Good morning. My name is Sylvie, and I will be your conference operator today. At this time, I would like to welcome everyone to the conference call and webcast. Note that all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then number one on your telephone keypad. If you would like to withdraw your question, please press star then number two. Thank you. Mr. Kofman, you may now begin the conference. Thank you very much, and welcome everyone. Good morning, thank you for joining this call on short notice. I'm Jim Kofman, Chair of the Board of Argonaut. On the call with me is our CFO, Dave Ponczoch, Dan Symons, who I think all of you would know, Head of our Investor Relations and Corporate Development. Also on the call with us is Peter Mordaunt, who chairs the Special Committee, member of the Board of Directors of Argonaut. Let me begin by putting a little context out for you. Obviously, the information on the increased costs at Magino is disappointing, but partly a reality of the environment we're in terms of COVID inflation, but it's obviously more than that. In the ideal world, we would be releasing that information with a specific plan on how we were gonna finance the additional amount and details on the plan going forward. Given what we felt was very material information, we felt it was important to get it into the market and into your hands as soon as possible. Some of the things we would normally wanna do to plan, so we'd have everything and all answers to your questions ready, we haven't been able to do and we'll be doing over the next short while. In particular, of course, that also applies to the information about the change in leadership with Pete. Pete is founder of the company, has grown the company from a small little idea to a multi-mine company operating in three countries. In an ideal world, we'd have a leadership change that was orchestrated to specifically turn over the steering wheel to a new leader. Given we felt, again, that it was important to get this information out and make these changes, we're going to be doing that as fast as we can. In the interim, we're very, very confident about our existing management team. They are all prepared to step up and take on additional responsibilities. We do have the benefit at the board level of having, as we said in our press release, four members of the board who are either active or former CEOs of significant mining companies. We have allocated responsibilities among them and going to be very much helping in that transition, and we obviously have significant financial and strategic experience. The shortfall is obviously, as we said, disappointing as a result of the increased cost. I just wanna remind everyone that, you know, we have no debt at Argonaut other than a revolver. We have no streams, royalties that we've sold, other than things we've inherited around properties. We have an incredibly clean balance sheet, so our flexibility is significant, and we're not concerned about our ability to finance the shortfall. We just wanna do it on a prudent and shareholder-friendly way, because we believe in the future of Magino, believe in the future of our projects. Also, in the ideal world, we'd have this information out with other sort of balancing news because we've obviously been very bullish on the drilling at Magino, particularly at depth, and the drilling at La Colorada, both of which are exciting. There's a lot of good news around the story, too. Again, we felt we wanted to get this information in your hands. What we're gonna do today is ask Dan to take you through a deck that explains in detail what's going on in terms of the capital estimate at Magino. Dan, Dave, Peter Mordaunt, and I are all here to answer your questions. We may not have some of the technical detail, because none of us are the technical people per se on the call, but we can follow up with people as appropriate. With that, I will turn it over to Dan. Thank you. Thanks, Jim, and good morning, everyone. Thanks for taking the time to join us today. I'm gonna do my best to walk through a breakdown of the areas of where and why capital has increased and provide color around the remaining investment required for completion. I will say, I hope that by the end of this call, everyone takes away that we do have a much higher degree of confidence where we are today in this updated capital estimate, as the project is quickly shifting from the civil works in terms of earthworks and those sorts of things into building and really bolting things together. With that, let's move to slide two and our forward-looking information. You know, I don't have the ability to predict the future with 100% accuracy, but we will do our best based on the information that we have in front of us today. As Jim mentioned, you know, this information is hitting us pretty quickly in real time, but we do feel like we have a very good handle on this estimate, and I'll walk through that with you today. If you could please join me on slide three. You can see here the variance, and I'll take some time to walk through each one of these areas in more detail for you. Overall, we've seen the capital move, and I'm speaking for the purposes of this call in Canadian dollars, as about 85% of our spend in Magino capital is in Canadian dollars. We've seen the capital move from CAD 510 million up to CAD 800 million, and you can see the different areas where this has happened. I will say the largest increases have been related to cost increases with