Mining Americas Targets a Big Q4 as Copperstone Moves Forward

0:19Trevor Hall: All right, everybody, welcome back to another episode of Mining Stock Daily and kicking off this week's corporate updates with our friends from Mining Americas, Inc. the artist formerly known as Monero Alamos. They do trade on the TSX now with that same ticker up in Canada, MAI, and on the OTCQX with MAIFF. The company did report their Q2 financial and operating results here. And everything with Pan and also Copperstone, we'll talk about that here in just a minute, continues to be on track. It was somewhat of an inflection point, but happy to welcome in CEO, Mr. Darren Blasuti once again for the update.

1:00Trevor Hall: Darren, congratulations on another successful quarter. Give us that big, uh, you know, sky view, uh, down on Manera or excuse me, on Mining Americas. I won't make that mistake very often. I promise, uh, of the quarter. Trust me, Trevor, it's a tough transition when you've been doing it for a long period of time. So listen, you know, we, we produced, uh, you know, 80, 300 ounces or so in the quarter, revenue, not a record like the first quarter because we had higher gold prices and we had higher production. But we made around$33 million in revenue. We had almost over$13 million of earnings from mine operations, six cents a share of adjusted net income.

1:42And I'll talk a little bit about that. Just EBITDA around 10 million bucks, cash balance flat quarter over quarter, but that's good because we got rid of all the hedges and all the prepays. And so those are all gone. Um, and you know, I think with a quarter of lower production and much higher oil prices, we still managed to be below our bottom end on cash costs and kind of in the middle of our ASIC for the quarter, but on a year to date basis, we're under the, you know, you know, we're under the, the, the cash costs and we're kind of below the midpoint of, uh, of ASIC. And as we deliver much more production in Q4, uh, as a result of all this additional stacking we're doing, uh, we're only going to have better quarters going forward and it's nice to see the gold price back.

2:30And so the other thing that really impacted, as I said, we sold 1500 ounces, uh, in Q2, again, just historically, if you go back to August of 2025, the company had 11 ,000 ounces of gold that were, that were sold forward at, uh,$2 ,200. So in the nine months that we've kind of had these operations, we've sold those ounces down, uh, some, we, we got rid of with Scotia when we did that deal about 3000 ounces, but the other 8 ,000 ounces, we've been chewing down quarter over quarter, which impact our realized price, because if that's what we're selling, the thing is our production was very focused again, because, uh, just, we have this new mining fleet and we've gone from kind of 55 ,000 tons, uh, a day of processing and we're getting up into the seventies and eighties and now into the hundreds now in August, uh, you know, we saw a really good June on a production basis.

3:28And so that was the lowest quarter selling at the gold price. And so We had a few things impact, but as I said, I think the whole point of doing that, closing that revolving credit facility with Scotia National was to get rid of those 11 ,830 ounces of gold that was either at zero or at 2200. And, you know, that's gone and going Q3 forward with these higher gold prices, all our gold will be sold at those prices and that will drive better financial results in Q3 and Q4. All right.

4:00Trevor Hall: Well, that's a great wrap right there because actually I did want to lead into my next question where we start kind of diving into a little bit more detail on a lot of what you just explained right there. But with that adjusted net income of$6.5 million, obviously you had to cover the call option settlements, the gold loan losses, that fixes into those numbers. But can you break down for me what a normalized cash flow from PAN actually looks like going forward? And what should investors kind of expect as recurring quarterly cash generation from here on out? Yeah, I mean, if you assume roughly, you know, 85 to 9 ,000 ounces.

4:39And again, I think the way we, on our conference call this morning, we kind of said Q3 is going to be similar to Q2 and then we're going to have a really big Q4. But when you look at it, you're going to see revenue in that, you know, let's pick$4 ,400. You know, you're going to see revenue in that 38 to$40 million. dollars. You're going to see that net income in 12 or 13 million dollars. You're going to see cashflow generating, as we've talked about free cashflow from the operations, because obviously you don't have depreciation and all that other stuff. So again, I'd expect you're going to get 10 cents of a, you know, of net income.

