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Date
Thursday, Oct. 30, 2025 at 11 a.m. ET
Call participants
President & Chief Executive Officer — Mitchell J. Krebs
Senior Vice President & Chief Operating Officer — Michael Routledge
Senior Vice President & Chief Financial Officer — Thomas S. Whelan
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Takeaways
Revenue -- $555 million in the most recent quarter, reflecting a 15% quarter-over-quarter increase, primarily from higher ounces sold and a 15% quarter-over-quarter rise in silver price.
Free cash flow -- Free cash flow was approximately $2 million per day in Q3 and projected to increase in Q4 2025 as realized prices rise.
Cash balance -- $266 million at quarter end, with management expecting it to exceed $500 million by the end of 2025.
Net debt -- Fell below $100 million after $228 million in debt repayments during 2025.
EBITDA -- Management expects full-year EBITDA (non-GAAP) to surpass $1 billion in fiscal 2025, higher than prior estimates.
Record metrics -- "new quarterly financial records for net income, adjusted EBITDA, free cash flow, and adjusted EBITDA margin" achieved, according to Whelan.
U.S. net operating losses (NOLs) -- $630 million recorded on the balance sheet, creating a $162 million non-cash tax benefit.
Production -- Gold production exceeded 111,000 ounces; silver production totaled 4.8 million ounces.
Adjusted CASK per ounce -- Gold adjusted CASK: $1,215 per ounce; silver adjusted CASK: $14.95.
Los Chispas operation -- Produced 1.6 million ounces of silver and 17,000 ounces of gold, generating $66 million in free cash flow, with a 34% quarter-over-quarter gain in free cash flow.
Palmarejo operation -- Delivered $47 million in free cash flow; mill throughput at Palmarejo reached six-quarter highs and exploration activity increased outside the Franco Nevada Gold Stream area.
Rochester operation -- Gold production increased 313% quarter-over-quarter, yielding $30 million in free cash flow; downtime for modifications reduced tons crushed, but total tons placed increased over 9% to 8.3 million by supplementing with direct-to-pad material.
Kensington operation -- Gold production rose for the third consecutive quarter, topping 27,000 ounces, with CASK per ounce at $1,659 and $31 million in free cash flow—the mine’s highest in over six years.
Wharf operation -- Quarterly gold production increased by 16% to 28,000 ounces compared to the prior quarter, producing $54 million in free cash flow, and full-year 2025 gold production guidance raised by 3,000 ounces.
Guidance updates -- Management increased full-year gold production guidance and decreased full-year silver production guidance, due to outperformance at Los Chispas, Palmarejo, and Wharf, offset by some Rochester ounces pushed into 2026 from lower-than-planned crushed tons.
Share repurchase program -- Nearly 10% of the $75 million share repurchase program completed, with capital allocation priorities to be reassessed over the coming months.
Tax rate outlook -- Whelan stated, "The federal rate's 21%, the states are you might want to add in like 3% on average," setting expectations for future effective tax rates after NOL utilization.
Cost environment -- Management cited a pretty attractive cost environment with flat input costs and little tariff pressure, offset by some higher royalty expenses and peso strength.
M&A and growth strategy -- Management confirmed a continued focus on gold and silver assets within current jurisdictions, with interest in assets like Silvertip for potential longer-term growth.
Summary
Coeur Mining (CDE 3.01%) reported sequential improvements across major financial, operational, and cost metrics in Q3 2025, delivering new company records in free cash flow, net income, and adjusted EBITDA. The addition of Los Chispas drove a step-up in low-cost production and cash flow, contributing to higher guidance for gold output. Major completed operational upgrades at Rochester improved production rates despite temporary downtime, supporting revised expectations of a stronger fourth quarter and record 2026. The company rapidly shifted to a net cash position by aggressively repaying debt in 2025, recording a $162 million non-cash tax benefit tied to U.S. NOLs recognized.
Management stated that net debt to EBITDA reached nil during Q4 2025, signaling accelerated balance sheet strengthening.
Rochester’s operational enhancements included successful completion of three major projects improving primary and secondary crushing processes, with ongoing minor modifications to improve reliability and throughput.
The company’s capital allocation focus remains on select internal growth and productivity, with acquisition criteria requiring significant quality improvement in core jurisdictions.
Industry glossary
Adjusted CASK: Costs applicable to sales, adjusted for non-recurring items, representing direct mining and processing costs per ounce sold.
