Thank you for standing by. This is the conference operator. Welcome to the First Majestic Silver's Q4 production results and 2024 guidance conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero on your telephone keypad. If you're participating through the webcast, you can submit a question in writing by using the form in the lower section of the webcast frame. I would now like to turn the conference over to Mr. Keith Neumeyer, President and Chief Executive Officer of First Majestic Silver. Keith, please go ahead. Thank you, operator, and thanks for everyone joining our call today. We have our senior staff on this call. We're somewhat separated right now remotely, so hopefully the sound quality is sufficient as we all participate in this call. I would like to introduce a couple individuals. Firstly, Steve Holmes, our Chief Operating Officer, who's on the line with us today. Steve, you wanna say hello? Hello, everybody. We also have, David Soares, our Chief Financial Officer. Hello, everyone. Samir Patel, our General Counsel and Corporate Secretary. Morning, everyone. Manny Alkhafaji, our Vice President in Corporate Development and Investor Relations. Before I get into my recap of today's news, I'd like to pass this call over to Samir, just to read our forward-looking statements. Thanks, Keith. Before we begin today's call, I would like to remind you that we will be referring to certain non-IFRS measures and making certain statements regarding First Majestic Silver and its operations that constitute forward-looking statements in accordance with applicable Canadian and U.S. securities laws. All statements that are not historical facts, such as statements regarding future estimates and plans or expectations of future performance, constitute forward-looking statements that reflect the company's current views with respect to future events. These statements are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the company, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. We encourage you to refer to the cautionary language included in our news release that was disseminated early this morning, and the disclosure on non-IFRS measures in our most recently filed management's discussion and analysis, as well as the risk factors set out in our most recently filed annual information form. As a reminder, these documents, along with all of our continuous disclosure documents, are available on SEDAR+ and on EDGAR. Investors are cautioned against attributing undue certainty or reliance on any forward-looking statements made during today's call, and the company does not intend or assume any obligation to update these forward-looking statements or information other than as required by law. With that, I will turn the call back to Keith. Thanks, Samir. I appreciate that. So I'm not going to read the news release, of course. You know, I think all of you have it in front of you, so I don't need to go through it in detail. But there is some highlights that, I think, should be discussed, and I will address, throughout this call. And, of course, we'll have question and answers after my short presentation. You saw Q4 being a pretty strong quarter. You know, 2023 was, was somewhat of a challenging year. We started off, you know, with, with the shutting down of Jerritt Canyon, which in itself was a difficult, decision to make. It was the right decision, mind you, and we've got a lot of excitement around the future of Jerritt Canyon, but that can be discussed, you know, at some other point in this call or at, you know, when- whenever we get a chance to get together over the year, because we will be coming out with additional news on that asset over the next 12-18 months. But just covering off, you know, Q4, we can see we ended the year off quite strongly. You know, Santa Elena hit an all-time record again. It's not the first time it's done that, and we're pretty excited about the future of Santa Elena. It's a huge land package, and, you know, it should be a bigger mine as far as I'm concerned. But, you know, only time will tell. But, the exploration that's going on there and the production that's coming out of there is just, it's pretty fantastic. And, you know, there's a chance that Santa Elena could potentially even exceed the production of San Dimas, which would be pretty interesting if that actually did occur. But, you know, I can tell you that internal discussions are going along that path, but, nevertheless, we'll see how that all transpires over the next couple of years. One of the big things that we've achieved is really improving our ESG score. You know, this is a topic that, you know, is relevant in today's environment. And then, you know, Manny and I were just on a road trip, a couple of months ago through Europe, and we were complimented by a couple of institutions who have actually added to their positions because of this exact score. And, our team, which reports under Manny's directorship, is very responsible for this initiative that's underway, and, you know, it's pretty exciting to see. You know, exploration for 2024, it's gonna be a major exploration program. There'll be about $39 million being spent on exploration in 2024, which is obviously a major investment. You have about $10 million of that is going into Jerritt Canyon. The balance of that is being spread throughout Mexico. The company hit close to 27 million ounces of silver equivalent production in 2023, midway between our guidance, a little bit north of 10 million ounces of silver, which you can see in the company's news release. Just