5:13You're going to get, you know, 17 to 18 million dollars of earnings from, uh, from the pan mine on a quarterly basis. And you're going to get cashflow that's pretty close to that. And so I said, as I said, I think Q2 and Q3 will be similar except we'll be selling gold in Q3 at$4 ,400 instead of selling it at, you know, 4 ,000 or 2 ,000 like we did in Q2. And then, and again, Q4, you're going to get a big increase in production from what Q2 and Q3 were and a little bit higher than Q1. So those will all help generate. And again, most importantly, you know, again, mines aren't linear, but if given we're stacking 100 ,000 tons now per day or removing 100 ,000 per ton in the mine, you know, we're also stripping more.

6:04So you're going to see that, you know, we talked to the beginning of the year, we're going to have$13 million of non-capitalized stripping in there. That benefits the mine in 2028, but you got to do it today. The other thing that happened is, you know, we moved, uh, the, the mine plan from a 1600, 1800 ton a day mine plan to 2600 ton a day. So right now we're moving a lot more waste as a result of that plan, but also we're putting some 0.2 gram per ton aura that we're finding on, on the pad. So again, that will hop next year. Cause if you remember this, the, the pan sequence, it was, you know, 35, 36 ,000 ounces this year, then dropping quite materially in the second half of 2027.

6:45And then picking up massively in 2028 to have one of like one of the biggest years ever at the pan mine in 2028. We're trying to smooth that out right now. So we don't see, so like, I think the original plan from caliber was 24 ,000 ounces next year. Now we're up into the thirties. Right. So, and again, as we continue to work on this plan and we continue to see some of this lower grade material, uh, that we, you know, had planned to be wasted at a higher plan, that'll come back onto the plan. And so, you know, again, these are, these open pits don't, it's like turning the Titanic, right? So right now, you know, we brought in a new contractor at the end of the year, we've got all new equipment, the contractor's totally loaded up.

7:26So we're, you know, probably gone from, you know, 58 ,000 tons a day to like a hundred thousand tons now. and part of that's going to be stripping and cash out, but it's setting up for 20, 27, 20, 28, 20, 29, 20, 30. So these things have to happen now or they don't happen. But in regard of all that, the mine is still making significant free cash flow, as you can see by the$2 ,000 ASIC, right?

7:55Trevor Hall: Right, right. Well, Darren, I mean, listen, if you're not making money at$4 ,400 an ounce of gold in Q3. I don't, you're in the wrong business. You've been in this business long enough to know that. Yeah. Yeah. And again, we're really excited about Q4 because as I said, it's a, it's the production just kind of steps up because, you know, it takes about six months for the gold to kind of flow through the heap. So all this extra material we're putting on the pad, we'll get a lot of that value in Q4. Okay. But you're paying for it today, right? Right. Well, but let's actually talk about that because your cash costs actually came in at$1 ,740 an ounce, that is below your guidance range.

8:36Trevor Hall: But maybe, was it the quarter? I mean, is that, are we kind of maybe - That's year to date, Trevor. Yeah, yeah, the first half. Yeah, yeah, first half. Yeah, absolutely. But again - I mean, is that sustainable? Is that sustainable for the second half? In Q3, you're going to see results that are similar to Q4 on the operating side. Sorry, in Q2, you're going to see, Q3 is going to be similar to Q2. and then Q4 is going to be better than Q1. So the answer is if we, if we get the ounces we project to get out, we're going to make our production guidance and we're going to be lower on both cash costs and easing.