inflation and COVID-19 impacts. We also have had some scope changes, primarily in the areas of site development, the tailings management facility or TMF, and scope change in the area of permanent power. Maybe if we just flip forward to slide four, I'll walk you through if we were to do our best here to break this down into different buckets. You can see here with the cost inflation and COVID is CAD 94 million. That accounts for roughly a third of the increase, which is really areas that are beyond our control. However, we have, as I said, seen scope changes which will account for 28% of the capital increase, and we'll talk to these in greater detail as we move through this presentation today. We've seen increases in quantities account for about 20% of the capital increase, as well as about 8% relates to schedule recovery. I'll talk to schedule recovery here on the next slide, if you'll join me, please, on slide five, when we talk about the process facilities, where this is one of the larger impacts to schedule recovery and what that means for us. When we think about process facilities, this is one area where we have been largely shielded from cost inflation due to our EPC contract with Ausenco, our good partners that are working to build the plant for us. What has happened in this area is as we've got in and got through the glacial till and into the bedrock, it's been much more uneven than we would have expected. You know, you do have lots of test pits and drill holes where you test this, but there are certain areas where you would have had to drill on a 5-by-5 m type pattern before you would for you to be able to predict with any certainty what was coming at you. When we think about that and what we've had to do with the increased quantities for the earthwork, we've, because of the unevenness of that bedrock, having to use aggregate and lean concrete to fill in areas to before we can level it out to for foundational concrete, that's led to scope change. What this has meant is it's taken more time at the process facility site to get to get this handoff ready over to to Ausenco, where they can go in and actually start putting this together. Now, I will say, I want to caveat that the overall project does remain on schedule, and we do have the ability to condense the schedule in the process facilities areas. We've worked with Ausenco on this. They're very open and willing, and we have a plan in place. We did evaluate whether it was more prudent just to slow this down or whether to accelerate it, what was the capital impact, and I can tell you that it was a much larger capital impact if we were to slow the project down. We are moving forward. In terms of what we're going to be doing now, we're going to be bringing in multiple trades. You know, the original plan was doing this kind of one piece at a time. We're gonna be running different parts of this in parallel now, and that means additional human resources on site, additional trades on site all at the same time, which has led to additional costs. That's what we're talking about when we're talking about schedule recovery. If you move forward now with me to slide number six, I'll walk through what we're seeing at the tailings site. When we first started opening up the tailings, we did experience areas where, as part of our environmental management plan, we have to clean off the bedrock, and then if there's any areas where there's cracks or crevices, you have to fill with what's called flush grout, which led to increase in scope. Also, when we think about the unit cost for sand, cement, bentonite, and embankment filter, we have seen cost inflation in those areas. When we put this all together, the tailings moving higher, we have been able to defer a portion of the capital where we are able to start, we will have the tailings done in time for startup at an elevation that is required. In the original plan, we were going to go higher, as we were in there and working on it, to make sure that we were good for year two of operations. What will happen is we'll push some of that seven million or so into sustaining capital, and the tailings will be continued to be constructed after startup to make sure that we're in good shape by September 2023 to meet our requirement for the tailings height and elevation for year two of operations. I will say one thing about the tailings is we do, you know, we have a lot better handle on this, where 75% of this is stripped, 20% completed on construction. So we feel pretty good about where we are going forward. If you move with me now to slide seven, and we talk about site development. You can see some of the major changes here, particularly around scope with... Once we got the construction environmental management plan in place, what we are required in our permits, we had to build 11 dams so for water and also there's dewatering costs associated with this that were not captured in the original budget. As well as higher unit rates for some of the required work and inflation that we're seeing just really across the board in our everyday lives, and Magino project's no exception. We're seeing that here as well. If you move with me now to slide 8. When we talk about site infrastructure, this is one area of the project where we have been able to look at what can we do to defer capital that's not going to impact the overall quality of the project startup and ramp up. This is an area where we did have this opportunity where we have deferred the truck shop and the site office