moving along, we were able to successfully sell two of our assets, La Guitarra Silver Mine, La Parrilla Silver Mine. We have very large positions in both Sierra Madre and Silver Storm, which we're optimistic that will turn into, you know, interesting investments for us over time. We're assisting the management of both of those companies whenever necessary, and we're optimistic, or we're actually pretty impressed with the progress that both companies have been making with both of those assets. So there's been... I would suggest that, you know, listeners to this call would go to their websites, Sierra Madre's website and Silver Storm's website, have a look at really what they're doing, because, you know, what they're doing at both La Parrilla and La Guitarra, as far as I'm concerned, is pretty exciting. Following some of the analyst reports that have come out this morning, and also the stock performance this morning, we're down a little bit more than GDX or some of our peers, and I gather that's probably likely to do with the La Encantada guidance that we're giving. You know, we just wanna cover this off because it is fairly important. We were challenged with how we guide. We were quite optimistic. When we lost the water well back in Q2 of 2023, we weren't expecting that it was gonna be a big challenge, redrilling a new water well and, you know, just simply bringing the water back online. But after 3 holes, the third hole actually hit water, which was nice to see, but the first two were not that successful. The third well that we drilled didn't give us the amount of water that we were hoping, so we're now drilling additional wells. We're budgeting for Q1 to drill 3 additional holes for water. But our guidance, which and we debated this among management on how we guide, because I think our guidance is, you know, quite conservative. I think we've kind of a little gone a little bit overboard, quite frankly. But we're assuming that we do not discover any water in 2024, and that's why we're showing the costs that we're showing in this table, in this news release. I don't believe it, you know, quite honestly, and we've had this internal discussion among the senior management team, but we actually, you know, can't come up with the numbers. So we decided, "Okay, go ultra conservative and just assume that there's no additional water. We're gonna run at this, at 2.2-2.4 million ounce rate, for all of 2024," which of course, of course, with fixed costs and the lower throughput, you're gonna have elevated costs. Of course, we're not gonna accept this. You know, we're going to drive these costs down throughout the first couple of quarters of 2024, and we expect to hit water sometime throughout the next couple of quarters, which will also, of course, bring La Encantada back up to its normal throughput rates and normal cost rates. But we can't guarantee that. We don't have any technical guidance to suggest that we're gonna be successful. Therefore, we decided to take the ultimate conservative view on this asset. So, you know, that's where that number's being driven from. Hopefully, it turns out better than obviously we're guiding. Moving along, you know, our investments on exploration. It's not quite a record, but you know, $35 million in exploration is a big, big program. We're happy to be able to spend those kinds of dollars. And, you know, Santa Elena will get a good brunt of that investment, of course, San Dimas as well, and to a lesser degree, Jerritt Canyon. And I think that's about it for the news release, so why don't we just open the call up to questions? Thank you, Keith. We'll now proceed with the question-and-answer session. Once again, to join the question queue, you may press Star, then one on your telephone keypad. You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up the handset before pressing any keys. To withdraw your question, please press Star, then two. If you're participating today through the webcast, you can submit your question in writing by using the form in the lower section of the webcast frame. Our first question is from Craig Hutchison with TD Securities. Please go ahead. Hi, guys. Good morning. Thanks for taking my question. My first question is regards to inflation. Can you give us a sense of kind of what the inflation rate you're seeing in Mexico? I noticed you're using a slightly weaker Mexican to US dollar exchange rate of 18 versus the current 17 now, but... What's the sort of sensitivity with regards to the peso? Like, what percentage of your costs are fixed in the Mexican peso? Thanks. Well, I'll-- Thanks, Greg, for your question. I'll quickly answer that question, and I'll pass it on to David. But, yeah, our inflation rate, I think we used in 2023, worked out to about 8%. David, you can correct me if I'm wrong on that, but the peso has been stronger than expected, of course, even with the lower energy prices. You know, the analysts that I listen to anyways, are even calling for lower oil prices. You know, and with the election coming up in Mexico, and the uncertainty of what this new government is going to do, because, you know, the current government is selling bonds at, you know, quite inflated prices, which is supporting the peso. So that's been, you know, a little bit unusual. So there has been an influx of capital coming into the country, you know, which, which is, you know, and unfortunately negatively affected us. You know, like we had, you know, we had 21-to-1, you know, peso to the dollar, you know, only, what? 18 months ago, and now we're at 