9:13Okay. And that's, that's our job. And of course, Trevor, I think the other thing is, is that, you know, Pan has never been an asset that has done poorly, but it's never done. It's never been an asset that's blown out, but way better than expectations, right? It's a very steady. It's a steady state asset. That's what you want, quite frankly, when you've got, you're building three mines in 27 months. You need, you need predictable cashflow. I mean, the thing that has not been predictable, obviously, is the gold price, right? From 5 ,400 to 3 ,900 and, you know, every number in between. But, but clearly, as I said, we're, we think, uh, despite the higher energy costs, uh, with fuel, I, we are, we are right on our budget and we are on a year to date basis below, uh, our estimates on cash cost and slightly higher.

10:05There was some additional, um, we ended up putting a secondary, not a second, a second crusher in Japan. Cause we're having so much more material coming to the pad of lower grade material that we had to go out and spend close to a million dollars buying a, that really impacted the ASIC. uh, you know, and, and, and we had to replace an old loader. These things cost a million dollars, but if you only produce 8 ,000 ounces in the quarter, that's going to have that million dollars of additional capex is going to have some impact. Right. So again, we're very comfortable with where we are. We think we're going to do at least as good in the second quarter, the second half as we did in the first half, maybe a little better.

10:44And that's again, going to continue to generate cashflow. And as I said, I think higher gold prices as we're seeing them today. Again, we don't, and the other thing is just remember 8 ,000 ounces have been delivered since August till kind of, uh, May at$2 ,200. And now we don't have that impacting our average realized gold price during the quarter. Right. So we're going to be up substantially this quarter on average realized gold price.

11:12Trevor Hall: It was less than$4 ,000. So again, if, yeah. Sorry, I didn't mean to interrupt you because I did want to ask you kind of what - No, I'm just saying if we average 4 ,400, that's an extra$3.5 billion of revenue, right? Right. Just doing the same. Well, and with a higher mining rate, like you think you did mention, you ramped up from 51 ,000 to 70 ,000 tons per day. And you expect to hit 100 ,000, correct? Yeah. So, tonnies and tons, we just got to be careful. So 52 ,000 tonnees metric tons. We did, we averaged 70 in June, but we hit 90 in days in June. And now we're seeing that number be increased in, uh, in July and August.

11:58Okay. And, and that's partly stripping, but it's also around the edges of the deposit. We're finding lower grade ore that maybe you wouldn't have put on the ore pad at$2 ,000 gold, but at$4 ,000 gold, you're going to put it on the pad. Right. Yeah.

12:12Trevor Hall: Yeah. Okay. um i kind of noticed in the in the cash flow statement you had eight and a half million in working capital outflow in the first half i mean does does that materially affect the free cash available for i want to transition to copperstone but does that have any material effect with the copperstone funding uh the later half of this year no it's just that like in working capital for example in january we had a big equinox payment that we made during the quarter which was the final installment. What you're seeing is, which, which I hope people understand is we've gone from$82 million of working capital to 106 million in the quarter.

12:51Right. And that's a result of moving out all of this. So just think about that's, uh, uh, uh,$24 million increase in our working capital. Good news, right? Well, a lot of that 24 million was the amount of money we're going to lose by delivering into those ounce contracts because they were in current liabilities. Now the debt from Scotia has moved into a long-term liability, so we pick that up. So again, that's giving us more working capital and more short-term liquidity to be able to build those bonds. So I would take it as a real positive. And if you looked at the liabilities at PAN, our current liabilities have come down from end of March to December and now end of June.

13:42So we have the same amount of cash, but we've dropped a significant amount of current liabilities out of the balance sheet, which again, loading up on liquidity to build these mines, right? Right, right.

13:52Trevor Hall: Okay. So in the first half of the year, you've produced just under 17 ,000 ounces. Your guidance is 32 ,000 to 38 ,000. And you expect a strong Q3, but a very strong Q4, correct? Yeah. So I'd say, again, I think we've said Q3 similar to Q2, Q4 strongest of the year. Okay. So second half will be higher production, lower costs than the first half. Okay. Very good. All right, Darren, I do want to take some time and kind of transition back to Copperstone here. Give us the lay of the land of, you know, obviously there's been a lot of things happening with the makeup of the company, the equity itself now trading on the TSX.

14:32Trevor Hall: We have the official name change, which I promise I will do my hardest not to mistake as much as I can. But, you know, give us what's happening on the ground here with Copperstone and what's been going on this summer. Okay. So, well, what's the most interesting thing is that we're building, you know, a very high return underground mine. and last Wednesday the board was at the Copperstone site because we had our board meetings on Thursday and we actually went underground to the face of mining. So there's two portals there, the upper portal and the lower portal. We were actually, before the mines barely started its processing regeneration, it just tells you how much infrastructure is in the ground already and why the price is so cheap.

15:21So, uh, what's been happening just so again, we went underground into the mine. So the de-risking part of what you do in an underground mine is the processing equipment always works. It's what it costs. The question is, can you get the mine into production and can you feed the mill from the mine? We're our, we already went down like last week into the mine. So that's never in my career have we had like a mine where, you know, you're basically at, at the, at the face of the mine. And that's why, you know, we talked about in the Copperstone Capital, there being three months of, uh, uh, or on the ground at the mill when the mill starts up and, uh, having six operating working faces.

16:04When we start the mine, usually you get to three, you start the mill up and you work your way up to four or five, six, and you're gradually increasing production. We're actually going to be ready to go when the mill's ready. So the mill is the long lead time item of this project. And, and I think I've used this before. There's another project in, in, um, in, in Oregon where, uh, they're going to build a 650 ton a day mine for 195 million. We're building a thousand ton a day mine for 58 million. Why is that? Because all the infrastructure is in the ground. So what have we been focused on? We've reopened the portals.

16:39We've, uh, we're demolishing part of the mill. And why you say why? And the reason is we're putting, we're going from a 600 ton a day ball mill to a thousand ton a day ball mill. So there's some pictures on the website. You can see that old ball mill has been taken out. We've had to move, reconfigure the mill. And the big new thousand ton a day mill sitting in a plant now that we have construction approval between Tucson and Phoenix. And it's being refurbished. What does refurbished mean? It's being checked for cracks. anything they find they're filling, they're getting the mine, the milk, the gear equipment, all that stuff.

17:16We, uh, uh, repurposed to be able to be used in this structure. So, uh, the secondary, uh, the two crushing system there again is being, uh, worked on and upgraded because it's the mill. That's the long lead time item. We've had a demolition crew in there. Uh, we went into the, the assay lab, which is important because we're drilling there now. and it feels like we'll be able to in the next month be processing some of our own internal processes that labs probably worth three million dollars so you know all of that equipment is on site um we are we are you know again but it's all think about it as detailed engineering from the study then uh the demolition of getting things that aren't going to be there out of the way the restructuring of the the plant building itself to take this big mill we said we just showed pictures of our mill, the old mill coming out and the new mill will go in kind of at the end of the fourth quarter.

18:17And then once that happens at the end of the fourth quarter, we'll start to do that, uh, development work and getting that ore stockpiled ready for, ready. There's a subflotation we're waiting for. One of the big complicating items of building anything right now is the tariff, uh, things that have been created by Mr. Trump. Uh, you know, the, The port at Los Angeles either has 24-7 work or nothing because you don't know when you're getting stuff in. You don't know when it's coming. You've got to be ready to take it when it comes, even if you're not ready for it. So that's where the uncertainty is.

18:54I think the mine itself, which is usually the long lead time item, is not the long lead time owner, which makes us feel good. It just means that we've got to get on with the mill work. That has begun. and that's been the focus and that will really be the focus till kind of maybe November, December. Okay.

19:12Trevor Hall: So when are mining boots actually on the ground doing underground development? Do you have a timeframe when that happens? And will you be doing some of that underground development and stockpiling or while the commissioning of that mill is going on? Yeah. So the plan is small mine development, which is the contractor we're going to use that Kevin Small, our EVP operations used at Jarrett Canyon and has great familiarity with. They'll be coming towards the end of the fourth quarter. They'll be developing into the six working phases and all that development cost and all that waste will be removed.

