Thank you operator, and welcome everyone to Pan American Silver's first quarter 2021 conference call. Media and other participants on the call are invited to participate in listen-only mode. We released our results after yesterday's market close, and a copy of the news release, MD&A, and presentation slides for today's call are available on our website. That material in today's call contains certain statements and information that constitute forward-looking statements and information. Please review the cautionary statements included in our news release and presentation, as well as the risk factors described in our most recent Form 40-F and annual information form. I will now turn the call over to Pan American's President and CEO, Michael Steinmann, who will provide a brief review of our results. We will open the call to questions and answers. Thank you for joining us today to discuss our first quarter results. It was a challenging quarter operationally, which obviously translated into our financial results. At La Colorada, we are advancing several ventilation projects to provide ventilation for our longer-term operating and development plans, including development of the Skarn deposit and to regain access to the highest-grade areas of the mine. In Q1, during commissioning of the new surface to 345 meter level raise, the bottom 42 meters of that raise became blocked. We are working to bypass that blockage through drifting from a nearby ramp and additional raise boring. We expect that work to be completed late in Q3, leading to improved grades, throughput rates, and mine sequencing late in 2021. In addition, most of the zinc and lead concentrate we produced at La Colorada in Q1 was not shipped until after the quarter closed, delaying base metal and silver sales. The inventory buildup was a result of an extended negotiation with the domestic transport contractor, where we opted to withhold transporting concentrate until we could come to mutual agreeable terms, as well from transitioning to our new 2021 lead smelter customers based in Europe. Concentrate shipment resumed in early April 2021, and our site inventory levels have returned to normal levels, with all of the withheld concentrate from Q1 2021 now having been shipped. The delayed sales from the build in inventory will be commercialized over the next two quarters. The combination of the ventilation blockage and the delay in shipping concentrate production resulted in highly distorted all-in sustaining costs at La Colorada in Q1, which will be lower for the remainder of the year with the accumulated Q1 concentrate stocks having been shipped. The temporary buildup in inventories also occurred at Dolores due to ore stockpiling in preparation for the rainy season, which prevents us from mining the high-grade ores at the bottom of the open pit. Leach sequencing constraints during the current stage of pad construction led to a buildup of in-pad inventory, delaying some production later into the year. Together, the inventory buildups at La Colorada and Dolores and Shahuindo led to a $39.9 million buildup at cost in inventories, which resulted in revenue of $368.1 million for the quarter. Operating cash flow was $29.9 million, reflecting both the impact of inventory build on working capital and $61.3 million of cash taxes paid in the quarter as our tax payments are typically weighted to the first quarter of the year. We recorded a net loss of $7.6 million, or $0.04 per share in Q1, including a $39 million non-cash mark-to-market loss on some of our short-term investments, mostly in New Pacific Metals, which owns the large Silver Sand project in Bolivia. Adjusted for the $39 million investment loss, adjusted earnings were $37.4 million or $0.18 per share. Probably worth mentioning that our short-term investments at the end of Q1 had a market value of $72.9 million, which is well above the $20.4 million cost base, and that New Pacific Metals share price has substantially recovered since Q1. Our financial position remains solid with $206.4 million in cash and short-term investments. Our $500 million line of credit remains undrawn. The board approved the quarterly dividend of $0.07 per common share, unchanged from last quarter. Q1 consolidated silver production totaled 4.6 million ounces, impacted by the ventilation issues at La Colorada, mine sequencing, and the inventory buildup at Dolores and Shahuindo, and lower production than expected at Manantial Espejo. While the COVID-19 pandemic continues to restrict throughput rates at our underground operations, it has had an outsized effect in some jurisdictions. Argentina is one of them, where inter-provincial travel restrictions have reduced workforce deployments for our Manantial Espejo operations to a greater extent than we expected. Silver segment cash costs in Q1 were $12.30, and all-in sustaining costs were $16.99 per silver ounce sold. These costs have been heavily impacted by the lower amount of ounces sold due to the inventory buildup and lower production at La Colorada and Manantial Espejo. Due to the delays in establishing ventilation at La Colorada and our expectation of prolonged shortfalls in workforce deployment at Manantial Espejo, we have revised our silver production forecast for 2021 to a range between 20.5 million-22 million ounces from our original guidance of 22.5 million-24 million ounces. Correspondingly, our estimated for silver segment cash cost was increased to a range of $9.60-$11.60 per ounce and $14.25-$15.75 per ounce for all-in sustaining costs from previous guidance of $8.50-$10 and $12.50-$14, respectively. Q1 consolidated gold production totaled 137,600 ounces. At Timmins, we reduced mining rates about 10% below plan during the quarter to address geotechnical conditions in a section of the Bell Creek mine discussed last quarter, while advancing development in lower level that will enable increasing mining rates back to normal around mid-year. At Shahuindo, production was impacted by lower tons placed, grades and extraction