Good afternoon. My name is Anis, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Amerigo Resources Q1 2022 earnings conference call. All lines have been placed on mute to prevent any background noise. After the formal remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you'd like to withdraw your question, please press star then the number two. Thank you. Mr. Graham Farrell of Harbor Access Investor Relations, you may begin your conference. Thank you, operator. Good afternoon and welcome everyone to Amerigo Resources quarterly earnings call to discuss the company's financial results for the first quarter of 2022. We are delighted to have you join us today. This call will cover Amerigo's financial and operating results for the quarter ended March 31, 2022. Please note that all dollar figures quoted in this call are US dollars, except where otherwise indicated. Following our prepared remarks, we will open the conference call to a question and answer session. Our call today will be led by Amerigo's Chief Executive Officer, Aurora Davidson, along with the company's Chief Financial Officer, Carmen Amezquita. Before we begin our formal remarks, I would like to remind everyone that some of the statements on this conference call may be forward-looking statements. Forward-looking statements may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties. The company's actual results may differ significantly from those projected or suggested by any forward-looking statements due to a variety of factors, which are discussed in detail in our SEDAR filings. I will now hand the call over to Aurora Davidson. Please go ahead, Aurora. Thank you, Graham. Welcome everyone to the Amerigo Resources earnings call for the first quarter of 2022. We remind you that all dollar figures reported in the call are U.S. dollars, except where we specifically refer to Canadian dollars. We are pleased to report strong operational and financial results for Q1 2022. Total copper production increased by 6% compared to Q1 2021, meeting our copper production and cash cost targets. We also enjoyed an average quarterly copper price that increased to $4.64 per pound. Our financial results included net income of $15.5 million, earnings per share of $0.09 or CAD 0.11, EBITDA of $26.4 million, and free cash flow to equity of $17.9 million. Copper production was 16.5 million pounds during the quarter 58% of the production came from processing fresh tailings and the remainder from the historical tailings at Cauquenes. The plant configuration changes we have completed are performing beautifully and allowing us to take full advantage of the significantly increased supply of fresh tailings from El Teniente. Because of those changes, we can maintain maximum production levels while using less water, and we're also effectively extending the length of our copper resource at Cauquenes. MVC's operations continued through Q1 2022 without any disruptions due to COVID-19. Our plant availability in the quarter was 97.6%, and MVC had a clean environmental compliance record during the period. In April, MVC completed the annual plant maintenance shutdown in 9 days as expected and within budget. We previously shared with you that 2022 is a higher than normal year for CapEx projects, almost $11 million versus a normal $6 million, and all projects are on time and on budget. Copper production continued to be strong in April, and we are on track with our annual guidance of 61.9 million pounds of copper. A preliminary review of our cash cost to April 30 also shows a very close correlation to expected cash cost. This is a testament to the efforts of our team in Chile, which has faced inflation of 3.4% in Q1 and 9.4% over the last 12 months in Chile. Water supply risks continue to be properly managed with adequate water reserves in Colihues. At the end of March, water reserves were 4.5 million cubic meters, but they increased almost 10% to 4.9 million cubic meters at the end of April following an early start of the rainy season. In all, our operational performance continues to provide us with a solid foundation to employ our capital return strategy, which I would now like to discuss with you. We have a flexible strategy designed to maximize shareholder capital returns while protecting our share price during times of market volatility. In Q1, Amerigo returned a total of USD 7.6 million to shareholders. USD 4.2 million were paid on March 21 by means of an increased quarterly dividend, which currently stands at CAD 0.03 per share. $3.4 million were also returned through the purchase of 2.4 million common shares for cancellation through Amerigo's ongoing normal course issuer bid, more commonly known as share buybacks. There are 3 pillars to our capital return strategy, two of which you have seen us employ since the fourth quarter of 2021. First, we have a sustainable quarterly dividend currently of CAD 0.03. This consistent dividend represents an annualized yield of 6.52% based on our end of quarter share price of CAD 1.84. No company ever