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DATE

Thursday, August 7, 2025, at 11 a.m. ET

CALL PARTICIPANTS

  • President and Chief Executive Officer — Michael Steinmann
  • Chief Operating Officer — Steve Busby
  • Senior Vice President, Operations — Scott Campbell
  • Chief Financial Officer — Ignacio Couturier
  • Vice President, Guatemala Operations — Sean McAleer

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TAKEAWAYS

  • Revenue-- $811.9 million in revenue set a new company record in Q2 2025, driven by strong operational execution and prevailing metal prices.
  • Net Earnings-- Net earnings were $189.6 million for Q2 2025, equivalent to $0.52 per share.
  • Adjusted Earnings-- Adjusted earnings were $155.4 million for Q2 2025, or $0.43 per share (adjusted), reflecting adjustments for non-cash and non-recurring items.
  • Record Operating Cash Flow-- $293.4 million after working capital changes, with $287.9 million generated before non-cash changes.
  • Record Free Cash Flow-- $233 million in free cash flow, driving the cash balance to an all-time high of $1.1 billion at the end of Q2 2025.
  • Total Liquidity-- Available liquidity reached approximately $1.9 billion at quarter-end.
  • Shareholder Returns-- Dividend increased 20% from $0.10 to $0.12 per common share. $103.5 million was returned to shareholders via dividends and share repurchases in the first half of 2025.
  • Share Buyback-- Nearly 500,000 shares repurchased at an average price of $24.22 per share. totaling $11.1 million.
  • Proposed Acquisition-- The acquisition of MagSilver was advanced, with MagSilver shareholders approving the deal; closing awaits Mexican antitrust clearance and $500 million in cash consideration for the MagSilver acquisition, expected to close in 2025.
  • Silver Production-- Silver output of 5.1 million ounces was in line with guidance.
  • Silver Segment Costs-- All-in sustaining costs for the Silver segment reached $19.69 per ounce, excluding energy adjustments.
  • La Colorada Performance-- Throughput averaged 2,130 tons per day, surpassing the 2,000 tons per day target. Silver production at La Quebrada rose nearly 50% compared with Q2 2024.
  • Gold Production-- 178,700 ounces were produced, slightly below the guidance range, mainly due to lower throughput and grades at Timmins, with sequential recovery projected in the second half of 2025.
  • Gold Segment Costs-- Gold segment all-in sustaining costs (excluding NRE adjustments) were $16.11 per ounce.
  • Future Production Outlook-- Gold output and costs guidance for 2025 maintained overall, but production is now expected to be more heavily weighted toward the second half of 2025.
  • Capital Expenditure-- $73.7 million was spent on sustaining and project capital, with major investments at La Colorada, the Skarn project, Timmins, and Jacobina.
  • La Colorada Skarn Project-- Partnership discussions are progressing; additional drilling is targeting high-grade eastern veins, with updates and a new reserve/resource estimate expected before mid-September.
  • Escobal Consultation-- The ILO 169 consultation process in Guatemala continues; no completion date has been set, but working sessions between the government and Schenker Parliament are ongoing.
  • Non-Core Asset Sales-- Planned divestitures will focus on late-stage exploration assets, with several smaller transactions expected to close by year-end.

SUMMARY

Pan American Silver (PAAS -0.33%) achieved several record financial results in Q2 2025, including net earnings, free cash flow, and total liquidity, while increasing capital returns. Management confirmed the planned MagSilver acquisition is on track for closing following regulatory approval, with the transaction anticipated to expand silver output and reduce costs. The gold production forecast for 2025 remains intact despite minor first-half operational disruptions, with output expected to skew higher in the year's second half.

  • Management confirmed ongoing efforts to resolve grade reconciliation and geotechnical issues, particularly at Timmins, with "Drilling larger diameter holes," and enhanced ground support.
  • Steve Busby stated, "we remain incredibly confident that we'll come in within guidance into Q4 on gold production and certainly on silver and cost."
  • President Steinmann disclosed that partnership discussions for La Colorada Skarn would incorporate results from new high-grade vein discoveries, "be included in our updated resource and reserve calculation" before budgeting season.
  • Chief Financial Officer Ignacio Couturier said that equity accounting, as previously used by MagSilver, is "pointing towards an equity pickup" method for the pending Fanezipia JV interest.
  • Dividend policy remains flexible, as Steinmann noted free cash flow generation is robust enough that the MagSilver purchase is not expected to materially reduce the dividend.
  • Scott Campbell indicated capital expenditures are set to ramp up in Q3 and Q4 2025 following early-year project delays at major sites such as Shahuindo.
  • The company will deliver a mid-year update on reserves and resources in the coming weeks (expected before mid-September 2025), with mine-specific price assumptions possibly shifting to reflect the current price environment.

