Americas Gold and Silver Third Quarter 2026 Webcast - AMERICAS GOLD & SILVER CORP

Thank you for standing by. My name is Jordan and I'll be your conference operator today. At this time, I'd like to welcome everyone to the America's Gold and Silver Third Quarter 2026 Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like ask a question during this time simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star 1 again. All participants are limited to two questions only. Thank you. I would now like to turn the call over to Paul Hewitt, Chairman and CEO of America's Gold and Silver. Please go ahead. Paul Heuitt, CEO, America's Gold and Good morning, everyone, and welcome to America's Gold and Silvers' third quarter 2026 conference call. As a reminder, this call is being recorded and will be available on our website's events page. We will also reference a slide deck during today's webcast presentation. Joining me today are Warren Barga, our Chief Financial Officer, who will review the quarter's financial results, and Oliver Turner, our Executive Vice President of Corporate Development. Before I open up, I just want to say something here. I was reminded two days ago that it was Veterans Day or Remembrance Day, depending on which country you're in. And we have a number, quite a few veterans who work for us. And to each of you that have served, I just want to personally thank each and every one of you. We're all reminded that we come to work for our families. We do all this hard work for a purpose. And those of you who have served we thank each every one you. So I did want to open up by saying that. I will begin with our operational and strategic highlights before turning the call over to Warren. And as normal, cautionary notes over on slide three of the slide deck. Please review the cautionary statements concerning forward-looking information and non-GAAP measures in our third quarter MD&A, earnings release and presentation. Unless otherwise noted, all dollar figures today discussed are in U.S. dollars. over to uh slide five on the deck the highlights as always um safety comes first for us i want to recognize our operating teams for maintaining zero lost time accidents since march of 2025 at galena and april of 2025 in mexico at cosla that achievement reflects daily discipline and a strong commitment from our operating and safety teams, particularly as we execute a substantial growth program. The third quarter for America's gold and silver was a tremendous milestone for us. Look, we produced just a little over 800,000 ounces of silver. On a silver equivalent, it was right around 940,000 silver equivalent ounces and sold about 860,000 ounces of silver. That's never been done in this company. In the 28-year history of this company, that has never been Done. So I have to give a good credit and kudos to the entire team from the top to the bottom for breaking a 28- year record and one that we're very happy to be looking forward to be breaking this quarter. So well done to the team. For the first three quarters of 26, we produce about 2.3 million ounces of silver, and we are on pace to achieve the lower end of our guidance and existing full-year production, that 3.2 to 3.6 million ounces of silver. And our ASIC is likely going to be a little bit on the higher end of our guidance, but still at our guidance. But I just want to remind folks and reiterate something that I said even a year ago when I got here. These are big step-ups year over year. When we look at what the company has done before what we're doing. These are massive milestones and big, big increases that we're dealing in a district that's been around for 100 years. It's important to recognize that this performance came while we continue to advance critical development and are modernizing Galena. We continue the strength of Coachella. It provides us flexibility to accelerate the underground, and that will support Galena's aggressive future production as well. I'm going Go over to slide six, if you don't mind, at Kosula. Kosula delivered another exceptional quarter, producing right around 420,000 ounces, roughly around that, of silver. That's a 23% increase quarter over quarter, 28% increase compared to the third quarter of 2025. This strong performance was driven by higher silver grades, improved underground movement from our newer equipment, and continued advancement into the heart of the higher-grade EC-120. Despite processing less tons, the operation delivered significantly higher silver production, demonstrating the strength of the ore body and the team's ability to maximize production efficiently. I certainly want to take a moment here and recognize our team in Mexico for their outstanding execution this quarter. um as a as a i want to reiterate something else here last year we had a record in mexico as a company we created a record um in the first 10 months of 2026 we broke that record we still have two more months left so we're going to shatter last year's record already so when we talk about some of these milestones and some of These initiatives i think people fail to they They get sucked into the market and silver prices and get discouraged. But we are delivering some of the greatest results in the company's history. And I can't not continue to reinforce that and continue to lead our people at both sites and continueto thank them and praise them for all their hard work. Copper production was also increased 30% year over year to approximately 736,000 pounds. Combined with higher byproduct credits, this strong operational performance contributed to a meaningful reduction in cash costs. Our cash costs were declined to around just a little over $14 per silver ounce compared to around $25 an ounce in Q3. So tremendous cash savings there as we continue to deliver and mine in the different areas. Over to slide 7, beyond the strong production results, we are particularly encouraged by the continued exploration success at COSOLA. Recent infill drilling and step-out drilling at San Rafael Upper and the EC120 zones have blizzard exceptional results, further reinforcing our confidence in the quality and the potential of these ore bodies, and specifically these assets. wheel. If some of you have the slides open, just look at that slide seven, and I'll talk about one intercept here specifically. If you look at SR-0583, it returned 20.5 meters, a grade of 654 grams per tonne, and a 1.5% copper. That's outside of the boundary of our 2025 inferred mineral resource inventory and and again if you i'm just going to pause here for 10 seconds and if you were to look at that slide and just look at some other results i i named off one but there are other results like 14 meters of 598 grams 16.6 meters of 300 grams 22 meters of 392 grams the difference here is we're seeing results here at posala people results of grades that are very very similar to what we see at galena they're world-class except they're anywhere from eight to ten times the width um this is what we're getting to unlock in in mexico which has been astonishing for us so we're very very excited many of you know that our beta hunt mine when we were at corolla had some exceptionally wide zones similar to this we had lower grade cool back then but it was so profitable because of the width. And that's what we're seeing here at COSLA. There's no doubt in my 35-plus years of mining, I've never seen any widths followed by grades like this. These are some of the best you're going to see world-class. So I'm extremely excited to get these zones into a mine plan in 2027 and beyond. COSSA is certainly shaping up to be a very exciting asset with these kinds of intercepts. And look, again, if you look over to slide 7, you will be able to see what we're seeing. They're about five times the average grade of what we had previously modeled in the last technical update. So stay tuned as we update the newest resource with this newer information. so overall the resource conversion drilling across san rafael and ec 120 has consistently returned grades two to three times the previously reported inferred resource like i was saying these results are particularly encouraging as we continue to better define the mineralization and always evaluate the opportunities to enhance our future mine plan It is important to keep in mind that our recent filling results, and I said this, but I'm going to repeat it, was not included in the 2025 Mineral Resource and Mineral Reserve Estimates. They demonstrate potential for additional resource growth and rate improvement, which will be evaluated as part of our future Mineral Resources Estimants. looking ahead to 27 i'm i'm extremely proud and excited about what coastal can do and continue doing the operation as i mentioned a little earlier has already surpassed its previous annual production record in the first 10 months of 2026 putting putting us on track to have yet another record year which we will do with strong operational momentum continue to accessing the higher-grade mineralization and encouraging exploration results, we believe COSLA is extremely well-positioned to build on this success and remain a very strong key contributor to our long-term production growth strategy. COSLa's performance also played a major role in helping America's gold and silver create a record that I talked about earlier in my presentation of accomplishing 800,000 ounces of silver in a quarter. This milestone reflects exceptional performance from our Mexican operations. And again, I do want to say hats off to our entire team. I hope many of you are listening on this call. Thank you for all your efforts. Over to slide eight about Galena. And I just want to remind people about something at Galena, As we continue to invest in Galena and we continue to look down the road at Galena, we're not building something that we're trying to have a record quarter after quarter after. What we're trying to do is something that will sustain for a very, very long time. We are building something and putting in infrastructure and spending money on something that will sustained something that's never been done before. So the amount of effort and hard work we're doing in the mine that's been around for 100 years, remember It's been starved for capital forever, so this investment, we're very much needed at Galena, but we're building something that we want to make sure can be sustainable for a very, very long time. So our priority remains building the foundation for sustainable higher-rate production. The complex produced just under 400,000 ounces of silver in the quarter as the operation continued recovering from some of the temporary interruptions we experienced in Q2 and prioritizing setting up our infrastructure improvements and mine plan, again, like I said, for long-term sustainable production gains compared to just short-term flash in the pan stuff. Following number three shop improvements, we've been able to focus on much needed and much required waste development ahead of our future production areas in our silver copper zone. This work is very essential to expanding our long-haul mining program. and opening additional panels. We are seeing meaningful productivity gains as we continue to bring new high-grade stoves into production using long-haul mechanized mining and utilizing remote mucking. We increased the sea cycle