wants to cut its regular dividend, and our board is no different. This is the fundamental pillar of the strategy, and Amerigo shareholders can count on that dividend in their portfolios. The second pillar is the ability to repurchase shares. Currently, the mechanism we employ is a normal course issuer bid, although we have used alternative form of share buybacks in the past. We have been active with repurchases and as of today have retired 3.8 million shares since December 1, 2021, when the normal course issuer bid started. A further 6.9 million shares remain subject to retirement under the course bid at market prices. The total number of shares that can be retired under this program represents 6.1% of the outstanding shares of the company at the time the program commenced. The third pillar is a top-up dividend. I particularly like this dividend because of its incredible flexibility. This is a great tool we can use to effectively balance the desire for safe quarterly dividends, but not leaving more cash than necessary on the balance sheet. Top-up dividends will depend on several factors such as the company's financial performance, the copper market outlook, and cash balances. Flexibility is a key word here. A top-up dividend may be paid in any amount at any time and as frequently as the board sees appropriate. Do not think of this in the same light as a consistent quarterly dividend. Top-up dividends may occur multiple times during a year or may be temporarily delayed for any reason, such as a market shock. In addition to returning capital to shareholders, top-up dividends will also provide a very important second benefit. In our opinion, when the market recognizes the potential size of this type of dividend in a high copper price environment, we think investors will put a very supportive floor under the company's share price. I hope to convince you with the following illustration that Amerigo share price should be considerably higher than where it is now. Remember that we have previously shared that we're comfortable with cash balances of roughly $25 million to operate the company. What could our capital repatriation strategy mean for investors in 2022 if copper prices should average $4.50 per pound for the rest of the year and we continue to meet our production and cost targets? The core pillar of our strategy, the quarterly dividend of CAD 0.03 per share, would result in an annual cash to shareholders of around $60 million. That's a yield we know of 6.5% on the end of quarter share price. The normal course issuer bid would require in total around $14 million this year. That means that we could be looking at a top-up dividend of around CAD 0.27 per share during 2022, while still leaving year-end cash of $25 million. Again, this is assuming copper prices average $4.50 per pound for the rest of the year. If copper prices were to average $4.30 per pound for the rest of the year, top-up dividends would be around CAD 0.23 per share. By themselves, top-up dividends of CAD 0.27 per share represent a yield of 14.7% on our Q1 ending share price. Together with the quarterly dividends, the annualized dividend yield would be 21%. This is the power of a top-up dividend in a bullish copper price environment. It is magnified because our company has stable operations, controlled costs, and execution risk and has no substantial CapEx requirements. Here is the secondary benefit of that top-up dividend that comes into play for our shareholders. Depending upon the view of the strength of copper prices and our ability to continue to operate efficiently, what do investors think is the appropriate risk-adjusted yield for an investment such as Amerigo? Should it really be as high as 21%? We think that as the market becomes more comfortable with our story and the story of copper, our shares can re-rate based on simple risk-adjusted yield normalization. Really, the math is quite simple. If our shares double, our potential dividend yield remains over 10%. Now, let me explain why we think copper prices will continue and why higher copper prices will continue, and in doing so, will allow us to return capital to shareholders for a long time to come. It is a tough job to maintain, let alone grow the supply of metals the world needs. This quarter, production results from many big mining names were below expectations and faced sharp cost increases. Global metal supplies are tight and most metal stockpiles are at historical lows. Even with the noise from the current Chinese lockdowns, most base metal prices are still at historically high levels. Nearly every major copper producer has faced production issues of late, and industry observers are flagging supply disruption risks that could continue to tighten the copper market. Resource nationalism, growing environmental requirements, and social scrutiny affect not just current projects, they also affect future projects as well. Peru, for example, is facing protests that have halted 20% of national copper output, and Chile recently denied Anglo American's