INDUSTRY GLOSSARY

All-in Sustaining Cost (AISC): A comprehensive cost metric in mining that includes direct mining costs, corporate overhead, sustaining capital expenditure, and other ongoing costs per ounce produced.

Skarn: A specific type of ore deposit formed by chemical reactions between intrusive magmatic rocks and surrounding carbonate-rich sedimentary rocks, commonly hosting significant mineralization of precious or base metals.

ILO 169 Consultation: A structured engagement process under International Labour Organization Convention 169, used in Guatemala for indigenous community consultation on mining or development projects.

Fanezipia JV: The joint venture associated with the MagSilver asset targeted for acquisition by Pan American Silver Corp.

Full Conference Call Transcript

Michael Steinmann: Thank you and good morning everyone. I'm glad you could join us to discuss Pan American Silver Corp.'s Q2 2025 results. Today, I'm pleased to report another quarter of record-setting results. Top-line revenue of $811.9 million reflects solid operating performance and the benefit of a supportive price environment. Net earnings were a record of $189.6 million or $0.52 per share, largely driven by record mine operating earnings of $273.3 million. Adjusted earnings were $155.4 million or $0.43 per share. Cash flow from operations before non-cash working capital changes was also a record of $287.9 million after $68.3 million in cash taxes paid. After non-cash working capital changes, operating cash flow totaled $293.4 million.

Free cash flow was a record of $233 million, increasing our cash balance to a record high of $1.1 billion at the end of Q2. Our capital allocation framework remained unchanged: maintain our strong balance sheet, sustain and grow the business, and return capital to shareholders. Given our strong balance sheet, we are focused on growing the business. And in Q2, we significantly advanced that objective with our proposed acquisition of MagSilver. The top-tier Fanezipia silver asset is expected to provide an immediate uplift to Pan American Silver Corp.'s production and free cash flow generation while meaningfully reducing our consolidated silver segment costs. It also represents further opportunities to grow our silver production through the exploration potential of the asset.

Mag shareholders approved the transaction in July and we are now awaiting clearance under Mexican antitrust laws. The transaction is expected to close in 2025. In addition to the acquisition, we invested $73.7 million in sustaining and project capital in Q2. Project capital was invested in the La Colorada mine and the Scarn project and to our own Timmins and Jacobina mines. At Jacobina, in addition to advancing mine and plant optimization studies, we have invested in improvements to plant availability and equipment reliability. In terms of the La Colorada Skarn project, our discussions around potential partnerships for the development are progressing well and we expect to share more on our plans for the Skarn in the coming months.

We have also delivered on the third priority of our capital allocation approach, returning capital to shareholders. Yesterday, we announced a 20% dividend increase from $0.10 to $0.12 per common share with respect to Q2 2025. We also repurchased just under 500,000 common shares at an average price of $24.22 per share for a total consideration of $11.1 million in Q2. During the first half of this year, we have returned approximately $103.5 million in dividends and share buybacks to our shareholders.

Total available liquidity at the end of Q2 was roughly $1.9 billion, affording us ample flexibility to pursue our organic and inorganic growth opportunities even after accounting for the $500 million of cash that will be paid as part of the consideration for MagSilver. Turning now to operations. We produced 5.1 million ounces of silver in Q2 within our guidance range for the quarter. Our Silver segment achieved all-in sustaining costs of $19.69 per ounce, excluding energy adjustments, which was at the low end of our guidance range. La Colorada once again led the performance in the silver segment following the improvement to ventilation from the new infrastructure installed in mid-2024.

Throughput reached an average of 2,130 tons per day in Q2 relative to the 2,000 tons per day that we were targeting. As a result, silver production at La Quebrada was up nearly 50% and cash costs per silver ounce down by nearly 25% compared with 2024. We are maintaining our guidance for silver production and costs in 2025. Gold production of 178,700 ounces in Q2 was slightly below our guidance range while gold segment all-in sustaining costs excluding NRE adjustments of $16.11 were within guidance. The gold segment was impacted by lower throughput and grades at Timmins primarily as a result of additional backfill and hanging wall dilution.

At El Penhune, production was impacted by mine and development sequencing into lower gold and higher silver grades. These impacts were partially offset by stronger performance at Chalwind from higher gold grades and positive mine grade reconciliations. And at Dolores, with the leach cycle delivering more production than originally planned in Q2. Pulp production in the first half of 2025 was in line with our guidance. And we are maintaining our outlook for gold production and all-in sustaining costs. However, we now expect gold production to be more heavily weighted to the second half of 2025 than originally indicated in our 2025 quarterly operating outlook.

At Escobal, the Singapore Parliament issued a statement in May 2025 with respect to the ILO 169 consultation process. The Guatemalan Ministry of Energy and Mines or MEM has now delivered a response to that statement describing the proposals to address the concerns the Schenker Parliament had raised. These documents can be reviewed on the MEM website. The MEM has indicated that they will continue to hold working meetings and maintain dialogue with the Schenker Parliament as they work towards completing the ILO 169 consultation. Although a date for completing the consultation has not been specified. As we consider the global backdrop for precious metals, we see a very supportive environment for gold and silver prices.

Global photovoltaic installations and electronic applications continue to drive industrial demand growth for silver while mine supply is largely flat. The silver market is in its fifth consecutive year of structural deficit and this deficit is expected to persist in the coming years, depleting above-ground stocks further. A very supportive backdrop for silver prices. We view the MagSilver acquisition as a high-quality addition to our portfolio to capitalize on this outlook for silver. In summary, Pan American Silver Corp. has delivered record financial results in 2025. Our operating teams are focused on meeting our production targets and maintaining strong control over costs. We are on track to achieve our guidance for 2025.

We look forward to continuing to deliver robust free cash flow and returning capital to our shareholders. I will now be happy to take your questions together with other members of our management team.

Operator: Thank you. We'll now begin the question and answer session. If you're using a speakerphone, please pick up your handset before pressing any keys. Our first question is from Ovais Habib with Scotiabank. Please go ahead.

Ovais Habib: Thank you, operator. Hi, Michael and Pan American team. Congrats on a Q2 beat. A couple of questions from me. In Q2, you know, on Cerro Moro, El Penon, Timmins, Mineral, Florida, essentially all experienced either negative grade reconciliation or geotechnical issues. First part of the question is, have these issues been resolved going into Q3? I believe you said Q3 is expected to be a weakest quarter, with Q4 being your strongest quarter in terms of the gold production. And part two of the question is, do you think Jacobina can make up for the loss of ounces if it comes to that?

Essentially, what I'm trying to ask, Michael, is how confident are you with meeting the gold production guidance?

Michael Steinmann: Yeah. Good morning, Ovais. I have Steve here next to me who will answer your question.

Steve Busby: Yeah. Good morning, Ovais. For the most part, those issues we faced in terms of grade reconciliations we are addressing aggressively. We do anticipate some of it to linger into Q3. That's why we're kind of pushing the gold guidance heavier into Q4. That's kind of where we raise that note. But we're feeling pretty confident. Generally, what we see when we have a quarter of low reconciliations, we do generally see it come back. Our drill data on average, we're comfortable with the reserve information. It's just these swings of highs and lows quarter to quarter, and it kind of hit those operations you mentioned during Q2.

Geotechnically, we're having some good success in Timmins at addressing, you know, particularly some of the production drill hole squeezing issues we've had. Drilling larger diameter holes, we're using an additive that's been pretty unique and it's been pretty helpful in maintaining those holes open. And we've added quite a bit of ground support, even dynamic support along some of the key developments in the high-stress areas. So we're feeling pretty good that we're overcoming those issues there. So, yeah, so that's why we kind of favored pushing some of the gold, but we remain incredibly confident that we'll come in within guidance into Q4 on gold production and certainly on silver and cost.

Ovais Habib: Thanks for the color on that, Steve. And, I mean, most of these operations have kind of achieved at least about 40% of production year to date. So in terms of kind of getting over that hump, you know, it does seem like you guys should be able to hit those numbers. So thanks for that color. Just wanted to see if I can move on to, you know, non-core asset sales. Michael, your team has done an excellent job in kind of selling non-core asset sales over the past couple of years. Should we expect more to come going into the second half or even the next twelve months?

