Second quarter 2026 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again. We'll now turn the conference over to Paul Hewitt, Chairman and CEO. Please go ahead.

Thank you. Good morning, everyone, and welcome to America's Gold and Silver's second quarter 2026 conference call. As always, this call is being recorded and will be available on our website's events page later today. We will also be referencing a slide deck during today's webcast presentation. Joining me on the call today are Warren Varga, our Chief Financial Officer, who will walk us through the main financial takeaways for the quarter, and Oliver Turner, our Executive Vice President of Corporate Development. it. I'll begin with a few housekeeping items and then walk through the key operational and strategic highlights from the second quarter before turning the call over to Warren. Over to slide 3. Before I begin, I'd like to remind you to review our cautionary statements regarding forward-looking information and non-GAAP measures contained in our second quarter MB&A news release and our presentations. Please also note that unless otherwise stated, all dollars are US dollars. Over to slide 5. Safety remains the foundation of a strong operating culture, and I really want to congratulate all of our employees on their continued commitment and performance with zero lost time accidents, now extending well over a one-year period across both our operations in US and in Mexico. Well done to all of them. During Q2, our team made significant progress across the company with a 26% year-over-year improvement in production at our Kosala mine, continued with major infrastructure upgrades at Galena Complex, and obviously the massive removal of the variable gold and silver price linked debt obligations, which we'll talk to a little later. Consolidated silver production was approximately 665,000 ounces during the quarter, or approximately a little over 800,000 silver equivalent ounces. These results reflected ongoing strong operational performance at Kosovo. At Galina, the extended shutdown associated with Phase 2 of the shaft and the upgrades are now well behind us. We're actually now enjoying those improved infrastructures, which we desperately needed. More importantly, we remain on track to achieve our full-year 2026 production guidance of 3.2 to 3.6 million ounces of silver. As we have previously emphasized, production has always been more weighted to the second half of the year as dollars are spent for the infrastructure. financially we delivered yet another strong quarter with consolidated revenue increasing 71 percent year over year to 46.3 million dollars for the first half of 2026 revenue reached 114 million. That's up 126% from the same period last year. And what amazes me is as we continue to spend money, as we continue to devote efforts, we look at the first six months of the year, that's almost equivalent to what we had in the last 12 months of 2025. So these are big steps that we're taking, major modifications to improve revenues and continue to improve profits. As I previously mentioned, we also completed phase two of number three shaft modernization at Galena. We settled our remaining variable future silver and gold delivery obligations, and we continued to see encouraging high-grade drilling results throughout the entire company. Together, these accomplishments, they position us well for the next phase of our growth program. Over to slide six, operationally, Kosovo had another strong quarter. Silver production increased 26% year over year to approximately 337,000 ounces. It was supported by higher grades and, more importantly, improved recoveries. I'm quite happy about the team and all the works we've done on the metallurgy and improving those recoveries. It also included commercial production from EC120. Cash costs at Kosala decreased down to 1691 browns. That was primarily due to, obviously, higher grade and copper by-product credits. With regards to our efforts with the drill bit, resource conversion drilling continues to deliver very strong, encouraging results at San Rafael upper zones and the 120 zones. Our drilling is consistently returning silver grades, averaging approximately two to three times previously reported inferred mineral resource grades. Allow me to give you just one example. I cherry-picked this one, but it was so impressive. Look, one of the examples is one of our holes, SR568. We had an intersection of 14 meters grading 600 grams per ton. I'm going to say it again because there's such great results. 14 metres of 600 grams per zone. The actual mineral resource actually predicted 110 grams. So we're talking about a five-time increase from the model grade in that same area. Importantly, these intercepts are immediately adjacent to existing mine infrastructure, which gives us the opportunity to incorporate these results into our mine plan in maybe Q4, but certainly, certainly without doubt, into 2027. So we're quite excited about it. Our very strong operating performance in Mexico was a result of finally entering the heart of the ore body at the EC120. And it's a great example of why we're so excited about this mine over the next coming years. Having a diversified production base like we do, along with tremendous exploration potential across all our assets, provides us with both operational and financial strength as we continue to scale the company. And I just want to give a quick shout out to our team in Mexico on a job well done and a strong quarter. Now let me walk you through the upgrades that we completed at the Galena Complex. Phase 2 upgrades that I mentioned in the number 3 shafts are behind us, and a lot of people say, well, what does that mean? Well, let me talk about it. The upgrades have increased the hoisting throughput from roughly around 42 tons per hour, this is what we had inherited, to a sustained rate of, we're sustaining day in, day out at 85 tons per hour. We've actually hit peak performance in a number of times at 105 tons per hour. As a gentle reminder, the upgrades included increasing the hoist motor from 1,750 horsepower to 2,250 horsepower, adding a second 2,250 horsepower motor as a critical spare. That was the first time in the company's history we've had a critical spare. We improved the load system. We completed mechanical work, electrical work, and more importantly, the braking and control system enhancements, all so that we could sustain this new production rate. We have also continued to invest in the underground fleet and communications infrastructure, including more than 10 new mobile equipment units and a fiber optic system and a communications that will support real-time equipment tracking, future automation, and improve mine connectivity. I think some of you have been at our mine, and when I first went at our mine and I looked at those FEMCO phones, I hadn't seen FEMCO phones since probably about 1988 in Timmins. So we desperately needed this communication. It will help us tremendously as we continue to grow our operations. These upgrades are a critical part of our de-risking end growth plan in creating the infrastructure required to support the higher mining rates and scalable production growth at Galena. Over to slide 8. Before I turn the call over to Warren, I would also like to recognize all the people behind the progress we're making at Galena. And there's been a tremendous amount of group, including everyone on site, our team in Toronto, our team in Reno. who are putting in tirelessly efforts and hours to making sure that we are spending the dollars to do the capital improvements at Galena so it's sustainable forever, for the next 30, 50 years. You know, quite often I don't talk about some of these things and we don't celebrate some of these other things, But I just want to give a quick shout out that this year at Galena, we've added seven new members that were inducted to the Galena's 20 plus year Hall of Fame. You know, I've been working in a mine 39 years underground. It's pretty rare where we see people working 20 years at one operation. And I want to I want to just give all those people a shout out. Their experience, their commitment, and hard work have helped build the foundation of Galena Complex, and they continue to shape its future for all the future generations. I want to take a moment and thank all of them, all our employees, for their dedication and hard work to the operations and the communities. With that, I'm just going to turn the call over to Warren for some financial.

