Financial Data and Key Metrics Changes - In Q2 2025, the company sold just over 148,000 ounces at an average realized price of $3,200 per ounce, with a pro forma consolidated revenue for H1 estimated at approximately $1,330,000,000 from 401,000 ounces if the Caliber transaction had been effective from January 1 [8][15][20] - The company is entering a pivotal phase with production, cash flow, and earnings expected to grow meaningfully in the coming quarters [7][15] Business Line Data and Key Metrics Changes - Greenstone's mining rates increased by 23% and processing rates improved by 20% over Q1, with August mining rates averaging 200,000 tons per day [9][12] - Ballantyne is on track to deliver first gold approximately a month after the first ore to the plant, with a steady ramp-up to nameplate capacity expected in Q1 2026 [14][15] Market Data and Key Metrics Changes - The company has created a significant Americas-focused gold producer anchored by two cornerstone Canadian mines, Greenstone and Ballantyne, enhancing scale and earnings power [6][15] Company Strategy and Development Direction - The strategy focuses on quality over quantity, emphasizing production that enhances free cash flow and valuation, advancing high-return organic growth, and rationalizing the portfolio [15][16] - The recent sale of Nevada assets for $115,000,000 is an example of the company's disciplined capital allocation and focus on shareholder value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to realize the vision of being a top quartile valued gold producer, with a focus on disciplined execution and capital allocation [15][16] - The company anticipates improved grades at Greenstone and is focused on minimizing dilution and ore losses [20][22] Other Important Information - The company has a significant stockpile of approximately 6,000,000 tons, with grades averaging just over half a gram [60] - The company is maintaining open dialogue with all stakeholders in jurisdictions where it operates, including ongoing discussions with a third community related to Los Filos [27][28] Q&A Session Summary Question: What is the expected improvement in grades at Greenstone? - Management indicated that month-to-date August grades are around a gram per ton, showing improvement over Q2, with expectations for quarter-on-quarter improvements [20][22] Question: Is all necessary equipment in place for mining rates improvement? - Management confirmed that all required equipment is in place and emphasized maximizing the value of committed capital [24][25] Question: What is the status of community agreements for Los Filos? - Management confirmed fully executed agreements with two communities and ongoing discussions with a third community [27][28] Question: Will there be more asset sales in the near future? - Management stated that they will explore opportunities for asset sales if they can create more value for shareholders [30][31] Question: What are the expected cash costs for the company moving forward? - Management indicated that cash costs for Q2 were around $1,400 per ounce, with expectations to reduce costs as larger, lower-cost producers come online [88][89] Question: What are the key metrics to watch during the ramp-up of Valentine? - Management highlighted that tons milled will be the key metric during the ramp-up process [74] Question: What is the exploration potential across assets? - Management noted ongoing exploration in Nicaragua and plans to recommence exploration programs in other assets, including Mesquite [78][80]