Good morning, ladies and gentlemen, and welcome to the Lundin Mining Corporate Update Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a Q&A session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, July 30, 2024. I would now like to turn the conference over to Jack Lundin, President and CEO. Please go ahead. Welcome, everyone, and thank you for joining Lundin Mining's conference call. Yesterday, we announced a transformational transaction for Lundin Mining, where we have partnered with BHP to jointly acquire all of the outstanding shares of Filo and combine the Filo del Sol project and the Josemaria project to create a 50/50 joint venture for the development of the Vicuña District in Argentina. As consideration for vending in the Josemaria project, BHP will pay to Lundin Mining an upfront cash payment for the asset for its 50% ownership of the JV. We will discuss the transaction in more details on this call. A copy of the transaction announcement and presentation are available on our website under our Investors section. Before we start the presentation, I would like to remind our listeners that this call will contain forward-looking information, including details on the proposed transactions and the future prospects of the assets involved, and this information, by its nature, is subject to risks and uncertainties. As such, actual results may differ materially from the information expressed today. I would encourage you to read the cautionary note that accompanies our second quarter MD&A and our annual information form, along with other relevant filings on SEDAR. These documents are also available on our website. Today, with me on the call are members of our executive team: Teitur Poulsen, our Executive Vice President and CFO; Juan Andrés Morel, our Executive Vice President and COO; Dave Dicaire, our Executive Vice President of the Josemaria Project; Quinn Yong, our Vice President of Corporate Development and Strategy; and Tim Walmsley, our Vice President of Exploration. Moving to the agenda slide, we will go through the presentation as follows: Starting with item number one, which is us describing how we're delivering on our strategy at Lundin Mining. We'll then get into the transaction highlights. We'll talk more specifically about the Filo del Sol project. We'll get into details of the Vicuña District. We'll then get into deal terms, followed by next steps for this transaction. Starting with our strategy of disciplined copper growth at scale. Over the last six years, we have steadily grown reserves, production, and revenue through exploration success and through various acquisitions. As illustrated on the left-hand side of this image, we have grown production by almost 50%, and revenue has grown by almost 100% over the last six years, from 2018 - 2023. In 2022, we acquired the Josemaria project in Argentina and have de-risked this large-scale deposit through engineering and trade-off studies since the acquisition. In July 2023, we acquired operatorship of Caserones in Chile and strengthened our toehold in this region. Through these acquisitions and through resource replacement and resource extension, we have been able to grow our reserves by nearly three times. During this period, exploration success on a neighboring property to Josemaria and a new discovery to the north of the Filo del Sol property has proven the thesis that the Vicuña District in Argentina has the potential to become one of the world's largest base and precious metals mining complexes. Adding the world-class Filo del Sol project to our existing asset base solidifies our commitment to growing in the region, where commercial and sustainable development synergies will create lasting benefits for all stakeholders. Importantly, forming a long-term partnership with industry-leading BHP will enable us to together drive value through combining complementary skill sets and the opportunity to truly think of this as a giant metal district with a phased or sequenced development strategy. We are excited to be forming a multi-decade partnership with BHP. The opportunity to build the world's next large-scale copper mine with our partner from grassroots will transform the business for Lundin Mining. We will now get into the highlights of this transaction, and I'll hand it over to our CFO, Teitur Poulsen. Thank you, Jack. So as outlined in the press release from yesterday, Lundin Mining and BHP have entered into an agreement to jointly acquire Filo for a combination of cash and Lundin Mining shares. The proposed acquisition involves an offer price to Filo shareholders of CAD 33 per share, representing a 32% premium to the unaffected 30-day VWAP as of 11th of July, and a 12% premium to the 30-day VWAP as of 29th of July. The proposed acquisition price of CAD 33 a share equates to an implied valuation of Filo of CAD 4.1 billion on a basic share outstanding, not inclusive of the interim financing that Lundin Mining and BHP will provide to Filo in the form of a private placement, with Lundin Mining and BHP subscribing for an equal amount of new shares in Filo. The Lundin Mining portion of the Filo consideration will consist of 60% shares and 40% cash, net of the shares that Lundin Mining already holds in Filo. On this basis, the cash element to be paid by Lundin Mining to Filo shareholders will amount to CAD 859 million.... The Lundin Mining share exchange ratio with Filo will be 2.3578 Lundin Mining shares for each Filo share, resulting in Lundin Mining issuing approximately 92 million new shares. The Filo shareholders will hold approximately 11% of Lundin Mining post-completion. The BHP consideration for Filo will be in cash, amounting to approximately CAD 1.9 billion, net of the shares that BHP already owns in Filo. Our board of directors have unanimously supported the transaction, along with the board of Filo and Filo's major shareholders. As part of the transaction, Lundin Mining and BHP will form a new joint venture, where