Los Bronces life of expansion project. These are two examples of recent turmoil in the industry. The world needs increased copper production, not just levels of production in order to satisfy copper future copper demand. Recent estimates by CRU indicate that the global copper industry will need to spend more than $100 billion to build the mines that are required to close an estimated annual supply deficit of 4.7 million tons by 2030. Just to put this in context, this is the equivalent of essentially 3 times Codelco's annual copper production. In our opinion, weak copper prices will not allow this needed production response, and that is why we're bullish on copper prices. Because of Chile's importance as a global metal producer, I would like to make a few comments on Chile's constitutional convention. Various proposals are now being drafted, and this could significantly change the current model of mining concessions in Chile. To make it to the final text of the Constitution, these proposals require a 70% vote by the Constitutional Assembly, otherwise they are rejected. On two different occasions, the assembly has already rejected mining adverse proposals made by the Environmental Commission. The takeaway point from this is that successful proposals cannot focus solely on raising environmental standards. They also need to provide certainty and stability for the development of mining activities in Chile. Current polls show that more Chileans are now rejecting the new constitution than supporting it. Unfortunately, in the rest of the world, common sense has not prevailed. Mexico just nationalized its lithium industry and other countries have talked of doing the same, and not just in lithium. Even though resource nationalism is bullish for prices because it threatens future supplies, it is also a threat that investors must consider when assessing their portfolios on a risk-adjusted basis. This is why I would like to provide some additional clarity that I think shows the very strong position Amerigo has despite the trends around us. Regarding the redrafting of the Chilean constitution, we do not have mining concessions, but rather receive tailings from Codelco. Codelco is Chile's national copper company. We are providing Chile with additional copper production, which would otherwise be lost, while at the same time providing local jobs and repositioning environmental liabilities. With regards to nationalization of copper assets in Chile, this also poses no threat to Amerigo. Many investors new to the copper industry may not be aware that Codelco came into existence in 1971 through the nationalization of foreign-owned copper assets. Further nationalization in Chile would leave us unaffected other than the impact from even higher copper prices that certainly would follow. Our relationship with Codelco remains mutually beneficial, and we are extremely proud of the business and social relationship with the Chilean people that we have shared for twenty years. To close my comments, we are seeing increasing technical, political, and environmental pressures affecting copper producers, but not our operation or El Teniente. These pressures will continue to negatively impact global copper production and support copper prices. In a high copper price environment such as this, the potential yield of return of capital to Amerigo shareholders is tremendous. As we spread our story and illustrate the strength of copper price fundamentals, we expect increased recognition of our unique position in the copper industry and our ability to return capital to shareholders. We also fully expect the market to recognize the undervaluation of our shares and re-rate them accordingly. I will now ask Carmen Amezquita, Amerigo's Chief Financial Officer, to present in detail the Q1 2022 financial results. Carmen, please go ahead. Sure. For Q1 2022 we posted a net income of $0.5 million, earnings per share of $0.09 or CAD 0.11, EBITDA of $26.4 million, free cash flow to equity of $17.9 million, and operating cash flow before $20.6 million. The strong results during the quarter were due to a 14% increase in the copper price and 6% increase in copper production compared to Q1 2021. On March 31, 2022, the company had a cash and restricted cash balance. With that, copper prices. Average copper price for Q1 2022 was $4.64 per pound. As you know, the Q1 prices were not yet final prices. Amerigo has an M+3 price convention for copper sales, where the final settlement prices will be the average LME prices for the third month following production of copper concentrate. As such, the final prices for January, February, and March sales will be the average LME prices for April and June respectively. We now know the average LME price for April was $4.62 per pound. This decrease from the $4.64 per pound provisional price used at March 31, 2022, would result in a $7.6 million change in revenue in Q2 in respective Q1 production. Today's copper price, $4.33 per pound. Revenue in the first quarter of 2022 was $53.8 million, compared to $48.9 million in Q1, 2021. This included copper tolling revenue of $50.4 million and molybdenum revenue of $3.4 million. Within the copper revenue, the gross copper sales were $73.8 million, and there were positive settlement adjustments to Q4 2021 sales of $5.6 million. Deducted from revenue, we had $22.3 million in royalties to DET, smelting and refinery costs of $6.2 million, the transportation costs of $0.5 million. Total tolling and production costs, including depreciation, were $32.3 million. This compares to tolling and production costs of $30 million from the comparative Q1 2021 period. Cost performance during Q1 2022 was aligned to budget. Under other expenses, general and administrative expenses were $1.6 million, compared to $1.2 million in the prior year quarter. This included salaries, management, and professional fees of $1 million, office and general expenses of $0.4 million, and share-based payments of $0.2 million. There was a $0.5 million gain associated with the derivative to related parties, compared to a loss of $0.4 million in the prior year period. This difference related mostly to a change in the fair value of the derivative liability as a result of the sharp increase in discount rates used to compute the fair value of the derivative, which resulted in a decrease in the liability and a gain on the P&L. Other gains during Q1 2022 were $0.7 million, compared to other losses of $1.2 million in the prior year period. The main difference between the expenses period over period was the foreign exchange gain of $1.2 million recorded in Q1 2022, compared to a foreign exchange loss of $0.5 million in Q1 2021. The company's finance gain in Q1 2022 was $0.1 million, compared to a loss of $0.9 million in Q1 2021, which includes interest on loans, leases, and bank charges of $0.5 million and positive fair value changes on the interest rate swap of $0.6 million. The company uses interest rate swaps to manage risk related to variable rate debt. On March 31, 2022, the balance of the term loan was $30.8 million. The interest on the term loan is synthetically fixed through an interest rate swap at the rate of 5.48% per annum for 75% of the facility. The remaining 25% of the facility is subject to a variable rate based on the U.S. LIBOR six-month rate, which on March 31st, 2022, was 0.35438% per annum, plus a margin of 3.9%. In Q1 2022, the company recognized an income tax expense of $5.6 million, compared to $4.3 million in Q1 2021. Tax expense includes both current tax, that is the actual taxes payable by the company, and deferred tax, which is a non-cash figure to reconcile timing differences between the financial depreciation and tax depreciation. The company's current tax liabilities are shown on the statement of financial position. On March 31st, 2022, were $13.6 million, of which $7 million was paid in April 2022 in connection with the 2021 tax year. The 2022 taxes will be paid April 2023. The balance sheet also shows a deferred income tax liability of $36.2 million, which is the balance that tracks timing differences and does not represent taxes outstanding or due by the company. In respect of cash flow in the quarter, cash flow from operating activities before working capital changes during Q1 2022 was $20.6 million, $21.4 million after working capital changes. Cash flow used in investing activities was $2.4 million, which related entirely to the purchase of plant and equipment. Cash used in financing activities was $7.8 million. Most of this related to the $7.6 million that was returned to shareholders, with $4.2 million paid on March 21, 2022 through Amerigo's increased quarterly dividend of CAD 0.03 per share, and $3.4 million returned through the purchase of 2.4 million common shares for cancellation through Amerigo's ongoing normal course issuer bid. Overall, there was a net increase in cash and cash equivalents of $11.2 million in Q1 and an ending cash balance of $71.1 million. Additionally, the company held $6.4 million in restricted cash. We will report the Q2 2022 financial results in August 2022 and want to thank you for your continued interest in the company. We will now take questions from call participants. Thank you. Ladies and gentlemen, we will now conduct the question and answer session. If you'd like to ask a question, press star, then the number one on your telephone keypad. If you'd like to withdraw your question, press star two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from Stephen Ferrazani with CIBC. Please go ahead. Afternoon, Aurora, Carmen. Appreciate all the detail on the call. Want to start off asking, Aurora, you touched on this at the beginning of the call, which was inflationary pressures. I think as we've gone through this earnings season, we've pretty much heard this from every company that maybe it's gotten worse than was expected when the year began, partially from the Ukrainian conflict. I'm trying to get a sense of what you're thinking on cash cost, which you are within guidance, but given volatile