Good day, and welcome to the Karora Resources third quarter 2022 conference call. Today's conference is being recorded. At this time, I'd like to turn the call over to Paul Huet, Chairman and CEO of Karora Resources. Please go ahead. Thank you, operator. Hello. I would like to welcome everyone to the Karora Resources third quarter conference call. As a reminder, we will be talking to a slide deck. For anyone interested, the slides can be found on the homepage of our website, and you can follow along the webcast. Over to slide three and four. Before I begin the presentation, I would like to remind you to please review our cautionary statements regarding forward-looking information, non-IFRS measures, and our 2022-2024 growth plan, all of which can be found in our management discussion and analysis, news release, and our presentation slides. Over to slide five. On the call with me this evening, and I'll reiterate that it is this evening over here in Australia. We're about 11:00 P.M. On the call with me tonight is Bevan Jones, our Chief Operating Officer for Australia, Oliver Turner, our Executive Vice President of Corporate Development. Oliver needs no introduction, having served with Karora over the last three years. Bevan, on the other hand, recently joined Karora in September 2022 from the Gold Fields St. Ives operation. Bevan brings over 27 years of experience in mine management and senior management roles with his latest years of service right here in Western Australia at St. Ives. It is worth touching on some of his outstanding achievements. At St. Ives, Bevan improved safety, increased production, all while reducing costs. The perfect trifecta that landed him the new COO role here at Karora with us. Our third quarter was our best quarter operationally on several metrics. We broke records on tonnes mined from Beta Hunt, on tonnes milled, ounces produced, ounces sold, and a record revenue that we will discuss later. The third quarter, we shattered our previous gold production by 25%, producing 38,437 oz in a single quarter. Before I get into the details from the quarter, I wanted to share some highlights and recent announcements that I'm very excited about. Obviously, in July, we closed the acquisition of the Lakewood Mill for $80 million. This was a huge accomplishment for Karora, significantly de-risking our growth plan while increasing our milling capacity to approximately 2.6 million tonnes per annum. This milestone certainly demonstrates that we are on track to deliver our growth plan as expected in the coming years. We closed our new $80 million credit agreement with Macquarie, consisting of a $40 million term loan and a $40 million revolving credit. Significantly reducing the interest rate on our debt while providing us additional financial flexibility with the new revolver in place. Look, I'm sure like many of you, I've been told throughout my years of service that the best time to secure funds is when you don't need them, and this is a great example of us following through with that strategy. In August, we published results from Beta Hunt, the nickel PEA, that demonstrate the incredible nickel opportunity we have. Look, in my humble opinion, we've barely scratched the surface on the nickel potential at Beta Hunt. Stay tuned as we become much more aggressive during the next couple of years advancing our nickel now that we've just published that new PEA. Lastly, while this didn't occur in Q3, I think it's very worthwhile mentioning that, look, personally, myself and many of shareholders that I spoke to are thrilled to say that last week we announced that Karora maintained carbon neutrality for a second straight year in 2022. This is an area that is very important to us as an organization, and Oliver will provide more comments later regarding our roadmap for emissions reductions. Overall, these are certainly some huge milestones accomplished during Q3. We've obviously been extremely busy. Before handing the call over to Bevan, our new COO, just allow me please to provide you some financial results from Q3. Our MD&A and financial statements for the period ended September 30th, 2022 have been filed, all of which are available on Karora's website and under Karora's profile on SEDAR+. I'm over to slide six. For those of you following along with the presentation, if you wanna press forward to slide six, that's where I'm at the financial highlights here. As I outlined at the beginning of the call, Q3 was a strong quarter for us with multiple records. We successfully continued to reduce our costs during the third quarter. All-in sustaining cost was approximately right at $1,069 per oz sold for the third quarter. Quarter-over-quarter, we reduced AISC by 10% or more importantly, on a unit cost, it was $120 an oz sold. More importantly, if we look back to Q1, it was a 23% reduction or $325 an oz saving from the first quarter. Look, given the cost challenges we face from labor, inflation like our peers, we're actually quite thrilled with the downward trend, so we're quite happy about it. Honestly, for that, I really wanna take a moment and applaud our operations teams that continue to strive