Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver and MAG Silver Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Michael Steinmann, President and CEO of Pan American Silver. Please go ahead, Mr. Steinmann. Thank you, Harpreet. Good morning, everyone. Thank you for joining us on the call today. With me today is George Paspalas, President and Chief Executive Officer of MAG Silver. Today, we are very excited to announce that Pan American and MAG Silver have entered into a definitive agreement whereby Pan American will acquire all of the issued and outstanding common shares of MAG, pursuant to a plan of arrangement. There is very strong deal rationale for this transaction, delivering benefits to shareholders of both companies and further strengthening Pan American's position as one of the world's premier silver producers. This call and the presentation slides that accompany it include forward-looking statements and information and make reference to non-GAAP measures. Please review the cautionary note statement in the presentation regarding this disclosure. Under the terms of the transaction, MAG shareholders will receive total consideration of approximately $2.1 billion, representing $20.54 per MAG share based on the closing price of Pan American's common shares on the New York Stock Exchange on May 9th, 2025. Consideration will be a mix of cash totaling $500 million and $ 0.755 Pan American shares per MAG share, subject to proration. The consideration represents premiums of approximately 21% and 27%, respectively, on a prorated base to the closing price and the 20-day volume-weighted average price of MAG's common shares on New York Stock Exchange ending May 9th, 2025. At closing, Pan American expects to issue an aggregate of approximately 60 million common shares to MAG shareholders, and following completion of the transaction, existing MAG shareholders will own approximately 14% of the issued and outstanding common shares of Pan American on a fully diluted basis. The transaction has the unanimous support of MAG's board and Board of Directors and special committee, as well as unanimous support of Pan American's Board of Directors. The transaction requires the approval of 66 and two-thirds% of the votes cast by MAG shareholders at a special meeting, which is expected to be held in July 2025. It is also subject to the receipt of clearance from Mexican antitrust authorities and approval of the listing of Pan American's common shares to be issued under the transaction on both the Toronto Stock Exchange and New York Stock Exchange. Pan American shareholder approval is not required. The transaction is expected to close in the second half of 2025. The strategic rationale for this deal is clear and powerful. It results in a stronger precious metal company with a superior portfolio of silver assets, creating long-term value for both Pan American and MAG shareholders. The transaction checks all the boxes of what we were looking for: a large-scale silver mine at the low end of the cost curve, with a long reserve life and future exploration upside located within our geographic focus of the Americas. Simply stated, Juanicipio is one of the largest scale and lowest-cost primary silver mines in the world, and the 44% joint venture ownership interest with Fresnillo fits well in Pan American's portfolio. Since the mine started commercial operation in mid-2023, it has ramped up very smoothly, and it's demonstrating solid operating performance. In 2025, Juanicipio is forecast to produce 14.7-16.7 million ounces of silver and over 30,000 ounces of gold on a 100% basis. Pro forma to Pan American, that would increase our silver production by 34% to 27.4 million ounces for 2025 on an analyzed base, including production so far this year, based on the midpoint of the forecasted 2025 production for Pan American and MAG. That production level would solidify Pan American as the second-largest primary silver producer globally. The addition of the Juanicipio joint venture will also meaningfully reduce Pan American's silver segment all-in sustaining costs. All-in sustaining costs at Juanicipio are forecast to be between $6-$8 per silver ounce in 2025, which would reduce Pan American's pro forma all-in sustaining costs to approximately $13-$15 per ounce in 2025 on a full-year basis. The contribution of those high-margin ounces is expected to increase our free cash flow. Based on analyst estimates, this would have added $98 million to Pan American's free cash flow in 2025 on a full-year basis, resulting in pro forma free cash flow of approximately $788 million on a full-year basis. Over the next three years, the free cash flow generation by Juanicipio is expected to grow by 23%. The Juanicipio joint venture would also extend Pan American's average reserve life. Net to Pan American, Juanicipio will contribute 58 million ounces of silver in the proven and probable mineral reserves, 19 million ounces