Well, good afternoon, everyone. For those of you who it's afternoon, thank you for joining us for our next virtual lunch with IR. Really appreciate you taking the time today. I'm Dan Symons, the Vice President of Corporate Development and Investor Relations for Argonaut. With me, I have my colleague, Karen Verret, which you see there up on screen. As usual, I think we do have some new participants today, and we do have a couple institutional investors on as well. Wanted to just take the time to do a quick introduction. I know for some of you, we've done a few of these now, and thank you again for continuing to join us at these events. Really, the idea of these virtual lunches with IR is really just to more provide the retail investor with a format to access management and get their questions answered. Also create a community where we can go and hear what is happening with Argonaut, and you can hear what other people out there are asking about the company. Wanted to create that. I think it's been a success so far. We've continued to get lots of people registering and it's growing. Thank you for that. As always, the replays are always available as well. Thank you to all that submitted questions today. We'll be going through some prepared presentation materials to answer the questions that have been submitted. If we have time at the end, we'll, of course, open up to live questions. I would ask, just because it's hard for me as I'm going through presentation materials, at any point, if you have a question that you want to ask, you can message with the chat function to Karen Verret, and then Karen, I'll ask her to read off any questions we get in live at the session today. Again, thanks for joining and without further ado, let's get started. I'm just going to get this into a full screen mode for you. Karen, is that showing in the proper view for everyone? Yep, you're good to go. Okay, great. Again, thank you everyone for joining today, and let's get started. We had lots of requests, too many to list everyone's name and where they're from here asking about Magino progress and timeline. It's no surprise to us that that would be the main topic of interest given that we are in month nine of a 24-month construction. It's a very capital intensive time for the company as it is any time you're building a new mine. Happy to walk through some of the progress here. I was personally last up at Magino, in August. I was really impressed with the amount of work that's been done. When we were there, when we think about level of activity to think about in May, we had about 50 people on site in May, and now we're up over 500. You used to know everyone's name when you went and a little bit about them and their families, and now it is getting harder and harder, and there is just a beehive of activity. As it should be where we are in the timeframe for the project. I thought maybe I would just walk through first what we have done and then where we are going. You can see when we first started earlier this year, it was really about getting the trees cleared, starting bringing in some roads. You can see some of the progress we have made. Then setting up the camps to house people to work. On this, you can see some of the tree clearing that took place, the haul roads that we are bringing in, and then the SNL camp. SNL is our main earthworks contractor, so they have a dedicated camp for their crew right on site. We also have a 486-person camp for the Argonaut crew just offsite very close to the town of Dubreuilville, which is very close to the site here. Lots of people, as I said, a beehive of activity. When we think about now what the big progress is, you can see the Argonaut camp there. This was actually interesting. You can see the progress from June to July. Now we have a fully functional 486-person camp. This was actually, it's quite interesting on the old mill site. Dubreuilville was previously known for a sawmill. It was a logging and sawmill, pulp and paper type industry, was the leading industry here. That industry had shut down several years ago. The old sawmill had been demolished. This area was sitting here. We thought there's not a better place to set up very close to the town. People know it. It's a big footprint to set up our camp. That's where we've set up our camp. It's been very well received that that's where we've put the camp by the local community. We're really happy to have that up and going. Then you can see some of the progress here just on the plant site, which has been a big item for us. Once you get the trees down, of course, you have to get the area ready for concrete. The rock here at Magino has been really hard, geotech's certainly not going to be a problem. If anything, it's been overly hard where we've had to do a lot more drilling and shooting of the rock to break it down. We thought you could get in there with a rock hammer. Extremely confident, which means we should have no issues with foundations. You can see some of the progress here from pouring concrete to starting to get some steel into the ground at Magino. That's where we are today. When you think about these sorts of projects, it's kind of like building a house. When you start, it always feels a little slow when you're going through the foundational work and getting the piping in for water and getting everything set up. When you start erecting, once you have that foundation set, it goes very quickly. Then it'll slow down again as you're putting in the final finishing and doing the electrical wiring and those sorts of things. We're in that area right now where we're about to see it start going very quickly as the foundations are getting put in place. Again, just another view of the plant site here. This is more an aerial view. You can see the plant site here. If you can see my cursor, this is where the mill's going to be, and then this is the reclaim tunnel. Here's a close-up of that reclaim tunnel, as we're getting ready to pour there what's coming in. I would remind everyone too that's on this, if you're interested, since we are getting a lot of questions about the construction progress and what's happening at Magino. I would remind everyone that we do issue, if you're on our mailing list, I encourage you to go to our website, sign up for our mailing list. We do issue a monthly newsletter. We have a page dedicated to this on our website as well. First week of every month, we put out an update. Of course, we give a formal update as well during our quarterly financial results when we're focused on reporting to the market. In terms of what that means from our project timeline, we're tracking still on schedule. Things are going really well. It's been, as I said, a beehive of activity. We're in that concrete pouring, steel erection mode now. We're pre-production mining. The open pit is opening up. We're going to be quickly, once we get the foundations set and the steel in, we'll be quickly looking to cover the buildings. It's really putting everything together and all the pieces together to build this facility, dry commissioning, wet commissioning towards the end of next year with first gold pour still on track for the first quarter of 2023. While we're doing that, we have a lot of aggressive exploration taking place at Magino, which we can talk about a little bit later today. We're looking at expansion studies, what it looks like to double the throughput. What will that look like when we're able to wrap in some higher grade underground material that we've been finding through our exploration success? A lot of busy work also on the sidelines, looking