Financial Data and Key Metrics Changes - The company reported record-breaking revenue of $126 million, an increase of 51% from the previous year [2] - Cash flow from operating activities reached $133 million, up 196% year-over-year, while free cash flow was $90 million, up 336% [2] - Adjusted net income for the quarter was $47.9 million or $0.22 per share, compared to $22 million or $0.10 per share in the same quarter last year, reflecting a 118% increase [3][4] - The net income reported was -$15.8 million due to a significant non-cash charge of $60 million related to derivative liabilities [3] Business Line Data and Key Metrics Changes - Silver accounted for 72% of total revenue, with an 80% increase in the realized selling price of silver, adding just under $49 per ounce after smelter deductions [3] - Production included approximately 1.9 million ounces of silver, over 2,000 ounces of gold, 16 million pounds of lead, and 7 million pounds of zinc [5] - Production costs at Ying averaged $76 per ton, down 11% from the previous year, with cash cost per ounce of silver net of byproduct credits at negative $1.22 [6][7] Market Data and Key Metrics Changes - The company ended the quarter with a strong cash balance of $463 million, an increase of over $80 million from September 30 [5] - Investments in associates and other companies had a total market value of $233 million as of December 31, recently pegged at just under $260 million [5] Company Strategy and Development Direction - The company is focused on expanding mining capacity across its licenses at Ying, with recent permit renewals increasing capacity significantly [8] - Construction at the El Domo mine in Ecuador is ongoing, with significant earth-moving volumes completed [10] - The company has acquired a 70% interest in gold projects in Kyrgyzstan, aligning with its strategy to diversify and enhance exposure to gold [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in meeting guidance due to lower grades but indicated that increased throughput during the Chinese New Year could help mitigate Q4 performance [15] - The company is actively engaged in obtaining necessary permits for further development, particularly for the Condor Gold project [11] Other Important Information - The company invested nearly $26 million in operations in China and $18 million in the El Domo project during the quarter [4] - The company is in the process of finalizing a contract with a new mining contractor for the El Domo project [10] Q&A Session Summary Question: Guidance and throughput at Ying - Management indicated that while guidance remains unchanged, throughput is likely tracking higher than the high end, but lower grades may pose challenges [15] Question: Derivative liability details - The $60 million derivative liability was solely related to convertible notes [16]