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Pretium Resources Inc (NYSE:PVG)
Q4 2019 Earnings Call
Feb 12, 2020, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Welcome to the Pretium Resources Fourth Quarter 2019 Results and 2020 Outlook Conference Call. [Operator Instructions]

I would now like to turn the conference over to Joe Ovsenek, President and CEO. Please go ahead, sir.

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Good morning, everyone. Welcome to our 2019 results and 2020 outlook call. Participating on the call with me today is our CFO, Tom Yip. First and foremost, I again want to thank everyone at Brucejack, Smithers and here in Vancouver for their hard work that contributed to another profitable quarter. Our Brucejack Mine has proven itself to be a safe and a consistently profitable mine ever since achieving commercial production 2.5 years ago. It consistently generates robust free cash flow and we expect this will continue.

On today's call, I will review operational highlights and guidance for the coming year. I will also comment on the announcement of our leadership transition and our preliminary outlook for post 2020 gold production, while mining in the Valley of the Kings. After my prepared remarks, I will turn the call over to Tom to discuss our fourth quarter 2019 financial performance. I will then comment on our plans for the upcoming year and our technical session. We will then open up the call to your questions.

Tom and I are happy as usual to take questions about the fourth quarter and the year. However, other than what I say on this call, we will make no further comments on the leadership transition. Additionally, we will not comment further on the post 2020 preliminary production outlook for the Valley of the Kings, which we reported in our news release this morning, and until such time as we announce our updated resource, reserve and life of mine plan prior to the end of the quarter.

Before we begin, note that our statements contain forward-looking information and future-oriented financial information based on certain assumptions. I refer you to the cautionary language included in our news release this morning as well as the management discussion and analysis for the same periods. These are available on our website and have been filed on SEDAR. Please note all dollar amounts mentioned on this call are in US dollars, unless otherwise noted.

On the leadership transition, as we disclosed in our news release, the Board has initiated an external search for our new President and CEO. I have agreed to continue to serve as President and CEO, while the search is underway. Having been part of this Company since the beginning, I would like to thank the members of Pretium's team and its contractors for all that they have accomplished in making Brucejack an outstanding mine. I'm immensely proud of all of you.

As we disclosed in our news release this morning, Brucejack 2020 gold production guidance is 325,000 ounces to 365,000 ounces at an all-in sustaining cost expected to range from $910 per ounce to $1,060 per ounce of gold sold. Our preliminary outlook for post-2020 gold production in the Valley of the Kings is currently expected to be in a range in line with the gold production guidance range for 2020. Our team is working diligently on the life of mine plan update for Brucejack, and we are on schedule to disclose it by the end of the first quarter.

Our judgment is that this preliminary production guidance was sufficiently material that we should disclose it promptly. You are cautioned that the preliminary production outlook is by definition preliminary in nature and subject to further adjustment as other key metrics such as tonnes, grade and costs are finalized.

We ended 2019 with a 10th consecutive quarter of profitability. For the full-year 2019, the Brucejack Mine produced 354,405 ounces of gold, and we sold 351,348 ounces at an all-in sustaining cost of $888 per ounce of gold sold. We generated $484.5 million in revenue in the year, resulting in $100.7 million in adjusted earnings equivalent to $0.55 per share. Operations generated $151.4 million in cash in the year. This continued cash generation allowed us to reduce our debt by $180.4 million, which includes $82 million to repurchase 100% of the gold off-take agreement.

We planned at the outset of 2019 to increase mine production over the course of the year, with a target of supplying the mill at a rate of 3,800 tonnes per day by year-end. Mine development advanced at a rate of approximately 976 meters per month during the fourth quarter of 2019 and averaged approximately 937 meters per month over the year. We accomplished the ramp-up to 3,800 tonnes per day in the fourth quarter, with the mine supplying the mill in excess of that rate by year-end.

With production mining in the fourth quarter focused on maximizing tonnes to the mill, all stopes above a cut-off rate of approximately 5 grams per tonne gold were mined and processed as they became available. The mill feed grade averaged 8.3 grams per tonne gold for the fourth quarter of 2019 and averaged 8.7 grams per tonne gold for the full year.

Turning to Slide 8. Let's take a look at the gold production at Brucejack over 2019. In 2019, we produced 354,405 ounces of gold, exceeding the high-end of revised guidance of 350,000 ounces. Our all-in sustaining cost for 2019 was $888 per ounce of gold sold, beating the low-end of revised guidance of $900 per ounce of gold sold. Both production and all-in sustaining cost per ounce of gold sold improved in the second half of the year, as a ramp-up to 3,800 tonnes per day progressed.

We prioritized opening up the mine in 2019. And as you can see, we made significant progress. This slide is a section view of the Valley of the Kings looking to the north. The gray area contains our proven and probable reserves and that green box outlines the current mining horizons where we've been mining over the last two years. The blue lines represent our underground development as of the end of 2018 and the gold lines represent development completed in 2019.

We've been opening up our mining horizons to the east and west and pushing our ramp down to open a lower mining horizon. There has also been extensive development expanding to the north and south, which is not shown here. As we progress in 2020, lateral development will focus on opening the mine at depth on the 1080 Level and to the west in the Brucejack Fault Zone first half of the year.

As we continue to open up the mine, we will also be building our stope inventory. As Brucejack does not have a stockpile, maintaining gold production at the mine requires a sufficient stope inventory to manage the grade variability. We have improved our stope inventory over the course of the fourth quarter and plan to focus mining activities on stope development in the second half of 2020.

Now, I will turn the call over to Tom to review our financial performance for the fourth quarter and full-year 2019.

Tom S.Q. Yip -- Executive Vice President and Chief Financial Officer

Thank you, Joe, and good morning, everybody. In the fourth quarter, our financial results were similar to the third quarter as we sold 93,000 ounces, realized a gold price of $1,480 per ounce, generated $46 million of earnings from mine operations, and $66 million of cash flow from operations. For the year, we realized the gold price of $1,405 per ounce, an increase of 10% over 2018, driving similar increases year-over-year in net earnings and operating cash flow. During the year, we generated $225 million of cash flow from operations and $184 million of free cash flow. We used this free cash flow to reduce our debt by $180 million, surpassing our initial repayment target of $140 million.

Turning to Slide 12. For the year, we sold 351,348 ounces of gold at an average realized price of $1,405 per ounce versus 367,428 ounces of gold at an average realized price of $1,277 per ounce in 2018. The $128 per ounce increase in gold price offset the lower ounces sold, as we generated $484 million of revenue in 2019 versus $454 million in 2018. Our cost per tonne milled was $173 for the year, decreasing from $209 per tonne in 2018. As mill throughput increased throughout the year, our cost per tonne decreased. Total spending on production costs was on the low end of the original guidance set out for 2019.

Turning to Slide 14, our cost of sales, which includes production cash costs, depreciation and depletion, royalties and selling costs, averaged $948 per ounce sold for the year versus $827 for 2018. Depreciation and depletion expense increased during the last three quarters by approximately $40 per ounce sold, as a result of the updated reserves we reported in April of 2019. The total cash cost per ounce sold averaged $680 for the year versus $623 per ounce for 2018. Total spending was on the low end of guidance, set out for 2019, and it was $10 million higher than 2018, due to the additional drilling and increased stope development in 2019.

Earnings from mine operations were $151 million for the year, similar to 2018. The increased revenues of $30 million were primarily offset by the higher production costs of $14.9 million and higher depreciation expense of $14.4 million. After deducting our corporate G&A costs, we generated operating earnings for the year of $133 million, similar to 2018.

There are two significant non-operating items on our P&L. The first is interest expense of $35 million for the year versus $67 million in 2018. Our effective interest rate decreased in 2019 to 5.2%, as a result of the refinancing we completed at the end of 2018, replacing the project construction debt with a syndicated debt facility. The second item is the $15.4 million loss on financial instruments at fair value, which relates to the off-take obligation. In 2018, the loss of $17 million relates to the fair value adjustments on the off-take and the stream obligations. With the repurchase of the stream in 2018 and the off-take obligation in 2019, these adjustments will no longer impact our earnings.

Our 2019 taxes consist of $4.6 million of cash taxes related to the BC Mineral Tax and $36.8 million of deferred taxes. Deferred taxes include $7.8 million for the repurchase of the off-take obligation, increasing our effective income tax rate for the year. Currently paid BC Mineral Taxes has the minimum rate of 2%, not 13%, as we draw down our significant tax pools. Based on the current gold prices, we do not anticipate paying any cash taxes for federal and provincial income taxes for three years to four years. Thereafter, we anticipate paying taxes at a rate of 36.5% on mine operating earnings.

Net earnings were $40.9 million or $0.22 per share for the year versus $36.6 million or $0.20 per share for 2018. We adjust our earnings for the items that we believe do not reflect the underlying operations of the company. These are non-cash items consisting primarily of the loss on financial instruments at fair value and deferred income taxes. Our adjusted earnings were $100.7 million or $0.55 per share for the year, compared to $0.54 per share for 2018.

Turning to Slide 17. For the year, we generated $225 million of cash flow from operations versus $197.2 million in 2018. The increase in average price offset the decrease in gold ounces sold. With a strong operating cash flow, we reduced debt by a total of $180.4 million, including $98 million on the syndicated debt facility and $82.4 million to repurchase the offtake obligation. We paid $27.5 million of interest and spend a total of $44.1 million on capital expenditures. We ended the year with $23.2 million in cash.

At the beginning of 2019, our syndicated debt facility totaled $480 million. As mentioned, we paid $98 million, resulting in $382 million outstanding at the end of the year. This consists of a term facility with $200 million outstanding, representing the remaining 12 quarterly installments and the balance of $182 million on a $200 million revolver. This facility matures in December of 2022.

Revealing our all-in sustaining costs on Slide 20. Total ASIC spending for the year was $312 million, which was on a low-end of our original 2019 cost guidance. Due to lower production, we sold 351,000 ounces of gold, resulting in an all-in sustaining cost of $888 per ounce of gold sold. For 2020, our gold production is estimated to be between 325,000 ounces to 365,000 ounces. Cash production costs are estimated to be between $725 to $830 per ounce, approximately 12% higher than 2019, reflecting the higher labor costs and increased development in 2020. All-in sustaining costs are estimated to be between $331 million to $344 million for the year. Therefore, ASIC guidance is forecasted to be between $910 per ounce sold to $1,060 per ounce sold.

Overall, in 2019, our financial results were very robust and continuing to show the significant leverage to gold price. Increases in gold price positively impact our operating earnings and cash flow from operations. With free cash flow generated in the year, we were able to reduce our debt by $180 million. We will continue to generate significant cash flows, as we target $80 million to $150 million of debt reduction in 2020.

Now, back to you, Joe.

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Thank you, Tom.

We have a lot to accomplish in 2020. This quarter, we expect to release our updated Life of Mine plan and updated reserve and resource estimates, which we will follow with a webcast technical session. At this session, we will also describe the reserve and resource reconciliations for 2019; our reverse circulation drill program, scheduled to begin in the second quarter; and our reserve expansion drill program. We have developed significant bench strength in our technical teams at Pretium. During the session, you will hear from several members of the group, including Mine Planning Manager, Nick Scarcelli-Casciola; Geology Manager, Octavia Bath; Corporate Resource Modeler, Craig Morgan; and finally, Vice President of Operations, Dave Prins. We look forward to updating you on these activities then.

Thank you. That concludes the formal presentation. I will now turn the call over to the operator, who will open the lines for your questions. As a reminder, please refrain from asking questions about the leadership transition and the post-2020 preliminary production outlook for the Valley of the Kings, as we are not in a position to add to our disclosure on these topics. Operator?

Questions and Answers:

Operator

Thank you. We will now begin the question-and-answer session.

[Operator Instructions]

Our first question is from Justin Chan with Numis Securities. Please go ahead.

Justin Chan -- Numis Securities -- Analyst

Hi, thanks guys. Thanks for the call and I'll try to be respectful of the question parameters. Just for that reason, I'll take my first one on costs. In unit cost, you are at $160 a tonne in Q4 and roughly $170 for the year, and guidance looks quite a bit higher. I know, you flagged labor and more development. But is that a relatively conservative number for next year and going forward, and I also read in the disclosure that you flagged the tighter RC pattern in the second half. So, is that step up in costs mainly in the second half, or should we expect that for the full year?

Tom S.Q. Yip -- Executive Vice President and Chief Financial Officer

Thanks, Justin. The cost per unit is going to be a little higher than our average for the year. And as I had mentioned, the main components are the development and the slightly higher labor. We are getting a full-year of the 3,800 tonne a day level. So, that will offset that a little bit. Whether or not it's conservative, that is certainly our best forecast that we have at this point in time. The RC drilling, it's going to be starting in the second quarter, and you'll see those costs coming in for the last three quarters of the year.

Justin Chan -- Numis Securities -- Analyst

Okay, thanks. And just operationally, can you give an update on longitudinal and how that's performed so far and what -- I guess what to expect from that this year? And also with regards to the grade profile through the year, do you have any preliminary thoughts on that, that you can share with us?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Good morning, Justin. First on the longitudinal, that would be covered off in our life of mine plan. So, we'll deal with that in our news on the life of mine plan, and we'll speak to it at the technical session. And we're giving our guidance on a full-year basis for 2020. And so, we will keep it at that for our guidance, holding out the 325,000 ounces to 365,000 ounces for the full-year 2020.

Justin Chan -- Numis Securities -- Analyst

Okay. Thanks very much. Just one last one from me then. And this might be treading on the border, but I thought I'd ask. You did more than 4,000 tonnes a day from the mine this quarter based on -- I guess based on what you experienced is that -- did that feel like a sustainable level? And, yeah, I guess I'll keep it to that rather than what that means for the future.

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Yeah. I can speak to that. The limit on our production is our permit. We're limited on average over the course of the year. Well, our number is 1.387 million tonnes over the course of the year, which you divide that out and you get 3,800 tonnes per day. The mill itself, we've run it up to 5,000 tonnes a day. It's a true competitor and it does very well. We've been looking at -- we're pushing hard on the developments, so we can supply the mill better. So, sure, we can produce at a higher amount, but our permit controls us -- that limits us to that 3,800 tonnes per day on average.

Justin Chan -- Numis Securities -- Analyst

Okay. And without stepping into the mine plan, just strictly on permitting, is there anything that would prevent you from applying for permits to up that number similar to what you did before?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Nothing preventing it. It's just the work. You have to do a fair bit of work to get the permit before you can file a permit. And so, it would just be the amount of work required to get it done.

Justin Chan -- Numis Securities -- Analyst

Okay, thanks. Thanks a lot guys. I look forward to speaking with you guys again soon when there is a bit more detail that we can discuss. Cheers.

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Thanks, Justin.

Operator

The next question is from Ovais Habib with Scotiabank. Please go ahead.

Ovais Habib -- Scotiabank -- Analyst

Hi. Good morning, guys. Just a -- a lot of my questions have been answered, and especially in terms of remaining within the -- within in terms of the guidance that you guys have given in terms of questions. But just in terms of development costs and also just in terms of 1,000 meters per month that you guys have been doing, and going into 2020, Joe, do you think that continues -- that needs to continue going into the future as well? Or are you guys comfortable with the 1,000 meters per month this year and then it kind of tapers off as you go on into the next couple of years? Or is that kind of moving in towards the new mine plan situation?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

It's getting in there. We are comfortable with the 1,000 meters a month through the course of this year. We'll talk about the life of mine plan. We'll talk about development rates and have all that in per year basis going forward at the technical session. So we will get that information to you. But as you would expect, I won't get into details, but just logically, things start to drop off as [Indecipherable] but we will get you details as we go.

Ovais Habib -- Scotiabank -- Analyst

Okay, thanks. And just on the TC/RCs as well, Tom, like I mean in terms of the $22 million to $23 million of guidance that we saw in 2019, is that similar going into 2020 as well, just based on how much concentrate you guys have been shipping out?

Tom S.Q. Yip -- Executive Vice President and Chief Financial Officer

It's fairly similar. The only thing I'll comment on is that we've tried to reduce out a bit with some newer contracts. So, I would expect that to come off just a little bit, but it will be in the range of what we're seeing this year.

Ovais Habib -- Scotiabank -- Analyst

Okay, thanks. And just in terms of guidance for this year, in terms of the gold ounces, Joe, did you already mention how we should look at this guidance based on first half and second half, or have you not mentioned that, or is that going to come?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

I just mentioned that. We are giving our guidance for the full year and not on a quarterly basis, so -- or half year basis. So, guidance for the full year 325,000 ounces to 365,000 ounces of gold.

Ovais Habib -- Scotiabank -- Analyst

Got it, okay. And that's it from me guys. Thanks so much.

Operator

The next question is from Bhakti Pavani with Alliance Global Partners. Please go ahead.

Bhakti Pavani -- Alliance Gold Partners -- Analyst

Good morning, guys. Thank you for taking my questions.

Just wanted to quickly ask, you did mention in the press release that there are one-time costs that would be included in AISC. Could you maybe provide some additional color as to what those one-time costs are? And without those costs, what would be the ideal all-in sustaining cost range to be estimated?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Good morning, Bhakti. On that, really we have to wait. We have our full Life of Mine plan to talk out further on how all-in sustaining costs evolve over the life of mine. So, we will have additional information on that with our technical update later this quarter.

Bhakti Pavani -- Alliance Gold Partners -- Analyst

Okay. Just one last one. With regards to the grades, just kind of wondering, when giving the guidance of -- for 2020 guidance for the grade, what's kind of driving or what are the parameters or factors that are driving towards the grade guidance?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

I think the best thing to deal with that is with the full technical session, where we can run through and actually speak to. There are a lot of factors to get into over a call. It's difficult to answer just to --. We will make sure that, that is well developed in our technical session, so that you won't be left with anything hanging.

Bhakti Pavani -- Alliance Gold Partners -- Analyst

Okay. That's it from my side. Thank you.

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Thank you, Bhakti.

Operator

The next question is from Anita Soni with CIBC Capital Markets. Please go ahead.

Anita Soni -- CIBC Capital Markets -- Analyst

Hi, good morning guys. I think the only question I can ask at this stage is what led to the change in your thinking on what the reserve is, considering that you had a Life of Mine plan out less than a year ago, where people were asking you about whether or not you're confident in the grade, and it's been less than a year and now that you're talking about 8 gram per tonne material?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Good morning, Anita. That will be covered with our life of mine plan data. I can't really get into the details of that. But that's all encompassed by our reserve and resource update as well as our life of mine plans. We are working hard to get that out as soon as possible. And as I say, we expect to get it to you before the end of this quarter.

Anita Soni -- CIBC Capital Markets -- Analyst

All right. Do you have any more specific timing in terms of when you could get that out, like the end of the quarter?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

We are pushing hard, but I can't give you a specific date yet. We have to get through reviews and go to the Board and everything else. So it's not just easy to pick a date. So, as I say, we're doing our best to get it to you as early as possible. But as of now, before the end of the quarter. Yeah.

Anita Soni -- CIBC Capital Markets -- Analyst

Okay. You know what, I'm going to go backwards and ask about last year in terms of your longitudinal long-haul stoping program, can you tell me what the average stope size is, when you're taking each one of those rounds or those shots?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

They are similar. If you look at our stoping, whether it's longitudinal or transverse, they are 30 meters high, on average, 15 meters wide. On the transverse, you might see that, I'm sorry, on the longitudinal, you may see them, slim down to more towards 10 meters at times. But, they're going to be in that range, 10 meters to 15 meters wide, 30 meters between levels, and anywhere from, say, 15 meters to 25 meters and 30 meters long. And those are the parameters we work in.

Anita Soni -- CIBC Capital Markets -- Analyst

Thank you very much.

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Thank you, Anita.

Operator

The next question is Mark Mihaljevic with RBC Capital Markets. Please go ahead.

Mark Mihaljevic -- RBC Capital Markets -- Analyst

Yeah, hi, thanks and good morning everyone.

Obviously, a tight rope for what we're able to ask you guys. Can you just give us some color on where you are right now on your stope inventory? And where we should expect that to evolve, just, for you to be able to achieve your 2020 outlook?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Okay. I think I can give you that within those tight constraints. I think we're about a half dozen stopes in inventory right now. We will expect to continue to build stopes. But as I say, focus in the first half of the year is on Brucejack Fault Zone area, as well as the 1080 level down at the new sill we’re opening up. And then, in the second area, once those zones are both opened up, then we have the ability to start developing stopes in those areas, which will allow us to enhance our inventory. I can't really give you numbers on that right now, but we will discuss that at our technical session coming up later in this quarter.

Mark Mihaljevic -- RBC Capital Markets -- Analyst

And so, it's fair to assume you'll be giving us that stope inventory management plan with that technical session?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Let's just say, we'll be talking about our stope inventory there and be able to answer some more questions for you about it there.

Mark Mihaljevic -- RBC Capital Markets -- Analyst

Okay. Yeah, that's probably all I can ask. So, thanks and look forward to catching up in a month and a half or so.

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Yeah, sounds good.

Operator

Then, next, we have a repeat question from Anita Soni with CIBC Capital Markets. Please go ahead.

Anita Soni -- CIBC Capital Markets -- Analyst

Following up on that stope inventory, can you tell me how many stopes you mined through and delivered to the mill in 2019?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Sure. We went through -- we will have this in our reconciliation reserve -- resource and reserve reconciliation in later on this quarter, but 67 stopes.

Anita Soni -- CIBC Capital Markets -- Analyst

Thank you very much.

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

You're welcome.

Operator

The next question is from Joseph Reagor with Roth Capital Partners. Please go ahead.

Joseph Reagor -- Roth Capital Partners -- Analyst

Thanks for taking the questions guys. Most of what I wanted to ask has already been touched on. But one thing, if I could, on the cost front, do you guys have any new initiatives you're looking at to cut cost, I mean you've increased production rates, and looked at a bunch of other things over the last few years, but anything else that we can look forward to over the next 12 months to 24 months to try to bring down cost per tonne even further?

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

We have a number of initiatives underway. We're always -- we're very focused on costs and always looking to do better on costs. We have some longer-term initiatives underway and we’ll -- I'll make sure that we get into those, just at least touch on them at our technical session. A little early for that right now, but, we'll get those fleshed out for the technical session.

Joseph Reagor -- Roth Capital Partners -- Analyst

Okay, thank you.

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Thank you, Joe.

Operator

This concludes the question-and-answer session. I'd now like to turn the conference back to Joe Ovsenek for any closing remarks.

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Thank you everyone for dialing into our earnings call this morning. We appreciate all the comments and questions. You've had a lot to absorb. So I will leave you with one last point. As noted at the outset, over our 2.5 years of production, Brucejack has proven itself to be a safe and consistently profitable mine that generates robust free cash flow. We expect this will continue, and I'm proud of our team and everything we have accomplished together. Thank you very much. Bye, bye.

Operator

[Operator Closing Remarks]

Call participants:

Joseph J. Ovsenek -- President, Chief Executive Officer and Director

Tom S.Q. Yip -- Executive Vice President and Chief Financial Officer

Justin Chan -- Numis Securities -- Analyst

Ovais Habib -- Scotiabank -- Analyst

Bhakti Pavani -- Alliance Gold Partners -- Analyst

Anita Soni -- CIBC Capital Markets -- Analyst

Mark Mihaljevic -- RBC Capital Markets -- Analyst

Joseph Reagor -- Roth Capital Partners -- Analyst

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