Thank you for standing by. This is the conference operator. Welcome to the Equinox Gold Fourth Quarter 2022 Results and Corporate Update. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there'll be an opportunity to ask questions. To join the question queue, you may press Star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing Star, then zero. If you are participating through the webcast, you can submit a question in writing by using the text box in the lower left corner of the webcast frame. I would now like to turn the conference over to Rhylin Bailie, Vice President, Investor Relations for Equinox Gold. Please go ahead. Thank you, Ariel, and thank you everybody for joining us today for our Q4 call. We will, of course, be making a number of forward-looking statements today, please do take the time to visit our continuous disclosure documents on SEDAR and on EDGAR and on our website. I'll now turn the call over to our CEO, Greg Smith. Thanks, Rhylin. Thanks everyone for joining us today. On the call with me is our COO, Doug Reddy, our CFO, Peter Hardie, our EVP of Exploration, Scott Heffernan, and, of course, our VP of Investor Relations, Rhylin Bailie. As you all know, we're here to discuss our 2022 fourth quarter and full year financial and operating results. As a reminder, Equinox is a diversified Americas-focused gold producer. We've got seven producing mines across Brazil, Mexico, and the United States. We also have several growth projects, including our large-scale Greenstone gold mine in Ontario that we are constructing now along with our 40% joint venture partner, Orion Mine Finance. I'll start with a broad overview for the quarter and the year, and then turn the call over to Pete and Doug for more details. Q4 saw our highest quarterly production for the year of just over 150,000 ounces. In fact, this is the second highest quarterly production in the company's history. While inflationary pressures persisted through the fourth quarter, we also achieved our lowest cost for the year with cash cost of $1,223 per ounce and all-in sustaining costs of $1,523 per ounce. We finished the year with total production of just over 532,000 ounces at total cash cost per ounce of $1,328 per ounce and all-in sustaining costs of $1,622 per ounce. We also advanced a number of our assets over the course of the year. We submitted our permit application for the expansion of our Castle Mountain mine, and that is in process now. We also received permits for three portal locations for exploration ramps at Aurizona, so we can start to advance our underground development potentially later this year once we've completed a feasibility study that we're currently working on. We completed construction and achieved commercial production at our Santa Luz mine in Brazil, and we're now starting to see some improvements in the recoveries, and Doug can provide some more details on that. We published a feasibility study on the expansion of our Los Filos mine to a long life, large scale mine with peak annual production of 360,000 ounces per year. Probably most significantly, Eric and his team at Greenstone have continued to advance construction of the mine on budget. As of year-end, the overall project was 65% complete, and today the project's over 70% complete. I'm pleased to report we remain on track for first gold in the first half of 2024. Again, Doug will provide more details on the current status of Greenstone later in the call. On the corporate development side, we completed the sale of the Mercedes Mine to Bear Creek Mining, and we launched Sandbox Royalties, which is a new diversified metals royalty company. Sandbox is private right now, but is working on going public sometime in the next few quarters. I'm very pleased to say we finished the year with an excellent safety and environmental record that has continued to improve year-over-year. We also recently announced our greenhouse gas emissions reduction target of 25% by 2030 as compared to our business as usual case. Details of how we plan to accomplish this target are laid out in our first climate action report, which is available on our website, and I'd encourage everyone on this call to take a look at that report when they can. Looking toward 2023, we expect an increase in production to between 555,000 ounces and 625,000 ounces, with cash costs of between $1,355 and $1,460 per ounce and all-in sustaining costs of between $1,575 and $1,695 per ounce. These costs remain somewhat elevated as they reflect a full year of the increasing input costs that we saw over the course of 2022. That being said, we are working to mitigate this cost pressure through optimization opportunities at all of our sites. Looking beyond 2023, we also expect to see the benefit of lower costs and the overall increase in production from the Greenstone mine and the Castle Mountain Phase 2 expansion as those projects enter production. With that, I'd like to hand the call over to Peter Hardie to run through our financial results. Thanks, Greg. We're on slide five. Safety and environmental practices continued to improve over 2022. We ended the year with a twelve-month rolling Total Recordable Injury Frequency Rate of 2.12 and a twelve-month Significant Environmental Frequency Rate of 0.63. Also wanna add, we had no LTIs in Q4. These are just great results, and we really wanna and it takes an effort by everybody, the whole company, so we just wanna say congratulations to all of our employees for making Equinox a safe place to work. It's really a great achievement for the year on safety. For the year, we sold 532,000 ounces. It was really an investment year. We invested $456 million in growth development. $328 million of that was at Greenstone. $49 million of that was at Santa Luz to complete construction there. We also spent $43 million at Los Filos. That was primarily on Bermejal underground developments and preparing the Los Filos open pit for its next phase. The $139 million we spent on sustaining items was primarily deferred stripping at Aurizona, Mesquite, and Los Filos. On slide six, as Greg mentioned, we had a good quarter. Our second-highest output for the company to date. We sold 149,000 ounces for revenues of $260 million and an average realized price of $1,733 an ounce. As Greg mentioned, cash costs for the quarter were $1,223. Our all-in sustaining costs were $1,523 per ounce. The interesting thing we saw during the quarter in relation to costs is while our costs are up significantly, if you look at it on an annual basis, 2022 versus 