Good morning, everybody. Welcome to MAG Silver's presentation: 2023 Mineral Reserve and Initial Life of Mine Plan for Juanicipio. A 2023 resource reserve calculation, which we will call now the 2024 Technical Report. My name's George Paspalas. I'm the President and CEO of MAG. I'm joined by Fausto Di Trapani, our CFO, and Gary Methven, our VP of Technical Services. We're doing this presentation in person here in Toronto, but there's also a webcast, so maybe good afternoon or good evening to some of you on the webcast. As we move forward, we'll be making forward-looking statements during this presentation, and I think a lot of you who have heard us speak at MAG before. At MAG, we have a reputation for turning forward-looking statements into facts, hence the reserves, inaugural reserves, and Initial Mine Plan for Juanicipio, along with all the discoveries that were made at the Juanicipio property. True to form, we will continue to make forward-looking statements today. This is MAG, the principal asset and the focus of today's presentation, the Juanicipio property. We also have the Deer Trail exploration property in Utah and Larder, a gold exploration property in Ontario. We remain, we always have been, focused on advancing high-grade district-scale projects in the Americas. Juanicipio, our flagship, is at nameplate now, 4,000-ton-per-day run rate, but we have organic growth potential at Juanicipio. As good as Juanicipio is and as robust the cash flows from Juanicipio will be generationally, please don't forget Juanicipio is still very much an exploration story, and obviously there's organic potential for growth at Deer Trail and Larder. We're in great shape now. $69 million of cash on the balance sheet at the end of the year. We have no debt, and, we have a $40 million revolver, which is currently undrawn. We returned $33.4 million of cash from Juanicipio back to MAG in Vancouver in the second half of last year, so we are well positioned for continued value creation. Focusing now on Juanicipio. Here you see in the red, property map here, that's the joint venture ground in the Fresnillo Trend, the Fresnillo Trend, the preeminent silver district in the world. Over 3 billion ounces of silver have been produced from this area. One of the sound bites is one of every 10 ounces of silver ever produced comes from this prolific area, and here we are smack bang in the middle of the Fresnillo tenements that sit in the Fresnillo in the Trend. As I said, Juanicipio is now up and operating. Last year, we mined 1.3 million tons at an average silver grade of 472 grams per ton, produced 16.8 million ounces of silver at an all-in sustaining cash cost for the second half of the year of $9.18 per ounce. This is in a ramp-up year. As we look forward now, we're going from ramp-up into steady-state operations, consolidating operational efficiencies and improvements and cost control. At the bottom, you see what we've achieved for the year of last year. We started the plant in March. We got to commercial production in June. We achieved the 4,000-ton-per-day run rate, throughput rate, in the third quarter, and we operated the fourth quarter at that run rate, and we are now in free cash flow generation. So here's a bit more of a focused look at last year. As I said, we ramped up in six months from pressing the start switch to nameplate. You can see here in the right-hand side on the dark blue column graphs, that's the mining rate. So as the plant was ramping up, commensurate with that, the underground mining rate was ramping up. On the next column graph on the right there, you see the light and the dark blue. The light blue represents material that was put through two adjacent Fresnillo plants, the Fresnillo and then the Saucito mine. This was necessitated because for the year of 2022, our plant was built ready to go, but we hadn't had the power connected from the national regulator. A single asset producer, you've sunk the capital into the plant, you have to finalize paying for it, and you can't get your plant connected, that would typically be catastrophic. We made $120 million of operating cash flow during that year, and that's what those light blue bars represent on that column graph. The dark blue is you see the Juanicipio plant coming in and starting to ramp up, and now as we go forward, exclusively, unless there's major shutdowns on the Juanicipio plant, which we can offset by putting through the Fresnillo plants, we will be running the Juanicipio plant. So you see the silver production down there in the lower left column graph. Again, the silver coming from the Fresnillo plants in the light blue, the Juanicipio plant in the dark blue. As we turn to steady-state operations now, one of our focus areas is improving the metal recoveries. We're enjoying 88%-89% silver recovery at the moment. We'd like to get that number into the low 90s if possible. Incremental revenue for us it just increases the profitability