rates due to mine sequencing into a new area of the pit, which has more fine-grained host rock with a higher clay content. We stockpiled approximately 335,000 tons of this fine-grained material, equivalent to about 11% of the ore we mined during Q1, which will be blended with coarser ores to be mined later in the year for placement on the heaps. At Dolores, higher gold grades from mine sequencing were partially offset by the buildup in inventories mentioned previously, which resulted in the production being delayed later into 2021. All of these issues are transitory, and we continue to expect steadily increased gold production rates during the remainder of the year. Gold segment cash costs in Q1 were $846, and all-in sustaining costs were $1,058 per gold ounce sold. Given the throughput improvements expected at Timmins and Shahuindo through the remainder of the year, we are maintaining 2021 annual gold production guidance of 605,000 to 655,000 ounces and estimated gold segment cash cost and AIS costs of $825- $925 per ounce and $1,135- $1,250 per ounce, respectively, inclusive of $15 million reduction in sustaining capital expenditure to a range of $230 million to $245 million due to deferred timing of certain expenditures at Shahuindo. We continue to expect throughput rates and production in 2021 to improve based on the assumption that the impact of COVID-19 will diminish over the year. Ventilation improves at La Colorada through our ongoing ventilation projects. More coarse ores are mined at Shahuindo, allowing blending with the stockpiled fine-grained ores, and lower mining levels are opened at the Bell Creek mine in Timmins. Given the large tax payment is behind us and strong metal prices, we look forward to generating strong cash flow back end loaded in the year. Yesterday, we also issued a news release on our La Colorada Skarn project, releasing some impressive drill results from the 65,000-meter infill and expansion drill program. We are advancing the Skarn project, targeting a preliminary economic assessment technical report or PEA at the end of 2021. In addition to surface and underground infill diamond drilling, we are commencing geotechnical ventilation backfill, geochemistry, and hydrogeological field evaluations, along with mine, plant, and infrastructures design studies. Metallurgical testing continues to demonstrate favorable flotation results, and expansion of baseline environmental data collecting is ongoing. We have already submitted permit applications for certain site infrastructure projects that will assist in advancing the skarn project beyond the PEA, which in some cases will also simultaneously benefit the existing La Colorada mine operations. These include projects such as camp expansions, access road upgrades, potential underground access ramp, and shaft excavation entrances, ventilation systems, and mine cooling to address the naturally increasing rock temperatures with depth. At Escobal, the start for the pre-consultation meetings have been moved from April 2021 to May 21st because of the rise of COVID-19 cases in Guatemala and resulting government decree to restrict gatherings and movement. Pan American Silver has been requested to participate in the process, which is led by the Ministry of Energy and Mines in Guatemala. We look forward to an inclusive consultation process respecting the Xinka people's right to consultation under the principle of good faith, mutual respect, transparency, without pressure or conditioning from parties. Before we move on to the Q&A section, I would like to mention that last week we released our 2020 sustainability report. This year's report takes into consideration the TCFD and SASB reporting frameworks. The report is available on our website for those interested to learn more about our commitment to sustainable mining practices. With that, I would like to open the call for questions. Thank you. We'll now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. Our first question is from Tyler Langton with JPMorgan. Tyler Langton, your line is open. Morning. Thanks for taking my questions. I guess just to start with the impact from COVID at La Colorada and Manantial, just trying to get a sense if the situation sort of got worse, say, versus last quarter. I know, with your guidance, you said it was based on the sort of COVID-related restrictions easing. Is it something where, by the end of the year, there's sort of no more restrictions? I'm just trying to get a sense of what level of restrictions you kind of maybe still expect to carry on through the end of the year. Yeah, Tyler, Michael here. Of course, at the beginning of the year, when we did our budget, we kind of assumed a straight line improvement, 25% kind of every quarter. We already knew that we don't know exactly how the pandemic evolves and how that happens. Looks like in some of our operations, the Q1 impact was stronger than we expected. That doesn't mean that it doesn't get much faster, better at the end of the year. I just don't know at this time where it's going. Probably important to mention here, Tyler, that it's really on the underground operations that we see the impact, not in our open pits, but because most of our silver is produced in our underground mines, especially La Colorada and Manantial Espejo, the impact on the silver is much bigger than on the gold production. That's really the main reason for that. Locally, when you look at it's most countries we are working in have kind of a, they call it a traffic light system or a system where they look regionally, how the outbreaks move around, and then there are regional restrictions that come in place automatically. It's not anymore like countrywide shutdowns, but there are restrictions that make it harder sometimes in one place than in another, and it's really moving a bit around depending where the pandemic shows more cases in each country or each region of a country. Yeah, very important to mention that the impact is really mostly seen on the underground, but