Contango Ore 2025 Year End Earnings and 26/27 Guidance

0:04 I've got with me today Rick Van Nuenhuis, CEO of Contango Or, and Mike Clark, the company's CFO, to discuss both 2025 year-end earnings and guidance for 2627, among other things. Keep a broad list of topics today. Here's how today's gonna work for those of you in the room. I see at least, jeez, it looks like 40 who have never been in a 6 webinar before. So this next part's mostly for you. I'll say that I've got some questions for the gentlemen just to get us started. The chat is interactive. There's a button in the middle bottom of your screen. If you pop that up, you should be able to ask questions at any time during today's event. We'll try to get to as many as we can. We are trying to stick to about a half an hour today. The recording, we believe will be available about 4 p.m. Eastern time. It'll pop right into your inbox. It'll also be available on Six's YouTube channel at that time. Enough of the boring stuff out of me, I wanna get right into the good stuff. And Mike, that means I will start with you. So you are on mute before you start. The cash distributions from the Pico JV came in at 102 million for 2025. So I'd love if you could walk us through how that flows down to Contango's balance sheet and what the unrestricted cash position looks like today versus where you started the year.

1:09 You are on mute though, Mike. Sorry. Sorry, on mute. Good morning, Romeo. Thanks for the question. So the way that we account for the Peak Gold JV is equity accounting because we own 30% of it. So, what you see happening is we recognize 30% of the net income of the joint venture, which for 2025 was $88.6M.

1:27 And so you see that go into our statement of operations with a corresponding increase to the investment in the PJB on the balance sheet. The 102 million distributions actually gets a direct increase to our cash with a corresponding reduction to the investment in peak gold. So what you would have seen at the beginning of the year was a balance of 60 million in that investment on the balance sheet, and that's been reduced to 47 million at the end of the year, which is the difference between 102 and 88. To answer your second question, it's the cash increase from 20 million to start the year to 65 at the end of the year. That was primarily driven by the equity investment equity raise we did in September. That's really what drove that. The profits from Moncho effectively funded our pay down of the debt for US$37.5M and that realized hedge losses of US$63M, which was coincidentally about US$100M. So those funds more or less took care of paying down our debt.

2:19 Great. I appreciate that very much. Rick, I got one question about ASIC. So I came

2:24 in at about 16.16 per ounce sold in 2025, which is, I believe, almost right on guidance, like almost exactly on guidance. Now, the 2026 number jumps to that 2200 to 2300 range. So what drives the increase and how much of that is just the math on lower ounces versus cost inflation?

2:43 Just what are we looking at there? Yeah, obviously, we're pleased to be slightly under guidance. I think guidance was $16.25M, so I think good job there. In terms of next year, or I should say this year, 2026, guidance has always been higher because of the mine plan. And the mine plan is there's more stripping. We're switching from the North pit to the South pit. And because of that, a lot of the fleet sort of mine fleet is distracted. They're doing a bunch of pre-stripping. So, and that results when you're stripping waste, that's a higher all-in sustaining cost on a, you know, on a cross the board basis. So that's the main driver of the increased cost is you're doing a lot of pre-stripping in 2026. And that's why you see the cost go down in 2027, because now you're just mining ore and in fact, a bunch of the fleets kind of go away. And that's just sort of the sequencing of the mine plan. So That's the big driver. Now, a couple of things

3:49 in terms of continued guidance going forward. That's based on the mine plan and we're executing the mine plan, plus or minus where it was originally in terms of grade and things like that, grades and tons, ounces delivered.

4:06 Where we are starting to see inflation in particular, more wage related inflation. It's relatively small, but We're certainly seeing that. And I think that's in general what the Gold price still tells you, right? Gold price is going up. It's usually an indicator. The other thing, obviously, the recent developments related to the Iran war and the closing of the Straits of Hormuz, That's probably inflation, potential inflation to come. But, you know, in rough numbers, a third of our costs are related to transporting the ore from Montreux to Fort Knox. So if we see higher diesel prices as a result of a, you know, a $200 spike in oil costs, which some people are talking about, if that happens, obviously our costs are going to go up. That's more of a cautionary thing. We don't have anything now. Obviously, we buy fuel in advance in Alaska, particularly, and for this project particularly.

5:04 A lot of it is locked in and don't have any sort of specific numbers at this point. I noticed, I just got back from traveling and I was seeing in the lower 48, a lot of really high costs for gas and diesel. Haven't seen that here.