steel prices and other issues, how you're thinking about cash costs through the year now versus maybe 2, even 2 months ago. Steve, that's a very good question. I appreciate it. We took some time at the start of the week to sit down with our team in Chile and see what the performance was for April. You know, we, as we have reported, Q1, our cash cost was within guidance. We didn't see any deviations. We have a 2% deviation on cash cost in, sorry, a $0.02 deviation, $0.02 per pound deviation in April. It's immaterial. We had factored in a cushion for inflationary protection within our cash flow projections for 2022, which are our main costs. You're familiar with that. Power is not really affecting us now. We are working with the same tariff that was reset at the start of the year. Any increases in inflation that have transpired on the annual reset of the tariff have been essentially eaten up by the reduction in the tariff that we have had for 4 years. We still have that in 2023. We have a good supply of grinding balls on site. We were worried about logistical supply of grinding balls at the start of the year, and we have about 4 months of supply at good prices. Right now, we haven't yet seen any concrete indication of a substantial deviation that we could be expecting. The copper, sorry, the Chilean peso has been, you know, reflecting some of the uncertainties that Chile is facing. That helps us with a reduced translation of Chilean costs into U.S. dollars. So far, as of closing, the soft closing that we have had for April, we are in the clear. Great. That's very helpful. Thanks for that. When we think about the mix of fresh versus Cauquenes, clearly the trending has been much higher based on your reconfiguration of the plant, also the production from El Teniente. Trying to think about what you think the peak fresh Cauquenes mix is, what's ideal and what do you think peak is right now? I think we're approaching the peak, but we didn't approach it yet in Q1. Okay, fair enough. In terms of the special dividend, which you sort of introduced the idea of at last call, it sounded like, and maybe I'm mistaken, it sounded like when you talked about it last quarter, that this was thought to be maybe an annual dividend. Now it sounds like you were talking about the frequency could vary. I'm sure you're still sort of thinking this through as you've just, you know, the returning cash to shareholders, you've been introducing this over the last six months pretty aggressively. How are you thinking about the special dividend now, and has that changed a bit? Well, I don't like the name special. I like top-up. Let's just trademark that, top-up dividend. Well, it's received as special. Anyways, I'll give you that additional dividend. Yeah, no, that's why I wanted to speak about it in more detail in this call. It doesn't necessarily have to be an annual dividend by any means. As I mentioned, it can, it's totally flexible, in respect of when it can be declared, in which amount, and how frequently. Fantastic. Thanks for the call, Aurora. Appreciate it. Sure. Thank you. Thank you. Your next question comes from Terry Fisher with CIBC World Markets. Please go ahead. Yes, Aurora, good to hear from you again each quarter. News just gets better and better. I found your initial remarks very, very helpful, and that's something that really gives us good sense of the way things are going to evolve going forward. I have one question and that relates to that, and it's a tough one because it really relates to the board's attitude about things. What's the calculus the board would go through, do you think, in terms of deciding what to pay for buying back stock? What's the right price? Maybe that also relates to timing. And again, it relates to the last question as well because there's a trade-off there between using cash to pay a top-up dividend or to buy back stock. As I say, I know that it's a board decision, but maybe you can give us some guidance on that. What's the right price? I think you paid about $1.41 or something in that area, $1.51, something like that, for the stuff you bought back in the first quarter. Yeah. Terry, look, the board is comfortable with having our normal course issuer bid. We still have a long ways to go in that program. It ends in December. We probably will be ending it a few months before then if we continue to buy at the same rate that we have been buying. The reason why we have continued to buy at the rate that we have been doing it is because we still think that it's a great price, a great price to buy the shares at. I spoke about the re-rating that we see could be happening when the market realizes the amount of cash that can be distributed to shareholders just on a yield adjustment basis. These prices are good prices. There is a mechanism to do it. It's being done at market prices. I think that answers the question. There are no indications yet that this is a price by any means where we feel we are we shouldn't be buying our shares back at. The reality is that, as I provided in the example that I walked you through, and it's also on our website, by the way now, there is room for the special dividend or the top of dividend, there's room for the share buybacks, and there's room for the sustainable quarterly dividend. Okay, that answers the question. There is one other quick one. Someone was on BNN, one of the portfolio managers, and actually mentioned the Amerigo for the first time that I've ever heard that. In his comments, he brought up the point that you might be looking at other opportunities to do the same kind of thing, process tailings and other mines somewhere else. Is there anything new on that front? There is nothing new on that front. That's something that we continue to evaluate, but it has to be under the right conditions. I think that we have talked about that before. It's not growth for the sake of growth. It's not adding activity just to show you that we're not that we don't have anything more to do with our time. It would have to make total sense in respect of the jurisdiction. It would have to make total sense in respect of the business context of it. We are not in to do this type of work for a fee. We're in to share the risks and the benefits of the exposure to copper prices. You know, if conditions were to be similar to what we have with the projects such as MVC, for sure. In absence of that, it remains to be evaluated as such. That's great. Thanks a lot, Laura. Thank you. Ladies and gentlemen, as a reminder, if you have any questions, please press star one. There are no further questions at this time. Mr. Farrell, you may proceed. Thank you, operator. Oh, it looks like we have a couple questions coming in, operator. We can take those. Your next question comes from Paul Duhanik, as a private investor. Please go ahead. Hi. Yeah, I'm interested in the debt that or borrowings that are still on your balance sheet. Considering the increase in interest rates, are those going to be re-rated to a higher interest rate? Does the board have any plan on paying off the debt to transfer those savings to the bottom line? Thank you. Paul, 75% of our debt is protected through an interest rate swap, so we're only exposed on 25% of the debt. Okay, thanks. Thank you. Your next question comes from Asin Khan. As an investor, please go ahead. Hi. Just curious, right now you have excess cash in excess of $25 million to run the business. You talked in previous quarters about returning that excess cash and haven't seen anything on that front. How should we think about that? Thanks. Hi. You haven't seen the top-up dividend. You have seen quarterly sustainable dividends and the share buybacks. If you look at our free cash flow to equity for the quarter and you compare that against the amount that was paid out in the quarter, and we have disclosed that in terms of the quarterly dividend and the share buyback, it's a good portion of it, not all of it. The rest of the cash, as I mentioned, can be distributed at any point in time and at any amount. It's still not in place. It doesn't mean it will not be in place. Okay, thanks. Thank you. We have a following question from Steve Ferrazani. Please go ahead. Yeah. Hi, Aurora. I just wanted to ask a couple more questions around the shutdown. Just wanted to get the update on projects completed during the shutdown. Was it primarily maintenance, or was there anything larger completed? How do you think about the portion of CapEx this quarter? It is kind of a modeling question. Yeah. No, that's a good question. A significant amount of the work that was done in the plant shutdown was just regular maintenance that has to be done without no load in the plant. If you recall, El Teniente shuts down its mine, and then we shut down MVC. It's a great time to basically have no material coming in, and we can just look at everything on an empty structure basis. All of the work that we needed to carry out during the plant shutdown was carried out. One of the major pieces of importance from my point of view was the allocation of the seventh mill for fresh tailings. That was completed as well. Q2 will be a higher intensity CapEx than what Q1 was. We have other projects continuing on in Q3 and Q4. Q2 will be probably the highest quarter in respect of investing cash flow. When you get in and start doing this maintenance, do you find there's other thing, projects that you then wanna complete? Are there any projects you have on the sort of long-term roadmap that you haven't gotten to yet that you think can improve operations, or are you really on track? We are on track. We also identify wear and tear, and it always gives us a great indication for what the CapEx for the next year is going to be like. That's part of w hat occurs during the maintenance plant shutdown. If you recall, we have two I would call them risk mitigation projects that we're tackling this year, which is the reason why we have a higher than normal CapEx. Those came out of the assessments that we did last year. I'm sure, you know, as things progress, that we will