19:53And then by the time we start that mill for commissioning, we'll have three months of ore on the ground. That is the plan and the six phases. So let's just say people go, well, what happens if gold price drops to$3 ,000? Well, we got$22 million in the budget for underground development and stockpile. Maybe we have one month stockpile. But right now, where we are based on our capital and our cash, we think that's a really prudent way to look at getting that project ready. Because it's not going to be an intermediate delivery of gold for the first year. It's going to be full bore as soon as that mill starts up.

20:31Trevor Hall: I know you and I, every time you and I talk, we talk about you and the company bringing on Copperstone with minimal or nil delusion. Where the numbers sit at the end of Q2 and with the forecast for Q3 and possibly Q4, the numbers still look pretty tight here, Darren. I mean, how tight are they to you and the company? I mean, listen, we want to maintain$20 million of cash on the balance sheet. Like it's hard to be building. Like, for example, if we got a permit on Cerro de Oro, there's costs that have to go to get to that. There's exploration and network we're going to want to do, right? Like right now, that's pushed off into the future because we're not planning to start that mine till Q3 2027, right?

21:17So the way we look at it is we haven't made the decision on Goldrock yet, but we have made the decision on Copperstone. We are completely self-funded for Copperstone. We're completely, we think we're, you know, we're going to be lose, we're going to be down in capital in March, April of next year to that$20 million number using our current, like, which is, I think we're using 4 ,000 this year and 4 ,400 next year as a, as estimate. it. Um, and if we get a very quick permit on Cerro Doro and we want to move that forward, uh, then, you know, we're going to have to look at things, but we can also increase our debt, right?

21:59Like we don't have to. So our, our job at investors at this price is to not dilute our shareholders. Okay. Um, the only reason we dilute our shareholders is if there was some real reason to do it. And the only thing I could think of that would be there, Trevor is an advancing of Cerro Doro faster. Like there's going to be a four or$5 million payment there. There's going to be, again, we don't know when we're going to get that. So it's hard for me to answer the question, but if it was just to build gold rock and, uh, and, uh, and copper stone, I think we're pretty good unless gold goes, you know, kind of pear shaped and we're at$3 ,500.

22:36Right. And trying to build two. The other thing we can do is we can slow down the build. that doesn't make a whole lot of sense to us because the projects are such high return projects, right? But ultimately, at the end of the day, we're committed and we're looking at every way to do this without ever diluting our shareholders. Because as you know, the management and board are big shareholders.

22:58Trevor Hall: Yes, I do know that. I am a shareholder. I will say that. Yeah, yeah. Because a lot of you do. You know, so again, you know, we've certainly said without equity dilution, we certainly plan to keep that. But, you know, if people, if something would happen on CerroDoro, we got to figure out if we'd go fast, maybe we wouldn't go faster, right? Yeah, yeah. Well, you also have a favorable market. If you needed a plan B, at least you have a market. At least, you know, today I would say plan B's option is with a favorable market, you could go out and do that financing pretty damn quickly. Well, I mean, I'd be looking at debt first.

23:33Trevor Hall: Okay, fair enough. Can we take our 75? We need 10 million bucks. Can we go from 75 to 85? Right. Like again, we're talking about, you know, going through a build of two mines and maybe, and, and, and not wanting to go less than 20 million in cash. Right. So we're, we're not, you know, cause what we don't control as you know, is our goal is the goal price. Right. That's right. That's right. And so we have to maintain flexibility there. I'm glad you mentioned Sarah D 'Oro cause I did want to just kind of quickly highlight that. I want people to not forget about Cerro de Oro, but, and you, you did kind of mention it, you know, the permitting process.

24:12Trevor Hall: What, have you heard anything, any updates of what's going on within that portfolio of projects looking for it's permitting from, uh, from Mexico and where does Cerro de Oro kind of sit in all that? Yeah. So we had actually had a very good update from our Mexican team this week, last week at the board meeting. So effectively, you know, you've seen Axo, you've seen GoGold, you've seen Silver Tiger, you've seen in Zacatecas, you've seen Technic Niko, right? And there's really two lines here. You've got the environmental permit line and you've got the water permit line. Okay. Like as far as process that you have to go through.