for improved productivity rates while managing costs at all levels. Additional key financial metrics from the second quarter include our revenue that was approximately $81 million for the quarter. Again, another record smashed for us. That's almost $8 million more than the best quarter we've ever had in the past. The second quarter adjusted earnings were $6.6 million or $0.04 per share. Adjusted EBITDA was $27, 500,000 or $0.16 per share, both showing some healthy improvement. Our cash balance at the end of the third quarter was strong at $56 million after allocating $70 million of cash for the Lakewood Mill. Coupled with the Macquarie credit facility, we are in a very strong financial position here. With that, I'll now turn the call over to Bevan Jones to take you through some of the operational highlights. Thank you, Paul, for the warm welcome and kind words. I'm pleased to be here reporting to you for the first time as a member of the Karora leadership team. I'm also very excited about our operating performance in the third quarter, and even more so about the prospects of the opportunities that lie in front of us. I'm passionate about and committed to safe production and look forward to leading the Karora team on the journey to improve our results. Using our Karora values as the guiding light, we've been reviewing our life-saving commitments. We have recommitted to living our values and looking after each other and keeping everyone safe. Our overall goal is to ensure everyone goes home to their families every shift, safe and sound. I'm now gonna refer to slide number eight. On a consolidated basis, mine production for the third quarter 2022 was 484,000 tons. As Paul pointed out earlier, we processed a record 547,000 tons through both mills. Consolidated mill recoveries remain strong at 94%, demonstrating consistent results quarter after quarter from our strategy to optimize feed blend from Beta Hunt and Higginsville. As the record tons processed in Q3 suggests, the addition of the Lakewood Mill provides us not only with the benefit of increasing processing capacity, but also it significantly de-risks our growth plan and gives us more processing flexibility. It is also worth noting that that Lakewood is closer to Beta Hunt than the Higginsville plant, which provides an obvious advantage in terms of hauling costs. If we look at slide nine now. For the third quarter at Beta Hunt, we mined a record 313,000 tons, mainly from the Western Flanks and A Zone areas. 306,000 tons of Beta Hunt material was milled at an average grade of 2.4 g a ton for production of 21,977 oz of gold. Both tons processed and average grades were higher than the second quarter result in a 15% quarter-over-quarter production improvement. The recent tonnage records at Beta Hunt give us a high degree of confidence that our ability to deliver the growth plan at Beta Hunt to 2 million tons per annum is achievable. I'm also pleased to report that the progress made in the new decline and the new vent rise remain on track. Looking at slide number 10 now. At Higginsville, we mined a total of 412,000 tons, which generated 16,640 oz, a 45% improvement over the prior quarter. If we look at slide 11. Turning to exploration and resource development, most of our activity continued to be focused on Beta Hunt, where we continue to see outstanding results for both gold and nickel. Over 15,000 m were drilled during the third quarter, bringing our total to approximately 40,000 m year to date. Our largest mining zone at Beta Hunt is Western Flanks. Drilling reported in October has now confirmed the main shear gold mineralization extends a further 250 m below the current mineral resource. This is exciting news as Western Flanks remains open at depth and shows strong potential for continued resource growth. Additionally, drilling identified and continued to test Mason and Cowcill, which are the newly identified shear zones parallel to the Larkin Zone south of the Alpha Island Fault. We've also recently reported high-grade drilling results, including 12 g per ton over 17 m at the Mason Zone. This builds on the emerging opportunity for a new mining zone at Beta Hunt in an area that was previously untested for gold potential. On the nickel side, we reported a new discovery called the 4C Offset, which includes a high-grade intercept of 6.5% nickel over 11.9 m, located just 25 m from existing Western Flanks mining infrastructure. This is another exciting opportunity for near-term mining that we are actively evaluating. Overall, we continue to see excellent results that support potential mine life extensions and our plan to grow nickel production. I will now turn the call over to Oliver Turner for some additional comments. Thank you, Bevan. One of the many highlights since our last quarterly call was the announcement of Karora's carbon neutrality for the second straight year as part of our overall ESG strategy. Just last week, we announced that we have maintained our carbon neutral status for scope one and scope two emissions via the investment into several meaningful carbon offset projects. Once again, our project selection included the