times from anywhere from, I don't know, 150 to 200 tons per ship compared to what we used to have, 35 to 50 tons per shift, using the conventional underhand cut and fill. and many of you analysts got to see it rather than using back legs we're using a modernized long hole drill we continue to modernize the underground fleet uh we didn't have any remote controls underground we didnít have any trucks underground theyíre now underground they're operating our communications our backbone a leaky feeder system we now have a finally have a leakey feed leaky feeders system that allows us to speak into the mind that allows a ship boss for example who we used to be able to maybe speak about 15% of the time, we're going to be up to speak to them 100% of the time while they walk around doing their job day in, day out with this new communication system that we've implemented and adopted. These are all interdependent projects and their benefits will build over time. Our focus is on executing them safely in the right sequence rather than sacrificing the longer term plan for short-term tons. Over to slide 9, exploration people. Exploration success at Galena is another reason we're obviously extremely excited. Sorry about that. On the operating level of 49, we intersected 1.2 metres of 1,061 grams silver, 0.7% copper and 0.6% antimony. This is, again, another new discovery, but it's not the only one. We've had six brand-new discoveries at Galena since we've been here over the last 18 months, and we're very excited about what they're going to bring into the future. These assay results are regularly intersecting the higher-grade silver than currently modeled in the resource. It's the same situation as COSLA. Many of these results represent potential upside, and they were excluded from the 2025 mineral resource inventory. So they will be included in our next version of our resource and reserve update. So we're looking forward to adding many of the drilling that we have done. These results are part of the largest exploration mineral resource conversion drilling our company has ever had in the history of a company. Across our operations, our people are delivering these advances while maintaining a strong safety culture, and I want to thank them for that. The team at Galena that we've assembled with Chris Corley, Evan Pelletier, and Ian McMullen are doing an amazing job at really revitalizing that district, leading our team to some of the things that have never been done in that district. So we're very proud of Galena and where it's going and building the momentum that we're doing. With that, I'm just going to take a moment here and let Warren talk about some of the financial opportunities we have in front of ourselves. Over to you, Warren. Thank you, Paul, and good morning, everyone. Today, we reported our consolidated interim unaudited financial results for the three and nine months ended September 30th, 2026. The financial statements in MD&A are available on our website and through CDAR Plus and EDGAR. The third quarter net revenue was $51 million, an increase of over 70% from $30 million in Q3 2025, primarily due to the higher realized metal prices and increased silver production in the quarter. Year-to-date, revenue totaled $167 million, an increase of 106% year-over-year. We sold approximately 860,000 ounces of silver, an increased of 17% during Q3, at an average realized silver price of $61 per ounce, compared with $40 per ounce in the prior year quarter, in line with the market prices for silver. We reported a net loss of $5.6 million for the quarter, compared with a net loss of 16 million in Q3 2025. The improvement primarily reflected higher revenue and the elimination of the metal contract liabilities, which we fully settled in the second quarter of this year. Adjusted earnings were a loss of 4.9 million, or two cents per share. Adjusted EBITDA was 9.3 million, or $0.03 per share, compared with $1.9 million in the third quarter of 2025. In the quarter, cash costs averaged $30 per silver ounce sold, and all sustaining costs were approximately $43 per silverounce sold. Year-to-date ASIC averaged approximately $39 per silver bounce sold. We ended September with $63 million in cash and equivalents, with $23 million in working capital, in line with our expectations, as the company continues to deploy capital into its consolidated revitalization and growth plans at both of our mines. Subject to satisfying certain conditions, an additional $15 million is available under our existing term loan facility, providing the company with available liquidity of $113 million. I'll turn the call over to Oliver. Thank you, Warren, and good morning, everyone. Our operational progress discussed by Paul is now supported by a stronger financial and strategic platform. Following the settlement of our remaining precious metals delivery obligations earlier this year in the second quarter, where we used our paper strategically, we have removed significant variable metal price-linked obligations and simplified our capital structure going forward. Just like ongoing operational improvements, these adjustments now allow more of our profits going forward to flow through to our shareholders. At Galena, our iterative flywheel approach to continuous improvement, identical to the strategy we executed previously at two other companies in the early years of those turnarounds, is beginning to deliver results. Much of these improvements do not show up immediately in quarterly numbers as we build the foundation for a very significant and sustainable silver production brace in the Silver Valley. To achieve this takes constant iteration and compounding