vaccines are rolling out faster now, slower start, like in many countries in the world. I think that will accelerate during the year and will improve the situation. As for Q1, as I said, probably slightly more impact than what we expected, especially at La Colorada and Manantial. Maybe Steve, you want to add something? Yeah, just to add, Tyler, this is Steve here. Thanks. The impact is more severe than we expected down at Manantial Espejo due to, as Michael said, the interprovincial travel restrictions that require us to put our people through quarantining and testing, both coming into the province because of many of them that work from outside the province, but also when they leave. It really extends the shift schedules out and really limits how many people we can actually bring on the site to do the mining. We just don't have the full staff of people that we expected. We expected some impacts, but they were more severe. In Argentina, we think that when we look at the epidemic outbreak there, it's been fairly strong in the south, and we think that's going to continue for a while. That's why we made an adjustment there. At La Colorada, we saw a bit of a spike in cases, during Q1, probably peaked sometime in early mid-March, and we've seen it starting to come off there. We're more optimistic moving there that we're over on the other side of the curve, after Q1 in La Colorada. Okay. No, that's very helpful. Just to follow up with the ventilation blockage at La Colorada. Should Q2 and Q3, how should production sort of cost like in those quarters compared to, I guess, Q1 had sort of a full impact and then I guess, I think you kind of mentioned that you want to have that resolved, in Q3? Should kind of production be back to normal? Does that kind of, I guess, impact sort of any of those sort of the longer-term improvements that you were sort of expecting from the ventilation system? Yeah. This is Steve. We expect to, as we indicated, complete the bypass of the blockage of the raise that was incurred during Q1. By the end of Q3, we'll immediately put the ventilation fan that was already in process of being installed when we had the sloughing and the blockage that occurred. That'll go fairly quickly, and that'll open up that east area. Before we get that opened up, we're really limited on how much diesel equipment we can run in the mine given the limitations on ventilation, and particularly in that east high-grade zone. Currently, we expect we'll be restricted to about 1,500-1,600 tons per day mining rates at La Colorada until that ventilation is repaired. By the end of the year, we'll be back up to the 2,200-2,400 tons a day that we typically saw when ventilation is in order. Because we're not in that high-grade zone, our grades during this period of restriction is also lower. We're probably in the 275-300 gram silver head grades. Again, once that ventilation opens up, we get back over into that east high-grade zone, we expect the grades to come more normal towards reserve grades of 300-330 gram type head grades. Perfect. That's very helpful. Thanks so much. The next question is from Cosmos Chiu with CIBC. Cosmos Chiu, your line is open. Hi. Thanks, Michael and team. Certainly a tough Q1. At least it looks like things will get better in the second half. Maybe my first question is also on La Colorada. Could you maybe talk a bit more about what happened with the sloughing of the raise wall here? Was it just a bit more fracture fragmented than you had expected? Have you fixed that portion yet? Have you shotcreted the portion that was sloughing yet? I guess, as you talked about, you're trying to bypass the area that's plugged. Are you going to raise bore through that section and then shot-crete that section right away? Can you maybe talk a bit more about how you're going to fix it? Sure, Cosmos, this is Steve. Maybe stepping back a little bit just for everybody's benefit. Two of our main ventilation raises at La Colorada, that were nearly 10 years old, had eroded, had sloughed, had blocked between 2018 and the last one in late 2019. At that time, that restricted our ventilation capacity, restricted our ability to mine in that eastern high-grade, lower Candelaria zone. We started to do an extensive program of looking at alternatives of how to replace those ventilation raises. We came up with this program that had been implemented in many mines in Mexico of preconditioning the ground where the raise would go with grouting. We entered an extensive grouting program for six months, starting in March of 2020. Between the grouting and the ground foundation preparation for the raise boring, that program took us through to October of 2020. It looked pretty solid. We were pretty pleased with the results of that grouting program. Actually, we were able to successfully complete the raise bore quite quickly from November to mid-January. We had that 3.1 meter diameter raise bore pulled through that pre-grouted ground quite successfully. It went quite smoothly. We immediately started to shotcrete that raise with using a robotic shotcrete machine that we lowered down into the hole. We were having good success, and suddenly we started getting sloughing on the walls of this hole. I should mention, this ground is very challenging. It's a volcanic dacite material. What we believe is happening is there's some clay zones within that material, and it just doesn't absorb the grout. It just doesn't hold the stability of the grout. We started to observe some sloughing coming off the walls. That sloughing actually in a couple instances, damaged and destroyed the robotic shotcrete machine. We had to pull it out, rebuild it, put it back in. We spent between January and late March grouting, and it was during that period of the grouting that the part of the sloughing came down, plugged the bottom of the raise. We decided to leave it plugged so that we could complete the grouting and stop that sloughing. Indeed, that's what we've seen. Today, the sloughing has quieted down. We haven't seen