17, as you say. When we, when we used 18 in our budget, we just went with consensus. We looked at all the banks, and, and then looked at even your bank, and looked at, you know, all the consensus, and we just kind of came up with a number. You know, it's not magic. It's just, you know, a number that we felt comfortable using. You know, we, we think the peso will weaken. Hopefully, we're right on that, but I just don't, you know, we don't have a crystal ball. David, I'm not sure if you have any comments you'd like to add to that. Yeah, that's absolutely right, Keith. So when we prepared the budgets, we, we took, you know, consensus of the bank, different banks' projections for, for 2024. It looked like, you know, they were, from a starting point of about 18, they were projecting, a weakening of the Mexican peso by about 0.5 point, 0.25. It looks like, you know, some others have, have that, same rate of, let's say, weakening throughout the year. So we're seeing a, a stronger Mexican peso than what we thought at the beginning of the year. But the rate at which, it's, you know, it's expected to weaken is, is pretty much, the same. In terms of how we offset that, Craig, is, you know, through our, you know, cost saving initiatives, which we've been pretty successful at last year, implementing many cost saving initiatives that have helped us sort of offset inflation and offset some of this strength in the Mexican peso. And in 2024, you know, we also have significant cost saving initiatives that are in our budget that we feel confident that we'll be able to get. But as Keith said, it is something that we're watching. It's, you know, from what I understand, many of the economists feel it's one of the most difficult years to predict what the peso's gonna do. But, in general, we feel it's going to, you know, weaken from this point onward, you know, into the year. Okay, thanks. Maybe just like a follow-on question. With regards to the capital programs you guys have this year, the $39 million of expansionary capital, can you talk to what those projects are and, you know, which assets they're allocated to? Yeah. Steve, you want to jump in and address that? Yeah, sure. The, the expansionary capital really is consists of a couple of things. We, we classify, exploration as part of that. In some cases, we also classify, mine development. Inside the company, we do not have any major capital investment projects like Dual Circuit, which we completed last year pretty successfully. So this year, we're focused really on mine development and exploration, and there's a few other things that are, you know, kind of, you know, focused on the expansionary side. They're a little bit different, like the mint. The mint's a little bit different. But yeah, our, our expansionary capital, is, is really focused on, underground mine development. You know, we're about 31,000 meters at $66 million, and then our PP&E, which is mostly a mix of sustaining and some expansion, but mostly sustaining, is about $22 million. So there's, there's nothing that really stands out except for when you, when you say expansionary, it's really about exploration, and it's about certain mine development. Yeah, it's more of an accounting treatment. I think, maybe David might want to comment as well, but, you know, it's always a battle between the accountants and the company on, you know, what, what you define as sustaining and what you define as expansionary. So, you know, it's a, it's a constant debate. David, you want to add to that? No, I think Steve is right. Like, look, when you look at, you know, where we're investing our money this year, there's a significant portion, you know, all of the exploration in this program is expansionary. You know, as far as, you know, the split on underground development between what's sustaining and expansionary, we have, you know, certain rule sets that we follow, and we don't change. And, it depends where the development's being done and what it's for, and how it's, how we ultimately classify it. But, but in terms of, you know, where the majority of the dollars in our capital for 2024 is being spent, it's definitely geared to the expansion of our existing assets. And really, you know, it's the three larger ones. It's, you know, San Dimas, Santa Elena, and Jerritt Canyon, with the exploration program that we're doing there. Okay, great. Maybe the last question, I'll turn it over to the next caller. But, in terms of the, the grades, San Dimas, you're still sort of trending below reserve. Can you just talk to kind of what the, the profile looks like there on, on the, in terms of the grade outlook? Do you, do you expect to kind of trend back to reserves, or are you just seeing higher dilution overall? Thanks. I'm not sure if Gonzalo is on the phone, Steve, but yeah, let me quickly address that, and then I'll pass it to you, Steve. The San Dimas, over the last 12 kind of plus months, has been going through a transition whereby we've had a very large structure that we've been mining for quite some time, I think probably 4 or 5 years, from memory, but Steve could add more context to that. But and then that vein has been slowly depleting over the last 12 months, and we've been bringing other structures, other veins back online, or not online, but back into production. But it does take time. It doesn't happen overnight. You know, this is a very, very large mine. It's got, you know, probably 300 kilometers of underground development, and it's, you know, it's just simply it's a ship you're turning in the sea. It's not gonna happen overnight. So to transition from one big structure to several other structures that'll come in line over the next 12-24 months, you know, I believe you will see grades improve over that period of time, but it doesn't happen overnight. And, Steve, do you have anything to add? No, that's, that's exactly right. So San Dimas, there's a couple of really big veins in the last four or five years that the company has been feeding off of, you know, Jessica, Regina, Victoria. So this Jessica vein is pretty moderate lying, dipping vein. And, you know, if you're running five or six meters, it's a pretty massive vein to, to pull out. As Keith said, this, this vein system has been depleting, and so we're moving outwards towards more narrow veins. There's a number of them, listed even in the press release, like Roberta, Robertita, and a number of other ones. And so this issue of, of controlling dilution is super important for us, and we've been working on that all year long. In fact, we've actually seen a reduction of nearly 50% of the unplanned overbreak in our stoping process, our Long-Hole Stoping process. So, you know, as the veins get more frequent in the mining phases, there are more stoping phases to manage. The veins are narrower, and so you've got to be better at your dilution management, your overbreak management, and we have very robust programs that are addressing those things. I think in 2024, we do see a slight downtick in the grade at San Dimas. It's not very significant, but there's a lot of focus on this issue of managing dilution for more narrow veins that we have to extract this year as we go forward. All right. Thanks, guys, and best of luck, and I'll turn it over to the next caller. Thanks, Greg. The next question is from Don DeMarco with National Bank Financial. Please go ahead. Thank you, operator. Good morning, Keith. At La Encantada, what flow rate do you require to resume optimal operational performance? And are you thinking to combine flow from the third well that you drilled recently with others that are planned in Q1 to satisfy requirements flow across multiple wells? Yeah, I'll just give you a general comment, and I'll pass your question on to Steve. But the third hole is adding, if from memory, this is based on what I've been told by my operations staff, of course, is about 1 liter per hour, I think it is, or, you know, whatever. You know, Steve can correct me on that. But yeah, the third well is adding some water, but not sufficient enough. So, you know, we're... As I said earlier in the call, that we're gonna—we're planning on drilling 3 additional holes in Q1. Hopefully, the first one hits, you know, we have no idea. So unfortunately, you know, we just that, you know, the our guidance is based on what I said earlier, that, you know, this is gonna become challenging. Hopefully, it's not as challenging as we're guiding. Hopefully, it turns out much better than we're guiding. But, without the technical knowledge of, you know, where the heck this water is, it's just, it has become a little bit of a surprise for us that it has been as difficult as it's turned out to be. We thought it would be a much easier challenge to deal with, and that's why we guided and, you know, we have had some criticism from investors or shareholders, you know, that we guided, you know, mid-last year, that we would have this issue resolved, and it has not been resolved yet, which was a bit of a surprise to us. And, you know, we're still working diligently on getting this resolved. But when it goes to throughput, you know, really, 3,000 tons a day is really the magic number. And that's what we need to get these costs down to sub-$20. That's where it should be running at, you know, and then we're hoping it'll get there in the next, you know, couple of quarters. Okay. Okay, thanks. So we'll, we'll just stay tuned, as those, holes planned for Q1 are drilled. Moving on to the next question. Jerritt Canyon, it's referred to as a temporary suspension. Could you provide some color on the work that's underway there now and the probability and timing of a potential restart? You know, back of the envelope, you know, we talk about 2026 as the kind of the key date or the key year, pardon me. There's a lot of things that has to happen. And then, quite honestly, you know, I can't guide you in this call because we just don't have the information available to us. There's a number of things that our technical staff are working on right now. You know, mill improvements, mine planning, there's quite a lot of moving parts. So what I would like to do is just pass this question on to Steve, and I think maybe Steve might have additional color on La Encantada as well, because I didn't finish that answer. But Steve, why don't you take over and discuss both of those mines? Okay, let me go back to La Encantada. So, what we need in water at La Encantada is 5 liters per second. Keith mentioned that this third hole that we drilled, we've got at least 1-1.5 liters per second moving on that. We're currently outfitting another well that we drilled, that we think will give us another 1 liter per second, and then we have three more drill holes planned in the next 60 days to try to get the other 3 liters per second. So if we get 5 liters per second of additional water volume off the wellfields into the water system pipeline to the plants, we'll be back up at full capacity. It'll take a little bit of time once we get that, to refill the inventory at the plants, because, you know, there's two plants up there. And we have a number of other activities going on to make sure the integrity of the water system is 100%, that it's well metered and instrumented. So, we've taken a very conservative approach in terms of La Encantada's guidance. We're hopeful that we're gonna find that extra 4 liters per second in the next couple of months and get things going again. But remember, down in this arid desert area, they have a very distinct rainfall season, and the big month for La Encantada is August. Last year, the August rainfall was 80% below normal, and that had a direct impact on the wellfield. So we're hopeful that, you know, we return to normal in August and get a normal rainfall, and that will help us resolve this issue. As far as Jerritt Canyon goes, Jerritt Canyon has a lot of opportunities for improvement, and even though we've done the temporary suspension, we've had teams working on many issues to get Jerritt Canyon positioned to restart. For example, we're looking at the plant because plant reliability towards the end of 2022 was quite difficult because of the record winter snowfalls. So we looked at winterization issues on that plant. We have to do some work in the oxygen plant there. There's a whole number of issues that we've gone through, and we've done that in great detail. So we know what we need to do in the plant. We also know what we need to do in terms of gaining more confidence in the reserves and resources that we might have there. And that's why the exploration program is robust this year. And we also know that from that, we need an optimized mining plan before we make any kind of decision to restart. So as Keith said, there's a lot of moving parts with Jerritt Canyon. We don't have a firm restart date. It'll depend on the results of many of these studies, including dewatering, which is a major issue at Jerritt Canyon. So, we'll just have to see how these studies come through and what kind of information they give us, and then I'm sure in the future, we can give better guidance. Okay, Steve, thanks for the additional color. Can you give me any indication of how much you're spending at Jerritt Canyon, just to sort of maybe use that to assess the level of priority on the asset? Including exploration or not including? Yeah, including exploration studies you have ongoing and work in the mill and so on. I know we got the guidance coming out, so. Yeah, total spend for Jerritt in 2024 will be somewhere south of $30 million, but kind of around that range. Okay. That includes exploration. Okay, Keith- There are some fixed costs that we're working on driving down, but, that's kind of back of the envelope. Okay. That's helpful. Thank you. And Keith, sticking with you for final question: Is M&A another option in your growth levers? If so, what stage of company or jurisdiction do you prefer? Is that a bad question or what? Like, you know, First Majestic is 20 years in. So, you know, we put the company together 20 years ago, and I think, you know, I think it's pretty obvious that we built this business through M&A activity. You know, Ermitaño obviously was a huge discovery for us, and I guess you could say Del Toro was also a big discovery. Well, actually, even La Parrilla was a big discovery. So, you know, over the 20-year history of the company, we've had some pretty important geological finds, but the brunt of the business has been built through M&A. So, I don't think that's gonna change much over the next 20 years, if I'm still around. One thing we should talk about is the mint. I completely didn't bring that up, but if there's questions around the mint, we'd love to talk about it. Okay. Thank you for that. We'll... Good luck in 2024. Yeah. But, hey, just, you know, to answer your question a little bit more thoroughly, because maybe I didn't give you the most thorough answer I could have. It has to... You know, as far as I'm concerned, it has to be silver, and it needs to be in production. So we're, you know, we cannot fill our portfolio with a bunch of exploration projects. And, you know, that does make the space, you know, a lot smaller than others may think. Once again, if you have a question, please press star, then one. The next question is from Kevin O'Halloran with BMO Capital Markets. Please go ahead. Hi, guys. Thanks for taking my question. Maybe just on exploration at Santa Elena, what should we expect in terms of reserve replacement? Or, maybe what's the planned breakdown between exploration at greenfield targets versus more kind of resource conversion drilling? Well, there's a lot to talk about around that, and we have to be somewhat careful with our disclosure around that. So, I'll pass this question over to Steve, you know, with that guidance. Sure. Okay, so right now, we're mining Ermitaño, and it's been super good for us. It's fantastic vein, better than we thought, and it continues to be better than we thought. So we're continuing to drill that vein both on the east and the west, and seeing good results. We're also drilling in the original Santa Elena mine at depth and Alejandra de Abajo, and we also have the Ermitaño side. It's these are other. They're not the main Santa Elena vein, but they're adjacent veins that are economic and have very good silver content. But we also have. It's a huge land package, as Keith mentioned, and we have targets all over. I don't think we've tested less than 20% of our land package in Santa Elena. It's absolutely huge. One of the challenges we have is: how do you prioritize, you know, where you drill and what kind of conversion? So we focus on replacing depletion, but we also focus on what we call wildcat, which is finding another Ermitaño. And the program for 2024 is inclusive of both. Great, thanks. And, and maybe just to follow up on that, should we expect some production out of the Santa Elena mine, getting blended in with Ermitaño this year? Yeah, Steve, go ahead. Yeah. You know, the plan this year is in Q2 to bring the Santa Elena mine back online, but it's fairly, fairly limited. We're gonna be bringing ore out of the Alejandra vein. We are gonna blend it, and so you'll see throughput rates increase as we go into the year. Our metallurgical results there have been really good. In 2023, as you know, we completed this dual circuit expansion at Santa Elena, which includes a new press filter plant for tails and a leach tank and a CCD. We also optimized the HIG mill, the high-intensity grinding mill, and when we put all that together, we got major improvements in our recovery rates for both gold and silver. By blending the Santa Elena ores to the Ermitaño ores, we expect to get throughput increases, and we expect to have higher silver recoveries and maintain excellent gold recoveries. So yeah, we're excited to get back in there and show some throughput from both sides, although Santa Elena will be kind of fairly small compared to Ermitaño. And Ermitaño is gonna carry the weight to Santa Elena as we go forward. All right. Great. Appreciate that. I will pass it on to the next caller. Thanks. Thank you. I'll now pass the floor over to Mr. Mark Carruthers, manager of investor relations at First Majestic Silver, to take us through questions that have been submitted today through the webcast. That's great. Thank you very much, Galen. We've had a couple of questions come in this morning, Keith, in relation to First Mint, which you touched on briefly earlier. To summarize them, we sort of wanted to get the status on the mint itself. When do you anticipate the first pour and the first sale? ... Yeah, you know, it's, you know, for those who aren't aware, you know, the company has been selling silver products to, primarily investors and shareholders, and then, it, it worked out over time that, you know, even outside of our internal network, you know, a lot of sales started coming in, and we realized that the mints were really the bottleneck. And, we reached peak silver production, which is kind of funny. We-- the mints that we use just could not give us more ounces despite our demand. And, our demand, we estimate, and we don't know, time will tell, and 2024 will be an interesting year to prove the thesis out. But, nevertheless, we, you know, we expect somewhere between 200%-300% increased sales through our retail e-commerce website as a result of opening up our own minting facility. We made the decision about a year ago. It's taken some time. You know, permits took forever, getting the equipment on site and then getting the people in place and just all the logistics of starting a brand new entity or business, you know, has, of course, its challenges. But it's been a pretty exciting time for us. We've got some extremely talented people working for First Mint that I was, you know, able to acquire from other competitors, and they were happily moving over to us. We're the only mining company that I'm aware of that actually will produce ounces on the ground and process them and sell them to an end buyer. I don't think there's anyone else that does that. We're anticipating, as I said earlier, you know, somewhere in the $25 million-$30 million, maybe $40 million range in revenue, from the mint, in 2024. We'll see if that prediction, you know, pans out. Don't hold me to that, but, that's kind of the number that we're, we're working towards. Our first pour or our first stamps will be likely in 2-3 weeks. I was just there a couple of weeks ago with the team, and, it's, it's... Things are progressing quite nicely, but there's still a couple of things that need to be accomplished before we can actually achieve our first pour. But, as I said, you know, it'll happen in Q1, and we hope to come out with further news on this exciting project in the next few weeks. That's great. Thank you, Keith. We have one final, call or, pardon me, webcast question in regards to Santa Elena. The question is: with regards to 2024 production guidance for Santa Elena, how much of that production will be from Ermitaño? Okay, well, I'll pass that on to Steve. He probably knows that number off the top of his head. Yeah. Yeah, Yeah, so, you know, just over 90% of the silver-equivalent ounces will be coming out of Ermitaño. As I mentioned, Santa Elena's contribution will be quite small, and it doesn't start till Q2, so, over 90%. That's great. Thank you, Steve. That's our final question from the webcast portion of today's conference call. Thank you. This concludes the question and answer session. I'd like to turn the conference back over to Keith for any closing remarks. Yeah, I think we covered off everything quite nicely. And, you know, I'd like to thank all of you, you know, the banks that contributed on this call today. I appreciate all your detailed questions. We're always open to that. And if there's any information that somehow we avoided today or did not discuss, you know, please, you know, give Manny or Mark a call, and they will assist you in finding whatever information that you require. So thanks all. Thanks for all your time and Happy New Year. This brings today's conference call to a close. You may now disconnect your lines. Thank you for participating, and have a pleasant day.