Mount Sandy project in Australia. Not only have we continued this effort, but we have also significantly advanced our emission reduction plans across our operations. With the inclusion of the Lakewood Mill into Karora's operating portfolio, we have worked to reforecast our forward emissions profile as part of the growth plan to 200,000 oz per year. Our first emissions reduction project will be focused on power generation at Higginsville, where we currently self-generate power on-site using diesel gensets. We have analyzed several alternatives to the current installation, which include a variety of hybrid renewable solutions and grid tie-in. By replacing our current power generation setup, we will reduce greenhouse gas emissions and overall power costs to our operations moving forward. Our work on the selected Higginsville power option will be outlined in our 2022 ESG report, which is due for release in the first quarter of 2023. Concurrently, we will also release our initial, intermediate, and long-term emissions reduction target. Along with Higginsville power generation, we have also begun analysis on a variety of other projects at our operations with the aim of reducing our future emissions profile. As we progress through this list of opportunities over the next several years, we will continuously update on our ambitions and our emissions reduction target. As we've stated several times, our climate action plan forms a critical part of our overall strategy in ESG at Karora. We are excited to continue to advance our efforts in this area. With that, I'll turn the call back over to Paul. Thanks, Oliver. Katie, at this point, we'd like to start some Q&A on the call, please. Over to you, the operator. Thank you. If you would like to ask a question, you may signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, star one for questions. We'll go first to John Sclodnick with Desjardins. Hi, Paul, Bevan, and Ollie. Thanks for taking my question. You know, very impressive quarterly results, particularly on AISC and just wondering what trends you're seeing on consumables and labor going into 2023, and maybe if you can comment on you know, what might be differentiating I guess your contained costs versus some of your neighbors? Yeah. John, listen, thanks for the question. Actually, to be quite honest, when we look at some of the inflation and consumables, we actually have been talking to a lot of our neighbors. Unfortunately, the story there is not actually great for us. We're actually realizing, like diesel, explosives, like the others, we're realizing some inflation costs that are mirrored like them. So the advantage we have is we have multiple operations, and we've got longer-term agreements, so we were able to negotiate some really good long-lasting prices. Where we've seen some of these benefits for ourselves really has been on our efficiencies. Our productivity rates have increased, which has really helped our costs. Look, some of our productivity rates, let's look at some of the tonnage there. John, four years ago, we were doing 30,000 tons a month out of Beta Hunt. We've crested over 100,000 tons here with similar amount of people, similar trucks. Our productivity rates have really improved. That has been trending down our overall all-in sustaining costs. We're not oblivious. We have the same problems that some of the others have with respect to labor. We have a benefit of just hiring Bevan, who's certainly got a following. He's got certain amount of people that we were short. He's able to attract and retain some good people here. But the inflation issues that others are facing, we're seeing them as well, where we've really gotta get smart here and where. Look, I give hats off to the mill guys. I've seen some of the things we've done. The mining guys, where our productivity rates are increasing. It's really about becoming much more efficient to manage these costs and make sure we can sustain them in this current environment. Yeah, that's about it, John. Okay. Yeah. No, impressive, what you guys are doing there. I guess, is COVID still impacting operations at all? Yeah, look, it's a good question. John, I don't remember the exact numbers, but it's something like this. I think in Q2 we had around very close to 10,000 hours that were impacted. Then Q3 it was about 10% of that. It was about maybe 700 hours-1,000 hours. It's much less. However, Bevan pointed something out to me just two days ago. He was showing me that there's articles out here that COVID actually, you're seeing more cases, but in our operations we're actually seeing an overall reduction, which is fantastic. Thank God for that. I really think in our case, the worst is behind us. You know, we just spent. I just spent the last five days here underground with myself, Bevan, other members of the executive team, Michael Doolin, Barry Dahl is here. Our whole board was here, in fact. It's one of the first times we could come here since I've been chairman because of COVID. To answer your question real quickly, look, the amount of hours we saw between quarter-over-quarter has dropped significantly. The papers are suggesting something