of silver to Pan American's measured and indicated silver mineral resources, exclusive of mineral reserves, and 35 million ounces of silver to Pan American's inferred silver mineral resources on an attributable 44% ownership base. Pan American already holds the largest silver mineral reserves and resources among silver mining companies, and upon completion of the transaction, we would far surpass our silver peers, reserves, and resource holdings, which are the future of any mining company. Importantly, only 10% of the Juanicipio mineral concession has been explored. We believe there is significant upside potential at these assets through future exploration. We are also excited about future growth potential in the Deer Trail and Larder exploration projects that would be acquired as part of the transaction. In summary, the transaction delivers multiple benefits to our shareholders while being well-aligned with our disciplined approach to capital allocation. Pan American has built a record cash and short-term investment balance of $923 million at the end of Q1 2025 from our strong operations and divestments of non-core assets. We are investing $500 million of that cash to acquire MAG , to grow our silver production, and to lower our costs meaningfully. Our balance sheet is expected to remain strong following the completion of the transaction, with total available liquidity of approximately $1.3 billion, providing ample flexibility to support our organic growth initiatives. Our revolving credit facility remains undrawn, and we will minimize equity issuance to fund the transaction by including a significant cash portion as part of the consideration. We are well-positioned to return capital to shareholders through the significant free cash flow expected to be generated through the combined company. For Pan American shareholders, the transaction will provide immediate accretion to silver production and silver segment all-in sustaining costs and provide significant future upside potential. I will now turn over to George to describe the benefits to the MAG shareholder. Please, George, go ahead. Thank you, Michael, and hello, everybody. This transaction also creates significant value and delivers multiple benefits to MAG's shareholders. It is a transaction that delivers an immediate premium and provides our shareholders with the opportunity to participate in one of the strongest and most respected precious metal platforms in the world. This is a transaction grounded in value and strategic logic. It recognizes the strength of our core asset, Juanicipio, and the disciplined way we've managed shareholder capital. At the same time, it acknowledges the limitations we face as a non-operating single asset company in a dynamic and increasingly competitive industry. Over the past several years, Juanicipio has emerged as one of the most attractive silver mines globally, a large-scale, high-grade, low-cost operation with significant exploration upside. This success is the result of well-executed partnership with Fresnillo, and I want to take this opportunity to acknowledge and thank the Fresnillo team. Their operational expertise, commitment to sustainable development, and continuous improvement have been instrumental in unlocking Juanicipio's full potential. The transaction we're announcing today ensures that the value created at Juanicipio is fully recognized and embedded in a broader portfolio. Pan American brings to the table a proven operating track record, deep technical bench strength, and the financial capacity that positions them as a true leader in the global silver sector. MAG shareholders will benefit in several ways. First, through an attractive premium of 27% to MAG's 20-day VWAP and the option to receive cash or Pan American shares subject to proration. Second, by gaining exposure to a diversified portfolio of producing assets, development projects, and one of the strongest exploration pipelines in the industry, including the potential restart of Escobal and continued progress at La Colorada Skarn. Thirdly, by participating in a larger, more liquid company with stronger balance sheet flexibility, enhanced capital markets visibility, and a demonstrated commitment to shareholder returns. In short, the transaction preserves everything we value at MAG: strong assets, a strong team, disciplined growth, responsible stewardship, and it places it within a platform that can scale and grow further in a way that would be difficult to do or achieve independently. We're proud of what we've accomplished. We believe this is the right transaction at the right time, and we're excited about the opportunity it represents for our shareholders and team. Thank you. I'll turn it back over to you, Michael. Thanks, George. George and I view this as a very logical transaction. The Juanicipio joint venture is a strong fit with our Americas-based operations. We have been operating in Zacatecas, Mexico, since 