any additional sloughing. We're very happy with the grouting that's on that raise. It's solidifying. We went in late March to open up the bottom of that, and between March and April, we spent quite a bit of time trying to drill that plug from the side. Obviously, you don't want anybody up underneath there, so we're drilling and shooting it from the side. We just, by the end of April, decided it was kind of a futile attempt. We weren't going to get it out that way. We made a decision that we're going to cross-cut from a nearby ramp up towards the top of the plug that's 42 meters off the bottom of the raise. That's what we're doing now. Once we get to the top of that plug, we'll build a raise bore chamber that's off to the side of the current raise bore. It'll actually be a bypass raise from that 42 meters above down to the bottom. As I said, that'll take us through the end of Q3 to complete that project, and we'll have a full ventilation circuit then on that eastern side. Of course. In terms of, I believe, this one vent raise is part of three, I believe, vent raises that you were trying to construct. Does this now push back the timeline for the others? Is this number 1 or number 2 that you've completed, this vent raise? Does that change the timeline for the other ones? Yeah, great question, Cosmos. This is number two, actually. Number one was from the 345 level down to the 528 level. That was the second stage in this area. That one was completed. That's a limestone rock-hosted raise, so we don't have near the problems in limestone that we do in the dacite. That one was completed. We're quite happy it's functional once we get this upper stage fixed. This is the second one. The third one we're putting in over on what we call Veta Tres, Veta 3. We're pre-grouting that ground now to run a raise bore there. It's quite challenging ground we're seeing in the grouting program, real challenges that we're facing there, where we're not sure we're going to be able to successfully grout that ground or not. As such, we're starting to consider an alternative raise that takes us even further to the east, which is our most favorable ground from a mining perspective. It's also the most broken up ground, which is probably by nature, that's why it's broken up. It's very mineralized. We're going to go further east, and we're actually looking at a number of alternative technologies for that raise. To be honest, we're seriously considering a conventional shaft, concrete-lined blind shaft excavation there. We think that's the one that'll be the most certain, it'll be the most supported, and actually, it looks quite favorable to do that project. We're hoping to announce that over the next quarter or so. That's where it's heading at this point. Okay, great. Thanks, Steve. Maybe switching gears a little bit. At Dolores, as you talked about in the MD&A, there were certain, not issues, but production was delayed due to leach pad kinetics. Could you maybe talk a bit more about that as well? Is it anything related to the pulp agglomeration, or is it really the height of the heap at this point in time? If I worked it out, in terms based on your numbers, it looks like recovery for silver was about 56% in the quarter, which is comparable to the 53% last year. Gold was lower, 58% versus 73% last year. I guess my question is, what's the factor behind the leach pad kinetics, and is it just really impacting the gold? Yeah, very good question, Cosmos Chiu. First off, I'd like to say that that inventory build at Dolores, the majority of that, about two-thirds of that roughly, was really stockpiling of high grade from the pit, and that's a strategy we're deploying this year so that we keep high grade available for the pulp agglomeration plant during the rainy season. When the rainy season hits there, the bottom benches of the pit, which is where the high grade is inaccessible. We're stockpiling that ore, and that's the majority of that inventory increase. Relative to the leach pad kinetics, and you're right, we're a little bit off, mostly on gold on that kinetics. Interestingly, it has to do with this connection between two of our leach pads, pad 3 and pad 1, and it's in an area that is not that deep with ore. It's in an area that's pretty shallow with ore, and it's just a tricky area to make that connection. The topography there, the terrain there, is very challenging. What happens is we have to load and leach very quickly and get off of it, and we're going through a number of cycles there and trying to stabilize the heap as it builds and connects to those two areas. We have to move through there very quick and cut our leach cycle times down, and that's the effect of what we're seeing there. Okay, great. I guess the inventory buildup isn't all exactly related to recovery. A part of it is mine sequencing as well with the high grades. Exactly. A big part of it is mine sequencing. I got it. Okay. Maybe one last question. Manantial Espejo, I see that guidance has been lowered by about 8%-10%. I think, I asked a question during the Q4 call as well. Michael, a big part of that previous guidance was dependent on sort of the startup of COSE and Joaquin. With a lowered production guidance now for Manantial Espejo, how much have you factored in in terms of potential delays or setbacks at COSE and Joaquin? Yeah, Cosmos Chiu. Steve Busby again. Hi, Steve. We're mining pretty well in COSE and Joaquin. Our limitation is getting enough miners in there to get the tonnage out that we want. We're mining the early stopes on the fringe of the deposit. We have seen lower grades than we were anticipating. It makes it that much more important to mine more tons, which we're limited to because of people. It's really the tonnage concern that we have is why we don't see that relaxing in the next foreseeable future, for the next few months anyway. That's what really drove us to, we've got to reduce the tonnage coming out of COSE and Joaquin from what we originally anticipated and make it up with lower grades coming