Good day, ladies and gentlemen, and welcome to the Fortuna Silver Q3 2022 financial and operational results call. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Carlos Baca, Director of Investor Relations Sir, the floor is yours.
Thank you, Tom. Good morning, ladies and gentlemen. I would like to welcome you to Fortuna Silver Mines and to our financial and operations result call for the third quarter of 2022. Hosting the call today on behalf of Fortuna will be Jorge Alberto Ganoza, President and Chief Executive Officer, Luis Dario Ganoza, Chief Financial Officer, Cesar Velasco, Chief Operating Officer, Latin America, and David Whittle, Chief Operating Officer, West Africa. Today's earnings call presentation is available on the feature presentation box on our homepage at fortunasilver.com. As a reminder, statements made during this call are subject to the readers' advisories included in yesterday's news release and in the earnings call presentation. Financial figures contained in the presentation and discussed in today's call are presented in U.S. dollars unless otherwise stated.
Before I turn over the call to Jorge, I would like to indicate that this earnings call contains forward-looking information that is based on the company's current expectations, estimates, and beliefs. This forward-looking information is subject to a number of risks, uncertainties, and other factors. Actual results could differ materially from a conclusion, forecast, or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion, or making a forecast, or projection, as reflected in the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast, or projection in the forward-looking information and the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information is contained in the company's annual information form and MD&A, which are publicly available on SEDAR.
The company assumes no obligation to update such forward-looking information in the future except as required by law. I would like now to turn the call over to Jorge Alberto, and also a co-founder of Fortuna.
Thank you, Carlos. Our business continued to perform well in the third quarter. We had a small adjusted gain in net income of $0.01 per share, slightly short of analyst consensus and beat consensus estimates for cash flow per share with $0.22, versus $0.18 of the analyst. We provide in our results news release a measure of free cash flow from operations after capital investments at the mines, taxes, and interests paid, and corporate overhead. This figure is a strong $34 million for the period. In this metal price and inflationary environment, our business continues generating very healthy cash flows. The financial performance is underpinned by steady and meaningful quarterly production of approximately 100,000 oz of gold equivalent ounces.
For the quarter, 68% of sales were attributable to gold, 20% to silver, and 12% to a byproduct, zinc and lead, out of the Caylloma mine in Peru. Costs at all our mines are tracking within the range we guided at the beginning of the year. Inflation pressures on key consumables like diesel, cyanide, steel, explosives, cements have pushed site costs to the upper range of guidance. At this time, late in the year, we believe risks for major deviations from our annual cost projections are largely diminished. Our safety culture and safety performance continue to show sustained improvement with multiple key initiatives ongoing in both LatAm and West African regions. We reported the second consecutive quarter free of lost time injuries to our people and a total recordable injury rate of 2.6 per million hours worked for the quarter.
Our project team at Séguéla continues to deliver exceptional performance. As at the end of October, the construction is 83% complete, remaining on time and on budget. We have accrued $119 million of the $173 million total CapEx and have already committed approximately 95% of the total CapEx. David Whittle, our Chief Operating Officer for West Africa, will share with you more details on the status of the projects and what is coming over the next few months in a moment. I want to bring to your attention a few additional important topics for the quarter and subsequent events.
One is on Monday, November seventh, the Mexican Federal Court ruled in our favor on the disputed attempt by a SEMARNAT official to reduce the term of our 12-year environmental permit extension at the San José mine down to two years. With this ruling, our 12-year environmental permit extension stands as originally granted in December of last year. Needless to say, we're extremely pleased with this outcome, which is consistent with our position that we have always been in material compliance with applicable laws and standard procedures on this matter. A second matter to bring to your attention is the expansion or extension of our credit facility, which is set to close in December.
Although we are past our peak capital demands and remain well-funded to take Séguéla construction to completion and meet sustaining capital needs at our mines, this added financial flexibility is welcome for a business of our size today and also at a time when we want to be able to continue capturing organic growth opportunities in our portfolio at an accelerated pace. On September 12th, we published an exploration news release sharing the continued success we're having with our drilling programs at Séguéla. At the newly discovered Sunbird deposit, we successfully extended gold mineralization significantly beyond the limits of the maiden 350,000 inferred gold resource at a grade of 3.2 g gold. We're working to produce an updated estimate with all this new data before year-end.