1998 with our La Colorada mine. We took that operation from a small mine to a 5-6 million ounces annual silver producer that continues to replace reserves year after year. Our discovery of the La Colorada Skarn in 2018 resulted in a material step change in value for this asset. Pan American has earned a reputation as a skilled and trusted operator in Mexico. Fresnillo is a world-class mining company focused in Mexico. I'm looking forward to building a strong working partnership with Fresnillo to fully capture the value potential of the Juanicipio asset. I would like to extend my gratitude to the Fresnillo and Juanicipio management teams for the constructive interactions and impressive site visit. Together, we bring many decades of operator experience in Mexico and Latin America to the joint venture, and we are looking forward to a collaborative future and value generation for all shareholders involved. To conclude, I want to reemphasize the motivation for this deal. It adds a 44% ownership interest in one of the best silver mines in the world to Pan American's diversified portfolio of strong cash flow-generating mines and future silver growth opportunities. It provides MAG shareholders with an attractive consideration and future participation in Pan American's growth as the go-to name for investing in silver. For these reasons, the boards of both companies have unanimously recommended the shareholder support of this transaction. Thank you very much, and I will open the call now for your questions. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are on a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, you may press star then two at any time. The first question today comes from Wayne Lam with TD Cowen. Please go ahead. Yeah, thanks, guys. This first question, just wondering, in assessing this deal versus other opportunities, how do you guys view the non-operating stake versus other assets where you would have had full control? Yeah, this is Michael Steinmann. Look, I mean, that's a lot of work, obviously, went in here. We looked at MAG over many, many years. We have been really impressed about the work that went on in building that asset. Obviously, it's now in full swing. Obviously, we had time to look at the site. I also, in history and in the past, with our team, had the opportunity to see other assets of Fresnillo. We are very aligned, I think, how Fresnillo operates, how we operate in Mexico. We will be very comfortable being part of that joint venture. I think it will be a very great joint effort here to, obviously, have Fresnillo running the asset and using our experience as well to extract from that asset the best that we can. As I said, look, we had detailed looks at the asset. We are very comfortable. I've been very impressed by the quality of the build and the quality of the management team on site. Okay, great. Thanks. Just maybe in terms of timing of the deal, would you be able to comment on what this may mean for Escobal? In terms of recent reports around the Cienega community kind of pushing back on the consent for restart, did that factor into this decision? No. First of all, look, we are looking always for the highest quality, best assets we can find. We have a list of those assets. Sometimes they're available, sometimes not. What we are looking for is what I mentioned in my text. We're looking for the highest quality, means highest margin, lower cost, longest life assets we can find. Of course, Juanicipio is absolutely one part of that. The opportunity came along that we can purchase that piece and add it to our portfolio, which at any time makes a lot of sense, obviously, to have that. Really nothing to do with any other assets we have in our portfolio. On the other hand, sure, we understand that Cienega held a press conference on May 8th and delivered some statements regarding the consultation process. We also understand from the government that they're reviewing the statements and the information provided there. They will advise, obviously, the parties involved here how we continue with the ILO 169 consultation process. Like always, we are looking forward to working with the government and the Cienega to continue this very constructive dialogue and process. That process obviously continues. We are involved in it as one party, but that really has nothing to do with this transaction. Also, this transaction always takes time. This is obviously something that George and I worked on for quite a few months. Okay, perfect. Thanks. Maybe just last one. I'm just curious how you view the partnership with Fresnillo. Have you had any past relationship in dealing with them in the past, maybe on other concessions in Mexico? Was there any consultation with them in your discussions with MAG where you might have obtained support from them for the transaction? Look, discussions, as I mentioned in my text, have been very collaborative, very positive. Yes, we