to optimize the project. Greg from King City had asked about when we're targeting production. We just said Q1 2023 is when we would see first gold, and then usually you're going to see about a six-month ramp-up program before you get to commercial production. Second half of 2023, we should hit commercial production at Magino and be off to the races. Connor from Toronto asked about Magino development updates in terms of capital costs and optimization potential. Well, thanks, Connor, for taking the time to be with us today and for your question. Let's just start with capital costs because we are seeing inflationary It's been an inflationary environment, probably in your personal lives as well as obviously if you're building today. I know if anyone undergoing a home renovation within the last year, what they saw for the prices of lumber and things like that. I know that we, for myself, we were looking to maybe do something with our deck at our cottage and we said, "With the lumber prices, maybe we'll just hold off another year. We don't need that right now." We certainly are seeing that. To give everyone an idea of where things are with capital costs to our best of our knowledge today, we're actually going through a review of that today. We did, obviously we put a budget together and priced the project when we went and financed the project in 2020, it gave the green light decision in the fall of 2020. The project in Canadian dollar terms, I'll speak to Canadian dollars, speaking of the capital here at Magino, because 85% of the capital is spent in Canadian dollars. Round numbers of about CAD 500 million for the capital to build this project. That was as of fall of 2020. We went in the first quarter of this year, and we did a new bottoms up estimate. We were seeing a couple things move on us a little bit, but it was still relatively under control, and we were looking at it and saying, "Okay, we may squeeze over this CAD 500 million, but we feel very comfortable." We disclosed when we closed our first quarter financial results that we feel like we're within 15%. We're still within that 15% of that CAD 500 million and felt good about that. You're not going to do a bottoms up estimate every quarter. It's a lot of work. As you can imagine, there's 1,000 moving pieces when you're building a project of this size. It's a lot of stress on the team and quite frankly, distracts people you don't want to be distracting while you're focused on building and maintaining schedule. We're doing these a couple times a year. We're not doing it every quarter. As of the end of Q1, we felt very comfortable saying we're within 15%. In Q2, what had happened, we saw some other projects, particularly IAMGOLD is building a project, what looks to be a big mine, called the Côté Gold Project. They came out and announced a 25%-30% increase versus their previous guided estimate over the year. We are seeing some increases in labor and some of the contracts, when you priced the project in fall of 2020, what is now costing those contractors from the laborers they're going to need, that gets passed on to us. When we look at that means that things are rising from that standpoint. We don't have a new estimate. We're working on that now. We'll have one before the end of the year for everyone. It will be a really solid estimate because we're going to be through a lot of the earthworks and some of the things that have the risk to move on you, and the power line and things like that. We'll be through that before we have this next estimate come out. We'll have a really good handle on where this is sitting. What we disclosed in Q2, seeing what we're seeing just intuitively and seeing where others that are building right now have gone. We disclose that we may cross over that 15%. We're not really sure. We do think it's likely knowing that if we're getting close to that 15% today, and we're right around nine months in to a 24-month construction schedule, that there are definitely chances that we do. We still feel very good about our balance sheet sitting with $260 million. in cash. We have $125 million undrawn corporate revolver, and we're generating really good cash from our operations. We've done about $67 million in operating cash flow so far from the operations. That through the first half of this year. We expect another strong second half, and then next year should be a similar year for us in terms of cash flow, if the gold price remains in the similar range. We're feeling comfortable about where we are with the project in terms of the capital, and we'll have an update on that, a very fresh update out later this year. Maybe just talking about optimization of the project for you, Connor. What we're building today is we're building a 10,000 tonne a day processing plant that's going to yield 150,000 oz a year at very low all-in sustaining costs. What this project is being built around is a 2 million oz proven and probable reserve, and we've already permitted this for up to 35,000 tonnes a day. We know that this deposit is scalable and can be expanded. We'll want to process at a higher throughput rate to maximize economies of scale. 10,000 tonnes a day is more of a bite-sized capital number to build for a company our size. As well, it's an easier mine to ramp up when you get going, really understand it the first couple of years, leave room in your design, and then expand it to cash flow. When we look at the current measured and indicated resource of another 2 million oz, we have an inferred resource close to 1 million oz, and none of this includes the high-grade mineralization that we're encountering at depth below the plant pit. When we start layering in those, we certainly see line of sights to at least double the capacity to 20,000 tonnes a day. As I said, we're going to be looking at studies on that. That should be coming out next year, and what that looks like. We're pretty optimistic about being able to do this out of cash flow. We're already focused on it. I think one of the keys is we're already permitted to do it. When you think about a tailings footprint for 165 million tonnes of material here, and our current reserve is about 60 million tonnes. We have more than 100 million tonnes of additional capacity in the tailings that we're building. Permitting shouldn't be the critical path for any expansion. It's just the economics behind it and the time and choosing to allocate that capital. If everything goes as we think it will and hope it will as we continue to advance, and if we continue to have the exploration success we're seeing today, we could be looking at starting at 150,000 oz a year, and early in the mine life, expanding to over 300,000 oz a year, particularly with that high-grade mineralization that would be coming from a potential underground. 