Good morning, ladies, and gentlemen, and welcome to Osisko Gold Royalties Q3 2021 Results Conference Call. After the speakers' presentation there will be a Q&A session. If you'd like to ask a question, please press star followed by one on your telephone keypad. Please note that this call is being recorded today, December 10th, 2021 at 10:00 A.M. Eastern Time. Today on the call, we have Mr. Sandeep Singh, President and Chief Executive Officer, and Mr. Frédéric Ruel, Chief Financial Officer and Vice President, Finance. I'd now like to turn the meeting over to your host for today's call, Mr. Sandeep Singh.
Great. Thank you, Operator. Morning, everyone. Thanks for joining us for update on our Q3 financials. Really good quarter for us. Not getting tired of saying that. Looking forward to update you on our developments over the course of last quarter and then looking forward. As we do, I'll point out that there is a presentation on our website. If you don't already have it, we will be walking through that throughline, putting on slides as we go. Please make sure you check that presentation. Starting on slide two, I'll also remind you that we'll be making forward-looking statements as we give you this update. Please be mindful of that fact.
On slide three, just starting off with some highlights on the quarter, we earned, as you already know, given that we've been pre-releasing these numbers, over 20,000 GEOs for the quarter. Led to a record in terms of revenues and cash flows, CAD 50 million and CAD 24 million respectively for the Royalty and Streaming segment of our company. The cash margins stayed very similar, 93% or 94% excluding Renard, and no change in that type margin business. On the net earnings side, low CAD 20 million. That's obviously the result of the impairment on the existing development side of the Bonanza Ledge II. Reminder on that front, that's also one of the primary purposes of that BL II component, which is not the primary Cariboo asset. It's for cleaning.
It's largely for the remediation of a big pile that's on surface. It's an area that can be worked to commission the mill while the larger projects cannot be touched in the permitting process. The noise there, that's no more than that. Adjusted earnings from the royalty segment of CAD 23.2 million or CAD 0.14 per share. As you know, we increased our dividend a quarter ago to CAD 0.055, and paid that dividend on October 15th. We also reissued that dividend for the next quarter in the same way. In terms of some acquisitions, maybe I'll just jump around a little bit.
Apart from the dividend, we've also been more active on our end than ever over the course of the third quarter, buying back 1.7 million shares for CAD 15 million. We've been saying this, you know, if the disconnect gets too wide between our fundamental value and our share price, we would take advantage of it. Did so more aggressively in Q3, and we'll look to find if we're given more opportunities, we'll take them in the future. In terms of new investments, we acquired, as you know, that 2.75% royalty on the TZ project in Brazil, which is now being pushed forward by G Mining very aggressively. We'll talk about that.
That does have a buy down, right, which could take it down from 0.75%, which is how we thought about it. We also, post the quarter, completed a transaction to buy selected assets from Barrick, who have flagship assets in that set, moving forward, high-grade assets, that I will update you on just on the next page. Productive quarter for us. A lot of good things happening throughout the portfolio that we'll talk about through the rest of this presentation. On slide four, I won't go through it because we already have. On the TZ side, as you can see, we talked up in the last quarter. There was a special event. Generally, you know, good progress from G Mining. We're expecting a feed in the early part of 2021.
Sorry, 2022, forgive me. Construction financing to be kind of sorted out in H1, with the construction decision expected over the second half of next year. Fast tracking, and we look forward to that national as well as exploration insights and income, from that group. On the Barrick portfolio, the asset I was referring to was a 2% royalty on the West Kenya project, which is being operated by Shanta Gold. It's a very high grade, very high IRR project, with a very capable operator in the region. The capacity to build a mine, that is still part of their growth strategy. We look forward to the level of entry that's gonna be placed on this asset with Shanta.