out of Manantial Espejo, and that's the net effect of that change then. Just maybe to add here that for people who are not that familiar with Southern Patagonia for underground mining, that most of the mining companies, including ourselves, resource to underground miners from different provinces as well. Some obviously from the province, but it's open pit miners are available in the province and then underground miners, many companies resource to other provinces as well. That's really where the issue lies, that the inter-provincial travel is very restricted in Argentina and makes it harder for us, as Steve Busby said, to get the tons out from the underground operations there. That's the reason for that change. Thanks again, Michael and Steve. Those are all the questions I have. Thanks for answering my questions. Thanks, Cosmos. The next question is from Trevor Turnbull with Scotiabank. Trevor Turnbull, your line is open. Thank you. Thank you, Michael. I had a question, I guess, with respect to Bell Creek. It got touched on at the end of last quarter. You were making some geotechnical modifications to accommodate, it sounds like wider ore. I'm just wondering is it as simple as just adding more support or more rock bolting, that type of thing? Is there a more significant planning element to how you approach these areas? The reason I was asking is it seems as if the remedy's going to take some time. You were talking about it getting back to where you want it later this year. To me, that seemed like maybe it was more than just applying more hardware to the problem. Hi, Trevor. Steve here. What we're seeing there is some instability, some ground control issues on the sill pillar of a couple of the stopes that we started mining late last year. The wider zone is actually an opportunity for us, and it's in the lower, the next levels of development at Bell Creek. We're anxious to get into that lower development because we had to slow down the mining to put greater ground support, greater monitoring of seismic activity, greater controls around the stope sill pillar, if you will. It slowed down the mining in that area. That's what took us down late last year. As we indicated last year, we're advancing on this wider zone that's the next levels down. We're anxious to get into that towards mid-year this year to get our tonnage rates back up. All the while, we're redesigning these sill pillars to try to avoid with the mining sequencing and the support, the combination of those two factors to avoid having those problems in the future. Okay. Maybe just a quick question on costs. Your costs went down at many of the silver segment operations, obviously with the exception of La Colorada, and you've talked about Manantial. The others, you actually lowered the cost guidance going forward. You've kept your base metal assumptions unchanged, so that doesn't seem to be the factor. I was just curious what's driving those better numbers. Yeah. Trevor, Rob Doyle here. Good morning. Yeah, we are seeing better by-product credits coming through, which is helping that, which is the main factor behind that, and strong base metal production. We haven't changed our base metal guidance at all. It's really on the by-product side where we're seeing the benefits. Okay, great. That's all I had. Thanks, guys. Thanks, Trevor. The next question is from Don DeMarco with National Bank Financial. Don DeMarco, your line is open. Thank you, operator, and thank you, Michael and team. Maybe I'll start off with Shahuindo. When I look at the gold guidance hasn't changed, which is great to see, yet we did see some of the softer production coming out of Timmins, which has already been discussed on the call. I also see Shahuindo seem to be running below the run rate. Can you just remind me about maybe the seasonal impacts on Shahuindo or confirm my expectations for an accentuated back-end loaded year? Yeah. Hi, Don. This is Steve. What happened in Q1 is that our mine sequencing, we got into opening a new phase of the mine, and we encountered more finer-grain, more clay-like materials than we had anticipated. Right now our current objective is to blend that kind of material with good quality rock before we place it on the leach pad to ensure good permeabilities for leaching. We didn't have enough rock in this new section of the pit, so we've stockpiled, as Michael said, 335,000 tons. About 10%, 11% of what we mined during the quarter went into stockpile that wasn't anticipated. As we get into the rock in that section of the pit, we'll be able to pick up that stockpile and blend it with better rock and put it on the heap. That's why we expect expanded production rates as we work our way through the year at Shahuindo this year. Okay. That's great. Maybe just returning to the question about the impacts of COVID weighing. I appreciate the color that Michael had provided with regard to the focus on the underground operations. To get a little bit more granular, is it social distancing requirements that's causing the issues or potential supply chain slowdowns? What is it on the ground level that's impacting the production performance and what indications do you have that this can be addressed by way of a vaccine or whatever other measures are being implemented? Yeah. Don, this is Steve again. One of the big factors in limiting our deployment of personnel during COVID-19 in the underground is really camp space. We have to spread everybody out in the camps. We find that with the open pit mines, we've had enough construction camps and things like that at those big operations that we can spread everybody out pretty easily. In these underground mines, we didn't have that flexibility to have an excess camp capacity. We have been building excess camp capacity at many of the underground operations. But that's really been the constraint. Also, we have seen, as I mentioned earlier, some spikes in the epidemic in the regions that's been predominantly, I don't know why, around some of our underground mines like La