Project Overview - The project aimed to demonstrate that Phoenicians could have reached America 2,000 years before Columbus by sailing a 600 BC Phoenician ship replica across the Atlantic [6] - The ship, named Phoenicia, was a 20-meter-long and 6-meter-wide replica built using ancient techniques in Arwad, Syria [7][8] Voyage Details - The journey commenced in September 2019 from Carthage, Tunisia, passing through Gibraltar (pillars of Malcart), Kadis (Spain), Morocco, and the Canary Islands [9] - It took 39 days to cross the Atlantic Ocean from the Canary Islands to Santa Domingo in the Dominican Republic, then up to Miami, Florida, utilizing winds and sea currents [10] Crew and Conditions - The crew consisted of 12 people (10 men and 2 women) organized into three teams of four, with duties including helming, cooking, cleaning, lookout, and pumping water [12][13] - The crew faced challenging conditions, including seasickness, limited supplies, and storms, sleeping in an open space below deck [8][14][15] Cultural and Historical Significance - The Phoenicians were skilled sailors and traders who connected different cultures and continents without exploitation [3][4][5] - The project highlights the Phoenicians' spirit of exploration and their contributions to trade, navigation, and cultural exchange [4][5] Lessons and Reflections - The journey emphasized resilience, endurance, overcoming fears, and the importance of building connections [21] - The project suggests that the Lebanese people share a connection with their Phoenician heritage, characterized by a spirit of adventure and pioneering [20][22]

[Music] I'm here today to talk to you about maps. Maps. I love maps.I think they're a great tool. Uh those two students who just gave me the wonderful introduction, they'll tell you how I never shut up about maps in class. I think it's super important in a global politics class, in a history class, any class, you have to understand what's going on. You have to understand what's on the map.However, there's some things that maps leave out. Now, I've been into geography for a long time. It's something I've bee ...

Core Idea - Curiosity, originating from the Latin word "cura" meaning to care, is presented as a fundamental driver of human survival and progress [1] - Curiosity is not just about finding answers, but also about perseverance and learning from mistakes [2][3][4] - Curiosity transforms ordinary individuals into explorers, inventors, and dreamers, leading to breakthroughs in various fields [7] Examples of Curiosity's Impact - Personal anecdotes illustrate how curiosity led to skill development in music [2][3][4] - The story of Tu Youyou highlights how curiosity and research into traditional Chinese medicine led to the development of artemisinin, a life-saving malaria treatment [5][6] Call to Action - The audience is challenged to embrace curiosity by asking questions and exploring the world around them [7] - Curiosity is presented not only as a means of survival but also as a key to thriving [7]

Financial Performance - Declared a dividend of 14 cents[13] - Gross profit increased by 95% to $26.926 million in Q1 2025, compared to $13.815 million in Q1 2024[13, 17] - Average gold price increased by 42% to $2,896 per ounce in Q1 2025, compared to $2,040 per ounce in Q1 2024[13, 17] - Revenue increased by 46% to $56.178 million in Q1 2025, compared to $38.528 million in Q1 2024[17] - Net profit attributable to shareholders increased by 500% to $8.915 million in Q1 2025, compared to $1.486 million in Q1 2024[17] - Adjusted earnings per share increased by 503% to 58.5 cents in Q1 2025, compared to 9.7 cents in Q1 2024[17] Operational Performance - Gold production increased by 9% to 19,106 ounces in Q1 2025, compared to 17,476 ounces in Q1 2024[17] - Blanket TIFR decreased by 33% from 0.9 to 0.6[17] - The mining team achieved 111% of budget for tonnes broken and 107% for tonnes hoisted in Q1[40] Projects and Exploration - Proceeds from the sale of solar plant amounted to $22.35 million[14] - Focus on defining sulphide mineral resource >250Koz at Motapa North[60]