different. We don't expect. We certainly do not expect or anticipate to see some of the challenges we had in both Q1 and Q2 with respect to labor. Like, we disclosed at the end of Q1 that there were days over 30% absenteeism. It was horrific. We're not anticipating anything like that. I will say, we're keeping our guards up. We're still following a lot of similar protocols to make sure that we don't have any outbursts. Okay. Yeah. No, good to hear. Yeah, hopefully don't go back to subsidized Netflix watching in the COVID hotels there. Yeah. My God, amen to that. Yeah, you touched on efficiencies and, you know, really impressive mining rates at Beta Hunt with a single decline. Just wondering if you see potential to maybe exceed the 2 million tons per annum target with the second decline or if I'm just getting ahead of myself here? Oh, my God, you sound like Oliver Turner. My Lord. No, listen, all jokes aside, John, that is a good question. Look, having been underground 35 years of my life, I would say this, simply put, the infrastructure here has surprised me. I've been in a lot of ramps all over the world, Canada, the U.S., Australia, Mexico, South Africa. The ability to deliver over 100,000 tons out of a single decline actually exceeded some of my own expectations. Again, look, John, I'm just gonna state some facts here. Four years ago we got here, we were struggling. We were having a very hard time to get consistently 30,000 tons out of a single decline. Look, over the quarters we've talked about a lot of things we've changed. We've changed the team first and foremost. We've changed the way we drill, we've changed the way we blast, we've changed the way we muck, we changed our trucks. We made a tremendous amount of changes. Where we thought we would end up was right around that 80,000 tons a month out of a single decline. Let's just annualize that, John. 80,000 tons a month times 12 months, you're looking at 960,000 tons a year, or 1 million tons a year. We said, "Look, we believe we can get there." We kept getting really close, 70, we'd get 77. What's recently happened is some of these efficiencies that I'm talking about, we've actually crested over 100,000 tons out of the single decline. Now, that second decline that we're putting in, we always said they'd each have about 1 million tons. Annualizing the 100,000 tons a month now, John, you're not incorrect. Look, let's be honest here. I wouldn't throw that in your model, or I wouldn't recommend anyone throws it in their model consistently from this point going forward. I would say this, I'd say, we have been able to do it. We've demonstrated we can get over 100,000 tons a month out of a single decline. It gives us a tremendous amount of confidence that once we put in that second decline, that target of ours to get to 2 million tons per annum from Beta Hunt, that's a real target. It's not a pie in the sky. You know, I remember people telling me a year ago, "My gosh, Paul, like, you seem like you're getting. Why are you being so aggressive?" We put a pin in the number one risk we had, which was the mill. That expansion was relieved by buying the mill. Our second biggest risk to our growth plan is the decline. We've demonstrated that we can annualize 1.2 million tons per year. We can get to 2 million tons a year having two declines in place. It's very encouraging. I would caution you to just John, just be careful not to say, "Okay, from this point on, there are gonna be 100,000 tons a month." That's not realistic. We're building the budgets right now. We're blessed that we're ahead of schedule on the milling. We're almost 14 months ahead of time on milling. Every ton that goes through that, Lakewood Mill is a ton that we would have displaced almost 14 months down the road. The advantages of having that are significant. I would just guide you against saying, "Look, they're gonna be consistent at 100,000 tons a month every month." Look, we're gonna have some ups and downs. We've got to get the rest of the infrastructure in place, which is the second decline. I know this is long-winded, but it'll probably answer a couple other questions. I spent time underground looking at that second decline. I was there. I got to touch the face. We're down a kilometer. Things are going fantastic with the contractor. We're doing very well. The important parts of the infrastructure are the sec ondary the vent raises. We're doing very well to getting the first one done. There are two others to get done, which will come in the new year, in Q2 around. All that infrastructure getting in place, and then once we get that in place, we can get the stopes in place below it and really start humming at Beta Hunt to sustain that 100,000 tons a month. Very long-winded, John. But, you know, I just spent a lot of time underground, a lot of hours underground with the entire board. We were specifically looking at all these things, the vent raise, the second decline. How are we doing? What are some of the nickel results? Thanks for the question, John. Okay. Yeah, we'll leave that as an upside and not model that into our expectations. Yeah. Yeah. Sorry. Last one from me, just