operational adjustments to reach the level required to transform into a major silver operation. We're certainly excited by the progress we get to see every day and to date and remain well on our way to achieving our targets. We also continue to advance a differentiated growth story built around high-grade silver and critical minerals. At Galena, our ongoing exploration development programs support the longer-term opportunity in not just silver but also copper and antimony. Our capital markets profile has also continued to strengthen. America's names to the TSX-30 for 2026, ranking us as one of the best-performing companies over a three-year period. In October, we published our inaugural Corporate Sustainability Report, establishing a foundation for more comprehensive ESG measurement, risk management, and reporting as the business grows. For a very significant number of our shareholders, this is and was a critical catalyst to increasing allocation sizes, and we're very proud to have reached this important milestone. We're already working on our 2026 report, which we expect to publish in the first half of 2027. Together, these developments support our ambition to become one of North America's leading silver producers and a strategic supplier of critical minerals. So with that, I'll turn the call back over to Paul. Thanks, Oliver. Again, I'm just going to say something that I said a little earlier. Q3 was a record for our company. In fact, it was the strongest production quarter in a 25-plus year history of the company. And for that, I'm extremely proud of what our teams have accomplished, given the laser-like focus we have on safety. You can see how safety and production correlate together. It's very obvious. We've gone a year and a half of both sites without a last-time accident, and we're breaking record after record. um we've delivered strong revenue growth production sales and continued investing in the infrastructure that will support the next stage of our business costola continues to demonstrate why it is such an important asset for our company one of the most important requirements for turning around large capacity operations like we're doing at galena is supporting cash flows from other assets and having options. And look, some of you will remember at Corolla, we had Spargo's reward of fueling the investments we were making into Beta Hunt and to Higginsville in those early years. Here at America's Gold and Silver, our significant capital deployments, operational improvements at Galena are fueled and helped by the cash flow generations from Coastal in these early years as we continue to turn it around. On top of that, our world-class exploration results at both Kosovo and the Galena complex reinforce the scale of the opportunity at each operation. As we look to finish a strong 2026 and end with our guidance, our priorities remain absolutely crisp and clear. Keep our people safe. Execute the important work required to facilitate sustainable higher production levels at all operations. Looking beyond this year, the long-term case for our metals continues to strengthen. Silver and antimony are increasingly important to advanced manufacturing, electrification, AI infrastructure, and national security. With high-grade operations at Kosovo and Galena and our antimony joint venture with U.S. Antimony, we believe America's gold and silver is well-positioned to contribute meaningfully to those supply chains. I just want to take a moment to thank each and every one of you for your interest in america's gold and silver and we look forward to a couple of questions at the moment jordan as a reminder if you'd like to ask a question during this time simply press star followed by the number one on your telephone keypad we'll take a brief moment to compile the q a roster your first question comes from the line of alexander malbray from bmo capital markets your line is live hi paul and team thanks for taking my question and i have two so the first one is you've been working to address several long-standing bottlenecks at galena which improvements have made biggest differences so far and what changes are your team seeing underground yeah alex um a very good question actually it's a great one to start off with uh look i think um recently here, just before Beaver Creek and BMO, many of the analysts got to see it with their own eyes. I think you got to seeing a number of things we're doing. I mentioned one a little earlier today, like new communication systems. You don't usually get credit for something like that, but it costs you $3 million. Our mind had nothing. Having the ability for a supervisor to be accounted on or available 100% of the time instead of 15% of time matters. So those things matter. the muck flow movement this is a big one you think about well this mine's been around for 100 years it's always been handheld jackalakes think about the size of fragmentation that produces it might be the size or your fist or maybe a big piece is the size of somebody's head when you're drilling and blasting in long holes you're going to get bigger rock and our system wasn't set up to accommodate that we didn't have grizzlies in place so evan and the team have quickly put in grizzlies into place they put in rock breakers uh there were pictures here two years ago alex of people uh on on grizzlys at the loading pocket with uh hammers double jack hammers like oh my god how old is this so we've we've upgraded our our rail system bigger cars added grizzly's obviously goes without saying changing the mine method is the biggest one but it does have consequences it does have cheaper costs quicker turnaround different fragmentation the mine was never set up for that so putting in all these things like the grizzly updates the orc cars the leaky feeder obviously without doubt the shaft upgrades have been amazing that evan and the team have done we we've gone from 40 tons per hour to over 100 tons per hours There are so many of these things, and again, I'm repeating myself, but it was great to have the analysts come and see. When you get to walk into an old vine and you see there's a brand new skip or a brand-new cage, you can see the dollars we have spent or a brand-new rock breaker. You're like, okay, this is going – all these things are not – we're not doing that to have an outstanding quarter. We're doing that. We're not to build infrastructure that will be here for 20-plus years that will last a long time. So I mentioned a whole bunch of them here, Alex. uh it's they're all very equally important and each bottleneck has to be overcome in order for us to achieve these new levels and new heights and and sustain them again i know i'm repeating myself but sustaining them and making sure we do them quarter after quarter is what matters it needs to become boring you need to say you're going to get to a certain level and this thing is going to become you're gonna do it time and time again you're very consistent just like we did at Klondex, just like we did at Karora, and it's got to be that way. So, hopefully, the whole bunch of them, I know it was a long answer, Alex, but there was like five of them that I gave you. No, thank you for that. My second question is more of a follow-up on that. So with the shaft improvements completed and additional infrastructure advancing, what are the next milestones needed to translate the investment into higher, more consistent production? Yeah, one of the big ones, again, I think people got to see with their own eyes, there's two of them that are are still outstanding uh the the new paceville plan and and our team on site are doing an amazing job managing the contractor and getting that done we're the only line in the district that doesn't have a modernized paceville plant we need that um we know we're going to well we're hoping to start it in q1 it'll likely be built the end of the quarter we're gonna see how the weather is we go when we start this thing up this is going to be something again it's going to last forever um and this is a perfect example where we we didn't think about a short quarter we thought about hey if we added a couple extra if we spent more money today and we look into the future we could increase tail's capacity by over 10 years by spending money today and and that's the type of approaches we're doing on every project we do so for the peso plant not only will it allow us to fill faster have a better more homogeneous compressive strength something much more reliable like everyone else does but we're now being able to extend our tails down life because we're putting in a dry stack at the back end of this these are the types of decisions that you you take today that they don't have an impact in a week or two weeks but they will have an impact forever for sustaining the biggest production that's ever come out of these mines in history uh the second one alex is really we've been squarely focused here now that uh Evan and the team have been pushing pretty hard at getting waste footage or footage up at moving waste development. We've suffered from not having enough waste development in front of ourselves. We need to get waste development front of ourself. So those two things, the pay fill plant and waste development, are very key and critical to us making sure the rest of the things fall in line together. Your next question comes from the line of Cole McGill from Stiefel. Your line is live. Hey guys, Paul, Warren, Ollie, thanks for taking my question and good morning. Thanks for walking through some of the material handling advancements you've had over the year. Can you provide a bit of color on the mining front and specifically the transitional long hole? dilution over breakages is like and tracking versus where you thought you'd be at this point yeah look that's that's a great question cole and here's what we're doing um not unlike any other mine anywhere in the world that has longhole what we'RE identifying is different domains geological domains and what i mean by that is we we will have longhole at this mine call it 75 to 80 percent of it it will never be 100 we always knew that however we will mine that long hole very narrow but we will mind it maybe differently what i mean by that is we might be drilling a two and a quarter inch hole in one area in another hole we might in another area domain we might be drilling two or three quarter inch whole the spacing might be different the way we blast the football or the hanging wall might be difficult we might put in cable bolts on the hanging walls some areas, and we might not do it in other areas. So as you bring in longhole into a new mine, just like we did at, let me just be very clear, we did this at Midas, we Did this at Fire Creek, we did This is not new. This is something we have done time and time again. And I've learned this from doing it in Red Lake and Timmins, Ontario. So this and Renabe, this is not something that is new. But what we need to do is identify the different geology, the different matrix, and how you drill and blast lawnmowers so that you do exactly what you said. You make sure you prevent any dilution. We've got stoves here that we've taken out in some areas where there's no capables. We're drilling a normal pattern like I had at Midas or Fire Creek, and we are seeing no additional dilution at all, nothing at all. There's going to be, I suspect, two to three different domains that we're going to identify, But that's going to come with the more stoves we mine. And we'll say, all we're doing is we're changing the way we drill or blast or muck or backfill or back fill in those areas. Sometimes we'll use conventional fill. Sometimes we're going to use the new pay-fill plant. So the modernization of Long Haul has been so overwhelmingly successful. It's actually blown my mind how we see some of the stoves. Like, we've got pictures in our slide deck. If you just look at our slide, you can see a top cut, you see a bottom cut. You can see how narrow, 1.1, 1,2 meters wide. We have visitors from all over the U.S., mining companies from all over the US asking us, can we come and see what you guys are doing? And, of course, we're going to help others. Why wouldn't we? It's in our best interest to always help neighbors or people in our mining industry. But they're seeing the pictures in the slide deck, analysts are seeing it underground, our miners are seeing it. and we're able to take a stope that would have taken us 12 months to drill and blast with back legs, we're unable to do it in less than 30 days. It's cheaper. It's more efficient. What we need to do is understand the different domains. That doesn't come in two months. That happens over time. It took me about four years to do that at Midas, but we're not seeing additional dilution. What we're actually seeing is the dilution is flat. We're not getting any additional dilutions. Just look at the pictures. but all i'm saying is that in the different areas of the mine as we continue to mine longhole we will just continue to refine it and get better if there's an area of the mind that the vein is 70 degrees cool uh you might want to put cable bolts in the hanging wall and those are yet to be identified so it's it's fluid it's a work in progress and we will continue to adopt and move very very quickly as we look at our top cuts our bottom cuts and and another example is the strike length of the stope or the length of your hole sometimes you might go to a 12 meter hole where um in australia i was able to push to a 18 to 20 meter hole so all those things matter by domain and then we're learning that as we continue to do as we continued to adopt long hole at galena which has been again overwhelmingly successful i know it's a long-winded answer but it's it's not of simple answer, Cole, because there's a lot of moving parts, and it is fluid. Yep. No, 100%. Thanks for that, Paul. And then one more for me, if I may. Can you kind of provide a bit of color? My apologies. They've dropped. I'll place them right back in. Oh, I'm just trying to find Cole on the list here, just one moment. Cole, your line is live. Thanks, operator, and thanks, Paul, for the follow-up there. Just one more from me, if I may. Can you kind of walk us through how the progress with some of the development towards some of the higher-grade silver-copper orders transitioning and when we could start to see some of that hit the mill into 27? Yeah, look, again, Cole, another great question. Look, here's how I'm going to answer that. I'm just going to say something that some of you got to see and we said it at the site visit. I've been personally mining. Many of you have followed me for over 15 years, and thank you for that. But I've bee mining 39 years. And when I consider mining as a whole and I look at new discoveries, let me use one, a great example for you, Cole. A year, a little over a year ago, we discovered the 034 vein. It was a brand new discovery at Galena. And just to reiterate, we've had six new discoveries. Six. We had a brand-new discovery. Brand-new. You think about announcing a new discovery anywhere in the world, whether it's in the U.S., whether it'S in Canada, whether IT's in Mexico, South Africa. Pick a place in Australia. You have a new discovery. How long does it typically take a company to get into that new area? We had a brand-new discovery about 18 months ago. We followed up with around 15 to 25 holes. We followed it up with a drift into it. When the analysts were here about a month ago, we actually took the first cut out of that 34 things. In less than 16 months, we went from a brand new discovery to that wasn't even in our model yet. That's how quick we've been able to adopt and move so fast because of the existing infrastructure, because of everything that's already in place. We've got billions of dollars of infrastructure in place here. We get to drill it in a shorter hole. We get the drill it from underground. But more important, this is fully permitted, ready to go. We get access it quickly, to your question. So we have known cases of areas that we have discovered less about a year ago that we're already mining. so for us as we look into the future and we look into the six new discoveries all we're doing is looking at shedding off maybe some of the lower grade and replacing it with some ofthe higher grades that we've already discovered but think back in your own lifetime Cole or anybody's like from a discovery to the time they're mining and I know I can tell you cases where it's 5, 10, 15 years a new discovery 10 years later they're minding it we're talking months away here that's unbelievable because of the existing infrastructure we have. We walked into a mine that has been around for 100 years. It wasn't modernized. It was starved for capital. But all that 100 years still helped us as shareholders. Look, Cole, I'm one of the largest shareholders of the company. I've never felt better about what we're doing ever. When I see the records, when I see The Future, when I look into