each company will hold a 50% ownership stake. The joint venture will hold 100% of Filo del Sol project and 100% of the Josemaria project. Turning to the transaction rationale. We believe there's a compelling rationale for all three companies involved, and it truly represents a win for everyone. For the Filo shareholders, the deal represents a compelling premium while allowing them continued exploration and development exposure through equity ownership in Lundin Mining, in addition to cash flow generation coming from our producing assets. The transaction will consolidate the Vicuña District and create a leading platform in one of the most geologically prospective regions in the world. This will transform the Lundin Mining growth story, enabling us to have one of the leading growth profiles in the copper space globally. We have always talked about disciplined growth, and a partner such as BHP supports this approach, and with BHP becoming a 50% owner of the joint venture, this means that we have secured a funding partner with as solid a balance sheet as they come. With the proximity of our other assets, we believe there are significant commercial and development synergies through an integrated project, and we will talk a little bit about this later on in the presentation. Lundin Mining continues to carry a strong balance sheet and ample liquidity. At the end of Q1, we reported net debt of $981 million, net of leases, and a leverage ratio of 0.7, with a liquidity headroom within our RCF of $1.45 billion. The transaction we announced yesterday will be marginally cash positive for Lundin Mining, with cash receipts of $690 million for 50% sale of Josemaria, versus a cash payment of $620 million for the cash portion of the consideration to the Filo shareholders. Lundin Mining will continue to fund the Josemaria project on a 100% basis up to year-end 2024, subject to certain adjustment mechanisms, with the 50/50 funding arrangement commencing from the beginning of 2025. Jack will now talk briefly about the Filo del Sol project and the region more broadly. Thank you, Teitur. I would like to draw the audience's attention to a map of the region on the right-hand side of this slide. Lundin Mining is well-positioned in this prolific copper-dominant region. Our Candelaria mine, which we acquired in 2015, located 155 km to the northwest of the district, which this year will produce between 160,000-170,000 tons of copper, and our second operation in the region, Caserones, is forecasted to produce between 120,000-130,000 tons of copper this year. The Filo del Sol deposit is located to the south of Caserones, over the border and to the west of Josemaria, in the San Juan province of Argentina, with a small portion of the deposit held within the Atacama region of Chile. These assets are located between the prolific Maricunga Belt to the north and the El Indio Belt to the south. Candelaria has a dedicated desalination plant that supplies water to the site and a port facility in Caldera, where we transport the produced concentrate from. We have recently established a regional office in Santiago that leverages on the synergies between Candelaria and Caserones, including supply chain, logistics, technical, and non-technical expertise. Combining these assets in this region will unlock economically sustainable benefits that include sharing infrastructure and ultimately minimizing environmental disturbances through a responsible phased development approach at scale. Moving to the next slide. In 2017, Filo Mining was formed to focus on the exploration of the Filo del Sol discovery. Original Filo exploration was targeting the shallower oxide zone. A pre-feasibility study was completed on the oxide component in 2018 and updated in 2023, which highlighted an economically robust heap leach operation producing copper and gold. However, it was the discovery of the deeper sulfides that was made with drill hole 41 in mid-2021 that significantly changed the understanding and interpretation of this deposit. Drill hole 41 intercepted 858 m of 1.8% copper equivalent. Since then, drilling has continued and has hit major intersections of over 1 km in length, containing approximately 1% copper equivalent, outlining a world-class base and precious metals deposit that now is seen as the crown jewel of this giant metal district. Filo del Sol is located approximately 11 km away from our Josemaria project. On this satellite image, you can get a sense of the topography and proximity of the two assets. Josemaria is located several hundred meters downslope and in an area that is more favorable to large-scale fixed infrastructure, such as mineral processing facilities, maintenance warehouses, and other storage infrastructure. In the next slide, what we are seeing here is a panoramic photograph of the surface above the Filo del Sol deposit, looking north. From the drill roads and the blue-green copper oxide at the left side of this image, through to the right-hand side, we are looking at about 5 km of continuous mineralization that is formed through the tight overlapping cluster in a row of several separate centers of mineralization. This structural corridor, from the top of the hill to the valley, is approximately 1.5 km wide. Going beneath the surface on this slide, we can see a sectional view of the drill results and the different mineralized zones in this large deposit. The Aurora Zone shows abnormally high copper grades as compared to the other copper porphyry mineral deposits. This zone has grown into one of the world's largest and highest grade copper-gold zones and sits within a large mineralized envelope that further demonstrates the uniqueness of a deposit like Filo del Sol. For reference, the discovery Hole 41 is at the center of this slide. Moving to the next slide, over 150,000 m and 360 holes have been drilled into the deposit and intersected km-long intercepts of over 1% copper equivalent. Notable drill intercepts