Hello, and thank you for standing by. Welcome to Aya Gold & Silver's third quarter 2024 results conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press Star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press Star one one again. I would now like to hand the conference over to Ruth Hanna. You may begin. Thank you, Operator. Good morning, everyone, and welcome to Aya's third quarter 2024 results earnings call. Today on the call, we have Benoit La Salle, President and CEO; Ugo Landry-Tolszczuk, CFO; Raphaël Beaudoin, Vice President Operations; and David Lalonde, Vice President Exploration, all calling in from Marrakesh. We will finish today's event with a Q&A session with the team. As always, please contact our IR team directly with any follow-up questions that are not addressed during the call. Before we begin, I would like to remind listeners that today's event will contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Details of the forward-looking statements are contained in our November 14th news release, as well as on SEDAR+ and on www.ayagoldsilver.com. With that, I would like to turn the conference over to Aya's President and CEO, Benoit La Salle. Benoit, please go ahead. Thank you, Ruth. Good morning, everybody. Thank you for being with us this morning. Q3 2024 is a transitional quarter, but with key strategic accomplishments. We continue advancing the Zgounder mine, and it is on budget, and as we had indicated, we were a couple of weeks late from the original plan, but we've made up some of that time, and we are commissioning on a going basis. We're targeting commercial production in late Q4 2024, and for that, we have a stockpile, as of the end of this quarter, of 347,000 tons of ore, which is ready for commissioning of the new plant. The expansion is 99 point something completed. You saw the video last week. You saw the press release, so we're almost there, and we will be seeing more development in the very, very short- term. It is a transitional quarter on production. We've produced 355,927 ounces. The reason we're below our budget and below expectation is we were developing new stopes, but those were not ready for this quarter. They are ready for the Q4 quarter. The delay in reaching the new stopes and the fact that we have a very disciplined mining method now, we stayed in stopes that had lower grade and less tonnage. Hence, the reason for a lower production. We already see this being corrected in the month of October. We generated in the quarter $11 million of revenue at an average realized selling price of $27 per ounce, which is very good considering the general market of the past few months. The net loss for the period is not significant. It's $300,000. The adjusted cash cost is $1,993. As you can see, we're also reporting a total cash cost of $2,347. However, we have to tell you that this cash cost includes non-recurring expenses. The development of the six stopes that are now ready were not capitalized, and were passed through as an expense in Q3, hence increasing the cash cost by almost $3.50, so this is non-recurring expenses. It was a contract given outside to a contractor to develop the six stopes, and obviously, when you use a contractor, it's a lot more expensive than our own team. But we wanted to do this because we are getting ready for the plant to be up and running by Q4 2024, and as you know, by that time, we will be mining underground 1,600 tons per day. So when we talk about commissioning, very often people think of commissioning of a plant, but there's also ramp-up and commissioning of the underground mine where you have a lot of equipment, a lot of new people. And let's recall that it used to be a 700-ton-a-day mine, and now it will be a 2,700-ton-a-day mine. So there is ramp-up at the plant, but there's also ramp-up at the mine, mainly the underground mine. The Open Pit is going very smoothly. We are mining 500 tons a day, and we will be going to 1,000 tons a day. So just for you to understand the cost, in Q3, we processed 42,000 tons, and the underground cost of mining was $85, which included the development of the six stopes. Our stockpile has a cost of $35 of mining. You can see that it is really a very unusual quarter with non-recurring expenses. As I indicated, we already see big changes coming through in Q4. Due to the fact that we were a couple of weeks late and the fact that the commissioning is now starting more in Q4 and then in Q3, we will revise the guidance for this year to 1.6-1.8 million ounces for the year 2024. As well, in the quarter, we have done a spin-out. We have created the spin-out to better value our gold assets. We signed a term sheet with Mx2, a brand new company for the Amizmiz asset and the Tijirit asset. The spin-out has been a very good success. They started the new team with a financing of $7.5 million, and they ended with a financing of $15 million. It has been a very good success, and it's all being put together as we speak. On the exploration program, as you know, Aya is a very, very interesting exploration story. We've confirmed high-grade mineralization at depth and on lateral extension at Zgounder, and we'll review some of those drill results. We grew Boumadine from up to 5.4 kilometers. You recall last year we were at 4.2 kilometers. We've also shown potential for new mineralization