5:23 And again, I think that's that we buy a lot and it gets barged up and it gets stored. So we have a lot of storage capacity in Alaska. And, but I think it is something that we certainly expect to happen if the Iran situation continues. Sure. Can't make sense. Appreciate it. Mike, another quick accounting questions. I know you raised 50 million in September and another 50 million in February, But the credit facility already down to under 15 million. How should investors think about the capital structure from here, especially going into 2027 when distributions could be north

5:56 of 165 million? Yeah, the debt's around just under 15 right now. It's scheduled to be down to US$10,000 at the end of this year. The hedges are scheduled to be down from, pay down another, deliver another US$11,000 this year with US$15,000 in the remainder of this year. Our objective still is to early deliver into those and potentially early pay off that debt. So either you're going to see the debt and hedges all kind of extinguished by the end of this year or in early 2027. Now, how that kind of ties through to our cash is we have what, $65M to start the year. We got exploration and development expenditures at Lucky Shot and Johnson Track. So you're going to see us spend around US$40M on those projects. But what you should see is with Moncho profits, with the expenditures on those projects, our cash should stay relatively flat for this year. So we should finish the year around say US$60M.

6:45 But then going into 2027 and 2028, you're going to be debt-free, hedge-free and generating a significant amount of free cash flow from on show.

6:53 We'll continue to put money into the Lucky Shot and Johnson Track and Kitsault, but you should still see us be able to fund all those planned expenditures while the cash is continuing to grow by a significant amount over the next couple of years. Can I add to that? Yes, I'm just going to add, obviously, once the merger is completed, which is coming up here very shortly,

7:15 Dolly Varden comes with a significant amount of cash. So, Mike, $60M number is actually going to grow significantly over 100. So with the Dolly Varden merger, but we'll let all that kind of come out in the wash when we come out with new financials in, well, for Q2, I guess. Sounds good.

7:37 Coming in with cash always sounds nice to me. I got one question that just came up. I'm reading the PR. The transition from the North pit to the South pit creates this kind of 4 month lag between mining and then getting credited. I love you can just explain the mechanics for folks who might not be familiar with how Fort Knox does batch processing arrangements. So just give us some color on how that works.

8:00 Yeah. So just the batch processing, basically it's the middle month of every quarter. That's sort of the target plan. It can vary a week or 2 on either side of that, just depending on conditions, weather conditions, and when everything's ready. And It is a little confusing when you look at things that are mined at Moncho and stockpiled at Moncho. That's the 225,000oz of Gold that's mined and stockpiled at Moncho. It's not processed yet. If you took 30% of that, I think you get 63,500. So you're what's going on here because you're saying you're going to produce between 40 and 45. And so that's the confusion. Now, you take that ore and 4 months later, it gets transported and batch processed and sold and Mike gets a check for it. That takes 4 months.

9:00 And so that's

9:03 the difference between what's processed and paid for and sold versus what was mined in a particular quarter or a particular year at Moncho. So that's, if you're looking at, why is 1 number, 90, 30% of the total of mines is

9:19 225. It's actually a big year for mining ounces. They don't get processed until 4 months later, which is obviously 2027 is the benefactor of that, which is part of why 2027 is such a banner year. As we mentioned, we're doing a fair bit of pre-stripping on the South pit while we're finishing up mining on the North pit. And it's one of those good news, bad news things. The good news is there's more ore in the North pit that we're finding at the bottom of the pit. That's not uncommon. It's a venture too. It's not doubling the size or anything, but it is more. When that delays moving all that equipment over to the South pit. Because once you're done with the North pit, we're filling it back up, right? That's part of the mine plan. That's part of that sequencing that we're talking about.

10:09 So the bottom line, mined at Moncho,

10:13 is the ounces that are sitting on a pad at Moncho are different. And there's a 4 month lag between the ounces that are processed and sold and Mike getting a check in, let's say, about roughly 4 months later. Awesome. I appreciate that. Just the mechanics of it. I think it's helpful for people to get an understanding of. But speaking of 2027, which I think we all know to expect to be a pretty sexy year at this point, Michael, I'll ask you, Gold production guidance for 27 is 75,000, 80,000 ounces of cash costs of 1200 to

10:44 1300. So obviously at today's spot prices, it's pretty wild margin. What are the assumptions baked into that number? Just so folks understand. Yes. It's basically based on what's in the Feasibility Study and what's in the mine plan, with some updates for actual costs and the tons and grade that we're mining in front of us. But really what's really driving that is, what Rick talked about, is that huge amount of pre-strip down in 2026. You're getting all the benefits in 2027. And additionally to that, the grade is much higher in 2027 and you're processing a lot more tonnes. So all those things drive to a much, much lower cash costs and on sustaining costs. And

