Good evening, everyone, in North America, and obviously, good morning in Australia and anything else in the world. So welcome to our Q3, our first Burgundy Conference Call since the acquisition of the Ekati Mine. And today, we'll be talking about our Q3 2023 results, and of course, Brad Baylis, who's our CFO, will join me. So as I get started, I think this is quite an important slide that Brad just put up on the screen. Probably just a reminder that we are a reliable producer of premium rough diamonds to the global luxury market, and all of those words have been chosen quite, quite carefully. We do have, obviously, a few disclaimers, just to remind everyone that the usual disclaimers apply, and we will not be providing any forward-looking information during this call.
All right, if you can just hop onto your slide, the next few slides there, Brad. So these are the disclaimer slides. I'll take them as read, but obviously, none of these are sort of financial product advice and so on, so the usual disclaimers. Just as also, as we go through some of the numbers today, just a reminder that all of the currency we'll be talking about in today's call, both myself and Brad, will be in US dollars, unless otherwise stated. Just go back there, Brad. I think we've jumped the screen again.
Wilson, are you able to... We seem to be going back and forth between slides here. If you can give me control, I'm happy to.
Okay. Well, while we're just getting the controls sorted out, let me just talk about some of the highlights for the quarter. So quite a few bullet points on the slide, but these are some of the key numbers. So the first one there is our revenue, $91 million for the quarter. We actually reported that previously, but we did not have a further sale during the quarter. It fell just over the reporting period. In fact, that actually the revenue came in in November, not in October. So that's why the revenue number is $91 million. But the previous quarter in 2022, as you can see, was around $81 million.
You can see our average realized price per carat is quite a long way up on the prior period from last year. Some of it was driven by what was being mined in 2022. There was a bit of a low-grade period that the mine was going through, so that explains some of the difference between the years. But we really are producing, let's say, in a normal fashion now, and so that's kind of our normal selling price now. You can see the carats recovered are significantly up. As I mentioned, in 2022, there was some catch up on waste, and that sacrificed some ore delivery to the plant.
But just putting that to, Putting that to one side, you can see how the carats recovered are now very, very significant on a quarterly basis, and that's sort of our drumbeat now is around about 1.4 million carats, which is a very- very significant volume. You can see our average grade has come up as well. Again, the fact that it's come up is partly linked to what I was mentioning in reference to 2022, where some low-grade material was being mined back then. Selling was a little bit down, partly because we only had two auctions during this quarter. And as I said, the third one just slipped into November. That's partly explains why it's down. But of course, the market is a little bit softer, and we'll talk about the market a little bit later.
And as I said, that was the sales numbers in line with what we reported back in September. Total tonnes mined was a little bit down, but again, you know, when you compare it on a year-on-year basis, it was related to some waste catch-up that was occurring during Q3, 2022, and we don't need to move that volume of waste in 2023. So that's why the tonnes are down. Tonnes processed, as you can see, up about 10%. That's going pretty strong. And the EBITDA, the adjusted EBITDA, on a consolidated basis, is $21 million. I might just pause on the EBITDA, because I think it's a very, very important number that I wouldn't mind Brad just unpacking a bit for everyone to explain how we arrive at EBITDA and whether this is actually representative of the whole year. So maybe over to you, Brad.
Yeah, so the adjusted EBITDA there is just for the three months for the September quarter. And the adjusted EBITDA is just removing the effects of the non-cash, and it's also removing any of the effects related to the transaction. So when we purchased Ekati, all the diamonds that were sitting in inventory at the end of June needed to be valued at market price. And so when we calculated the adjusted EBITDA, we removed that to normalize it so that we're able to actually get a good view of what our how our operation is performing.
Yeah, and I think as Brad reminds me, and we'll probably talk about this a bit later, the third quarter, traditionally in the diamond world, is typically your worst-selling quarter, because people aren't stocking up on inventory for Christmas. They typically stock up in quarter four. So, I think as Brad would probably remind me, you can't simply take Q3's EBITDA result and multiply it by four, It's not a representative quarter, so, hold tight as we get into quarter four. I think the cash number going, maybe Brad can explain it, but you can see cash is still very, very healthy, and a lot of diamonds in the inventory pipeline, and our net debt is still sitting around $89 million, and we'll unpack the net debt a little bit later.