styles in one of the drill holes where we obtained close to 2% copper and 2,000 grams per ton silver. We are also in the quarter, we are preparing ourselves for new drilling, which has started now in Q4. To the west, we have new anomalies to the east and to the south. We're currently drilling the new anomalies to the west. Quickly, a very quick review of the spin-out. Mx2 is a private company for the time being. It's North Africa and West Africa because it has an asset in Mauritania. Amizmiz is a mining permit in Morocco. It has a resource that's not 43-101 that goes back many years of over 300,000 ounces at 13 g per ton. And right now, underway, there's a 2,400 m drill program to look at the extension and to start the understanding of the geology. The new team in Mx2 is on site as we speak with our team, the Aya team, and the drill program is underway. There's also the Tijirit asset, which you know we've done a feasibility study on. It has a resource of a little bit above 500,000 ounces. It's between 2 g per ton and 1.6 g per ton, depending on the deposits. Mx2 has an option to buy this from Aya over the next three years. They will be looking at fast-tracking this into development or more drilling and development and construction, hopefully, in the very near future. Our positioning in Mx2 after the financing will be 42% ownership for Aya. The company will have $15 million in cash, and Aya will have two board members sitting in a board of about seven individuals. So going to slide number five on the presentation, again, this is just a quick summary of where we are at the end of Q3. So you see the silver production is a little bit lower than what we wanted, but again, due to stopes not being ready. Because the other thing as well, as I say, we are very disciplined: historically, they would open stopes, never close them, and go to the next one, and then maybe come back later. We don't do that anymore. We finish the stopes. We backfill them. We have a cement backfill plant, so we backfill them so that we can come and take the stopes that are between two stopes that are mineralized, so we have a very disciplined approach, and hence, sometimes it forces us to continue into some stopes where we have lower-grade material, but globally, for the company as a whole and for the project. It 's the way to go to be disciplined, to take all the ore that's available, do the cement backfill, and then move to the next phase, so you have on P age five, you have the production compared to the rest of the year. You have the grade. Again, due to the fact that we stayed in some older stopes, we were getting an average grade of about 161 g per ton, which is absolutely too low for this deposit. But the reality is we don't want to leave it there and not take it. So currently, in October, we're already back to 190 g, and we expect this to continue to go back up. Mill recovery is always between 82%-85%, again, continuing smoothly. But the real important chart here is the quarterly ton process. We are at 83,000, which is a 19% increase year- over- year. And the two plants that we have function extremely well, and they are older, but they will keep running even once we have the third plant up and running. On Page 6, you have a few financial tableaux in French, I said, but charts, a few financial charts. You have your cash flow from operating activity, which is - $6 million this quarter due to the fact that we've invested heavily into the development of the six stopes. You have the gross profit, which is, again, a little bit lower due to the fact that the grade was lower, and profit and cost of goods sold go hand in hand. With a little bit less production for the quarter and a little bit lower grade, you have a higher cash cost, which we saw at $23, which we have on the next slide. Therefore, with that, you have a quarter where at the end, when you look at the financial statement, we are break even, which I find not that bad in a transition quarter where we are ramping up the plant, ramping up the mine. And we did hit this week 1,600 tons per day from the underground mine. So we are there. We are where we want to be for this project to really get going. So on the construction front, you have that on slide number eight, the Zgounder expansion. Plus, you saw the video last week, which is telling. But we are 99% done at the processing plant. The underground and the open pit are both operating very well. Tailings, water management, very good news on water management. We are at the beginning of the rain season, and all our water reservoirs are full. So that is, again, very unique. It's the time of the year. We've had very good rainfall. And our water management system and the way we captured the water is working extremely well. So I'm pleased to say that on the waterfront, we're doing extremely well. Electricity infrastructure, well, that's built. You saw some of the pictures. We have green energy coming to site. We have, as you know, 20-year PPA. It's operating extremely well, and we're pleased with that. On the Zgounder expansion, you saw that we started the commissioning. You saw the ball mill. The lubrication system that created a few weeks' delay is now all back and operational. The issue that we had, it's all been fixed. We've done all the tests. The oil is pure. The ball mill can turn. And you saw the