have seen assets from Fresnillo in the past, other ones. They're all working in Mexico for many, many decades. There are ample opportunities to get each other to know and to visit each other's assets and see how we are working. That was really what gave us that opportunity to see again a newest asset now. This asset, Juanicipio, is under production for a couple of years, really. Great build, great strong team there, very productive mine. As I said, very well-built tailings facility plant, underground operation. Of course, there's a long relationship as well between me and the CEO of Fresnillo. We obviously work in the same industry, the same not only mining industry, but in the silver mining industry. That's a very friendly and collaborative relationship. Okay, perfect. Thanks for taking my questions. Congratulations on the transaction. Thank you. Thank you. The next question comes from Ovais Habib with Scotiabank. Please go ahead. Hi, Michael and George. Congratulations on the transaction. Just a couple of questions from me. Michael, this one's for you. With this transaction, will you be looking to increase the intensity on selling non-core assets? Look, we have been very active on that stage. As you know, we sold for nearly $1 billion cash non-core assets over the past 16 months or so. On top of that, we obtained actually a very attractive portfolio of royalties. Sorry. So it has made a lot of sense, right, to take part of that cash that comes from selling, as I said, non-core assets like early-stage copper assets, etc. It made a lot of sense to use part of that cash we generate from those sales to use to buy this high-quality silver asset hence the $500 million cash that is in the deal. Look, we always continue to optimize our portfolio. Of course, when you add in a higher quality asset, there is always a chance again to, on the other end, kind of look at what you have on the smaller side in a company. At the moment, I'm pretty happy with what we have. They're all strong cash-flowing assets that we have. The future will show what opportunities come up, and we'll react to it accordingly. Thanks for that, Michael. Maybe just continuing, in terms of Juanicipio, obviously, there's some significant exploration upside in Juanicipio. Based on the due diligence that you've done and have performed, where do you see the most exploration upside? Is it along strike, at- depth? Are there other targets that you or JB will start talking about? Look, I think this is very prospective ground, obviously. It's really impressive when you go on site and you look around and you have, obviously, three very, very large silver mines in very close proximity, which is Fresnillo, Saucito, and then Juanicipio, the youngest one, Juanicipio of them. When you look at silver, that's the biggest district in the world. We're looking at elephant country here, really, on the silver side. And there's a lot of potential to explore. I think historically, we always explored in Mexico, and that includes Pan American a few years ago still, along strike, just limited depth to the structures. But we all know what happened when we went deeper at La Colorada, and we made a world-class discovery by finding the skarn below our veins. I think that opened up a lot of opportunity in places like Mexico that these structures continue way deeper and open up the possibility of additional skarn mineralization in many of the districts. For me, and you know I'm a geologist by trade, this exploration is not only along strike and to the south of the property, but also at depth. I think there's a lot of open places to explore, many, many targets that I'm interested in drilling. I'm really looking forward to explore those areas together with Fresnillo. Thanks for that, Michael. I think my last question, maybe this is for George, just more on Fresnillo side. I've been getting a lot of questions on this. Where does Fresnillo stand on this transaction? I believe they have a rover on Juanicipio. Are they on board with this transaction? Any sort of color on that? Sure. I think to the question, for clarity, they don't have a rover. Look, all the indications that we've had talking with Fresnillo is they're supportive. I think that Fresnillo have, as Michael alluded to, a long relationship with Michael himself and Pan American. All of the conversations, Ovais, so far with Fresnillo have been very welcoming. From what I've seen, I don't see any issue there at all. Okay, thanks for the clarity, George, on that. That is it for me, guys. Again, thanks for taking my questions. Thanks, Ovais. Thanks, Ovais. Thank you. The next question is from Cosmos Chiu with CIBC. Please go ahead. Hi, thanks, Michael and George. Sorry, but I need to go back to Fresnillo again. Could you confirm with me how many shares of MAG Fresnillo owns? Maybe that will start off with that. Yeah, they own about 9%, Cosi. Okay. And then to confirm, George, they have not locked