Colorada. We pick that up through our testing as we mobilize people. We just find a lot of people don't pass those screenings when there's an epidemic occurring. It's reduced our workforce and our ability to deploy there. That's why we think with the vaccine rollout, once we can relieve some of that physical distancing, open more capacity in our camps, and then not screen as many people out as they come to work, that'll really enhance our production through the year as how we predicted. It's definitely in a way in here as well, for example, La Colorada, where we have very large drill programs going on, not only for the exploration, but for the skarn site, for the infill drilling, for the PEA. That requires many more people on site, as you can imagine, and many more contractors, a lot of specialists that help us to collect the data for the PEA. Obviously everything gets more complicated when you have more people on site, as Steve said. Everybody gets tested. Some people don't pass screening. There's definitely complications on all sides when you are in a region where there's bigger outbreaks. As I said, this kind of moves around from region or country to country. As you see when you look at the virus map over the last years, we see that countries suddenly have bigger outbreaks. We just experienced that in Canada, where we're now coming off, what is it now? The third wave, I guess. The same thing happens in Latin America. You asked about the vaccine, and we see vaccine rollouts happening slowly but everywhere in all the countries we are working, I believe. Some are quicker, some are a bit slower. Obviously, I can't make statements on the effectiveness on that vaccine. I can just see what happened in the rest of the world, and it seems that countries that have a high vaccine rate see a very large effectiveness, very important effectiveness of that vaccine. We see that in Israel, in the U.K., in the U.S. I think we see it starting, gripping here in Canada as well. I obviously would assume that we see the same around the globe and also in the countries we are working in Latin America. That was really what I was referring to with my comment on the vaccination rollouts. Okay. Well, thanks for that. Shifting over to La Colorada skarn, this is my final question. Certainly, this is a catalyst that's quite significant, and you released a drilling update with the financials last night. What I see is that there was a highlight hole that reported 11.7% zinc equivalent over 115 meters. This is above what we calculate as an average grade, somewhere on the order of around 8% or something on other intercepts. Are you getting really high-grade hits like this, and what are the implications on proximity to the infrastructure, potentially sequencing some high-grade zones or whatnot? Just any additional color on this particular highlight would be appreciated. Yeah. Hi, Don DeMarco, it's Christopher here. Yeah, no, we were obviously infill drilling. We were hoping to get high grades. This is all going to plan in inverted commas. Sure. As the press release mentioned, those 30 drill holes, and the one specifically relating to, is in that core, which is very close to the intrusive. It's where we've got this exoskarn. It's where the fluids have come up and then sort of dissipated out. Really around this higher grade core, which is going to be the emphasis of the PEA and where all the infill drilling is happening, we were expecting to see these high-grade areas. As we move out off to the west, we go into more of the breccia. This is in between the breccia and the intrusive. This is where we were expecting to see those high grades. Specifically, as we stepped out beyond the breccia on U40, we then started to see additional skarn, which is really pleasing for the team and certainly for the expansion of this project going forward. Yeah. Just to weigh in here, too. It's really impressive, of course, when you look at the infill drilling, and that's what Chris said, that the area we'll use for the PEA. It shouldn't be missed that, yeah, those step-out holes to the west or southwest, passing that breccia, and we're finding more wide, high-grade intercepts of skarn in areas that we actually did not identify before. As I said in the call and in the press release, we do focus on the infill drilling right now because we already have over 100 million tons of resource, so we can advance it to PEA, but it definitely looks like that the skarn mineralization will continue to the west. We don't know yet how far. We are actually currently drilling there and still hitting high-grade wide intercepts. It's wide open there and as soon as we have the information available for the PEA, I'm sure Chris and his team can't wait to explore further to the west and expand the size of the current resource. Okay. Well, thank you for that. That is all for me. Good luck rebounding in production and costs for the rest of the year. Thank you. The next question is from Lawson Winder with Bank of America Securities. Lawson Winder, your line is open. Great. Thank you, operator. Hello, thank you for the update, Michael, Steve, team. You sound very confident that the ventilation issues at La Colorada will get resolved, and that confidence makes perfect sense to me. However, I'd like to maybe just drill down a little bit more. I know we've talked about it a lot, just in terms of timing and cost impacts around that. Just ask, how much current ventilation is there at La Colorada? How long could you continue to mine just with what ventilation you have up and running and working? Thanks, Lawson. Currently, in round numbers, we're extracting about 350,000 CFM through the whole operation. That's what limits us to the 1,500-1,600 tons per day capacity. We have plenty of reserves within the levels that we can access at that ventilation flow rate for quite a while. Again, it's lower grade. To operate at that, we don't see any future constrictions of that. We can continue that. As we open up these new ventilation raises, the