You'll notice there's some numbers there in terms of current expectations of a high grade, around 5,000 oz a year mine for a long mine life. It also sits in a very prospective large land package, 200 sq km, relatively untested, with some of the best drill results coming out of it anywhere in the sector at this point. Intervals including 4 m of over 700 g, 6 m of over 200 g a tonne . That's another kind of small single for us, but one that we think could add a lot of value as years to come. Slide five, we touched on it earlier in terms of our returning capital to shareholders. We have a very strong dividend yield of 1.4%.
We've returned capital to shareholders every day since existing as a company. That NCIB, just to between the dividend and the NCIB this year, we've returned more capital to shareholders than they did in our core group, put the two together. That will remain a focus for us. Our high margin business allows us to do that. No matter what's happening in the broader stock market. Great day today, but irrespective of the gold price, 90% high cash margin business will be a go-forward factor in our company. Slide six. You just see the production over the quarter by asset. Our Canadian producing asset base is performing extremely well. There are positive catalysts across the board, and we'll touch on some of them in the subsequent slides.
Also worth pointing out on a day where gold is having its overrun, we provide the highest precious metal weighting. I believe our books are highest at a point where we think gold has an opportunity to really outperform after being range bound, frankly, down or range bound for the last eight months. Obviously, the CPI number out of the U.S. is not lost on anyone today. It's important to point out that it's not only the overall CPI number is high, the core number is also high. I think the inflation story is broadening. I think that rhetoric about it being transitory from much of 2021 is starting to feel more and more hollow. Gold is a good backstop.
Meant to backstop is gonna be delivering more and more gold ounces at the right time of the year. Excuse me, it says slide seven for me again. That's the largest slide. Obviously this is a type of asset. It's a phenomenal type of asset. On the operating side, it continues to do extremely well. Obviously the catalyst that most people are watching for is the underground story to develop in terms of the underground capital development work that's progressing ahead of schedule. The infill drilling routinely is returning wide, very high grade results for East Gouldie down to significant depths.
The exploration or the expansion work at East Gouldie is also coming in extremely nicely, promising widths and grades down to 2 km in depth and out 1.5 km from the closest resource zone. A lot of potential growth there. Based on those components and the operators, we expect a healthy resource increase in early 2022 and look forward to that news. Apart from, you know, what I've already talked about, there's also other components of potential growth. There's this section called Odyssey Internal, which if you look at the bottom left here, is kind of labeled as porphyry. Porphyry rock sitting between Odyssey South and North. Those have had, you know, strong intersections as well. It's early days. Expectation is with more drilling.
Overall, right now, I believe there are 15 rigs active and 95,000 m drilled in the first three quarters. We expect that momentum to continue. As it does, really hasn't been any setback on that story. It's only gotten better as the operator has focused on that. Good topics just to start. On slide eight, with respect to two other significant assets at Mantos, as we've talked about this before, the, you know, the debottlenecking project, if you will, these types of projects is nearly complete. They're getting up to 99% kind of pre-commissioning progress. The overall completion of that is still expected in the first quarter of next year.
At that point, we start to see a ramp up in ounces there, expecting deliveries in the first full five years of post expansion to average 1.39 oz a quarter. A significant increase for us. Actually one of the better copper intermediate companies in the sector. We expect those transparency increases on this asset. You know, the ounces and price expecting out of the asset, people appreciate for what it is, as well as paying for what it means to us. The Eagle Gold Mine in Victoria has some really good news as well. Great result, frankly, in terms of the ramp-up. They produced 50,000, almost 52,000 oz in the quarter. Big step up versus Q2. It's nice to see the ramp up going as well as it is.
Obviously, they're still focusing on exploration, but we expect that effort to ramp up as well. We'll see that effort to accelerate as the ramp up starts to get up to speed, and are keen to learn their plans to push the mine even further to a 200,000 oz a year type level in the near term. Excellent update on that front. On the next slide nine. Just a couple others. We're touching on not all of our assets, but pointing out some things that we think are salient. Very happy to see Minera Alamos start to pour gold, or intend to pour gold off of Santana in Mexico, where we have a 3% NSR.