300,000 oz a year, 150,000 oz a year is very meaningful to Argonaut. It's a big growth change for us going from the 200,000 oz to 250,000 oz that we're doing now, this year, next year. When we get to the next level, you get into that 400,000 oz a year range, it's pretty exciting. You think another step change to add another 150,000 oz, potentially, with an expansion. Clearly on track to be firmly put into the intermediate producer category in our sector. Greg from King City had another question. He was asking, do we suspect any more dilution and/or consolidation of shares to fund our operations? Thanks, Greg, for the question today. I'll start maybe with the back end of your question on consolidation. We don't see any appetite to consolidate shares. I think it's still a reasonable level of shares we have out. We have 311 million shares outstanding. We're not sitting with a billion shares outstanding. The answer to that is quick no. We don't have any plans to do a share consolidation. In terms of any more equity dilution, we don't have anything planned today. Never say never. We'll see where the capital hit comes in on Magino. I think if we were to look at something, the most likely, it would be very small, and the most likely place that we would look is in Canada. There's a flow-through market. There's two types of flow-through. You can issue shares at a premium to market, and you garner a fairly large premium for exploration expenditures. This is something the Canadian government developed to keep project development and exploration going in the mining business because it's such a big part of our economy during those parts of the cycle where you might have softer commodity prices. There's a tax incentive for the investor who takes that flow-through share, and that's why you issue it at a premium. There's the tax incentive to do that. From a funding next year's exploration program at Magino, we may look to that market just because if you can issue shares at a 40+% premium, it makes sense to do so. It's a fairly efficient use of capital. As well as on the development side, there's very limited development in expenditures, but there are some that qualify under what's called CDE or Canadian Development Expenditures. We did a financing of that nature in the first quarter of this year to fund this year's development expenditures that qualified. We may look at that next year and see what that looks like. If we were to do something, I imagine it would be pretty small in the CAD 20 million range if we were to do something. We'll take a look at that next year and see exactly what would qualify for that, if there's a need for that capital and where the market is for that. Because you can do it at a premium to market, it's a pretty efficient use of capital for us if we choose to do that. Lloyd from New York asks about the three, five, and 10-year plans for the company. Well, thanks, Lloyd. I appreciate you looking out a little bit further into the future. Sometimes it feels like, as someone working internally at a mining company, our job is to look, particularly since we're in a depleting industry, where every day we go to work, and for every ounce of gold we produce, we either have to replace it through exploration or through acquisition. Otherwise, we're going to eventually put ourselves out of business. Every day we go to work, we're putting ourselves out of business unless we replace that ounce. We're always constantly thinking in the 7-10-year ahead timeframe. It feels like sometimes investors are thinking, next three months type timeframe or six months. There's always a disconnect, in terms of trying to manage our business appropriately and also trying to please shareholders, who may be shareholders today but won't be shareholders six months from now, because they're just trying to play a trade on specific catalysts. I do thank you for this question, Lloyd. I think it's pretty simple what we're trying to do. We created this, and this is a while ago. We had this long-term strategy of. It was really the strategy of the company from the outset. Let's get to these 300,000 oz-500,000 oz per year level, and let's do it to try and get our all-in sustaining costs at CAD 1,000 or less, so we can have a meaningful margin. If you think about a more conservative gold price of CAD 1,500 per ounce at, if you're producing 300,000 oz at an all-in sustaining cost of CAD 1,000 an ounce, you're going to generate cash flow of about CAD 150 million. You have lots of money to internally fund your own exploration. You can save money along the way to build your next mine, so you're not having to go to the market. You're going to have excellent debt capacity to take on at that level, if you have that production profile with that cost profile. We think that it'd be extremely appropriate to start returning capital to shareholders in the form of dividends and/or share buybacks, and what makes the most sense at that time. That's been the overarching strategy, really since Argonaut was founded. When we think about where we are and how that fits today with where we are and our strategy is, we're a relatively high- cost producer and have historically, last few years, been in this 150,000 oz-200,000 oz a year production profile. We've over time acquired the asset base that can transform us to this low- cost intermediate producer of 300,000 oz-500,000 oz a year, and Magino's a huge part of that for us. It's really a three-phase approach to executing that. It's harvesting the cash from the existing short mine life operations that we're running, reinvesting that cash into the business to build our growth pipeline and grow the business into assets that are longer life assets with much lower cost profiles. Along the way, of course, we need to replace. It's harvest, replace what you're doing, and try and do what we can through exploration or smart acquisition to replace the ounces that you're currently mining today, and then focus on growing the portfolio. We're on the cusp of doing that, as you know, with building Magino today, pretty excited. All right, moving on to Steven from Washington. "What is the status of the Standard project of Florida Canyon?" Thank you, Steven, for asking this question. Not much to update. We do have a drill program going. It's slow. There's just one rig right now at Florida Canyon. Maybe to remind everyone here of what's happening. When we acquired the Florida Canyon mine, through the Alio Gold acquisition in July of 2020, a little over a year now, with that came the past producing Standard mine. We're pretty excited about Standard from an exploration potential and think that there may be an opportunity to get this restarted and form a bit of a complex here, similar to what we have done at El Castillo and San Agustin mines, where you can share certain synergies and infrastructure, and it really reduces the upfront capital to get a new pit and leach pad and operation going. This is, you can see the claims here of where Standard sits. It sits about 10 km from Florida Canyon. When we zoom in, you can see the southern end here of the Florida Canyon plan of operations, and then you can see what's the existing permitted plan of operations for Standard, and then the existing permitted for the exploration side of what's happening at Standard. Of course, within this purple boundary, it's all the existing claims that we have. We've been just starting to drill out here. I would say so far we're finding more smoke than fire. Where there's smoke, there is fire, typically. We're getting onto it. It's just one rig right now as we continue to test some of these targets. Why this is important to us as an opportunity, because this came along with Florida Canyon. It's really low-hanging fruit for us if we can find enough here to get it going. When we think hypothetically, okay, we haven't found this yet, but if we think hypothetically, if we were to discover 300,000 oz at Standard, and if we saw 70% recovery, which I think would be a pretty good barometer, knowing it's a past producing mine that achieved 70% recovery through heap leach processing, you're looking at recoverable ounces of about 210,000 oz. You might say, "Well, Dan, that doesn't excite me. I'm interested in a million plus ounces." Well, this is why it's exciting, because what it could mean to us. Over five years, that would be 42,000 oz a year. With