up those shares? Not to my knowledge, no. Okay. In terms of the transaction, I was going through the presentation, is there a break fee? What? The break fee? Yes, there's a $60 million break fee, Cosmos. Okay. Okay. I did not see that in the presentation. Great. Maybe diving deeper into a potential relationship with Fresnillo. My understanding is that Fresnillo is the operator. However, there is a sort of operating group, Board of Directors at the operational level. Is that kind of the same structure that will continue? Clearly, Pan American Silver has more resources compared to MAG Silver. Over time, Michael, would you try to help out more in terms of operations? Would you try to have more input in terms of the operatorship? How should we look at it? Yeah, Cosmos. Just to be very clear here, right, this is obviously not just an acquisition that we purchased at MAG, but there was a lot of discussions leading up to this with Fresnillo. As you can imagine, this is a joint venture. It's a partnership, which in my view, always has to be friendly. That is what this is. There was a lot of discussions and obviously site visit getting up to this transaction. Just to be very clear here, this is very important to us to be in a very friendly and collaborative way. That is what I alluded to in my quote as well in the press release. It was a great site visits, great discussions. When it comes to synergies, I think La Colorada is only about 58 km or 60 km away, I think, as the crow flies. It's a bit longer by car. We are very active in Mexico, obviously, Fresnillo very active, kind of being neighbors in Zacatecas. There will always be synergies between the two companies when we closely work together like in a joint venture like this. Of course, if required, and that is not only for one asset, for several assets that we have, we can always kind of put our heads together to site visits and help each other out. I think that will be just a normal thing that you do as a friendly collaborator and a friendly partner in a joint venture. I am pretty sure this will not be different here. Really looking forward to do and harvest these synergies in Mexico and maybe in the future also in other places. There's a lot of wealth of knowledge from both sides, very strong operators that we've seen on site from Fresnillo and a wealth of technology, same on our side. Together it's always stronger. Great. Maybe diving deeper into the Juanicipio asset. As you mentioned, 2025 is going to be a very good year in terms of production of silver. My question is, the current head grade is about 400 grams per ton. The reserve grade was 250 grams per ton. Michael, when you look at this asset, or George, if you want to input as well, how have you factored that potentially lower grade later on? That's number one. In terms of exploration, I think my buddy Ovais asked this question, but where is the exploration coming from? Is it these upwelling zones? Are you going to try to use exploration to backfill some of the grade profile in terms of silver grade? Maybe you can wrap my head around your thinking. That would be great. Sure. I will start, and I believe—sorry, I'm traveling—but I believe that Chris Emerson is in the Vancouver office as well and will give you more details after that to his view on the exploration as well. You're right. The mining grade right now is quite a bit higher. There's actually some positive reconciliation on this. We spend obviously a lot of time on the model and the modeling data and looking at that and see where the high grade's coming from. That has continued now at higher grade in Q1 and seems to be continuing at the moment as well. Of course, in all these deposits, and that's the same at La Colorada and other main deposits that we have, when you go deeper down, normally you have a bit less silver and you increase your zinc and lead grade. Similar average value per ton, but obviously at that point, more base metals. I would expect when I look at the model, something similar here, although I think the high grade is staying longer with us than probably anticipated. Again, look, I see so many opportunities here to explore and find more silver for the future, but there is a large number of years here with very strong silver production ahead of us. I do not know, Chris, do you want to add to the exploration here? Yeah, thanks, Mike. And hi, Cosmos. Yeah, I mean, as Michael alluded to, we're in elephant country here. You've got the main structure, as you mentioned, high up. We've got those higher grade silver values. They found that deep zone, which was obviously more base metal. The additional splay structures are showing higher silver, and certainly we see a lot of upside on the extensions and down dip of those splay structures. And Fresnillo, as alluded to with the MAG Silver Q1, are drilling that infill and exploration drilling on those splay structures, as well as looking for the skarn deeper