on these exciting exploration results you've been seeing. Just wondering when you're planning releasing an updated reserve and resource statement and what deposits might be included there? Yeah. Look, our objective internally was to try to get it done in Q4. That's gonna be a little tight given some of the constraints we have. It's back to your first question. Are you guys suffering? Are you stretched on people? The answer is, as I said, yes. We've come back here just recently and told the board we're likely to not overstress everything that we got going on with the budget and the resource and reserves. We're gonna get it out in Q1 of 2023, so next quarter, and that's gonna be a complete reserve update on Beta Hunt, John, on the gold section. Yeah. I think I made that pretty clear. Okay, perfect. That's great. Yeah, sorry for hogging the line and thanks for answering my questions. No, thanks, John. Have a great day. It'll be a good day, which, we're getting close to midnight here, so I don't think anybody has any empathy for me, though. People are laughing at me. Thank you. We'll take our next question from Matthew O'Keefe with Cantor Fitzgerald. Yeah. Thanks, operator. Hi, great quarter. Thanks. Just a couple of quick questions from me. First, you touched on it. That drilling that you've been doing, south of the Alpha Island Fault there's been some pretty impressive results there. You've got, like, 17 m at 12 g and 10 m over 4 g and 7 m at 7 g. Some pretty impressive results. I know it sounds like they're gonna find their way into a reserve update in the new year, but realistically, when would you be able to attack that? Because that looks like it compares pretty well to what you're mining today. That's my first question. My second question is more for Oliver, I guess. On the carbon neutrality side of things, you're carbon neutral now and you're paying for carbon credits, but you're gonna move towards actually being operationally carbon neutral. Maybe you could expand on that a little bit more and, you know, kinda cost-wise, too. I mean, that versus just continuing on the credit path and 'cause I think you're a bit of a leader in this with respect to the junior miners. Some guidance on that would help. Thanks, Matt. Appreciate the bold questions. I'll fire off with number one there, and then we'll do exactly as you recommended. Oliver will answer number two. To your first question on the drill results. Look, you're actually pushing an open door. Some of those drill results south of the Alpha Island Fault have been phenomenal, fantastic. In fact, you know, I spent, what, 18 months up here, or here in Australia, and one of our biggest targets has always been south of that fault. One of our biggest challenges. Now, it is our biggest challenge. Our biggest challenge has always been the infrastructure that was put into this mine led to the fault but then stopped at the fault. We were the first group to actually drive through it, put in a drift through it, about 500 ft through it, slip our drills up, and we had all those results that we had on both metals on the gold and the nickel. We had some outstanding results on it. Where we struggled has always been the same, just like the people who owned the mine before us, was the infrastructure. We don't have the ventilation down there to really do the right amount of, first, all the drilling that's required, and then, as you know, follow- up with the mining. Look, part of this new infrastructure we're putting in now with the second decline, there's a combination, and we've always been talking about the raises as well, but there's three separate raises. This will allow us access to that southern area. Those raises won't be all input and the fans and everything in. This is a huge ventilation upgrade here. This is, I think, about $16 million of our capital that we're requiring for that infrastructure upgrade. Until that gets complete, we won't be able to physically get in there to mine or drill. We've kinda got the area. We're chomping at the bit to get down there as quickly as we can, but the ventilation needs to be there. In the meantime, we've been drilling in other areas. We've had a lot of paralleling zones. Look, we had that intercept. It was 11.9 m of 6.5% nickel. That was up north of the fault that you're talking about, Matt. That was an amazing intercept. In fact, I got to go underground this week. We hit that during the Denver Gold Forum. We announced 11.9 m of 6.5%. Think of those numbers like, we're a gold company, Lord knows. I had Mr. Inco himself side by side with me with a cap lamp. Scott Hand was down underground with me looking at these intercepts. We drove the drift to it. It was only 25 m away from existing infrastructure. This is some of the advantages Beta Hunt has. Beta Hunt has such a unique deposit with such optionality. Back to your original question, when can we get there? Look, we got to get the infrastructure in there. We're working hard at it now. It's on track. We're doing very well. Just stay tuned. As we get the infrastructure in, we'll provide more drilling and a plan to get there. We wanna get in there as soon as we