Michael Steinmann: Yeah. Definitely, we are working on some of the deals that are mostly smaller things. So don't expect like, you know, big, big, big sales like we've seen over the last eighteen months. But there's quite a few smaller things that we're working on, and we'll release those, obviously, when they're done. I would expect that a few will close here, from now to the end of the year.

Ovais Habib: I mean, Michael, maybe in terms of a little bit of details, I mean, are those operating assets, or are they more exploration assets that you're looking to sell?

Michael Steinmann: No. They're not operating assets. There's a lot of like, mid to later stage exploration plays that we are finding new homes for. In all kinds of different jurisdictions and also different constellations, you know, you should expect maybe some straight-out sales, some participation in other companies, etcetera, etcetera.

Ovais Habib: Sounds good. Thanks for that color, Michael. That's it for me. Thanks for taking my questions. And again, congrats on a good quarter.

Michael Steinmann: Thanks, Ovais.

Operator: The next question is from Fahad Tariq with Jefferies. Please go ahead.

Fahad Tariq: Hi, thanks for taking my question. On Jacobina, in the quarter, there was a comment in the MD&A about mine sequencing to lower grade gold grade ores. Can you just talk about expectations for the second half of the year on grades?

Steve Busby: Yes, Fahad, this is Steve. We are trying to move towards the mining at Jacobina at reserve grades, which are actually a little bit lower than what during the rest of the year that we will be tapping into. So we won't, as part of the optimization study we're working on, we'll start to push more tonnes at lower grades and kind of maintain or expand the gold production to a limited degree. But, again, we remain confident that we'll deliver to our guidance, Jacobina, according to what we showed there.

Fahad Tariq: Okay. Thanks. And then over the coming weeks and months? Is it Pan American being involved in those meetings directly with the Schenker Parliament? Or is it the government meeting with them and Pan American providing information where needed?

Michael Steinmann: Just keep in mind that consultation is between the government led by the Ministry of Mines and Schenker and it's not led by Pan American. So that's you have to keep that in mind. But I have Sean here who's leading our efforts in Guatemala who can give us more details on this.

Sean McAleer: Yes. Good morning. What we're seeing now is a series of working meetings that are being planned, so we expect to see the government meet with Schenker parliament over the coming weeks. They did have a meeting on July 29. So those meetings are ongoing, and we will be called in to participate in the future. We expect that to happen. And we have ongoing meetings with the MEM and the government at the same time in parallel. When they have questions and issues that they want to resolve with us. But I'd expect that we would have a few meetings this quarter, and so we'll update that in the Q3 update.

Fahad Tariq: Okay. Great. Thank you.

Operator: The next question is from Lawson Winder with Bank of America Securities. Please go ahead.

Lawson Winder: Thank you very much, operator. And hello, Michael and team. Thank you for today's update. Nice quarter. I wanted to ask about Skarn. Something you said in your prepared remarks, Michael, and then follow-up on that. Did you say that you expected an update in the in a month, like, in terms of a singular month, did you mean months? And then what are the current permutations of monetization that look most likely at this point?

Michael Steinmann: Yeah. No. First, that was probably my Swiss English. That several months, that was plural, not singular month. I hope you very soon, as you mentioned. Look. Very interesting developments on the Skarn. I don't know if you recall. We started showing maybe late last year first kind of intersect some very high-grade veins above the Skarn further to the east. There were exceptional intercepts. We published a few in the press release there. And we kept drilling there very actively over the last eight months, ten months. And, you know, we are looking at actually tapping into that as well and look at synergies between this and those high-grade intercepts. So I'm a bit cryptic here.

That's one of the releases we will put out when we have all the data together, which will happen. You should expect that coming in the next few months.

Lawson Winder: To

Michael Steinmann: discuss those results, and then that will be included in our updated resource and reserve calculation as well.

Lawson Winder: So that's

Michael Steinmann: probably the, you know, beside the infill drill and the Skarn. Obviously, we know by now a lot about the Skarn, but that's definitely the most interesting and additional information that will come into the project when you look at La Colorada entirely and how we move forward with this current and with La Colorada. Adding those very, very high-grade veins to the east. So just stay tuned. Sorry. I don't have all the details that I can share right now with you, but it's definitely part of the several updates that we're gonna see during the rest of the year on La Colorada and on the Skarn.

Lawson Winder: Okay. And then just to be clear, one of those updates could be some sort of monetization or partnership transaction?