Financial Data and Key Metrics Changes - The company reported revenue of $360 million, adjusted EBITDA of $149 million, net income of $33 million, and free cash flow of $18 million for the first quarter [19][18] - Adjusted EBITDA margin increased to 41%, essentially doubling from the prior year [19] - The company eliminated nearly $130 million of debt and metal prepay facilities during the quarter, positioning itself for further debt reductions [4][24] Business Line Data and Key Metrics Changes - Las Chispas produced 714,000 ounces of silver and over 7,000 ounces of gold during the partial quarter, with cash costs per ounce for gold and silver at $744 and $8.38 respectively [9][10] - Palmarejo saw gold production up 2% and silver production up 9% compared to the previous quarter, driven by productivity improvements [10] - Kensington's gold production increased by 6% compared to the first quarter of the previous year, indicating a return to positive free cash flow [11] Market Data and Key Metrics Changes - The company anticipates generating average free cash flow of $75 million to $100 million per quarter for the remainder of 2025 based on updated forecast pricing of $2,900 for gold and $32 for silver [20] - The average realized gold price was 41% higher than the same quarter last year, while the average realized silver price was 36% higher [36] Company Strategy and Development Direction - The company is focused on generating per share value for shareholders while strengthening the balance sheet and reinvesting in business opportunities [6] - The integration of Las Chispas is proceeding smoothly, with a focus on maintaining a steady mine life and exploring nearby areas [5][13] - The company aims to achieve a net debt to EBITDA ratio close to zero by the end of the year [4][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance and highlighted the positive changes in the company's financial health [4][24] - The company is committed to a predictable operational model moving forward, focusing on delivering strong cash flows [18][48] - Management acknowledged the importance of maintaining a strong safety culture, having been recognized as the safest mining company among peers in the U.S. [8] Other Important Information - The company published its 2024 responsibility report, emphasizing its commitment to integrity and respect [7] - The exploration investment for 2025 is expected to total between $77 million and $93 million, with a focus on expansion and scout drilling [13] Q&A Session Summary Question: When will the benefits of increased tonnage at Rochester be seen in silver recoveries? - Management indicated that improvements in crusher availability and throughput would lead to better recoveries over time [28][29] Question: What drove stronger performance at Wharf this quarter? - Management attributed the performance to timing and grade profile adjustments, expecting to meet full-year guidance [33][34] Question: Are there any impacts from lower labor costs in Mexico? - Management noted that while labor costs are stable, they expect overall benefits from increased employment at Las Chispas [36][37] Question: How long will it take to work through the extra stockpile at Las Chispas? - The company expects the stockpile to decrease over the next year as new tons are mined and processed [44][45] Question: What is the company's approach to M&A going forward? - Management indicated a focus on delivering current operations and cash flows before considering further acquisitions or divestitures [48][49] Question: What key metrics should be monitored at Rochester? - Management suggested monitoring crusher runtime and availability as key indicators of operational success [59][62]

Coeur Mining (CDE) Q1 2025 Earnings Call May 08, 2025 11:00 AM ET Speaker0 Good day, and welcome to the Core Mining First Quarter twenty twenty five Financial Results Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this conference is being recorded. I would now like to turn the conference over to Mr. Kraft, President and CEO. Please go ahead. Speaker1 Good morning, everyone, and thanks for joining our cal ...

Financial Data and Key Metrics Changes - The company reported record quarterly revenues of $261 million, with a 45% contribution from silver, 33% from gold, and 22% from base metals [18][19] - Adjusted EBITDA exceeded $90 million, driven by higher metal prices and solid contributions from all operating mines [13][18] - The net leverage ratio improved from 2.7 times to 1.5 times, with a cash position of approximately $20 million at the end of the quarter [14][18] Business Line Data and Key Metrics Changes - Greens Creek produced 2 million ounces of silver, with a 10% increase in silver grade, and cash costs were significantly better than annual guidance [19][20] - Lucky Friday achieved a quarterly milling record of almost 109,000 tons, producing 1.3 million ounces of silver, but faced cost pressures with cash costs at $9.37 per ounce [22][23] - Keno Hill produced over 770,000 ounces of silver and delivered its first profitable quarter under Hecla's ownership, with a gross profit of $1 million [24][25] Market Data and Key Metrics Changes - Silver prices increased, leading to improved silver margins from 54% in 2024 to 65% in the current quarter [18] - The company maintained its production and capital investment guidance for the year, with adjustments to individual asset cost projections [13][18] Company Strategy and Development Direction - The company focuses on operational excellence, optimizing its portfolio for maximum returns, and maintaining financial discipline with a structured capital allocation framework [10][11] - Commitment to silver market leadership as the largest producer in the U.S. and Canada, with long-lived mines in top-tier jurisdictions [10][11] - The company is exploring disciplined acquisition strategies aligned with its core strengths [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's promising future, emphasizing the importance of environmental stewardship and community partnerships [7][11] - The strategic review of Casa Berardi is ongoing, with options including outright disposal or joint ventures [17][88] - Management acknowledged challenges in permitting timelines but remains optimistic about the potential for Keno Hill and Nevada assets [50][91] Other Important Information - The company is investing over $3.3 million in a targeted exploration program at its high-grade properties in Nevada [28] - The Libbey exploration project in Montana secured placement on the FAST 41 permitting dashboard, streamlining federal approvals [12] Q&A Session Summary Question: Impact of tariffs on operations - Management noted that while there may be higher costs for consumables like rebar and steel due to tariffs, they have not experienced significant delays in parts availability [35][36][38] Question: Turbine repair downtime at Yukon Energy Corporation - The turbine repair is expected to last six days in August, with an estimated impact of losing 90,000 ounces of silver during that period [43][44] Question: Keno Hill's production capacity and permitting - Management indicated that reaching a sustainable mining rate of 600 tons per day will take several years, with a focus on ramping up production at existing deposits [50][54] Question: Updates on Casa Berardi sale - The company is exploring all strategic alternatives for Casa Berardi, including potential sale or joint ventures, with an update expected in Q2 [88][89] Question: Confidence in cost guidance revisions - Management expressed confidence in the revised cost guidance, noting that profit-sharing could lead to lower costs if metal prices decline [100][101]