Thank you, Paul, and good morning, everyone. This morning, we released our unaudited, condensed, interim, consolidated financial statements and MD&A for the three and six months ended June 30, 2026. These documents are available on our website as well as under the company's profile on both CDAR Plus and Edgar. Revenue for the quarter was approximately $46 million, an increase of 71%, compared with $27 million in Q2 2025, primarily due to higher realized silver prices. For the first half of 2026, revenue totaled $114 million. Paul's already referenced this, but this was almost as much as our entire year last year, which is an increase of $126 million compared to $50.5 million in the first half of 2025. The average realized silver price for Q2-2026 was $67 per ounce, compared with $34 per ounce in Q2-2025. Our net loss for the quarter was approximately $5 million, or $0.02 per share, compared with a net loss of approximately $0.15 million, or $0.06 per share in Q2-2025. The year-over-year improvement primarily reflects the higher net revenue previously referenced, partially offset by foreign exchange losses, a derivative loss related to the Royal Gold settlement, and higher income tax expenses. Adjusted earnings for Q2 were a loss of approximately $0.9 million, or essentially $0 per share, compared with adjusted loss of $12.1 million in Q2 2025. The adjusted EBITDA was approximately $12 million, or $0.04 per share, compared with an adjusted EBITDA loss last year of $4.1 million in Q2 2025. Consolidated cost of sales per silver equivalent ounce sold was $32. Cash costs averaged $25.68 per silver ounce sold. and all in sustaining costs averaged $40.63 per silver ounce sold during the quarter. For the first half of 2026, ASIC averaged $37 per year. We ended the quarter with approximately $89 million in cash and cash equivalent and $49 million in working capital, in line with expectations as we continued to deploy capital into our growth plans and completed the settlement of the Sprott and Royal Gold obligations. I will now turn the call over to Oliver.