2021, or on a quarter-on-quarter basis, i.e., Q4 2022 versus Q4 2021, costs are up significantly. The interesting thing that happened in the second half of the year, going from pre-Q3 to Q4, is we actually did not see much by way of cost increases. In fact, costs stayed overall relatively flat. We saw some increases in consumables such as reagents and grinding media in Brazil and the U.S., which were offset by decreases in fuel. We're quite pleased to see that it looks like costs have peaked sometime in Q3 and at least remained steady for Q4. With respect to what that means for our financial metrics, we saw improvements in Q4, which we're of course happy about. EBITDA was $65 million, $75 million on an adjusted basis. Net income of $23 million for earnings per share of $0.07. $7.5 Million of income on an adjusted basis or $0.02 a share. Cash flow from operations also improved. Before changes in non-cash working capital, we had cash flow of $80 million or $0.26 a share. Happy with the quarter. With respect to liquidity and capital position, we ended the year with just over $200 million. We have $127 million undrawn on our credit facility for total liquidity of $327 million. We did draw an additional $100 million on the revolving credit facility during Q4. The market value of our investments at February 17th was about $220 million. I'll note that we realized proceeds during Q4, $52 million on Solaris share sales and an additional $20 million in the new year. Net debt increased due to that debt draw to about $630 million. Just wanna note a few other things, or at least during Q4, we did other things to improve our balance sheet resilience. We filed the base shelf prospectus with the ATM supplement, I should say, the at-the-market supplement. I will note we have used $25 million of that at-the-market supplement, and through the end of January, and we've paused that program since. Also, something we did in the new year to help with balance sheet resilience and cash flow funding, we did put in place a strip of hedge collars for 20% of our production through the end of Q1 2024. That represents about 150,000 ounces. The floor of those collars is $1,900 an ounce, and they have significant upside opportunity up to a ceiling of $2,000, about $2,065 an ounce. Another thing we did in the new year is we worked with our lenders and just completed late last week to retool our covenants on our revolving credit facility, which will take us through Greenstone startup. We, of course, wanna thank our leads, Scotia, BMO, and ING, for working really constructively with us on that. On our next slide, page seven, what does that all mean for Greenstone funding? We think we've got about $340 million as our, as our amount, our share to fund of the remaining budget. That's gonna be done through our existing cash of $200 million, our revolving credit facility of $127 million. There is a $100 million accordion feature also in place on the revolving credit facility. We, of course, are using operating cash flows. We have about to help fund Greenstone. We have about a $200 all-in sustaining contribution margin per ounce on that. Of course, as we've shown with our Solaris share sales since Q4, we have our investments of $220 million as a lever that we can pull to help with funding. We deem ourselves well funded to complete the construction at Greenstone. On to page eight, we have our guidance for the year. Greg has already touched on it, so I'll just highlight a couple of things. First of all, the midpoint of guidance represents about a 70,000 ounce increase over 2022 production when you pull out the 14,000 ounces attributable to Mercedes that we sold last year. On costs, our view is that inflation has peaked, the costs will stay elevated through the year. You can see that reflected in both our cash and sustaining costs. Our view is also that the Brazilian real and Mexican peso, which are two of the better performing currencies against the US dollar, will continue to hold their current exchange rates against the US dollar. That's factored in. Seasonality will continue to weight production and cash flows into the second half of the year. We'll just make a couple final notes on sustaining expenditures. The $137 million we have there includes really only essentials on tailings facility raises, deferred stripping and equipment refurbishments that we need to do. Of course, the growth capital of $324 million is primarily greenstone at about $275 million of it. With that, I will turn it over to Doug to kind of run through what we're expecting for the upcoming year. Okay. In addition to the production guidance that we have, I'll also mention that all of our mines have been working on a program that involves continuous improvement as well as consumable reduction and group purchasing initiatives. All of that is above and beyond what we put forward for our production and cost guidance. We've also doubled down on our adherence and reconciliation of mine plans, benchmarking and productivity improvement work, which is all geared towards achieving and beating what we've put forward. Looking at the individual mines, Mesquite in Q4, we were mainly in a stripping phase for Brownie and Vista East. That will ultimately contribute to the ore going to the pads in 2023. Due to the emphasis on stripping in Q4, that means we had a relatively low number of new ounces going under leach in that period. For 2023, we have adopted a new mine plan that will see less stripping and smaller pits in order to reduce cost at Mesquite. We continue with exploration and permitting work at Mesquite for mine life extensions. In Castle Mountain, in Q4, we were running with both run of mine and crushing and agglomeration of the material going to the heap leach pad. The plan is that we should be all going through crushing and agglomeration, so we're continue working on increasing our crushing and agglomeration throughput. At the same time as working on the phase one, we have been advancing our permitting on phase two and met test work in support of the phase two work. I'll come back to that later on. At Los Filos in Q4, we had a production impact related to a shortage of explosives that was caused by a strike at our explosives supplier. We also had some of the ore that was coming from the Guadalupe open pit. It had a higher copper content, which meant that it had a reduced recovery over the leach cycle. We're now separating that to be able to leach that separately from the rest of the ore feeds. Excuse me. As we look at 2023, we