are listed here, like holes 55, 64, and 54, all showing more than 1.2 km of over 1% copper equivalent. Further drill results are available in Filo's filings. Pivoting back to Josemaria. Significant progress has been made on the project, including advancements in engineering, permitting, and hydrogeology. Over the past several years, the Josemaria team has been dedicated to moving the project forward, and we plan to build on this foundation in collaboration with BHP. The partners will work together to form a comprehensive execution plan, incorporating studies which will lead into a phased development strategy. The joint management of both assets will not only enhance the prospects of each project, but also leverage the improving foreign investment conditions in Argentina. Now, looking at the Vicuña District more broadly. The district is a cluster of 4 known deposits and the recent Lunahuasi discovery that represents a 35-km-long mineralization trend. The figure on the right illustrates where all these deposits sit in relation to each other and their respective approximate distances. Large metal districts, like the Vicuña District, are extremely rare. They share similar characteristics, however, major structures and multiple mineralization events, all of what we have seen across the district, giving it size, scale, and high grades. The alteration footprint of the Vicuña District compares favorably to other notable large producing mining districts in Chile, and that, and this is the potential that we see here in the Vicuña District, a world-class mining complex in the making. On this slide, the world's largest copper-producing mining complexes are presented. The assets within our JV, once in production, will have the ability to compete with the largest mines in the world. The highly prospective land package gives a high probability that more minerals will be discovered in addition to what has already been defined. Larger deposits tend to form in clusters, and big resources tend to get bigger over time through further definition drilling. I will now pass the call over to Quinn, VP Corporate Development, to go through the terms of the deal in more detail. Thanks, Jack. I'll go over some of the transaction highlights. Lundin Mining and BHP will jointly acquire 100% of Filo's outstanding shares not already owned by each company. BHP and Lundin currently hold about 5.9% and 0.4% of Filo's outstanding shares, respectively. The acquisition price is $33 per share for total consideration of $4.1 billion on a basic shares outstanding, excluding shares already owned. BHP's share of consideration will be $1.908 billion in cash, while Lundin's share of consideration will be approximately $859 million in cash and $1.289 billion in Lundin Mining shares. The premium is 32.2% to a 30-day VWAP on the unaffected price of July 11, and 12.2% premium to close on July 29. Lundin Mining and BHP will also provide $115 million in interim financing to Filo in the form of a private placement. Concurrently with the Filo acquisition, BHP will pay Lundin Mining $690 million in cash, subject to closing adjustments, for a 50% interest in the Josemaria project, which will be included in the 50/50 JV that will hold the Filo del Sol project. The 50/50 JV, holding both the Josemaria and Filo del Sol projects, will be set up to have an independent management team with a JV board comprising of both Lundin and BHP representatives. The JV will have the ability to leverage skills from each respective company. Jack, back to you for next steps and final words. ... Thank you, Quinn. We anticipate the deal to close in early 2025. Planning for integration studies, trade-off analysis, and permitting will begin, and we will be in a position to provide the market with an update on timing of these activities in the first half of 2025. The creation of a long-term partnership between Lundin Mining and BHP, and combining the mineralization of the Josemaria and Filo del Sol projects, as well as the prospectivity of the region surrounding these deposits. With that, we firmly believe the Vicuña District in Argentina has the potential to become one of the world's largest mining complexes once in production. I want to thank everyone for joining the call, and we will now open the lines for questions. Thank you. Ladies and gentlemen, we will now begin the Q&A session. To ask a question, you may press star followed by the number one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star followed by the number two. One moment please, for your first question. Your first question comes from the line of Orest Wowkodaw with Scotiabank. Please go ahead. Hi, good morning. A couple of questions, please. First of all, are you planning to update a technical report now that would be integrated for the district with the two assets? And I'm just wondering also now, is the permitting going to be on an integrated basis? And I'm curious what the timing could look like for an integrated study. Thanks, Orest. I can take that. So right now, what we're planning on doing, obviously, is focusing on creating the integration of both assets once the deal can close. But we still have a work plan at Josemaria, which incorporates a lot of the items that we budgeted for in 2024. So we're still going to continue advancing with trade-offs. We're still working on our water studies and still looking at de-risking the Josemaria project. But now we have the opportunity, by putting these assets together, to look at it in a more, you know, phased approach and in a sequenced manner. So there will be elements that stay the same, but now we get to scale up and look at this development, as in a much larger scale. A lot of things we continue on the normal track, and then now we also start to look at things that would be done with, you know, Filo concurrently. Can you share what would be the timing of, call it, even an updated Josemaria study that would incorporate some of these