24:53So on the permitting, we've had the federal inspector come to site in Zacatecas. He signed off on his report. We have signed that report back. What will happen is at some point they will issue a permit to us and we will have to pay that land transfer tax. And if we do that within the 30 days after they give us the permit, we will have our environmental permit. Okay. So that's, and again, that's what we've talked about Q3, late Q3, early Q4, whenever at Q3. So we're in that process. The inspector's come. He's done his work. He's signed his report. We've signed it back. Okay. So at some point, and there's been a lot of, for the guys listening, there's, in fact, our website, the Semernat website was updated for a few permits on things that are not the full environmental permit, which got people excited.

25:46That's obviously, things are trending in the right spot. But until you see it on the website, it's not real. Right. And that, but we are in the process. That process is occurring. We're not like just thumb sucking it. We're in their 60-day process from the time the inspector's report was done and signed off. And so we will get that permit before the end of the year. The second part is the water permit. And that is under a group called Conagua. And if you needed water, which is where Tech is, where AXO is, they don't have their water yet. Conagua's website has finally gone back up as of late July, early August.

26:27We immediately filed our water well-right permit to kind of get the water we need for Cerro Doro. And we need that as well. So we can't build a mine without water, obviously. So when these guys all announced that they've got their environmental permit, the question is, do they have their water permit? Because you need industrial use water permitted for any mine. So the good news for us is there is potential permitted industrial water in the area that's very close to the mine, but I'd rather not pay a huge sum of money for it. I'd rather just get it permitted. Right. But if the fallback is we get the environmental permit and we're not ready to, we haven't got the Conagua permit, we can always move forward with buying some of that industrial water.

27:17Right. It's just the cost. So we feel pretty good about it. And, you know, it's hard, like when gold prices up and down and seesawing at$5 ,000 gold, you want to build everything at$4 ,000 gold, you want to take it slower. Right. So that's why I said, we're in the middle of, you know, a lot of things changing. You know, the next study to come out, as we've talked about is the Goldrock MRE and report on going forward with Goldrock. So that's what everybody's working on right now, because, you know, we, we want to get going on Goldrock. And we could potentially have a permit around the same time from the Mexicans on the environmental.

27:54But I, like people call them, in air quotes, I'm saying administrative permits. Industrial water is not an administrative permit, right? That's a real permit. And what we're applying for is our wells that we have applied for to be able to use for water. if we can't if that if can ag was going to wait two years to do that or a year to do that we can go buy industrial water it's just expensive right because somebody knows you need water so it's all you know higher the gold prices the less likelihood you are you want to build it faster and to care if the lower the gold price is the more you're going to hope that you can get connect canagua in the next few months to give you the water permit so it's just you know they're binary decisions.

28:37The good news is we have options, right?

28:40Trevor Hall: Yeah. No, absolutely. And the reason that the government's doing all this permitting is because they're, they're making these land, land use change permits, right? And they're, they're not cheap payments. They used to be a million bucks and now they're four or 5 million bucks. You know what I mean? Cause they're broke, they're broke and they're, and they want money. So realistically, you know, this is, this is, but this is a world we live in in every environment you need. So again, we're confident about the permits. We're confident in our ability to build Cerro d 'Oro next year. And I think what I've told you and what we've seen with the web, what's changed on the website is we're getting close to that timing, right?

29:26Yeah.

29:27Trevor Hall: All right. Very good. I just kept on thinking, but when gold was moving up towards$4 ,000 for the first time, everybody was going, go fast, go fast. When gold came 5 ,000 back down to 4 ,000, everybody was kind of like, eh, maybe we should hit the brakes a little bit. You know what I mean? Yeah. It's funny how the sentiment changes. Well, Trevor, it's interesting because we're building three, like we're building two, we're going to hopefully in the next quarter talk about how we're building two projects at the same time. That's right. We're just talking about whether we're going to build three at the same, you know what I mean?