11:21 I think if you, you know, the remaining life of mine ASIC is about $1,700. When you look at all the remaining years in the mine, you just have 26 is a higher year and 28 and 27 and 28 are much lower, but it all averages out. Does that answer your question? I think so. I want to move over to LuckyShot though for a second. So Rick, I'll throw this to you. I know you're targeting 400,000 to 500,000 measured and indicated ounces to support the feasibility study with the production decision, I think in 2027 is what you're targeting. So I've got 2 questions for

11:52 you, which is 1, what are you seeing with early drill results? What are they telling you so far? And what does the classic Contango DSO approach actually look like in practice at Lucky Shot? Because Lucky Shot is a fully permitted mine site, and technically is an operating mine, even though we're not producing Gold, we're doing all the things that you would if you were mining from a mining standpoint, from a permitting standpoint particularly.

12:20 We've got a roughly 18,000m drill program underway now. In the next few months or so, we'll finish up the drilling in the West Drift and then we'll bring the miners in and continue putting underground development in. That'll give us a bit of a breather to do some other work. And we're particularly excited about the KM vein, which I think we talked about on the last webinar. That's a new discovery. It's a vein at right angles to the Lucky Shot vein that we've been drilling. And it's very high grade.

12:57 I mean, it's averaging a couple ounces per ton. So We're going to put together a specific plan to continue to explore that.

13:08 Because it's at right angles, it's at an awkward angle to drill from the infrastructure we have in place. We're extending the drift and get underneath the vein, because it's basically dipping back towards us. It's offset by the Lucky Shot fault, which of course, we put the West drift in over to the Lucky Shot fault because we know the Lucky Shot fault offsets the whole Lucky Shot vein system over to the Coleman. Somewhere around 150m is what we are estimating. That means

13:40 the hangwall side on the Lucky Shot fault for the KM vein is quite a ways below it. We have to drill that And we want to get the infrastructure underneath on the footwall side of the Lucky Shot vein to get that going. So those are the sort of the modifying, you know, adjusting the program as we're moving along here. Obviously, you know, we're sort of targeting 10 to 15 grams for the Lucky Shot vein.

14:05 And if we're hitting, you know, 50, 60 grams in the KM vein, well, guess which one I want to drill first? It's not too hard, but we do need to get the extra infrastructure in place to do that. Once we bring the miners back, that's certainly one of the top priorities that we'll do. Overall, the exploration program will take most of the year here, I might actually go into a little bit into 2027.

14:37 And then once we have all that information and data, we'll roll that into a Feasibility Level Mine Plan and transportation plan. We'll decide where the ore is going. Is it going up Fort Knox? Is it going over to Asia? Is it going to a tolling operation in BC?

14:55 British Columbia? Those are all options that we're looking at. I kind of refer to it as feasibility light because it's, because we're not building a mill in a tailings facility, that really is, it's basically just a mine plant. Sure. And a transportation plan. Transportation's, you know, pretty simple, but rocks in a box. So, and just decide where they're going.

15:21 That's what we like about the DSO model. It is simple and simple is good. That program this year will cost about $25M. And so far we're tracking pretty well on our drilling costs. We'll get the miners back and we'll see how the costs are going there. But I feel pretty comfortable about that budget. And then once we have all the data and we're doing a complete Feasibility study and lay out the infrastructure necessary to start mining, we think that's another US$25M to be spent in 2027, which should then get us in place to produce

15:57 Gold in 2028. Awesome. And jumping around to Johnson Tract, and I'm gonna hitch on every project here, so get ready for that. I know it just landed on the FAST 41 dashboard in January. So for anybody unfamiliar with that program, I know there's a lot of Canadians in the room, what does that mean for the permitting timeline and what's happening on the ground at Johnson Track this year? Yeah so FAST 41, and I'll always point out it doesn't mean FAST as in quick, it actually stands for Fixing America's Surface Transportation Act. It was an act of Congress recognizing that permitting roads and any infrastructure was taking far too long. And so that was the purpose of the permitting council in coming up with the FAST-41 program.