down. And we're in 7,500 hectares of concessions. There's repeated these upwellings or centers where we've got these fluids coming up. There's a lot of smoke on surface and a lot of work being done in looking at potential. There is a lot of work still to do, and we would certainly be chomping at the bit to help and see whatever advice we can give Fresnillo. You have done an excellent job in the exploration so far. Alluding to those silver grades going forward, there is always the concept that these veins are deeper down as they start. Could we find an additional silver high grade zone, but further at depth on a new structure? Absolutely. Okay. So there's theories or there's a plan potentially in place in terms of either be the splay structures or whatnot that could potentially maintain the silver grade higher for longer, maybe. Yeah, I think that's my—sorry, Mike. Go ahead, Chris. Yeah, I was going to say, I mean, the value per ton we see at depth, even though it's more base metal rich, is there for sure. Yes, we would certainly hopefully be looking for those higher grade silver, but further down at depth as this new structure comes up. Yes. Sorry, Michael, just something to add to that. For people that are not that familiar with the district, this is, I think, the largest—this for sure—the largest silver district on the planet with all those assets. There is a lot of silver production for the last 400 years there. With modern exploration method, and that is obviously how Juanicipio was discovered. Further drilling, as Chris indicates, they keep finding those splays and structures with very high grade silver. There is definitely more to do. Maybe just to end this question, George, do you want to add something here as well? Sure. Thank you, Michael. And Cosi, I think there are two elements here. The first one is the reserve profile that you see that is disclosed in our technical report of March of last year accounts for under 50% of the known mineralization at the moment. There is a significant amount of additional structures, as Chris referred to, the splays that we are bringing into the mine plan, and we are in the top of those epithermal systems, the silver grades are highest. Again, the second point is there is overperformance from the grade coming from the main vein. Chris alluded to this. When we found that deep zone, we believed that we had what we call a stack boiling system because very deep down, we saw structures that should be evident at the top of a system where the silver grades are highest. In that deep zone, we have an intercept there that's running 27,000 kilos—sorry, 27 kilos per ton of silver, 27,000 grams per ton of silver. We cut it. We cut it down into the high hundreds. When the shovel comes, loader comes in and takes that stope of ore, it's taking 27,000 grams per ton silver. I think there is a significant chance for overperformance through the whole vertical profile of the Valdecarnes vein. There are contributions from other inferred structures that have a historical conversion over 90% to reserves in this whole district that also elevate the grade. The life of mine grade that you see in the reserve package, I think, is a very conservative estimate. Got it. Thanks, George. Maybe one last question here, switching gears a little bit. Deer Trail and Larder, Michael, how much value should we put or how much value did you put on those assets with the acquisition cost? That's number one. Can you remind us how much was spent on each of those over time? What's the book value for Deer Trail and Larder? I only ask the questions because I was at the MAG Silver PDAC lunch. Even at that point in time, we talked a lot about these different assets, but it also seemed like the company was ready to kind of scale back on the money being spent on these assets. In a broader scale, you talked about capital allocation and whatnot. I guess how much is the book value? How much should we evaluate from the perspective of Pan American Silver? What's the upside here? Yeah. No doubt that obviously the big mine and the big high-grade veins are obviously, as we know right now, in Juanicipio. I let Chris answer because he had a chance to see those assets. Chris, if you could get your view on the other two exploration plays, please. Yeah. Absolutely, Mike. Deer Trail, we know that MAG has spent several years doing initial work on drilling some of the peripheral areas, the CRDs around what is supposedly a more sort of larger porphyry center. That work certainly is looking for that bigger, deeper copper porphyry. And how we value that, that's certainly work that's ongoing. Is it a key part of this key area of this transaction? Obviously, Juanicipio, as Mike mentioned, was the real focus for us. These are projects that are still drilling. They're still doing exploration, and we're looking forward to getting involved specifically there. Larder, sure, there's been a lot of drilling