Good morning, and welcome to the Evolution Mining December twenty twenty Quarterly Conference Call. This morning on the call, we have Jake Klein, Executive Chairman Lori Conway, CFO and Finance Director Glenn Marksman, VP, Discovery and Business Development, who are all with me here in the group office in Sydney. We also have Bob Fulker, COO, who's dialing in from Brisbane on the line. The gold price has recently taken a breather after achieving an impressive run of eight consecutive quarters of rising prices in Australian dollar terms through to the September. And although we've seen a correction from the record highs near AUD 2,900 per ounce posted mid last year, the current spot price of around AUD2400 an ounce is still delivering a very healthy cash margin for our business, which is focused on producing low cost ounces.
We look forward to catching up with a number of investors over the weeks ahead. Coming up in the calendar, we'll be reporting our half year financials and the annual mineral resources and ore reserve statement on Wednesday, February 17. This will include our first jaw compliant ore reserve at Red Lake post announcing the 11,000,000 ounce mineral resource in August and will also provide an opportunity for us to give a more comprehensive update on the progress we're making towards restoring Red Lake to the premier Canadian gold mine it once was. Thank you, and I'll hand
you over to Jake. Thanks, Brian. Good morning, everyone. Thanks for joining us and taking the time to join us on the call today. We really do appreciate it.
Let me start by wishing you all a very Happy New Year. I hope you're all well and healthy and navigating through the ongoing COVID pandemic successfully. Evolution has delivered another excellent quarter that builds on a very good start to the financial year we delivered last quarter. I'm pleased that we are firing on all cylinders and making meaningful progress across our entire business. We have consistently said that we want to be a safe, sustainable, high margin, low cost gold business.
Our success at delivering on this is clearly demonstrated again this quarter. The numbers in today's quarterly speak for themselves. A 6% increase in ounces produced to 180,000 ounces at sector leading low all in sustaining costs of $11.66 dollars per ounce or in US852 dollars per ounce. AUD259 in operating cash flow, net mine cash flow of $170,000,000 or a massive $946 for every ounce we produced in the December. At Evolution, we believe the ability to generate and bank cash from ounces produced is an absolutely critical ingredient to success in the gold sector.
From the numbers released today, it is clear that we are leaders in our sector in this area. The superior cash generation has allowed us to reduce our net debt to only $87,000,000 with a further reduction of over $90,000,000 just this quarter. I trust you agree that this is an outstanding achievement when you consider that only nine months ago, we 100% debt financed the $550,000,000 Red Lake acquisition and have also during this time rewarded our shareholders with a fully franked final dividend of $154,000,000 We have only owned Red Lake for nine months, but in this short time, the operation has consistently exceeded our expectations in almost every respect. Red Lake has been able to generate significant net mine cash flow even after the heavy investment in its future growth, something we definitely did not anticipate happening so quickly at the time we acquired the assets. The momentum we are building at this operation is exciting.
Beyond cash flow delivered in banks, which we have clearly demonstrated, investors and shareholders should and do also focus on the sustainability of these cash flows over the long term. In this regard, I am confident that our mineral resource and reserve statement that will be released with our half year results next month will clearly demonstrate the quality of our portfolio and the progress we are making in this area. We continue to implement a strategy that prioritizes margin over volume and will use consistent conservative price assumptions for calculating our resources and reserves of AUD $2,014.50 per ounce respectively. Not because we have a negative view on the gold price, but because we believe this strategy and approach creates a better, more resilient business over the long term. Evolution is very well positioned to prosper through the cycle.
During good times like we are currently experiencing, we are banking sector leading returns, rewarding our shareholders with dividends and investing in our future growth. This is a great position to be in. Combine this with a fantastic team of people who are passionate about both our values and creating value, and I am confident that Evolution is in very good shape. With that, I will hand over to Bob to provide more detail on our operational performance and growth projects.
Thanks, Jake, and good morning, everybody. Starting with the health and safety of our people, we made some important strides in this area. Highlights include Mt Rawdon going over twelve months without a recordable injury, the longest run-in its history. The team have embraced the mantra, we're only as good as today's performance, and they continue to focus on extending this record. Our active COVID response continues, and we can report no material impact to any of our operations or our businesses.
The quarter has seen change within our operational team, three new general managers. I'm very pleased that two of these were internal appointments, speaking to the bench strength we have built at Evolution. In the December, we delivered 180,000 ounces at $11.66 dollars per ounce, all in sustaining cost, and over $170,000,000 of net mine cash flow, taking the half year to over 350,000 ounces at an all in sustaining cost of $11.82 dollars per ounce and three fifty four million of net mine cash flow. I think everyone will agree a strong result and a credit to our focused and engaged site teams. Turning to Page six.
Cowal delivered nearly 55,000 ounces at a non in sustaining cost of $958 an ounce, generating a net mine cash flow of $39,200,000 Capital investment of $38,300,000 focused on the underground study works, Stage H stripping and the IWL tails facility. The underground study works have included optimization of the mine plan and advancing the planned Yowai Decline. The contract for this decline has been awarded with work commencing in the March. This will provide additional drill platform to further evaluate deposit ahead of the study completion in the June. The Cowal orebodies continue to excite us with their quality, and the progress towards an operation of plus 350,000 ounces of low cost production is very foreseeable.
Importantly, the regulatory approval process is continuing. The quarter highlight was the public engagement sessions that have received overwhelmingly positive submissions. I'm confident we will secure the required approvals and our early works program and planning to deliver first production within twelve months of approvals are on track. Ernest Henry once again made a significant contribution to the group, producing 24,500 ounces at an all in sustaining cost of negative $710 an ounce, whilst generating a net mine cash flow of 73,700,000.0 Red Lake's production quarter on quarter has increased by 27% to just shy of 34,000 ounces at an all in sustaining cost of $19.37 dollars per ounce with a net mine cash flow of $10,300,000 Red Lake continues to improve. Underground development meters averaged nine eighty five meters per month for the quarter, up 10% on the previous quarter, seeing a steady month on month increase towards our long term objective of 1,200 meters per month.
January has continued this improvement with a 40 meter per day average being achieved over the last eighteen days. The underground delivered an evolution record of 71,000 tonnes of ore mined in December, with the surface stockpile of around 22,000 tonnes. This will enable our Red Lake mill to start up on plan in the June to allow Red Lake to end the financial year very strong. During the quarter, the Board approved the commencement of the Campbell Young Dickinson box cut and portal to allow the surface decline to commence. This decline will enable us to decouple mine production from the installed shaft hoisting capacity and underground mining equipment size constraints.
It is a key step in our vision for Red Lake. Box cut construction will begin in the March, with decline development expected to commence in the June. Our vision for Red Lake has advanced with the establishment of the value realization project. This study aims to determine the optimal pathway for Red Lake to materially increase production margins to between 300,000 to 500,000 ounces per year. The study is expected to conclude in the June with a positive outcome progressing to prefeasibility study.
In mid December, we welcomed Kirsty Litigert, General Manager, Red Lake. Kirsty recently has been with Suncor and BHP. I want to take this time to thank Amber Adams, the Interim General Manager of Post Transaction, for her leadership and dedication over the past nine months. Her leadership has been key to the successful improvement that are already getting locked into the Red Lake plans. Mungari produced over 30,000 ounces at an all in sustaining cost of $14.00 $2 an ounce and delivered a net mine cash flow of $22,700,000 Milled tonnes for the half year were 999,000 tonnes, showing the work to improve the plant throughput to 2,000,000 tonnes per annum is sustainable.
Study work continues to develop to advance the processing strategy for the Carsevel region. The preliminary heap leach test work expected to be completed and engineering packages awarded in the March. December saw the departure of Andrew Miller, the General Manager of for the last three years. I'd like to thank Andrew for his tireless work, and we will miss him. The new general manager for Mungari is Greg Walker.
Greg was previously the integrated planning manager and interim general manager at Cowal and brings a wealth of experience to the team. At Mt Rawdon, production was over 24,000 ounces at an all in sustaining cost of $11.70 dollars per ounce, realizing a net mine cash flow of $24,200,000 Heavy rainfall caused a short term geotech issue on the Eastern Ramp, which slowed production ex pit mid December. Remediation is complete, and general production has been via low grade stockpiles. This will continue through Q3. Mt Rawdon also sees a change in leadership with the outgoing General Manager, Jamie Rawdon, taking a position at Red Lake to assist Kirsten and the team in their transition.
I'd like to thank Jamie for his achievements at Mt Rawdon, in particular, for steering the team to an all time best safety performance, which continues under the new leadership of the new General Manager, Thomas Lettbridge. Thomas was the previous operation manager at Mt Rawdon and brings both continuity and a fresh perspective to the operation. Mt Tartan delivered over 12,000 ounces at an all in sustaining cost of $2,214 an ounce, and mine operating cash flow of $1,300,000 Ongoing plant optimization work resulted in the second consecutive quarter of record mill throughput of 246,000 tonnes. In addition, preparatory work commenced in the A-thirty 9 Pit to commence a decline in the second half to access high grade silver ore. In summary, our operations continue to perform well.
They're all delivering either at or above our expectations, and I'm confident we are well placed to deliver a successful FY 'twenty one. We see improvements in our safety across the board and look forward to continuing these as we progress through the year. Thank you for your time, and I'd like to hand it over to Glen.
Thank you, Bob, and good morning. We occupied most of November and December modeling results from key drill programs across the portfolio, which are being incorporated in our annual mineral resource and ore reserve statement for the 2020 calendar year. Results of the MROR update will be released in the March. I'd like to acknowledge the enormous efforts of the discovery and resource definition drilling teams on safely managing through a COVID interrupted 2020 to complete their planned programs that deliver into our MROI. At Red Lake, work progressed on the ore reserve, which is optimizing the 11,000,000 ounce resource released in August.
The focus areas include the Upper Campbell and Red Lake areas of the mine, where we saw the most material resource increases in the new model. Drilling continued with six underground rigs, four on resource definition to convert additional resources to reserves and two rigs on step out drilling. Highlights of the program at Cochina and Lower Red Lake are illustrated on Page 12 of this morning's report. Discovery drilling at Red Lake is focused on extensions of high grade mineralization along strike at Cochina. We are also exploring for repeats of the geological architecture that hosted mineralization in the high grade zone along the relatively under tested Northwest Corridor located between Red Lake and Cochina.
At Cowal, results of surface drilling continue to support resource growth at Dalwhinnie South. Recent intercepts illustrate mineralization remains open in the down plunge direction. We aim to complete future step out drilling from underground, where we can establish more optimal drilling positions. Full results from the underground infill program were received in the quarter and are being modeled to inform an update of the GRE46 minuteeral resource. We are expecting a significant classification upgrade from inferred to indicated resources in the new model.
The model also includes results from a close space grade control simulation, which was designed to evaluate model reconciliations from a volume of rock in the mine plan representing three months production at PFS production rates. Results showed a positive reconciliation to the resource model for that specific parcel of mineral inventory and indicate there are opportunities for further grade optimization as we continue to infill the resource. Further drilling underground will recommence in the June, and we will continue focusing on reserve conversion. In Northeast Queensland, we completed acquisition of a 100% interest in the Crush Creek project in December. Drilling continued to progress the delta and BV7 prospects, with potential to extend mineralization along strike at both targets.
Results from recent holes at the Gamma target located 500 meters east of Delta are shown on page 15 of this morning's report. The attractive widths and grades at Gamma highlight future growth potential as we continue testing additional vein targets. Overall, we are very pleased with results from Crush Creek, which are matching our initial expectations and confirm that the project will play an important role in extending mine life at Mt Carlton. We recently commenced PFS study work that will examine integration of Crush Creek into the life of mine plan at Mt Carlton. And lastly, over in Western Australia, our joint venture partner, Musgrave Minerals, yesterday released full results of the 49,000 meter aircore drilling program completed at the Kew project late in 2020.
Several multi kilometer long gold anomalies have been prioritized for follow-up diamond drilling, which is expected to commence next week. I look forward to providing an update from Kew at the end of next quarter. With that, I'll hand over to Lawrie.
Thank you, Glen, and good morning, everyone. Today, I'll cover off on the financial performance for the December ahead of more detailed analysis when we release our half year financial results next month. Summary is outlined on Pages nine and ten of the report. The December saw us maintain our cash generation momentum with just under 100,000,000 of group cash flow generated before debt, dividends and any business development activities. The $118 per ounce lower gold price achieved in the quarter was the main driver to the lower group cash flow.
However, the group cash flow equates to over five sixty two dollars per ounce sold being banked and reflects our focus on producing high margin ounces. Despite the drop in the gold price, we delivered a net cash margin of over 23%. All operations were again net cash flow positive for the quarter, generating over $170,000,000 of mine cash flow after investing around $174,000,000 on sustaining and major projects. Capital investment for the group remains on track for full year guidance. Sustaining capital is tracking towards the lower end of the 113,000,000 to £138,000,000 guidance range, while major capital is still in the $260,000,000 to £290,000,000 range depending on the timing of our major growth projects.
As outlined in the September quarterly call, our production for the second half of the year will be stronger than the first half of the year. Full year production will be within the six and seventy thousand to 730,000 ounce range. The split over the next two quarters will see the March lower than the December and then increase materially in the June. The drivers to the March are mine sequencing at Mt Rawdon over the next two quarters, as mentioned by Bob, and planned shutdowns in this quarter, which is similar to what happens in the September. The increase in the June will be driven mainly by the increased tonnes processed at Red Lake with the planned use of the Red Lake mill in that quarter.
The production mix will drive some variability to the group AISC and AIC quarter on quarter. Overall though, we remain on track to deliver group AISC guidance of $12.40 dollars to $1,300 per ounce. At this stage, we are trending towards the bottom end of guidance. The current high copper price is providing benefit to unit costs and cash flow. Should this be maintained for the remainder of the year, we would see an annual benefit of $35 per ounce and $30,000,000 to AISC and cash flow, respectively.
This provides an opportunity for us to be at or below the bottom of our AISC guidance. The balance sheet strengthened further in the quarter with our cash balance increasing to GBP $438,000,000 and net bank debt reducing to GBP 87,000,000. The business as it stands today remains on track to be net cash by the end of the financial year, even allowing for the upcoming interim dividend expected to be paid in the March. I look forward to updating you on our half year financial results next month. Thank you for your time this morning.
And Bernadette, please open the line for questions.
Your first question comes from Nick Herbert of Credit Suisse.
Few questions for me, please, just on Red Lake. Starting there, so pleasing to see it's tracking ahead of schedule. Just wondering if you can give some more concrete targets in terms of mining and production rate targets and timing of ramp up of those beyond this year's guidance, perhaps a bridge to hitting the productivity targets you mentioned and whether timing of that's been brought forward given that you seem to be ahead of expectation in most of your measures there.
Thanks, Nick, and good morning. I'll make a couple of comments and then hand over to Bob. As I said in my introduction, Red Lake is an asset that's exceeding our expectations in almost every respect. The first part was this upgrade in resources. Obviously, the reserve number, now the reserve base, which we indicated when we acquired it was 1,200,000 to 1,400,000 ounces.
We've said today that we expect a material upgrade to that. We've obviously made a decision to start and commence a decline that clearly gives you an indication of our view of those Upper Campbell areas and our access to that. But those are kind of high level comments, which don't really speak to the number of very significant changes and improvements that have been made at the sites. These are productivity changes, which Bob can talk to briefly. I'm cautious about bringing forward or changing our outlook that said it would take us three years to deliver the 200,000 ounces at less than USD 1,000 an ounce.
I think we should stay with that. But obviously, we'll be trying our best to accelerate it and deliver as soon as we can, and things are going better than we anticipated. Bob, over to you to make a few comments.
Thanks, Jake, and thanks, Nick. I'll start with development. Look, I didn't say that 40 meters per day is actually 1,200 meters per month because when you're doing these improvement projects, you do get some periods of really good, and then you you get some periods of where you need to fix more more individual problems that are occurring. But the good thing about development is that we're actually starting to see a a nice uplift in consistency about the rhythm that the guys are getting into. So us getting that 40 meters for what is nearly three weeks now really has given me confidence that that 1,200, which was our aim and has been our aim for quite a period of time, we'll actually start to get a stockpile or a store of mining blocks and accessible development stocks in front of us.
The next stage after that, obviously, is to get the production up to match the development. And that is obviously a process as well. And the guys have been working on their production drilling effectiveness as well as their blasting and loading of their explosives and then moving on to the production. 70,000 or 71,000 tonnes for a month. That's the best we have done.
We can see as we get the development stocks improving as we will at 1,200 meters per month, that that will and can improve as well. So all those things are coming together. The positive about the hoisting system, at this stage, the hoisting is not our constraint. It's been the internal trucking and the the systems internal in mind, and that's what we're working on. So there's a whole raft of different things that that the guys have been working on, both Koshener and at Red Lake and Campbell.
Did I answer your question?
Yeah. That's helpful. Thanks, Bob. Staying on Red Lake, understand that sort of the study is still to come. But in terms of the mill expansion, can you talk a bit to how your thinking has developed there and what scale you're potentially tending towards?