16:42 And basically is a permitting council is a coordinating agency amongst the federal agencies that are involved in your project from a permitting standpoint. For us, that means the U.S. Army Corps of Engineers. They are the lead federal agency. That's because they're the ones that have to issue sort of the driving permits of the project, which is a 404 permit

17:05 to build the road connecting the mine site to the coast, the port site. And then the other thing is a port authorization. That's a combination of US Army Corps of Engineers, the Coast Guard, NOAA, National Marine Fisheries, and then there's state permits involved as well. Now the states are participating in the process, but the state permits aren't actually listed on the FAS 41 dashboard. So the dashboard, or what's referred to as a FAS 41 dashboard, is a website that has all the projects that are covered under the program. You go there so you can track the process of delivery of information to the agencies, review, and then when a document is determined to be complete is the terminology, then it goes on the dashboard. And so we submit projects or plans.

18:05 They get reviewed and authorized by

18:08 a variety of agencies. And again, ours are US Army Corps of Engineers, the Park Service, because we're doing the road building and the port will be on, in part on Park Service land. NOAA, NIMS, National Marine Fisheries, and then the official wildlife are involved, Coast Guard. So

18:31 the nice thing about, what we like about the process is it's transparent. It's all out there for everybody to understand what's being reviewed, what plans are being reviewed and what the timeline is. And this is the important thing from our standpoint is work with all the agencies, you're agreeing on a timeline to get your permits, your final permits from the federal agencies. And that is on the dashboard. It's March 2028. There's actually a date, I think, on there, but the only one I remember is March. And then you work backwards from there. So yeah, everybody has a job to do and an expectation that it gets done so that the next thing that needs to happen, the work can get done to get out in the field. The work can be reviewed properly and organized

19:20 and kept on task. And that's the important thing from our standpoint. So we should get our permits by March 2028. Great. No, I appreciate that. And now one last project. So I will say, assuming the merger with Dalai Varda goes through, which I know you and Mike can't say so, but I will say probably looks pretty good. I'd love if you could outline the exploration plans of Kitsalt this year. Yes. So first thing on the agenda is an updated mineral resource estimate. And by the end of Q2

19:50 of this year, that basically incorporates about 200,000 meters of drilling that Dahlia Barton has done over the last 4 or 3, 4 years. So it's a substantial mineral resource update.

20:03 From there, we'll outline what our exploration plans for this year. We know we're going to spend about 25 US in expenditures, and that'll be about 50,000 meters of joint. Now, where that 50,000 meters is going to be, I don't know exactly, but I'm going to, I'll take a bit of a guess or wild guidance and say, you know, a third to 3 quarters of it is going to be infield drilling. Because what we want to do is do a preliminary economic assessment under Canadian parlance or an initial assessment under US parlance to say, here's the plan, lay out a plan for developing the Kitsault assets. There are 5 deposits

20:51 between Torbritt and Dolly Varden, and then going up Wolf, Homestake Silver and Homestake Ridge. We want to lay out an overall development plan for that. A good part of the drilling is going to be directed at infill. Expansion, there's obviously some high-grade holes that if we add another 2 or 3 holes on, we can continue to expand the known resource. As long as we're not getting too deep, we want to stay focused on developing a 10-year plan for the assets. And then I'd say a quarter to a third of the drilling would be for Greenfield exploration, upside new targets. There's a multitude of new targets to evaluate on a very, very large land position.

21:43 It's the southern triangle of the Golden Triangle. So it's good hunting ground. There you go. Certainly lots to explore. That's exciting. I know I'm going to kind of give a wrap up question before I get into all the stuff that came in over email and the chat, which is pretty active. So I'll get to you guys in a second. But I'll say with the vote, I believe tomorrow on the merger and expect to close towards late March, once you're operating as Contango Silver and Gold, which I believe is the new name, how does a combined portfolio change the way you think about capital allocation across all the projects? Mike, you want to start on this one? It doesn't change much for us because we already have our plans with Lucky Sean and Johnson Track. We know we're more or less fully funded to deliver on those plans.

22:33 Kitsalt is just the fourth leg of the chair, I guess, coming into the company. I think there's a little more work for us to do on the MRE and the drilling this year to decide what our plans will be for 2027 and 2028. I still think there's plenty of cash available to fund that internally, but we'll need to do more work to get there. But I don't think much changes. We're going to close this merger at the end of March. We're going to have over US$100M in the bank. We'll have 33M shares outstanding. We're nearly debt-free and hedge-free. So we're going to be in a good position to deliver on all these assets and be done with these hedges and the debt. Rick, is there anything you want to add to that? I was just going to emphasize that we still want to stay focused on getting out from underneath the hedges.