continue to incorporate our 2023 CapEx program based on the information that we have captured either through the normal stage of operation so far and through the inspections conducted at the time of the plant shutdown. Great. Thanks for taking the additional questions. Sure. No problem. Thank you. Your next question comes from David Brown as a private investor. Please go ahead. Yes. The projects where you're upgrading your thickeners, I'm just wondering if you could tell us the status of those projects. Are they all complete, or are they still on the schedule for later this year? The only project that remains to be completed is, I would say, the final 30% on one of the three thickeners. The majority of the improvements were conducted last year. We had some additional, minor equipment installations to be completed on thickener 2 and 3. We completed thickener 2 this year, and we will be completing that final, part of the project next year at the plant shutdown for thickener number 3. The reason why we couldn't do it, either last year or this year, is because of the time involved in, installing those equipment. It has to be done in confined spaces, huge equipment. There's only so much we can do from a safety, perspective. I would say at this point in time, it's safe to say that 90% of the full equipment or of the full project or even more has been completed and only that final installation for the thickener number 3 remains to be done next year. Okay, thanks very much. Thank you. Your next question comes from Nick Toor with BlackRoot Capital. Please go ahead. Hi, Aurora. Could you give me an update on what Chilean peso prices and moly byproduct prices you had assumed in your sensitivity analysis of EBITDA to different copper prices? How does that compare to where they are currently and if they stay at where they are currently, what the impact, you know, might be? Yes. Nick, we are seeing approximately 10% cheaper peso than what we had expected for the year. Moly prices are quite aligned to what we had anticipated. We're seeing lower production in moly, and we alluded to that. That has to do with and the fact that the fresh tailings that themselves have, by definition, lower moly contents. We've also been facing some issues with the moly characteristics that we're getting from El Teniente. They are finding that themselves. It could be sectoral based, but we are not seeing any significant changes in respect of the other variables that we looked at. The 10% lower peso, what kind of impact does it have for you guys? Well, it essentially gives us lower labor costs, lower maintenance costs. Yeah, no, I understand that. Yeah. I just was wondering if you have like if they are 10% lower, does that increase your EBITDA by $1 million or $3 million or whatever? Is there some ballpark number for that? No, it's essentially washing out a little bit with the inflation that we're seeing. That's why we're essentially at the end of April, we're not seeing a huge variance in all variables taken in. We're not seeing that much of a variable between what was projected and what we're seeing. Yes, we are. We're seeing a weaker peso, we're seeing more inflation, but all factors put into the basket, it's basically evening out. Okay, great. Thank you. Thank you. Your next question comes from Ryan Hamilton with Morgan Dempsey. Please go ahead. Good afternoon, and thanks for taking my call. I have just one quick follow-up on the debt question. It looks like in the past, you know, couple of quarters here, you've been pretty aggressive in paying that off. Is that something that we can expect going forward? Is that? Can you give us maybe an idea as far as what the clip might be? Yeah. Ryan, last year, we refinanced our debt at the end of Q2. On June 30, there was a substantial reduction in debt that was essentially the departure of our old instrument into a new one. Once we restructured the debt, we're essentially following a semi-annual amortization of $3.5 million per semester. That's the reason why you're seeing less debt repayments this year. We also had another debt that was paid out last year, which was a loan to Codelco, which was associated with the timing of settlement adjustments. That has been fully repaid, and that's why you also see a drop in debt repayments this year compared to last year. In general terms, the debt that we restructured, $35 million, is being repaid at $3.5 million per semester over five years. This would be the first anniversary hitting on June the thirtieth. At this point in time, we're not anticipating any acceleration of those repayments. Great. Thanks for the call. I appreciate it. Keep up the good work. Thank you. Mr. Farrell, you may proceed. Thank you, operator. Thank you everyone for participating in today's call, and thank you for your continued support for Amerigo Resources. We look forward to speaking next time in August. Until then, the company is reachable through the traditional investor relations channels. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.