of the mine, and our balance sheet's growing. In the second half of last year, in that ramp-up year, we made $103 million of free cash flow. We returned $33.4 million back to MAG. We've got $88 million in working capital at the joint venture level and $43 million of cash on hand at the joint venture level. What drives that is the bottom right-hand graph, best-in-class margins, all-in sustaining cash costs around $9 an ounce of silver. And as you'll see, as we go forward with our technical report, our reserves, and our new life of mine plan, this margin continues at Juanicipio. You can see in that graph we're looking at just over $60 million per quarter in operating margin. Costs are a focus for us like anyone, particularly coming off a ramp-up year. Now, 2023 was, "Okay, let's get the rock from the start to the finish. Let's do whatever we can to make a concentrate. Let's just push, push things through." With the mine and the process plant is now proven. It's de-risked. Now we turn our hands to operating efficiencies. So turning into the technical reports now, and I'll start with a recap of the 2017 PEA. I think it's important here just to pause and understand the nature of Juanicipio. Now, a lot of people in the room here, I you know MAG for many, many years. You've probably heard this a lot. The Juanicipio vein from the Buchanan Model is a boiling zone. In epithermal vein systems in boiling zone, you are typically silver-rich at the top and more base metal dominant at depth. We see that in the 150 years of Fresnillo mining in this area, and we definitely see that at Juanicipio. The other thing that you'll know about Juanicipio is it's a fluid-upwelling zone. It's one of those rare-found geological occurrences where the metals came from deeper and precipitated or deposited near the surface where we can mine them. And what that means is that any permeable structure around the fluid-upwelling zone will be mineralized. Now, because of the nature of this boiling zone, multiple mineralized structures, we have maintained the 2017 PEA as our technical report until we got into production because so much of the mineralization is in the Inferred category. It is not economic for us to go and drill off the Inferred category. We know it's there. One of the important elements to remember from this presentation, and as you read the technical report, there exists almost half of the mineralization at Juanicipio. It exists in Inferred, and we will, when prudent, convert that Inferred. So you see here and, you know, you've again, the people who know us remember the shaft to nowhere. All right? When we did our PEA, we had a subvertical shaft going in, but we couldn't talk about the economics of the Inferred. This is why the regulators are saying you should keep a PEA as your technical report so you don't mislead people by ignoring a bunch of the mineralization in your economics. So as we've got into production, we have real-life data. We now have a technical report that has reserves. Please, I draw your attention, don't forget the Inferred. The Inferred here is very important. So our operating history of last year has confirmed Juanicipio as a tier-one high-margin asset, which are one of those forward-looking statements turning into facts from the PEA. You see at the bottom of the screen here, the PEA identified Juanicipio as a high-margin tier-one, tier-one asset. You can see here we've got 12 million tons, almost 30 million tons, in M&I, average silver grade of 427 grams per ton. A lot's happened since then. Now, we've done another 194 km of drilling, 286 holes, and we've converted a good portion of the M&I now into reserves. We've developed the mine. We built it during COVID. We built the mine essentially on time, and when we were ready to plug it in in December of 2021, the regulators said, "We're not ready." We plugged it in in December of 2022. But a few of you have been to the mine recently, and I think Craig will verify. This is a standout asset that's been built. It's been built for the long haul. It's a generational asset in its geological endowment. It's a generational asset in the infrastructure that's been embedded for the facilities. As I said, we commissioned. We got to nameplate in six months. We now have an optimization pathway moving into 2024 with our looking at recoveries, looking at underground efficiencies, looking at efficiencies in the plant, and obviously cost control. Up until the date of our reserve calculation, we had mined 1.5 million tons at an average grade of 477 grams per ton. Again, de-risking, verifying that Juanicipio is a high-grade, high-margin tier-one asset, and we have so much room to grow down there. It's amazing. I'm gonna take you through those growth potentials a little later in the presentation. Juanicipio is here. It's confirmed tier-one high-margin asset that's aligned with our strategic objectives of having a cash-flowing asset that generates capital, that