integrated changes? Yeah, we're targeting the first half of next year to have a more fulsome update on Josemaria and as it pertains to, you know, how we sequence the development. So still a lot of work to be done, but we're still, you know, on track for probably the first half of 2025 to give an update on how this development will take place. Okay. With the 50/50 JV, are there any conditions that would give you the right to push Josemaria ahead earlier, rather than later? I'm just wondering how that's gonna work between sort of Lundin's initiatives to push development forward as sooner rather than later, versus, say, a longer approach that could be coming from BHP. I'm just wondering if there are any conditions that would require development to start under any specific timeline. Yeah, I think both, both parties are aligned on wanting to develop this district and wanting to do so in an efficient way. And there's, you know, a lot of de-risking that's been done when, with Josemaria under 100% ownership of Lundin Mining. And I think that's also been, you know, leading into to getting this deal done. So I think there is alignment that we want to move the district forward, but now by putting Filo together with Josemaria, we get to do so in a way that will ultimately create much more value for, for the stakeholders involved. And so I think, you know, we're gonna be looking at doing this on an efficient timeline, and, and there is alignment to do so. I'm not too worried about having kind of a big delay on advancing the, you know, the development phase of this. Finally, for me, assuming permits are received in a fiscal stability agreement, should we anticipate development to begin in 2026, or could it even be later now? I think we'll have to wait for the update in the first half of 2025 for that. But of course, with the investment conditions in Argentina opening up and being quite favorable with the, you know, recent bill that was passed through Congress, you know, we definitely want to leverage off of that and, and take advantage of the favorable investment conditions. And I think, again, there's alignment from both sides that we should very much plan to do that. So, you know, we're still working towards advancing towards a development scenario, but now we have to focus on, you know, advancing Josemaria, letting Filo continue to advance their work, closing the transaction, and then coming up to the market with a, you know, with a pragmatic approach on how to deliver this development. Okay. Thank you. I'll pass it on. Your next question comes from the line of Ralph Profiti with Eight Capital. Please go ahead. Thanks, operator. Thanks, Team Lundin, for the comprehensive presentation. Jack, there's. You spoke about continuity of Josemaria and the work that's going on there. And just wondering if, you know, that 150,000 tons per day is sort of the right size, you know, in terms of the concentrator. And just wondering if what you see now there could be opportunities for a material scale-up of that capacity, and if that's gonna be part of the trade-off studies? ... Yeah, that's a great question. I think all of that will be incorporated in these trade-off studies. But as we've mentioned, and as we continue to believe, how to unlock this district is to really do so in a phased or, or sequenced manner. And so, you know, the, the initial starter project won't be something, that we can just scale up to a, to a magnitude of, beyond, I would say, 150,000-200,000 tons per day. But there's still a lot of work to be done to, to see what's achievable. You know, we'll wanna scale up as quick as possible, but we'll need to do so in a pragmatic manner. You know, there's a lot of studying to do when we look at Josemaria, and you know, the concepts that we've designed as a standalone, and now we've got Filo and the drilling that's been done, the understanding of the oxides there. So there's a lot of opportunities to incorporate many components of this district now. You know, of course, scaling up will be key, but we wanna do so in a phased approach. Gotcha. Thanks for that. And, you know, I don't wanna stray too far off topic, but, you know, there's been comments in the press about your position on the European assets and how that sort of fits with growing, you know, this, this type of project and this type of jurisdiction. I wonder if you can comment on where you stand on the European assets and, you know, 'cause it just this, it seems like a very robust valuation, and a very, a quite compelling balance sheet perspective that, you know, this is not really something that needs to be done. Just want to get your comments on that. Yeah, what I will say is Lundin Mining is in a very strong position today to continue operating all of the assets that we have in our portfolio. We're not in a position where we need to divest out of anything, but we remain opportunistic on seeing, you know, what we can do in the market, and that's how we have to look at all of our assets. As it pertains to our European assets, these are still, you know, important for our portfolio, and we'll continue to run those for as long as we have them, you know, with operations excellence in front of mind. But again, we don't need to sell any of our assets in order to make these ambitions here in the Vicuña District a reality. We will continue to remain opportunistic and see if there are opportunities for divestitures or for maintaining all of our assets. Excellent to hear. Thanks to the team, and good luck. Thank you. Your next question comes from the line of Dalton Baretto with Canaccord. Please go ahead. Thanks. Good morning, Jack and team, and, congrats on this deal here. Jack, I think you touched on this a little bit. But with this Argentine RIGI bill passing, my understanding is that you've got to kick off the project, you know, whatever project you designate, within two years, and then spend about 40% of the CapEx within the first two