Florida Canyon, some of the improvements we're making there, which I'll speak to here in a moment, we think Florida Canyon is going to get up to the 70,000 oz-75,000 oz a year range. All of a sudden, you put these two together, you're looking over 100,000 oz a year. Could be pushing 120,000 oz a year from a potential complex scenario, which starts to be meaningful in Nevada. These sorts of ounces, if we're able to be successful through the exploration of standard and put this together, are some of the lowest cost ounces that you can bring on when you bring them on very close to an existing operation because of that shared infrastructure and investment you've already made at Florida Canyon. Really excited about what we're doing and hope to start finding some more fire and at least see where that smoke leads us, what we're seeing so far today with the drill that we have turning there. Moving on. We had a question come in from Wolfgang in Armenia. Wolfgang, thanks for joining us today. Appreciate you taking the time all the way from Armenia. I think that you're probably getting on to your dinner time. This is lunchtime for a lot of us today. Maybe this is a virtual dinner for you in Armenia, but thank you for taking the time. You ask a very high level question, and I think it's a really good one. What's the main argument for investing in Argonaut today? I think I'll speak to a couple things, but I think one of the underlying things is here is in our industry, there's very specific times when a company has the ability to re-rate, and those are often through either development of a new mine, and when you bring that new mine online and see that growth captured or through exploration when you're onto a new discovery and how big could this get. We see that constantly in our industry. I think that Argonaut has a very low risk approach because we're offering both of those things right now with the exploration success we're having, namely at Magino at depth, and then also below our El Creston pit at our La Colorada mine in Mexico. I'll speak to that a little bit in a moment. Also in bringing Magino online, through the development of Magino. When we think about what we're doing there, it's all underpinned and de-risked because we're already a company with cash flow. We're not just focused on an exploration stage company that's relying on the equity markets and keeps having to come back to dilute and dilute to fund the ongoing exploration programs where we can do this out of cash flow from our operation base. The same with as we're building Magino. We raised some money last year, but now we're funding a lot of this through our cash flow and have been able to maintain a really strong balance sheet. We should be coming out the other side of this with very little debt leverage put on the asset. With the safety net of the operating cash flow coming, as I said, in the first half of the year, we did $67 million. It really reduces the risk to allow for the re-rate potential through exploration and development. I think a good way to frame this for you, Wolfgang, is, you may have seen this before, it's the Lassonde curve. Those of you who are not aware of who Pierre Lassonde is in our industry, many of you may know. For those who don't, I'm sure you just Google his name and you're going to see he's been a very successful mining entrepreneur in our industry. He came up with the curve, this is really focused more on single asset companies. The two areas where you get that big re-rate potential and that slingshot to really move a share price. If we just break down what's happening within Argonaut right now, we think we have a couple of these opportunities. Obviously, the first being with Magino Construction. As we develop this and bring this online, we should see a very significant re-rate in the company's share price. The mine that I'll point to most recently that we may have seen that with is the Victoria Gold and what they've been able to do up in the Yukon. Another one prior to the merger with SSR was Alacer and bringing on that expansion for that POX plant in Turkey and really changing that mine with that sulfide project. Dundee Precious Metals has had a significant re-rate when they brought on another mine. As you bring on another mine, if you successfully ramp these up, the re-rate potential is massive. Because everyone's so focused on this, and rightly so, this is where we are as a company. It's a capital intensive phase. We're building a mine right now. Everyone's focused over here. I don't think enough people are paying attention over here, what's happening on the exploration side with Magino and La Colorada. I see potential as we continue de-risk and start ramping up Magino. Not only do we get this slingshot potential to re-rate the company's valuation much higher as Magino comes online, I think we should get a double knock on because now the focus is not just on, okay, Magino's been delivered, what else is happening within the company? Oh, yeah, look at all this high grade material these guys are hitting at depth below these pits at both Magino and the El Creston deposit in La Colorada. We could see a double slingshot here, and it's really exciting for us. Beyond that, we have all the expansion opportunities to bring that higher grade underground in at Magino and expand the throughput and really create something special with a 300,000 oz type producer at Magino. We're pretty excited about the potential. I think for those reasons, the low risk approach with a company that has cash flow, that has been operating very well over the last couple of years, breaking records both in terms of cash flow and production. To have that safety underlying this development build and also these exploration programs, would be a reason that I would think Argonaut Gold's a very smart investment at the current time. Hopefully that answered your question, Wolfgang. We'll move on to Anne from Knoxville, was asking, "When are we going to start making some money?" Well, Anne, maybe you're new to Argonaut Gold. You're not familiar. We've been making money for over a decade. We're a producing company, and if you look at our recent quarterly cash flow and production, we've been doing well. It really comes back to the strategy of Argonaut when it was founded. I'll speak to that for a moment. We're coming off three consecutive quarters of record production, two of those which had record cash flow. We've certainly hit our stride through the operations and delivering good cash. Right now, obviously, a lot of that cash is being reinvested back into this Magino build. That's part of being in a depleting industry and wanting to grow our business where it's a smart investment, it's the right time, it's the right gold price environment. Get Magino up and going, it really changes the game for the company. I think that's evident. Since we announced the construction of Magino, Argonaut's been one of the outperformers in the gold space. It's been a rough year for most gold stocks, where we've been doing well on a relative basis. We still think that the stock's extremely undervalued, and there's a long way to go. If you look relative to peers or ETFs out there, like the Junior Miners Gold ETF, the GDXJ or the GDX, we've been a clear out-performer, and I think it's because people see that growth and that as we execute, clearly move in that intermediate rank, we totally change the game for the company's future. This really comes back to your comment on when will we start making money. The strategy for Argonaut's always been, let's start with these small