NOLs: Net operating losses, which can be carried forward to offset future taxable income and reduce tax payments.
Full Conference Call Transcript
Mitchell J. Krebs: Good morning, everyone, and thanks for joining our call today to discuss our third quarter results. Before I kick off, please note our cautionary language regarding forward-looking statements and refer to our SEC filings that are on our website. The third quarter highlights on Slide three showcase our second consecutive quarter of record results driven by higher realized prices, strong production levels, and solid cost management. As a result, our cash balance is growing rapidly and is expected to exceed $500 million at year-end, placing us solidly in a net cash position heading into 2026.
Based on recent price levels, we now expect our full-year EBITDA to exceed $1 billion and our full-year free cash flow to top $550 million, both of which are higher than our prior estimates. Mick and Tom will provide some further operational and financial details in a few minutes. But a couple of other highlights I wanted to quickly mention: Our Los Chispas silver and gold operation in Sonora, Mexico had another consistent quarter of production during its second full quarter since the Silvercrest transaction closed back in February. Its free cash flow increased by 34% to $66 million in the third quarter.
In addition to their solid operational and financial results, we issued an exploration update last month that highlighted several high-grade intercepts at Las Chispas. We could not be more pleased with the Silvercrest transaction and the addition of the Los Chispas operation and its team. It is a great example of well-timed M&A that has allowed us to significantly up-tier our asset portfolio by adding low-cost silver production and immediately bolster our balance sheet, which has put the company in a terrific position as we look ahead to what should be an even stronger fourth quarter and a record-breaking year in 2026.
On the share repurchase program, we managed to get nearly 10% of our initial $75 million program completed so far. We will continue to evaluate our repurchase activities and overall capital allocation priorities with our Board over the coming months. At Rochester, the team continued to make solid progress achieving steady state. We mentioned during our last call that we took extended downtime early in the third quarter to make some modifications to the crusher corridor, which have proven to be successful. Mick will talk more about the progress there in a few minutes. Finally, you will see we fine-tuned our full-year production guidance ranges and we also tweaked our cost guidance ranges.
These narrower production guidance ranges resulted in a small increase to the midpoint of our full-year gold production guidance and a slight decrease to the midpoint of our full-year silver production guidance. The main drivers to these adjustments are Los Chispas, Palmarejo, and Wharf being nicely ahead of plan, offset by some Rochester ounces being pushed into 2026 to reflect lower than planned crushed tons so far this year. Before I turn it over to Mick, I just want to quickly thank the team. Our safety and environmental performance this year is among the best in our company's ninety-eight-year history, and the operational and financial results speak for themselves.
It is great to see these themes all coming together at the same time. The impact of our recent investments in expansions and exploration, the Silvercrest acquisition, and now these higher prices to generate these strong results for our shareholders from our balanced platform of North American assets. Mick, over to you. Thanks, Mitch.
Michael Routledge: The third quarter was another solid step forward for Coeur Mining, Inc., marked by strong execution and operating discipline throughout the business. Consolidated gold and silver production continued at 2025 trend of positive sequential quarterly increases, delivering over 111,000 ounces of gold and 4.8 million ounces of silver. Adjusted CASK per ounce for gold and silver also continued that positive trend compared to Q3 2024 at $1,215 per ounce and $14.95 per ounce, respectively. Looking in more detail at each of the operations, rock-solid consistent production and cost performance with a balanced portfolio was the key takeaway in the quarter.
Beginning with Las Chispas, the operation continues to perform exceptionally well, with silver production increasing to 1.6 million ounces and gold production to 17,000 ounces, generating $66 million of free cash flow as Mitch mentioned earlier. The mains outperformance to date and expectations for a strong finish to the year led us to increase the range of 2025 silver and gold production guidance. I am also pleased to report that the full integration of Las Chispas is now complete. Kudos to the entire team for a job well and safely done. Turning to Palmarejo, the main delivered $47 million of free cash flow during the quarter, with strong recoveries and mill throughput that reached their highest levels in six quarters.
The pace of exploration activity has also increased in the East District outside the Franco Nevada Gold Stream area of interest, including drilling, mapping, and site work in the highly prospective Camachin and Guazeparas trends. We believe will be key drivers in Palmarejo's next leg of growth. Palmarejo's strong performance year to date and expectations for a good finish to the year supported an uptick in their full-year 2025 production guidance ranges. And driven by continued strong cost management, a reduction in their full-year 2025 CASK guidance ranges.