Michael Steinmann: Look, these discussions are ongoing. And of course, those additional veins and synergies will play into the partnership negotiations as well. So that will come after. So I can't promise yet when that will come out. But, as I said, we're working hard on that. And whenever we try to, we will share. But the first few steps here will be the reserve update, resource update, on it, and then the inclusion of those high-grade veins. And then the next step will be to include that in our negotiations with potential partners.

Lawson Winder: Okay. Yep. Fantastic. Thank you for clearing that up. And then just since you brought it up, the reserve and resource update, could you give us an idea of the timing on when that update would come? And then thinking about gold and silver price assumptions in that update, I mean, you say you'd have a fairly high level of confidence in replacing reserves this year? And to the extent that the change in the gold and silver prices assumptions might be quite material, can we be looking at some impacts on the current mine plans?

Michael Steinmann: Yeah. Look, I mean, if you recall, when you look at our reserves resource updates, we never use just the one price fit to all be, you know, I'm a strong believer that you have to depending on the mine life, if you look at a shorter mine life, and, obviously, we're sitting on in a very high metal price environment, you in order to optimize your return, you obviously should use higher prices in those assets in very long-life assets like Jacobina, for example. You would use lower prices. We have that done all the time. And you look at our reserve resource tables, there is actually a whole page with different prices that we use for different assets.

So that will remain. We will do, you know, use a similar approach this year. There will be obviously a few assets where we use slightly higher price but I think we are still very, very conservative. Think on a on the price side to really maintain and take advantage of big margins that we can create with this metal price environment. You know, the result you see obviously in our strong cash flow that we delivered last quarter. So that kind of the same theme continues, but, of course, we, you know, we have probably $1,500 higher gold price than last year. So you have to adapt a little bit, not to leave really high paying material behind.

So it's an interesting year definitely to use and define metal prices for your reserve and resources. As you know, we are one of the few companies to do it midyear because we want to have a new reserve and resource money go to the budgeting season. But you should expect that process is coming out over the next few weeks, definitely before, I would say, mid-September.

Lawson Winder: Okay. Fantastic. Thanks very much, guys. Enjoy the rest of your hours.

Michael Steinmann: Thank you. You too.

Operator: The next question is from Cosmos Chiu with CIBC. Please go ahead.

Cosmos Chiu: Maybe going back to the various geotechnical line sequencing and negative grade reconciliation issues at the various properties. El Penon, Cerro Moro, Timmins in Florida, you know, I seem to notice that a number of these operations came from the Yamana portfolio. You know, I would say these are normal issues underground, but you know, would it also be related to the fact that, of these operations were operated by a previous operator? That's why some of these issues came up.

Steve Busby: Yeah. Cosmos, Steve here. Hi, Steve. No. I would have to say no. There's no specific, you know, bias towards those Yamana assets. In terms of this reconciliation issue, it is a factor of narrow vein mining. You know, I'd say we favor narrow vein mining certainly at Penon and Monera Florida. When you look at that Cerro Moro as well, those are pretty variable, highly variable narrow veins. And it's a characteristic of those type of deposits that we face. They are challenges that we've dealt with, but some of the Pan American Silver Corp. operations. So, again, we're confident this is a quarterly blip, and it comes and goes. We're not concerned about our overall reserve estimates.

It's just the timing and spatial locations of these estimates that we have to hone in. We're looking as we go into budgeting season for 2026, we are looking at potentially enhancing some of the drill density in some of these narrow vein zones. To try to reduce that variability going into next year. But I don't see any bias towards just Yamana operations.

Michael Steinmann: You know, we have just to add to this, have seen, obviously, this kind of result as Steve said, which is, you know, often a result of high very high-grade narrow vein mining. Do you have more variability, obviously, than in a larger massive like the Skarn, for example, or porphyry. You have more variability, and we, you know, we see the same kind of results sometimes at Guaran or San Vicente or other assets. You know, a matter of fact, obviously, in a more narrow structures at La Colorada in the past. So you know, these are normally short-term issues, and we deal with them. So nothing specific to being Yamana assets. You know?

We now own the assets now for quite a while. I'm sure you have noticed that over quarter and quarter and quarter, all these assets have been our strongest cash flowers in our portfolio.

Cosmos Chiu: I do notice. Maybe as a follow-up, in terms of these issues here. Are they related to, like, new areas that you're entering at these different assets? Maybe new structures that you might not have previously been aware of? Could maybe potentially lead to a more sustained impact on mining. Or am I thinking too much into it?

Steve Busby: Yeah. I think a little bit too much. I mean, you're on a bit. It's more towards the extremity of the known of the veins that we have been mining. As we reach the extremities of those reserves that go deeper on those, we generally are seeing a bit more variability, a little less density of information, which also drives a bit more variability in our results.

Cosmos Chiu: Okay. Maybe my next question will be going back to what I'm actually good numbers. On that, sustaining CapEx here, you've budgeted $270 to $280 million per year. I seem to see that, so far, you've done about $122 million. You know, certainly not hitting 50% for some of the assets like Jacobina, Shuendo. Can so can you maybe talk about, you know, that CapEx budget for the year and where you're gonna be planning on spending more of that CapEx in Q3 and Q4?

Scott Campbell: Yes. Good morning. Excuse me. Cosmos, Scott Campbell here. Yes. We had a few delays starting off our major capital projects at Shadowindo this year. Some are weather-related, permitting-related. And the awards process took a little bit longer to the tender process. But full speed ahead with those, so we do intend to, you know, our CapEx will be in line with our forecast.

Cosmos Chiu: Mhmm. Great. And maybe one last question here on the dividend. It's great to see that it's increased. It's great to see the, you know, very robust free cash flow in Q2. But to confirm, based on the mechanics of the dividend, how you calculate the variable component, once you, you know, use a part of your cash on the balance sheet to pay for MagSilver, there's potential for that dividend to decrease again. Is that correct?

Michael Steinmann: Well, there's obviously a dividend policy, as you mentioned, but just keep in mind that, you know, we generate a lot of free cash flow. So does Mag. And there will be, you know, cash obviously coming to us when we close the transaction. So I think it's too early to say, but I don't think so that we're gonna see, you know, a big impact on our report here.

Cosmos Chiu: Okay. And then on the Mag transaction, as you mentioned, it's been approved by, you know, Mag Silver's shareholders and you're still waiting for the antitrust sort of, you know, the not the permits, but the approval. Is that, like, the last hurdle? And, you know, how should we view it?

Michael Steinmann: Yes. That's absolutely the last hurdle. Would expect that once we get that okay from Mexico, it will let me just switch in all the transactions we did in the past that was required and was always the last piece of the transaction. And I would expect to probably close a few days later after we received that the approval.

Cosmos Chiu: Okay. And nothing more complicated to this transaction compared to what you've done in the past. Correct, Michael?

Michael Steinmann: Everything is completely moving normal here. You saw a very clear vote of confidence by the Mag shareholders. So really looking forward to adding, you know, that operation or piece of operation to our portfolio, which, you know, has very, very, very strong production there as well, very strong silver at very low cost. That's obviously the reason why we are interested in and are very interested in that acquisition looking at one of the highest quality, highest grade, lowest cost silver mine on the planet with, you know, in my view, probably one of the biggest exploration outside as well.

Cosmos Chiu: Mhmm. And then maybe a bit premature, but on the 44% minority interest? Is it gonna be some kind of equity pickup, equity accounting, sort of one line pickup in your income statement? Have you thought about how you're gonna account for it?

Ignacio Couturier: Hi, Cosmos. It's Ignacio here. So, yeah, we're still doing the analysis. But a good point of reference would be the way Mag accounted for the Fanezipia JV interest, which was, as you mentioned, an equity pickup. In addition to that, I can also point you to the Mag info cert there, the pro forma financial statements there, and then there's already some assumptions on what the accounting is gonna look like. So, yeah, everything's pointing towards an equity pickup.

Cosmos Chiu: Great. Once again. Those are the questions I have, Michael, Steve, Ignacio, and Scott. And thanks for answering all my questions.

Michael Steinmann: No problem. Thanks, Cosmos.

Operator: This concludes the question and answer session. I'd like to turn the conference back over to Michael Steinmann for any closing remarks.

Michael Steinmann: Thanks, operator, and thank you, everyone, for calling in here on a beautiful summer day. At least here in Vancouver. Another great quarter for Pan American Silver Corp. and beat across the board on our strong financial results. Really looking forward to the rest of this year. Looking forward to adding Fanezipia to our portfolio as well later this year. And as I mentioned, we'll have the reserve and resource update as of mid-year. And that should be quite an active second half or last four months, only five months of the year. With news flows on various topics for the company. You know? Looking forward to that and looking forward to updating you in November on our Q3 results.

Until then, enjoy the rest of December. Thank you, everyone.

Operator: This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.