can. In fact, I'm making it part of people's objectives next year, so I'm pushing it as hard as I can here without pushing a rope. That pretty much gets to your first one, Matt. I'll let Oliver come in to your second question, all right? Okay, thanks. Yeah. Hey, Matt. Thanks, Paul. Yeah, so on the carbon neutrality for 2022, obviously we put that press release out last week on two things really, right? First and foremost was talking about some of the offset projects that we'd purchased, and Mount Sandy was another one and retire those offsets. Then also and more importantly advanced work or furthering of our emissions reduction analysis. What we're gonna be doing moving forward here, Matt, and you're gonna get a lot more details on this in the ESG report in the first quarter of next year is we worked with the Invert Group to basically analyze a whole variety of potential projects that we can do from an emissions reduction standpoint. The one that just leaps off the page at you is our largest, you know, company-wide contributor to emissions is the Higginsville power generation. Right now at Higginsville, we generate all of our power from diesel gen sets on site, which have, you know, pretty high, associated emissions with them and also high power costs, especially with the increase in diesel prices that we've seen globally. What we've done is we've stepped out with additional third parties and power contractors to analyze a variety of options. There are hybrid power solutions that include renewables and obviously backup power, you know, as redundancy, but also grid tie-ins. There's a couple really interesting initiatives that are going on in Western Australia with respect to decarbonizing the entire Western Australian grid, that we wanna get involved in. But first and foremost, we're gonna be focusing on that Higginsville Power solution. The idea there being that these third parties will step in, they'll finance and build the project themselves or the plant themselves, and then you basically pay for it with a purchase power agreement over the long term there. That'll be Higginsville first. We haven't just looked at Higginsville. We are a junior gold producer, so we're gonna tackle these projects one project at a time. Our focus remains squarely on producing gold and nickel. The next projects we're looking at, you know, a variety of them, with respect to fleet analysis, fuel switching, a whole bunch of different things. After we tackle this first project, we'll move on to the next one, and how can we reduce emissions further, and how can we do it in a cost-beneficial way, with respect to our operating margins. That comes first. With respect to the offsets, I mean, our view here, and you're right, we have been sector leaders in this space, is that you don't need to wait for one to do the other. We wanna do both of them at the same time. We've taken a dual track approach to both, you know, offsetting and emissions reduction. One of the things that extended our emission reduction analysis was when we acquired Lakewood just a few months back. We had to incorporate that into our new forecast and reforecast our baseline going forward, 'cause of course previously we were going to expand Higginsville. We have that new forecast. We have these projects we're looking at. The Higginsville Power solution will be first. Stepping forward as we move through time, the amount that will be required to offset will reduce year-over-year as these emissions reductions take hold and we tackle more and more of them with basically technology-based solutions. In order for us to tackle this whole problem, emissions reductions have to come first, and the offset is definitely a complementary solution. I hope that gives you a bit of a sense. Yeah. We're gonna talk a lot more about this in our 2023 report, or I guess it's the 2022 report in the first quarter of 2023, but they're really working hand in hand together. With respect to the last part of your question in terms of asking about costs associated with them, you will see in our financial statements under the sustainability section of the financial statements. You'll see some commentary there. Going forward, obviously that depends where carbon prices go, but also how much we're able to reduce from the operations level. Okay. Have you seen, is it too early to say if there's a trend in these voluntary credits increasing in price? Yeah. I mean, broadly speaking, when you look at the voluntary market over time, you know, there's basically, it's got to scale by about 15x-20 x where the current voluntary market is today. There certainly is upward pressure on prices and everybody's going to be facing that, whether it's, you know, voluntarily deciding to offset or whether it's gonna come via the form of carbon taxes. We're starting to see more and more mining companies step into this. While we were leaders in the junior gold space, you've seen Newmont step in, you've got Triple Flag on the royalty side. Hecla stepped in with respect to offsetting as well. It will form a critical part of the strategy moving forward. First and foremost, you wanna actually reduce emissions at