We expect that company to sell off operations as we go at full capacity for a full year. It's 1,000 GEOs for us. It's a brand new asset. It'll mark our 18th producing asset, and we'll close with a success for that endeavor. On the CSA side, our 3% royalty there has been a good one for us for a long time. Nice to see the record level of throughput there in September trending towards and expectations of some 10% of higher end of their guidance. Then even more importantly, exploration results we've been talking about in the near term look very promising. We look forward to an update on that in 2022.
We've got Hanging Wall in kind of the next phase of production, and you'll notice there are a couple of bullet points of intercepts that bode extremely well. Positive results, not just on that ore body, but across all the ore bodies at the Seabee complex. Look forward to more information on that, carrying into this year. On slide 10, an update on the assets that are in the kind of system development part, so Cariboo and San Antonio. Cariboo, I think at the end of the quarter, they're up to 162,000 m of drilling. That gives them enough information to put a pin in it and now work towards a resource, sort of reserve update towards the end of the year, or very early next. That type of timeframe.
Still tracking a feasibility study in the first half of 2022. Those will be the major milestones there. In the interim, they've had good success from a permitting perspective, including getting an underground bulk sample permit at Cow Mountain, which is not necessarily easy to do when you're in the process of a broader permitting cycle. It just shows the strength, I believe, of the relationships that they have with the regulators. That's a work that they can achieve in 2022, which will give them a head start in terms of information and just a head start on the asset overall. Good large catalyst on that story expected in 2022 along the same timeline that we've already talked about. San Antonio, a total of almost 23,000 m have been drilled.
We expect, you know, positive potential increases on both the oxide and the sulfide level of that story. Results should be expected shortly, so it'll be good, frankly, for us and then everyone to see more visibility on that asset. We're looking forward to that event. We think as they continue to drill, the upside potential there, both in oxide and in sulfide is quite high. We look forward to that story taking shape here in the very near term. In the meantime, they are putting the existing stockpile back on leach. The new leach pad is constructed and completed. We're looking forward to a small amount of production from that stockpile, which will be helpful to the overall story. A couple of other development assets we're touching on today.
First, Upper Beaver on slide 11 here. You know, the drilling there being done by Agnico continues to prove out. They're testing very long, high-grade runs in the infill program that they're doing and potentially expanding it as well. We expect that. Frankly, it's a pretty significant update overall in 2022 with respect to drilling and resources, the feasibility, the plan, the timeline overall for development. Just recently a project description was submitted in September, which described a 10,000 ton-15,000 ton per day operation with a 16-year mine life. Pretty important asset. It's one where if you go back to the commentary from the news releases talking about this for some time as being a mine, quote unquote, the question has been timing and when do they phase it in.
I think with the merger with Kirkland Lake, you know, this is one of the areas that they've been talking about for potential synergies. I think that has the potential to fast-track things, not only for Upper Beaver, but also for other assets like AK and Amalgamated Kirkland , where we have a 50% royalty as well. There are 700,000 oz there that are sitting within 300 m of the underground development from the capital. Those, if required, we're probably, you know, obviously not a panel on that site, but can come into it straight to us. We certainly hope so and look forward to hearing more about how that all fits together over the course of next year.
Back Forty is an asset currently run by Aquila, who's gone through some permitting hang ups, I guess, maybe not the right word, but some permitting challenges. We're happy to see kind of a revamped permitting process underway, one that covers smaller footprint, smaller open pit, bigger underground, which should serve the permitting process well. Frankly, also happy to see Gold Resource Corp, a larger producing entity, come in and see the same thing that we do and Aquila does in terms of the potential there.
Having a larger, better capitalized producer see that value in Back Forty and the value in the work the whole team has been doing is a positive step, and really, really big step forward in terms of just, keeping it in the stream for us. Look forward to that transaction being completed, the permitting work coming out with a positive result, and then, hopefully just becoming a core part of Gold Resource's kind of gold strategy for their second asset. On slide 12, this is a slide that we kind of show more routinely, so I won't go through it in detail, just our growth profile. A lot of organic growth on the come, I guess, is the summary of it. Some of it hits in 2022 and 2023.
There are other key assets that are moved forward more to the middle of the decade. But they're generally assets that matter. These are important assets to the sector run by incredible groups. Never as fast as you like, but they're on the come. These are our long-term assets that benefit from seeing a good catalyst and progress. When you look at this page, I think we've got a decade of growth in front of us that's in strong shape, and look forward to seeing that develop through the years. I'll pause there and hand it off to Fred, who will give you a little bit more color on the actual financials, and then I'll kick it off to wrap it up and take some Q&A.
Good morning, everyone. Thank you for joining us today. Q3 was not too different from Q2. New records were reached with strong deliveries of gold and silver, which led again to record revenues and operating cash flows from our royalties and streaming business. As per the presentation, slide 13 of the presentation, we recorded record revenues of CAD 50 million compared to CAD 41.2 million in Q3 of 2020, which was of course impacted by the COVID pandemic. We also had a peak revenue in 2020, which was not the case in Q3 this year as our last producing uptake was converted into a stream last April. Cash flows from operating activities were CAD 41.1 million on a consolidated basis for the royalties and stream segment alone.
Cash flows from operations reached a record of CAD 44.1 million, compared to CAD 37.3 million in Q3 of last year. If we go on page 14, we present a summary of our earnings and adjusted earnings. Consolidated net earnings to our fiscal shareholders was CAD 1.8 million or CAD 0.01 per share, compared to CAD 12.5 million in 2020 or CAD 0.08 Per share. The lower net earnings, as mentioned recently, was due to the impairment charges recorded by our Osisko Development of CAD 33.3 million. On a consolidated basis, adjusted earnings were CAD 17.9 million, CAD 0.11 p er share, which includes adjusted earnings of CAD 23.3 million or CAD 0.14 per share from the royalties and stream segment, and an adjusted loss of CAD 5.4 million from Osisko Development or CAD 0.03 per share.
On page 15, we have a summary of our quarterly results with additional details for the royalties and stream segment, which includes gross profits of CAD 33.8 million compared to CAD 20.8 million last year. As we have previously mentioned, operating cash flows of CAD 44.1 million were generated in Q3 by our royalty and streaming business for a total year- to- date of CAD 118 million. On page 16, we have a breakdown of our cash margin for Q3 and the first nine months of 2021. In Q3 of this year, the cash margin on our royalties reached CAD 34.4 million. The cash margin on our streams amounted to CAD 12.1 million for a total of CAD 46.5 million.
This brings the total cash margin for the first nine months of the year to CAD 140 million. On page 17, you'll find a summary of our financial position. Our consolidated cash balance was CAD 152 million at the end of Q3, including CAD 80 million for our Osisko Gold Royalties and CAD 72 million for our Osisko Development. Our Osisko Gold Royalties held investments having a value of CAD 169 million at the end of September, in addition to our investment in our Osisko Development valued at over CAD 500 million. Our debt was stable at CAD 105 million, with over CAD 535 million available under the principal facility, which as you know, was increased and expanded last July.
We have also acquired 1.7 million shares under our NCIB program for CAD 26 million in Q3 for a total of 2.1 million in 2021, or CAD 30.5 million. In summary, we have record revenues and operating cash flows in Q3 as a result of strong deliveries and gold prices. With the increase in gold prices and silver prices this morning following increased inflation in the U.S., we can only be optimistic for Q4 as well. I will now turn the call back to Sandy for closing remarks and questions.
Thanks, Fred. We will open it up for Q&A here any second. Just to my attention that perhaps there was a delay of about 10 minutes for some people entering the call. Our apologies for that. Hopefully we can make it up in the Q&A if we need to, but rest assured, we did some great things in those first 10 minutes, better than what you probably heard. It is a typical quarter for us again and the operations are working extremely well. Apologies for that technical glitch. Hopefully that won't happen again in future. Operator with that, I think you can open it up for Q&A.