assets that we started with El Castillo, that at the time we picked it up in the beginning of 2010, it was producing 25,000 oz- 30,000 oz a year, and it was undercapitalized and really just bootstrapped together. In El Castillo's heyday, it's getting towards the end of its life now, but in its heyday, we were running 80,000 oz, 90,000 oz there, and we put the right people and the right capital to it. We've slowly built off that through El Castillo and then La Colorada, and then we built San Agustín. Now we just acquired Florida Canyon. The idea has been, let's use our operational expertise in these low-grade heap leach projects that are very low capital to entry into to build. We'll use that cash flow to fund the corporate overhead, fund the developments of the exploration of the projects we want to advance, the feasibility work, and all the engineering behind that, the permitting timelines. That way, we're not constantly going back to the market with our hat in our hand, asking you as investors, saying, "Hey, can we do a financing?" It just dilutes everybody. It's a bit of a slower approach, but we think it's been the right approach, and at the end of the day, we're going to have a much stronger company. As I said, in terms of making money, we are sitting with a good balance sheet, $216 million, and we're making money today and reinvesting that back into the business and continue to make a lot more in the future. Stefan from Munich has asked about cost inflation. Are we seeing it more on the capital side or the operational side? That's a really good question because there's headlines about inflation all over the world. That's impacting both operations and capital. I would say so far it's been more on the capital side for us because a lot of it's on the labor side, and it's particularly in Canada and the U.S. It's been a little more muted in Mexico for us, where three of our four operating mines are. It hasn't hit us, and as illustrated by the cost profile, we're actually right now, through the first six months of the year, coming in below, tracking below our guidance for our operating costs at our operations. We haven't seen it too bad on the operating side so far. It's more what we've seen at Florida Canyon is a shortage of people and quality people in the U.S. In Canada, we've had no problem putting a very high-quality team together for Magino with a lot of experience. We're really proud of the team we put together, you have to pay for that experience. I'll tell you, when we bring in a contractor to do work on this build, fortunately at Magino, we have CAD 200 was locked in that fixed bid EPC contract with Ausenco for building the processing plant. When we think about the CapEx inflation, where it hits you is on those contracts that are not locked in. That CAD 200 of that CAD 500 was locked in. It's really that other CAD 300. If you think about, you're bringing in a contract, and you price this out when you're putting your budget together in the fall of 2020. Now it's the fall of this year that you actually need to execute on that contract. You went out to bid to multiple parties, you got estimates of what that's going to cost. Now, a year later, that contractor's seeing inflation with their labor, some of their materials that they need to bring in, that inflation gets passed on to the underlying client, which would be us building Magino. Those are the areas that we're seeing most. It hasn't hit us too bad on the operating side, but certainly on the CapEx side, it has been there, and I think we've seen that industry-wide right now. Okay, let's move on to a couple questions about La Colorada and some of the drill results that we've been putting out recently. Really excited about what we're seeing. Peter from Leadville asked, have we done a rough PEA at the El Creston underground, and do we have results that we can discuss? Lauren from Toronto's asked, assuming a nice underground resource comes together below the pit, how long till we can start mining? Maybe I'll answer those questions quickly, and then I'll give a little bit more background on what we're talking about here for those who may not be as familiar with the El Creston mine or deposit within the La Colorada mine. We have not done a PEA level study. We're about to embark on a scoping level internal study. It's not going to be a PEA 43-101 level study where we think we have enough pierce points in this now to start wrapping some wireframes around it, look at some preliminary underground mining methods and what makes the most sense, and also doing some metallurgical test work. At grades that we're seeing at El Creston, there's no way you're going to heap leach that. You're going to want to put it through a mill. There are some underutilized mills in the area, toll milling is very likely to be an option for us. We'll see what that looks like. Lauren asking, "How quickly can we start mining underground?" If you think about the La Colorada mine, there's a series of three pits. The first pit's been mined and exhausted. We're mining now in El Creston, which is the second pit. We have another year and a half, two years of mining left, open pit mining in that pit. We're into a third pit called Veta Madre. Our goal is to learn enough to have an idea of what direction we're taking this in this next year and a half to two years, because we think the capital will be really low when you're already at the bottom of a pit, just to ramp down off the bottom and put a portal off the bottom of the pit. It's not like you're coming in from surface and having to put in all that infrastructure in place. We're pretty optimistic about how this is starting to shape up, but it is early days. Just for those of you who aren't aware, I mentioned the series of three deposits, the first pit being exhausted, the second pit where we're mining today, and then the third pit, El Creston, and then the third pit, which will be Veta Madre. This is an overhead shot of our El Creston pit. You can see some of the recent drilling are the dots here. You can see these three veins running through the pit. I think it's really important to understand the history of this deposit, because this was historically mined in the 1800s and early 1900s up till the Mexican Revolution as an underground mine. There's no data on what sort of grade they were mining underground. We just know that because as we're going down in the pit, we run into old underground workings, and you can see them in the pit. It's part of our operating practice to make sure some of the old underground timber doesn't get into our crusher and get clogged up, so we have to separate that and pull that apart. What was really interesting, as we've been getting deeper in this pit, those underground workings are getting wider and wider, which means those veins were probably the higher- grade portion of those veins were getting wider. That really started sparking our interest. We said, "Let's do an initial program." We announced the results in April. It was just 11 holes, a phase I. What that did, it was targeting that down-dip extension of those veins below the pit. You can see the really amazing results we hit here. 12 m, 99 g per ton gold with a 30-g silver kicker. 