We'll now turn the conference over to Paul Huet, Chairman and CEO. Please go ahead.
Thank you. Good morning, everyone, and welcome to Americas Gold and Silver's second quarter 2026 conference call. As always, this call is being recorded and will be available on our website's events page later today. We will also be referencing a slide deck during today's webcast presentation. Joining me on the call today are Warren Varga, our Chief Financial Officer, who will walk us through the main financial takeaways for the quarter, and Oliver Turner, our Executive Vice President of Corporate Development. I'll begin with a few housekeeping items and then walk through the key operational and strategic highlights from the second quarter before turning the call over to Warren. Over to slide three. Before I begin, I'd like to remind you to review our cautionary statements regarding forward-looking information and non-GAAP measures contained in our second quarter MD&A news release and our presentations.
Please also note that unless otherwise stated, all dollars are USD. Over to slide five. Safety remains the foundation of a strong operating culture, and I really want to congratulate all of our employees on their continued commitment and performance with zero lost time accidents, now extending well over a one-year period across both our operations in U.S. and in Mexico. Well done to all of them. During Q2, our team made significant progress across the company with a 26% year-over-year improvement in production at our Cosalá mine, continued with major infrastructure upgrades at Galena Complex, and obviously the massive removal of the variable gold and silver price-linked debt obligations, which we'll talk to a little later. Consolidated silver production was approximately 665,000 ounces during the quarter, or approximately a little over 800,000 silver equivalent ounces.
These results reflected ongoing strong operational performance at Cosalá. At Galena, the extended shutdown associated with phase 2 of the shaft and the upgrades are now well behind us. We're actually now enjoying those improved infrastructures, which we desperately needed. More importantly, we remain on track to achieve our full year 2026 production guidance of 3.2 million-3.6 million ounces of silver. As we have previously emphasized, production has always been more weighted to the second half of the year as dollars are spent for the infrastructure. Financially, we delivered yet another strong quarter, with consolidated revenue increasing 71% year- over- year to $46.3 million. For the first half of 2026, revenue reached $114 million. That's up 126% from the same period last year.
What amazes me is as we continue to spend money, as we continue to devote efforts, we look at this first six months of the year, that is almost equivalent to what we had in the last 12 months of 2025. These are big steps that we are taking, major modifications to improve revenues and continue to improve profit. As I previously mentioned, we also completed phase 2 of number 3 shaft modernization at Galena. We settled our remaining variable future silver and gold delivery obligations, and we continued to see encouraging high-grade drilling results throughout the entire company. Together, these accomplishments, they position us well for the next phase of our growth program. Over to slide six. Operationally, Cosalá had another strong quarter. Silver production increased 26% year-over-year to approximately 337,000 ounces.
It was supported by higher grades and, more importantly, improved recoveries. I am quite happy about the team, and all the works we have done on the metallurgy and improving those recoveries. It also included commercial production from EC120. Cash costs at Cosalá decreased down to $16.91. That was primarily due to, obviously, higher grades and copper by-product credits. With regards to our efforts with the drill bit, resource conversion drilling continues to deliver very strong, encouraging results at San Rafael upper zones and the 120 zones. Our drilling is consistently returning silver grades averaging approximately two to three times previously reported inferred mineral resource grades. Allow me to give you just one example. I cherry-picked this one, but it was so impressive. Look, one of the examples is one of our holes, SR568. We had an intersection of 14 m grading 600 g per ton.
I am going to say it again because they are such great results. 14 m of 600 g per ton. The actual mineral resource actually predicted 110 g. So we are talking about a five-time increase from the model grade in that same area. Importantly, these intercepts are immediately adjacent to existing mine infrastructure, which gives us the opportunity to incorporate these results into our mine plan in maybe Q4, but certainly without doubt into 2027. So we are quite excited about it. Our very strong operating performance in Mexico was a result of finally entering the heart of the ore body at the EC120, and it is a great example of why we are so excited about this mine over the next coming years.
Having a diversified production base like we do, along with tremendous exploration potential across all our assets, provides us with both operational and financial strength as we continue to scale the company. I just want to give a quick shout-out to our team in Mexico on a job well done and a strong quarter. Now let me walk you through the upgrade that we completed at the Galena Complex. Phase 2 upgrades that I mentioned in the number 3 shaft are behind us, and a lot of people say, "Well, what does that mean?" Well, let me talk about it. The upgrades have increased the hoisting throughput from roughly around 42 tons per hour, this is what we had inherited, to a sustained rate of, we are sustaining day in, day out at 85 tons per hour.