Thank you, Warren, and good morning, everyone. One of the most important strategic developments during the quarter was the settlement of our remaining precious metals delivery obligations. During the second quarter, we settled the remaining silver delivery obligation with Sprott Mining, Inc., and the remaining gold delivery obligation with Royal Gold. These transactions simplify and strengthen our capital structure, reduce future cash debt service requirements, remove future mark-to-market volatility associated with these instruments, and increase our exposure to future silver prices. As shown on the slide, the transactions remove more than $76 million of future variable metal price-linked obligations and more than $28 million of annual debt servicing obligations. All of this for just 3.3% in combined dilution to shareholders. This represents a meaningful improvement to the financial foundation of the company and allows more value from operational execution and silver price performance to flow directly to shareholders. With that, I'll turn the call back over to Paul for some closing remarks.

Paul Coyle Thanks, both Oliver and Warren. Overall, Q2 represented another quarter of meaningful progress and demonstrated the momentum we are building across our business. We delivered strong revenue growth, advanced the next phase of our Galena growth plan with the completion of the number three SHAP modernization, strengthened our balance sheet through the settlement of our remaining precious metals delivery obligations, and continued to deliver strong operating and drilling results at Kosala. As we move through the second half of 2026, our focus remains squarely on safety and executing our growth strategy, increasing production as the Idaho operations ramp up and continuing to unlock the long-term value of our asset base. Silver is also becoming increasingly important to the technologies driving the modern economy, including artificial infrastructure, data centers, electrification, and advanced manufacturing. As these technologies scale, we believe silver's unique electrical and thermal properties will continue to reinforce its strategic importance. At the same time, we continue to advance the largest drilling campaign in the company's history and progress our antimony strategy alongside our joint venture partners. U.S. antimony positioning America's gold to play an increasingly important role in the U.S.'s critical mineral supply chain. We believe the combination of high-grade silver exposure, growing domestic antimony production, and significant operational growth potential positions us, America's gold and silver, as one of the more unique precious metals growth stories in the sector today. With that, I'm going to turn it over for some questions over back to the operator, please.

Thank you. If you have a question, please press star 1 on your telephone keypad to raise your hand and join the queue. If you wish to remove your stuff from the queue, simply press star 1 again. Just one moment, please, for your first question. Your first question comes from the line of Dalton Barreto of Canaccord. Your line is open.

Thanks, operator. Good morning, Paul and team. um i'm looking at the production profile for galena here um you've reiterated guidance you know i understand q2 is a trough quarter if i look at h1 it's about 35 percent of the low-end guidance so you know big h2 coming up and you know i think some of that's throughput related some of that's grade related some of that's coming from crescent maybe can you unpack that for us and give us a sense of comfort around the back half of this year thank you hey don't thanks for the question.

Obviously Q2 was always designed to be a quarter in which we were going to invest in infrastructure in Idaho, specifically as you're pointing out. We needed to get that shaft work done so that we can sustain that 85 tonnes per hour. So as we continue, as that is behind us and we're skipping days now, we're seeing days, 1,000, 1,200 tonnes a day, which is the first time our mind's ever seen that. And we continue to advance our long haul system. Look, we have just blasted our 13th long haul soap as equipment starts to being delivered and is being received at, by the way, both operations. And look, guidance is for the company. It's not for Galena. Guidance remains as a company. And that's one of the great things we have as a company is we have optionality. So you said some really important things at the beginning. Obviously, grade matters. Grade is helping us significantly, specifically at Kosala and recoveries. At Galena, the Galena complex, we don't differentiate between Crescent and Galena. Crescent, we've always said, look, we bought it. It was a great investment. We certainly believe in that investment. Crescent is part of a longer-term vision. It's going to have some ounces, not Many, it's really about setting ourselves up for the future at Crescent, and now with the shaft upgrades and the actual communication and the equipment, we're seeing ourselves more consistently delivering at Galena Complex. So, when I look at Q2, as a company, we're sitting right around 40%, so 60% for the last half of the year. We're very comfortable that we will achieve that guidance that we had set out. So, thank you for the question. Hopefully, I got it.

Thanks, Paul. I really appreciate it. And then maybe just as a follow-up, maybe a bit of a housekeeping item here. But when I look at the production versus the sales over H1, there's about a 9% lag or so. Is that going to be made up in H2 as well?

Are you asking specifically about the production versus sold? Yeah. Those ounces are already being processed through the first month of Q3. That typically just relates to making sure that the production gets from our mill through to the smelter. There's nothing more than that here. Thanks, Dalton.

Got it. Thanks, guys.

I'll jump back in Q. Your next question comes from the line of Justin Chan of SCP Resource Finance. Your line is open.