we build a robust balance sheet and fund our exploration desires at Deer Trail and at Larder. Turning to the 2024 Technical Report, here are the highlights. We've seen a 33% growth in M&I from the 2017 PEA. If you take out that 1.5 million tons that we mined, it's actually a 51% growth in M&I after depletion. A 16% growth in inferred resources, 406 contained silver equivalent ounces in M&I, up 24% from the previous technical report. Our inaugural mineral reserve, 318 million equivalent ounces of silver. We make, on average, over the life of the mine, 18.5 million payable ounces of silver, which is you see our annual production here is over 20 million ounces of silver equivalents produced. The payables 18.5. Industry-leading all-in sustaining cash costs of $12.35 per equivalent ounce of silver and significant exploration upside. Our reserves are calculated at $20 silver and $1,750 gold. A point to note about the inaugural reserve and this technical report. This is our first full year of production, 2024. The inputs to the technical report were done in May of 2023. We only turned the plant on in March of 2023. So our view internally is that our reserve statement, this technical report, represents a cautious representation of what Juanicipio is. But this technical report continues to confirm Juanicipio is a high-grade tier-one high-margin asset. If we look at the update in the mineral resources, we see a significant uplift from the PEA up to the current technical report in Indicated, a significant jump. We add in some measured in the measured and indicated category, and there's an increase in inferred as well, a 33% growth in measured and indicated after extraction of the 1.5 million tons, a 90% conversion of M&I into reserves, very consistent with the historical conversion of these epithermal veins in the Fresnillo trend. Now, with what we've mined and what we see in front of us, we've confirmed the high-grade nature of this deposit, and we now have an increase in confidence in the future here with the infill drilling that we've done since 2017. Again, we've gotta remember, in 2015, we put four sterilization holes in under the Bonanza Zone just to prove that it was like every other epithermal vein in this system that's 3 or 400 meters high. We wanted to sterilize it so we can go and look at some other targets, and that's when we found the Deep Zone. So as we went into our 2017 PEA, which had input data from 2016, it was very raw, all right? We had wide spacings. We had Inferred. A lot of the work since then on the drilling has been deep, proving out that Deep Zone. The Deep Zone's very important 'cause it has what's called a dilating zone where one of the walls of the vein pulls apart, and it goes from an average five to six meters width to 30. It's like an upside-down mine in terms of mining costs. As you get deeper, your mining costs go down. We wanted to be sure of this. We wanted to infill this. We wanted to understand it. And so what has happened in the process of seeing this significant increase in mineral endowment between technical reports? A lot of what's driving the growth is drilling deeper in the system. I take it back to the zonation. These epithermal veins are silver-rich at the top, more base metal dominant at the bottom. So if you have a look at the comparison between the 2017 PEA and where we are now with the 2024 technical report, because of that deep, deep zone infill drilling, we've seen significant increases in lead and zinc. We've seen a reduction in silver grade because down deep, the silver grade's lower, and we actually report here this is before that 1.5-million-ton depletion, all right? This is a bit biased to the low side, but we see a 27% reduction in silver grade globally. We see hardly any change whoops, sorry. Fat thumb. We see hardly any change in the silver equivalent grade, which you can see there, only down 6% for a substantial increase in the reliability of the data and a growth in the resource package. So this shows our mineral resources now. You can see here in the circle graph on the left, our 17 million tons of M&I have converted to about 15 million tons of reserves, about a 90% tonnage conversion, which is typical, as I said, for the area. We put conservative mine recovery assumptions in here and conservative dilution factors because, again, you know, it's our first full year of operation. Let's not get too far ahead of ourselves. Let's be conservative. And we've come up with a really good complement here, 15 million tons of reserves grading 1.6 grams of gold, 250 grams silver, and, you know, significant lead and zinc. This is the global reserve package. I think what's important to focus on here, though, is more granular year by year. And here you see the historical story of what happens at Juanicipio. You see here in the blue columns, that's the tonnage, and we've ramped up to nameplate. And for the sake of this technical report, we've assumed