21 m of 45 g per ton gold, 275 g per ton silver kicker. We followed that up with 40 holes. That first phase, the first 11 holes were targeting about 50 m- 70 m below what will be the ultimate pit here. We said, "Okay, now we have these three distinct veins. Let's go and let's focus, test that down-dip extension a little further." Now we've drilled to 200m- 250 m below what will be the ultimate pit. We're seeing things like 38 m at 9 g, including, 4.5 m at 52 g. Just tremendous results that we're seeing here. Obviously, very good widths, and grades amenable to underground mining. When you think of true width of these veins, the veins themselves are running 20 m-30 m in true width, but that's with the low-grade halo. I should mention, this was a historic underground mine, but when it was brought back into production, this was actually one of the first assets of the company. If you're familiar with Eldorado Gold, you may wonder why Eldorado has that Mexican-sounding name, Eldorado, but they're operating. They were in China, now they're in Greece, and then now they're in Quebec as well. Why Eldorado? It's because when they started the company, they were down in Mexico, and the original plan was to come in, and it's what Argonaut's doing today, actually, is with heap leach technology, the oxidized material is very amenable to heap leach processing. Eldorado came in, they created an open pit project where they were going after and processing the low-grade halo around those high-grade veins that had previously been plucked out by the old-timers. Argonaut, when we picked this asset up, Eldorado closed this in the late 1990s in the depressed gold price environment. We picked this up, put it back into production. We've just taken the pit wider and deeper and looked again at that low-grade halo. The average grade that we've pulled out of this pit so far is about 0.55 g per ton, so a little over half a gram per ton. With heap leaching and the strip ratio here and the leach kinetics and recovery, it's economic. We make money. What we've now found as we've gone deeper, we're finding areas where the old-timers didn't get to, and we're seeing what that grade looks like, and it's really exciting. It's beyond what we had expected. I'll just very quickly walk through two cross-sections. You can see this black line here is the current pit, and you can see these three distinct veins going down here. When we fast-forward, you can see what these veins are looking like as we continue to move through the pit. Really excited about what we're seeing there. It is going to be slower. I'm just warning everyone, it's going to be slower from an exploration standpoint going forward. I'll tell you why. Because as we get deeper in that pit, the working area gets smaller. Also, we've got this down-dip extension of these veins now. They're 800 m long strike down 250 m below the ultimate pit. When we think about the time it takes to drill that first phase, 50 m- 70 m, we could pop a hole out in 24 hours at times. 250 m might take you three, four days to get that same hole done. On a 24-hour shift, 2 12s. You look at going further down. Well, that driller has to sit there longer, we need to get in and mine that area. It's getting tough because we're going to produce 60,000 oz- 65,000 oz from El Creston this year from the open pit. We're using that cash flow to fuel the Magino build. We do have enough pierce points to start doing some work looking at what this means and the shape it's taking. We'll try and get in there probably with, reduce from three rigs to one as we continue to operate there. Once we get moved into El Creston, to Veta Madre, sorry, the third pit, we can come hit this pretty hard. We want to have a pretty good handle on what we're doing, because we think already with what we have, it probably warrants taking a really strong look at underground, and then you'll just be chasing it down. Thanks for that, Lauren and Peter. Moving on, let's take a moment and answer questions from Per in St. Julian's, and Albert in Brasschaat. Sorry if I'm pronouncing Brasschaat wrong, Albert. Asking about Florida Canyon's cost reduction initiatives and what the production profile might look like going forward. When we picked up Florida Canyon, this is what it looked like. This was the process up here. You drill and blast in the pit, you'd put it in a haul truck with a loader, you'd take it over towards the crusher, you dump it on the ground, you'd have to doze it in a pile with a loader. You'd pick it up with a loader, put it in the crusher. It would come out the back end of the crusher, secondary crusher, on the ground, doze it in a pile with a dozer, pick it up with a loader, put it in a haul truck, haul it out to the leach pad, dump it, and doze it. Very inefficient with all that rehandling. Rehandling is a cardinal sin in mining, and when you're dealing with a low-grade deposit like this, you really cannot afford to do it. It was done to save capital on the initial build by a company that I think was more of an exploration company and didn't have a lot of operating experience. When Alio came in and picked this up, they saw what needed to be done, but they just never got the capital to get there. We've come in, and with the capital and our balance sheet being stronger, we've made the modest investment, just around $10 million, to put in a drop box at the crusher. Today, the truck goes and backs and drops directly into the crusher. We've just finished, and we're ramping up this quarter, a new conveying and stocking system. When it comes out of the crusher, no longer need to pick up material again, put it in a truck, and haul it to the leach pad. We have it conveying. It's automated on a line that goes and conveys it, and then there's the SuperStacker at the end that spreads it around the leach pad for us. This is what we've done in Mexico. We've been successful at these low-grade operations. We think this is going to save us CAD 0.50-CAD 0.60 per ton, which is a big number when you think about 90 million tons of material in the current mine life, and that's if we don't find another ounce here. Pretty excited about what that means from a cost-saving standpoint, from an operating cost with just a modest capital investment. This is what the crusher looks like today with new reclaim tunnels, the new conveying line going out to the leach pad. It is up and operational. We turned this on earlier in the third quarter. We're ramping it up now, and we should really start to reap the benefits of this in the fourth quarter, is where you'll see with that recovery curve. We'll get some benefit of getting more tons out to the pads in the third quarter, but it's a 90-day recovery cycle in the heap leach, so we'll see the benefits coming in the fourth quarter. What that means now is we're going to have additional trucks that we can put back into the pit. Crushing is not the bottleneck here. We can crush more material, get more material out to this conveying circuit and up to the pad and boost the production profile. What we acquired was a 50,000 oz a year mine, we think. We think that we're going to take it to 70,000 oz-75,000 oz a year just with the change that we've done here and some additional haul truck equipment in the pit. We're pretty excited about that. It's going very well. It took a little longer to get the permits to do this with the administrative change in the U.S. on the federal side, but we have it now, and things have been moving very smoothly from that side, and it was pretty quick to get in place. We'll watch out in Q4 because we see a good step change. One thing I will say is we're pretty happy. We're not where we want to be by any means, and that's part of this project here, but when we think about Florida Canyon, just even Q2 over Q1, we had a 15% uptick in production and a 24% reduction in cost. We feel like we're starting to turn the corner there. We have the asset. We're just over a year now. We're