Financial Data and Key Metrics Changes - In 2024, consolidated production was 135,884 gold equivalent ounces, a decrease of 12% compared to 2023, while the selling price increased by 24% [4] - Adjusted EBITDA rose to $29.2 million or $0.57 per share, up from $7.7 million or $0.16 per share in 2023, marking a 3.8 times increase [4] - The company reported a net loss of $43.7 million, primarily due to equity accounting and expenditures at Los Azules [4] Business Line Data and Key Metrics Changes - Exploration expenses totaled $16.5 million, contributing to an increase in indicated and inferred resources to over 2 million ounces at the Fox complex [6] - The company plans to double production at Fox to 60,000 ounces by 2027, with potential further increases to 130,000 to 150,000 ounces [6] - The investment in the San Jose Mine is expected to yield dividends shortly, marking a positive change after years without dividends [6] Market Data and Key Metrics Changes - The company increased its debt from $40 million to $130 million through a convertible debenture, capitalizing on a premium over the share price at the time [7] - Current cash reserves are approximately $62 million, with significant portions allocated to increasing production at the Fox Complex and Gold Bar [7] Company Strategy and Development Direction - The company is focused on advancing the Los Azules project towards a feasibility study, with an expected completion by June [5][11] - Plans for an IPO of McEwen Copper are contingent on market sentiment towards copper prices, which are currently viewed positively [5] - The company is also exploring opportunities for mine life extension at Gold Bar and Timberline properties, with a focus on permitting and exploration [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing high gold and silver prices as beneficial for operations [6][20] - The company is actively working to ramp up production to take advantage of current high prices, with expectations of increased cash flow [20] - Management acknowledged the challenges of permitting timelines but remains hopeful for progress in both Canada and Mexico [73] Other Important Information - The company has received environmental permits for Los Azules and has completed hydrogeological tests to support sustainable water use [10] - A claim from an indigenous group regarding property in Timmins is being addressed constructively by management [13] Q&A Session Summary Question: Opportunities for mine life extension at Gold Bar - Management is conducting exploration work on Timberline properties and expects to apply for permits soon [16] Question: Future of royalty portfolio - Management is open to expanding the royalty portfolio and may consider monetization when appropriate [19] Question: Impact of high gold prices on mine planning - Management is focused on increasing production at Gold Bar and Timmins to capitalize on high gold prices [20] Question: Timeline for Los Azules approval - Approval is expected within two to four months, with the project being the second metal mining project filed for RIGI [24][25] Question: Financial implications of Los Azules investments - Without Los Azules investments, quarterly earnings would have been slightly positive [34][35] Question: ASIC expectations for 2025 - Projected ASIC is between $1,700 to $1,900 per GEO sold, with expectations of natural decreases over time [40] Question: Concerns about Rio Tinto's participation in McEwen Copper - Management reassured that Rio Tinto cannot squeeze out McEwen Copper due to existing shareholder rights agreements [56][57] Question: Progress at Stock Mine - Management reported that drilling and blasting are complete, with ramp driving expected to start soon [66][68] Question: Update on Mexico operations - Management is cautiously awaiting permits in Mexico, with readiness to move forward once approvals are received [73]