Our next presenter is Discovery Silver. Discovery is a precious metals company operating the Porcupine complex in Canada and developing the Cordero Silver project in Chihuahua, Mexico. Today we're joined by CEO Tony Makuch. Go ahead, Tony. Okay, yeah, thanks, Kevin. Thanks, everybody, for being here. I know, you know, I actually it was nice to sit and listen to the presenter before me, and, I mean, have to follow up on a pretty good presentation. Even I know the next companies, a lot of good companies here today. You know, it's a testament to BMO in terms of both attracting, you know, good companies, and it's always a great conference. You know, we attract a lot. You know, definitely a broad part of the investment community, and sometimes it's nice to be able to come here and catch up and see familiar faces we haven't seen for a long time. We do recognize in our industry that, you know, there's a lot of symbiotic relationships. We all have to do well together. When somebody, when somebody has a tough time, you know, it affects us all, so we have to be each other's cheerleaders. You know, on the other side, it sure is nice to see the metal prices where they are. We should not apologize for the margin we're making. We've suffered through for a long time. The oil patch, retail industry, a lot of things get a lot of margin. It's about time we get a lot of margin. Imagine if we could be like the retail industry, where we sell our product at six or seven times the cost of goods sold, right? Anyway, looking at, you know, and got the time to, you know, talk to you about Discovery. We know we did have a pretty exciting year in... Last year, I think when I was here, we were talking about things, but we weren't quite able to talk about everything we were doing in Porcupine. We did be able to introduce Porcupine, Kevin did introduce a little bit about the company, you know. I think what we have in Porcupine is definitely, you know, it's the Timmins camp. It's the Porcupine camp, and it is as much of a prospective camp in terms of greenfield exploration, a significant amount of brownfield exploration that can open up. A lot of the benefit or a lot of the opportunity in Porcupine isn't just the fact that you've got good geology, isn't the fact that you have infrastructure and reinvestment in operations and, like I say, good people. We also have good metal prices that sometimes elevates stuff that maybe in the past might not have looked like ore and could look like ore. You know, I know 77 million ounces of gold been mined in Timmins. You know, I'm not gonna say there's that much more, but, you know, I think we've demonstrated that there's, excuse me, there's at least 15 or 20 million more in what we've done just recently. We do have a great project in Mexico, so. It's a tier one project, and we're hoping in short order, we'll be able to really talk to you about how we're advancing Cordero. Just going to this slide, it sort of, and it targets in terms of... We try to get the message in terms of what we're working here, I think there's a lot of value creation to be made. Fundamentally, it's you take something like Porcupine that was turned into maybe a tier two or tier three asset in a, in the space. You know, the real value creation is how do we take that back to being a tier one, which is, you know, over half a million ounces a year, lower half of the cost curve, 10+ years? I would say that, you know, we can really see the opportunity to do this, probably even do a lot more than that over time. I think we've been able to do this in the past, and we feel pretty excited about growing production, like, say, from 234,000 ounces in 2025 to half a million to 750,000 ounces a year. Plus, you know, with Cordero, 14 million ounces silver per year, that's just silver, not including the zinc and the other byproducts. We see, as I said, operating cost, all-in sustaining costs are costs below the global cost curve. You know, when we really did the initial investment and then tried to mention to shareholders, I'll say that here, for the next five years till 2030, don't expect. This is not a story about dividends. This is not a story about cash, share buybacks. This is investment to create shareholder value. We think we can extract a lot of value here by executing and, you know, doing what. When I was in grade eight in high school, or grade eight, not in high school, in grade school, and we, I had to study in a great American, and I had Nelson Rockefeller, all I remember Nelson Rockefeller was he said, "You make money with money." We're gonna take money, and we're gonna put it to work, and we're gonna make a lot of money for our shareholders and for a lot of our stakeholders. What are we gonna do with that? We're gonna invest capital. We want to improve productivity, as I said, and increase production. We wanna lower costs. We're not happy with the costs that we are sitting around $2,000 an ounce on sustaining costs. That's what we got because it's, you know, maybe we just have to reinvest back into the business, which we're doing to help us lower costs, lower cash costs. Eventually, you know, what happens if you don't spend the capital, you can lower your capital costs, and then you eat it in operating costs. If we invest the capital properly, buy new equipment, put in infrastructure, extend vent raises, things that we need at these operations, and drill, we can create a lot of cost, and we take these operating costs and take them away. We see there's a lot of ability for mine expansion and development. We're gonna explore not only for, you know, not only for conversion of resources, et cetera, but, you know, in a 100-year-old mine camp or a 100+ year-old mine camp, there's still potential for some new discoveries. With that, you know, with things like we have with Dome, it's when you can say, build a new mine or build an old mine into a new mine again, right? With Dome, and we have the TVZ zone, which sits within the Hoyle Pond, the mine. It's a different zone. It's got some different metallurgy, but how we build that up and build some new mines. We think we got a pretty exciting story, and getting back to what I said earlier, you know, in order to be able to execute it, we've got good geology, good people, good ideas, know what we need to do and technically can execute, but we need to have the financial resources. You know, we do have a very strong balance sheet. We've had very good support, and really, again, I'll acknowledge Franco-Nevada for the support they've given us in terms of getting to this point. As we go forward, it will really set ourselves up strongly on the financial side. Biggest part, though, in terms of how we, how we look at financing ourselves, is we've got to create a business that makes money. We, you know... Yeah, gold price helps us, helped us in 2025. As we go forward in 2026, 2027, you know, the business has to make money, and like you say, we just because the gold prices are where they are today, doesn't mean we're gonna get complacent. I've. You know, I guess maybe you can date ourselves a little bit, or actually maybe a lot a bit, but I've seen the lower, I've seen the, you know, the cycles. You know, we can't build our operations based on $5,000 gold. We've gotta build our operations based on $1,500 gold. That way, in these markets, we thrive and, you know, whatever happens, you know, we end up still being a good company that survives and moves forward. We're, you know, we do have a strong balance sheet, but we do expect to continue to finance ourselves as much as we can through free cash flow and, you know, and as we move things forward. Again, just simple, you know, to show where we have the portfolio, the assets, the operating assets in Porcupine, plus the growth in exploration assets and the development assets in Porcupine, I say we've got a one, very exciting, I believe, silver development asset in Mexico. You know, just, maybe people all know this, and just again, Hoyle Pond mine, you know, we talk about it being one of Canada's high-grade gold mines. There was a time when the grades were much, much higher than this, but over time, it's, you know, 4 million ounces, 11 grams per ton, still some significant upside and mine life there. Maybe sometimes, especially in these markets, where the price of gold comes, is high, we learned to get our operating costs down, and we can, you know, maybe lower the grade, but you're still making a lot of significant margin in terms of ounces there. Borden is, you know, is a fairly new mine, really just came into production in 2019. It's gonna produce 110,000-120,000 ounces a year. The limitation for Borden to produce more is probably the fact that everything has to be trucked to Porcupine and to the mill. Some point in time over the future, you know, we can rearrange Borden. First thing we've got to do, though, is explore and demonstrate what's here and give ourselves a picture of what can be done at Borden. We've got Pamour, which is a new open pit. I'll show you what Pamour's coming. Pamour's maybe starting off as a small mine, Pamour can end up, you know, definitely growing by double in geographic size, more than double in resource. You know what? We're talking about this as an open pit, but there's a whole underground story back at Pamour. You know, we got the revitalization of Dome. You know, we have 11 million ounces inferred resource there. It's where the mill is. It's where there's over 100 years of mining and metallurgy and understanding of what's going on here. We have people within the company that has had a long history with Dome, and we feel pretty confident what we can do there. You have things in Porcupine. You have, you know, you have things in Porcupine like Hollinger-McIntyre, which is, you know, there's been some exploration, and there's been very successful mining at Hollinger-McIntyre over the last five or 10 years with combination Goldcorp and Newmont. You know, there can be some significant upside on that, and maybe that'll be something for, you know, 2027 talk or 2028 talk, maybe that's Timmins 2035. You know, it's probably, you know, forward-looking statement, 10-20 million ounces of gold sitting there to be exploited. Hey, yeah, you have to have vision. You have to decide you're gonna have to move communities and stuff, but, you know, Osisko moved the community and created one of the world's greatest gold mines still running today. You know, those are the kind of things we've got to look at. Anyway, you know, this is what we gave in terms of our forecast or our guidance from our tactical report we put out last year as part of the final acquisition. You know, part of our goal is, you know, we've said that if this is all we do, I think I said that last year, if this is all we do in over the next few years, come and give us a kick in the butt, right? 'Cause this is not what we're here to do. This is a great starting point. You can see in our guidance, we've already tried to move this number here. We're gonna work towards moving all these numbers forward over the next few years. On top of that, we wanna, you know, increase with things like Dome, TVZ, and other zones as they can come on. We did give our guidance, again, production 260,000-300,000 ounces this year, operating cash cost $1,250-$1,400, and all-in sustaining cost $1,950-$2,250. You know, we're working to completing technical reports this year. We're making significant investments in capital this year in terms of, well, rather growth capital, in terms of working towards growing production, but sustaining capital to just, you know, get the business right, such as, you know, modernizing the equipment fleet, putting in ventilation raises, which should help in terms of lowering costs, improve productivity. Our long-term goal, as I said, is 500,000-750,000 ounces, and I would say all-in sustaining costs at $1,250-$1,400 an ounce. Over the next few years, that's where we're going. Watch quarter-over-quarter this year. Watch as we exit 2026 in terms of what we're gonna do and see the benefits. I would point out that this valuation on exploration in Porcupine, I mean, this is the one big value driver. You know, I think we've proven it time and again, that putting drill holes in, getting intercepts, really understanding the geology makes a big difference in terms of growing value and growing production, and we're gonna work pretty hard at that. That level of spending and more over the next few years will be important. This was, again, part of our exploration mention, about $50 million-$75 million in exploration in 2025, or 2026, sorry. You know, yeah, we have to explore at Hoyle Pond. We have to explore Hoyle Pond for a resource conversion, you know, support what we want to do there, Borden and Pamour. Pamour is a new mine, so we've got to get Pamour up, but we're working at, like, say, Dome, TVZ, two new mines that we wanna bring into production to help grow production. Regionally, where there's a number of new potential discoveries that can happen beyond what you have at these mines, and it's all known about. As I say, if I just do a couple of quick things, you know, the Timmins, putting the geology in... I put the geology on here on top of Timmins just to get some perspective of, you know, like, in the end, we have to know what we're doing. They always talk about Timmins as a city with the heart of gold. This is the heart of Timmins, and, you know, here's, you know, there was 30 million ounces of gold mined there, 17 million ounces of gold here. If you know, Hoyle Pond, Pamour, or, you know, say, about 6, 7 million ounces of gold mined here. You know, lots more, and, you know, part of our exploration is exploring good geology. You know, we have things going on at Hoyle Pond. This is sort of a long section showing, you know, right now that a lot of the mining has been confined to this S Zone here, which is at depth. That's what's been a lot of mining. We do have exploration going on, extending that vein, that system down at depth, but that just continues on at depth, and that requires us to extend infrastructure, which we're working on. We have a lot of other targets in the mine that we're looking, such as XMS and some of these other zones up higher. We have what we think is a whole new zone and a whole new production set up within the Hoyle Pond workers, which is TVZ. It's out into the sediments. It's refractory. It's a different deposit. We're not scared of that type of mineralization, and it could be a fairly large resource and complementary to a lot of what we're doing. We're working on that. You know, we have, as we go to the... You know, this is showing a lot of the drill results and historic, greater than 5 gram per ton. Hoyle Pond was a mine that kind of stuck with, you know, the 11 gram to 12 or 15 gram per ton. I was a manager here in the early days, and we're, you know, 14 gram per ton is what we were running on. Didn't mean there wasn't a lot of other mineralization, and we're sitting here now where a lot of this mineralization, we've taken a look at, and you can see that, such as with Owl Creek. You got 3 kilometers of trend where we've identified a discovery or extent. It's a... We didn't discover Owl Creek. Owl Creek, we knew about this in 1996. What we've been able to do is come back here and continue now to highlight it, and we'll be working over time in terms of highlighting a lot of these areas, in terms of what's out here at Hoyle Pond and at Hoyle Pond. You know, again, we don't know what's going on at depth, so lots of exploration upside in an operating mine. This is Pamour. I mentioned about Pamour. You know, Pamour right now in our plan is being built this year. We'll get it into commercial production starting in 2027. It's gonna produce about 110,000 ounces a year, can grow up to about 140. That's only limited because of mill capacity. I'll talk to you about mill capacity after. We've done a lot to improve our mill in 2025. We expect to continue on and get it up to its 4.4. We know when we inherited, it was running at around 3, 2.8, 3 million tons a year. We wanna get it up to 4 million tons or 4.4 million tons that it used to run. We don't just wanna get the tonnage up, we wanna get the metallurgy recovery to 92.5% from 89% or 90%. It's a combination of what we're doing in stage expansion of the plant. We got Pamour, which is, I guess, show is this new open pit, which is sitting here, and this is the stages of this of the pit. We've just started some drilling at Pamour, and, you know, it put up some new drill results. You can see that there's been some significant drill results at demonstrating that, you know, infill drilling to support previous drilling here, support resource here, somewhere just under 4 million ounces in this area, right? We also did some drilling to the west. Regional targets looking at expansion at Pamour, you know, you have this, what's happening at Pamour. This is showing you know, the underground workings. One thing about Pamour, this is the underground workings. This was all run by Royal Oak. Really underground mining, I think, closed here 1997, 1998. Hoyle Pond sits off line here, down 1,700 meters. Hallnor Project. Sorry, I should do this. Hoyle Pond sits over here, about 1, almost 2 kilometers below surface. Hallnor sits over here on the same structure, down 5,000 feet, and nothing explored here at depth. There's a significant underground program here. As we're progressing and as we're drilling, and in terms of work we're doing, you can see these are drill results of over 2.5 gram. There's lots. The current pit sits right here, just down 100 meters. You know, there's potential to more than double the size, geographically, the size of this pit, more than double the amount of ounces in here. If we can increase the mill capacity and increase productivity, it can really show this is a long life. Right now, it already shows production to 2047, you know, we can see growing that production and extending mine life here at Pamour, and having a couple of other scenarios going on at Pamour. It's pretty exciting in terms of what can be done here and as a new discovery. We have Dome. I shouldn't just go through the structure. This is where Dome sits currently, again, at, with that 11 million ounce resource. The 11 million ounce resource is outlined, that pit is outlined in the purple. You know, it's a 6 or almost a 6.5 to 1 strip ratio. We, you know, probably the concern in the Century Pit here that was discussed was you got to move this whole mill infrastructure, right? This is office complex. This is part of the mill infrastructure, primary crusher, ore bin, secondary, tertiary crusher, screen house to feed the mill. We've been able to demonstrate that we don't necessarily need to move this stuff. We can have a subset of a pit in here that runs maybe 5.5 million-7 million ounces, run it at current mill capacity, 15,000 tons a day, for in excess of 20 years with the current mill plant, just modified in terms of removing part of the crushing circuit, still produce 225,000 ounces a year. If we do, you take the next step and make the modifications we're working on for this plant, and we could run it at 30,000 tons and take it to over 400,000 ounces a year. We're doing the engineering on this, we're doing the drilling. Is this all there is here? Well, the red outline is the 20 million ounces that we've talked. This is underground at Dome. Still lots of potential at depth, lots of potential for what done, you know, there's been a lot of extensions at, in mine life and mining at Dome, but there's still probably a little bit more upside. You know, you don't have to talk to me. You can talk to Eric Kallio, who's our Senior VP of exploration and, you know, has a lot of knowledge on Dome. We see a lot of upside in terms of where Dome can go. We have, you know, I'll just go quickly over to Borden. We got Borden. We've been drilling at Borden. You see, we've got extensive mineralization. We've had some really good up mill drill intercepts, and that has been increasing the grade substantially. We've recently drilled a hole, and we've been able to extend that mineralizing system over a kilometer to the west. Lots of upside at Borden. I can, you know, I can continue talking all day just about that and, you know, spend a little bit of time on Cordero. You know, we do have a, like you say, a world-class silver project in Mexico. Word is that, you know, we've been down to Mexico, and permits are in place and maybe at the, this administration to get this permitted, definitely a buildable project, you know, something that will really once built, really transform the company with two projects. We're, you know, we're definitely in the... capable of financing this, you know, at these prices, the value here is current value of the company. You know, it's something that once we get a permit in place, once we do a change of land use, we're working very close with our financing package to complete this. We are doing, upgrading our capital cost estimate from the feasibility study, and we'll be prepared to really make a decision in terms of the right process on how to advance this project for our shareholders. Again, I'll... You know, in terms of what we're working on right now and what you can expect from us is we wanna go from here to here, plus bring in a silver project in Mexico, so 575,000 ounces a year. We want all-in sustaining costs below $1,400 an ounce. You know, we're investing, though. We're investing a lot of our money, for, you know, increasing production, lowering costs, expanding the mines, building this all up. I think this is, you know, in terms of value creating story, this is what we really need to do in our industry. I hope I didn't take up all the time. Got some time for a question or two? Yeah. Thanks, Tony. Question coming through the app: What are the three largest challenges to realizing your plan at Porcupine? Well, I mean, technically, we, you know, technically, we understand what needs to get done. I suppose, we know the permitting environment, we know the people, we know the community well, so we're able to move that forward. We have access to some pretty good people. I think if you talk about challenges, number one would be maybe, you know, sometimes from, you know, as we get older, we know our sense of urgency and how fast we can go. Sometimes maybe we try to go faster than other people can. I mean, you know, that's the challenge. The opportunity is, it's not one person pulling or five people pulling 100 people, it's 1,000 people pushing everybody together, right? I think there's a lot of opportunity. I don't know if there's any real, you know, challenges. The challenge is that we don't get up in the morning and we got a sense of urgency, right? If we get 1,000 people with this sense of urgency, I think there's lots of upside. We got a whole community that knows and sees it, and we got the right market, and we're able to attract the right investment community. Fundamentally, we build a business that makes money, so we can finance it and get it done. Great. Thanks, Tony. Well, that takes us to the end of our time slot. Thanks a lot for joining us.