I think Brad's got a specific slide on debt, so we'll come back to debt. Just one thing probably worth mentioning, that the diamond inventory for Ekati typically varies between sort of $125 million and $175-$180 million, depending on the selling cycle. And the reason we've got so many diamonds in inventory is a lot to do with how the diamonds move from the asset up in the Northwest Territories, through Yellowknife, off to India, and then back to Antwerp for selling. So it's about a 3-4-month pipeline. So that explains why there's so many diamonds caught up in that pipeline.
And we'll talk a little bit later about what are the initiatives we've got to address that pipeline. But I suppose an asset. It's a very significant asset, as you can imagine. Of course, we completed the transformation of the Ekati Diamond Mine, and we've now merged into one company, so that's some of the highlights. Have I missed anything there, Brad?
No, I think you've hit the highlights, and we'll get into more of the details as we go forward.
Perfect. So let's just wind up to the next slide there. A bit of a lag, I think, as we go from one to the next. So you can see... Or, or maybe I'll hand over to you, Brad. Maybe you do the slide.
Yeah, so this is just a view for the three months from a selling perspective. So you can see for the quarter, we sold about 784,000 carats. You know, and a year ago, quite a few more carats were sold, and you know, I think there's there could be multiple reasons for this, but like Kim had said, typically, the Q3 quarter is a bit of a slower period for us this year. And it comes down to the timing of the sale. So we did have, like Kim mentioned, we did have a sale that was that had started just prior to the quarter end, but it didn't actually complete until a couple of days after the quarter end, as we just kind of missed the cut-off there.
So, you know, when you look back at Q3 2022, they may have had an actual quarter they may have had those carats available and recorded it within the quarter. You know, on a revenue perspective, like we've discussed, you know, the $91 million versus $80 million last year, so good uplift there with the realized price higher and, you know, compared to last year. And like Kim had mentioned, some of that's just due to the mining mix that was being sold during the quarter.
And as of the note, we did have a special sale held in the quarter, which is our large any of the diamonds over 10.8 or any of the fancy color diamonds get sold in those fancy sales, and we have, you know, 2-3 typically a year. On a cash cost per carat basis, so, you know, just under 67, 67 dollars US per carat, versus last year, 47.7.
Now, I will point out that last year, because of the waste backlog that Kim was referring to, there was a very high strip ratio last year, and what happens when there's a high strip is, from an accounting perspective, anything that's over your average strip ratio, that's capitalized to PP&E, which ends up flowing through to depreciation instead of flowing through to the cash cost. So it's not completely apples to apples on a quarter basis. You know, on a cash margin perspective, good performance, you know, both on the cash side and on a margin percentage basis. You know, Kim and I always try to target, we like to have a margin around 40%.
Even though the market's a bit challenging, you know, we're quite happy with the margin for the quarter. You know, we'll obviously have a focus to continue to deliver that margin on a go-forward basis. Like we said, three auctions held during the quarter. In our next quarter coming up, you know, we've got 4 planned auctions, so we've already held 1. We have a second one that's ongoing right now, and we have two more, one for a special sale in December and one regular sale in December.
Perfect. Thanks, Brad. I think it's pretty, you know, I'm sure everyone's reading the media, and they form a perspective on what's going on in the market. But this is probably the best summary we can give you of what's going on in the market. So the market is a bit softer, but there's probably four key contributing factors to what's going on in the market. The first is that during 2022, there was no doubt the diamond prices went through a sort of a high point. So there's a little bit of a retreat from what we call the post-COVID high point that was in 2022.