conveyor. So it's all working very well. We've also completed our lab. We have a very big lab at Zgounder where we can do all of our samples and our preparation. That's also been completed. Taking you to the exploration aspect of our business. As you know, we are one of the largest drill programs in Africa. We are drilling this year 160,000 m, and we have some three main zones: the Zgounder mine, the Boumadine project, and the Zgounder regional. At Zgounder mine, at the end of Q3, we had 25,000 m done on a program of 30,000 m. As I always tell David, David, if you need more drilling because you keep finding and you keep finding extension, just come back to us. Zgounder mine has no limitation on the drilling that we want to do there because it's at site. It's trackable. It's something that's extremely important. Boumadine has 69,000, almost 70,000 m done of the 120,000-m project program. We should get to the end of the year to close to 120. We are now running at 11 rigs and one RC, and we will probably bring a second RC for the deeper holes so that we don't go core all the way. It'll be less expensive and faster. But we are running 11 rigs right now. So the first 60,000 m was done on the expansion on the main zone, and it expanded the main zone to 5.4 km strike. The other 60,000 m are being done on targets. And as I indicated at the beginning, we are currently drilling the west target, which is a very strong geophysical anomaly. At Zgounder regional, we're almost done. We had 10,000 m in the program. We are at the end of the quarter at 9,800. We are finding mineralization. We need to find a pocket where it's accumulated, and we can mine it. The area, as you know, is very large. We've done all the geological work, spectral imaging, satellite, geochem. We've done stream sediment, and we're looking at many targets, and we are doing that. We are drilling all the targets that we see, and at the same time, we have the Tirzzit asset that we bought last year, so we've completed the geophysics program because Tirzzit has also a copper component to the gold and silver, and we are analyzing that as we speak. On Amizmiz, which used to be part of us directly, now is part of us indirectly through Mx2, well, this year, we did mapping, and we did a bit of geology. Drilling, as I indicated to you, has started being managed by the Mx2 team and by our team. At Zgounder, on P age 11 of the presentation, we keep hitting some beautiful mineralization zones. To date, we've drilled 8,000 m in Q3 of a 30,000 m program. Look at some of the results again: 1,000 g per ton, over 13 m, 322 over 17, 2,800 over 8 m. It is, as we expected, a very nice loaf of bread, 1.4 km long, 20-m thick, all the way down to the granite, which is between six and 700 m. When we get down to the granite, as we had expected, there's kind of an enrichment of silver at the bottom, and we're seeing that. This is ongoing. It's a 30,000 m program. We did 8,000 m this quarter. As I indicated, we will drill this as we keep finding extension at depth and to the east as well. On Page 12, you have the original geophysics of Boumadine. So Boumadine is our main exploration asset because it's got so much potential. And last year, with 94,000 m of drilling, it gave us, globally, in all categories, over 300 million ounces of silver equivalent at very good grade or 4.1 million ounces of gold equivalent at 5 g per ton. So it's a beautiful project. As indicated, we've drilled in the quarter 27,000 m. So you can see it's very, very busy. We've drilled so far 69,000 m. You see results continuously, and you're going to keep seeing more as we have 11 drills turning. And this is continuing. Throughout the year, we've added 18 new permits, which is because we're seeing the structures at surface. Because we did the geophysics for the whole region, we did 13,000 line kilometers of MobileMT geophysics. But we've done the complete district. And we have many, many geophysics anomalies. And those are being looked at. We do the geochem. We walk the ground. We do some sampling. And when we're ready, we drill them. So currently, as I indicated to you, we are drilling the west, which is an important system. So on Page 13, just a few results of the quarter coming from Boumadine: 1,000 g over 13.5 m, 322 g over 17.6 m. So you can see we have continuous results on this 5.4 km slab, which we do see over 6 km in geophysics. It's continuous. It's there. We have drilled 60,000 m into it. We will do a resource update for Q1 of next year. The highlight is on Page 14. It's the high conductivity anomaly. What you see at the top, on top of the two potatoes or cherries, is the surface. You can see the drill results on Page 14. We've drilled Boumadine, which is the one on the right-hand side. You see on the left-hand side is a similar anomaly. The top is mineralized. We know the top of Boumadine is mineralized because we already have discovered 352 million ounces of silver equivalent. What's very interesting right now, and you see it on the bottom picture, is we are drilling that long hole that is going right into the eye of the anomaly. As of now, we are just touching the green. We're about 900 m into that drill hole. We're just beginning to enter what we hope to see the mineralized zone, which has the same signature as what we have at surface. But this is geophysical. So