Yes, that's correct.

And I'm glad you brought that point up.

You know, we're looking at this as a district build.

And what I mean by that is, yes, we've broken ground in Los Ricos South and we're well into construction as far as things being ordered and all the detailed engineering.

But at the same time, you know, we think about Los Ricos North and the next strategies up there in our business plan to advance that.

Because if you remember, we have Peral that's Now, I'll talk about silver equivalent, and I'll tell you, it's not the best kind of way to talk about the production.

Of course, if you look at our release on production, you look at our financials, we obviously talk about gold and silver.

So just as we wrap up, because you've already gotten a jump on the detailed engineering and you've already ordered some of the long lead items, what are the next key steps for the build at Los Ricos South that you really want people focused on, let's say, over the next year or two?

What were the main challenges they were struggling with back then?

Well, uh, not, not, not real challenges.

I, I mean, just all ...

When we first acquired the data, we knew the mining district was good.

We had done a bit of work, and there's so, so much limited data.

And, uh, that data that you mentioned, Missoula, Montana, um, that, that came from going to the Anaconda Archive.

And we have a guy on our team, his, uh, name is, uh, Dave Duncan.

... show it to me there.

and

obviously with commodity prices today and you know I mean the silver price being around $60 and with gold price being a little over $4,000 and it's had a pullback.

That's enough that we're making around $60 million US of free cash flow at mine site.

So that's pretty good.

Like, you know, we had the silver price up a little bit higher back a couple months ago, you know, around the $80 silver and the, you know, $4,500, $4,700 gold price.

We were making pretty close to $100 million of pre-cash flow.

So, but again, it's an operation.

What keeps you up at night? What could go wrong? This mining industry,

[laughs]

So, and then after that, in the Ocampo District, we built an underground mine of 1,500 ton a day that we processed in, um, an agitate leach plant.

So, yeah.

Oh, on to the next one.

Uh, the next one would be, um, the El Cubo mine.

Now that existed, a mine there, and it was kinda, it was on its last legs, kinda hobbling along and we, uh, went in there and what we did is we bought the mine from the Villalmas family for $20 million in 2004.

And, um, we went in there and, and made a bunch of changes.

Okay

That's a war chest.

Yeah, and with the study being $227 million to build Los Ricos South, and we've already spent $7 million of that already.

Look, we're going to, the study is about 18 months old.

Inflation in the mining industry in Mexico is running 8% to 10%.

you know, you're looking about 250 for the build.

That's where we are.

I think it's a very conservative study.

Brad, we just gave a lot of why people who are investors should be paying attention to you, but is there anything that you can talk about over the next few months that's really going to be newsworthy that investors, new investors, or potential investors should be keen on?

It's hard to know which metals price assumption to use, but whatever you want to share to build the value proposition for what this project will be worth when it's up and running.

Yeah, you know, I think today, you know, if we call spot... kind of around $60 silver and around $40, $100 gold.

You know, that at spot, for Los Ricos South, you're over $1.3 billion of after-tax, 5% discounted NPV.

If you look at Los Ricos North at the same, you're about $1.8 billion.

So combined, you're up there over $3.1 billion of NPV after tax for the district.

Now, the North, of course, is at an earlier stage study.

But while we're building the South, we will be on a parallel track to advancing engineering and drilling in the North and get a permit application for the North.

But is there a way to extend the mine life by sourcing other material for Peral? A lot of people wonder, could you extend it and have it keep producing along with the rest of the crew?

So because you, first time on and, and some listeners may be new to your story, why don't you give kind of the overview of, of the projects, and then we'll kind of jump into some of the details.

Sure.

Um, first, first I'd say that, um, GoGold is a Mexican, uh, all our projects have been Mexican-based for the last 30 years.

I'm a geologist by education, but I've been building, um, public companies for, uh, the last, uh, 32 years.

Uh, Gammon, uh, Lake being my very first, where we built two mines in Mexico, and, uh, those two mines produced, in combination, 260,000, uh, gold equivalent ounces.

Um, after that, we've done what we've done a lot in Mexico.

We've, uh, with the private families, we've been able to get assets that are off the radar.

Okay.