Oh, I was wondering if you could give us a sense of, at Galena and then Crescent, what's happening on the ground now? So, for example, at Galena, you've got more shaft capacity. I'd imagine, at least initially, you can hoist a lot of waste out of the mine that you've got there, and then stoping and mining will ramp up to fill that capacity and then Crescender developing. But I was just wondering if you could kind of zoom in on those two for a second, just give us maybe a bit more colour of what's happening at the mine.

No problem, Justin. And look, I just want to remind people that I believe it's as early as next week where we're going to have a site analyst visit where I think many of you are going to be able to come to our site to actually physically see a lot of the things we're doing. And I will say, you'll walk away with some exciting views, and there's a lot of work going on at the mine. So specifically, I'll talk about the Galena Complex first. We're doing quite a bit of waste film, and you're correct. Moving, now that the shaft work is done, we're seeing many days consistently of moving a lot more tons. We need to get ahead in the waste film. Our mine, when we took this thing over, hadn't had a lot of capital for a number of years. In drilling, there was no exploration for a decade. In waste development, we were behind. So we're catching up on waste development at Crescent and Galena. Both we're putting in, now that the phase two of the shaft is done, we're squarely focused on that paste-fill plant that we desperately need. We've been filling with sand fill. It's much slower. It's not quite as competent. It's a lot older style. So once that Paceville plant is done, commissioned, we'll be filling stopes in around, call it 36 hours versus 10 days. So a lot of the work that you're going to see when you guys come here next week, you'll see at Crescent, you're going to see drilling, you're going to see waste development being conducted so that we could get ourselves into a point where we have a secondary egress. We don't have a secondary egress. at Crescent. We need to establish that before we could take out any of the ore, as we know, to follow with MSHA rules. And then, again, I'm going to repeat it, but the best thing we're doing here at Galena is setting ourselves up for the rest of the year and putting in waste development so we can continue to... Quarter after quarter, we've got to get more long-hole stoves. We've got to get away from the jack legs. In order to do that, we need the waste development in front of ourselves we need to carve out the top cuts and the bottom cuts and then bring in the long hole soaps again i'd say i'm i'm quite proud that we've done 13 long hole soaps already remember this mine has been here for a hundred years always everything done underhand cut and filled with jack legs what we're doing is modernizing something that's been around for a long time and changing a mining method with our team and that's going quite well so those are those are the big things that are occurring throughout Galena. Over to Mexico, I'd say it's steady as she goes. I talked about us hitting the heart of EC120. If most of you know Mike Doolin, he's been with us for years. He's had a tremendous hand with our team there on getting recoveries up. Those recovery rates are a big, big factor in why we saw $16.91 costs on our cost per ounce versus $30.61. Grade and recoveries. Recoveries matter a lot to us. So very focused. Lots of projects going on, but we're doing them safely and on time and on budget.

Okay, gotcha. That's great, Collar. Just a housekeeping one.

I have in my notes from previous you were planning to do an internal study at release canyon is that still in the plan and will we see any details of that um in the market or or is that going to stay internal yeah so so look we're we're going the answer is yes we are still we've we've always been pretty adamant that um uh last year we didn't do we just really can there was no work done this year we are completing an external study on Relief Canyon. I'm not exactly sure the month it comes out, but I'll tell you this, Justin. When you're here next week, I'll tell you the exact month it's going to come out. But the question being asked, are we continuing to do it? The answer is yes.

Okay, perfect. And then maybe just the last one is, in terms of capital for Q3 and Q4, Or is there any notable kind of, I guess, between the two, should we just assume pretty similar deployment or would it be pretty Q3 heavy just given the pace plan timing?

No, I'd say that the guidance and the plans that we put forward to you guys earlier in the year are still, look, we just had our board meeting. We're pretty much on track to deliver capital as we had originally intended. You know, I think we're shifting maybe a million dollars here or there, but nothing, there's no 30, 40 million dollars, oh, this is changing, this is changing. There's no big buckets being moved around.

I guess between Q3 and Q4, is it lumpy or is it pretty even between the two of them?

It's probably, I'm trying to look at, I'm trying to remember them at the top of my head here, Dalton. I think some of it is more towards Q4 as some of the, like, I'll give you an example. So the peso plan is ending or nearing towards its end. So some of the invoices will come in towards the back end. So we'll see a little more spending towards Q4 on some of the bigger projects. And then that shaft relining we're doing that we've always talked about, which you're going to see firsthand next week. I think after you come here next week, Justin, you'll see the projects we're doing. I'd say it might be a little higher Q4. Or it might not be – it won't be Q3, Q4 divided by two.