over the past several years since the purchase. They've obviously added Goldstrike property, which is along this Cadillac Larder break, which is where the mineralization, the structural control on the mineralization is. There was a historic resource there from Gatling Exploration. There is certainly a lot of drilling to be done along that structure. We are certainly, with our Canadian Ontario presence, looking forward to having a really good, strong look at this as an exploration project going forward. I would say an advanced exploration going forward. Does that answer your question, Cosmos? Yep. Historically, how much money has been spent on each? Maybe George or? Yeah. It depends with the lunch, Cosi. You know the answer to this. Anyway, $40 million at Deer Trail, $40 million at Deer Trail, and about $30 million at Larder. $70 million total on both. Yeah. I do know, but since you ruined my Mother's Day, I had to ask the question anyways. Cosmos, obviously, the purchase price allocation on our side, there's time until the end of the year. You will see the detail of the value that we're going to assign after the closing of this transaction. Yep. And then maybe just one last very quick question, closing of the deal. I've seen these deals before. Usually, the last approval is the Mexican antitrust. Are we expecting sort of that to be the last approval once again? And then in terms of the timing dividend, I know, MAG, you just declared your second dividend. What if the deal doesn't close until after your Q2 reporting? Would there be another dividend? Have you considered the timing from that perspective? Yes, there would be. Michael and I have talked about this, and we're firmly of the view that no shareholder should be disadvantaged by not getting, like, say, four dividends in a calendar year or pro rata on that. So yes, there will be, Cosi. Okay. Yeah, Cosmos, I would assume that the Mexican approval will be probably the slowest. That's what normally happens, but maybe this is an exception. Okay. Great. Thanks, Michael, George, and Chris for answering all my questions. Thanks once again. Thanks. No problem. Go ahead. Thank you. The next question is from Mike Siperco with RBC Capital Markets. Please go ahead. Yeah. Thanks very much. One quick one left for me. Michael, you mentioned off the top and through the call, the collaboration and the relationship with Fresnillo. Getting a few calls and questions already asking if there's any read-through into potentially a partnership on the Skarn project, which isn't that far away. Should we be thinking about that? Have you had any conversations along those lines? Look, now, we're looking at, obviously, at this transaction here and discussing what we can do here and at Juanicipio. So that's really the focus at the moment. Okay. Fair enough. Thanks very much. Congratulations on the deal. Thank you. Thank you. Thank you. As a reminder, to ask a question, you may press star then one at any time to ask a question. The next question is a follow-up from Ovais Habib with Scotiabank. Please go ahead. Hey, sorry, guys. I believe the question on the dividend was already asked, so thank you for that. Okay. No problem. Always. Thank you. This concludes the question and answer session. I would like to turn the conference back over to Michael Steinmann and George Paspalas for any closing remarks. Yes, Operator, thank you. Thank you everyone for calling in here. An exciting transaction that came together here after a lot of work from all the sides. We'd like to thank all the teams and also Fresnillo team to help to make this happen. Really looking forward to help develop and further develop this asset. Very exciting, very large silver asset. Looking forward to report, hopefully, after we close this deal in the second half of the year. Nothing more from my side. I don't know, George, if you have anything more, please go ahead. I would just like to reiterate the thank yous to both companies here. A lot of work's gone into this. I would like to thank Fresnillo for their support. I would just like to assure the MAG shareholders that this transaction solves for what we view as being the greatest risks that we had in a great company like MAG, and that was single asset risk and single jurisdiction risk. Now MAG's going into a—I have always said from when we started to build Juanicipio, this is actually a portfolio asset. With the announcement of this transaction today, Juanicipio is going into a portfolio company. Thank you, everyone, for listening. Yes. Thank you again, everyone. Looking forward, as I said, to report the advances here in, yeah, I guess, with our Q2 results in August. Looking forward to add this really exciting and high-grade, high-margin asset to our portfolio. Thanks, everyone, for calling in, and have a great day. This concludes today's presentation. You may now disconnect your lines. Thank you for participating and have a pleasant day.