the source level, and that's what we'll be focusing on going forward and thereby reducing our exposure to these increasing carbon prices moving forward. We're also looking at some ways, and, you know, we won't go into details on this now, but we're looking at ways to lock in long-term carbon price exposure. Let us get through that work first, and then we can update you on that. Great. Are there any government incentives or tax breaks for any of this work that you're doing on the carbon side? To date, in Western Australia, you know, there are grants with respect to technology-based climate solutions. We haven't seen major tax breaks yet, but that's an evolving space. It doesn't matter which jurisdiction you're in right now, actually. It's an entirely evolving space, obviously, with what the U.S. announced as part of that, you know, Inflation Reduction Act. There's a huge climate associated component to that. They've been leaders in that, but expect that to flow through to other Western nations as well. We'll keep on top of that, but there's lots of interesting grant work as well in this space that we're working through. Great. Okay, thanks. Thanks, guys. Thanks. Great quarter. Thank you. Thanks, Matt. Thank you. We'll take our next question from Benjamin de Wit with Scotiabank. Hi. Thanks for taking my question, and congrats on a good quarter. I was wondering if you guys could share a few additional details on the nickel development and exploration, in particular, the BRI development drive, and if that's still on track for completion in Q1 of next year? Yeah. Thanks, Benjamin. That BRI drive was specifically. I don't know if you heard my response to the question that John had asked. I was talking about us driving south of the fault. That drift, Benjamin, is the BRI drive. That BRI drive was the first drift of its kind to be through the fault, and we drifted on the other side of the fault, which is south of the fault, and then flipped our drills and had all those nickel discoveries, 26 holes, and the gold intercept. Your question specifically is, the BRI drift is in place. Once that ventilation is completed, and it's gonna take not vent raise one, but it takes all three of them, vent raise two and three, which is the most southern end of the mine. They're scheduled actually to be done in actually Q2. We'd always said that we would extend the BRI. Our initial BRI drift is actually south of the fault. It was the drill platform. We're very fortunate to have had enough ventilation to get through it, drill all those holes. Now, the extension of BRI will come after the second vent raises are put in place, Benjamin. Okay, thanks. My second question, I guess, is for the Lakewood Mill. I was wondering what kind of capacity you guys have been operating at and if you see any opportunities for maybe further optimization there? Yeah. Look, we got the Lakewood Mill. We've only had it here for a couple of months here, right? As a reminder, we were very clear in Q1 that we ran 50,000 tons, right around that. I'm not sure it's exactly right around 50,000 tons to just test the mill. We wanted to see the kinds of recoveries we would get, and we were quite pleased that we saw some decent recoveries. That mill, depending on what ore goes through it, each ore here in Australia is a little variable. We can do anywhere from 750,000 tons, close to 1 million. We have to do some work to it next year to get it sustaining that 1 million forever, month after month after month. It's not a lot of work that's scheduled to come in the next year. Right now, we've been running at about 750 a year in capacity. 750,000 tons divided by 12. Okay. Yeah. Thank you. Thanks, Benjamin. We'll take our next question from Michael Fairbairn with Canaccord. Great. Thank you very much for taking my questions. A few from me here. I wanna start just to stay on Lakewood for a second and talking about that capacity. I think you know, a few months back, you've been talking about using some of the excess capacity at Lakewood for toll processing ore from other miners in the region. Just wondering if that's still the plan to try and do some toll processing going forward or if that may have changed now? Thanks for the question, Michael. Look, you know, we're faced with a really good problem to have here, right? Our original growth plan had scheduled the existing mill expansion at Higginsville to be done by Q4, right around Q4 of 2023 and early 2024. Now, by buying this mill, we've accelerated all that almost 14 months-15 months ahead of time. We are way ahead of our original plan. Therefore, the underground isn't quite all up to date with the infrastructure and then all the development we need underground to sustain that 2 million tons. This is leading into your question. When we bought that mill, it was only doing toll milling. That's all it did. It was doing no other thing. We have existing stockpiles on the ground. We're evaluating until we can get Beta Hunt to the sustainable rate of that 2 million tons per annum, which is more towards Q4 of 2023. We're looking at different stockpiles that we have, and we have probably in the neighborhood of 