Sure. At this time, I would like to remind everyone, in order to ask a question, press star then the number one on your telephone keypad. Your first question comes from Josh Wolfson from RBC Capital Markets. Please go ahead.
Hi, Josh. Can you hear us?
Josh, your line is open.
Sorry about that. That was an issue on my end. With the permitting scheduling, you know, outlined in the release for Sapuchi at San Antonio, what should we expect in terms of time frames for, I guess, initial kind of real mining and in-situ processing from that deposit and then overall, you know, how does permitting look there and any scheduling for production?
Yeah. Good morning, Josh. I think I mean, look, frankly, quite well, we've always been a little bit worried that with COVID we might see undue delays. Since the development might be undue delays there and people still stuck with COVID. Fingers crossed that that continues and there's no kind of further bureaucratic delays. Important to see that the stockpile has, you know, got permitted and is nearly complete. That work is ongoing. There will be a little bit of production. In terms of the main production that you're referring to from Sapuchi, you know, the hope is that that permit can come in. We're saying kind of half, like the expectation is complete early part of next year, and then that's the gating item.
Once that comes into play, you know, if it does come into play on that time horizon, then you can expect production in 2022. Obviously, if this comes in earlier, hopefully we can get a little bit more in. That's the kind of bounds that we're working with. It'll be a little bit uncertain until the permit comes in. Hopefully that once it does, it'll be a little bit more clarity on how much of a year we can catch in 2022. If we don't catch it, you know, the year we're expecting in 2022, we frankly just flow it into 2023. Overall, I think we're happy with the progress there and, happy with the exploration drilling that we're seeing. It'd be nice to get an update out there for everybody.
In the grand scheme of things, as far as mining goes, that's all pretty near term.
Okay. It sounds like that would imply, you know, if you get that specific permit in the first half of the year, you get production, that would imply, you know, let's say within a six-month timeframe from permitting receipts, you'd be able to to generate production. Is that fair to say?
Yeah. Look, if it's the very end and very last day of the first half, I think that's optimistic. I think we're casting a pretty wide net when we say the first half of the year. We'll see how that evolves. Hopefully it could be sooner or later, and we'll have visibility on that as we sit here on November tenth, it's not that far away in getting better visibility on the timing.
Okay. Then for Mantos, if commissioning is happening in the fourth quarter, you know, should we expect maybe lower production in the near term as you know, maybe there's some operating interruptions before some improvements next year? Then can you remind me what, you know, the typical delay is between production at the site and when, you know, first cash receipts that help in the revenues?
I'll ask, I don't have that second answer for you off the top of my head to spread, while I answer the first. Maybe you wanna give that some thought. I think overall, we don't, in our conversations with the team over at Mantos, expect the final, kind of tie-in, if you will, to cause much of a back effect in terms of production. That's roughly how we've been thinking to date. As you can imagine, it's a big project. It's not like it happens like the flip of a switch. They've been doing it as you speak. You know, as they're 99% complete on commissioning, obviously certain things are already kinda coming into the fold. You know, time will tell, and it'll happen pretty quickly.
So far, we do not expect them to be a step backward. In context, you know, we think it's not a light switch to positive either, so it'll take a little bit of time to ramp up. So we're not expecting to get the full benefit of the year in terms of maybe being at a 100% stream online. Hopefully better than we are and we'll work significantly towards that mark. That's how we think about Mantos. Sorry for putting you on the spot. If you don't have an answer, we can get back to you with one, Josh. Do you have a sense in terms of the timing delays on Mantos ounces ?
Yeah, just the usual. It would take one to two months. It's not more than two months.