29:57Like, so for us as a small company, you know, bandwidth, how much cash we have, all that stuff matters. But listen, if, you know, as I said, I think we're, we're very focused on, on doing what we said we were going to do. We've tried to, as you know, from our timelines and our milestones, uh, that we put out on the website, we're trying to manage every one of those and do what the market's told us because it's only through that credibility. Can we, you know, can we, uh, can, can we get appropriate value for our, our assets as we continue to build through this build cycle, right?

30:29Trevor Hall: Do you think, and sorry, I didn't plan on asking this question, but it kind of popped up. Obviously, PAN is just, you know, continues to deliver and there's ways you're going to optimize that over the next few quarters. And you mentioned about that. But the market will always provide a premium for development and execution of that development. Do you feel that the market is giving you any sort of reward for executing on the development of Copperstone and maybe even Cerro de Oro in the background? Or are we yet to get real recognition? We've gotten zero recognition. And I will say that is to be expected.

31:12We announced it on May 27th, and because of the nature of it, we're not 20 % through construction two months later because we don't have to spend$190 million on a mine. We're building it for 58. So I think the answer is the Copperstone Gold Rock process of building, as we start to get 50, 60, 70, 80 % through, then we'll get value for Cerro Doro if we have a permit before we get there. Right now, we bought a mine, we're optimizing that mine, but we haven't built it, and we're building a new mine. The progress there isn't what you'd normally have. The good news is we're not spending$20 million a quarter.

31:56In June, we spent$800 ,000. This quarter, we're going to spend$4 or$5 million, but it's just going to get considerably faster. So again, even though it's a full year to build it, most of the capital comes in the last four or five months, right? Of that mine because of the underground development. So it's going to be a slow kind of growth. Again, I, I think that, you know, we still are a proven story. Everybody recognizes that we've got, you know, 5X growth. And, and, and as we deliver the first stage of that growth, you, then you get value for the rest of it. Right. All right. And again, we have permits, we have all these things that other people don't have.

32:39We have, you know, the cash to build it. You know, as you said, you've said, it looks pretty tight. So there's people thinking, are we going to raise equity? You know, there's all these things that people will continue to do until you deliver. And, you know, nine months away is not a long period of time. Nine, 10 months away, right?

32:56Trevor Hall: No. So again, we just kind of put our heads down, knowing that we have an asset, knowing that we're funded on the next couple of assets. and again, go through the process. We do a lot of work on what happens if CapEx is 10 % higher, what if gold price is 20 % lower. We're always looking at those benchmarks on a cash basis to make sure we're okay. And I think we continue to do that. As I said, we're also excited to get a permit to Cerro Duro. It's our best asset. When we get that study out, it'll be the highest NPV asset in the company for the lowest capital, right? So it's exciting to get, you know, kind of move these things forward.

33:39But right now, you know, the good news is we've got our heads down and we're focused on blocking and tackling, right? And getting the stuff deemed. Because again, the whole point of Q2 and getting there from October when, you know, Dave and I started, Dave Stewart and I started, was to get that corporate side fixed up, right? That's done. Now the guys, we can solely focus on the execution of the operations and that construction. Okay.

34:03Trevor Hall: Darren? uh long thorough update but much needed uh we you the company and i will be touching base here this fall as conference season really starts i don't know if we get another one in uh before the beaver creek precious metals summit uh but if we do be sure we'll be reporting the news uh in the morning briefing uh congratulations again on a successful q2 onwards and upwards for q3 into q4 appreciate your time and thank you so much. Thanks a lot. I appreciate it. Yeah. Mining America's Inc. everybody trading on the TSX with MAI and on the OTCQX with MAIFF. The information presented should not be considered investment advice.

34:45Trevor Hall: Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.