Secondly, both De Beers and Alrosa, which are the Russian producers, have kept supplying, particularly the Russians, have kept supplying, diamonds at pace, and so they probably oversupplied into a soft market. There has been a little bit of lab-grown encroachment, and it's probably just worth explaining what we mean by that. At the consumer end, obviously, people are spending money on diamonds. There has been some spending on cheaper lab-grown diamonds, which has cannibalized the natural diamond inventory, but it's in very small percentages. So the lab-grown diamonds are now selling for 20% of what a natural diamond equivalent would sell for. It's, which is moving into a different category, and that's why you see that companies like Pandora and Swarovski are now selling lab-grown diamonds.
So it's moving into a sort of cheaper fashion sort of jewelry segment, whereas the natural diamonds are still very, very valued, and, so that divide is growing. Anyways, as a result of those three things, there's definitely been a rough inventory buildup. And that buildup has then been addressed by about four things. So if you look at the market actions, the major producers, both Alrosa and De Beers, have recently announced suspensions in their sales. Both of them will not be selling new diamonds for the rest of this year. And that's obviously to try and take some supply out of the what we call the midstream.
So some of you have read about the India voluntary import ban, which started on the fifteenth of October and runs through until the middle of December. And what that attempt is, is just trying to slow down the stream of diamonds into India. It was quite a test case of that ban was our last sale, and we still achieved very, very high selling rates despite that ban, so it doesn't seem to be having much of an effect, to date. Not on our diamonds anyway, and we'll explain why a bit later. You probably read a little bit about the G7 sanctions that will be implemented in 2024. The key thing there is, an attempt to really try and restrict the Russian diamonds from getting out into the market.
But I think number 4 is probably the more important one. There's been a very strong focus now on provenance, in other words, where diamonds are coming from. And that is putting Burgundy and Ekati in a very favorable position. In fact, if you look at that bullet point, the second last bullet point, what we are seeing is the quality of the Ekati product, and then the Canadian provenance is very valued in the market, and we are achieving very high sell-through rates in our auctions. And in fact, I'll give you the upcoming auction, Brad, I think we were fully booked for our upcoming auction within 24 hours. So that shows the demand for our product based on both the quality and the provenance.
I think just to finish off there, despite all that, the diamond market fundamentals remain very sound. We put a table in on this slide. This is publicly available information. The author is someone called Paul Zimnisky, who also contributed to our prospectus. You can see in this table, it talks about the global rough diamond supply. So this is sort of a forward-looking view by Paul, from 2023 all the way through to 2028. So you can see there's very little growth in supply. Then, the next table shows the polished diamond end consumer consumption of diamonds and demand.
And then down the bottom is basically Paul's sort of model, where he tries to work out, based on the supply and demand fundamentals, you know, what sort of growth would we see? So you can see 2023 is definitely a correction. 2024, there's some growth. I'm not sure. I think there's something happening in 2025. You can see up in the top table, there's a bit of supply coming from somewhere. I think it's in a mine in Russia, I think. And then it rebalances again, and so you can see off it goes again. So, you know, and in its general scenario, the demand and the supply equation remains very robust. Okay, so let's jump to slide eight. Just go back one back there, slide eight.
So this is just a quick look at the operations, again, just comparing 2023 versus 2022. So you can see total tons of mine, a little bit down. We were explaining previously, we didn't need to move as many tons this year, but you can see the ore tons have gone up significantly. But that was somewhat inflated, because in Q3 2022, they did not move as many ore tons because they were focusing on the waste, so that's somewhat inflated. But you can see, I think the real highlight is the carats recovered at one point just under 1.4 million carats, and a very favorable grade. And then you can see the diamond inventories have grown from 1.2 to 1.9.
But a lot of that is being driven by the volume of carats we are now producing, as opposed to holding back carats. Okay. This is just a bit of an update. As you may recall, the next project, which was in train already during the acquisition, is the next open pit mine, which is called Point Lake. So this is just an update showing that the dewatering is now 92% complete. But as we're getting into winter, we now have to retrieve the barge and the pump, and then we'll focus on the remaining 8%, early next year. We've received the open pit mining approval, and we're waiting for the water, the waste rock stockpile approval, and we should be getting it in the next couple of weeks. So, once we've got that, we'll be ready to go with pre-stripping and mining, next year. And because these are financial numbers, I'll give Brad the microphone.