Okay, gotcha.

All right, thanks very much for the call. Yeah, no worries, Justin.

Your next question comes from the line of Jamie Spratt of Haywood Securities. Your line is open.

Yeah, good morning. Well done on the continued progress of both Galena and Casella. I just want to start with a couple of questions on Galena. I want to pick up on Justin's question there and just chat about Long Hole. So I guess the pace plant really, Paul, is the major driver of, you know, allowing you guys to crank up the long haul along with the capital development catch up. But I guess as we think about this, so kind of how does the mix of, you know, cut and fill versus long haul change in the second half of 26 and into 27?

Yeah, so look, Jamie, great question, but you almost answered it right out of the gate. You were right. Look, in order to establish long haul, we need to have waste development, which we're currently doing. In order to cycle the stopes at a rate where we want ourselves to be, we need the peso plant. So the two things you opened up with are very, very critical. We have always said, look, we could end this year at a range, 30% to 40% long haul by the end of 2026. Man, we've made some big shifts here. This is not something that's going to – nobody could ever come into this mind after 100 years, flip a switch and go, oh, it's all long haul. There's equipment, and we've got 10 new pieces. All the scoops are remote capable. So the only thing you hadn't touched on, Jamie, and you touched on everything else was the equipment and the remote controls that we – given that it's a shaft, it's a little more work to get things done. It's – you know, we've got to take pieces apart, swing them down. Not the end of the world. People do it everywhere else on the planet who have shafts like us, but I don't get to just – we don't just get to drive it down a decline. So there's a little more effort alongside that. But otherwise, the drilling is going well. You will get to see the scopes. you will get to see that we're not adding up a lot of dilution. Our widths are really, we're surgically removing these areas through long hole very successfully. So that range of 30% to 40% this year, our target for next year was always getting towards that 50% to 60%. And year after year, continuing at 20% to 30% increase on more long hole, less jack leg. The mine will never be 100% long. There are some areas in our mine that are more flat-lying, a little flat-dipping, and long-haul won't be as conducive, and we won't dilute our grades. We won't cut our grades down by 40%, 50% in the areas that are a little more flat-lying, and those might represent 15% to 16% of some of our veins.

That's really helpful. Yeah, and then I guess second question on Galena. So I guess you guys ended up having to defer some high-grade production in Q2, given the fire in that area. And I guess, how should we be expecting grade to trend in Q3 and Q4? I mean, Q2 obviously is not representative, but is it going to be close to Q1 or will it be higher?

I guess if you could just give us some direction on that. yeah let me let me talk to you about that the first thing i want to say about that that and it was a minor fire i i'm actually going to take a moment here jamie and just talk about it briefly um i want to remind everyone that nobody was injured in that fire and the speed in which we got our miners out was unbelievable we were complimented even by local agencies state and federal on how quickly our team reacted how quickly we evacuated our mine and and the reason we were able to do that so quickly and i think it's important shareholders here that you know we always think well we're spending capital here spending capital there the capital that we spent on the shaft having a secondary a redundant motor was so beneficial in us getting our our people out in the past people would not have gotten out in fact there was an incident a number of years ago three years ago or something where people were underground for more than 24 hours and so i just before i answer the question i just want to say to people look that fire was a minor fire it did displace things it it it's one of our better grades so if it's not going to mean that the grade in the second half is going to be better it means that our our we're going to be able to achieve our guidance so those areas as we mine all the other parts of the mine they are better great in that specific scope we'll be having those as part of the second half production but that area is now completely settled we're back in it and and look I want to give it Jamie you opened up the door for me to really brag about even our mine rescue team our mine rescue team the month before had just won the nationals a huge event so the fact that we have such a strong mine rescue team such a responsive team such a good emergency and rapid response team goes without saying that this came off without a hitch no incident we're like we're talking a quarter later we're back into the same area um and and the ounces are going to flow into the second half of

the year allowing us to make make our second half easier that's great um so just one question on on casala so um i guess as we look at this i think q1 and q2 seem to have been ahead of plan um I mean, kind of what's driving the strong performance at Kozala, and I guess we're in the heart of EC120 now, so the grade's helping, but, you know, what's sort of what's driving the outperformance and how sustainable do you see these improvements?

