The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Justin Chan - SCP Resource Finance LP - Analyst
: Thanks so much for hosting the call, and congrats on the progress. Definitely some notable progress at Granite Creek, I'm curious for the rest of
the year, are you expecting, I guess, ton and grades to continue to trend upward. That's one.
And two, I noticed that you commenced production of -- or processing of some sulfide ore. Is that -- can I ask if that schedule is up to you or is that
kind of dependent on the timing of your full processor? And what if any guidance can you give us for the second half on that?
Question: Justin Chan - SCP Resource Finance LP - Analyst
: Well, maybe just while you're on the line on that. So I guess, when do you expect to be where you want to be on dewatering and then progressing
to development?
Question: Justin Chan - SCP Resource Finance LP - Analyst
: Got you. And actually before you hand it over, I was just curious -- sorry to interrupt on -- you mentioned again about more oxides. Are those oxides
occurring where you've modeled the sulfides? Or are they just incremental to the model altogether? Can you give us a bit of color on what you're
seeing?
Question: Justin Chan - SCP Resource Finance LP - Analyst
: Got you. Thanks. And I guess, given that they have material now it like with them already, I guess just for modeling quarter after quarter, do you
expect now pretty -- an ongoing volume for sulfide or process for Q3 and Q4?
Question: Don Demarco - National Bank Financial Research - Analyst
: First off, congratulations on progressing through your liabilities and seeing revenue increase significantly quarter over quarter. My first question,
so I see that you mentioned an outlook to extract 30,000 to 40,000 ounces in 2025, primarily from Granite Creek. Can you add color on what this
implies for Q3 and Q4 and do you expect revenue to continue higher into these quarters? And is this output potentially a material source of
supplementary liquidity at some point?
Question: Don Demarco - National Bank Financial Research - Analyst
: It seems that it would make for a somewhat accentuated back-end loaded year. I'm totaling up Q1 and Q2 production around maybe 15,000 ounces
or so. So is that -- am I reading that right that we should expect a step change in production?
Question: Don Demarco - National Bank Financial Research - Analyst
: Okay. Excellent. So I'm reading that for my second question, you aim to complete the recapitalization by mid-2026. And Ryan, I think I heard you
mentioned a facility for $350 million to $400 million (inaudible). With this whole recapitalization including the facility or other options, would it
potentially provide enough liquidity to address the existing liabilities plus EG like fully fund the autoclave refurbishment?
Question: Don Demarco - National Bank Financial Research - Analyst
: Okay. Thanks for the clarity. And then just as a final question then, you mentioned divesting the noncore FAD property as a candidate, Mineral
Point has also been mentioned now. What do you think each of these assets might garner in the event of a disposition?
Question: Justin Chan - SCP Resource Finance LP - Analyst
: Just maybe one on the timelines and the recapitalization. So would it be fair to say that getting these studies done in Q4 kind of gives you solid
bankable studies that you can use as part of the recap and that's why Cove has been brought forward? Or is there another reason perhaps that I'm
reading too much into it?
Question: Justin Chan - SCP Resource Finance LP - Analyst
: Okay. Thanks, Richard. That was very good and a holistic overview. I appreciate that. That was it for me. Thanks very much, guys.
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