one that's blocked, some of the others, we're hoping to get up to about 900,000 CFM, which is what we want to be at the 2,200-2,400 tons a day. Again, I want to highlight, the issue is in this volcanic dacite material, all historically, the ventilation raises at La Colorada were simply a raise bore. We didn't put any people or equipment down the holes and support them. Those were adequate at the higher levels of mining at La Colorada. They held together fine. The air flow rates were low enough. We didn't see any conditions of it eroding over time. As we get deeper and deeper on this ore body, the temperatures do increase, the condensation, the humidity increases, and our flow rates have to increase, particularly with the higher production rates we have. As we put more air, hotter air, wetter air through these raises in the dacite, we're seeing them starting to erode. Clearly, long-term, I say this has been a great learning tool for us as we look forward to the skarn, because we have to develop a lot of infrastructure through this kind of material for the skarn. What we've learned here is immensely valuable as we look forward to that skarn project. We learned that we have to have fully lined and supported raises. We can't have unlined raises anymore through this dacite material. That's why we're looking at alternative technologies and potentially even blind shaft excavations as we do future raises. With those, we have all the confidence that we need to get the flow rates we need to keep this operation going well into the skarn and the big production rates of the skarn. I think, Lawson, you asked about the cost of them. I believe we started on this raise with probably $4.5 million. With all the additional work, we're probably going to be around the $6 million range. It's the solution that is much lower cost, but as we learned, even with the grouting, can cause some problems. Steve's obviously got the confidence for the concrete line, bigger blind shaft excavation, because we have a fully lined shaft that we use for extraction, which is over 600 meters long that we built in, when was it? 2017. 2017, right. That's obviously working every day. We use that for the extraction of the ore. It's a fully concrete line, large diameter, I think 5 meter, 5.10 d iameter shaft. Of course, that comes at a higher cost, but we know that we can build that. When we look at skarn and much, much larger throughput at La Colorada, that's probably very exciting, too. Okay. That's great color. The incremental cost just to do the additional shotcreting in the existing raises is actually quite small. What would be the incremental cost if you had to go to blind raises for all the future ventilation? If you were to take the existing first or the most recently completed ventilation shaft, what would that cost be versus a fully blind cost? Yeah. Sorry, the cost of a blind raise. Yeah. Just to clarify, that $6 million we're talking about does include the development and the bypass raise bores as well. It's not just the shotcreting alone. We haven't done an estimate of the new blind shaft yet. We're working on that diligently right now. What I can point to is what Michael Steinmann brought up, is our existing shaft, which is a 5.1 meter diameter, 620 meter deep shaft, fully concrete lined. That shaft is fully equipped with a hoist and all the gear, the head frame. I mean, we wouldn't look at that for a ventilation shaft. It would just be the concrete lining without all the hoist and everything in the background. That shaft we did 2016, 2017, it was $38 million to do that shaft. About 12 months once we started doing the blind excavations. Clearly, without the hoist and head frame, all the gear for rock handling, it's going to be less. We don't have an estimate yet that I'm prepared to give out at this time. Of course, this kind of infrastructure, if you look at this kind of diameter and large, deep ventilation shaft, is not only for the current production from the veins for La Colorada, but partial development for the future production from the skarn that will need, for sure, huge and very big diameter and long shafts for ventilation, for much increased tonnage. That's kind of the first step, I would call it, of expanding or working on the mine towards the skarn development. Yeah. Okay. That's great color. Steve, you just mentioned that, in the response to my last question or my original question, that in fact, there were lots of the lower grade reserves in front. I'm guessing you're talking years as opposed to quarters when you say lots of reserves. Yes. Years. Yeah. Okay. Well, that certainly gives me quite a bit of confidence. Don't forget we have currently, I believe, about 11 years of reserves in veins, just in the veins ahead of us. Probably about a similar amount of years and resources that every year, Chris and his team is converting a slice deeper down into a reserve from the resource. Yeah, I think we're sitting at around 11 years of reserves. Obviously, we'll have come out with our reserve and resource update mid-year, like we do now every year. Okay, great. Just finally on the clay, have you guys started now doing the necessary HQ and other drilling and to understand where that clay is and perhaps even to model the controls out on that clay so you can predict where it might be and to hopefully avoid it as best as possible in the future? Yeah, great question, Lawson. We did do an extensive amount of geotechnical drilling before we started this raise. That's what led us to design the pre-grouting program that we implemented. We have not been able to map clay zones per se, to where we could bypass or move away from them. They're kind of intermixed, they're very erratic. Unfortunately, it's the kind of material. As we move further east, it only gets worse. It's the kind of material we're going to have to figure out a way to deal with. That's just the way it is. Okay. Hence the discussion about potentially doing fully concreted blind raises. Okay. That makes sense. All