complex that was originally planned to be right there on site. We did have an opportunity to buy a building in the town of Dubreuilville, Ontario, very close to the project. We've renovated that building. We're using that for offices now. When we think about some of the inflationary items and impacts from COVID in terms of getting the main camp together, as well as more on a secondary basis, primarily it's the main camp, but then also with the plant maintenance building and warehouse, you can think about the time that these things were going up and what we were seeing in some of the raw materials market, earlier on in the project. Now, you know, that inflation has hit us there. If we move forward to slide nine, this is one of the biggest scope changes in the project when we think about permanent power. Our original plan was to. There's an existing line that does run in from the past producing operation at Magino that we wanted to upgrade that line. We're gonna have to move it a little bit, but upgrade that line and substations. After a lot of back and forth with the local utility, it just became very clear that the cost of that was moving rapidly in the wrong direction for us, as well as the timing to get permanent power in place was significantly at risk for project startup. We have changed the scope now to we are going to be building an on-site liquefied natural gas plant. This is a fairly recent change for us. The good news is these plants are fairly cookie cutter in terms of their design. While this is one of the areas where we have the lowest level of engineering, it's also one of the lowest levels of complexity in putting a plant like this in place from the engineering perspective. If we move forward now to slide 10, we're just going through the owner pre-production G&A. You can see the most significant item that we're seeing, it's a very tight labor market, and that's led to cost increases, inflation and some of the impacts of COVID-19, including our strict testing programs. There is a cost to that, and it's a big part of our program to make sure that we have our own on-site lab that's been approved by Health Canada. We do regular testing. Anyone coming in or out is being tested regularly. You know, the last thing that we need is an outbreak on site, and we need to protect the local communities in which we're operating as well. We take our testing programs extremely seriously. There is a cost to that, but it's well worth it for the health and safety of our workforce and the communities in which we operate. You can see schedule recovery here again, when we think about the G&A costs to recover the schedule and what that means in terms of additional headcount to move the project forward and make sure that the process plant is ready to go, and every... We're in place to be where we need to be to maintain that first gold pour by the end of Q1 of 2023, which we are on track for today. If you flip with me now to slide 11, I'll just walk through quickly the project indirects. You can see again, this is mainly inflation on that main camp and the services associated with that in terms of catering and some of the other services, as well as some of the off-site accommodations. What we see there in terms of both quantities of off-site accommodations that are required, as well as the temporary camp that we set up for our earthworks main earthworks contractor. The cost, both in terms of what that costs at the end of the day with some of the inflationary items, to get that done, as well as the quantity of people that we're housing, that has increased the cost in our project indirects. Now, if you move with me to slide 12, we'll take a snapshot of what's required to get to project completion. We forecast that through the end of this year, so the end of this month, we will have invested about CAD 342 million into the project, which will leave us about CAD 458 million left to go. When we think about the timing of that spend, you know, I'm sure that we're gonna look back, and this is not gonna be to the dollar on the timing of the spend, but we did want to be upfront with all of you on what our best estimate is today of the timing of this spend on some of these big, big items. You can see that the next nine months is really the bulk of it, where in 2022, we forecast we'll spend roughly $425 million and another $35 million as we finish up the project in 2023. We flip to slide 13. What does that mean for our liquidity outlook? Well, we expect to end this year with about CAD 290 million in total liquidity between our cash in Canadian dollars and our existing revolving credit facility, which is about $230 million U.S. We also do expect to have positive cash flow from our existing operations, but even with this, because of the timing of the spend that I showed on the previous slide, we do expect to have a funding shortfall. Considering this, and again, as Jim mentioned earlier in his introduction, you know, ideally, we would have come out with a financing plan alongside an announcement like this, but given the material nature of the news and we did feel that we needed to get this out, and we're going to be quickly working on a financing solution. We're conducting a review of all financing and strategic alternatives. We have a very good balance sheet. There's lots of items on the menu here for us. We're not concerned at all about finding a viable financing solution for this, but we will be looking at all financing options as well as strategic