is it exactly there? It's the beginning of a program. Now, why we're drilling this? Because we want to understand if this is a porphyry system, if this is mineralization at depth. Because look, if you look at the surface and how small it looks from where we are now, and we know that this is 5.4 kilometer long and more than 350 because 352 million ounces was on strike of 4.2 km, and n kmow we're 5.4. And look at the system underneath. So we will be entering the zone, I would say, in about a week to 10 days. Of course, we are watching, and the geos are giving us feedback of what kind of rock they're seeing and where we are going. So this is Boumadine. You've got the lateral extension to the west, to the east, to the south. It's still open to the north. And you have this at-depth structure that looks very, very interesting. On the ESG side, to complete this presentation on Page 15, look, we are very, very serious about health and safety. We only had three last-time injuries in the quarter, and they were not very, very grave. It was just some small injuries. We've given 5,000 hours of training in the quarter, which is a 90% increase year- over- year. And we take this seriously. If you are with us on LinkedIn, you do see a lot of pictures of some of our employees who put up pictures of the training, which is health and safety. It can be education. It can be emergency. All of that you can see. I'm also very pleased to say that we've received the ISO 9001 certification. It was a team effort at the mine site. So from geology all the way to health and safety production, we've received the ISO 9001 certification. We've also submitted all of our data for the Carbon Disclosure Project. You know that the ESG loan with EBRD is an ESG-driven facility. We have received all of the money in 2024 because we've met all of our ESG requirements. So that is something that we take very, very seriously. With the communities, it's also going very well. I'm pleased to say that our program in first school showed a 68% increase year- over- year in the percentage of students opting for science projects or science streams. So this is really very, very interesting. And we are now taking our program to second middle school. So primary school, high school. In Morocco, they call this first school and second school, middle school. But we are very much involved with education, online education, health for the communities. We are now starting a mobile clinic, pediatric. You remember last year we had it for the eyes. We had diabetes. We've had many, many clinics. And livelihood with the Saffron project, with agriculture. We have water pumps, and we are really very much involved. We've added some signal at the saffron and vegetable farms, which is just for health and safety. So globally, it's been a very, very good quarter for some of the milestones. It's been a little bit low on the production, and we agree. But we're building the future. We're not just trying to maximize one quarter. And if we have to, and we don't want to compromise the mine. So when we need to stay in one phase and finish it so that we can backfill it with cement, we do it knowing that it's just better times ahead. So the takeaway is, again, at Boumadine, 120,000 m of drilling, ongoing interpretation, major, major exploration program on the west and at depth, which is very interesting, while the major strike, the main strike continues to expand. At Zgounder, 40,000 m of drilling. You recall 10,000 regional, 30,000 at the mine, ongoing and again on track. Probably we will exceed the 40,000 m. And the Zgounder silver mine expansion, well, as indicated, it is on track. It is on budget, a budget that was prepared in 2022 that saw some inflation in transport. And today, we are within 1%, not even less than 1% on budget. We reviewed that this week. And we can still say today we are on budget. We cannot say we're on time because we had that short delay with the plumbing of the lubrication system. But within three to four weeks, we're close to on time, but we are on budget. So thank you very much for your time. And I will turn it over to the operator for the question period. Thank you. Ladies and gentlemen, as a reminder to ask the question, please press Star one one on your phone and wait for your name to be announced. To withdraw your question, please press Star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Puneet Singh with Eight Capital. Your line is open. Thanks, guys. Hi, Benoit and team. It's enough to get a little nitty-gritty this quarter on the modeling. Could you expand on some of those underground issues you were having on those stopes and the rework you have to do? Just trying to understand the grand scheme of things here. Those four stopes being rehabbed, are they different from the six stopes in development right now? What's the thinking there? Thanks, Puneet. We are all together here in Morocco. We just came back from the mine. So we could not be better prepared to answer your question. The whole team is with me, and we have reviewed, obviously, with the board for the past three days the operation of Q3. And I will pass it over to Raphaël, who is, as you know, our VP Operations and is in charge of the team, in charge of the construction and of the operation. And I would ask Raphaël to give you his view and a bit of feedback on what we saw and on the plan going forward. Good morning, guys. Yeah, so this quarter, I wouldn't say we have issues. We are ramping up the mine. We have three stopes in rehab. That's just as we learn more on geology and we refine our geological process. That's okay. I would say that the lower grade in Q3 came from our active drive and our development. We are developing new stopes. And as we do the drives, we get ore. And as we do the first ore drive through the body, those tend to be the lowest grade of the stope. And as we go on higher cuts, on higher raises on the stope, we get the higher grade of the stope. We also have three stopes at least that we did the ore access. We did the ore drive. We got the primary there, and we are ramping up our cement plant to backfill them. So we have three stopes that are waiting just as we do the commissioning of the cement plant. We are integrating the cemented rock fill in our mining sequence, and we need to do that correctly. So it's going good. And as we commission the cement plants, we will be able to backfill those primaries, mine the secondaries, and go to the upper cuts. Q3 is very important, and so is Q4. We need to get ready for Q1. Services are ready. We've been doing a lot of stope development in the east where we have good grade, but we need to mine it properly. And that is mostly on cement backfill. And as we fully integrate our cement fill into operation, we'll be able to continue mining the first tranche and to do the raises. Okay, got it. Okay, so that sounds good. Seems like you're working through it in Q4, hopefully better starting next year. I guess my second question was Open Pit seems like it's doing better for now, right? And could you maybe look at sequencing it more Open Pit ore to get better grades in the coming quarters, or are you just going to go as is? Yeah, happy to talk about the Open Pit. Indeed, the open pit is going very well and we are ramping it up, and we even found some extension a bit north that wasn't originally in the pit shell. The entire team is quite excited about that and the open pit was always there for two reasons. The first one is obviously to recover all the top ore that cannot be taken on the ground. That's obvious, but also to make sure we have the flexibility we need to do this mill and this mine ramp up. With these small extensions north and south, we're still working on it. Absolutely. We are above 500 tons a day in the open pit now. We're targeting 1,000 before year-end. We even reach 1,000 depending on the strip of parts per month. And we started a second shift on the open pit, and it's going quite well. I mean, in October, in the open pit, we had above 200 g a ton. The strip is as expected. So yeah, we will sequence it to get as much as we can from it, especially to give us more flexibility. It will also help to drive costs down, especially in Q4 and Q1, where we are continuing the commissioning and ramp-up of the mill. Okay. Got it. It sounds all good. I guess my final question is just on that anomaly, Benoit, do you think you'll expect some results before year-end on that, or it's probably Q1? You mean on the big potato underneath the Boumadine trend? Is that what you're referring to? Yeah, 5 km, yeah, to the west. Yeah. I do call David five times a day, and we're following the drilling. We're all following the drilling. We are now, as of this morning, David told us we were at 1,000 m, so we're entering the zone. The rock sequence that we wanted to see is there, and we are a couple of days away, a couple of days, maybe 10 days, 15 days away. Obviously, this is going to be top, top priority at the lab because the turnaround time at the lab, when you do 160,000 m of drilling, we represent 80% of the capacity of the country, but that will have top priority. David is there. The team is there. As you understand, it's like a new theory that we're testing due to this massive geophysical anomaly, so yes, we hope to have results before year-end. You understand it's not one drill hole that's going to make it or break it, but the anomaly is strong, and also, when you look at the map, the same anomaly or the same strength is also to the west, so when you look at the west, and we walk the west, you have the surface anomaly, but you also have the anomaly at depth, which is identical, but even bigger than the one under Boumadine. So yes, it is a priority. The drilling to the west is also a priority because that's at surface, and again, the geochem, when we walked the ground, showed us a similar type of rock, so yeah, we're very pleased with the 1,000 m done so far, and we are expecting results. Okay, great. So, look forward to those. Thanks, guys. Thank you. Thank you. Please stand by for our next question. Our next question comes from the line of Kevin O'Halloran with BMO Capital Markets. Your line is open. Hey, Benoit and team. Thanks for taking my question. Just wondering if you can give us a bit more color on the backfill issues that you mentioned in the press release, and are these resolved now? So absolutely. Thank you for asking. And again, I'm going to pass it over to Raphaël and just to give you a bit of explanation on where we are and the reason for the commissioning took a little bit more time than expected. Yeah, so we started commissioning. It went well, and I mean, this is literally a small seal on the cement tank that was leaking, so we fixed that. We changed a couple elbows in the piping that got a bit clogged up as we were doing the testing, and we filled the first stope. We're getting the parts in place, and we're starting to backfill, so I mean, it's part of commissioning. You commission, things work. You need to change a few parts, and you're back in business, so essentially, this is already fixed. Great. Thanks for that. And then you mentioned the grades are coming up. Just wondering if you can give a little bit more granularity in terms of what the grade profile we should expect over the next few quarters as you ramp up? We are not yet giving guidance for next year, but Raphaël, maybe you want to comment on what we're seeing right now? Yeah. I mean, we mentioned it in the MD&A. In October, in the open pit, we had above 200 g a ton, so 209, which is in line with what we expected and which is also in line with our mine plan. Yeah, some large benches, they might have a bit more dilution and a small one depending on it, but we're quite happy with the grade. As for the underground, we do see a pretty good increase in October too. And again, guys, it's always the stope drive and the first ore drive before we do the raises, those are always a bit lower grade. And it's normal as we develop more stopes, initially the grades are lower. So I mean, to answer your question, it would be what we've been historically mining, and some stopes are higher, some stopes are lower. We have stopes right now above 200, and we'll continue to have some. Okay, great. Appreciate that. That's all from you guys. Thanks a lot. Thanks, Kevin. Thank you. As a reminder, ladies and gentlemen, that's Star one one to ask the question. Our next question comes from the line of Eleanor with SCP Resource Finance. Your line is open. Hi. Wonderful. Hi, Benoit and team. I just have a couple of questions, a little bit in the details on some of the operational bits here today. Some of them were already sort of covered, but the first question has to do with the rehabilitation. You had mentioned it before, but I kind of missed maybe one part of the response. Is this kind of rehabbing the brows and access points to long-hole stoping of the four that are kind of undergoing rehab, or does any of it have to do with kind of fine-tuning blasting and timing to prevent hang-ups and things like that? Thanks. Again, this is Rachid for Raphaël. So at Zgounder, we have lots of high-grade stopes closer to historical stopes. And when we get closer to them, we need to get the design right to make sure to mine the entire wall. And we have to be careful for historical backfill. So when we get to the stope, we always reassess our design. And we need to make sure to have the proper fill to improve recovery and make sure we keep it safe. So this is why sometimes as we do the first ore drive in a stope, we always evaluate if we have backfilled the site from a historical stope, especially where these three stopes in particular are placed. So just a matter of taking the time to assess the wall thickness before we can take the other cuts. If we're a bit too small, sometimes we need to push the access a bit east or a bit west to make sure to leave that filler. Okay, that's really helpful. And so of all the stopes that you have currently developed or are in development and are being rehabbed, are these all long-hole kind of access or planned to be long-hole stopes? Is there any cut-and-fill being planned for these initial stopes by chance? Currently at Zgounder, we don't do long-hole stoping. We have it planned as trials next year. And always say the same thing about long-hole. Long-hole is something we want to do at Zgounder. It will bring the cost down, but it's not something that we need. Currently, our entire production is only in cut-and-fill. And it sure would be nice to introduce long-hole next year, and we're actively working on that. It's part of our long-term plan, but we don't need it. And when we do it, we'll make sure it's a success. Okay, great. So then of these current stopes that you have, so there's going to be about 19, the ones that are rehabbed or kind of up and running. What kind of mucking rates are you kind of anticipating from these areas in general? Just, I guess, trying to get an idea of how many stopes you sort of need open to achieve the projected steady-state production, basically. We're on track for a stockpile that we have. It's the first thing to mention. We're also on track for the mining rate of the open pit, which has quite a bit of flexibility to increase. We're not too concerned about the underground mining rate. We need to improve what we have in Q3, don't get me wrong. That's well ongoing in October and November. Now, if you ask me the final mining rate or what we're looking for for the underground mining rate, it's something between 1,500 and 2,000 ton per day that we need to reach in underground, which we'll get in 2025, and depending on the sequence with the open pit. We will remain flexible with both the open pit as we learn more about the opportunities we have there. We will take the remainder underground to make sure at both open pit and underground, we have the funds that we need. Okay. And I guess also one other question on the backfill. So it mentioned there's a backfill station that's currently underway. Are all the boreholes drilled and inserts in place and kind of trunk lines and piping there? This is just part of the commissioning that you were just sort of talking about moving through, or is this a new backfill station for a different area that you haven't quite accessed yet? Just trying to get some more color on that statement from the MD&A. Oh, okay. Yeah, maybe I wasn't clear enough on that. I mean, the backfill plant is all installed. We have service holes and access points for cement on every level, and we have mixing bay to mix the cement with the waste rock. So everything is installed. I mean, we're talking about commissioning. We're aggressive at IA. We thought we'd do it in two days, and it turns out it takes a bit more time, two days or like a month and a half, as we need to change a couple parts, and it's all installed. We just need to get it back up, and this is happening as we speak. Okay, great. So it's just the main backfill station. I wasn't sure. Sometimes if you have little substations underground, people might call them stations. So I didn't know if that was something separate that you were referring to, but that makes a lot of sense. That's really helpful, and then, I guess my last question, sorry for cutting the line on all of these details, but for ventilation, so for the last 1925 raise to the upper levels, so that's planned to be commissioned by the end of this year with kind of stoping planned basically right afterwards. So that vent raise will kind of open up the upper levels to where a bit more of a higher grade and things are as well. I just wanted to kind of confirm that's still kind of the case. Does anything else hold up? No holdup, but is there a sequencing bit on stoping that's required ahead of accessing those upper levels? Or once the vent raise is in place, can you start some of your access drives and begin kind of stoping kind of right afterwards, basically? Okay. So on ventilation, most of that work was done in 2023 and early 2024. We have two ventilation raises, one that goes from surface to main level to 1,000, and another one that goes all the way down to 1925, exhausting straight to surface. So both our main vent raises are done, and we also have all of our secondary vent system installed all the way down to 1925. As we go down to 1900, we'll need to have the interlevel raise, which is done very quickly. And we also have the secondary ventilation. So we never had any issues in ventilation because we are on a mountain, and most upper levels, they go directly outside. But for levels up to 1,000, we've completed the secondary shaft all the way to 1925, and we can use secondary ventilation to 1900 until we get the other raise. And all the engineering is done for the ramp moving down. So all of engineering for sublevel 1925 is complete all the way down to granite with the electrical pumping vents and the service. So that's actually going very well. There's no worries. It's not an issue. It's not something that we worked out a long time ago. That's okay. Okay, great. And then, yeah, I guess the last question on the current, and I think I saw it in the press release, but I just wanted to double-check. What's the current processing rate from the new plant? I think it seems to have been going really well there since the bore mill kind of adjustments and kind of recommissioning that whole spot. But just, yeah, I just wanted to check what the current processing rate is. Thanks for asking, Eleanor. I mean, we're always excited for a real ramp-up, and nobody's asking. I was looking forward to talking about that a bit. Yeah, let's talk about it. I mean, the crushing plant is fully operational. That's been ongoing for a while. We have excellent milling rate. We're still in commissioning. I'm just talking about the milling rate here. The rest of the circuit is still needing to go through. I mean, we reached 100 ton per hour. The availability is improving every day. I mean, on milling rate, we're above nameplate even. We've been leaching for about a week now. A couple of weeks ago, we commissioned the Merrill-Crowe, and we've been producing our first silver cakes for a few days now. We hosted the board on site last week. The mill was running, and we did silver pour. We're very excited with how the commissioning is going and with the commissioning team. I mean, the entire team is working day and night to get this going, and we're very excited that we started producing silver cake, and there's no real bottleneck. I mean, it's just small tweaking and tuning and programming every day, and we're very excited, so we started producing silver cake, and it was a fun week for all of us. That's really great to hear. Yeah, I'm glad I asked that question. No, because it was such a quick turnaround from, I guess, the initial announcement of having to make some edits, let's call it, to the entire mill circuit. And yeah, that's really great to hear. It sounds like things are going quite well there. So yeah, that was all my questions for today, but thanks so much again for the time and for answering all my questions. And all the best. Look forward to talking to you guys next quarter. Thank you. Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I will now like to turn the call back to Benoit for closing remarks. Thank you. Thank you very much for attending. Thank you for the questions. Thank you, Eleanor, for asking how the new plant is coming because at the end of the day, that is so important, and it is we have done this build on time, except for the, as I mentioned at the beginning, except for this little problem with the lubrication system. We did it on budget. All in all, globally, to build this kind of a plant in Morocco is exceptional. The cost is below anywhere you would see around the world, and the plant is extremely robust. We have seen it. We were there this week, and it is extremely robust, and I believe that the ramp-up is ongoing, and it will be very interesting to see the power that the plant will have. Now, one element that was presented by Raphaël is we have flexibility. We have three sources of ore. We have the open pit, which is also giving us very positive surprises. We were very careful at building a stockpile. We originally planned for 200,000 tons. At the end of the quarter, we were at 357,000 tons. So we have half a year or 100 and some days of ore ready to go that's already been mined. That is in inventory. Then we have the underground mine, which, yes, needs to ramp up like a plant, but it is being done. It is coming in increasing capacity. I did mention that we did hit one day in this quarter in Q4 of 1,600 tons per day. That's not where we are today, but we did it. The teams have been built. We now have 1,300 employees on site. The teams are going to grow still a little bit. We discussed that this morning, and we're going to grow the teams, especially for the underground mine, so flexibility in mining is key, the open pit is better than expected and now, some of you who've been to the site, we're saying it's an open pit. It's not an open pit. We're eating up the mountain. The first 200 meters is above the base camp. So there's a mountain of 200 m where the mineralization is in the mountain. So we're eating up that mountain right now slowly. We're just at the very, very first level, and the grade is good. We see extension. The contractor is doing a very good job, and we will take the rate from 500 ton to 1,000 ton a day. We have the stockpile, and the underground is moving up, and it's just getting better. As I said, we want to be disciplined in mining because that's extremely important to be disciplined. If we do hit lower-grade material, we will take it out. We're not going to run to the next stope because we want to get a better rate. Discipline in mining is the key, and we are extremely disciplined. We are also very disciplined with health and safety. If something looks a little weak and we need to step back a little bit to secure the stope, we will do that. We have a very good record of health and safety. We want to continue that way. No casualties. Our LTI is extremely good, and we want to continue. You have a company that is well-capitalized, that has a plant that's 99.999% built, that is in commissioning. Take a look at the last video. It is beautiful. It's wide. It's open. It has capacity to grow, and it's just about done. And you know the big story for Aya is the exploration onsite. We have between 16 and 17 drills turning. Sometimes the little RC drill is not turning, so it's not powerful enough at the Boumadine, but it's extremely a very big program. David was telling us this morning that he has 80 people on his team running exploration between Boumadine and Zgounder and Zgounder Regional. So when you have 160,000 m of drilling on many targets and on structures, well, you do get very, very good results. So when you see the Zgounder new plant coming to life, when you see the drilling continuing, the exploration results continuing, the stability of the country we're in, as you know, jurisdiction is a key component of mining these days. We are probably one of the best jurisdictions in the world for mining. The team is extremely motivated to show you and the world how strong that project is and will continue to be. On the corporate social responsibility side, we continue to have fantastic success. We will put out a video, most likely next week, on the saffron farm that we are sponsoring. You will see it's very, very nice, extremely interesting, and that's part of our social license to operate. That concludes this Q3 call. It's not a quarter that we're pleased, and we saw some of the notes this morning, and it said, yeah, there's a miss on cost, and there's a miss on production, and there's a miss on grade. At the end of the day, the only miss is on grade. Because if you miss on grade, if you look at the throughput at the two plants, it's better than last quarter. If you look at the availability of the two plants, it's 96%. And the cost is we've capitalized development. So I agree that it's not a quarter that we like, and we know that it was a great issue, and we've addressed that, and Raphaël has explained why. And we believe that going forward, things are coming back to where they should be. Thank you very much. We will see you in Q1 for the year-end call, where we'll have a full- year of operation. Keep watching our little videos. There will be more to come on corporate social responsibility and on the plant as well. And we look forward to keeping you informed. Thank you very much. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.