We've actually hit peak performance a number of times at 105 tons per hour. As a gentle reminder, the upgrades included increasing the hoist motor from 1,750 horsepower to 2,250 horsepower, adding a second 2,250 horsepower motor as a critical spare. That was the first time in the company's history we've had a critical spare. We improved the load system, we completed mechanical work, electrical work, and more importantly, the braking and control system enhancements, all so that we could sustain this new production rate. We have also continued to invest in the underground fleet and communications infrastructure, including more than 10 new mobile equipment units and a fiber optic system and a communications that will support real-time equipment tracking, future automation, and improved mine connectivity.
I think some of you have been at our mine, and when I first went at our mine and I looked at those Femco phones, I hadn't seen Femco phones since probably about 1988 in Timmins. We desperately needed this communication. It will help us tremendously as we continue to grow our operations. These upgrades are a critical part of our de-risking and growth plan in creating the infrastructure required to support the higher mining rates and scalable production growth at Galena. Over to slide eight.
Before I turn the call over to Warren, I would also like to recognize all the people behind the progress we're making at Galena, and there's been a tremendous amount of group, including everyone on site, our team in Toronto, our team in Reno, who are putting in tirelessly efforts and hours to making sure that we are spending the dollars to do the capital improvements at Galena so it's sustainable forever, for the next 30, 50 years. Quite often I don't talk about some of these things, and we don't celebrate some of these other things, but I just want to give a quick shout-out that this year at Galena, we've added seven new members that were inducted to the Galena Complex 25-Year Club. I've been working in a mine 39 years underground.
It's pretty rare where we see people working 20 years at one operation, and I want to just give all those people a shout-out. Their experience, their commitment, and hard work have helped build the foundation of Galena Complex, and they continue to shape its future for all the future generations. I want to take a moment and thank all of them, all our employees for their dedication and hard work to the operations and the communities. With that, I'm just going to turn the call over to Warren for some financial updates.
Thank you, Paul, and good morning, everyone. This morning, we released our unaudited, condensed interim consolidated financial statements and MD&A for the three and six months ended June 30, 2026. These documents are available on our website as well as under the company's profile on both SEDAR+ and EDGAR. Revenue for the quarter was approximately $46 million, an increase of 71% compared with $27 million in Q2 2025, primarily due to higher realized silver prices. For the first half of 2026, revenue totaled $114 million. Paul's already referenced this, but this was almost as much as our entire year last year, which is an increase of 126% compared to $50.5 million in the first half of 2025. The average realized silver price for Q2 2026 was $67 per ounce, compared with $34 per ounce in Q2 2025.
Our net loss for the quarter was approximately $5 million, or $0.02 per share, compared with a net loss of approximately $15 million or $0.06 per share in Q2 2025. The year-over-year improvement primarily reflects the higher net revenue previously referenced, partially offset by foreign exchange losses, a derivative loss related to the Royal Gold settlement, and higher income tax expenses. Adjusted earnings for Q2 were a loss of approximately $0.9 million or essentially $0 per share, compared with adjusted loss of $12.1 million in Q2 2025. The adjusted EBITDA was approximately $12 million or $0.04 per share, compared with an adjusted EBITDA loss last year of $4.1 million in Q2 2025. Consolidated cost of sales per silver equivalent ounce sold was $32. Cash costs averaged $25.68 per silver ounce sold, and all-in sustaining costs averaged $40.63 per silver ounce sold during the quarter.
For the first half of 2026, AISC averaged $37 per ounce sold. We ended the quarter with approximately $89 million in cash and cash equivalent and $49 million in working capital, in line with expectations as we continue to deploy capital into our growth plans and completed the settlement of the Sprott and Royal Gold obligations. I will now turn the call over to Oliver.
Thank you, Warren, and good morning, everyone. One of the most important strategic developments during the quarter was the settlement of our remaining precious metals delivery obligations. During the second quarter, we settled the remaining silver delivery obligation with Sprott Mining Inc., and the remaining gold delivery obligation with Royal Gold. These transactions simplify and strengthen our capital structure, reduce future cash debt service requirements, remove future mark-to-market volatility associated with these instruments, and increase our exposure to future silver prices. As shown on the slide, the transactions removed more than $76 million of future variable metal price-linked obligations and more than $28 million of annual debt servicing obligations. All this for just 3.3% in combined dilution to shareholders. This represents a meaningful improvement in the financial foundation of the company and allows more value from operational execution and silver price performance to flow directly to shareholders.