Additionally, our scout drilling within the property continues to yield significant gold intercepts at multiple prospects like Kestrel, G7, and Winy. Please refer to the September 12th, exploration news release for the details on the program. We're all excited about the opportunities for organic growth that Séguéla continues to present to us. With that, I'll ask Luis now to you know share the highlights of the financial results.
Thank you. As Jorge mentioned, sales were $166.6 million in the quarter. This is 2% over Q3 2021. Lindero recorded $10.2 million of higher sales, partially offset by slightly lower sales at our three other operating mines. In terms of aggregate volume and metal price impacts, we had higher volume contribution to sales of $10 million, mostly coming from Lindero, partially offset by lower metal prices and treatment and refining charges of $6 million. In particular, the isolated effect of lower silver and gold prices on our doré and provisional concentrate sales was $13 million. Our average provisional realized prices in the quarter were $1,718 per ounce of gold, compared to $1,779 per ounce in Q3 2021.
That's 3% lower, and $19.16 per ounce of silver compared to $24.24 in the prior year. That's 21% lower. Our operating income of $5.7 million was $60 million lower than Q3 2021. Excluding non-recurrent items, namely the $30 million charge in Q3 2021 for the settlement of a disputed royalty claim with the Mexican Geological Survey, and a $3 million charge in Q3 2022 for the write-off of that Tlamino project in Serbia, the drop in operating income was approximately $26 million. The main drivers for these were higher total cash costs of $17 million and $9 million of higher depletion.
These higher cash costs year over year are approximately $9 million-$10 million above what was already built into the midpoint of our cost guidance for the year. The higher depletion is mostly aligned with higher activity at Lindero. We recorded a net loss in the quarter of $4.1 million or $0.01 per share. Other items in the quarter contributing to the loss were the $3.4 million write-off mentioned before, a $1.6 million unrealized loss on derivative contracts, and $2.4 million of foreign exchange losses, mostly related to balances held in local currency in our West African operations in the context of the strong appreciation of the U.S. dollar. We reported adjusted net income of $2.3 million compared to $22.5 million in Q3 2021.
Our reported free cash flow from ongoing operations was $34 million for the quarter, including $11.6 million of positive changes in working capital. For the first nine months of 2022, the same figure was $64.8 million, including $18 million of negative changes in working capital. On the balance sheet, we closed the quarter with $125.9 million of liquidity comprised of $90.9 million of cash and $35 million undrawn under our $200 million revolving credit facility. Our total net debt, including the outstanding convertible debenture, is $120 million for a net debt to EBITDA ratio of 0.4.
On the Séguéla construction, we've funded $20.6 million in the quarter, and we continue to remain adequately funded for the remaining portion of the construction. Back to you, Jorge.
Thank you. David, you wanna highlight the West African region results, please?
Thanks, Jorge. Operations in West Africa continued their solid performance throughout Q3, tracking well with respect to our schedules and budgets. Despite the ongoing worldwide inflationary and supply chain pressures, neither the operations at Yaramoko nor the construction progress at Séguéla have been impacted. At the Yaramoko mine, third quarter gold production of 27,100 oz was in line with plan, with production for the first nine months of the year totaling 79,918 ounces, positioning Yaramoko to achieve midpoint of annual guidance. Safety performance at both sites has been strong, with Séguéla continuing to be an LTI-free project to date. We're proud to highlight that Yaramoko reached in Q3 the milestone mark of a two-year LTI-free operation.
Important to note also that operations at Yaramoko have been unaffected by the political upheaval that occurred in Burkina Faso at the end of the third quarter. Moving to Séguéla, construction progress continues to be steady in line with plan and on time and on budget, with first gold pour projected for mid-2023. As of October 31st, the project is 83% complete, with approximately $166 million committed of the total of $73 million initial capital budget. The project continues to be de-risked and is transitioning from the bulk earthworks phase into the structural, mechanical, and piping works of the process plant, with the majority of construction consignments having progressed through the logistical process. The mining contractor, Mota-Engil, continued mobilization on- site establishment activities and recruitment of key positions.
Long lead fleet shipments are underway with arrival on site expected during the fourth quarter. ROM pad construction and initial grade control drilling is planned to commence this quarter. The water storage dam is complete with approximately 565,000 m³ stored, sufficient for commissioning and operating requirements. CIL tanks fabrication and water tanks assembly, along with hydrostatic testing, has been completed. First structural steel has been erected, and assembly and installation of mechanical equipment has commenced within the process plant. The project critical path processing plant, EPC, is on track at 83% complete, while the HV grid connection scope is nearing completion with energization of the HV substation expected in December. Parallel to the excellent progress on the ground, operational readiness scopes are advancing well with the operations team and systems continuing to be established.
Key members of the operational team have been hired with progress on the next level of management staffing advancing according to the plan. Back to you, Jorge.
Thank you, David. Cesar, Latin American results highlights, please.
Yes. Thank you, Jorge. Our metal production at our mines in Latin America is on track to achieve annual guidance range. San José, Caylloma, and Lindero deliver another strong production quarter, reflecting an increase of 6.9% in consolidated gold production compared to the same period of 2021. Stronger silver and base metal production is explained by higher production and higher head grades for the period. Some highlights for the quarter. In Argentina, Lindero deliver another consistent gold production performance with a 14.5% production increase compared to the third quarter of 2021, mainly explained by an increase in the performance of the three-stage crushing and stacking system. The operation continues capturing higher productivity gains, partially offsetting inflationary pressures and key consumables, and demonstrating consistent production performance.
Gold production for the first nine months of 2022 totaled 89,000 oz. Moving on to Mexico, San José delivered its highest silver production quarter in 2022, totaling 1.55 million oz. This is a 7.6% higher production when compared to the equivalent period in 2021. Gold production of 9,100 oz was 2% higher for the same periods. Increase in silver and gold production was primarily due to higher mill throughput and slightly higher grades in line with the mining sequence and mineral reserve estimates, placing the operation in a strong position to achieve the upper range of annual guidance.
Silver and gold production for the first nine months of 2022 totaled 4.3 million oz and 25,600 oz, respectively. As we move on to Peru, the Caylloma Mine continued to deliver strong, steady production with 292,000 oz of silver produced in the third quarter of 2022. Measured against the comparable quarter of 2021, silver was 6.1% higher due to a combination of increased mill throughput, higher grades, and better recoveries. Silver production for the first nine months of 2022 totaled 831,000 oz on track to achieve the upper range of annual guidance. Zinc and lead production for the third quarter was 11.9 million pounds and 9.1 million pounds, respectively.
Overall production was a result of variances in head grades, higher mill throughput, and better recoveries. For the first nine months of 2022, zinc production totaled 33.6 million pounds, and lead production totaled 25.9 million pounds, both in line to achieve the upper range of guidance. Back to you, Jorge.
Thank you, Cesar, Carlos. We would now like to turn the call over to any questions that you may have.
Thank you. Ladies and gentlemen, the floor is now open for questions. If you would like to enter the queue to ask a question at this time, you may press star one on your telephone keypad to enter the queue. We do ask, if listening on speakerphone today, that you pick up your handset while asking your question to provide optimal sound quality. Once again, ladies and gentlemen, that'll be star one on your telephone keypad at this time to enter the queue to ask a question. Please hold a moment while we poll for questions. The first question today is coming from Trevor Turnbull from Scotiabank. Trevor, your line is live. Please go ahead.
Great. Thank you. I think, Jorge, the last time we spoke, you talked about delivery of the SAG mill components to the site as one of the major critical path items. I just wondered now that the mill is essentially arrived, what do you consider critical path now for construction?
I'll defer to David, who's here. David, do you wanna expand on the critical path items as we see them moving forward, please?
Yes. Thanks, Jorge. I suppose the construction of the project is really transitioning now from the bulk earthworks and concrete civils phase into the SMP phase. Really, any further exposure really forms part of that work. As you alluded to, the SAG mill components have been somewhat de-risked in that all those components are either in transit or actually already in Abidjan. In fact, the mill shells are due for transportation up to site from Abidjan in this next week. We're pretty confident at this stage that our risks have been minimized and we don't see any major risks going forward.
That's great.
To complement, in order to give a bit more visibility, major milestones coming, and some of them were mentioned already. We have the interconnection to the national power grid coming in December. That's a milestone we're looking forward to. Also the start of mine excavations early next year, right? We are starting to see arrival in country of components of the mine fleet. Really, we're gearing for excavations to start early next year. David?
Yes, very much so. The first mining trucks are currently in the final stages of being fitted out at the OEMs and should be getting transported to site within the next couple of weeks. Further batches of mining equipment to the mining contractor, which is all new equipment, should be getting delivered over the rest of Q4. The grid connection, as you alluded to, is actually scheduled for the first half of December, with ultimate connection to the actual plant thereafter in about January next year. The mobilization and recruitment of the mining operations team has gone really well. We have all the key senior roles in terms of general manager, mining managers, processing managers, chief geologists, maintenance people, already identified and recruited.
We're now just filling out the secondary levels of the professional and management ranks within the organizational structure.
Yeah, it sounds like things have continued to go well, and hopefully they'll continue to the very end. I also had a question, just sticking with Africa for a minute, at Yaramoko. I think the latest tech report indicated that the mining rates are gonna be fairly consistent next year, compared to what you did this year on the order of 500,000 tons. In 2024, it looks like the rate comes down significantly. I just wondered if you could remind me why that is, and if there's anything over the next year or so you could potentially do to address and change that.
Yes. In terms of 2023 and 2024, our milling rates should stay around the same area as we are now. In the first quarter of 2023, we actually completed the mining at the Bagassi South satellite mine. At that point in time, we commenced processing some of our lower grade stockpiles at that point in time. That will continue. We still have a substantial amount of lower- grade material on the ROM pad, which is enabling us to maintain full production throughput in the mill. At the moment, we are doing some development out to an additional narrow vein deposit at the Bagassi South mine.
That development is progressing in the second half of this year and will bear the majority of its fruit in the second half of 2023 and early 2024, providing some additional mill feed. We're also in the last stages of doing the feasibility on a smaller surface deposit just to the immediate northern area of the mine as well, to provide us with some additional mill feed as well. It's expected that the ore tons from those two areas will probably be coming reduced somewhat towards the end of 2024 onwards. We'll be into a position where we really only being able to mill what is being produced from the underground mine at that stage.
Sorry. The stockpiles and the satellites potentially keep everything running about current rates, at least through kinda mid-2024, is what you're saying?
Probably more towards the end of 2024, yes.
Okay, great. That's very helpful. And then I just had one final question, and maybe this is more for Jorge and Luis. Just given the fairly material drawdown on the revolver as you are waiting to enter production with Séguéla, I was wondering, would you consider any level of hedging going into this?
Short answer is no. No, we feel we are adequately funded, and no, we have absolutely no need to enter hedges on precious metals at this stage. No. We are past our peak year in our history in terms of capital demands. Our total capital demands amounted to roughly $244 million or $245 million this year. We've been able to meet those funding requirements comfortably, you know, with cash on hand, the existing facility, which we're expanding, and Luis can elaborate more on that. The cash generation from the assets, right? No. No, we're not thinking of hedging.
Yeah, it doesn't seem like the best time to be hedging, but we have seen a few people talking about it more and more, and I just wanted to ask. That's all I had. Thank you, Jorge.
Thank you.
Thank you. As a reminder, ladies and gentlemen, if you would like to enter the queue to ask a question, you may press star one on your telephone keypad to enter the queue. Once again, ladies and gentlemen, that'll be star one if you would like to enter the queue to ask a question. Our next question is coming from Jasper Wijk. Please announce your affiliation, and then you may go ahead, Jasper.
Thank you, operator. I'm Jasper Wijk from Valpal. Congrats on the fantastic progress made on Séguéla. I cover most of your peers, and several of them have had delays in their development projects. Given that, the first gold pour is towards the end of the second quarter next year. How long is the ramp-up time to nameplate capacity, and how much gold production could be expected in the second half of next year?
You know, let me give a punt here and see if David can comment. Right now, we are budgeting 2023. As you can probably appreciate, our mine planning teams are going through the optimization based on the addition of resources and opportunities throughout 2022 at Séguéla. We're right now going through the revision and optimization of our mine schedules and plans at Séguéla for 2023. We will be providing guidance on that early next year when we guide for, you know, production across the business. I can advance that it's not gonna look similar to what we have in our feasibility study today.
We have opportunities versus what was produced in May of 2021, over a year ago in the feasibility study. The team is working and iterating on the mine scheduling, and we will be providing guidance for 2023 early next year. Now, with respect to a ramp- up to nameplate capacity, well, it is always our expectation that that can be a smooth transition. It is an expectation th at can be achieved in a matter. I mean, there should be no shortage of ore. We're gonna stockpile, and we should be in a position to feed the mill at nominal capacity as it demands it. It's certainly gonna be no less than several weeks.
I don't know, David, if you can provide a bit more color on the timing required for, you know, nominal capacity. It's always a process. We would look to declare commercial operations in a way once, you know, we achieve 85% + of nominal capacity and design recoveries, right? That's traditionally what's done. It would be an expectation right now that we can achieve that in a matter of weeks. Anything else, David, you would wanna add?
Not overly. I think that about covers it. Obviously, we alluded to earlier, the mining contract is already well and truly in the process of mobilizing. We're expected to be producing ore to the ROM pads by February of the coming year. As Jorge alluded to there, we certainly expect to have enough ore on the pad at that point in time to fully commission and now and going into operations. Other aspects, such as the amount of water that we've got in the dams there is quite sufficient for commissioning and operational purposes as well. We would be hopeful of a fairly quick ramp up to steady state operations through the mill.
Thank you. I look forward to seeing the guidance. A follow-up question on the Séguéla. What is the long-term throughput plan for Séguéla? In other words, how much tonnage are you targeting on an annual basis? Because in the feasibility study, I know it might not be up to date, that's why I'm asking. It's mentioned that you could get the throughput up to 1.57 million tons per annum, i.e., more than the nameplate capacity of 3,750 tons per day by expanding your excavator fleet. I would ask if you could add some more color on that.
We have embedded in the design the opportunity to expand milling capacity, right? I think how you are gonna see it play out is we start production. We will push to maximize nameplate capacity and, you know, push the nominal capacity to see, you know, if we can effectively improve on that, you know. Likely, second half of 2023 is gonna be a year of commissioning, ramp up, and, you know, stabilizing steady state operations, testing the nominal capacity. In that second half of the year, we're gonna decide, you know, if and to what rate the plant needs to be expanded.
Again, referring to what's in the feasibility study, a lot has changed, you know. By next year, we will have Sunbird in the mine plan. Today, we have 350,000 oz of gold in inferred resources at the highest grade, at higher grade than the average grade of reserves. The grade of Sunbird is 3.2 g gold, and it's above the reserve grade of the deposit on average. You know, all of those things are moving parts right now. You know, I think the second half of the year 2023 is gonna be key for us to finally define how big this is going to be.
I'm personally of the opinion that we have important opportunities ahead of us to expand beyond what's currently in the feasibility study. No. Clearly, we will have more resources available and that should drive the decisions to expand. The question is at what rate, right? We're in no position today to give an opinion on rate beyond what's in the feasibility study. What I can say decisively is that we have clear opportunities to expand beyond that.
Thank you. I look forward to see the impact on that Sunbird has on Séguéla. One last quick question. Speaking of Boussoura as exploration project, you previously communicated that the plan is to put out a maiden and inferred resource towards the end of the year or early next year. Is that still the plan, or has anything changed?
No, yes. We are in the final stages of having a resource available for disclosure. The team is well advanced. That is the same team that's been supporting the Séguéla optimization and the Sunbird resource estimation, and we have given priority to the work on Séguéla. That's why Boussoura has been somewhat delayed. It is our plan to have that out shortly, right?
Thank you. I look forward to it. That was everything for me.
Thank you. Your next question is coming from Don DeMarco from National Bank Financial. Don, your line is live. Please go ahead.
Okay, thank you, operator. Good afternoon, Jorge. At San José, there was recently a favorable decision by the court regarding this, the 12-year extension of the EIA. Beyond this, what are the next steps, if any?
Hi, Don. Well, there are no next steps. The ruling is not appealable by SEMARNAT. You know, we have the operation has been working throughout all of this drama as business as usual. We've always been under the protection of court orders, court injunctions, court stay of executions. Now we get this final resolution that you know basically says that our original 12-year permit granted by SEMARNAT stands. For us, there is no next step really here. It's quite simple.
Okay, you're not waiting for another court decision. There's no reaction from SEMARNAT. Effectively, this de-risks the EIA for 12 years for San Jose. Is that right?
Yes. That's what we understand it. We have no notices from SEMARNAT of any kind in front of us, nor indications that, you know, there is something like that coming. All the issues that we were dealing with SEMARNAT were in that court, right? Regarding that extension of the permit. No, we
Okay.
We have no pending issues there with respect to the environmental permit, right? Yeah.
Great. Okay, well, thank you for that. Just another couple questions. Looking at Lindero, year-to-date AISC is above the top end of the guidance. We know that inflation has been a factor here. Can you just remind us, what are the drivers for this uptick in cost? Heading into next year, is this the new normal for Lindero in terms of what we're seeing in cost maybe in Q3 or thereabouts?
Yes. You know, Lindero has been hit the hardest by inflation, but not only that, we're still remediating, you know, legacy issues from the construction. Perhaps, Cesar, you wanna provide a bit more color on the status of that work and what is it that we're seeing into next year, right?
Sure, Jorge. Yes, as you mentioned, we had some legacy issues that have been properly addressed throughout the year, especially referring to the crushing system and also some opportunities for the bottlenecking some of the process on granulometry as well. Phase I of the leach pad also has been finalized this year. As we look into next year, we will be looking at the expansion of the leach pad on what we call phase II. But you know, a lower requirement for what you referred to as legacy issues in next year.
Pretty much everything will be taken care of in 2022.
In 2023.
This is Luis. This is just to comment on that and the question with respect to a new normal. A large component of that higher cost in the case of Lindero comes from the sensitivity of the cost structure at that mine to certain consumables, particularly diesel and cyanide, right? What happens next, of course, is highly dependent as well on how we see those, the inflation, those key inputs evolving over the next few months and year.
Okay. Okay, thank you for that. Just as a final question, this is a strategic corporate development question. Maybe it's a little premature given that you're focused on a mine starting up in about 6-9 months. We also see, and it was mentioned earlier in the call about Yaramoko, the high costs and mine life and technical report and so on. In the event Yaramoko was to wind down or otherwise, would you look to add another asset? If so, you got a number of jurisdictions you're operating, which ones would you favor? Which do you have any preference at this point? What are your thoughts regarding adding another asset and jurisdictional preferences? Thank you.
Yes. With respect to jurisdiction, you know, we're not looking to add more dispersion to our geographical presence already, right? I mean, I think what we have done with the expansion into West Africa is anchor the company in two regions where we should be able to see our business growth for years to come now. We're not looking to add new jurisdictions. Everything that we do has to be covered with the infrastructure and teams we have in place at the regional level now. We look at opportunities in the countries where we operate and near neighbors. No?
Mm-hmm.
With respect to growth outside the firm, you know, our view is that we have so much growth, organic growth in the pipeline that our focus needs to be to harvest that. You know, we were just talking with the previous caller on the expansion of Séguéla, right? We have the view that Séguéla has the looks of a much bigger mine, and we need to work to materialize that, right? That's gonna be a big area of focus in Côte d'Ivoire, which is a great jurisdiction to work. We have the Caylloma mine, which is our smallest producer today. You know, it's a steady free cash flow generator, not our biggest business.
It's a mine that if you look at reserves and resources, it's akin to 10 years in the interim, you know. If you do what the regulators don't like, if you add reserves and resources, you can see a 10-year operation with mineralization wide open on the northeast extensions of the Animas vein. We're contemplating potentially the expansion of that mine. That's a study that will take place throughout 2023. We are working on the adoption of some demanding standards on GISTM and whatnot that will consume capital. You know, I think there is a lot of organic growth and housekeeping for a business of our size that we need to face.
I think there is a lot of value to be harvested within the portfolio, and that will be our priority. That is not to say that we're just blind or we'll blind ourselves to you know, to opportunities in the countries where we operate or near neighbors. You know, we're always curious. I am myself, you know, I come from the ranks of exploration, so, you know, I do favor active exploration. So, we will be always keen to get involved in a good opportunity, a good exploration play if it comes. The message is we're largely focused on organic growth for the next time to come, right?
Okay. Thank you, Jorge. That's all for me. Good luck with the final construction and ramp up of Séguéla.
Thank you. Thank you, Don.
Thank you. There are no further questions in queue at this time. At this time, I would like to turn the floor back to Carlos Baca for closing remarks.
Thank you, Tom. If there are no further questions, I would like to thank everyone for listening to today's earnings call. Have a great day. Bye.
Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.