alternatives. If you flip with me now to slide 14, you know, along with the updated capital estimate for Magino, we think it's prudent to put out a new NI 43-101 technical report, which we're working on now and planning to publish here during the first quarter of 2022. This will include a revised gold price, updated resource model that will include all the grade control drilling that we've been doing on several patterns at 5 m spacing. It's a very good idea of what's coming at us in each phase of the mine. Include optimizations to equipment sizing, the process facilities, as well as updates to the operating costs and sustaining capital. This will be coming out during Q1. In the interest of time, I mean, we would love to have more time and start looking and be able to put something out on some of the upside scenarios at Magino because we do truly believe when you think about the scalability of this asset and the mineral endowment of this deposit, there is a very strong argument that expansion is something that could be seriously considered very early in the mine life. When you couple that with what we're seeing from the drill bit with some of the deeper targets we've been drilling have just been absolutely spectacular. What we know about some of the other mines along this belt between Alamos Gold's Island Gold Mine and Wesdome's Eagle River Mine, you can clearly see the potential at depth at Magino as well. Unfortunately, in the interest of time, just to get this out, I think what we're going to do here is just focus on the current project we're building, which is the 10,000-ton-a-day plant. I just want everyone to be aware that does not mean that with this updated tech report, that we don't see these future opportunities for expansion and potential underground mining to supplement higher grade early in the mine life. We're gonna continue to evaluate that, going forward, but just in the interest of time, in Q1, we'll get out a revised plan based on the current project that we're building today. If you flip with me to slide 15, just wanted to outline some of the critical path items in terms of schedule of where they need to be done to make sure that we're hitting our schedule. Again, the overall schedule is on track for that first gold pour by the end of Q1 2023. You can see here, site water management will wrap up in Q2. The first phase of our fish habitat compensation wraps up towards the end of Q2 next year. In terms of the bulk of the earthworks, we will be demobilizing, and our main earthworks contractor, SNL, will be complete by around the end of Q3 or the Q4 next year. Our peak construction at camp and facilities wraps up towards the end of next year, and the process plant is going to be online in time to make that first gold pour by the end of Q1 2023 with our scheduled recovery plan that we have in place. In terms of the tailings dam, as I mentioned, we are building to the required elevation for startup, and then we'll continue building under sustaining capital through the third quarter of next year so then we have the elevation required as we enter the second year of operations. If you flip with me now to slide 16, just wanna talk about our level of confidence going forward. You know, it's, we've got through a lot of the unknowns at this point where we've got the site trees cleared, the site completely opened and exposed. We've got through the glacial till. We've got down to bedrock. You know, the plant site that was giving us issues, we've got that sorted out now. It did cost us, as I mentioned, in terms of aggregate and some lean concrete, but we are in good shape there now. Just when you think about the tailings facility being 75% stripped and 20% complete, we know exactly what the conditions are we're working with now, and we're able to forecast more appropriately on what those costs are. Again, we're moving away and we're out of. Well, while there is still civil works remaining, there's a lot less than there was when we began this project, which is always the highest level of risk when you're undergoing a big project like this. When you think about the risk of putting items together and the actual building, it's a lot lower risk. One thing that we did do is we did a detailed risk assessment of well over a hundred line items that make up this capital estimate. One thing that we found was seven items account for 90% of the variance risk that we see in our detailed risk assessment, which equates to about 60% of the remaining capital. That's what we're showing here on this slide. Because we have a good level of confidence in either the engineering that's gone into this with a lot, many of these items being at 100% and certainly at a high level outside of really the power plant, which is a new scope change for us, but given the low level complexity and the cookie cutter nature of that design, we feel pretty good about that as well going forward. I just wanna say, you know, we do feel like we have a good estimate in front of us, knowing what we know today, moving forward, we think we have a really good handle on this. If we move forward now to slide 17, I just wanted to close with a couple, some of the pictures so you can see exactly what we're doing. This is a picture of our plant site, so you can see all the activity and you can see some of the steel that's being put together and being ready to be erected here. A lot of activity, a lot of work got in to get this level. Now this is where we're gonna be bringing multiple trades in