And then also just a comment on focus of additional drilling to get to that decision, whether you're seeking to add new resource or whether it's all just around infilling from here. Just trying to get a sense of, I guess, the scale of the opportunity you're assessing against potentially what your reserve might come out as in this quarter, but recognizing that, ultimately, the opportunity might be well ahead of what is presented in that reserve?
Nick, I'll again make a few comments and then maybe hand over to Bob and Glen to provide further detail. As we've said, when we took it over the and as Bob's indicated, the mine has been or the operation has been mine constrained, and we're making good progress at changing that. And ultimately, we want to shift to make it a mill constrained operation. As you know, there were two mills there are two mills that were there and we decommissioned the Red Lake Mill or we put on care and maintenance and said, we'll only use it when we build up a stockpile. I think really pleasingly at the December, there was some stockpile in front of the Red Lake Mill for the first time in a long time.
And that gives us confidence that the fourth quarter, and we're not going to start it until the fourth quarter, will allow us to really come home with a wet sale at Red Lake with a stockpile there ready to be processed. So we're starting to shift the needle. It's obviously dependent on those development rates, the mining stocks and the underground drilling, and that's all part of the Transva Phase one transformation plan. It is early days talking about kind of what do we what scale should this operation be and we are looking at all the options around that. We do think we have a reserve base that definitely supports more than 200,000 ounces of production.
The longer term target remains 300 to 500,000 ounces and that's going to be part of the study that we're doing at the moment that as Bob said, we'll go into the PFS phase post in the second half of this year. Bob, Glen, do you want to make any comments?
Glen, did you want to comment on the resource before I comment on the rest?
Yes, sure, Bob. So Nick, just with respect to your earlier question on whether there's a requirement for more drilling and what we need to do to convert further resource to reserve. Again, in the area that we're particularly going to focus on, which is the Upper Campbell, it's already really well drilled. In the core of that Upper Campbell area, even the resource, we're almost down to a six meter drill spacing. So there's not really even much more we can do with grade control that will give us better definition there.
I think a couple of things we do need to do. One is to sort of start to validate some of the geological geometries because that's going to influence sort of final state designs as we go. So there's a bit of work to do there. But as you might expect with that density of drilling, there are not too many alternative solutions to the ones that we've already delivered. I think with respect to the reserve and before I hand back to Bob, we've taken a fairly conservative approach, particularly with our modifying factors because it's part of the ore body that hasn't previously been mined.
You're getting into some of these newer areas. And so we're not we've taken the conservative approach before we sort of really understand how it's going to perform against the model. So things like geotech considerations where we're going to be mining next to sort of open voids, etcetera, we need to be we've taken a cautious approach there along with how we've our views on mining recoveries and dilution as we do approaching those old mining areas. So it's like I said, conservative. I expect as we get in there and start to understand it, that will start to change and we will be able to then sort of probably revise the modifying factors to allow us to convert more of
that resource into reserve. Over to you, Bob. Thanks, Glen. Nick, scale, focus, size of the plant really is the focus of the study to actually come up with those. But the prime overarching objective is to take the resource that Gwen was just talking about.
And look. I'm not gonna foretell the reserve that we're bringing out next month, but to try and understand what is the reserve and what is the potential conversions and bring value and and lower our costs in all the areas. So that really is the focus of how we'll get the scale. The scale will come out of the study, and it's a little bit early to actually talk about at the moment.
But as with everything we've done since we made the announcement about our acquisition at Red Lake, we want to be appropriately conservative and be in a position where we're not overpromising and under delivering, but in fact, the opposite of that.
Thank you. The next question comes from Al Harvey of JPMorgan. Please go ahead.
Just on following up on Red Lake. So got the resource reserve is coming out this quarter. I'm assuming you're expecting a material upgrade to the non dort reserve you got on the acquisition. I'm assuming this is mainly driven by the larger resource base. But are you expecting any contribution related to tweaking estimation techniques or economic assumptions?
I know Glen just mentioned a couple before being a little more conservative. But are there any other drivers like maybe using a bit higher gold price or any other factors like that?