Yeah, all right. So yeah, I'll just quickly go through the changes from June 30th. So this is comparing against the June 30th pro forma versus where we're at at the end of September. So you can see cash went from just under $70 million to $46 million. It's largely driven by the fact that we made some surety payments. So these were obligations that we inherited as part of the purchase of Ekati. And the quarterly payment was due on July 15th and... Or sorry, on August 15th. So we made a payment of approximately $30 million to meet that obligation.
Yeah, like Kim pointed out, you know, we did have some inventory build in the quarter, and that's largely driven by the fact that there was only two auctions and some of that most of that inventory now should be unwinding. And we'll get back to a normal state by the end of the year, all things being equal. You know, bank loans, so, you know, after the acquisition, sitting at just under $ 74 million. We have some other obligations. We have some capital leases, so convertible notes, and some performance notes, and those are just under $ 61 million. That brings us to a consolidated net debt position of $ 89 million.
When you factor in inventories, puts you into a positive cash position of just under $68 million for the end of the quarter. So, you know, I think all things considered, we're pretty happy with where we are from a from a cash perspective, given the, you know, kind of the weaker market than than what we were anticipating when we originally made the purchase.
Yeah, it's probably just worth mentioning that both Brad and myself and several others have a laser-like focus on cash. And it was something I think we, you might recall we mentioned during the capital raising that it would be laser-like. So we have a very, very robust forward-looking cash model, so we can make sure that we're managing our cash very, very carefully. Okay. This one, I think some of you might have seen before, but just to remind people of the things we focused on. So first and foremost, the Ekati operation itself. There's three focus areas, the mine life additions, which we'll talk about shortly. Obviously, as many operational improvements we can drive, and we'll talk about that shortly as well.
And the third one, there, which is linked to the top one, is basically realigning all of the partnerships that we have, whether it's the surety arrangements, our contractors, our employees, the government, to really start aligning with the, with the new life of mine that we are trying to drive and achieve. And, we're busy building those long-term partnerships as we speak, and we're getting a lot of positive feedback about that. So that's, that's, that's going along pretty well. Downstream, we're working, with our, with our strategic partner, the Choron Group, to keep looking at opportunities to, maximize margins. Some, some of that's through our own internal sorting, cutting, and polishing facility down in Perth.
We have already identified opportunities to shorten the rough diamond inventory cycle by potentially not doing things in India, but by bringing them back to either somewhere in Canada, either at the mine site or Yellowknife. And we've also looked at doing things in Dubai. So we've got a few options up our sleeve there. We're just waiting for the market to strengthen a little bit, and then we'll pull the trigger on that initiative. And that's got the potential to release between $30 million and $50 million of inventory, so it's a one-off benefit there. And then we're also looking at other innovative ways to enhance our diamond sale processes, including maximizing the concept of provenance.
Some of you might remember, we basically acquired the trademark, which is called CanadaMark, which allows us to sell our, the Ekati stones under that licensed trademark. We're looking to see what we can do to enhance that process, and especially with the midstream consumers that buy our diamonds. Lots of work around making sure we maximize our Canadian provenance, which we are, we're getting benefit from already. The last point there is obviously we view Ekati as a foundational asset, and our goal is to become a multi-mine, tier one producer and a very meaningful player in the global diamond industry. We keep looking for opportunities wherever they may be, and but they would need to be complementary to what we're doing.
Okay, so just about mine life, but probably of all the things that we focused on even prior to the acquisition, it's been around mine life additions, and I'm pleased to be advised that we've now identified five different options, and they're all conventional, quite straightforward options to extend the mine life quite substantially. Just to orient you on this picture, what you're seeing in the brown there are the two current mining locations. So Sable open pit at the top, Misery underground, down at the bottom in the brown. And then the greens are the potential mine life extension locations. And if I just quickly work through those very quickly. So Misery, we've already done the work to extend Misery's mine life beyond 2025 and hopefully into 2026.
It's a very, very straightforward process. What we're doing is we're just confirming that the ore body continues at depth, which we know it does, that the diamonds exist, and that there's no geotechnical issues. But that's looking very, very promising. The second is the expansion of the Point Lake open pit. The previous owners only contemplated mining a quarter of a potential open pit, and we are looking at ways to maximize the size of that open pit and get the other three-quarters. And so that's underway. The third one, which at the moment is probably the most advanced of the bottom four options, is the Sable underground option. And what that involves is basically having a Misery-style underground mine below the existing open pit.
In fact, we're so confident in that option, we'll probably be starting the portal late next year and the underground development early in the following year, once we bring the additional mining equipment up into the road. So the Sable underground is looking fantastic. And then number four there is to go back to one of the old BHP open pit pipes and do a carbon copy again of the Misery underground below the Fox open pit. And that is a very, very substantial reserve and resource in the Fox pipe. So we'll be going after that. And then number five, there is again, it's a BHP remnant.
When BHP mined the Fox pipe, they stockpiled the top portion of the pipe and put it to one side, and we've had a look at the content of the diamonds in that, in that stockpile and the value, and it's very, very favorable to using some of the latest diamond recovery technology. So that's a very, very valuable asset. If we do all five of those things, then conceptually, we have a mine plan that goes out to 2036, and if we add on a few other options, like Jay pipe and a few things like that, we can actually get out to 2043. It is still conceptual in nature, and we've got a lot of work to do, but we are very, very confident in...
Certainly the five I've got on the screen here, and possibly J-pipe to come, and a few other things up our sleeve as well. That's progressing very, very well. Again, we'll probably tag team on this one, but we wouldn't be good miners if we weren't going after cost and efficiency. There's sort of four areas we're focusing on. The people in Canadian, especially Arctic operations, are a significant proportion of your costs, and so we're going after any opportunities to improve our labor efficiency. We're trying to strengthen our leadership capability from the top down.
And we also trying to get rid of some of the sort of time wastage things we've seen across the board in terms of people not being diligent around getting things done as fast as they possibly can and having a bit of a can-do attitude. So we're busy implementing that culture. Brad is busy looking at rosters and flights and making sure that we've got the most efficient arrangement to move people in and out the asset. We operate on a two on, two off roster for the majority of the workforce, but there's an opportunity for leaders and support people to move more freely to the asset. So that's something we're busy looking at. Inventory, I already mentioned that we had a close look at the diamond inventory pipelines to look at opportunities there.
As I said, we've got some very very interesting options up our sleeve. And some of that will help us improve the provenance as well. So there's a dual benefit there. Brad and I have taken a very close look at what we're purchasing and making sure we are not over-purchasing. We've identified, I think, $20-$30 million of savings by being more diligent in what we're buying and how much we're buying, so that we're keeping a limited amount in reserve. And then just using some of our previous experience at some of our other Canadian assets that Brad and I have been involved in, so that we've got ways of bringing in some of those in a more efficient way.
And then just generally looking at working capital efficiency in general. So there's quite a lot of money that we already have identified that will probably deliver $20 million-$30 million of savings in the next couple of months. And then on, in terms of fixed and mobile assets, you know, as like any miner, you go after, you know, making sure that we're not operating too much gear. So we've already started parking up some of our trucks and making sure that we, we're only running what we need to, and of course, that means you improve your labor efficiency as well. And we've also taken a close look at the timing between Sable open pit winding down and Point Lake winding up and making sure that we've optimized that.
So that's given us a few opportunities as well. And then there's another big opportunity around how we reconfigure the asset, increasing our presence out at the Misery camp, because that's probably the center of gravity in the future. And then slowly but surely minimizing the main central camp configurations to save costs as well. Energy is our second biggest cost, if you include both diesel usage for the mobile fleet, plus the diesel we use to power the site and to heat the camp. And we've got a very close focus on energy usage, which will deliver results, including using solar energy and a few other ideas. And then just general, just being smarter about how we track fuel usage and energy usage across the site. I'll give you one little anecdote.