to work in parallel for that schedule recovery at the process facility site. One of the key benefits to this project is that we were able to get our long lead time orders in quickly, being one of the first projects out of the gate. What you're looking at, these pictures here in terms of the crusher and the mill and the cyclone and the tanks, and we also have thickeners and some of the key components that make up the process facility, they are already built, manufactured, they're shipping, and they're going to be delivered in Q1. Having these early orders has really helped us make sure that we're getting this equipment in time for startup and build. If you flip with me now to slide 18, again, you know, the tailings is an area... It's not a great maybe picture with the snow 'cause you can't see as well all the work we've done. I put a diagram here also on this slide where you can see the area. The green represents what we've filled here on this placement. We're about 20% complete, 75% stripped. We have a very good understanding of the remaining work, and that's been factored into this updated estimate. Then maybe just to finish off, flipping to slide 19, it's just the image here of the open pit. We are mining in the open pit today because we're mining waste rock, and that's providing the material that is building the tailings. With that, we have a very good handle and understanding of on the amount of material that we need to make sure we complete the tailings here in the timeframe we have. What this presentation doesn't show you today, as Jim alluded to, is some of the upside scenarios that we see with Magino. When you think about a resource over 4 million oz measured and indicated, another close to 1 million oz inferred, total resource endowment, 5 million oz, we're focused right now on a smaller pit of 2 million oz. When you think about the expansion potential here, both in the open pit and then the future potential of underground with what we're seeing at depth, you know, we really do think this is a world-class ore body in the Tier 1 Jurisdiction, and it's going to be a company maker for us. You know, with the market reaction, which I can understand today, I do think that, you know, these scenarios also create opportunities. When we think about the long-term value of Magino, you know, we're looking forward to getting our updated tech report out here in Q1 on the project that we're building today, and then also looking to the future of what we're gonna be able to do to optimize the project through potential high grade underground and expansion in the future. With that, maybe I'll turn the call back over to Sylvie to see if we have any question and answers. Please, I welcome you. We have both myself, Jim Kofman, who's Argonaut's Chair, Peter Mordaunt, who's the head of our special committee, as well as from our board of directors, as well as Dave Ponczoch, our chief financial officer on the call. I welcome you to ask and direct your questions to any one of us today. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star followed by one on your touchtone phone. You will then hear a three-tone prompt acknowledging your request. If you would like to withdraw your question, simply press star followed by two. If you're using a speakerphone, we do ask that you please lift the handset first before pressing any keys. Please stand by for your first question, which will be from Wayne Lam at RBC. Please go ahead. Hey, morning, guys. I just had a couple questions. I guess first, on the EPC contract with Ausenco, do you have an estimate of how much of the overrun was borne by them? Or just trying to get an idea of the amount of capital kind of falling outside of the, I guess, outlined capital over in here. Yeah, sure. I can answer that, Wayne. This is Dan. You know, Ausenco's been a terrific partner for us, and they've worked with us. If you remember, they did a private placement into the company earlier on, and they're a shareholder, and they're working very well with us on this. They understand the issue that we've had in getting the foundational work done to be able to do that handoff, and they've been excellent to work with along this path. They have not passed any of that cost inflation onto us at all. You know, because when we started this project where we've signed on the EPC contract, they've been able to place orders in and use whatever derivatives they choose to use on whether it's steel or concrete or different other areas of the materials that they need to do the work that they need to do. The biggest increase in the From the Ausenco's standpoint is because we've come back and asked them to condense that schedule and recover the schedule so then the facility is ready with the rest of the project, to hit the first gold pour by the end of Q1 2023. That's led to about an 8% increase that, you know, we have to eat that as Argonaut for not having that site ready in time for them. But they've been excellent to work with and just great partners, and we're really appreciative of them, and we are partners in this together. Okay. Got it. Thanks. Sorry, just to clarify, if that EPC contract was not in place, what would the capital be in addition to the $800 million? You know, I don't have a great answer for that, Wayne, but when I look at the other impacts from a COVID-19 and inflationary cost increase environment, we're looking at about 32% of hitting us in other areas. We'd have to really go back and look. Quite frankly, because it's not