years. And I'm just wondering, you know, like, it makes sense to me for Josemaria, but is there an opportunity to get Filo into this as well? And, you know, how you're thinking about that. Yeah, of course, we're monitoring the developments in Argentina, and understanding this RIGI Bill will be really a foundational step for us in forming what will be fiscal stability for this combined project. And so, you know, we wanna tap into that window of opportunity. And of course, there's a lot of discussions to be held now with the authorities, both locally in San Juan and federally in Buenos Aires. And I think, you know, there's an opportunity to combine both of these assets so they can benefit from the RIGI Bill. And we know that there's an incentive to invest in the near term. So all of that plays into how we develop our strategy for, you know, ultimately going into development on the district here in Argentina. Okay, great. And then maybe just, thinking a little bit further ahead, where does, or how does Lunahuasi fit into all this, as well, as well as Los Helados? Are you planning to keep the JV purely Argentinian, or are you okay to include, Chilean assets in there as well eventually? Yeah, right now we're focused on the assets that are going to be held within the JV, so Filo del Sol and Josemaria. You know, we'll seek opportunities as they come our way, but right now we've got a big workload ahead of us to consolidate, you know, with both Filo and Josemaria coming together and really putting our best foot forward on coming up with a sequence development scenario for these two assets. And, you know, we're focused on the Argentinian side of the district with this JV. Right now, I think with what we have, the advancements and the, you know, de-risking that we've done on Josemaria and the tremendous opportunity that Filo presents, you know, we're very excited about these two assets, and we'll assess opportunities beyond that, you know, at a later time. Great. And if I can just squeeze one last one in then. The Filo oxides, could we see a situation just, you know, given what we talked about with the RIGI Bill, where you progress the Filo oxides in parallel with Josemaria, or will you sequence them? I don't think that that's out of the question. Like, nothing's off the table right now. We have the opportunity to look at kind of a lot of combinations on how we can, you know, create the most value here and really do so in a sustainable and responsible way. We're really wanting to tap into economies of scale. We're wanting to, you know, ensure that we can utilize infrastructure and share infrastructure. And I think, you know, being able to run multiple projects in parallel is something compelling that we'll look into. But ultimately, the strategy or the sequence of how we develop these assets hasn't been fully determined yet. Thanks, Jack. That's all for me. Thank you. Your next question comes from the line of Bryce Adams with CIBC Capital Markets. Please go ahead. Thanks, Jack and team. I understand the work plans will become clearer next year, but as a follow-on to this, discussion around integration... ...Under the JV, how soon do you think Filo could be an ore source? Would that be within the first 10 years of production, or would it be phased later than that, with Josemaria being the only source up front and then Filo coming in later? When you optimize the combined properties, what year could those Filo sulfides be fed for the plant, potentially? Yeah, that, that's a great question. I mean, we're focusing on, you know, and, and Filo's been doing a great job on, on defining kind of the perimeters of, of this deposit, and they, they really have yet to find the boundaries of, of Filo del Sol. But we know that there's a high-grade core of sulfides, as, as shown in the presentation, really surrounding in this, in this Aurora Zone. And so, you know, I think the best way to, to build this district and to build these mines together will be to focus on getting into higher grade material as soon as possible to really rapidly advance that payback period. So, you know, we're gonna incorporate a lot of different ideas to, to make sure that we can get to the sulfide ore of Filo as soon as possible. But I think that there's some lower hanging fruit that we'll be able to tap into ahead of getting into the sulfides in Filo. So, I don't want to go and say that it's gonna be 10 years from production, hopefully sooner than that, but there's, you know, a lot to put together and a lot of engineering work to be done, which is an exciting opportunity for us. Okay, thanks. I look forward to the future updates. Thank you. Your next question comes from the line of Lawson Winder with Bank of America Securities. Please go ahead. Yeah, thanks, operator. Congratulations, Lundin folks, on this transformable transaction. I wanted to ask about approvals. Which countries are expected to have to provide approvals for these two transactions? And then do you have a sense if the relevant countries from which you require regulatory approvals will be viewing both the JV transaction and the acquisition of Filo as one or separate transactions? Good morning, Lawson. It's Teitur here. So the countries we are seeking approvals from are South Korea, it's China. In Europe, I believe it's Poland and Germany, and Vietnam as well. Yeah. I think those are the key countries. There might be one or two I missed out, but in essence, there are quite a few countries where we need antitrust approvals from. And any sense- It's on that basis, we've set closing to be in Q1 next year, because I think that that will be the lowest common denominator on getting approvals on everything. Yeah. Okay, that makes sense. And then any sense on whether they view the two transactions as one or separate, or, I mean, have you had those conversations yet, or is it too early to judge that? Yeah, I think it's too early to comment on that. But clearly, the agreements