Al, no, we're sticking to AUD $14.50 an ounce. That's our conservative price assumption on gold. We are as Glenn said, we've got a number of modifying factors that we've reassessed and looked at. We think we're being appropriately conservative in our estimation, but we'll run through all of that when we release the reserves next month. And
just switching over to Mungari. Development into Bouma looks to be progressing pretty well. Can you remind me when this will be fully ramped up, what the expected ounce contribution and mine life is, especially given the indication and the exploration results that not quite as much along strike there at Burma?
Bob, do you want to take that one?
Yep. Thanks. Thanks, The the underground at Mungari has got a life which is, you know, a couple of years. Boomer is actually part of it. We expect Boomer will come into production sometime in the next six months or so.
The reason for that, Al, is that we're driving the second strike drive now. So we've done the first run. We've done additional drilling. We're now driving the second level, and that will actually inform more about exactly what is a long strike. Glen, did you want to talk about any more of the drilling that's been done?
Yes, sure, Bob. I guess results of the drilling along strike haven't been as, I guess, as good as we would have liked to have seen. The targets are still there. There's more work to do. But I guess the reality is that the space for material increases is getting smaller as we sort of start plugging the gaps.
So look, like I said, more work to do. We're going to assess that as we work through our FY 'twenty two budgets and understand what program we want to design and put in place for next year.
Your next question comes from Matthew Friedman of Goldman. Please go ahead.
Yes, sure. Thanks. Morning, Jake and team. Happy New Year to everyone. Just a couple of questions from me.
Firstly, on Red Lake and specifically the restarting of the Red Lake mill. Just wondering if the plan there is to restart that mill and keep it running into FY 'twenty two? Or is that a is the plan there to have a bit of a fixed campaign in terms of the stockpiles built up in June? Just wondering if that's going be a permanent restart. And then I guess, secondly, if you could put that in the context of how you guys see the combined milling capacity at Red Lake at the moment, I guess, the improvement work you've done so far and where those are where the infrastructure is sitting at the moment?
Thanks, Matt. Happy New Year and nice change of name. I'll let Bob answer that question.
Thanks, Jade. Thanks, Matt. Restarting of the mill, the idea is that we'll build the stockpile. And as we build our production rate, we'll keep it going for as long as possible. At this stage, it's it's just north of the quarter.
But the idea is that periods between the actual shutdowns will decrease as our production profile increases over the coming eighteen months to two years so that we can get up to a full capacity of both mills in that time frame. Total mill capacity at Red Lake is between one point one and one point three million tonnes, and that's what we're working to to try and fill on that. We combine capacities around that sort of level. But we will be stopping the rebote mill again. The reason we're running it at the moment, running it in that quarter, we winterize it, shut it down so that it doesn't cost us that much money over winter.
That's very helpful. Thanks for that, Bob.
Question Matt, why don't you just sorry, Matt. I was just going to say one of the things we're definitely going to do when we release the financials and the MRR is take people through the changes that have occurred at Red Lake and really the outlook and the decline development and what the opportunities are there. Because the change has been fundamental and transformative in the last nine months. It's very impressive when you look at what's been done by the team on-site.
Sure. Thanks for the additional color there, Jake. Looking forward to that detail. Second question for me is on Cowal. It was a strong grade performance in the quarter, certainly above our expectations anyway.
Just wondering whether that was as planned or as budgeted? Or has that been driven by, I guess, potentially the Stage H cutback running a bit ahead of schedule? And are you getting into that ore earlier than expected? And has that contributed to the strong quarter?
I have another one for you.
Thanks, Matt. I think it's a combination of both. It's a little bit of a combination of Stage H a little bit of a combination of some positive reconciliation from the initial ore zones out of Stage H, but also a little bit of a positive reconciliation from our stockpile grade that we've been feeding. So it's a combination of the three of them. Cowaloo is certainly in line with where we want it to be for the full year.
So we're not expecting major uplifts for the whole
There are no further questions at this time. I'll now hand back to Mr. Klein for closing remarks.
Thanks, Bernadette. So thanks, everyone, for joining us. It is a busy day. I guess the one question which I was hoping to get, but didn't, but I'll just make one comment on it is Ernest Henry delivered $74,000,000 of cash flow this quarter, delivered $150,000,000 over the first six months. And it's an asset that doesn't get a lot of commentary because we don't operate it, but it's a wonderful asset to own and it's incredibly cash generative, must be one of the most cash generative assets in a gold company around.
So appreciate your attention and the attendance on the call. Look forward to updating you on the financials and the MRR. And I think the key takeaway for from us at Evolution is this is a company in great shape. Speak soon.