in our scope, we're not going out and pricing those components ourselves. But you know, I would have to think it would probably be generally in that 33% kind of a range. Okay. Got it. Thanks. Maybe just on the March timeline, I mean, given the lapse in schedule on some of the things like the civil works, can you just provide a little bit of detail on the trade-off decision made between kind of pushing up first gold by a few months versus spending additional capital to keep within that March timeframe? Yeah, some of it's weather related as well. There's certain work that we need to do where you need the colder weather in terms of fish habitat and the freeze over, and it's part of our permitting requirements to get that work to a certain level before we can operate the project. When we think about it's easy to just say, "Okay, what if we slow this down by three months?" But in reality, it's not three months because of some of the weather related impacts to schedule. When you think about the cost that it's going to take to start and stop the projects, you can get into the north of a hundred -million pretty quick for a full stop and restart. It really just doesn't make economic sense, and it's not viable for us. It makes much more sense to work to recover the schedule in that area. Okay, great. Maybe just on the site development costs, do you have any additional clarity or detail into why the construction of the water dams wasn't included in the original estimate? You know, that's something that when we received our main schedule two final permits, we were still finalizing our construction management plan. When we finalized the construction management plan, that was a requirement that was not captured when we were putting the original budget together. When we launched it and came out with the budget in October 2020, between that time and then breaking ground in January of this year, that was a new scope change that did swing. Okay. Got it. Thanks. I'll turn over the line for others. Thank you. Your next question will be from Gabriel Gonzalez at Echelon. Please go ahead. Thank you, and good morning, everyone. My question is regarding the LNG plant. With what you save on CapEx versus upgrading grid power instead, is there any indication of the potential for offsetting increased OpEx costs on a go-forward basis that need to be considered versus using grid power? Yeah, that's a really good question, Gabriel. Thank you and good morning. You know, when we look at the current prices, obviously it moves with what the price of the fuel supply is. When we look at current prices, you're looking at somewhere in the CAD 0.11-CAD 0.12 per kWh range for that plant at current prices versus, I think I could be wrong, but if memory serves, we're looking at somewhere around CAD 0.09 per kWh on grid power. It really comes down to the trade-off on we had a very, very low probability at the end of the day getting the line power in place in time for project startup, as well as the capital of where that was going to be prohibitive for the project. Okay. Thank you. I'm wondering, presumably it's still too early to tell given that your different considerations of project expansions. With the LNG plant, are you tied to having to continue to use LNG for any potential expansions or is it safe to assume that an expansion would be able to again look at grid tying the additional power requirements for any potential expansion? Yeah, any potential expansion, we're certainly gonna evaluate that. I think, you know, the very early look is LNG expansion is probably more capital efficient as well as faster on an expansion standpoint. You know, we also have other considerations to consider. You know, as we get in and start taking a deeper look at, you know, doubling the capacity of 20,000 tons a day, for instance, that'll be a trade-off that we examine very thoroughly on the option of bringing in power grid power versus sticking with LNG and expanding that capacity. Great. Thank you. Just lastly, can I ask when the power plant contract will be awarded? Do you have a number of potential suppliers out there out of which you could choose to award the plant contract? Yeah, we're going through that process right now. It's gonna be awarded pretty quick. We've actually already made payments on some of the generators required. We're quickly moving down that path. I can't remember off the top of my head, and I apologize, Gabriel, exactly. Please, anyone else from the Argonaut team on the call, if you remember. That's gonna be. I know that that's moving very quickly and should be awarded very soon. There's lots of competitive tension in terms of suppliers for sure. Okay. All right. Well, thank you very much for Can I just follow up on Sorry, go ahead. Just to follow up on the award. SEL has been awarded the contract for four generators. The engineering on that is underfoot. Okay, great. Thank you very much for those answers. Thanks, Gabriel. Once again, as a reminder, ladies and gentlemen, if you would like to ask a question, please press star followed by one on your touchtone phone. Your next question will be from John Sclodnick at Desjardins. Please go ahead. Hey, thanks, guys. Yeah, I appreciate you guys hosting this call. I guess to start with, in terms of management, just wondering kind of what qualities you're looking for in a CEO to replace Pete. In terms of the current development at Magino, just who's leading the charge there in terms of construction? I know you just hired a