are conditional upon each other, so we need approvals on everything across the board for the transaction to complete. Gotcha. Okay, thanks. Thanks very much. And Teitur, while I have you, are you able—I mean, I know we're gonna get results tonight, but are you able to just give us a little preview on the updated net debt position and leverage ratio post the acquisition of the increased interest in Caserones? So sort of where we were standing yesterday before this deal was announced. No, you've got to watch this space. We're gonna come out with that this evening. Yeah, fair enough. And then just, one final question, sort of in light of the prior question on, on divestitures, or potential divestitures of the European assets, the color there was very helpful. But just conversely, this is Lundin Mining's second major transaction of 2024. How might investors handicap the potential for further transactions this year? Yeah, I think we've got a team focused on making sure that we're maximizing value of our portfolio. And so, you know, I think it—we've seen the sector has gone through some ups and downs, ups and downs, and there's been quite a large sell-off in the copper price. But long term, we see, you know, serious opportunity for base metal prices to go higher, and that's what we're building our strategy off of and our thesis, that we can grow really in an area where you've you're tapping into scale and the magnitude that presents itself in the Vicuña District. So the company is really focused on growing in this area, and we want to make sure that the team in the long term can be focused on delivering value in this region. So we have to look at all of our assets, and, you know, if there's an opportunity to divest out of anything that we consider to be non-core, you know, we have a team capable of doing that, whether it be this year or next year. But again, I just want to reiterate, we're in no need to, from a financial perspective, divest out of any asset. We do so based on what we believe is best for our portfolio. Okay. Thanks very much for the color, guys. I appreciate it. Next question comes from the line of Daniel Major with UBS. Please go ahead. Hi. Yeah, thanks so much for the question. Just a couple on my side. On the RIGI Bill and then the pathway towards finalizing fiscal terms, either for, you know, kind of Josemaria or the broader project, can you just let us know exactly what the next timeline, next key steps are within that? And also your confidence in being able to defend this under international arbitration in future governments in Argentina? Yeah. So we're, we, we'll continue, you know, engaging as we have been in a transparent way with the local and federal government in Argentina, and talking about our, you know, explaining our ambitions to build out the district here on the Argentinian side. And I think, you know, fiscal stability and forming that, and doing so in collaboration with our future partners in BHP is going to be, you know, very important. So we'll continue the dialogue, but, again, we'll only be in a position to really update the market on the development strategy, the execution plan, you know, and a sound framework to establish fiscal stability on once the transaction closes. You know, rest assured we're gonna be continuing to work on all of these elements in the coming months. Okay. So don't you really have visibility on that when the deal closes? Okay. The second question, what is the latest thinking on logistics and concentrate transport, in particular, in terms of your latest iterations of the development for the district? Is that going to be through Argentina or through Chile at this point? I think as we've been describing in the past, being able to tap into existing infrastructure that Lundin Mining or our partner will have, is I think, a way to advance the permitting timeline and to advance ultimately, the development timeline in bringing this product to market. And so, you know, we're very keen to continue exploring the path of bringing our product through Chile, through our port in Caldera. And so, you know, I think from our perspective, we wanna maintain exploring that avenue. But of course, the opportunities will grow because of the land package now that we're going to be controlling and the mineralization, and the deposits that we have. So, you know, we need to continue to keep all doors and options open, but we are still keen to move down the pathway of looking at bringing our product west through Chile. Okay, thanks. Then final one, if I may. We look at BHP as a partner, from your side, what do you think the most valuable thing they, they bring to the joint venture? I think there's a number of, you know, important elements that this partnership will, will, will bring. You know, we're looking at combining complementary skill sets and combining experiences. Lundin Mining and the Lundin group's experience in, in the region, will be very, you know, important for coming up with a plan on how to advance this project, or these projects into the next phase. BHP being an industry leader, the largest mining company, and operating the largest mine in the world in Chile, and having the reputation that they do in, in South America, is, is going to really, you know, I think, create a, a win-win and, and really bolster the, the prospect of us bringing this, this district into the next phase. So I really think that, you know, they've got obviously a lot of depth, they've got a great reputation, and they've got a strong balance sheet to help fund what we will ultimately need to, you know, bring this into the development phase. So all of those combined, I think we're gonna create a very strong partnership, which will leverage on capabilities from both sides, and ultimately, create value for both sides, for the shareholders and for all the stakeholders involved in this area. Great, thanks, and good luck. Thank you. Your next question comes from the line of Connor Mackay, with Ventum Financial. Please go ahead. Thanks, operator, and congratulations, Jack and team, on getting the transaction over the line. I was just wondering if you could touch on the potential financing options that you will have at your disposal when you look at, you know, the eventual cost to construct Josemaria and then getting into Filo. Yeah, what are, what are you looking at in terms of being able to foot that bill? Yeah, good morning, Connor. I can take that. So we are still gonna... Again, as Jack has been alluded to, we're keeping all options open on all fronts, including how we choose to finance the joint venture moving forward. I mean, the good news is obviously we have a very, very strong financial partner. Both of us have relatively cheap access to debt at the parent company level, but we haven't taken any other options off the table either, including potential project financing on this. So in parallel with the development concept, we are also assessing the financing options along those lines. So no final decision taken on that at the moment. Thanks. And then, just one more quick one. I was just thinking about, you know, the Filo del Sol being a truly cross-border project with parts of the deposit in both Chile and Argentina. What implications does that have when you're looking at your trade-off studies? Is there, you know, a thought to try to keep the initial operation in Argentina or go ahead and just look at the deposit as a whole and see what works best from a technical standpoint? Just how are you approaching that cross-border issue? I think the scale of this and the partners that are coming in, and the relationships that we have on both sides of the border, will give us an opportunity to look at this as a binational opportunity, especially as some of the mineralization for the Filo deposit straddles the border. So we don't want to encumber ourselves on one side. You know, however, I think as we start to build out these assets, you'll see the infrastructure and the majority of the development coming in on the San Juan, Argentina, side. But now, you know, with a partner like BHP and with Lundin Mining's commitment to both Atacama, San Juan, in Chile and Argentina, I think the opportunity to create long-lasting binational agreements that can, you know, ensure we really build this mine in the best and most responsible way, I think we'll be able to achieve that with all of the metrics that exist on this. Perfect. Thanks. That's it for me. Congratulations again. Thank you. Your next question comes from the line of Steve, Stefan Ioannou with Cormark Securities. Please go ahead. Yeah, thanks very much. Yeah, great, great to see the transaction, guys. I don't know if you can speak directly for Filo, but just kind of curious, you know, one of the big milestones they had, and maybe this is where the $115 million private placement feeds into, was to table a sulfide resource, a maiden sulfide resource for Filo later this year. Are you under the impression that's still the case? Like, when you close this transaction, should we anticipate that a resource will be in hand, or is that something that maybe gets pushed out and becomes more of a Lundin, BHP, task or to-do? Either, yeah, I think as it pertains to the Filo work plan and what the Filo team is going to be working on, I would definitely encourage you to ask the Filo team. But obviously, with that private placement, it's going to be utilized so that they can continue working on de-risking, drilling, and running the programs that they have. So, yeah, I'd encourage you to speak to Filo. But I, you know, as it pertains to a updated or a resource on the sulfides, I don't think that will be coming in before the end of this year. Okay. Okay, thanks very much. Your next question comes from the line of Richard Hatch with Berenberg. Please go ahead. Yeah, thanks very much for the call. Much appreciated. Just looking at slide 21, I mean, you compare this sort of district to some pretty amazing copper districts, you know, Escondida, Chuquicamata, Collahuasi, mines that produce, you know, over 500,000- millions tons a year of copper. I completely understand that you, you've got a lot of opportunity here, exploration-wise, to your point on the sulfide resource just now. Do you think that this could be something that delivers that kind of scale into the, you know, into the long term? Just interested to hear your views on what this could potentially become, given that you compare it to some pretty amazing copper mines. Yeah, I definitely think that this district here has the opportunity and the potential to rival some of the world's largest mining complexes. You know, when you look at the characteristics of the Filo del Sol deposit, when you look at kind of what we've been able to prove out with Josemaria, and you look at the prospectivity and the mineralization that exists in that area, you know, there's going to be a regional development plan, as we've discussed here. But also, you know, to now look at this exploration plan and really broaden our horizon and think of it as a regional exploration, I think we're gonna see, you know, this continue to scale up, and I think the opportunity is immense. It's extremely exciting for us to be a part of it. And that's why I think this partnership is being formed right now, at this time, when we believe the world is definitely in need of copper deposits coming online and copper production coming online. So, you know, we're very excited. We think that this is definitely something that has, you know, all of the characteristics to match the scale and size of the world's biggest. Cool. Thanks for the clarity. Cheers. We do have a follow-up question from Orest Wowkodaw with Scotiabank. Please go ahead. Hi, thanks for taking the follow-up. Just wanted to be clear about the JV structure. Will this be similar to what we're seeing at Kayasi or Antamina with this operatorship structure, where