a tabletop here where we continue running at the 4,000 tons per day at a 91% operating time. Up in the green circles, you see the silver grade, which shows that typical zonation that we all know about in these epithermal vein systems. Year on year, the silver grade goes down as you get deeper in the mine. But what has come out of this infill drilling, this conversion to reserves, the equivalent grade doesn't change. That means the value of the rock you mine on a daily basis is not changing, which is great for ensuring reliable, consistent cash flow. And look at the table down here. As you get deeper, some of those base metal grades really pop. But this isn't the full story. The reserves that we're reporting now in the Technical Report are a function of that 190kms of drilling that was done primarily deep in the system. Remember the Bonanza Zone? Remember those high grades of silver? They're not in this because they sit in Inferred, and we can't apply any economics to the Inferred, but I'm gonna talk about it because the Inferred is in the complete global resource package, the Technical Report. So here's our metal production. As we go forward now, you see a relatively flat profile of metal production. You do see in the dark columns a reduction in the contributions from silver. That is by virtue of the construct of this technical report, which is focused on deeper drilling and a global reserve statement. There is the potential to positively impact those dark blue bars by the conversion of inferred into reserves. But this is outstanding. I mean, this is 20+ million ounces of equivalent for the end of the mine life, a mine life that is 13 years based on reserves, which is about half of the known mineral endowment at the moment. And you see over there in the circle graphs on the inner circle up until 2028, the silver from the reserve package contributes on average over those years, 53% of the revenue. It's higher in the first years, as you can see here in the, sorry, my pointer stopped working, so I, I can't actually point to the data. But you can see it's much like where we are now. We're 70% silver by revenue. The conversion of inferred will bump that 53% up. And over the complete life of mine, you can see the contributions of the base metals coming from depth starting to really, you know, bias the cash flow and the revenue towards the base metals. So here's the capital expenditure. It's flatlined, starting to taper down now. This year and the first half of next year are the last big spend years. This is the technical report. I see you're looking at it, Craig, and it's slightly different from what we're saying because the technical report doesn't have the cost for the conveyor and the cost for the current tailings cell in there. So there's over the course of the next 18 months, there's about $40 million more CapEx in there. But this gives you an idea of what the capital profile is going forward, underground development, underground infrastructure, equipment rebuilds, underground mining equipment rebuilds starting to come in in that green graph. But essentially, the spend is over, and we're starting to get into a normal, sustained capital spend rate around $35-$40 million. Okay. Now the fun, the cash flow. Here you see by year the cash flow from the reserves of Juanicipio. The dark blue is the cash flow calculated at $22 silver. The green increment on top is the cash flow at spot current spot prices. So you can see with that high margin, we're very leveraged to the silver price. But we're looking here at, you know, $148 million average cash flow for the next five years or $135 million over the next 10 years at that $22 silver. That cranks up to $180 million over the next five years or $163 for the next 10 years at $25 silver. Robust cash flow is the key at Juanicipio driven by these high margins, and it's polymetallic cash flow, so we can take advantages of swings and roundabouts. We can offset a single commodity depressed price with the other commodity prices that are in our mix. And here you see the NPVs that come in at $22 silver. We have an NPV of $1.2 billion. Take it to 25, $1.4 billion. So Juanicipio now has arrived. It is a robust, long-life, high-margin property that's gonna generate a lot of cash. There's a forward-looking statement becoming a fact. We've been saying that for a long time. Now I wanna turn to the inferred because this is a very important piece of the understanding of what Juanicipio is. But inferred, obviously, doesn't figure in the economics of our current technical report. But what's really important is there another pointer, guys? 