With that, I'll turn the call back over to Paul for some closing remarks.
Thanks both Oliver and Warren. Overall, Q2 represented another quarter of meaningful progress and demonstrated the momentum we are building across our business. We delivered strong revenue growth, advanced the next phase of our Galena growth plan with the completion of the number 3 shaft modernization, strengthened our balance sheet through the settlement of our remaining precious metals delivery obligations, and continued to deliver strong operating and drilling results at Cosalá. As we move through the second half of 2026, our focus remains squarely on safety and executing our growth strategy, increasing production as the Idaho operations ramp up, and continuing to unlock the long-term value of our asset base. Silver is also becoming increasingly important to the technologies driving the modern economy, including artificial infrastructure, data centers, electrification, and advanced manufacturing.
As these technologies scale, we believe silver's unique electrical and thermal properties will continue to reinforce its strategic importance. At the same time, we continue to advance the largest drilling campaign in the company's history and progress our antimony strategy alongside our joint venture partners, United States Antimony Corporation, positioning Americas Gold and Silver to play an increasingly important role in the U.S.'s critical minerals supply chain. We believe the combination of high-grade silver exposure, growing domestic antimony production, and significant operational growth potential positions us, Americas Gold and Silver, as one of the more unique precious metals growth stories in the sector today. With that, I'm going to turn it over for some questions over back to the operator, please.
Thank you. If you have a question, please press star one on your telephone keypad to raise your hand and join the queue. If you wish to remove yourself from the queue, simply press star one again. Just one moment please, for your first question. Your first question comes from the line of Dalton Baretto of Canaccord. Your line is open.
Yeah, thanks, operator. Good morning, Paul and team. I am looking at the production profile for Galena here. You have reiterated guidance. I understand Q2 is a trough quarter. If I look at H1, it is about 35% at the low end of guidance, so big H2 coming up and I think some of that is throughput related, some of that is grade related, some of that is coming from Crescent maybe. Can you unpack that for us and give us a sense of comfort around the back half of this year? Thank you.
Hey, Dalton. Thanks for the question. Obviously, Q2 was always designed to be a quarter in which we were going to invest in infrastructure in Idaho. Specifically, as you are pointing out, we needed to get that shaft work done so that we can sustain that 85 tons per hour. As we continue, as that is behind us and we are skipping days now, we are seeing days 1,000, 1,200 tons a day, which is the first time our mine has ever seen that, and we continue to advance our long hole system. Look, we have just blasted our 13th long hole stope as equipment starts to being delivered and is being received at, by the way, Dalton, both operations.
Look, guidance is for the company. It is not for Galena. Guidance remains as a company, and that is one of the great things we have as a company, is we have optionality.
You said some really important things at the beginning. Obviously, grade matters. Grade is helping us significantly, specifically at Cosalá and recoveries. At the Galena Complex, we do not differentiate between Crescent and Galena. Crescent, we have always said, "Look, we bought it. It was a great investment. We certainly believe in that investment. Crescent is part of a longer-term vision. It is going to have some ounces, not many. It is really about setting ourselves up for the future at Crescent. Now with the shaft upgrades and the actual communication and the equipment, we are seeing ourselves more consistently delivering at Galena Complex. When I look at Q2, as a company, we are sitting right around 40%, so 60% for the latter half of the year. We are very comfortable that we will achieve that guidance that we had set out, Dalton.
So thank you for the question. Hopefully, I got it.
Thanks, Paul. Really appreciate it. Then maybe just as a follow-up, maybe a bit of a housekeeping item here, but when I look at the production versus the sales over H1, there is about a 9% lag or so. Is that going to be made up in H2 as well?
Are you asking specifically about the production versus sold?
Correct.
Yeah. Those ounces are already being processed through the first month of Q3. That typically just relates to making sure that the production gets from our mill through to the smelter. So, there is nothing more than that here.
Thanks, Dalton.
Got it. Thanks, guys. I will jump back in queue.
Your next question comes from the line of Justin Chan of SCP Resource Finance. Your line is open.
Hi, Paul, Ollie, and team. I was wondering if you could give us a sense of, at Galena and then Crescent, what is happening on the ground now. For example, at Galena, you have more shaft capacity. I would imagine, at least initially, you can hoist a lot of waste out of the mine that you have there, and then stoping and mining will ramp up to fill that capacity. Then Crescent, you are developing. I was just wondering if you could zoom in on those two for a second. Just give us maybe a bit more color of what is happening at the mine.
No problem, Justin. Look, I just want to remind people that I believe it is as early as next week where we are going to have a site analyst visit, where I think many of you are going to be able to come to our site to actually physically see a lot of the things we are doing. I will say, you will walk away with some exciting views, and there is a lot of work going on at the mine. Specifically, I will talk about the Galena Complex first. We are doing quite a bit of waste development, and you are correct. Now that the shaft work is done, we are seeing many days consistently of moving a lot more tons. We need to get ahead in the waste development.
Our mine, when we took this thing over, had not had a lot of capital for a number of years in drilling.
T here was no exploration for a decade. In waste development, we were behind. We are catching up on waste development at Crescent and Galena both. Now that phase 2 of the shaft is done, we are squarely focused on that paste fill plant that we desperately need. We have been filling with sand fill. It is much slower. It is not quite as competent. It is a lot older style. Once that paste fill plant is done, commissioned, we will be filling stopes in around, call it 36 hours versus 10 days. A lot of the work that you are going to see when you guys come here next week, you will see at Crescent, you are going to see drilling, you are going to see waste development being conducted so that we could get ourselves into a point where we have a secondary egress.
We do not have a secondary egress at Crescent.
We need to establish that before we could take out any of the ore, as we know, to follow with MSHA rules. Again, I am going to repeat it, but the best thing we are doing here at Galena is setting ourselves up for the rest of the year, and putting in waste development so we can continue to Quarter after quarter, we have got to get more long hole stopes. We have got to get away from the jacklegs. In order to do that, we need the waste development in front of ourselves. We need to carve out the top cuts and the bottom cuts, and then bring in the long hole stopes. Again, I would say I am quite proud that we have done 13 long hole stopes already. Remember, this mine has been here for 100 years. Always everything done underhand cut and fill with jacklegs.
What we're doing is modernizing something that's been around for a long time and changing a mining method with our team, and that's going quite well. Those are the big things that are occurring throughout Galena. Over to Mexico, I'd say it's steady as she goes. I talked about us hitting the heart of EC120. Most of you know Mike Doolin, he's been with us for years. He's had a tremendous hand with our team there on getting recoveries up. Those recovery rates are a big, big factor in why we saw $16.91 costs on our cost per ounce versus $30.61. Grade and recoveries. Recoveries matter a lot to us. Very focused, lots of projects going on, but we're doing them safely and on time and on budget.
Okay, got you. That's great color. Just a housekeeping one. I have in my notes from previous, you were planning to do an internal study at Relief Canyon. Is that still in the plan, and will we see any details of that in the market, or is that going to stay internal?
Yeah. Look, the answer is yes. We've always been pretty adamant that last year we didn't do Relief Canyon, there was no work done. This year, we are completing an external study on Relief Canyon. I wish [inaudible] was here. I'm not exactly sure the month it comes out, but here, I'll tell you this, Justin, when you're here next week, I'll tell you the exact month it's going to come out. The question being asked as, are we continuing to do it? The answer is yes.
Okay, perfect. Then maybe just the last one is, in terms of capital for Q3 and 4, is there any notable kind of I guess between the two, should we just assume pretty similar deployment, or would it be pretty Q3 heavy just given the paste plant timing?
No, I'd say that the guidance and the plans that we put forward to you guys earlier in the year are still. Look, we just had our board meeting. We're pretty much on track to deliver capital as we had originally intended. I think we're shifting maybe $1 million here or there, but there's no $30 million, $40 million, "Oh, this is changing." There's no big buckets being moved around.
Got you. I guess, but between Q3 and Q4, is it lumpy or is it pretty even between the two of them?
It's probably, I'm trying to remember them at the top of my head here, Dalton. I think, some of it is more towards Q4 as some of the, I'll give you an example. The paste plant is ending or nearing towards its end, so some of the invoices will come in towards the back end. So we'll see a little more spending towards Q4 on some of the bigger projects. Then that shaft relining we're doing that we've always talked about, which you're going to see firsthand next week. I think after you come here next week, Justin, you'll see the projects we're doing. I'd say it might be a little higher Q4. It won't be Q3, Q4 divided by two.
Okay, got you. All right. Thanks very much for the color.
Yeah, no worries, Justin.
Your next question comes from the line of Jamie Spratt of Haywood Securities. Your line is open.
Yeah, good morning. Well done on the continued progress at both Galena and Cosalá. I just want to start with a couple questions on Galena. I want to pick up on Justin's question there, and just chat about long hole. I guess the paste plant really, Paul, is the major driver of allowing you guys to crank up the long hole along with the capital development catch up. But I guess as we think about this, how does the mix of cut and fill versus long hole change in the second half of 2026 and into 2027?
Yeah. So look, Jamie, great question, but you almost answered it right out of the gate. You were right. Look, in order to establish long hole, we need to have waste development, which we're currently doing. In order to cycle the stopes at a rate where we want ourselves to be, we need the paste plant. So the two things you opened up with are very critical. We have always said, look, we could end this y ear at a range, 30%-40% long hole by the end of 2026. Man, we've made some big shifts here. This is not something that's going to Nobody could ever come into this mine after 100 years, flip a switch and go, "Oh, it's all long hole." There's equipment, and we've got 10 new pieces. All the scoops are remote capable.
The only thing you hadn't touched on, Jamie, and you touched on everything else, was the equipment and the remote controls that we Look, given that it's a shaft, it's a little more work to get things done. We've got to take pieces apart, swing them down. Not the end of the world. People do it everywhere else on the planet who have shafts like us. But we don't just get to drive it down a decline. There's a little more effort alongside that. But otherwise, the drilling's going well. You will get to see the stopes. You will get to see that we're not adding up a lot of dilution. We're surgically removing these areas through long hole very successfully.
That range of 30%-40% this year, our target for next year was always getting toward that 50%-60%, and year after year, continuing a 20%-30% increase on more long hole, less jacklegs. The mine will never be 100% long. There are some areas in our mine that are more flat lying, a little flat dipping, and long hole won't be as conducive, and we won't dilute our grades down to the We won't cut our grades down by 40%, 50% in the areas that are a little more flat lying. And those might represent 15%-16% of some of our veins.
That's really helpful. Yeah, and then I guess second question on Galena. I guess you guys ended up having to defer some high-grade production in Q2, given the fire in that area. And I guess, how should we be expecting grade to trend in Q3 and Q4? Q2 obviously is not representative, but is it going to be close to Q1 or will it be higher? I guess if you could just give us some direction on that.
Yeah. Let me talk to you about that. The first thing I want to say about that, and it was a minor fire. I'm actually going to take a moment here, Jamie, and just talk about it briefly. I want to remind everyone that nobody was injured in that fire, and the speed in which we got our miners out was unbelievable. We were complemented even by local agencies, state and federal, on how quickly our team reacted, how quickly we evacuated our mine. And the reason we were able to do that so quickly, and I think it's important, Gerald, to hear that we always think, well, we're spending capital here or spending capital there. The capital that we spent on the shop having a secondary, a redundant motor was so beneficial in us getting our people out. In the past, people would not have gotten out.
In fact, there was an incident a number of years ago, three years ago or something, where people were underground for more than 24 hours. Before I answer the question, I just want to say to people, look, that fire was a minor fire. It did displace things. It is one of our better grades, so if it is not going to mean that the grade in the second half is going to be better, it means that we are going to be able to achieve our guidance. Those areas, as we mine all the other parts of the mine, they are better grade in that specific scope. We will be having those as part of the second half production. That area is now completely settled. We are back in it.
I want to give it Jamie, you opened up the door for me to really brag about even our mine rescue team. Our mine rescue team, the month before, had just won the nationals, a huge event. The fact that we have such a strong mine rescue team, such a responsive team, such a good emergency and rapid response team, goes without saying that this came off without a hitch, no incident. We are talking a quarter later, we are back into the same area, and the ounces are going to flow into the second half of the year, allowing us to make our second half easier.
That is great. Just one question on Cosalá. I guess as we look at this, I think Q1 and Q2 seem to have been ahead of plan. What is driving the strong performance of Cosalá? I guess we are in the heart of EC 120 now, so the grade is helping. What is driving the outperformance and how sustainable do you see these improvements?
Yeah. Look, Jamie, honestly, those are great questions. The reality is we have been talking since even when I did the due diligence myself and our team, we have been talking about this EC 120 zone for a year now. We are actually in it. We are actually mining it. We are drilling areas alongside it. I think I cherry-picked a hole, and it is hard not to be pretty proud of something that is 14 m wide at 600 g. That is in the heart of it, right near us. We are not mining it today. You see the cash costs. Our costs are going from $30 an ounce to $16.91 an ounce from some of the copper credits we are getting.
We absolutely do believe it is very sustainable. We believe that Cosalá, and I should have opened up this way with your response first, and actually, I apologize to my team in Mexico.
I should have opened up by saying one of the biggest advantages we have is our team in Mexico. We have no expats there. We have all a team there that are experts, led by Gabriel Soto, who does an amazing job, who leads our team there, very strongly supported by the executive team here. But the efforts we have accomplished, the drilling that we have seen, the new areas that we are mining, and I would say grade, but also the efforts on the metallurgy. There was a tremendous amount of work done on looking at how do we get 4%-10% increased recoveries, and we're getting about 10% better recoveries than we were in the past. Some of these efforts and focus are technically driven on recoveries have been big wins for us.
We certainly believe that this cost structure, the ounce profile, the grade, the recoveries are something that is sustainable, and we'll see more of it in EC 120, and you're getting to enjoy some of it as we demonstrate some of the drill results as well.
Great. Thanks. I'll leave it there. Appreciate you taking my questions.
Your next question comes from the line of Heiko Ihle of H.C. Wainwright. Your line is open.
Hi, team. This is Case Bongirne filling in for Heiko. Congrats on a successful quarter, and thank you for taking our questions. First off-
Sorry, was that Heiko? I apologize. Was that somebody cut out. Was it Heiko?
Case, filling in for Heiko.
Oh, my bad. Sorry, Case. Yeah, it cut out for a second on our end. So my apologies, Case. Go ahead, Case.
No worries at all. I guess first, you mentioned it earlier, but can you give us an update on how the transition to long hole stoping is going, as well as any color potentially on how those stopes are performing so far?
Yeah, absolutely. Look, I'll just repeat something. We've just done our 13th stope. I often like to remind people that people, our neighbors are doing an outstanding job at mining long hole right next door to us who are doing phenomenal. It's not a surprise to me when I see that we are able to do it. When you come to the mine and you see some of the results, we're mining some of these stopes that are about 1.2 to 1.3 m wide. You're talking 3.5 ft wide. This is so narrow. We could not have done any better had we mined that with jacklegs. If we were to mine that exact same stope using jacklegs the way it was done in the past, we could not have been any narrower.
What that means for us and our shareholders is that we're able to mine at a rate instead of around, call it 50 tons a day in each blast, long hole stoping will generate around 200 tons per day, even sometimes in some cases per shift, depending on where we're mucking from and how long the tram is. But when we look at the reconciliation of the long hole stopes to our model, we are seeing a flat line that it's exactly as if we had mined it jackleg. The difference is when we're mining long hole, we can carve out a stope in, call it, 28 days. That same stope would have taken us with handheld drills 12 to 14 months. So there's where the difference is, and we know we're going to improve on that still yet by installing the new paste plant.
When that is completed and we're using that in 2027, we always said we're going to start using it in 2027, that just improves things for us. It allows us to become more effective. In fact, thanks for the question on the long wall. I did want to give a quick welcome to our new General Manager, Brian Dara, who's doing a great job with our teams there at leading them as we continue to make this a more modernized mine. Brian, Peter, welcome to our team. Go ahead, Case.
That concludes our Q and A session. I will now turn it back to Paul Huet for closing remarks.
Great. Thanks. Look, first I want to just say thank you to all of you for joining the call. We all understand how busy each and every one of you are. I want to shout out to all our teams, Mexico, the U.S., who are unwavering in their commitments at making our company a better place, a safer place, and a great place for shareholders. What we are doing is setting ourselves up with the capital we are spending, coupled by the reduction in almost $90 million of debt. These things are monumental steps that position our company for where we need to get to. We are quite proud of it. I want to obviously thank all the analysts that are alongside us and all our shareholders.
Have a wonderful Friday, and we are looking forward to this site visit that we are going to see most of you here soon.
All the best.
Thank you. This concludes today's conference call. You may now disconnect.