You know, just by being smarter with how we operate the fans over at the underground mine, and not having fans running when no one's underground, saves you millions of dollars. So just doing little things like that. The bottom one is an important one. We've implemented a very rigorous McKinsey-style initiative tracking system or framework. It's computer-based or laptop- or phone-based, and it basically lets us track ideas right through the system. Effectively, it means there's nowhere to hide.
In fact, this slide is a little bit outdated. It shows that there's 115 ideas on the slide here. I think we're up to 132, when I last looked, and of that 132, as I said, about $30 million will be delivered in the next 0-3 months. And then there's a long pipeline of ideas. And we're trying to do this in a sustainable way because we want to build a culture of rolling, continuous improvement. So that's something we've embarked upon as well. Did I miss anything there, Brad?
Well, I think you've, I think you've hit the highlights for sure.
Okay, I think that concludes what we had. And maybe just a couple of reminders, I suppose. You know, we're very pleased with the operational performance. I think we've done pretty well in Q3. We're controlling everything we can control, whether it's our costs and our production and everything we can control, we're on top of, and we really are getting stuck into that mine life extension, and I think we're making fantastic progress there. We're bringing people on board with you know with a long-term partnership in mind. The other thing maybe just worth spending 30 seconds on is the auction process is working extremely well. It's a BHP-built proprietary auction process that belongs to us. We run it....
We actually monitor it, and that's our central selling system, and it works extremely well. We have 10 regular sales a year and then typically 3 special sales a year, so around about 13 sales event or sales auction events a year. Then maybe just to finish off, the last point is, you know, the balance sheet, as we had Brad mention, is looking very, very strong, and that's something we all over are making sure that we've got enough cash on hand, and we're looking very carefully at our cash every single day. So maybe I'll just pause there and just see if you've got any questions. Hey, Brad?
Yeah, maybe I'll just mention one other thing, Kim, before we go to questions. Yeah, people are probably wondering about the surety process and where we're up to on that. So, yeah, there's nothing that we can announce yet, but we are working hard at looking at all other alternatives for that arrangement. And looking like Kim had mentioned, we are looking for partners to align with life of mine plan versus the current surety arrangement that we inherited as part of the purchase of Ekati. So we hope to have something that we can announce in the next quarter, that hopefully should be positive, you know, for Burgundy going forward.
Fantastic. Thanks, Brad. So yeah, we'll pause there and just take any questions if anyone's got something to ask. You can be happy to print it or raise your hand or however you'd like to do that.
So we've got one question here. So, of your current inventory at the end of the quarter, how much will you sell in Q4?
Yeah, if you... Well, we obviously don't know. We'll put it up our usual sales volume up on each of our quarters. But remember, it goes as we're selling, we're producing again. So remember, we'll be reducing roughly what we sell. So I don't know whether it'll go up or down. I guess it'll depend on demand. But as I mentioned earlier on, our inventory typically moves between $125 million and $175 million, roughly. I'll give you rough numbers, $175 million. So it'll just really depend on how close we are to a sale, and I think our last sale is in the middle of December. Is that right, Brad? It will definitely drop our inventory quite significantly, and then we'll build up again towards the end of the year.
Yeah. So next question is on U.S. inventory levels, presume these are held at cost and therefore have the potential to release more than the reported level in cash. Yeah, so the inventory, $156 million, that's on a cost basis. And that also includes the non-cash component, depreciation. So yeah, presumably, you know, we would sell those goods for more than what they're sitting on the balance sheet for.
Yeah. I see there's another question there from Dean, and it just talks about the restructured surety arrangement. Yes, so there's a variety of options there, Dean, and we're looking at, you know, whether, in the ideal circumstances, they'd be any sort of arrangement would be over the life of the asset, the new life of the asset. There are a few scenarios, one where you'd pay a sort of a straight insurance premium as opposed to a collateralization or cash collateralization. That would probably be the most favorable one for us. One where, for example, let's say our mine life is 15 years, you'd pay some sort of premium annually for the at-risk portion. And the at-risk portion at the moment is around about $157 million.
That's the outstanding amount as of today. And we don't anticipate that amount going up much. In fact, it might actually go the other way over time as we do progressive rehab. But to answer your question, in the ideal situation, it will be extended over the life of the mine. It'll be some sort of premium arrangement or risk premium. So it will substantially drop the cash requirement to collateralize.
We've had some discussions with the government, Northwest Territories on these different scenarios. So yeah, we do need to work with them to determine what, you know, what will be acceptable to the regulator. But yeah, obviously, our first prize would be no more cash collateralization.
Yeah, and maybe just to highlight, I mean, the kind of support we've received from the government of the Northwest Territories. They've even offered to attend some of the surety meetings with us, so they're very much in tune with what we're trying to achieve. I see we have another question here from Sam, and the question is: Do you consider Burgundy to be undervalued by the market? I mean, absolutely, Sam. You know, it's interesting, when you, when you look at some of our direct competitors, you know, Lucara and Mountain Province and Petra, you know, in my view, there's absolutely no comparison. And I... What I mean by that is, I know what I'm talking about when I know these assets.
If you compare each of the, our competitors, you know, their balance sheets are absolutely horrible, and they have very, very limited mine extension options. Or if they do have a mine extension option, it's a one-dimensional option, where all they're doing is extending an existing open pit, in the case of Lucara, with a very significant capital expenditure required to do that. And the same thing with Petra. They really only have two options, and, and one of them is to go deeper with a, with an already very deep mine. And, and, and Mountain Province have, I guess, limited options as well. So I guess where we, where we see ourselves is we've got multiple mine extension options. They have very low capital, very low risk, conventional options. We have a fantastic balance sheet.
We have a very, very strong management team, and we're very confident in our business and our ability to grow our business. So we absolutely feel we're undervalued, but I'm sure as we start delivering more and more results, the market will figure it out.
Yes, so next question is asking us for the news flow related to the mine extension options. So, yeah, like, like Kim said, obviously, we have a lot of technical work to do before we can actually include it in an official mine plan. But I would say probably the next point would be, you know, we're bringing up a drill on the winter road this coming February to do some drilling for the Sable underground opportunity. And I think that would be the next point where we would have some tangible news that we can relate to the mine extensions.
Yeah, the next question is an anonymous one that just talks about our share price coming back from 25 to 15 since relisting, given that we seem to be doing everything right. So now, look, I think a lot of it is just naive people not really understanding our industry. I think as people start to understand just how unique the Ekati asset is and what we're actually doing from a Burgundy point of view, I think that people will start seeing the light. I think also, once we have delivered Q4 results, I think that'll also be quite telling, especially as we deliver some of those the four auction sales over the next couple of months. And then as we obviously start announcing things like the surety arrangements and the mine life extensions and so on.
Slowly but surely, I think we'll get that back. The other part of the question is, what other assets have we been looking at in Canada? And I obviously don't want to be too specific. I think that the key there is we are looking for complementary assets. And what we mean by that is not just in terms of the company structure and things like that, but the diamonds themselves. As we mentioned on one of our earlier slides, the Ekati product is such a quality product, and it sells so well in the market. And so if we're gonna add anything to the Ekati mine, it needs to be a complementary product. So something that preferably has colored stones in it, very high-value stones.
We're obviously very focused on provenance, so it needs to preferably be located in a jurisdiction like Canada or similar to Canada. So we've been very, very careful to be looking at and, but there are a few options up our sleeve. Okay, I don't think there are any other questions. So maybe we just stop it there. But just once again, say thank you to everyone for their support and and stick with us. And I'm sure as we keep delivering and, and, and doing all the hard work in the background, I'm sure you'll- we'll all be the fruits of the coming months and years. So thank you very much.