implementing our own culture, our own way of doing things, and we're starting to turn the corner there. With this, I think we have another step change coming in the fourth quarter and beyond. What that means for us is hopefully a 70,000 oz- 75,000 oz producer at all-in sustaining costs somewhere in that CAD 1,100 range. Robert in Naples has asked, "What is the profit outlook for 2022?" Well, we're making money. As I said, our mine site free cash flow before corporate and any external growth CapEx in the first half was CAD 67 million. In the first half of this year, we're tracking really well versus guidance for hitting our targets here towards the high end of that. I think we will likely come in at the high end of that this year, and I think next year. It all depends, Robert, where the gold price is. Next year is going to be a fairly similar production and cost profile, I think. When we think about a production cost profile similar, we'll probably go to a similar year, and then we get that big step change when Magino comes online in 2023, which much lower cost and much higher production. We're generating good money in terms of free cash flow. We're going to be negative for this year and next because the money that we're making from our existing operations, as I said, is being reinvested back into our future to grow the company to be a much stronger company and drive that big share rerate. That's where we are today. We're doing well with profitability. We had a couple questions on Cerro de Gallo. Cerro de Gallo is an asset we really like. Basically, questions asking me the permitting, both Steven in Washington and Lauren from Ontario. Thanks for these questions. Cerro de Gallo is an asset that we like. We are in the permitting process in Mexico. I will say this is the slowest that we, as Argonaut, in the decade plus that we've been operating in Mexico, have ever seen permitting. Particularly on the federal side in Mexico, there are very clear mandates on once you submit this, you should have a response by a certain date. That date has come and gone, and we have not had a response. Unfortunately, our only option then would be to go and sue the agency for not giving us a response, which would probably lead to a negative response. It's a tough situation because we have great support locally and in the state. The governor of Guanajuato has come out publicly in support of this project as being a very key project for this area and within the state. This is not an Argonaut issue. It's hard to tell how much is COVID, how much is the current administration, but from the federal side, things are just not moving, not just for Argonaut, for anyone. Whether it's a new project, whether it's you're looking to expand a project. The federal side's been not moving at all, and it's really hard to get a feel for exactly what's happening. I know initially with COVID, Mexico, the mortality rate was very high in the first year of the pandemic, around 10%. There was some pretty strict work from home orders, particularly in Mexico City, where it's a high density area. Chasing government employees is hard enough from an office, let alone when they're working from home. As you can imagine, if you had to go renew your driver's license, but you had to contact someone at their home to get it done, how long that might take for you. It's challenging and, quite frankly, it's been a bit frustrating for us. The flip side is, we don't need the permits today. There's nothing contentious about the project. We have good state, locally and with the governor of the state. We're looking at a 4.5 million gold equivalent ounce type ore body. We'll start this at 75,000 oz- 80,000 oz a year. Just like Magino, we plan to start it there with a longer mine life, and then we think there's good exploration upside here as well. We could expand this one out of cash flow and look to get up over that 120,000 oz type profile here, given the mine life here. Let's get it in and started. I'd also just like to remind everyone, this is something that we've paid CAD 13 million for in 2017, where our total investment to date is under CAD 20 million. Even at the CAD 1,350 gold price, the net present value at a 5% discount on this asset is CAD 175 million. That would be after you pay back the CAD 135 million capital it would cost to build it and put that back in your pocket, you'd still make CAD 175 million on a discounted cash flow basis. We're really keen on this asset. It's been a really smart investment for us. We'll get through the permitting. At some point, the logjam has to break. I'd feel worse if it was just our project, but knowing that every single company we talk to that operates in Mexico is having, just nothing's moving on the federal side right now. Not that that's nice to hear, but it's encouraging to know this is not an Argonaut issue. This is just a countrywide issue right now that I'm sure at some point the logjam will clear, and we'll see things start to move forward. That's the update on Cerro de Gallo right now, is we continue to try and be the squeaky wheel to get our permits looked at, but not having too much success with that today. Joseph from Cherry Hill had asked, "Any road shows, trade shows in Philadelphia, New York City, or Washington, D.C. area scheduled for the rest of this year?" Joseph, we don't have anything scheduled for in those areas. It's been a bit challenging traveling within the COVID environment. We've been doing a lot of virtual conferences and meetings. We've just come off of two conferences in September, which were the Precious Metals Summit, hosted in Beaver Creek, Colorado, and then the Denver Gold Forum in Colorado Springs, Colorado. The next things that we have on slate in terms of formal trade shows or conferences are the RBC, Royal Bank of Canada Metals & Mining Conference. We've been invited to participate there. That's happening in November. Then Scotiabank here in Canada also has a metals and mining conference. That's early December. Those are the two big conferences we still have left, but we're constantly doing phone calls, meetings, things like this for more retail. A lot of one-on-ones institutionally, Zoom calls and stuff. It's not like we're not out there marketing, it's just we don't have anything planned for these areas that you specifically referenced for the rest of 2021. Maybe I'll pause there with just a couple minutes left and see and ask Karen, if you want to flip your camera back on, Karen, is anything coming through our chat line? I do. I have one question from the chat, and the question is, "At what point is it realistic to potentially see the underground drill results at La Colorada reflected in reserves and later on production? Yeah. Okay. That's a really good question, and I appreciate that. It's a little early for me to answer that question. The guys are going through this process right now where we have enough, we think, from this latest 40-hole program, of which we have about 80% of the assays back. We're still waiting on some assays, but they should be coming next six-ish weeks, we hope. We think we have enough pierce points where we can start wrapping some wireframes around this and doing some engineering. We'll see what that spacing looks like. It's not every deposit's equal. Some deposits from an underground standpoint, you might have to get as tight as 10 m or 8 m to get a reserve. Some you can be 20 m. It's a statistical analysis on the deposit itself, and without the data to put into that model, we don't know what that statistical analysis is yet on drill spacing to see how we get