it, I tell my wife and eight kids, I say, listen, we have a tremendous opportunity in front of ourselves. This was never 100-meter dash. This was always a marathon, and by God, stick to the plan, because we're going to win this marathon. Your next question comes from the line of Ken Ildive from SCP. Your line is live. Hi, Paul. We're in the rest of the team. Maybe I'll just start from Kosala. You guys had a very good quarter there. I was just curious how much of that came from EC 120 grade and basically how the whole body is reconciling to the model as we head into 2027. Again, look, thank you very much for the question. As we continue, I'm just going to repeat something I said a little earlier because I think it is very, very worthwhile mentioning, especially some people listening to the call afterwards and they listen in on the Q&A. It's worth mentioning that when we look at COSOLA as a whole, in the first 10 months of the year, Ken, we've already beat last year's record. And 2025, Ken – it was a record for this company. The company had never achieved in Mexico what we did in 2025. In the first ten months, we already beat that record. We still have two more months to go. You look at our cash costs dropping from about $25 cash cost to about $14.50 cash cost. Why? Because of the copper by-product credits. And where is it coming from? To your point, it is coming from EC120. We are finally into an area. We've been talking about it for a year since I've been here. I've Been Here, call it 18 months now. We're going a little over 18 months. We've Been Excited to get into this area. What's extremely exciting, What's extremely exciting is what you asked the question about, the reconciliation. Well, it's reconciling a lot higher than the model. Well, why? Well, simple. The model had about 100 grams per ton. We're seeing areas that we're intercepting that are anywhere from four or five times that. So I can't wait to see the next resource, the next revision of this resource update. It's going to be very exciting because we didn't have these drills. Look on slide seven. You wrap around that. There's about 10 drill holes, all of them grades of Galena. And this is where we're in. We're mining into those things. So as we finish the year, we know it's going to be a record for the company at COSOLA. We're setting ourselves up for 2027 to continue this strong growth and the performance that we've seen from COSLA. So hard not to be excited. and I know I'm repeating myself, but I am a very large shareholder and I couldn't be more excited about what the future is going to deliver for us and other shareholders. Okay, yeah. Thanks for that. That was good. Maybe just switching gears a little bit to Galena. I was kind of reading the MDA, and I saw OPEX per ton was higher than last quarter, right? There's a little bit of commentary in there about September development push, and I was just wondering how much of this increase is sort of one-off from this development push versus, say, structural, and how much are you looking to see costs reduced into Q4? Yeah, look, we've been very focused at both of our operations, Kosala and Galena. Galena, I said it, if I haven't said it once, I've said it a thousand times, Galena has been starved for capital for three decades. We've got a 100-year-old mine that we're trying to modernize. We believe in the guidance numbers we've set out. we expected us to be on the higher end of the guidance, but we still know that it's a very achievable number. But there's no doubt we have to finish the capital projects, and we've been fairly focused since the shaft upgrades have been done, and we'd been breaking records on waste development or development. We've only been breaking those records, by the way, and we're talking anywhere from 25% to 35% increase in some of these footages because of the debottlenecking of the shaft and putting in the grizzlies and other things. So we have to finish all these projects that we have in front of us. And I've talked a bit about how many more we have in frontof us. So certainly Galena, we know the costs were a little slightly higher than we had intended, but we are not doing something that we want to do the flash in the pan. And I think the best way for me to repeat something, Ken, is to talk about the Pace Hill plant. The Paceville plant was originally designed to just be Paceful, but we're now extending the tail's mine, the life of the tail dam, by eight to ten years. There is no real estate in Idaho. Go find a flat piece of land in Idaho, you're surrounded by mountains, or a better thing, surrounded by mines. Throw a dart on a 20-mile long section in Idaho and there's 15 mines lined up in a row, but there is no flat land. So for us, and why do we see an increase in costs, we know some of it is these capital projects, some of these projects that we're doing that will sustain the longer-term production. That concludes our question and answer session. I'll now turn it back over to Paul Hewitt for closing remarks. yeah gordon look um i just want to take a moment and thank all the analysts all our shareholders um look we we see the market we all see it we feel it nobody feels it more than the team on the ground we are i am i can't be i can express the gratitude i have for both of our operating teams at Galena in Mexico, and in closing, I'm going to say, as one of the largest shareholders of America's gold and silver, I have never been more excited about what we have in front of us and the future for this company. So, thank you to each and every one of you for joining us here today. Have a blessed day. All the best. That concludes today's meeting. You may now disconnect.