right. Thanks very much, guys. That clears a lot up, and I appreciate your time today. Thank you. The next question is from Ryan Thompson with BMO. Ryan Thompson, your line is open. Hey, guys. Thanks for the update. Just a couple of questions on the sort of, let's call it social, political, legal side of things. I noticed in your disclosure that there was recently a legal proceeding brought at Escobal. Could you just give us a little bit of color on that, and if there's any sort of potential for delays on the ILO 169 consultation process, or would this legal proceeding sort of run in parallel to that? Yeah, I'll start with and then maybe pass it on to Christopher Lemon as well. I don't really see a delay on the pre-consultation because of that. Really what happened for the delay, as you know, we announced last quarter, I think, or last call that the pre-consultation was planned for April. It's now planned for later this month. The reason was really it's probably about five days or one week before it should have started. The Government of Guatemala put out a new decree really limiting congregations of people and travel. Of course, in that case, the government could not proceed and have large meetings for a pre-consultation. It was really due to probably the second wave there, or second wave of COVID-19 that we've seen in Guatemala that took a strong grip. That was really the reason for the delay. We're really looking forward to go into this pre-consultation, hopefully later this month now. I don't really see this as another reason for delay. It's really a COVID related issue that we've seen last time. Got it. Yeah. Hi, Ryan. It's Christopher Lemon. I'm General Counsel with Pan American Silver. This claim is by a small community near Escobal, and it's like a lot of claims that we deal with throughout all of our operations. It certainly won't impact the consultation process, and we'll deal with the claim and mount our defenses, and we don't foresee any problems with defending it. Got it. Okay. Thank you. Maybe just switching over to Peru, obviously, there's a lot of chatter there on the political front, and the narrative seems to be changing every day it seems. Just wondering if you could provide any sort of comment on what you're seeing or hearing from boots on the ground in Peru on the upcoming election in early June. Well, look, in general, obviously, we have elections everywhere. We are working every four or five years, depending on the country. It's just a normal democratic process where, in this case, the population of Peru will elect their next leader. We are a long time here in Peru, since 1994, since the start of the company. Peru was a good place, and it's always a good place, I think, to work, and we'll work with the new leader and the new government the same way that we work with the outgoing administration. Obviously, you can look at polls or not. I don't know, looking around at elections across the globe, how predictable the polls actually are or not. We can discuss about it all day long. I'm not going to make my predictions, obviously, here, because we'll just wait and see what happens. As I said, this is in the hands of the Peruvian population electing their next leader as it should be. Okay, thanks. Thanks for that. Maybe just lastly, obviously, copper prices are looking pretty good here. Can you just give us any sort of update on La Arena II? I know there's been some thought of potentially selling before. Are you seeing increased interest, or can you just provide any sort of update on that? Sure. Of course, a lot of interest in copper. It's going where I thought it's going. A lot of people, I'm not the only one, obviously, that see that we have a strong recovery after the pandemic here in the world economy. We have a large push towards electrification in the world, which will require, as I always said, a lot of copper. It will require also a lot of silver. It will require a lot of battery metals as well. Silver will be essential here for all the electronics, of course, and the clean energy production. It's doing where we thought it's going to go, I think, and I think we're going to see that strong demand ongoing. You saw probably the report from The Silver Institute for last year, where we obviously saw a decrease in the demand on the silver side for the industrial side and jewelry side due to the pandemic, it was actually not that big as I would have expected and is recovering very nicely while we actually saw record inflows in the ETPs and the investment side. Of course, that's the reason why silver price sits where it is right now. Looking at La Arena, well, I shared many times that we are still drilling there. We keep finding more and more gold reserves. It will be very interesting to get the update at the mid-year on the reserve there. We already announced that I think we're still sitting right now at least at another three years of production from the gold oxide. We are still quite a bit away from the sulfides of the porphyry below. There's definitely more interest in a project like La Arena with the copper prices, as you can imagine. We'll deliberately advance the project on the exploration side to define, obviously, how our production plan is advancing over the coming years and parallel look at possible divestment of the porphyry, which is a much different project, much further down the road. Probably further down the road in that sense as we have longer and longer reserves on the oxide side than we initially expected. Got it. Perfect. Thanks. Thanks a lot, Michael. That is all I had today. Thank you. This concludes the question and answer session. I'd like to turn the conference back over to Michael Steinmann for closing remarks. Thank you. Thank you very much for calling in today. Looking forward to update you on our Q2 results, which will be somewhere in August, right in summer. Stay safe, stay healthy, and looking forward to catch up in a few months. Thank you very much. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.