400,000 tons-500,000 tons of stockpiles, varying cost to them and some toll milling. But we wanna make sure that people who used to use this mill, we are being very clear that we're a new owner. Rates might be slightly different. We have to make sure that it fits for our needs as well. Toll milling will be second to treating our own stuff. Always. There's gonna be some opportunities for toll milling. We're looking at running our stockpiles before we do any toll milling. Look, we've just recently did a couple of months that were much larger than we had expected at Beta Hunt. I am certain in 2023 we're gonna have a couple of those as well. There are a couple extra months that we'll be able to feed into Lakewood. We're faced with a fantastic problem. We've got a mill, it's hungry. We've got a couple ways to feed it before we get into that sustainable 2 million tons a year from Beta Hunt. Okay. What was your other question, Michael? Yeah, just following up on that, I guess, you know, thinking about the additional capital that may have to go into the Lakewood mill to get it running sustainably at 1 million tons a year, any color on when you're gonna come out with, I guess, guidance for next year as to what that capital is gonna be, and would that include updates to your longer term guidance as well to incorporate the Lakewood mill? Yeah, no. The short answer is yes. We are gonna put out some information. Bevan has been on the ground here six weeks now. Mike Doolin, who led the due diligence on our behalf, a lot of you know Mike Doolin. He's a metallurgist. Him and I had the privilege of working together at Klondex. He was the COO there. Him and Bevan are working together scenarios as we speak. There are some capital requirements and there are some safety standards that we wanna put in on the mill to make sure that it meets our safety criteria. These aren't. Look, these aren't numbers that are gonna freak anybody out, but I would rather wait to give you a number till these guys give me one. You know, the due diligence didn't have any huge red flags. We are gonna have to have some sustaining capital year after year. A couple of years down the road, there's gonna be some tail stuff. To give you a number, I don't wanna give you a number right now without getting it from them, which will come, by the way, when we give out guidance here in Q1 of 2023. Just give us a couple months and we'll give you a better number on that, Michael. Okay, perfect. That makes sense. Last one for me here. Just thinking about how quickly your spend is gonna ramp down in Q4, on the capital side with the Beta Hunt decline coming to an end, and you know, probably a little bit of spend at Lakewood in Q4 as well. Just wondering maybe on Beta Hunt specifically, how quickly do you see the capital spend coming off as we head into the end of the year at Beta? Yeah. Look, again, thanks for that question, Michael. I actually see the spend being in line with what we said to the market. The big things that we have in Q4 are the decline. Look, original schedule was it would be done in Q2 of 2023. We've recently said last quarter that, look, we're expecting that to be done in Q1 of 2023. There's gonna be no reduction. I went to the phase two days ago. I was underground touching the phase. The jumbo man was drilling the round off. That spend will continue just as planned on the decline. More importantly, I think there are some people that, when I did the marketing in Denver at Beaver Creek with Oliver, didn't understand, sorry, that we needed a series of vent raises to get to that lower elevation and to the southern end of the mine. I don't expect it to come off in Q4. I expect as we had planned. No, let me restate that. I said that wrong, Michael. We had originally planned it be done in Q2, will be done in Q1. We're gonna be done sooner, but the spending in Q4 will remain intact as we guided. Okay, perfect. Thanks very much, Paul. That's really helpful. Michael, that's great. Thank you for the question. Thank you. That will conclude our question and answer session. I'd like to turn the call back over to Mr. Huet for any additional or closing remarks. Look, it's closing in on midnight there. Not sure what time it is in Toronto for you guys, but I really wanna just say thank you to all of you for taking the time to listen in to our call. We're grateful for all of you covering us. We're very grateful to our shareholders. I thank everyone who asked questions. We actually appreciate those questions a lot. If somebody doesn't look like anybody had a question, but if there are other questions, we'll always be available to get a hold of if you have any other follow-up. Just in closing, I wanna take a moment and thank our team in Australia. They've really come together well and worked extremely hard given some of the obstacles and conditions they've had. Again, we just had a huge board visit here, went very well. I'll end by saying publicly welcome to Bevan Jones as Chief Operating Officer of a very exciting company. Have a very wonderful day and take care, everyone. Thank you. That will conclude today's call. We appreciate your participation.