Turning to Rochester, the priority in the third quarter remained on building consistency and momentum through the three-stage crushing line, which continues to drive steady sequential growth in production at a lower overall cost profile. Gold and silver production increased 313%, respectively, compared to the second quarter, driving a second successive quarter of free cash flow at $30 million. I am pleased to report that the average particle size continues to trend downward for material passing through all three stages of crushing, from a P80 of around 0.92 inches in the second quarter to slightly better than budget levels of 0.84 inches in the third quarter. And the related recoveries continue to track our PSD models just as we expected.
As mentioned last quarter, the team took an extended down period in July to successfully implement several modifications after startup to further enhance the tremendous processing power and efficiency of the crushing train. We also managed through some premature belt wear challenges in the secondary reclaim feeder during the quarter, with a few more minor modifications to address this in the fourth quarter. This downtime resulted in a slight decrease in tons crushed compared to the prior quarter, however, total tons placed on Stage six in the third quarter increased over 9% to 8.3 million tons by utilizing our available fleet and supplementing crushed tons with direct-to-pad material.
Revised 2025 production and cost gains ranges at Rochester reflect the cumulative effects of this year-to-date downtime and the expected timing of ounces coming from Stage six. Moving to Kensington, the positive impact of the recently completed multi-underground development program continues to shine through in the form of a stronger, more consistent production profile. Gold production increased for the third consecutive quarter, exceeding 27,000 ounces. CASK per ounce at Kensington has shown similar sequential improvement in 2025, reaching $1,659 in the quarter. These positive trends contributed to free cash flow of $31 million, Kensington's highest quarterly cash flow in over six years.
In light of strong results to date, coupled with greater flexibility and productivity taking root throughout the mine, Kensington's 2025 production guidance has increased and its 2025 CASK per ounce range has been narrowed downward. Finishing up at Wharf, the mine achieved its third consecutive quarter of increased production and lower costs applicable to sales. Quarterly gold production increased by 16% to 28,000 ounces, leading to free cash flow of an impressive $54 million. This great year-to-date performance led us to increase full-year gold production guidance by 3,000 ounces. At the same time, moving CASK guidance down by $125 per gold ounce. As Mitch mentioned, the power of Coeur Mining, Inc.'s balanced prices.
North American portfolio is fully enjoying this moment of record-setting metals. With that, I'll pass the call over to Tom.
Thomas S. Whelan: Thanks, Mick. As highlighted on Slide eight, our strong Q3 financial results demonstrate the power of our five-asset is delivering as expected. It was pretty exciting to see the surge in quarterly free cash flow and EBITDA margin during the quarter. Perhaps more exciting is resulting dramatic improvement of the company's financial position in such a short period of time. Metal sales climbed 15% to $555 million during the quarter, driven primarily by a healthy increase in the number of ounces sold and further accentuated by the 15% higher silver price quarter over quarter.
This strong top-line revenue growth combined with overall solid cost control led to several new quarterly financial records for net income, adjusted EBITDA, free cash flow, and adjusted EBITDA margin. One neat metric to highlight is that Coeur Mining, Inc.'s free cash flow party continued at a pace of roughly $2 million per day in Q3, and we expect this rate to increase with the expected higher Q4 realized prices. Turning to the balance sheet on Slide 11, our cash balance grew to $266 million, took advantage of our improving financial position to early repay $10 million of higher-cost capital leases as we aim to drive down our interest expense even further.
We have now repaid over $228 million in debt during 2025, driving our net debt below $100 million. We closed the quarter with a net debt ratio. We are prepared to declare victory on achieving our long-term goal of net debt to EBITDA of nil during Q4 2025, which is nicely ahead of schedule. Included in our Q3 2025 earnings was a significant milestone around our $630 million of U.S. Net operating losses. As the students of accounting on this call will appreciate, recorded these U.S. Net operating losses on the balance sheet during the third quarter.
This accounting requirement resulted in a one-time $162 million non-cash tax benefit for accounting purposes during the quarter, which is a reflection of the strong performance of The U.S. Operations over the past three years on a cumulative basis. Have enhanced our guidance and disclosure relating to tax matters to provide additional color on the go-forward effective tax rate and on quarterly taxes paid. Speaking of guidance, we have fine-tuned our 2025 production and cost guidance as is the normal cadence after the end of the third quarter. As Mitch referenced, the overall production changes are truly minor tweaks and speak to our overall predictability over the past three years.
Despite a stronger peso than we had budgeted and higher royalty obligations, due to stronger gold and silver prices, we are particularly excited to lower our cost guidance at three of our five mines, which reflects the efforts of our business improvement culture and signs that our 2025 inflation estimates were conservative. With that, I'll now pass the call back to Mitch.
Mitchell J. Krebs: Thanks, Tom. Before moving to the Q&A, I want to quickly highlight Slide 13 that summarizes our top priorities for the remainder of the year. We have made tremendous progress this year by delivering on our strategy and pursuing opportunities to further improve the quality of the business. We expect this discipline and focus to result in a strong finish to the year and to position us exceptionally well for a record year in 2026. With that, let's go ahead and open it up for questions.
Operator: We will now begin the question and answer session. Our first question comes from Mike Zaparago with RBC Capital Markets. Please go ahead.
Mick Siperco: Thanks, operator, and good morning, and thanks for taking my question team. Maybe starting possibly with good morning. Maybe starting with Mick on Rochester, Rochester or I assume it's Mick anyways. Net of the guidance change and what you're seeing in the second half at the crusher, can you talk a bit more about what's needed to get the up to full capacity or steady state, let's say, into 2026 from a throughput perspective.
Mitchell J. Krebs: Mick, you want to go ahead and take that?
Michael Routledge: Yeah. Mike thanks for the question. Absolutely. We telegraphed a little that we're going to do those extended shutdowns during July. We did that and we've got three really strong projects done, one on the primary, which was really to help us get more efficiently in and out of the primary to maintain that asset. Around a rail system underneath the primary. So that allows us to then run more consistently at the primary level. On the secondary, it was about some modifications that we did to split the two secondary systems up so that we can run one of the systems while maintaining the other one, which also impacts productivity improvements.
And then the third key project that we did during the quarter was an auto sampler downstream around the tertiary system that allowed us to both drive uptime to get more tons through the pipe and to get better visibility of the size fraction online during dynamic operations. So all three of those projects have really driven the opportunity for more uptime for size control and productivity at Rochester. That was done in the third quarter and we've seen some good things that getting some traction and we're looking forward to better results going forward.
Mitchell J. Krebs: And just Mike to piggyback on what Mick just highlighted, to get to the point of what's needed to get up to capacity out there. I'd say the unplanned downtime late in the third quarter regarding that conveyor belt under the secondary crush door stockpile that cropped up which caused us to lose a little bit of momentum there. On the back of completing those projects that Mick just highlighted. That'll get addressed here in November. And that should always going to be something I'm sure that pops up from time to time, but that's probably the one thing that we need to get behind us and then we'll hopefully have some clear runway on the backside of that.
Is that fair to say, Mick?
Michael Routledge: It's absolutely fair to say. The trend is positive. We're seeing some better numbers as we go through this month. And year to date now that we've got those projects behind us. And we'll just continue to tweak. I'm really actually quite happy where we're at. It's not unusual that we do some of these modifications after startup. And in relative terms compared to the industry average, it's been quite a lean set of modifications to be fair. Far so good.
Mitchell J. Krebs: Does that help Mike? Yeah.
Mick Siperco: Yes. And I guess, just to follow-up on that, that was going to be my next question. I mean, you look at the issues that you have been addressing, either sort of planned or unplanned, would you say this is more normal course adjustment during a ramp-up of an operation this size? Or are you seeing more with respect to either the conveyors or the wear or the material you're running that maybe needs more of a step back and some readjustment? Or is it both?
Mitchell J. Krebs: I'd say it's much more of the former Mike. Things that when you run a large crusher train like this for a little while, something pops up you fix it and then you move on. Mick, fair to say? Absolutely fair to say. It's
Michael Routledge: not a typical conveyors, belts, adjustments to chutes. A little bit on strike up bars around the secondary that we'll make adjustments on that will give a bit more longevity on the belts and with should see the benefits of that going forward.
Mick Siperco: So then if I can if I can ask, and maybe without getting into guidance specifics, the original 2025 guidance had called for about 20,000 ounces of gold and 2 million ounces of silver in Q3 in and Q4. Is that still a quarterly run rate you feel confident can be reached next year?
Mitchell J. Krebs: Yes. I'd say the step up from '20 to '26 will be pretty material out there. Getting closer to that on a full-year basis that annual kind of plus 30 million ton crushing rate, which is really where we need to be to achieve that kind of annual 7 million to 8 million ounces of silver 70,000 ounces of gold on an annual on an annual basis. So we expect to see some momentum in the fourth quarter heading in that direction. And then
Mick Siperco: then
Mitchell J. Krebs: sustain that more throughout 2026 and that's going to give us a nice incremental step up year over year out there.
Mick Siperco: Okay, great. Maybe one more for me and then I'll turn it over. Just on growth, nice segue to M&A. Obviously, LaChispa has worked out pretty nicely for you over the last twelve months or so. You seem to be anyways well into cash harvest at this point. How are you thinking about other opportunities either producing or in development out there in the market And maybe if you can address that in the context of how you're thinking about Silvertip in the longer term?
Mitchell J. Krebs: Yes, yes, sure. Thanks for the question. Look, came into this year very internally focused on some clear priorities around closing and integrating Silvercrest. Ramping up Rochester to steady state, paying down debt quickly. And now here we are almost in November and you can say that we've either completed or are well on our way to checking the box on all of those. And we're always looking right at things that we could do to potentially make this a better business up to quality of the company and the operations that we have.
Not that much of a focus on going back into the development stage game after having just come out of a period of pretty heavy investment at Rochester, Kensington and exploration, being in this free cash flow, positive phase is somewhere where we'd like to remain. For a while. And so any opportunities that we look at though have to fit a fairly rigid set of criteria around being gold and silver and improve the quality of the business, sticking in our jurisdictions where we are. So we're always looking at those things. There is not a lot of those frankly that fit all those criteria. So we're always actively monitoring and evaluating those kinds of opportunities.
Just turning to Silvertip for a second, that's very much a part of how we think about growth in the future. Not necessarily in the near term, but looking out a bit longer term, that's a significant leg up in growth in particular on the silver side, that could bring in a pretty chunky amount of annual silver production assuming Silvertip becomes a mine. I think I said last quarter, we kicked off an initial assessment here to take a look at that project. We'll need to complete that next year consider whether we move on to the PFS phase.
And then if that clears, if the project clears that hurdle then onto the feasibility study stage, obviously permitting and then a lot of drilling. So all of those things take time. We don't want to do anything to cut any corners or any shortcuts. We want to make sure we get it right. Of course, is providing a lot of support for critical minerals projects like Silvertip. So we're getting our arms around that and seeing how that might affect the overall timeline. But so it's out there a few years, but it's something that we're continuing to advance. And I think it's probably going to look pretty attractive, especially at in the current metals price environment.
Mick Siperco: Okay, great. Thank you very much. I appreciate you taking my questions.
Mitchell J. Krebs: Yes. Thanks, Mike. Appreciate it.
Operator: Our next question comes from Joseph Reagor with ROTH Capital Partners. Please go ahead.
Joseph George Reagor: Hey, Mitch and team. Thanks for taking the questions.
Thomas S. Whelan: Yes. Hi, Joe. So
Mitchell J. Krebs: just first thing I know you guys gave a little bit of guidance on how the tax rate is going to look this year. But what should we be thinking about as far as next year and beyond now that this is you have this deferred tax asset?
Joseph George Reagor: Tom? Sure.
Thomas S. Whelan: Thanks. We're taking bets on whether we get a tax question. Thank you. So again, it was critical to highlight the setting up of tax asset. And so for years, we've really had basically a zero effective tax rate. On our U.S. Earnings. And so that will change starting next year. The federal rates 21%, the states are you might want to add in like 3% on average. And so that should be the go-forward kind of rate. We'll tweak that of course. We have to wait and see how fast we choose through all of the net operating losses.
And trying to predict how fast that's going to happen with these increasing commodity prices has been it's a high-class problem to have.
Mitchell J. Krebs: But
Thomas S. Whelan: should even be in a situation where we will there's a potential actually pay U.S. Income tax, which was in 2026 federal income tax which was a pipe dream many years ago. So I do not know if that gave you enough color Joe, but that's how you should be thinking about it.
Mitchell J. Krebs: No, that's helpful. And then
Operator: was a good quarter overall, but
Mitchell J. Krebs: did note
Joseph George Reagor: Palmarejo and
Mitchell J. Krebs: Los Chepos saw
Joseph George Reagor: a little bit of a drop in grade
Mitchell J. Krebs: Was there anything to that? Or is it just sequencing? Is it at least cheapest? Was it
Joseph George Reagor: related to the stockpiles that were processed? Like
Mitchell J. Krebs: any color you guys can give there for what drove that? Yeah. I think you actually just almost answered the question, with your answer there. With your suggestions at least. Mick, do you want to give a little more color?
Michael Routledge: Yes. I mean in underground thin vein mines of course, we're already we're always characterizing a little bit more ore as we go through the production phase. And when we do that, we then look to see whether that was economic. Then you can either stockpile that ore or you can run it through the pipe there. With Palmarejo, of course, we've got up upside in our mill and capacity there. So we chose to run some of that. We'll run about, I think, 6% more tons through the pipe in the quarter, and that helped to make those adjustments to the gains. But let's just ask for sure, we ran a lot of that historic stockpile.
Down and that's a great thing. So that we've now got a very clear view of the stock that we have sitting there at last cheese pass.
Mitchell J. Krebs: Okay. All right. Well, thanks
Joseph George Reagor: congrats on good quarter and I'll turn it over.
Brian MacArthur: Okay. Thanks a lot, Joe.
Operator: Our next question comes from Kevin O'Hillaraan with BMO Capital Markets. Please go ahead.
Mitchell J. Krebs: Hey Mitch and team. Thanks for taking my questions. Yes, sure. So yes, great to see the cost guidance coming down at most of the
Kevin O'Hillaraan: operations and looks like that's mostly on the back of higher guided production, but can you guys comment on what you're seeing from a unit cost perspective and any main cost pressures that you might be seeing across the portfolio?
Mitchell J. Krebs: We have thanks for the question. We think we have that inflation slide in the deck that we typically include that shows we from our perspective, we're still squarely in that sweet spot of strong rising prices and flat input costs into the business. I think Slide nine in the deck combined those are close to I think around 60% of our total OpEx and you can see that whether you look over the last twelve months or the last twenty-four months, it's a pretty attractive cost environment that we're seeing. So not a lot of pressure there. No tariff pressure at all at least yet.
But I do not know, Mick, Tom, is there anything on the unit cost side that
Michael Routledge: you want Yes. Mean, we saw inflation three years ago or two years ago, and we've got really robust cost controls in place at all of the sites. And they're holding true. We're still focused on costs even in this nice price environment and being disciplined in that space helps drive the margin. So yes, we're enjoying that.
Thomas S. Whelan: Kevin, one thing I'd to pile on is just from a royalty perspective, I mean that's something that can impact costs. And so despite paying some higher royalties, even out at Rochester, we've had a royalty that will start paying based on these prices. And so that drove a lot of the Rochester increase. But think it's fantastic that we're able to lower the cost at the other three mines despite the higher royalty pressure. And do not forget the peso as well. The peso has been very strong and Mick and Sandra and the team down in Mexico have done a great job on costs So really happy
Kevin O'Hillaraan: Great. Yes, thanks. That's helpful. Just moving on, you kind of already touched on this at Palmarejo, but with higher metals prices, I think pretty much everyone the industry is facing the decision of whether to send lower grade ore to the mill. Maybe it was previously considered waste and now with metals prices, it can go to the mill. You mentioned you're seeing a bit of that Palmarejo. Are you seeing or facing any of those sorts of decisions at any of the other operations? You expect that might impact the group going forward? Or do you expect to be sticking largely to the mine plans?
Mitchell J. Krebs: Mick, do you want to? Yes. I mean, look,
Michael Routledge: on an annual basis, we'll try our best to stick to the main plans. We're always finding that marginal ore, and then we make a decision about that. To stockpile that or to run it. And the great thing is though we do not just look at that grade, we look at the recovery. So if you look at Palmarejo for instance, similar lower grade material, actually you recovered better. And so the balance of play on that was good and that's why you see that positive. Outcome at Palm Rejos or just the grade by itself. Has to be coupled with the tons and the recovery performance?
Kevin O'Hillaraan: Great. Appreciate that, guys. That's all for me. I'll leave it there. Thanks. Okay.
Operator: Kevin. There are no further questions at this time.
Mitchell J. Krebs: Okay. Well, we appreciate everybody's time today. Thanks. For joining our call. We wish you all a happy Halloween, safe healthy holiday season ahead and we'll talk to you when we report fourth quarter and year-end results early next year.
Thomas S. Whelan: Thanks. Have a good day.
Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.