23:22 I think we're a long ways there. I think if we deliver into this current batch and the next batch, we'll be sitting in a really good position for the future. The market right now, and I think the war in Iran has the market a little bit freaked out. Naturally, people go to the dollar when there's uncertainty going around the world. And that's certainly what we have right now. And gold is priced in U.S. Dollars. And so strength in the dollar, weak in the gold. It's a little frustrating to see the equities all get punished as much as they have, but it's sort of a risk off environment.

24:07 So you've just got to muscle through. The assets are still there. The Gold and the Silver is in the ground. And as a former associate of mine who said, it's not steam, so it's not going away. There you go. Well, I appreciate it because I had a, what the four-letter word is going on with the markets question that we can now skip, because I think that gives some colour for people in the audience. Now there's 1, 4 people asked this question. I don't think you can answer it, but I'm a good soldier, so I'm going to ask it anyway. And Rick, that is people looking for an update on acquisition of a permitted mill. Yeah, stay tuned. We're working on a number of opportunities and We are going to be patient. We're not trying to rush into anything here. We think there are a couple of good opportunities, 2 or 3 different opportunities we're taking a look at. So just stay tuned.

24:57 We're definitely working on it. Perfect. I had one. There's a couple of people asking just the question generally, and I think this is for folks unclear on how mining works. People note that you mine a lot more than you actually produce at Moncho. So just some confusion there. I'd love if you could give some color to what those numbers mean and why that looks like that to investors watching. I'm going to guess it's this difference between how much is mined in a year versus how much is processed in the year, and the 4-month lag that we talked about. And I had you, like I said, I had some inbound emails this morning asking that, I think pretty much that same question, looking at the guidance here, you're going to produce 225oz of Gold is what the question was. Well, why isn't that, you know, 130% of that 62 and a half thousand ounces? And I said, well, yeah, but it's mined. It's not produced. It's actually mined and sitting on a pad.

25:56 And so, and there, you know, we have this, you have to build a pad up and then while you're building the pad up, you're transporting it and building another pad up at Fort Knox. And then by the time it actually gets processed in the middle quarter, middle month or every quarter, And then again, Mike getting paid for it. So it gets processed, gets produced into Dory bars at Fort Knox, those go to the refinery. They produce 49's gold and they sell that 49's gold. Mike eventually gets a check. And so that's that 4 months, all those things have to happen. That's that 4 month lag period. There's nothing I like more than days when Mike gets a check. Those are the better days. So I'm jumping into questions from the chat today. 1 we've kind of already gone over, but I'd love just a quick recap. I think it's helpful. David says he's a Dolly Bratton shareholder. He's looking forward to the merger.

26:48 What's the update? So what's the timeline from here? I guess the best way to answer that. The vote for both of us is tomorrow morning at 10 a.m. Pacific. We expect that to be successful. And then the BC courts need to approve it on March 26th and that's when it'll close. So you will see Q1 consolidated between the 2 entities and then we'll plan to give more guidance in April on plans moving forward. Just need to get there first, don't want to turn the head of ourselves. But yeah, I don't know what else I can add to that. But yeah, everything's looking great. So I'll just say we will press release the results of the vote and when the court approves. So we'll make sure shareholders know all these steps are actually happened and when the timing is right. So you'll see news tomorrow after market.

27:41 Great. So stay tuned, folks in the chat. Jan has a question, one of those impossible questions, but I'm still interested to hear your perspective on it. And also any expectations on a re-rating of the stock anytime soon? I mean, I would, there's a couple of different triggers here that I would think would help re-rate the stock because as we just talked about, you've had a $200 decrease in the Gold price, which is de minimis in terms of percentage, and yet the equities are all off 10 plus percent. So it is, it's a risk-off, war is a risk-off environment. I mean, that's all you can say. The US$5,000 Gold price is, we're going to make a lot of money at US$5,000 Gold. If you just do quick math, it's not hard to figure out. This is a very, very profitable company and we've got lots of ounces, lots more ounces of Gold that are being developed. We've got the cash to develop them and the cash flow to continue to advance them.

28:46 So, short answer, I think there's a hell of a rerate story here on a number of different fronts. I don't think we get a lot of value. I think we're being valued fundamentally on our cashflow from Moncho, which will dramatically increase when we stop delivering in the hedges, when the hedges are gone. And that's imminent. I think there's a lot of value that we can add that we should be able to capture as we advance Lucky Shot. And I think there's a lot of value we can add as we continue to advance Johnson Track. And Kitsault, we're going to continue to put out these banger holes that are always among the top 10 intersections worldwide.

29:34 We're not going to stop doing any of these things, and we have the money to do them all. So yeah, I think it rewrites in the cards. And I think the merger should start to, you know, obviously we're going to do a lot of marketing on what this combined company is and how strong it is as a producer, developer and explorer. Awesome. We've got 4 big districts to continue this effort. So I think we're all pretty excited about what we can accomplish here. Awesome. Lots more to come. I know we've hit that hour mark. There's 2 more quick questions. I'm just going to throw those 1, Rick, I'll throw to you. And then 1 I think is for you, Mike, to close us off. Rick, a contact from the chat asks, what's the plan with the life of mine at Mon Chou? Are Kinross and Contango planning to add a few years to it? Where does that stand right now? Yes.

30:25 Short answer is, yes, we would love to add a few years. We're spending about US$5M on an exploration this year. And I'll say that's near mine exploration. It's not looking at new stuff way far away. So I'd say there's good potential for that, for extending the mine life a year or 2. And one thing I'll point out is, we said this before, that the Feasibility Study was done at $1,400 Gold. So, and Ken Ross are pretty sharp operators. They know the Gold price is US$5,000. We're sticking to the mine plan. We're mining to the mine plan in terms of grade and grade ton and ounces delivered to the mill.

31:11 But we're not throwing the other stuff away. It's been a great big stockpile. And when you get done with the mine plan, the Feasibility Level Mine Plan, we'll take a look at how much of that material should, that pays for going to, being processed at Fort Knox Mill at a $5,000 Gold price. Obviously, it's not something you want to plan on and give guidance on now, because we don't know in 3 years if they'll have $5,000 Gold. But in 3 years, probably before that, in say 2-3 years here, we'll make that decision. It's just like doing a Feasibility Study all over again on this mineralised waste material. It's categorised as waste, but we know it's got a lot of Gold in it. It's low-grade.

32:07 So we're not stockpiling high-grade. We get high-grade up to the Fort Knox Mill. But I see that's an upside and then just new exploration, finding more ore around the edges, things like that. Perfect. And just to answer, sorry, 2 of the questions that just came in at the same time. What is the current, according to the current Feasibility Mencho, mine life? So when will you start looking at the rest of that material? Mine life goes to 2029. And so then I would say it's probably, you know, second half of 2028 when you start putting some numbers to paper. I think that answers both those last questions that came in. Mike, last one for you from Sue Bust. Are you preparing your 2027 budget consolidating numbers from Delivard and already? Is that how you're thinking about preparation for 2027? Yeah, I have a 26 and a 27.

32:53 There's a little bit more refining to do, but we do have the numbers. And that's gonna be a project over the next couple of weeks, but we got high level numbers. We just need to get more into the details and make sure we're not missing something and we're getting rid of some of the redundancies. But yes, we have a budget. I just don't know what we're going to spend in 2027. I know what we're going to spend in 2026. I just don't know there, but it doesn't really matter because it's flow-through. But into 2027, we'll put a placeholder for some work. We just don't have that yet. We probably won't have that until the end of the year for Nutley Barton. But I know more or less what we're going to spend at Lucky Shot, Johnson Track and what's going to come in from Moncho for the next 3 years. Yeah, key driver for 2027 for Kitsol is going to be that PEA or the initial assessment that we're going to get done.

33:40 Okay. And there is one question that came in just at the end that I'll sneak in, but we'll call it the last question for today. Wesley says he's heard Kinross has problems with their Fort Knox mill foundation. He wants to know, does th to impair processing of m heard of any mill problem problems or anything like mills been operating for are things that usually s in a plan. You know, t the belt fire, conveyor anything like that. That mill has been operating for 30 years. So those are the things that usually show up early in a plan. They did have the belt fire, conveyor belt fire. There was a workaround for Montreaux ore with just using rented crushers, because our ore is pretty simple to work with. But yeah, I'm not aware of any foundational issues.

34:28 Awesome. I'll close it there then. Rick, Mike, thanks so much for letting me really even go in 5 minutes over, which is good for us, actually. So that's not terrible. But thank you so much. And I know votes tomorrow, so everybody stay tuned for more news from Contango as we go forward. But gentlemen, thanks so much. And for everybody in the audience, Thanks so much for joining us.