SVP of ops, and kinda, yeah, who's taking the helm there? Maybe I'll start with your second question first, and then I'll pass your first question on leadership to the chair of our board, Jim Kofman. John, thanks for dialing in today and taking the time. Yeah, in terms of who's running the process at the senior management level, it's our VP Technical Services, Bob Rose, who's really our projects guy on every major project for Argonaut. You know, he's been involved in, for instance, our San Agustin mine build, as well as throughout his career, has built several mines. On-site directly, we have Terry Owens, who's also built numerous mines for much bigger than this, much larger companies. So we do have a wealth of experience on site, on the ground with that. That's really who's leading the charge for us, from a senior level team. For the first part of your question on what we're looking for in terms of a new President and CEO, I'll pass that to Jim. Thanks for your question, John. We have retained a search firm that's obviously very familiar with the mining space, and that process is ramping up very quickly, and we think there's some interesting candidates. I think what we want is someone to take Argonaut to the next level. We recognize now that we operate in three countries. We have three operating mines now, and Magino soon to be operating. We hope to have further mines operating in Mexico in the not distant future or at least underway. We want someone who can run a much bigger team than we were a few years ago and has strategic vision. We've been very clear that we wanna be the quality intermediate. We wanna get to half a million ounces. We have a path to do that with our own assets, not including any strategic opportunities that may come forward. We obviously will look at the candidates available, but we think it's an attractive company for someone to join because we have. We're one of the few companies that, at our size, has a number of operating mines, but also a portfolio of development opportunities, as well as one that's midway through construction. We think it will be attractive. I don't know if that answers your question. Yeah, no, I appreciate that color for sure. I guess my next question would be turning to the finances. Just wondering, I mean, obviously gold prices can fluctuate, but looking at current gold prices, just wondering if you could give a ballpark figure on what you think that funding shortfall would be and just your ideal preference for how you would plug that funding hole. Maybe that's more appropriate to turn to Dave Ponczoch, our CFO. Yeah. Thanks, Dan. In looking at the funding that we have, we shared some numbers of here's what we see as the remaining amount to build Magino. Here's what we have in liquidity. Obviously, we have cash flow from operations, and gold price continues and looks like it'll continue to be good for the next couple of years. We're looking at many different options. We've got a very good relationship with the current lenders that we have on our corporate revolver. As well as, I know within the last two years, when we ran the process to look at financing, we got to know many different financing companies. They know us. We see many options out there. Obviously, we've got a portion of the expenses that are CDE eligible, and so we're gonna look at a mix of various financing options. We're pretty comfortable that we've got choices that will be a good fit for Argonaut, for its shareholders. Right now, as you can see, we're not limiting ourselves. We're looking at all options. We'll make decisions here in the near future. Okay. Yeah. No, fair enough. And I guess last one from me, just in terms of that initial CapEx that's now been allocated to sustaining CapEx, I obviously will have the technical study out in the first quarter, but I wonder if you'd give just a bit of insight into those levels, I guess, it'd be the TMF capital, and really, I guess, the truck shop and what those amounts might be. I assume that would be in the first couple of years of operation. Yeah. I mean, we're still pouring through and updating sustaining capital, John. That's gonna be coming out in total in the tech report. What we have done here in the press release and the presentation, we tried to outline where we have deferred certain capital. So you have that kind of a rough idea where that's going. There could be some other areas as we continue to look at this. You know, it's always tricky with you can defer capital, but at some point, you know, it increases your risk. We certainly understand when you go through these builds, really the most important thing is coming out the other side and be able to ramp up appropriately and start getting targets out of the mine and the plant as quickly as possible. That's the biggest free rate potential for us. You know, stay tuned for that tech report coming out in January. Okay. Definitely. Yeah, will do. Yeah, that's it for me for questions, and I appreciate you guys hosting the call and the level of disclosure in the press release. Thanks, John. Next question will be from Richard Gray at Cormark. Please go ahead. Hey. Thank you. Just a couple left, most of them have been answered. Just the first one is, what kind of goalposts on the operating cost inputs could you give us for what you're looking at? Like, we're seeing the CapEx costs, CapEx inflate. What do you think we should be looking at for the OpEx in that updated study, if you can provide any? You know, I think I'm gonna