'Cause, is there another pointer? It's important to point to the picture and talk about it. But what you see up here is a long section thanks, mate of Juanicipio, oh, sorry, of the Valdecañas vein mineralized envelope. Oh, that's something I've been dying to say today, all right? Since 2013, all we've been able to talk about at Juanicipio is mineralized material by virtue of 43-101 and the factors of PEA. We can now talk about all. I can't wait to start using that word again. I'm a producer. I'm an operator. So what we see here, in this section whoops. What we see here in this section is the outline of the mineralized envelope of Valdecañas. And then in here, the silvery material, there's the mine outstopes, and here's the infrastructure. So what's in blue here are the reserves as per the 2024 technical report. So the technical report will talk to the production and the cash flow from the blue bits. Important stuff here are the orangey red bits, which is the inferred. Valdecañas, the main vein in the Valdecañas vein system, is the priority focus. It's where all the reserves are. It's the massive system. We believe that we can target a three to five year mine life extension from the inferred that we know exists currently at Juanicipio in Valdecañas. That's most likely to increase as we step out. But we also have other systems and this is part of Ramal 1. In fact, this table here shows the breakdown of the individual structures that comprise the inferred. These are the exciting ones. If we go and look at Anticipada and Ramal, what we see, the red and the orange inferred, is higher in the system. Remember, higher in the system on that zonation means higher silver grade. This isn't in the technical report other than in the global resource number. Our intention moving forward now, and we've commenced the discussions with Fresnillo in January, is we need to start to target infill drilling higher up in the mine to bring these high-grade silver inferred categories into production, into the mine plan. Ramal here is a splay off Valdecañas, all right? All you have to do is toggle the jumbo for 10 seconds, and you're now mining Ramal from where you were mining Valdecañas. We actually started mining this recently. On the weekend, we had a face sampling, six meters, 966 grams per ton silver, all right? So when you look at the global reserve statement of Juanicipio, please consider that with the inferred in the back of your mind 'cause the inferred is silver grade upside for us. This just shows a breakdown of, you know, of what we see in Ramal and Anticipada. As much as the beast of Valdecañas is significant, 132 million ounces of silver equivalent, you add Ramal and Anticipada together, you're getting a similar volume. So I'll go back to this for a minute. This doesn't require exploration. This is there. We know it. We see it. The cross-cutting, the oblique Venadas, Venadas veins, they run across where we're mining, all right? It's there. It's just a matter of either mining it or doing a little bit of infill drilling to bring it into a reserve base. No exploration required. It's there. It's infill drilling. This is the exploration story. We all understand now the importance of an upwelling zone, very unique, high grade, multiple structures. They form vein systems, not a vein but a system of veins. There's very compelling reasons to believe that there are potentially three more of these upwelling zones on the joint venture grounds surrounding this long-lived magmatic center. Our exploration intention over the next few years is to start to actively explore these three areas to look for another upwelling zone. That will be a significant value-creating step at Juanicipio. When we talked about the upside potential in Valdecañas years ago, I remember back in your time, Trevor, and other people, it was we made a footprint for a second plant to put more of Valdecañas through. What we've learned during 2022 with our plant shut down but the mine operating, we can make very, very accretive cash flow by putting Juanicipio material through our partner's plants. That talks a lot to the way we're working together. That's a win-win for both of us. I would think it would be highly unlikely, even if we could expand the Juanicipio, the Valdecañas mining rate by 20%-30%, that we would spend any capital on expansions at Juanicipio. We'd put it through their plants. We find another Valdecañas, another upwelling zone, that's where the second plant comes. That's when you really crank up the capacity of this facility. Remember, 5%, this corner, the joint venture ground, is the only concerted exploration done on the property. So, in conclusion. The 2024 technical report has shown enhanced economic value at the Juanicipio project. You can see in the balloons over here, we've taken the 2017 PEA, and we've increased the NPV of that study by 8%. But we get to that increased NPV in 60% of the time. We get there quicker. Juanicipio has arrived, stable and consistent cash flow, polymetallic, gives us protection on single commodity swings. We've just started, all right? As we get into 2024 and moving forward, there's lots of opportunities to enhance and optimize. We've talked about recoveries, incrementally increasing those. We've talked about turning our heads to operating costs now that we've finished the ramp-up phase. We're looking to work with Fresnillo to try and elevate the mining rate. We think our plant will do more. Let's fill it. Let's continue to increase the mining rate 'cause if we exhaust the Juanicipio plant, there's a little bit of capacity available on the Fresnillo side. We can put incremental material through there as well. It's an incredible story. Here comes a successful startup of a high-grade, tier one, high-margin asset that has the opportunity to be refined, long life. Let's see where we go. Then as we get deeper in the mine, if you remember in the 2020 and 2017 PEA, we showed copper grades, particularly at depth. We've kept copper out of this technical report. As we're going into reserves now, all right, getting into operations, we feel we need a little bit more around copper in terms of surety with drill, drill, drill density, and we need to do a bit of met test work. Forward-looking statement. Watch the copper story at Juanicipio. So this takes us to another first for us. We can talk about all now. We can talk about reserves. And we're gonna talk about guidance. And so there's been a preliminary release of guidance together with Fresnillo where we released the grade at Juanicipio for 2024 being between the range of 380-420 grams per ton. What we wanna declare today is that our expected production for Juanicipio for 2024 will be between 14.3 million ounces and 15.8, which yields 13.2 - 14.6 payable ounces, and all-in sustaining cash costs between $9.50 and $10.50 per ounce of silver sold. So that's where we're at for our guidance for this year. The technical report, 2024, versus our guidance or our mine plan for 2024 is similar except we have slightly elevated CapEx. We've taken an assumption operationally in our operating cost guidance that it's gonna take us a little longer to get to the runway of operating costs that the technical report's assuming. So again, our guidance is, you know, perhaps a little bit reflective of a first year of operation. Let's be a little bit more conservative around here, and let's make sure we have that capital for the conveyor belt and the tailings dam number two built in. So that's it for the presentation. I'd like to open it up for questions, please. Thanks, David. Yeah. Thanks for that. That's really helpful. Mm-hmm. You noted that there's an additional CapEx for the conveyor that's not captured in the tech report. So is it fair to assume too that any kind of, positive impact on operating costs is also not captured in the tech report? Yeah. Good question. Do you have any kind of sense of on a dollar-per-ton basis what that could be? Well, incrementally, I think we need to see how it runs. We're currently trucking everything to surface, all right? So there's probably the order of maybe $1/ton saving at least, in operating costs from that. You know, we started trucking up the conveyor tunnel with a tunnel that was built for a conveyor belt in it. So, I'm probably conservative on that dollar 'cause there's a lot of maintenance to maintain well, you've been down there. You've driven down that road, and you can, and you know what it's like. There's a lot of maintenance on that. Okay. Yeah. Makes sense. I guess the other one is just on exploration for the regional land package. I mean, now that there's incredibly significant cash flow coming out of the JV operation, are we likely to see that ramp up to explore kind of the other 95% more? Yeah. We, we really wanna see that. It's very tempting just to sit with a couple of drill rigs where you're mining and keep hitting on every hole and adding to your, your resource package. Together with Fresnillo, though, we've made a conscious decision for this year, 2024, that to continue to do that to some degree but to also step out and look at some new targets, all right? There's one target that we mapped from surface south of the Juanicipio vein. We're going to drill that this year, so grassroots exploration. And then, there's the potential to perhaps use some of the Fresnillo operational synergies further to the south where they're mining underground to do some test exploration down there on that upwelling target. So yeah, we, we wanna see that expenditure increase with time on the Juanicipio property. Okay. Perfect. And sorry, last one for me. Notice the cash balance at the JV level was quite high as of the end of the year, that $43 million. So, I mean, that's a fair bit higher than I think we were expecting at least. Can you maybe speak to that being held there and then maybe the timing of return back to MAG? I think we kind of expected, you know, $20 million-$30 million at the JV. So, it was a fair bit more there. Yeah. So, Fausto's set up with the Fresnillo CFO in a very good working relationship, a pretty constant sweep of cash coming out. And we'd like to see that sort of number there, let's say $30 million on average. One of the things I've learned in this business is don't leave the miners with money 'cause they'll spend it. So get that stuff out. I think going into an election year, you know, tax bills payable coming up, there was a decision to maybe keep just a little higher cash at the joint venture level for year-end and into this quarter. But I think you can expect to see pretty regular distributions of free cash flow coming back to MAG during the course of this year and on average maintaining that $30-or-so-million-dollar level at the JV. Okay. And maybe just, sorry, follow on then, the timing of the use of that for at the MAG level then once that starts to sort of pile up in your bank account, how are you thinking about that and the timing of distributions, either back to shareholders or redeployment or, or kind of use of proceeds there? Well, you know, we got $69 million of cash at the end of the year. You can see we've got good margins coming through now. So there's an expectation that we will build that cash on the balance sheet. An objective for us this year is to get that cash balance up around, say, a $90-$100 million mark. We like that number because it gives us three years of runway to do what we need to do at MAG, which is explore Larder, explore Deer Trail, run the company. And, you know, when you're not in total control of your cash flow, I think you have to have a more robust balance sheet. But, look, we're in the process of filing an NCIB, getting that together to go. We will make decisions based on valuations at the time on allocating capital as we get go forward. But I think, you know, the next, say, six months from now is still building that fortress balance sheet, making ourselves strong. And then we'll turn our heads to allocation but get ourselves opportunistic should the occasion rise that, you know, maybe it's a good time to buy some shares back 'cause we feel really undervalued. We'll do that. Perfect. Thanks. No worries. Thanks, Stephen. Gentlemen, someone take the mic. Can you just, the one thing from the technical report you didn't really talk about that changed a fair bit was recoveries, I mean, zinc and silver. I mean, they're down a fair bit. So is that just being super conservative in the report, or can you maybe talk about that a little bit 'cause they're, they're down a fair bit? Sure, Brian. Thank you, Brian. The data input for the technical report was May, right? And so, you know, Fresnillo provides the data to the independent engineers for the technical report as the operator. So they had one or two months of operating. So those sort of recoveries went in. The short answer, Brian, is I believe the recoveries are quite conservative, all right? At that time, we weren't running the pyrite circuit. You know, we've now, we're now running the pyrite circuit. We have a commercial outcome for that. And that's gonna add a couple of percent of the silver recovery and five or six% to the gold recovery. So it's conservative, but it's a good place to be on your first technical report and your first year of production and your inaugural reserves. So there's a little bit of daylight to be seen on recovery. You just on the zinc? I mean, as you talked about it again, maybe. Oh, just talking to that mate. So the web. Oh, sorry. Ask it, yeah. Maybe just on the base metal side 'cause obviously, as it becomes more base metal, those recoveries become critical out the back end. I mean, I think you used 72% for zinc or something. Yeah. And that's, that's running a lot higher, in real world. But at the time, it was just starting up. So those numbers were in. So recoveries are conservative. Craig? Yeah. Can you just talk about your tailings infrastructure, some of the bottlenecks there, and how you plan to address it 'cause I know you still need to get a certain area permitted? Yep. and you're shipping some of it over to, to the neighboring facilities. Thanks, Craig. Yep, that's a good point. When we started up, we had built what we call cell one for tailings, which is a starter cell. And that gives us capacity through to about May of this year. And we were applying for permits for an adjacent cell, which cell one actually sat in. So a lot of the infrastructure is compatible for cell two, which we still haven't received the permit for that. So given we saw a permit delay coming, what we did during the course of 2023 was construct a tailings pipeline completely encased in a culvert across to the Saucito plant. And so once we exhaust cell one, we'll start to pump tailings to Saucito until we get the permit and start construction of cell two. The methodology of the construction of cell two, though, will be to construct it in a manner where you don't have to wait till you reach the ultimate height for tailings deposition. So you'll be able to fill as you build on that cell. But until we have line of sight for the permit, which I'm told's close, but yeah, I was told the power was close too for about six months, we needed to have a contingency plan that had integrity. This is the best outcome. Thanks for that. And just can you talk about the mining rates as well? What would it take to kind of get up to that more close to that 4,000 tons a day on an average basis? One of the challenges that we've had in terms of mining rate is, I think a lot of you are familiar, but with the Valdecañas vein, there was like two humps in the mineralization with a saddle with no mineralization in the middle. So for the first few years, we were mining both humps. We've only just now got to a point where we can mine the complete strike length of Valdecañas. And that's gonna start to give us some mining efficiencies. We're also, you know, starting to performance manage the KPIs from contractors and our own team underground. And I think there's some efficiencies to be gained from there. So we're currently at the point where the mine just matches the mill. And our objective over the course of the next I don't know how long it'll be. It'll be 12-18 months is to try and make the plant the limitation, the throughput, not the mine. But it's basically maturity of operations, greater efficiencies, analyzing downtime, that sort of stuff. Okay. Thanks. Maybe just one last question from me. Just on the operating costs, $86 a ton seem to be better than I'm forecasting. How quickly will it take to kind of get to that number? Is that a couple of years out, or is that sort of 2024, 2025? I think it'll take us a lot of this year to start to really get a downward trend on those costs. I think it'd be more like 2025, mid-2025, before you start to really see those numbers come in. Any more questions from anybody? Yep, Stephen. You like the microphone, mate. I love it. I've just been on the other end of these, listening so many times and not been able to hear the question. I noticed it's done at a Mexican Peso exchange rate of 19 to 1. So, you know, peso's obviously much stronger than that right now. What's sort of the overall sensitivity if you look at, you know, 17 to 1 or, or kind of 16.5? Yeah. There's a little bit in there. But, you know, a lot of the like, Fresnillo, they're a big company. They, they've got corporate purchasing. A lot of the stuff is US dollar denominated. Labor costs is probably the biggest component that's local. So, you know, there's probably a 10%-15% exposure to pesos in the costs. So it's not as appreciable as you would think. Total operating costs of that, about 10%-15% is, Well, 10% or 15% would be labor. And then there's incidentals and whatever. Look, I don't know exactly, but it's probably the order of a quarter where the operating cost is, is peso. Would you say that? Maybe 30, 30%. Okay. Thanks. All right. Questions on the line, please just press star one. Good receptionist. Okay. George, we do have a question here from Don from National Bank. Oh, yep. Thank you, Don. Oh, hi, George. Thanks and congratulations. Yeah, that's a pretty robust NPV. Just wondering, so in calculating the NPV, the starting point, I guess, is in May would be to kind of include the 2023 limited production going forward. Is that right? Yeah. That's correct. The, you know. Okay. Time zero is May 2023. And so we see that the NPV is bigger than the 2017 PEA by a little bit, 1.2 versus 1.1. But, of course, the 2017 PEA has, like, different costs and then a number of other different variables. Do you have any sense of what the street consensus NPV is, recognizing they could all be different metal prices and so on too? It's a big range, right? It goes, like, up to, like, a 2.5 times range in the street consensus NPV. And I think that's why it was so important, Don, to get updated technical report out. So, you know, a lot of. Yeah. Everyone's working off a 2017 PEA with different cost structures, etc. So here comes a real-world truth technical report now that I think we can start to get some alignment and coalescence around the NPV as a street consensus. Okay. And, in your comments a few minutes ago, you mentioned cost guidance for 2024. I think you mentioned. I might have missed it. Just wondering if you could just repeat that, whatever it was, total cash or AISC cost guidance for 2024. Yep. Sure. We have, in fact, I'll put it up on the screen for everyone again. So what we're saying, Don, is the all-in-sustaining cash costs of $9.50-$10.50 per ounce of silver sold. Okay. This would be net of byproduct credits, correct? Correct. Okay. Okay. Thank you. That's all for me. Thanks. Thanks, Don. Thanks, again, George. Thanks for listening in. All right, everyone. Looks like the question queue is finished. So thank you for your time. I know it's a busy morning. I know there's lots going on, but I hope that you are happy that you came here, not just the coffee and the muffins. We believe this is a great story, and it's now de-risked. It's arrived, but there's a lot of upside for the future. Thank you, everybody, and have a great day.