Okay. That's great. Maybe one final question just on the capital allocation side. You know, the company has been pretty active on its buyback and most of the acquisitions in terms of you know, royalties and streams have been smaller dollar amounts. You know, and there is a reasonable size debt position, but there's obviously a lot of financial flexibility. You know, how do you see the company balancing these different elements and perhaps what's the company's appetite to transact the streams versus buying back stock as important cases?
Okay. You said you used the word, the right word. It's balance. You know, we feel like we have the financial flexibility to do all of that. Obviously, you know, if we see the right deals, we compete for them. We have a lot of room on our credit facility. We upped it intentionally. We increased the facility to reduce the cost of it. That provides us kind of a backstop for the converts that come due at the end of next year. You know, but I said it in early 2022 that we would be disciplined at a point in the cycle where, you know, there were a lot more options for the sector in terms of how to finance themselves, and we were. We have been, and we will continue to be.
You know, we don't have to chase growth the same way as others perhaps. We have a lot of it internally. Still active, looking at things and we've still been able to add quality assets along the way without overpaying for them. You know, our assets don't need spot prices to be viable. You know, where we sit today, though, I would say, you know, with commodities, most commodities, apart from certain commodities having been flat to down, with the equity markets a lot more discerning, if you will, I think there's a greater need for royalty and streaming capital. If we find the right assets that fit our objectives, we are happy to transact in bigger and bigger sums. That's how we're managing it.
You know, balance when the stock just gets ridiculous and cheap, we'll step in. I think we could do a little bit of all of it frankly, and just reassessing that balance as it changes. As you can imagine, it's a pretty fluid situation. If you see something really big that you wanna do, obviously that changes things. For now, we're pretty comfortable that we have the ability to do everything we need to with our balance sheet.
Okay. There's no more questions. Thank you.
No problem, Josh. Thank you.
Your next question comes from Kerry Smith from Haywood Securities. Please go ahead.
Thanks, Operator. Sandeep, just to clarify, just to follow up on Josh's question, would it be reasonable then to assume the full year 2023 would be at the 1.3 million oz rate on the royalty delivery then? Would that be what you're kind of expecting, I guess, on the ramp-up?
Did you say 2023, Kerry?
Yes, yes. Like a full basically nine months or 10 months to ramp it up through 2022 and then a full run rate in 2023 calendar year.
Yeah. Yeah, no, absolutely. I don't see why that wouldn't be the case. Obviously, a lot can happen between now and then, but it's gonna look like that for us. I think, you know, the expectation is frankly, hopefully, we can have a long way towards that mark even in 2022. I think it's just, you know, would be premature for me to say until they get the system kind of set up. Certainly we've, you know, been impressed with the operational capabilities of that group, they hit out of the park every chance they g et. So, you know, getting ahead of myself, but certainly we're expecting a significantly increased year in 2022, and hopefully with that behind them they'll be humming in 2023.
And on Back Forty, are you anticipating that the Gold Resource Corp will update that feasibility study looking at. They're talking about a smaller footprint. I presume they're going back to that feasibility to look at a smaller, getting a bigger underground operation then. Do you know what their plans are?
Yes. Yes, yes to all, Kerry. That is the path. You know, there was a new feasibility in the works with Aquila on a standalone basis. Our technical team was providing some oversight to that process. You know, we've been on review for some time, but running around there made more financial sense, frankly, and certainly helps on the permitting side, potentially not needing, you know, not impacting the wetlands that were the issue that last time around at all. We think that made sense in every way, and we're happy to see Gold Resource, Allen Palmiere and the senior team there step in and see it the same way as we all do.
They're effectively picking up that feasibility in progress, intend to complete it obviously, and then use that as the backdrop to adapt to the permitting cycle. It's clear a cycle that will be shorter this time around is better for gold. That's an item there. I think there is a really good project here, and it's one that they're eager to push forward.
Are you thinking the feasibility or are you expecting the feasibility would be complete by the end of next year then or earlier than that?