there's effectively independent management of both the development and the operatorship? Hey, Orest. Yeah, that's correct. So the JV will have an independent management team with joint oversight from BHP and Lundin Mining, and equal representation on the board. So, you know, this is a strategic decision that both parties believe is optimal for the project. And, as I've said, I think it's the best way to leverage complementary capabilities, and that's what we're driving for in the structure of this JV. Okay. And just an accounting question quickly for Teitur. Is this—starting in 2025, are you going to just be recognizing now 50%, or will you fully consolidate the joint venture? Yeah, that's yet to be determined, but, we believe in the way the joint venture framework is set up, that there should be a high likelihood for us to be able to proportionately consolidate this, so we will take 50%. But that's yet to be confirmed with our auditors. Okay. Thank you very much. Your next question comes from the line of Ioannis Masvoulas with Morgan Stanley. Please go ahead. ... Yes, hello. Thank you very much for taking my questions, and congratulations on the transaction. But just one left on my side, and apologies if you have already addressed it, but you're starting with 50/50 JV with BHP. Is the prospect for your share to be diluted down over time, or do you have the ambition to maintain that stake throughout the development? Thank you. Hi, there. Yeah, I think, you know, for us right now, forming this 50/50 JV is the priority. You know, at this moment in time, we wouldn't be looking to sell down. I think maintaining this stake in the JV and continuing to have the, you know, the rights that we will have as a 50/50 owner of this JV is going to be key for us going forward. So at this point in time, you know, maintaining a 50/50 structure, I think both sides are aligned on doing that. Thanks very much. Your next question comes from the line of Lawson Winder with Bank of America Securities. Please go ahead. Operator, thank you. Gentlemen, thank you for taking my follow-up. I just wanted to follow up on my question to some of the others on M&A and divestitures, and just ask the question, you know, given your goals to grow in copper, is Lundin still an acquirer of copper assets going forward from this transaction? Thank you. Hey, Lawson. You know, I think sticking on the theme that I was mentioning before, like, we remain opportunistic. If an opportunity comes our way to look at acquiring a new asset or to doing a transaction that would strategically make sense for the strategy of Lundin Mining, then, of course, we would entertain that. I think that's always been a strength of this organization, is being able to stay opportunistic and capitalize when we see there's something that makes sense for our business. So I think that works both ways, whether we're looking at acquisitions or whether we're looking at divesting out of any of our existing mines. Okay, thank you for clarifying that. I appreciate it, Jack. Take care, guys. No problem. Your next question comes from the line of Matt Greene with Goldman Sachs. Please go ahead. Hey, good morning, Jack. Congratulations on the transaction. Just a quick question on the... As part of this JV, are any agreements in place with BHP whereby they would participate with Lundin Mining in the future on potentially consolidating NGEx or gaining access to infrastructure in Chile? Yeah. Thanks, Matt, for the question. Right now, I'm not really at liberty to discuss on the true mechanics of the, of these details within the JV. But for us, you know, maintaining kind of what we have with, with BHP and, and looking at Lundin Mining and BHP as the, the, the group or this JV that will be formed to really build out the, uh, district on the Argentinian side, uh, you know, I think that puts us in a position if we want to ex-- grow or expand, um, you know, then we can look at that together in the future. But right now, with Josemaria, with Filo, bringing these assets together, coming up with a you know appropriate sequence development plan, and you know all of the things that are entailed around that, forming fiscal stability, financing the the project, and and and really kind of marketing the merits of both Filo and Josemaria, you know that's that's our main focus right now. That's great. Thanks. And just one more. Has BHP already reviewed and signed off on Josemaria's scope, the engineering work, as well as all your environmental impact studies? Well, there's been a lot of reviews ongoing and that have been done in the past on with BHP on Josemaria, and I think that broadly, there's alignment on what this project looks like as a standalone, and now the exciting opportunity of what it looks like by, you know, having it as part of a phased development and incorporating the large-scale Filo del Sol project. So I think, you know, what's been great is that there is alignment on these on the work that's been done, and now combining the entities and using skill sets from both parties, we'll really look to kind of, you know, seek new and larger opportunities. That's great. Thanks, Jack. All the best. Thank you. There are no further questions at this time. I would like to turn it back to Jack Lundin for closing remarks. Yeah, thank you very much. We just want to take a moment to thank everyone for joining the call, asking the questions, and thanks for, you know, all parties that have been involved on this. There's still a lot of work to be done, but an extremely exciting opportunity, and we do really believe, as Teitur was saying, that we've created a win-win scenario for all parties involved. So we look forward to advancing and moving this deal through to close, and then really getting ready on putting together a sound development plan for the Vicuña District in Argentina. So thank you, everyone. Thank you, presenters. Ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect.