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Side shot. Yeah, I might go these tiny fonts and they need glasses. Yes. All right. So you've done a, a few acquisitions over the last couple of years. Is the company considering further portfolio optimization? And what assets would it look to sell? And could it sell its portfolio of royalties? Yeah, a and thanks for having me here. Yeah, a lot of a lot, a lot of changes in Pan America over the last few years, very large transactions. The smaller one at the beginning was Tao resources right at the, at the bottom of Tao's value and at the bottom of the metal price cycle. And then last year we closed the Iana transaction which as you know, kind of jumped in on the, on, on, on the goldfields transaction that they tried and split it up together with techni and took on all the Latin American assets of, of, of Yamana gold. So once we had it all together, the idea obviously behind getting better, higher quality assets through these transactions and selling off and shutting off the smaller assets that we don't need anymore. And we reacted very quickly to that. And we sold the assets in the last 1416 months for over a billion dollar cash. we retained for each transaction of royalty. So we have a, a nice little royalty portfolio again. like if you, if you recall the last royalty portfolio, we had, we actually used to start a royalty company, which was Mavericks at that time now sold to, to triple flag and you know, generated for us probably about arguably at the beginning, a value of $15 million that we had in royalty and at the end made 100 and $52 million for Pan American. Now, the situation is quite a bit different. We're still gonna sell those royalties. They're not in the right hands with us, they should be with the royalty company, but as a lot of royalty companies now, we don't need, we don't need to start our own company anymore to have AAA competitive process for those. And, and I will do that in due time. There's a lot of interest that's their role. There's a very big pro projects like Mara with Glencore, A de La Faldo with Rio Tinto and Kelco. and, and, and and Larena too, with CIN and others. So a lo a lot of selling of assets, I think we are close, there's still a little smaller assets that will leave the company just to clean it up. But I think we are in great shape. Now, when you look where the assets stand and, and as I said, reacted very quick and all the transactions just for cash. Have you sold sorry, have you closed the Larena transaction yet? We did not close Larena yet. Actually, Canada decided that there need to be more time to look at that transaction a bit surprising, obviously, as we're selling a Peruvian entity to a Singaporean and company, but Canada want to have a look at it. So we're still waiting for the regulatory approval before we can close the transaction. Is Pan American looking actively at any further M and A and is a strategy to increase silver in the portfolio since most of the revenue is currently coming from gold. Look, I mean, I always look around, I don't think so. I don't believe in in only looking around at, at, you know, at the low point of a cycle, you have to look at the right value and find the right assets. That's, that's really the key to it. You have to create a creative transactions which is not very simple to do. you know, we showed the 22 large transactions that is possible. And, and, and you know, arguably when we did the humana transaction, gold was at $1800 the company looked like it's you know, fairly valued at that time. But through the split of the NCO, we were actually allowed us to buy the Latin American assets at that point probably about 0.75 times now. So very creative transaction, of course, fast forward to today. And today is metal prices. That's incredibly a creative when you look at that. But metal prices do what they do. We cannot just hope on the metal price to save our business. We really have to set these transactions up in a creative manner. So we are always looking around. I always start with the quality of the asset and not what I can have, but what I would like to have and what fits well into our portfolio. I don't find a way sometimes it's not possible just buying out just doesn't make sense, it has to be a creative. But I learned, you know, over the years that there is a way often to structure it and build a stronger and bigger company. So we will always look around. I think what we built so far, you know, justifies doing that. Absolutely. I think your second part was about silver or yes, you called American silver for a reason. We are, we have, we are the second largest primary silver producer in the world. We have the largest silver reserve and by far the largest silver resource, we hold the biggest silver deposits and projects in the world in our company right now, when you look at a picture as with this transaction, a lot of gold came to us as well. So we're still under performing gold on the on the prices. More revenue comes in from gold and from the silver side, of course, but as I said, this is just like a a moment in time when we look at it, silver projects coming through will change that again. I'm very comfortable obviously, right now to generate a lot of free cash flow out of out of our gold and silver assets. And when silver catches up on gold, you know, that percentage will increase again. But you know, silver is not found alone. Silver comes with gold or base metals depending if you are in oxides or sulfides. And that's why we producing, we're producing byproduct's not really a byproduct's anymore, but by by products of sin cloud and copper as well. What's Pan American's approach to capital allocation is further debt reduction a priority. And have you been active in buying back your shares? Yeah, I think it's pretty simple that really just three buckets there. That is always something that we want to keep very low. We normally run the company without debt or very little debt when we do large transactions like like Yana, we took on two bonds from Yamana very, very low price money and the big one is $500 million at interest rate of 2.6% with maturity in 2031. No hurry to pay back a debt like that. That would be impossible to, to receive at this point, maybe again, possible to receive in 2031. But you know that there's no worries right now. We don't have any short term debt. we paid, we used large part of the proceeds from the sales to to pay back all the debt that came in from the transaction on the on the short term side, the best return to our shareholders are high quality projects. I don't know if we talk later about, but big discoveries obviously generate most value for our shareholders. And I think we have been incredibly happy and lucky with our discovery at La Colorado, which is not just the scan, which is not just the discovery of more, more reserve life, that's our bread and butter to extend reserve life, but to find a world class deposit. And I think by now, everybody realizes that this is a world class deposit. It will be one if not the largest sink mine in the world with a very, very big silver credit of about 17 million ounces of silver a year. So doing that will create the most value for shareholders not recognized right now because there's a few more steps we need to do on, on, on that discovery, but that's for sure. Number one, investing it in high quality projects in our business. keeping a very strong balance sheet in order to react opportunistically to opportunities on the M and A like we did with Yamana, which, you know, there was a time limit to it to get that done as it was in play. You need a strong balance sheet. So a lot of cash on the balance sheet always helps to do that right now. probably sitting close to $400 million cash. And as I said, no short term debt undrawn line of credit. So we have about $1.2 billion available liquidity. So that's important and the last one is return to shareholders. So I completely agree with chance that, you know, we, we we to pay dividends since 2010 10 and interrupted and we will continue to do. So. We actually have a dividend policy that increases our dividend depending on how much cash we have on the balance sheets on net cash automatically increases our, our dividend. the base is 10 cents per share per quarter. And that together in a combination of C of share buy back, is our return to our shareholders. So these are really the three buckets. But as I said, normally shareholders ST by pres metals company for just a dividend yield. But it's definitely very important, especially in the low part of the metal price cycle that you pay a stable dividend. You touched on the La Colorado scarn. would you be interest would would is the company seeing interest in potential partners for that project? Yeah. So a bit more details on this gun and Colorado Colorado is in production for probably about 60 years and it's one of our biggest silver producers. Also the mine, we had most issues over the last few years to fix the ventilation, which by the way is now done and we're ramping up to normal production on the top in the veins which are in volcanics deeper down. We are, we are in limestones and, and in my young years with Pan American, a long time with the company now. And as a geologist, I was looking for the car mineralization deeper down there, couldn't reach it for a long time. With, with, with the drill holes didn't have enough access to the east. But finally, in 2018, we, we made a discovery hole and, you know, I knew right away that we hit something big when the mining on top 2 to 3 m wide, very high grade silver veins and the discovery hole. I think it hit 372 m of high grade silver lead sink intercept. So, you know, you hit something big. It needs a lot of drilling and time it drilled probably 460,000 m. Since then, we just came out with a new resource last week. Increase the resource again by 50 million tons to close to 330 million tons now. And, and that's Carn alone containing close to 370 million ounces of silver and just shy of 10 million tons of zinc. And so it will it is a very big base metal deposit with a very large silver credit. Just one comment. La Colorado is producing one of the cleanest zinc concentrates in the world already now with about 61% zinc. So a very desirable product. not a huge tonnage yet, but it's coming from the veins. Well, the scarn mineralogy and metallurgical work shows exactly the same there. So it will produce about 450,000 tons of zinc and concentrate at the same kind of quality. So a very desirable product, a very large project. Our P A envisions finally to go to about 50,000 tons a day underground operation at Sublevel Cave mining method. And I made very clear from the beginning on that. We're going to look for a partner here. It's a large amount of concentrate to deal with it. It's about a $3 billion capital number. And I'm really, really interested in that 17 plus million ounces of silver in a project that's probably going to run for 4050 years. You know, this this discoveries are very, very hard to make, I I don't recall many world class discoveries in the last few years. And these are really, really valuable deposits. These are company builders, but this is so big and we really want to focus on this in. We will look, look for a partner. We have quite a few parties in the data room right now doing due diligence. II I think, you know, maybe over the next six months, we should have more clarity how that looks like and how the capital number will be separate and split. And I think then there will more value come into our share price because right now people are quite careful and you know, timid a bit on looking at a project that is so big as I said, splitting it up between one or two partners will be very, very long life for sure. The longest life asset we have right now in the company. So speaking of very big world-class silver deposits. What's the status of the consultation on Escobar right now? And if you were given permission to restart the operations, how long would it take to ramp up? What's the capital required? Yeah, about the Escobar opposite that came to us through the accusation of, of ta a lot of patience required as, as, as you know, although COVID obviously cut out two years of that, of that process, we are probably since we started about 2.5 years in the process of going through the consultation that the government has to do actually with the indigenous sinker group there. We just had a change of government in, in, in Guatemala in January. So it took a while to kind of get back to the meeting speed that we had with the former government until November last year. But I think we are getting there right now. As I said, there was a little bit of a slow down and now it's picking up again to get this done and hopefully bring the, the operation back. I think there's no doubt that that's the best already built silver mine in the world, you know, difficult, difficult situation as, as Tao lost their social lives there and gaining back that trust takes a lot of time. That's what we are working on. I think we are very successful in gaining that trust back and bring people to the table and, and, and ta talk about the a potential restart of this mine before it got shut down, it produced about 20 or 21 million ounces a year at very low cost. So very large reserves over 400 million ounces and, and ready to go. You ask how long? Look, I think if you get the, ok, because we keep everything in top shape, probably within 3 to 6 months, it could have first kind of production. It will probably take the better part of a year afterwards to bring it back to that 20 plus million ounce production. We estimate maybe 80 $90 million. So just capital, just working capital in action for there. So very, very low cost to bring an operation back. But just keep in mind when we did that transaction really, this is how I see it kind of a free option on the best silver mine already built. If you recall, we actually structured the CV R. So we did not really pay for that mine when we purchased it. we got with the transaction for gold mines that you know that that more than paid for the billion dollar that we paid for the whole transaction. Keep in mind that we in the process of selling Larena that came from that transaction, which will cover about a third of the transaction cost as well. So very, very creative transaction. But that CV R that we structured there that will exchange the CV R into Pan Am shares at an exchange ratio once we are back in production, obviously the risk that transaction and allows our shareholders to participate at a very, very low risk in an incredible silver option. OK. Just moving to Jacobina. what are the results of the optimization study that's underway? Are you getting any indications in terms of the changes in mining methods and production? Rates there. Yeah, of course, Jack O, you know, the crown jewel in the, in the assets that we bought from, from Yamana, the long history of and chain way back. Yamana did a great job to bring production up to a level where it's a really profitable mine. I think we increased further on the production there. But if you saw our reserve update, resource update from last week, this is just an unbelievable exploration potential there. We replaced, I think it's now for the eight year in a row, the the reserves that we mined, but we added 1.2 million ounces of gold to the resources. It will take another year to drill that out and move that into the reserve. But you know, it's a mine that already has a mine plan until 2043 that just added probably another five years to that and that a lot more to come. The expiration potential of the mine is, is amazing. You know, we're looking at all in sustaining costs around 1200 to $1250. So a really really profitable mine for us and slowly, slowly the mine is increasing production a little bit. But, you know, we, we guided about 8, 8400 tons a day. I think we're, we're a little bit higher than that. But the real step change will be with the optimization study that we are embarking right now. quite complex study. It's a very big mine over a long distance backfill options, tailings options, of course, mining method changing the plant. So it will take a while still until next year to get that done to see really where the optimal throughput of that mine will be. But stay tuned. Very exciting mine. Of course, right now it is coal prices by far the biggest cash flow that we have in the company I visited that mine in 2004. Desert. Son owned it many times with. So just moving to the law, Colorado going back to operations. How is the ventilation infrastructure operating now? Yeah, so a lot of issues like Colorado is, is quite a hot mine. We have a lot of hot air and, and when we increased production twice over the last 10 years because we had such a big exploration success in the veins as well. There was more and more hot air going to those really weak volcanic rocks start to really destroy our ventilation infrastructure and some unsupported races that start failing. And we realized a few years ago that the only way we need to get this back up and running with the right throughput is to build a 5.5 m concrete lined shaft that we sunk from surface down to about 600 m. The shaft is done, the ventilation system is back in place and it's up there to large fans, 2000 horsepower each. We're far enough. Now, we are increasing production. Now, we should be back at the full 2000 ton a day. High grade production from the veins, right. That's above the scar from the veins by the end of this year. So that's, that's tracking all. Well, we're on track there costs increased. Obviously, when production came down, now that will change again, we have a bigger, bigger ounce production again, the cost will come right down towards the end of the year. And we're very, very happy about La Colorado where that stands and very happy that we found that bakes car right below one of our best silver mines. And with that, I think we're just about up for time. I don't think we have enough for a final question, but thank you very much. Thank you very much.