You're testing my recall now, Kerry, but I think the answer is earlier than that. Something that was underway, you know, as soon as kind of the permitting hit a snag this year, frankly. A lot of the work and the thinking had already been done by the team there. Yeah, I wouldn't expect it to take all next year. I just don't, off the top of my head, remember the exact timeline, but if I had to guess, I'd think it would kind of certainly be that middle of the year, if not maybe even sooner.
Would I be correct in my recollection that they need that updated feasibility before they can go back into the permitting cycle, correct?
Yeah. Look, I think that's absolutely fair. I mean, if you're going back on the permitting definitely you need to kind of show them what the different, what the new project looks like. That's why I think that the timeline for that feasibility is actually gonna be sooner, but I just don't have that at my fingertips right this second. Yes, they will need that piece to go back to the.
I got you. Just last question quickly on Renard, you know, based on the quarterly average carat value that you're realizing there, that they're realizing, we've seen that that operation is looking significantly better when you're gonna bring it back in and start receiving the GEOs from that operation.
Yeah. Look, things are going well there from a diamond price perspective. We didn't put it in the press release, so if you didn't catch it in the MD&A, the last sale I believe was $104 and change. Frankly, for a smaller set of diamonds, not as good quality, so still aren't getting results. The company is building up some cash. It hasn't been for a little while, so that's all positive. You know, it's Renard is something we've been working to get back, you know, to get value back on, for some time. Currently we're just kind of I think as we allude to, we're redistributing our stream proceeds back until April of next year.
That's something we can climb on, Kerry, absolutely, and we'll come back to you in the market when we have a better solution there for us. As I've said, you know, really positive results. Things are looking better there than we'd expected. The purpose of sticking around and that private sale was to get back to our stream value. That's our objective.
Okay. With that, you're gonna stick to the April 2022 timetable of just to keep the investment in cash then, I guess?
Not necessarily. It's just that's the market there right now. Having those discussions all the time though. I'll be quite happy. You know, there's every sale is looking to bolster the treasury, so we're having those discussions all the time.
Right. Okay. Thank you very much.
My pleasure, Kerry.
Your next question comes from Ross Cardon from Polygon. Please go ahead.
Oh, hi. Yeah, just one from me. On the diamond prices, I saw the commentary in the MD&A. Is that more quality driven or market driven? Because it looks like a pretty healthy increase. I'm just trying to put it in context of what you see for other diamond producers, which has been kind of smaller. This is a pretty good jump. I know it's off the run, but I wonder if you have any color on that.
Yeah. Hi, Ross. Yeah, the quality, in fact, you know, the quality of the Renard diamonds hasn't markedly changed. In fact, if anything, in that last sale, as I pointed out, maybe not, well, it is a worse set, a worse batch, if you will. So it was nice to see the uplift, even with that drop. I think it is really a market impact in that sale of diamonds, in that band of diamond quality and sizes. I think now we have formally seen the last of the Argyle batches hit, which is a set of diamonds, that's very comparable. I think there's a bit of that production and stuff. I think, you know, seeing the last batch is kind of it in that.
Promising, that market is strengthening the way it is.
Yeah, that is, interesting. Okay, thank you. Sounds good.
No problem, Ross.
There are no further questions at this time. I will turn the call back over to presenters for closing remarks.
Thank you, Operator. Thanks, everyone for taking the time. Again, our apologies if you missed out on the first bit. If there are any kind of further burning questions, you can reach out to us anytime. I'm very proud of the talent in the company right now, proud of the quarter, proud of the asset base. Happy to talk to you about it at any time. With that, maybe just one small build on tomorrow around this time, Remembrance Day. On behalf of our whole team, and obviously everyone's listening, I'm sure we thank those who have well, those who continue to play a key role in our way of life.
It's easy to get kind of bogged down into your own issues and hopefully tomorrow during that moment of silence, you can take a second to focus on the bigger picture. Stay healthy, be well and enjoy the positive holiday. Bye.
That concludes today's conference call. You may now disconnect.