Lobo-Marte mine

Both projects leverage existing US infrastructure and are expected to produce at cost below the current US portfolio.

But the more significant structural change comes from Great Bear and then Lobo Marte.

Great Bear is expected to begin production in late '29 and produce approximately five hundred thousand ounce, uh, ounces annually during the first eight years.

Lobo Marto, Lobo Marte is expected to follow in the early 2030s and produce approximately three hundred and fifty thousand ounces annually.

Together, they have the potential to contribute approximately eight hundred and fifty thousand ounces of annual low-cost production with a projected all-in sustaining cost of about eight hundred and fifty dollars an ounce at Great Bear and a thousand dollars per ounce at Lobo Marte, both in today's dollars and versus our 2026 AISC guidance of eighteen hundred and seventy-five dollars per ounce.

That's not a short-term cost incentive.

It's a structural improvement for the production margin and free cash flow profile of the company.

So the bottom line is that some inflationary pressure will remain, but we are responding on three levels: operationally through productivity and recovery improvements, corporately through disciplined spending and input cost hedging, and thirdly, structurally by introducing higher-grade, lower-cost ounces into the portfolio.

So yeah, we hit more copper than we anticipated, that impacted our recovery.

Our priority in Chile is Lobo Marte.

But, but what we're looking at here is a really interesting exploration opportunity, uh, out past Lobo into the 30s where there's significant potential for porphyries at depth.

We're...

Yes, I'm disappointed in the near term, I'm also really excited about the medium term.

Yeah, that's gonna be a pivot at some point.

And you were kind enough to invite me out to Lacoipu earlier this year, and I, I saw a lot of what you're talking about, the separate pits, the Lobo Marte-

Yeah