pass this to Peter Mordaunt for a moment, but I'll caveat this by, you know, we're going through that OpEx update in real time right now for this updated tech report. Obviously, when we look at certain elements, like what we see in terms of labor is increased and diesel is increased, and those things are gonna hit us on OpEx. We also have, as I mentioned earlier, there's gonna be a couple more pennies per kilowatt hour running the LNG plant. In terms of goalposts, I don't really have a good sense right now as we're going through that. Peter, do you have anything else that you would add on that? Yeah. Thanks, Dan. You know, there are obviously some headwinds with respect to OpEx. You know, power, I don't think is overly significant, you know, fuels, a component there. Looking at consumables, both in the mine and the plant, definitely costs are increasing. There are escalations also in labor. You know, I don't think it's a good idea to get into specific numbers at the moment, but you know, there are certainly things we're aware of. You know, we've been monitoring those pretty consistently since the start of production. You know, it'll all sort of come together and wrap up at the end of the year here for the study that we'll produce and then share with yourselves, you know, it in January. Okay. Thank you for that. Maybe just one last one on Mexico. Like, does this change how you look at Cerro de Gallo in terms of schedule? I'm assuming yes, but also, is this still a core asset, or could this be used to maybe fund the shortfall? Yeah. I mean, if I could just continue, you know, the big quandary in Mexico at the moment is not related to the project, it's permitting. Across the boards, permitting with the new administration have become extremely difficult. You know, there are many companies, both U.S. and Canadian in the queue trying to move projects along through the MIA process. You know, permitting is just, you know, come to almost a grinding halt at the moment. You know, we see Cerro de Gallo as, you know, quite a large project in the pipeline, not only looking at the oxide resource there, but the sulfide resource in its own right could be real significant. That, you know, really has us excited about moving forward with that project. We thought by now we'd be a little further along, but, you know, again, the permitting issues have, you know, really slowed us down on that particular project. We haven't given up. Administrations change, priorities change. You know, we're still continuing to sort of push the envelope there and move it along as best we can. Okay, thanks. That's it for me. Next question will be from Lauren McConnell of Paradigm. Hi, guys. Thanks for having the call today. I was just wondering, does this news change any of your capital allocation plans for any of the other assets over the next sort of year or so? I know, there's supposed to be a pretty decent strip happening at La Colorada, either in the next year or two. Any changes there we should be factoring in? Yeah, I'll take that. New NI 43-101 coming out on La Colorada also in January. What we're looking at there is creating a bit more flexibility in the operation. We're advancing an additional pit to the east, where we, you know, have a lower strip ratio. We're hoping to get into Veta Madre and use that to, you know, provide a significant amount of feed next year to the leach pads. Trying to cut back a little bit on capital, a little more constrained in capital expenditures, looking to sort of drive, you know, the operations there with that flexibility. The other thing we're, you know, really focused on and are quite keen is continuing looking at the underground potential with some additional drilling next year. Okay, thank you. That's all for me. Thank you. At this time, I would like to turn the call back over to Mr. Kofman. Thank you, operator. Again, thank you everyone for joining. I will say when we undertook the Magino project, we knew it was a transformative opportunity. We thought we were being very timely when we started construction and never imagined COVID and the supply chain and cost inflation effects that we've encountered. Reading The Globe and Mail yesterday, cover story in the ROB, we know that every mining company is experiencing the same thing. That represents, as Dan said, perhaps a third of the cost that we brought to you today. The reality is it's impacted even the scope changes. Everything we're doing, labor costs, efficiency, productivity has been impacted. There's no doubt that's been a significant contributor to the situation. That being said, there are real cost increases, and we acknowledge it, and we're addressing them. What we've really tried to do is get you as much certainty as we can, as quickly as we can. We will continue to provide you information and move this project forward. We remain optimistic. We have lots of financing options. As we said in our press release, we're gonna explore every financing and strategic alternative available to the company. We only have one goal, which is to move this project forward and deliver the best value we can to our shareholders, and that's what we're committed to. On the leadership change, we're gonna move that forward as quickly as possible. We feel really confident with the likes of Peter Mordaunt, who's on this call, and others, that we won't miss a beat, and we're committed to that. Thank you, and thank you for your understanding. Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines.