a lot of people suggest that the gold price is not performing. However, it is performing extremely well. The more interesting part is that many see this driven by a forecast decline in interest rates. Having recently traveled around the world, I believe it's more about a 'risk-on' situation as we wrestle with the global economy and the de-globalization of the world. The fact that I don't believe China will return to where it was is profound; it will recover, but not to previous levels. Furthermore, our supply chains and general investment in the economy will struggle unless we stop and invest. Otherwise, we will create a future where the rich continue to get richer and the poor become poorer. We held a mining summit in Islamabad last weekend, and it was enlightening to see the realization by Pakistan that things needed to change. Comments were made about 70 years of mistakes; this country possesses everything needed to succeed, especially its people. However, it needs to genuinely care for them. Leadership pointed out the need to focus on development rather than just exploitation and to attract foreign investments. The Minister of Petroleum mentioned a strategy to turn red tape into a red carpet for investors, signifying a massive transition. Our past neglect of developing countries has proven detrimental, especially in West Africa. We've engaged many of the world's major economies about the importance of investment in the region rather than simply lecturing. Elected governments across that region have failed, and we need to rethink our approach to managing global business. Additionally, I believe U.S. mining policy must reflect the importance of developing our own resources rather than just exploiting others. We need to build a real mining industry; that is essential for a better future. Conversations around these topics are beginning, and I look forward to sharing Barrick's efforts in fostering partnerships with our host countries and the tangible results that are beginning to materialize from our policies. I will also discuss our focus on exploration amidst the ongoing debate that growth only comes through M&A. Over the last four years, our focus has been on fixing our assets and strengthening our exploration capabilities, and initial results are already emerging, which we will share today. By the end of the current quarter, we are excited to validate these results with concrete data. As usual, we will precede the presentation with a cautionary statement available on our website for in-depth study. Now, moving on to our KPIs for this past quarter, we had previously guided that our results would be weighted roughly 45/55 in favor of the second half, and the trend is already visible in quarter two. The improvements over quarter one were primarily due to scheduled maintenance completion on Carlin's processing facilities, which boosted NGM's performance. You will also note that our Tanzanian mines, especially Kibali, made strong contributions. Veladero performed better than planned. I will emphasize key aspects of our operations as I navigate through the presentation, focusing particularly on our exploration progress. Despite some equipment challenges related to the PV ramp-up, we remain on track to meet our 2023 gold and copper production guidance, which should drive costs back down towards expectation. Nevada is set to build on the post-maintenance improvements from last quarter, and PV will continue to ramp up throughput as the plant expands; we have completed commissioning but are now focused on ramping up. In Zambia, the new fleet at Lumwana copper mine is expected to enhance mining productivity and throughput, landing better grades in the main pit during the latter half of this year. Financially, increased production, aided by the all-time average quarterly gold price, has resulted in a 7% increase in operating cash flow, with adjusted net earnings increasing to $0.19 per share. Consequently, a quarterly dividend of $0.10 per share was maintained. I must emphasize that we manage this company for the long term; our dividend policy is well respected and not disregarded. Barrick remains the industry’s strongest balance sheet. As we approach the back half of this year, we will significantly grow our cash balance. At the beginning of the year, we launched our new safety drive, titled Journey to Zero. I led this initiative across the entire group, and we are beginning to see results. Our lagging indicators show a 38% reduction in our injury frequency rate quarter-on-quarter. Importantly, North America reported an injury-free April for the first time, underscoring our commitment to safety. LatAm and the Pacific region also had zero lost-time injuries for the entire quarter. These safety metrics are more crucial than the lagging indicator trends. We have tracked our Journey to Zero methodically and, following a comprehensive review, we have developed new fatal risks and associated standards, as well as critical controls for each of the ten fatal risks displayed here. Sustainability remains central to Barrick's strategies and practices, securing our essential social license to operate. We had no significant environmental incidents this quarter or year-to-date. Our average water use efficiency for quarter two was 82%, and for the half-year, it was 83%, exceeding our 80% target. Additionally, our greenhouse gas emissions decreased by 5% compared to the previous quarter and by 12% from the same period last year. This commitment to biodiversity encompasses many forms; a notable example is our collaboration in reintroducing white rhinos to Garamba National Park in the northeastern Democratic Republic of Congo, which we have supported since the Randgold days back in 2009. This project aligns with my personal goal and symbolizes what mining can achieve even in conflict zones. Having recently returned from Pakistan, I am convinced that if we approach Reko Diq correctly, we will observe similar, if not greater, benefits for the Balochistan region. I am pleased to report that we have achieved full conformance with the recently formulated global industry standard on tailings management, with our disclosure on our website available as per Principle 15 of the standard for our high and extreme consequence facilities. Barrick has long been a leader in responsibly managing tailing storage facilities, and we welcome the additional transparency dictated by the new standard. Now, let’s move to operations, starting in North America, where we continue building our foundational value in Nevada Gold Mines, which is notably more than the sum of its parts combined at the merger. NGM is on the brink of entering a new growth phase, which I will illustrate in our exploration slides. Our enhanced understanding of ore bodies generates new targets, discoveries, and new concepts aimed at extending the life of our mining assets. Here are the operating results from Nevada Gold Mines, and as I mentioned in the introduction, we achieved an 11% quarter-on-quarter increase in production, remaining on track to meet 2023 production plans. Higher production has contributed to a meaningful reduction in all-in sustaining costs, as you can see in the slide. Importantly, since forming Nevada Gold Mines, we have replaced 16.5 million reserve ounces that were depleted by mining. We are confident that our exploration efforts will sustain reserve replacement and yield an inventory ensuring a 15-year planning horizon and beyond. I will revisit this replacement strategy later, as we develop a plan aimed at replacing our reserves through a progression from inventory to resources and ultimately to reserves. Let's begin with a review of Carlin Trend, which continues delivering impressive results. We are seeing significant intersections; specifically, you will note the 23001 intersection—the Carlin top grades are pivotal as we seek to expand Carlin in the greater Leeville complex. We are consolidating land around these areas. We see multi-million ounce opportunities emerging, and we look forward to sharing our detailed drill findings once verification is completed. As I mentioned previously, strong drilling results at the Barrick-owned Fourmile discovery indicate its potential for Tier One status. We have shared results from this and the Dorothy breccia, which is the latest discovery reflecting consistent significant intersections leading to increased ounce count with each drilling operation. Strong results from Robertson at Cortez demonstrate its potential as a multimillion-ounce asset. Permitting for Robertson is in process, which is crucial as it’s an oxide deposit that aligns well with our Nevada market; our oxide mills have capacity to accommodate this. The successful exploration of this project is imperative. Lastly, Turquoise Ridge has expanded its main underground orebody; we observe significant intersections here as well. The greater Leeville area is running parallel with the well-known Goldstrike Meikle trend, contributing to this world-class opportunity. In addition to our Nevada joint venture, we are exploring significant discovery potential across various targets in Nevada. Our Pearl String project’s framework drilling has already commenced, and ongoing consolidations and generative work throughout the Western United States show promise, which we aim to communicate in the upcoming quarters. In Canada, exciting developments are underway at the Pic project near Hemlo, where we have identified intriguing mineralized structures. Our geologists are also beginning work on the new Sturgeon Lake project, and we have signed an agreement to earn up to 75% in the Patris project, which lies along the same trend as Malartic. Our ambition in Canada is Exciting, as we explore growth opportunities alongside M&A. Moving to Latin America and Asia Pacific, our teams are rationalizing a large historical land portfolio and securing new opportunities, notably expanding in Chile, the Dominican Republic, and Peru, especially in Southern Peru at our Austral project. This region also encompasses Porgera in Papua New Guinea and Reko Diq in Pakistan, where promising progresses have occurred this quarter, which I will detail shortly. Starting with PV's commissioning, which has faced ongoing equipment failures concerning the flotation and mill circuit pumps. We are collaborating with FLSmidth to solve these issues and rectify design flaws. Our team has installed the largest flotation cells ever provided by FLSmidth; however, we've encountered challenges with shafts and gearboxes necessitating a retrofit. We are committed to resolving this, and until that is settled, we are running all circuits while focusing on ramp-up to full production. While we expect a much stronger second half than the first, we are confident that the expansion project will hit full capacity by the end of this quarter or early next quarter. Once completed, this plant inspection and mine life extension aim to support annual production above 800,000 ounces well into the future. This makes PV a standout Tier One mine; we have six of those and a couple in development, as we are clear on how we define Tier One assets. In Argentina, Veladero exceeded its planned figures, particularly amidst a challenging operating environment from the ongoing currency crisis. Strong drilling results from the Morro Escondido target indicate its potential as a Veladero satellite. We're currently modeling these results, and exploration is focused on the immediate targets surrounding Veladero. After slashing expenditures at Veladero, we are seeing renewed motivation within the team due to success at Morro Escondido. However, the environment is dynamic, notably with an ongoing election year. We continue to rationalize our operational portfolio in Latin America while prioritizing our resource triangle. This snapshot depicts where we are focusing our efforts, and we are thrilled about our new team, which has matured over the past couple of years, now delivering results. Turning to Pakistan, the feasibility study at Reko Diq made significant advancements this quarter and is still scheduled for completion by year-end, targeting first production of concentrate in 2028. Infrastructure development is in motion, with refurbishment of the airstrip approved, enabling a weekly charter flight to the site. In line with our commitment to benefit-sharing within the people of Balochistan, we've established two primary schools as part of our community investment, in collaboration with newly formed community development committees. I, along with senior Barrick executives, have visited these communities, observing the significance of education and economic support. From my perspective, Balochistan is an area with dramatically low economic activity, and facilitating employment and education for children is crucial. I emphasize the multi-generational aspect of our operations. We are focusing on early education and vocational training, ensuring that locals are prepared to lead operations when we commence production. Our approach mirrors our successful initiatives in Kibali where local engagement was prioritized. You may also be aware of our recent announcement regarding Porgera. We are approaching the conclusion of a long process aimed at reopening the mine. Key components include applying for the special mining lease, which was previously revoked at the end of the last lease term. This process requires several regulatory steps, including warden hearings, which are now behind us. We’ve also conducted a security forum led by high-ranking ministers, including the Prime Minister. This forum formally initiated the critical development discussion, allowing all stakeholders to present their views. Ultimately, while it may not conclude in unanimous agreement due to various interests, this engagement is essential as the government finalizes its review of our special mining lease application, which will lead to the re-opening of Porgera. We are beginning to prepare for our mobile fleet upgrade, after an extensive duration of inactivity, including upgrades in our crushing facilities and having new tanks ordered. Our expectation is to pour our first gold bar this year. I understand that many of you seek minute details surrounding this, but precise timelines will emerge as we inform you of our progress. In Africa and the Middle East, we maintain a consistent performance with reliable contributions to our bottom line, alongside numerous gold and copper opportunities. The Loulo-Gounkoto complex routinely performs at high levels and is on track to meet 2023 targets while also greening its power supply grid and replenishing reserves. Despite Mali’s ongoing challenges, including tumultuous political dynamics, we've successfully operated there for 26 years and constructed the Loulo-Gounkoto into one of the world’s ten largest gold mining complexes, being the largest taxpayer and employer outside the government. I've personally engaged with the current leadership concerning a proposed new mining code, and I'm optimistic we'll find cooperative avenues to enable gold mining to flourish in Mali. There are significant opportunities in West Africa, particularly Loulo, where we continually define wide high-grade intersections along structures that house world-class assets. Additionally, we are progressing with our joint venture in Senegal and expanding our footprint into Côte d'Ivoire. Moving on to the Democratic Republic of Congo, Kibali has rebounded from Q1 challenges and is on track to achieve full-year guidance. Ongoing exploration is revealing promising potential to the west of the KCD main series of deposits. In Tanzania, our joint venture at Twiga is a prime example of how mining can catalyze investments in developing nations. After Barrick assumed control of North Mara and Bulyanhulu in 2019, we transformed operations to produce a combined 0.5 million ounces annually, exemplifying a Tier One production profile. Last quarter, we completed conversion drilling at North Mara, which replaced all reserves depleted from mining, and we began mining ore from the Gena pit. Notably, both the North Mara and Bulyanhulu operations have extended lifespans well into the 2020s. Regarding our central and eastern African holdings, we identified three Tier One terrains, including the Kibali lease and an exploration footprint south of Bulyanhulu. We also secured high-priority permits along the Gokona corridor. This area holds significant potential, as we have successfully acquired previously lapsed permits. As we explore further across Zambia, our copper operations indicate that Lumwana stands to achieve its annual guidance milestones. We anticipate a strong second half with implementation of owner miner strategies, along with the commissioning of a new fleet, offering potential savings compared to the previous contracting costs. Reports underscore Lumwana's potential for substantial economic advancement, aligning with Reko Diq investments. At the time of the merger, skepticism surrounded Lumwana; it was regarded as a high-cost producer. Yet, we have successfully elevated it to be a potential Tier One asset within Barrick's copper portfolio, confirming significant reserves aligned with ongoing feasibility studies. In Saudi Arabia, Jabal Sayid has consistently performed within cost guidance parameters, and emerging results from our new property Umm ad Damar indicate promising prospects, strengthening our relationship with the Kingdom. In Chile, operations at Zaldívar remain stable; however, the emphasis primarily rests on Lumwana and Kibali to achieve our second-half objectives for the entire AME region. It's worth noting one aspect contributing to Barrick's distinctiveness: we continue to deliver sustained growth in reserves since the merger; we have replaced 125% of the gold and gold equivalent mined since embarking on this new venture in 2019. Our three-year rolling replacement model is poised for gradual implementation, allowing for notable contributions to our copper reserves as we progress in both Reko Diq and Lumwana. Overall, our future growth hinges on the quality of our assets, evidenced by six true Tier One assets in our portfolio. Moreover, we capitalize on a wealth of world-class assets, such as Porgera, which will realize annual production figures between 500,000 to 800,000 ounces, depending on the year. Our share of the economic benefits stem from collaborative efforts with PNG Inc. Ultimately, when aggregating sector comparisons, we observe a sizable delta differentiating our valuations from competitors. We envision significant growth derived from Reko Diq, Lumwana, and the multiple projects within Nevada Gold Mines; the ongoing exploration at Fourmile enhances these prospects. In closing, the consensus now reflects that Barrick holds more value than Newmont, yet we still trade at a discount. Our objective is to bridge that gap. We are focused on amplifying our value—there remain significant opportunities in Reko Diq, Lumwana, and Nevada Gold Mines, and as we further disclose material progress, we look forward to updating you. Thank you for your attention. We welcome your questions, and some of our team members are available to respond as we manage this process moving forward.

Thanks very much for the presentation. Jackie Przybylowski from BMO. Mark, can you talk a little bit about your plans at Zaldívar? I know you have mentioned in the MD&A that it's now classified as non-core? Do you have plans to divest that at some point?

At some point, maybe. Right now, we have just applied with Antofagasta for an extension of the life of mine, and the permitting is currently ongoing, indicating a much larger and longer life than we currently have. We classify it this way due to its nature: a steady, smaller operation. It is managed by Antofagasta, and we play an active role as a joint venture partner. Nonetheless, our management strategy remains influential.

Can I ask one to follow-up as well? On Porgera. Can you talk a little bit about the process from here and what needs to be done for your restart?

The critical factor here is securing the special mining license, which we are currently waiting on. We've completed all other regulatory requirements, so we need that SML to proceed. My recent town hall with our most crucial landowners reaffirmed collective desire for the mine to resume operations. It's encouraging as it's a significant opportunity for landowners to benefit economically from mining.

Mark, you made a couple of comments about the fundamental outlook of the company being very constructive based on the gold price, based on the growth outlook and then the valuation of the stock where it is. I'm wondering what your thoughts are on using some capital towards the buyback going forward.

Yes, Josh, that topic does engage both Graham and me regularly. We have previously executed buybacks and do not want to risk our balance sheet. Our financial standing is strong, and we project cash growth that will lead to a net cash situation. As we achieve that, executing a stock buyback would be a preferred option since we firmly believe we are trading below our value. Thus, buying back our stocks carries little risk.

One more question. You made a statement about Porgera being a world-class Tier One asset and with some comments about bringing up analyst expectations. Could you maybe remind us what you think the potential economics of this asset look like? Meaning, what's the initial capital to get this to Tier One status, and then what the production and cost structure would be?

Porgera represents a low-cost production opportunity due to its relatively high-grade status. It employs a straightforward processing method using a single refractory autoclave mill. According to consensus data, the investment valuation is between $6 billion to $7 billion with a $1 billion capital expenditure projected over the next ten years—reminder that it is front-end loaded. The trajectory is also linked to our approaches concerning the Wangima pit, which is yet to be included in reserves. It serves as a vital resource to our 10-year outlook. Further, we sweep past costs incurred to align the government’s equity, which ultimately enhances value for everyone involved.

Yes.

Our economic stakes in Porgera are notably more valuable than the equity structure due to the design of the cash flow split. Ultimately, the intent is to construct a favorable partnership with the government. The main focus remains control over costs and ensuring optimal resource allocation. We are focused on executing efficiently to secure long-term cooperation.

Hey, Mark. Lawson Winder from Bank of America. Thank you for the presentation. Nice to see you today and the team. I wanted to touch on reserve replacement. So you spoke to the importance of reserve replacement to the value of Barrick. What is the outlook for this year, and which assets do you see driving that outlook?

Africa is positioned to replace all the gold and copper slated for mining. However, LatAm will lag due to our focus on Porgera and Reko Diq that are on track for robust replacement. We anticipate Nevada Gold Mines to achieve a replacement milestone with around 50%-60% of current production and will build on next year’s plans aimed at fostering organic growth through reserves. We've initiated discussions about tying management's compensation to reserve resource replacement as a metric, noting overall asset quality is paramount for growth.

I wanted to follow up, excuse me, on a comment you made about the value of Barrick's assets, but then the multiple discount in the market. I think you make a case here for why the assets are strong, why the assets should be strong going forward with the reserve growth. What is the market missing or has the market missed over the last two years in your view that's led to that discount?

I would argue that perhaps the starting point lies with analysts and our management team; we haven't adequately communicated our value proposition. Seeing the recent blended consensus recognition is reassuring. It's worth acknowledging that constructing great mining companies isn't straightforward, particularly in the gold sector. Transparency and tangible outcomes are essential, and while some in the analyst community have recognized our value, there remains considerable headroom, as our recent performance affirmatively indicates. We believe our consistent management of cash flow and investment returns eventually builds trust, leading to more accurate valuations in our sector.

Sorry. To follow up—Brian MacArthur from Raymond James. One of the hidden values you're starting to highlight is the Super Pit. This could potentially be one of the best copper mines, plus you would receive gold value from it. Given the future prospects, does it make sense for Barrick to retain all the copper operations moving forward, considering you're likely to become a prominent copper producer? Additionally, without revealing much from the PFS, can you confirm a stable production profile that extends through to 2060?

It's a significantly large, low-grade pit. While production grades are generally lower, our upcoming strategy focuses on geological evaluation rather than pushing for grade maximization in the current low-grade copper deposit context. After analyzing satellite pits alongside our main Lumwana pit, we’ve noted promising lower strip ratios and higher grades. Strong collaboration from the team facilitates our pursuits; we manage production continuity by harnessing satellite pits while preserving cost efficiencies. Our focus remains on maintaining efficient operations while pushing toward the newly permitted tailings facility. Industry-level negotiation is ongoing, especially with regional tribal authority regarding support. Yes, we will factor in Reko Diq. We are currently prioritizing copper exploration across the major U.S. copper belts, where several notable opportunities have arisen. Furthermore, we believe that the U.S. mining landscape requires reform to adapt to new operational realities, and we are positioned optimally to occupy that space. Our engagement levels have suggested enhancements in local practices. Now, back to the operator for any online questions.

Certainly. The first question comes from Cleve Rueckert with UBS. Please go ahead.

Can you hear me okay?

Yes. Perfectly, Cleve.

Thanks, Mark. Given the prepared materials, you've indicated Cortez, PV, and Turquoise Ridge underwent maintenance and investment in the first half. Do you foresee that increased production run rate persisting into 2024? Have you completed the major work necessary to sustain production at that heightened run rate into next year?

Absolutely. Let me address them individually. Cortez's maintenance comprises largely developmental work rather than mere processing maintenance. Turquoise Ridge did undergo planned maintenance ahead of the optimal timeframe to address a premature hotspot on one of the autoclaves. We've prioritized these adjustments. Maintenance quality is crucial along with a strategy to limit unanticipated interruptions throughout operations. With systematic management, we anticipate production throughput maintaining heightened levels throughout next year.

Quick follow-up regarding Goldrush Record of Decision. I noticed you projected a Q4 expectation. Were small modifications to the BLM restricting development, or are they facilitating timely progress?

Development continues without major restrictions, although we recognize that ventilation requirements should be prioritized. Extended delays could disrupt production timelines. We're managing thorough engagement processes with BLM, state, and federal agencies to align expectations. We've gained clearance to carry on with exploration permit parameters as we progress through the planning stages.

I've got two questions and I'll address them one at a time. First, regarding Turquoise Ridge, there was an unplanned maintenance event in the underground, can you elaborate on what this was and if it continues into Q3?

Indeed, we experienced a fall of ground incident linked to development work at Turquoise Ridge, which involved adjusting safety protocols in the shaft and unplanned maintenance respectively. The most notable impact arose from our decision to bring forward maintenance on the autoclave, a strategic call to address reliability concerns. Overall, this unplanned activity should not negatively impact our annual production output.

Could you elaborate on cost expectations for the second half, particularly in regard to labor and consumables?

Certainly, we foresee costs stabilizing after a period of consistent inflation, primarily driven by conditions in Ukraine impacting certain consumables like ammonium and cyanide. The critical factor is our projected increase in production during the second half, which will reduce overall costs. Current trends suggest costs may remain somewhat sticky, but manageable.

Thanks, guys. I missed a segment on your audio, but I'll revisit the transcript for clarity. Thank you.

Apologies for the sound issues.

Hi, Mark. Lisa from Haitong International Securities. I have two remaining questions. Firstly, can you provide clarity on the tax issues regarding the Porgera project as they relate to Barrick and Zijin Mining?

Tax negotiations are handled jointly with Zijin Mining, reflecting a 60/40 sharing structure. We successfully negotiated settlements addressing previous assessments, ensuring all outstanding taxes or assessments were accounted for, paving the way for efficient operations.

Got it, thank you. My second question revolves around the challenges faced by copper mining companies regarding declining grades and water shortages. Do you foresee similar challenges impacting Barrick, especially regarding costs?

You raise a crucial point; significant portions of current copper production stem from aging mines established decades ago. This can induce rising costs and geopolitical challenges, such as water scarcity notably in countries like Chile. Our assets, however, place us in favorable positions predominantly due to their grades, with Reko Diq augmenting economic viability due to its gold component. The feasibility study will comprehensively address the water-related aspects at Reko Diq and set forth a sustainable operational plan.

One last question regarding PV. I had the opportunity to visit the asset three months ago, and it is certainly impressive. However, you mentioned some issues with FLSmidth equipment. Can you provide an update on the progress in Q3, and what expectations you have for throughput in the upcoming quarter?

We're seeing continual advancement—our teams are onsite, and FLSmidth's experts are actively participating. Challenges around the shafts and gearboxes have arisen, but these are either under repair or redesign. A definitive timeline remains dynamic, but we anticipate a significantly better second half relative to Q1 and Q2, assisted by our readiness to meet guidance.

Good afternoon, everyone. Thank you for your responses. Could we circle back to the Porgera discussion? Confirm that the critical path for reopening hinges on the Special Mining License? Did the local communities give you the necessary approvals?

Yes, we are awaiting the special mining lease as part of our reopening processes. Local landowners have shown support; however, we are navigating a meticulous consultation process as mandated by law. Community agreements exist but require formal review and engagement to ensure cooperative governance. As it stands, we are making headway on these consultations, which ultimately feed into our licensing requirements.

If we secure the SML, do we anticipate a six-month ramp-up to achieve full capacity as previously discussed?

Yes, that aligns with our expectations. We anticipate initial production before the complete ramp-up, confirming that a six-month projection remains practical.

Can I expect production numbers to remain as earlier guidance, near 500,000 ounces at total cash costs of around $900 and a sustaining cost of $1,200?

That’s a reasonable estimate based on current analyses; we will provide updates as our plans evolve after securing the necessary permits.

I think, Tanya, once we’re operational and up and running, we will share updated figures.

Our estimates remain in place until we modify them based on our operational feedback, which will be available subsequent to our onboarding process.

Thank you for the clarity regarding the overall resources; are increases anticipatory in gold and copper for your portfolios?

Anticipate increases in both gold and copper resources as outlined in the presentation today.

There are no further questions from the conference call. Thank you very much to those attending today.

Thank you for your engagement today and joining us for refreshments during this gathering.

This concludes today's event. Should you have additional questions, please reach out through our channels. Have a pleasant day.