continue mining in Guadalupe open pit and Los Filos open pit, as well as the Los Filos underground, with 20% of the tons coming from the open pits. We will be suspending Bermejal underground. That's given the prolonged development period and the lower productivity than anticipated. Just to put it into context, we have developed down to the central zone five of Bermejal underground. We've accessed into it, and we've been mining from it, but we need to do significant additional development in order to have enough stopes in production at the same time to be able to achieve the 1,500-2,000 tons per day. In the meantime, we'll be looking at plans to be able to improve overall productivity and reduce the costs. We'll also look at the timing for this higher grade ore to eventually be fed into a CIL plant. In Aurizona, we had a longer than normal rainy season in 2022, and we relied on stockpile material more than usual, which meant lower grades go into the plant over an extended period. By the end of the year in Q4, we had an increase by our contractor of their mining fleet with an addition of nine Triple Sevens and an additional six articulated dump trucks. We had a higher total tons being moved as we worked towards returning back to our mine plan. In addition to the expanded mining fleet, we're also bringing in a second contractor who will come with 14 articulated dump trucks so that we continue mining at a higher level through the rainy season and have a stronger start once we come out of the rainy season this year. We wanna build up our stockpile significantly during the course of 2023. In Fazenda, the mine did very well in Q4 and for the year. Open pit mining contributed higher grades and tons overall and offset the lower production that came from the underground mine this year. Throughput and plant recoveries at Fazenda were both above the overall plan. Our exploration work at Fazenda continues to work on resource and reserve replacement. We also continue the exploration program in the greenstone belt between Fazenda and Santa Luz. At RDM, we were processing low-grade dump material in Q4, but we suspended processing in mid-December as we waited for permitting of the additional material for dump material at RDM. In January, we've restarted the in-situ mining, and we're using owner-operated equipment. We also completed the TSF raise, and we've begun permitting for a filtered tailings storage facility at RDM. Looking at Santa Luz, Q4 was difficult. We had lower throughput due to the hardness of the ore. We also had a high sulfur content in some of the ore that impeded our recoveries. We also had to deal with the thiocyanate impact on the resin, which related to overdosing with cyanide. Each time that happened, it happened twice, it takes the system several days to be able to recover from that, and we have to regenerate the resin activity so it can perform properly again. I will note, the resin and leach plant is achieving higher recoveries overall than were possible by previous operators using carbon-in-leach processing. It is working, but we still are working through some of the issues. By December, we had changed our blending strategy, and we also adopted a new fragmentation plan in the open pit, and that's enabled us to achieve a higher throughput. Also, since year-end, we've seen an increase in stabilization of recoveries, as we've come through January and February. Moving on to Greenstone. Ultimately, Greenstone's gonna become the cornerstone for Equinox, one of the largest gold projects in Canada. It's got a 5.5 million ounce reserve, annual production of 400,000 ounces, and first production coming in the first half of 2024. On to the next slide. We are on budget and on track. The project is 70% complete at the moment. The team has just passed 2.5 million hours with no lost time injuries, so a good record. They've also had great progress, as you can see in the slide, with several of the buildings being fully enclosed. Mining started in Q3 with four trucks and one shovel, and we now have four additional trucks coming, getting ready for use. A second shovel will be added in the second half of this year. We're 54% complete on the CapEx spend at the end of the year. If you move to the next slide, you can see several more of the buildings. Four of the buildings are enclosed and heated, and next week we expect the last two buildings to be enclosed. T he HPGR building is one of the two buildings that was just being finished off this coming week, and as well as the east end mill building, which I'll note already has the roof on and the a lot of the cladding is already done in the photos I saw as of yesterday. It's progressing really well. Just moving on to the next page. Upcoming milestones for Greenstone. The main ones are the buildings being closed this quarter. Commencement of the ball mill installation will start. In Q2, mechanical piping and electrical installation will be happening as we move inside the buildings. All the equipment will be on-site in Q2. In Q3, we're looking at pre-commissioning of the power plant and the crushing circuit. By Q4, we're completing the TSF and the highway relocation will be completed. In the first half of 2024, we'll be in commissioning and first gold pour. Moving on to the next page, our other expansion projects include Castle Mountain, where we'll see an increase in stacking to over 45,000 tons per day going to the leach pads and production of around 218,000 ounces a year over a 14-year life. We submitted the permit application in March. We continue working through the process of permitting. We'll see environmental review and public scoping, scope happening in the first half of 2023. For Aurizona, we're working on the feasibility study, which involves mining from both the Piaba underground at the same time as we're mining from open pits. That feasibility study will be wrapped up in Q2. As Greg noted, we have received permits for three portal locations. We have selected one for the initial ramp location. We would look at establishing a exploration ramp that ultimately will allow us to touch into and mine on ore. At the same time, we would also be able to establish a series of exploration cutouts so that we can do a drilling program from underground. It would be dimensions so that it ultimately could also serve for as a production decline. On Los Filos, we delivered the updated feasibility study for the construction of a 10,000 ton per day CIL plant. Reserves in that study were increased 44% after depletion was taken into account. As we've noted previously, we will make a, we'll wait on making a construction decision while we're in a high CapEx period for Greenstone, and also while we work on our operational efficiencies and having stability with local communities. I'm gonna pass it back to Greg. Thanks, Doug. I'd like to briefly just acknowledge the Equinox team. You know, we had some challenges in 2022, but the team has been doing a great job at navigating those challenges. We're in solid shape to fund the completion of construction at Greenstone, you know, on budget, on schedule. A year from now, we expect to be commissioning one of the largest gold mines in Canada. We're also working hard to progress our growth projects, as Doug mentioned, manage our costs, and improve our operations. We're looking forward to continuing that through 2023. I think I'll conclude there and pass it back to Rhylin for Q&A. Thanks, Greg. Operator, can you please remind people how to ask a question? Certainly. Once again, to join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. If you are participating through the webcast, you can submit a question in writing by using the text box in the lower left corner of the webcast frame. We will pause for a moment as callers join the queue. Thank you. While they're queuing up, Scott, we've got an exploration question for you. I can see from your MD&A that you drilled about 30,000 meters at Aurizona this year, and it looks like you're gonna start the underground in Q4. When will we see those results? The 2022 program at Aurizona had three components. We did drill just under 30,000 meters. The first component was a few deep holes on Piaba itself, to support the feasibility study that's been mentioned a couple times on the call so far. Those holes we're looking at converting big areas of inferred resources to indicated to support reserve growth and also to address some geotechnical questions in the deeper portions of the mine. So those results will funnel into the feasibility study that will be released mid-year Q3. The other two components included a regional program, approximately 7,000 meters on a number of targets across the 1,000-kilometer square land package. The majority of the effort was focused near mine, looking to hit targets both east and west of Piaba itself within the main trend to support mine life extension, targeting the shallow open pit targets, the multiple targets that we have there. Those results we'll look to release here probably in Q2, early Q2. Perfect. Thank you. Operator, we'll take questions from the phone, please. Thank you. Our first question comes from Wayne Lam of RBC. Please go ahead. Oh, hey, morning, guys. Just wondering at Greenstone, can you give a bit more detail on what you see as the bottleneck items and the large items left to spend, and where have you seen some of the savings optimizations? I'm just curious, given the independent assessment completed last year, how does that reconcile to date, and how much of the contingency has been utilized so far? In regards to bottleneck items, I'd say we always knew what our critical path was gonna be. It's getting through to building enclosure and then starting in on the east end plant, east end of the process plant building, for ball mill installation. We're four buildings done, the last two buildings finished off this week, and then we're starting in on installation. I would say going forward, that remains our critical path for most of this year. Obviously, productivity is gonna be the issue as we move to the more detailed piping and electrical inside the buildings. The team's been very good at being able to adapt and compensate for where we have delays in one area. They'll turn around and work out how to adjust the program to be able to compensate for it. Really, we're pushing through this spring to be able to maintain our schedule as we come into the summer where we're most productive, and then we get back into areas such as the TSF and some of the other earthworks projects that we don't progress as much during the winter months. Overall, I'd say very good against our overall schedule, with minor things that they've been adapting and compensating for elsewhere within the overall construction. Yeah. It's probably worth mentioning, we expect to do another quantitative risk assessment, currently scheduled, I believe, Doug, for around April. We're looking forward to doing that, getting an update from an independent party on schedule and budget. With respect to your other two questions, Wayne, savings optimization, one of the bigger ones, frankly, is foreign exchange. The Canadian dollar, unlike the peso and the Mexican peso and Brazilian real, the Canadian dollar has been a little weaker against the USD. That's helping. It's probably one of our main areas. With respect to contingency, through the end of last year, we've used about $120 million of it. Okay, great. Thank you. Maybe at Mesquite, just curious, how should we think about the mine beyond this year? Is it kind of a case of a mature asset approaching depletion given the short reserve life? How should we think about the future potential for reserve additions, once you have greater capability to reinvest in the capital stripping there? For Mesquite, essentially, yeah, quite right, it is a mature asset. Every year, you'll hear us talk about a stripping program, and then we get into the ore. It's essentially, diving down into particular areas where we have to strip to get down to be able to mine the ore, and that's been cyclical. This year is no different, where we were doing our stripping in the latter part of 2022, and then we'll benefit from that ore during this year. We continuously are doing drill programs and looking at revised models to be able to improve the mine plan. It just happens that this year we have a lower number of ounces being produced while we work through revisions to the mine plan to see what we can do to be able to put more on the table as we go forward. Yeah, Wayne down in the U.S., we had a, like everybody, pretty significant increase in costs. When we looked at the mine plans for Mesquite in 2023, it made sense to go with that smaller pit scenario, to maximize cash flow over that period of time. So, you know, as we progress through 2023, we'll have drill programs on Mesquite and then working to extend that mine life, you know, 2024 and beyond. That requires some additional drilling. The other thing is, obviously permitting is always something that we're doing at Mesquite. We currently have two heap leach pad expansion permits that we're working through, which we expect to get in the next couple of months. Those obviously give us the opportunity to be able to continue to stack more. It's, it's always add more pad space while at the same time develop and permit additional resources so we can be able to convert them to reserves. It's, it's not. It's a never ending process. Okay, great. Thanks. Maybe just last one. Just looking at the upper end of cost guidance across the operations, it seems like a few of the mines have relatively elevated costs near break even, especially in the first half of the year. As part of the optimization review, is there any scenario where you might see improved economics for, say, putting Castle Mountain on pause and reopening that with Phase 2, or maybe putting Los Filos on care and maintenance and reopening that with the CIL construction, just given the higher cost of those mines? It's something we discussed, but there's more than one reason why we do phase one at Castle Mountain. Obviously, coming into operation while we're in the permitting process is a good thing for us. We wanted to be back into production during that process. We were present and working through everything that our operation ultimately needs. It also means that aside from having our footprint there, we're also able to move the essentially dump material from previous operators and to be able to leach the gold out of that. It actually works as a pre-stripping for us for the phase two. It's a good outcome, can we get that moved during this process. The 3rd one is, we did wanna get in and try the run-of-mine versus crushing and agglomeration. We get an opportunity to be able to do a larger scale test by virtue of doing the phase 1 operations at Castle Mountain. I think you also asked about Los Filos, Wayne. I mean, Filos is a large mine. You know, it's very expensive to, you know, shut down a mine, restart a mine like that. I think it's fair to say our focus right now is trying to improve that operation, and we're working hard to do so. You know, we've reduced some of the CapEx at Filos in the near term with the suspension of Bermejal underground. But that doesn't mean we're not very focused on the Guadalupe open pit and the Los Filos underground mine. I don't think that that's on the table at all. You know, not something we're considering at this time. Okay, great. Thanks. That's all for me. Congrats on the quarter and nice to see things going well at Greenstone. Since we're talking about Filos, I'm gonna jump in quickly and ask a question from online. Would you consider selling Los Filos since it's consuming so much capital? I mean, the quick answer is no. We, you know, I don't wanna speculate on any individual mine. We've got no plans in process. You know, obviously, in the past, we've been commercial on certain assets in the portfolio. We have sold mines in the past, but the challenge with Los Filos, I think we addressed this in Q3, it's a huge deposit. You know, huge reserve resource, lots of exploration potential, permitted infrastructure. I mean, that type of a deposit is incredibly rare. parting with something like that would be pretty challenging. I think, again, our focus is working to improve that operation and optimize that operation and turn it into a long life, very valuable operation for the company. Thank you. Operator, we'll take more calls from the phone lines, please. Our next question comes from Anita Soni of CIBC World Markets. Please go ahead. Good morning, thanks for taking my question. I just wanted to address first, you mentioned that you had retooled your covenants for the revolving credit facility. Could you give us an idea of what changes were made? Yeah. Anita, it's Peter. The covenants reflect more, I guess, what you would call, a company in development phase. We effectively took a very conservative case scenario, had it a full turn, and adjusted accordingly. We're not gonna disclose exactly what they are, but we're quite comfortable that there's plenty of room and covenants to see us through Greenstone construction. Okay. You mentioned some of the deferrals that you've had, and you, I think Greg mentioned that the, you know, the sustaining capital that you are doing in 2023 is the essentials only, tailings lifts, et cetera. Would we expect to see a catch-up in sustaining capital in 2024 and 2025? Is that fair to say? I think, I mean, some of the bigger chunkier areas where we've deferred capital is, you know, Bermejal underground at Los Filos, that's a big one. Then, you know, to a lesser extent, stripping at Mesquite. And those are probably the two largest areas where we retooled the mine plans to reduce near term capital. With Filos, yes, I mean, eventually our intention is to get back into the Bermejal underground. We obviously wanna develop. That's a big part of the future of Los Filos. So that is capital we will eventually spend. In the meantime, we're gonna work to retool that program and increase the productivity and reduce costs. We will be back in Bermejal underground, you know, exact timing of that is to be determined, but definitely at some point. Mesquite, you know, same thing. I mean, we've got drills going and, you know, continuing to operate that mine will involve stripping. I don't think we're working toward a giant catch up in, you know, in 2024 that's gonna be crazy or anything. We're trying to smooth that out over time. You know, you're always gonna have that at Mesquite, you know, stripping, as Doug mentioned, to get down to the ore. Otherwise, otherwise, I don't think that we've, you know, carved out anything critical that we're gonna have to be spending a whole bunch of money in 2024. Always looking at capital allocation decisions. With Greenstone coming online next year, that obviously frees up some funds for additional additional CapEx. I think personally, I wanna see us go underground at Aurizona, and that would be another area where we haven't budgeted in 2023 for any sort of portal construction or decline. On the basis of the feasibility study, and as we move into Q4 this year, once the pit reaches that the appropriate level in the west end, that's an area I think we'd like to start spending money on next year and even later this year. You know, there's stuff that will come, but it's not a situation where we, you know, we've carved out a bunch of necessary stuff and kicked it down the road. Sure. Bermejal underground, though, was... That was in development capital, right? Not sustaining. It was a mix, primary development. Okay. Yeah, I guess I'm saying capital generally. Yeah, capital generally. Yeah. I was just wondering if there was anything sustaining that I should be thinking about that might need to get done in the next two years if you're not doing it this year. Just in terms of Santa Luz, what kind of recovery rates are you assuming when you, when you guided for this year? I just wanna understand where you think the recoveries are going over the course of the year. For the budget, we backed it off to focus on getting stability. We were looking at achieving a minimum of 65% in the first half of the year, 70% in the second half of the year. As we came through December and changed the blend, we were at 62% in January, and we're over 70% in February. The key is stability. A big key thing to that was ensuring our makeup water coming back in from our water storage dam was zero or less than 0.5 PPM cyanide, which is a real hindrance to activity of the resin. Now our system's working properly with all the detox, we saw that that was really helping to be able to establish a good activity on the resin. Okay. Just a last question was, reserves and resources. Did I miss that last night? Did you guys update it, this, yesterday, or is that coming later on? No, we did not update our global resource reserve statement yesterday. Looking forward throughout the course of the year, there won't be a single consolidated update. They'll be updated as available and as studies are complete. Most of our projects are in a study state versus a steady state. Okay. It's consistent with what we've been doing over the last number of years, Anita. I think at some point in the future, we do wanna get to a, you know, a one-time annual global update. What we've been doing is as and when those updates become available, we report it, we integrate it into our consolidated reserve and resource summary on the website, and that's what we've been doing and probably will be continuing to do for another year or so until we get to the point where we've harmonized everything and do an annual update. Oh, okay. Thanks. I was just calling from the context of, you know, a lot of people are updating their gold price assumptions and then also cost assumptions, so it's, it would be good to have a sort of reset on that. Can you just let me know what the interest rate right now is on your floating rate debt? Combined, it's about 7.5%. Is that fixed and floating or just the floating? Sorry, that's the, just the floating. Pardon me. Okay. All right. Thank you very much. Our next question comes from Kerry Smith of Haywood Securities. Please go ahead. Thanks, operator. Scott, just to follow up on Anita's question about the reserves and resources, would you just generally, as a ballpark, would you expect that you replace depletion in your reserves and resources overall for the company, you know, on a year-over-year basis are kind of unchanged, or do you think they're gonna be down a bit or up a bit? Like, how would you generally point us directionally? Yes. Primary goal with the exploration, and drilling has been to replenish reserves as a, again, primary goal. Secondarily, a lot of our assets have been undercapitalized over the last three to five years, so there's a real need, real push to build up the resource base. The exploration has been pretty aggressive in that respect in Santa Luz. Bahia, sorry, Fazenda, and so forth. There will be a lag before we're kind of getting beyond replacing reserves, resources on an annualized basis. The hope is that with the significant exploration expenditures that we've put into the ground for the last three years now that two, three years from now, that will be paying off with substantive resource and reserve growth. Okay. Just on the Castle... This is for Doug, actually. On the Castle Mountain Phase 2, permit application, given that you're now switching over to 100% crushing and agglomeration for Phase 1, is there any thought that you need to revisit the assumption in the Phase 2 feasibility, which only looked at run of mine? Like, are we expecting that at some point, maybe you may have to add some crushing and agglomeration? Are you pretty confident that Phase 2 will just be a run of mine operation? No. Kerry, we're quite confident that we get better performance overall through the crushing and agglomeration for the material that we're currently processing. Remember, we're dealing with dump material, and we're doing a lot of work to metallurgical modeling on Castle Mountain, and lots of additional met test work for the in-situ material. If it were all the same material, we would be doing crushing and agglomeration for Phase 2. That's why we're doing the additional network, the geometallurgical modeling, because we wanna make sure that as we look at in-situ material, that we're treating it the right way. It is part of the work we're doing in the background. We don't anticipate it'll change anything in regards to our footprint overall, but we're looking at all opportunities to be able to see whether we can optimize and also prove out everything that we've done in previous test work and concepts. Kerry, recall that in that feasibility study, you do have a portion of the material reporting to a small mill. Yeah in the highest grade material. We are looking at potential scenarios where you would ditch that mill, not be required to triage the different ore grades and just put it through one circuit. That is something that we are kind of looking at and doing some trade-off studies on. If there's an opportunity to simplify the overall operation and flow sheet, reduce some capital, you know, that's something that's pretty interesting to us. There is some work being done on that. Nothing confirmed and, you know, that'll progress over the course of the year. I can confirm that our permit application does contemplate pretty much any sort of modifications we wanna make to that flow sheet. We would not have to go back and do any re-permitting compared to what we've already submitted. Okay. That's all covered off in that application then? Yes. Gotcha. Okay. The other question I had was at Mesquite, you reduced the strip ratio in 2023 to lower the costs just to help with the cash flow in the short term here. Does that impact 2024 mine plans or what sort of in-house mine plan do you currently have for the life of mine for Mesquite? Like, do you guys model three years or two years? Like, how do you actually model it internally? We continuously remodel it. The mine plan that we have in the budget's already. We're already working on a revision to that. What can I say? It's building in the latest information as it comes in from exploration and as we get permitting. I know it will change from the budget, mine plan. when you- I think it's fair to say we're working on a mine plan for next year that would, you know, bring production back up to level, previous levels. You know, there's work to be done on that, Kerry. You know, we had to adjust the mine plan this year. Just, you know, in the United States especially, we saw really significant increases in diesel, cyanide, explosives, you know, all the major input costs at Mesquite, right? That have an effect on production there and cost of production there. This year kind of takes that into account. Int ernally here, we're working on what can 2024 look like, you know, given the current cost structure and this year's mine plan, what will that do for next year? We don't have guidance on that yet. You know, that'll progress over the course of the year. You know, later this year, we should have some more information. Okay. Would it be fair to say that the operating team at the site at Mesquite have a three-year mine plan that they're working against is it one year then? Is it, like, just 2023? I mean, if you didn't have any permitting timeline constraints, then it's very easy to model out a multi-year mine plan, you know, and also throw, you know, five years plus out there. There is timing differences, you know, in terms of reach pad expansion, eventually proceeding to the west, right? There's a highway there that we'd wanna move. Or sorry, to the east. You know, and other areas of the site that would need some permitting in order to continue on a plan that would utilize all of the resources that we currently have. A constraint is not really the deposit itself, it's actually the permitting timelines around some of that expansion opportunity at Mesquite. You know, when you model that out, you can kind of play and the goal for us is continuing with that the permitting that we need to do and wanna do while filling in those gaps as best as we can. As Doug Reddy said, it's kind of a continuous process at Mesquite and has been since we bought it. I mean, Mesquite's been a great mine for us. Since we acquired it in 2018, it's made us money every single quarter, I think except one. You know, we've recovered our acquisition costs, well above our acquisition costs. I mean, it's been a great mine for us and continues to be. You know, it's important for us to see it continue and that's kind of been our process all along just with a mature asset like Mesquite that requires additional permitting. Okay. Okay, that's helpful. The kind of the same question at Los Filos with the deferral of the Bermejal or shutdown of the underground of Bermejal, does that impact the long-term plan there in any significant fashion? Well, I mean, essentially because, Bermejal would've been a pure net investment for this year, it actually alleviates some of the cash drain that Los Filos would have this year. Deferring it gives a couple opportunities. One, we need to change our productivity there to be able to make it so we can get to the 1,500 to 2,000 tons of per day that we need. It's just prolonging the pain by doing the development at such a low productivity rate. The cost per ton were just coming in too high as we were mining in the initial stopes. It also gives an opportunity for the higher grade material to be able to go to a CIL. We know that by sending it to a heap leach, it means that certain material you have to leave behind because it's not suitable for going to a heap leach, but you can process it in a CIL. That approach for us just means that we'll push it off and then meantime, we'll look to restructure how we'll deal with Bermejal underground. The near term effect is you have a bit of lower production because we're not, we're not mining those ounces, but we actually save on free cash flow at Los Filos because of the deferral of capital. Longer term, as I said, we're gonna go back into Bermejal underground eventually. You know, the long-term plans for the mine, of course, include Bermejal underground. As Doug said, if that material is going through a CIL plant, you're obviously getting higher recovery than you would just on the heap leach itself. So there is an economic trade-off study to deferring it where you're gonna get those higher recoveries once you've put that CIL in place. Right. Okay. This last question for me then quickly. This explosive strike that your supplier had at Filos, I assume that's behind you now. I just wondered if you could maybe give a little bit of an update on the pulse of the of the three communities and how all of that's been going, Greg? Yeah, that explosive strikes was long, long past. I mean, it affected the earlier part of Q4, that's done. Pulse in the communities. Well, we're doubling down on our efforts to be in dialogue with the communities. Obviously, Bermejal underground will be another point where we'll be talking to all of the communities. I mean, we've tried to make it clear that there's it is a partnership. It's a dialogue that we need to have, we need to be able to work collectively on our relationship and be able to see what can be a bright future at Los Filos, it involves everybody working together. We've increased our and strengthened, I would say, our community relations team at Los Filos, including in the last few months. The, you know, the informal feedback we're getting is that communication has improved quite a bit, just coming from the communities. You know, it's been, you know, it's been a good, what, five or six months so far. You know, we're putting a lot of effort into that relationship, that communication, and as Doug said, making sure that everyone acknowledges and recognizes that we're partners in this project. so it's been good so far, kerry, but, you know, we've had those challenges in the past and, you know, I can't necessarily say they won't, you know, manifest in the future, but we're certainly working hard with the communities to mitigate that. Right. Okay. I, and I'm assuming, Greg, that the communities were told a while ago that the Bermejal underground was gonna be shut down, so there were some jobs that were gonna disappear. That's not new news today for them, right? It's officially news today, I suppose, but there's been, you know, more informal conversations around, you know, the cost profile at Los Filos and that it can't persist, indefinitely under this basis and that some changes are gonna need to be made. So, action's gonna need to be taken. Okay. Gotcha. Okay. Thanks, guys. Appreciate it. Great quarter. Our next question comes from John Sclodnick of Desjardins. Please go ahead. Hey, thanks, guys. Yeah, most of them have been answered, just a couple from me. Impressive gold collar contracts and just wondering what changed your stance on gold hedging and if there was maybe a push from the lenders. Finally, if Mubadala was good with that. It's Peter. Good question, John. At the end of October, in October, gold was below 1,700. It had, as we all saw, a very rapid rise right through the end of January. We have a capital intensive year again this year, especially to fund construction of Greenstone. And with the way gold had continued to rise through January, as a management team, we just wanted to take an opportunity to lock in some cash flow. That, that was the change in the thinking. Particularly given the floor and the quite high ceiling, and that was just kind of a function of the curve, as a result of three months of steady uptick in gold, I suppose. Given that large spread, that allowed us to, or will allow us to enjoy a higher gold price through the end of Q1 next year with those collars. We just thought it was a really prudent thing to do and a fiduciarily responsible thing to do. With respect to lenders, and with respect to [Lobato, they, of course, were quite supportive. Generally speaking, they like to see hedges in place during capital intensive periods. I think, John, if you kind of look back, over the last, you know, four months or so, it's just one more action we've taken of many maybe incrementally smaller actions, but collectively, you know, designed to ensure that we've got enough resiliency in our cash flow profile, our balance sheet, to absolutely ensure we get across the line on Greenstone and get to commercial production next year. You know, we've done a number of different things. That's one more part of it. And, you know, it wasn't without consideration. We had just rolled off all of our hedges from the legal transaction, and we're kind of high-fiving on the back of that, and gold was going up. You know, when we looked at what that collar looked like, you know, and rationalizing it, we're like, "Well, listen, if we put this in place and gold runs, then hurrah anyways," right? It's gonna be great. If it doesn't, at least this introduces some risk mitigation and cash flow and EBITDA protection over the next year and a half while we complete this build. That was kind of how we rationalized it. It was opportunistic. I think if we had waited one day later, we would have got maybe a slightly higher collar, since that day, we kind of printed the top of that recent bump and, you know, we're sitting here pretty happy that we put those in place. Yeah. No, it makes sense. Great levels to get in at. That was impressive and nice, risk mitigation there. Last one for me. Just, at Castle Mountain, just curious how long kind of the status quo, the phase one operation could continue, before additional permits are required. I mean, probably 10 years plus. Like, once you get through the dump material, you can get into in situ. You know, it's a pretty small operation given the size of the overall resource there. We've got plenty of headroom. I think in the past, we've communicated around nine years or so, but, we have no intention of riding it out that long. I think, again, it's impossible to pin down exactly the timing of receiving that permit. I like to say mid-next year plus or minus six months. Maybe it's, maybe it's more plus six to eight months than the minus. We're certainly pushing and trying to target having that permit sometime in 2024 so that we can get busy on expanding that mine. Right. Okay. Okay, that's great. I appreciate you taking my questions. Our last question is from Mike Parkin of National Bank. Please go ahead. Hi, guys. That actually brings up a bit of a good question, is how would you rank order your project pipeline in terms of, assuming this kind of gold price environment, where would you look to deploy capital after Greenstone first? Is it Castle Mountain phase two or something else? Yeah, I mean, it does come down to, you know, capital allocation decisions. In the context of the gold price and cost environment, in the future, you know, we've made those decisions. It's pretty fair to say, you look at our portfolio, you've got some smaller assets, and then we've got some bigger, longer life, chunkier assets. That would include Greenstone, obviously, Castle Mountain Phase 2 Aurizona, especially with the addition of the underground, and of course, Los Filos. As mentioned earlier, we're very keen to get underground at Aurizona and start to build out that mine, and that's something I think we're, you know, we're actively working on being in a position to start. After Greenstone is back up and running or is up and running, Castle Mountain absolutely is one we wanna, we wanna get into the expansion of. The only one that is probably ranked lower right now is Filos. That's, that's, you know, it's a big nut to crack. It's had a higher risk profile and we've got to do more work there, as we've continued to say, before we're ready to start investing heavily at Filos. You know, Greenstone's happening. Castle Mountain, I think will happen as soon as we get the permit. Aurizona subject to results of the feasibility study and where we stand in terms of available capital by the end of this year is something I think we'd like to get into as quick as we can. Okay. maybe just one last question, back to Los Filos with the Bermejal underground suspension. Does that impact any of the three communities far more than the others? Yeah. It would affect Carrizalillo more than the other two communities. Okay. Thank you. That's it for me. Okay. Thank you, everybody. We're actually out of time and didn't have a chance to get to any of the online questions, unfortunately. We will get back to you later today by email. My apologies for that. Greg, do you have any closing remarks? No. I think just, thanks again, everyone, for attending the call and for the well-considered questions. Again, you can always reach out to any of us, by email or by phone if you have additional questions or comments to make. Perfect. Thank you very much, everybody, for joining us today. Operator, you can now close the call. Thank you. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.