Yeah, look, Jamie, those are, honestly, those are great questions. um the reality is we we we've been talking since uh even when i did the due diligence myself and our team we've been talking about this ec 120 zone for a year now we're actually in it we're actually mining it we're we're drilling areas alongside it i think i i cherry picked a hole and and it's hard not to be pretty proud of something that's 14 meters wide at 600 grams And that's in the heart of it. Right near us, we're not mining it today. You see the cash costs. Our costs are going from $30 an ounce to $16.91 an ounce from some of the copper credits we're getting. We absolutely do believe it is very sustainable. We believe that COSELA, and I should have opened up this way with your response first, and actually I apologize to my team in Mexico. I should have opened up by saying one of the biggest advantages we have is our team in Mexico. We have no expats there. We have all a team there that are experts led by Gabriel Soto, who does an amazing job, who leads our team there very strongly, supported by the executive team here. But the efforts we have accomplished, the drilling that we have seen, the new areas that we are mining, and and i would say great but also the efforts on the metallurgy there was a tremendous amount of work done on looking at how do we get four to ten percent increased recoveries and we're getting about ten percent better recoveries than we were in the past some of these efforts and focus are are technically driven on recoveries have been have been big wins for us and we we certainly believe that this cost structure, the ounce profile, the grade, the recoveries are something that is sustainable, and we'll see more of it in EC120. And you're getting to enjoy some of it as we demonstrate some of the drill results as well.

Great, thanks. I'll leave it there. Appreciate you taking my questions.

Your next question comes from the line of Heiko Ile of H.C. Rainwhite. Your line is open.

Hi, team. This is Case Bontern filling in for hiko uh congrats on a successful quarter and thank you for taking our questions uh first sorry was that hiko i didn't i apologize was that somebody cut out was it uh case uh filling in for hiko oh my bad sorry case um yeah it cut out for a second on our end so my apologies go ahead no result uh i guess first you mentioned earlier but can you give us an update on how the transition to long-hole stoping is going as well as any color potentially and how those stokes are performing so far?

Yeah, absolutely. Look, I'll just repeat something. We've just done our 13th stoke. And, you know, I often like to remind people that people, our neighbors are doing an outstanding job at mining long-hole right next door to us who are doing phenomenal. So it's not a surprise to me when i see that we are able to do it um and when you come to the mine and you see some of the results we're mining some of these stoves that are about 1.2 to 1.3 meters wide you're talking 3.5 like 3 3.5 feet wide this is so narrow we could not have done any better had we mined that with jack legs. If we were to mine that exact same stope using jack legs the way it was done in the past, we could not have been any narrower. So what that means for us and our shareholders is that we're able to mine at a rate, instead of around, call it 50 tons a day in each blast, long-hole stoping will generate around 200 tons per day, even sometimes, in some cases, per shift, depending on where we're mucking from and how long the tram is. But when we look at the reconciliation of the long hole stopes to our model, we are seeing a flat line that it's exactly as if we had mined it. Jack Lake, the difference is when we're mining long hole, we can carve out a stope in, call it, 28 days. That same stope would have taken us, with handheld drills, 12 to 14 months. So there's where the difference is. And we know we're going to improve on that still, yet by installing the new PESO plant. When that is completed and we're using that in 2027, we always said we're going to start using it in 2027. That changes, that just improves things for us. It allows us to become more effective. In fact, you know, thanks for the question on the long line. I did want to give a quick welcome to our new general manager, Brian, who's doing a great job with our teams there at leading them as we continue to make this a more modernized mind. So, Brian, Peter, welcome to our team. So, go ahead, Case.

That concludes our Q&A session. I'll turn it back to Paul Hewitt for closing remarks.

Great. Thanks. First, I want to just say thank you to all of you for joining the call. We all understand how busy each and every one of you are. I want to shout out to all our teams, Mexico, the U.S., who are unwavering in their commitments at making our company a better place, a safer place, and a great place for shareholders. What we're doing is setting ourselves up with the capital we're spending, coupled by the reduction in almost $90 million of debt. These things are monumental steps. that position our company for where we need to get to. So we're quite proud of it, and I want to obviously thank all the analysts that are alongside us and all our shareholders, and have a wonderful Friday, and we're looking forward to this site visit that we're going to see most of you here soon. All the best.

Thank you. This concludes today's conference call. You may now disconnect.