to reserve. It's a function of drill spacing, and each deposit's different. We'll see. I'm sorry, but I don't have the answer for that now. We do want to be in a position really pretty early, so as we get out of El Creston from the open pit perspective and we get into Veta Madre, that we can hit El Creston pretty hard and pretty quickly be thinking about underground mining, and that's just a couple of years away. There's work that needs to go into that. We'll have another drill program, I'm sure, before we commit to that capital to whether it's a spiral ramp off the bottom of the pit, we'll see what that looks like. Needless to say, the way that we view this is while Veta Madre is mining in the open pit, we want to start getting the underground access we don't have a break in mining and processing. We go from one to the other nice and smooth and we're in a good position. That's where we are at La Colorada, and I think that we'll have a lot more news on that over the next couple of years as we continue to work on this and see what this looks like through engineering and mine planning. I have another- Is there anything else that came in? Yeah, I have another question that came in from the chat from Eric, and he would like to know our plans for power generation at the Magino mine. Plans for power generation? Okay, great question, Eric. There's an existing power line that comes into Magino today. We're having to upgrade that line and the substations. It's being done with Algoma Power, which is the local utility. It's all been engineered, what we need to do to get that in. This fall, we're in the process of now going into bid, and it'll be bid as an EPC or fixed bid for someone to come in and do that work for us. That puts us on schedule to have the power when we need it as we start our commissioning in the fourth quarter of next year. That's the power plan for us at Magino. It's also putting in a big enough line. Our next-door neighbor, Alamos Gold, has outlined an expansion to their project in the next three years. Working with them, Alamos and Argonaut have gone hand-in-hand to the utility to work together to make sure that the line that's being put in is going to be enough to service both companies. There'll be some, obviously, cost sharing on that line as well since we'll both be using that. Things are going well, where, as I said, we're about to go to bid for that, and it's through Algoma Power that we're going down that process. I have some- Is there any- Questions that came in via email this morning, and one of them is from Alex in Quebec, and he would like your thoughts on electric equipment for mines. Electric equipment for mines. Yeah. I think that the technology is starting to get there. We're not using any at our current operating mines and at Magino, at least the first fleet that we're getting is still going to be diesel trucks, but it's the emission standard trucks with the engines that shut off if they're idling, similar to the kind of those hybrids that you see out there today. That's where we're going right now with our fleet. We'll see what that technology looks like for those big, massive trucks by the time we need to replace that fleet partway through Magino's life, because it's a long life, and over time, you'll have to replace trucks, and we'll see what that looks like. Today, we're not going electric where we are with, if you think about our existing mine lives in Mexico, they're relatively short. You're just going to run that current equipment as long as you can. Then, we do think as that technology continues to evolve and the Komatsus of the world and the Caterpillars of the world have more capacity. The world's definitely going that way. I'm sure that they're going to be producing a lot more of those vehicles. We'll look at that market as well in the future. Is there anything else, Karen, that's come in? Just one last question. Okay. Yvonne from Sedona asks, "How do you see technology, for example, data collection, assisting mine operations in 2022 and beyond? Oh, that's a great question. Thank you for that. Maybe I'll just speak industry-wide and not Argonaut-specific about some of the advancements in technology that we're seeing that could play game-changing roles in the future. First, on the exploration side, if you think about artificial intelligence. If you were able to load data from deposits around the world, and we always see this deposit's kind of an analog of this type of deposit, and there's subtle differences, but this is a low sulfidation epithermal style deposit. If you were able to load data and have the industry willing to share this and use artificial intelligence to do that, it could really help your drill targeting to expand your resources if you could utilize that technology. I think that's an area where things will go at some point in the future. There's other areas within the operating side, even today, and I think this is, it's not as widespread as it will be. You can have someone sitting in the U.S. operating four pieces of equipment remotely through a remote control in an underground mine anywhere in the world or in Canada from wherever. You could be operating it in Indonesia from here. People are doing it today, and I think we'll see more of that where it's often younger people actually in their 20s who operate this equipment. Instead of sending six people to operate this equipment underground, you have one person running all six because the equipment has to go and park and wait and do all this. They could do it via remote control, and it's often younger people because the skill set that they've learned, believe it or not, playing video games coming up. They have the ability to see all these screens and see what's happening and function this very safely and effectively. There's companies already utilizing that technology, and I think that that will grow pretty rapidly here in the future for the industry because, one, it reduces the safety impact of having physical people at mines. It's a benefit for safety, but it's also a big cost benefit as well from the labor side. Technology is certainly, those are two examples. I could see things changing for us and I think on the processing side, there's some examples of it. I know there's some companies out there trying to come up with ways to break through and basically heap leach sulfide ore, which typically you need sulfide ore to get economic recovery for oxides. There's companies out there working on that today, and it's really about the chemistry. It's been done in a lab. It's been done on pilot plant type sample size. It just hasn't been done on a commercial scale yet. It could take some time, but I think eventually we'll get there. Those are probably the advances, the ones that I could see coming, maybe not as quickly as 2022 for some of them, but they could be coming here in the future, certainly in my lifetime in the industry. With that, we're running a couple of minutes over time here, so I don't want to keep everyone hostage. Thank you for taking the time today. Really appreciate it. The replay's available for you if there's anything you want to double-check on us. Always feel free to come back to me and ask any questions that you might have in between. You don't have to wait for these events, but I just thought it's a nice way to get everyone together and looking forward to doing our next one. We'll try and get back on track shortly after the quarter announcement in November. When we announce our Q3, we'll try and do one within a week of that event. Thank you for your time today. Really appreciate it.