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Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q3 2021 Results Conference Call. [Operator Instructions]. Please note that this call is being recorded today, November 10, 2021, at 10 a.m. Eastern Time. Today on the call, we have Mr. Sandeep Singh, President and Chief Executive Officer; and Mr. Frederic Ruel, Chief Financial Officer and Vice President, Finance. I would now like to turn the meeting over to your host for today's call, Mr. Sandeep Singh. [Foreign Language]
Great. Thank you, operator. Good morning, everyone. Thanks for joining us for an update on our Q3 financials. A really good quarter for us. I'm not getting tired of saying that. So looking forward to update you on our developments over the course of the last quarter and then looking forward. As we do, I'll point out that there is a presentation on our website. If you don't already have it, we will be walking through that, Fred and I, pointing out slides as we go. So please make sure you pick up that presentation. And starting on Slide 2, I'll also remind you that we'll be making forward-looking statements as we give you this update. So please be mindful of that fact. On Slide 3, just starting off with some highlights on the quarter. We earned, as you already know, given that we pre-released these numbers, just over 20,000 GEOs, gold equivalent ounces for the quarter, which led to a record in terms of revenues and cash flows of $50 million and $44 million, respectively, for the royalty and streaming segment of our company. The cash margin stayed very similar, 93% or 97%, excluding Renard, so no change in that high-margin business. And then on the net earnings side, CAD 1.8 million. That's obviously as a result of the impairment on the Osisko Development side of Bonanza Ledge 2. A reminder on that front that the purpose or one of the primary purposes of that BL 2 component, which is not the primary Cariboo asset is for training. It's largely for the remediation of a [indiscernible] that sits on surface, and it's an area that can be worked while to commission the mill while the larger project cannot be touched in the permitting process. So a bit of noise there, but not more than that. Adjusted earnings from the royalty segment of CAD 23.3 million or CAD 0.14 a share. As you know, we increased our dividend a quarter ago to $0.055 and paid that dividend on October 15. We've also reissued that dividend for the next quarter in the same way. In terms of some acquisitions, maybe I'll just jump around a little bit. Apart from the dividend that we've also been more active on our NCIB over the course of the third quarter, buying back 1.7 million shares at an average price of $15. We've been saying this, that the disconnect, if it gets too wide between our fundamental value and our share price, we would take advantage of it, and we did so more aggressively in Q3, and we'll look to find -- if we're given more opportunities, we'll take them in the future. In terms of new investments we acquired, as you know, that 2.75% royalty on the TV project in Brazil, which is now being pushed forward by G Mining very aggressively. We'll talk about that. That does have a buydown right, which could take it down to 0.75%, which is how we thought about it. And we also, post the quarter, concluded a transaction to buy a small portfolio of assets from Barrick with a flagship asset in that, that's moving forward a high-grade asset that I will update you on just on the next page. So a productive quarter for us and a lot of good things happening throughout the portfolio that we'll talk about through the rest of this presentation. On Slide 4, I won't go through it because we already have on the TV side. I think we talked about this last quarter as it was a subsequent event. But generally, good progress from G Mining. We're expecting the fees in the early part of 2021 -- sorry, 2022, forgive me. Construction and financing to be kind of sorted out in H1 with the construction decision expected that it can happen next year. So fast tracking, and we look forward to that news flow as well as exploration upside coming from that group. On the Barrick portfolio, the asset I was referring to was a 2% royalty on the West Kenya project, that's being operated by Shanta Gold. It's a very high grade, very high IRR project with a very capable operator in the region who has the capacity to build the mine, and this is a core part of their growth strategy. So we look forward to the level of emphasis that's going to be placed on this asset within Shanta. You'll notice there's some numbers there in terms of current expectations of a high grade 105,000 ounces a year type mine for a long mine life. It also sits in a very prospective large land package, about 1,200 square kilometers, relatively untested with some of the [indiscernible] results coming out of it, anywhere in the sector at this point. Intervals, including 4 meters of over 700 grams, 6 meters of over 200 grams a tonne. So that's another kind of small single for us, but one that we think could add a lot of value in the years to come. On Slide 5, we touched on it earlier in terms of our returning capital to shareholders. We have a very strong dividend yield of 1.4%. We've returned capital to shareholders every day since the existence of the company. And that ends [indiscernible] up between the dividend and the NCIB this year, we've returned more capital to shareholders than anybody in our peer group, if you put the 2 together. And that will remain a focus for us. Our high-margin business allows us to do that no matter what's happening in the commodity cycle. Obviously, great [indiscernible] today, but irrespective of the gold price with a 97% cash margin business. That's going to be a go-forward factor in our company. On Slide 6, you just see the production over the quarter by assets. I'd say the producing asset base is performing extremely well. they're positive catalysts across the board, and we'll touch on some of them in the subsequent slides. Also worth pointing out on the day where gold is having a bit overrun that we provide golden and silver by the highest precious metal weighting in our peer group, we believe are amongst the highest at a point where we think Gold has an opportunity to really outperform after being ranged [indiscernible] frankly, either down or range amount in the last 12 months. Obviously, the CPI number out of the U.S. is not lost on anyone today. I think it's more to point out that it's not only the overall CPI number high, the core number is also high. And I think the inflation story is broadening. And I think that rhetoric about it being transitory for much of 2021 is starting to feel more and more hollow. So we think there's a good backdrop for gold. Amongst that backdrop, we're going to be delivering more and more gold ounces at the right time, we believe. Move forward to give me [indiscernible] Slide 7 for me again. But the Canadian Malartic slide. Obviously, this is our flagship asset. It's a phenomenal flagship asset. On the operating side, it continues to do extremely well. Obviously, the catalyst that most people are watching for is the underground story to develop in terms of the underground actual development work that's progressing ahead of schedule. The infill drilling routinely is returning wide, very high-grade results for East Gouldie down to significant depth. The exploration or the extension of work of East Gouldie is also coming in extremely nicely, promising widths and grades down to 2 kilometers of depth and kilometers from the closest resource ounce. So a lot of potential for upside there. Based on the disclosure from the operators, we expect a healthy resource increase in early 2022 and look forward to that news flow. Apart from what I've already talked about, there's also other components of potential growth. There's a portion called Odyssey internal, which if you look at the bottom left here, is kind of labeled that porphyry -- those porphy rocks sitting between Odyssey South and North. Those have had strong intersections as well. Early days, but that could contribute with more drilling. Overall, right now, I believe there are 15 rigs active. It's been 95,000 meters drilled in the first 3 quarters. So we expect that momentum to continue. And as it does really hasn't been any step backward on that story. It's only gotten better as the operators focus on it. So fantastic place to start. On Slide 8, with respect to 2 other significant assets at Mantos, we've talked about this before, the debottlenecking project, if you will, the expansion project is nearly complete. They're giving us a 99% kind of pre-commissioning progress. The overall completion of that is still expected in the first quarter of next year, at which point we start to see a ramp-up in ounces there, expecting deliveries in the first full 5 years of post-expansion to average 1.3 million ounces of silver, so a significant increase for us. Frankly, one of the better copper intermediate companies in the sector. And we expect as transparency increases on this asset and as the ounces frankly, start coming out of the assets, people will start to appreciate this mine for what it is and our silver stream for what it means to us. At the Eagle mine in -- for Victoria, that's really good news as well. Great result, frankly, in terms of the ramp-up. It produced 50,000 -- almost 56,000 ounces in the quarter. So a big step up versus Q2. So it's nice to see the ramp-up going as well as it is. Obviously, they're still focusing on exploration, but we expect that effort to ramp up as well to. [indiscernible] that effort to accelerate as the ramp-up starts to get to steady state and are keen to learn their plans to push the mine even further to a 250,000 ounce a year-type level in the near term. So excellent update on that front. On the next slide, Slide 9, just a couple of others, and we're touching on not all of our assets, but picking out some things that we think are salient. Very happy to see Minera Alamos start to [indiscernible] gold or carbon to the poor gold off of to heap leach in Mexico where we have a 2% NSR. We expect the company to scale up operations as they go at full capacity for a full year. It's a 1,000 geos for us, a brand-new asset, it will mark our 18th producing asset and look forward to the success of that endeavor. On the CB side, our 3% royalty there has been an important one for us for a long time. Nice to see the record level of throughput there in September, trending towards an expectation that they'll trend towards the higher end of their guidance. And then even more importantly, the exploration results that they've been talking up in the near term look very promising, and we look forward to an update on that front in 2022. The gap hanging wall is kind of the next phase of production. And you'll notice there are a couple of bullet points of intercepts that bode extremely well. So positive results not just on that ore body, but across all the ore bodies that make up the CB complex and look forward to more information on that carrying into the next year. On Slide 10, an update on the assets that are within the Osisko Development Corp., so Cariboo and San Antonio. Cariboo, I think at the end of the quarter, they were up to 152,000 meters of drilling. That gives them enough information to put the pin in it and now work towards a resource -- sorry, reserve update towards the end of the year or very early next, but that type of time frame and still tracking for a feasibility study in the first half of 2022. So those will be the major milestones there. In the interim, they've had good success from a permitting perspective, including getting an underground bulk sample permit at Cow Mountain, which is not necessarily easy to do when you're in the process of a broader permitting cycle. So that shows the strength, I believe, of the relationship that they have. with the regulators. And so that's work that they can achieve in 2022, which will give them a head start in terms of information and just a head start on the asset overall. So large catalyst on that story expected in 2022 along the same time lines that we've already talked about. San Antonio, a total of almost 23,000 meters have been drilled. We expect positive potential increases on both the oxide and the sulfide level of that story, results should be expected shortly. So it will be good, frankly, for us and everyone to see more visibility on that asset. We're looking forward to that event. And we think as they continue to drill the upside potential there, both in oxide and in sulfide is quite high. So we look forward to that story taking shape here in the very near term. In the meantime, they are putting the existing stockpile on -- back on leach with the new leach pads constructed and completed. And so we look forward to a small amount of production from that stockpile, which will be helpful to the overall story. A couple of other development assets we're touching on today. First, Upper Beaver on Slide 11 here. the drilling there being done by Agnico is continuing to prove out. There's been some very long high-grade runs in the infill program that they're doing and potentially expanding it as well. So we expect that -- we frankly expect a pretty significant update overall in 2022 with respect to drilling and resources, the feasibility, the plan and the time line overall for development. Just recently, a project description was submitted in September, which described a 10,000 to 15,000 tonne per day operation with a 16-year mine life. So pretty important asset. It's one where if you go back to the commentary from Agnico, they've been talking about it for some time as being a "mine". The question has been timing and when do they phase it in. I think with the merger with Kirkland Lake, this is one of the areas that they've been talking up about potential synergies. So that has the potential to fast-track things not only for Upper Beaver, but also for other assets like AK amalgamated Kirkland, where we have a 2% royalty as well. There are 700,000 ounces there that are sitting within 300 meters of the underground development of Macassa. So those prior, we're probably obviously not a stand-alone asset, but cannot come into play for us. We certainly hope so, and we look forward to hearing more about how that all fits together over the course of next year. And then Back40 is an asset currently run by [indiscernible], which has gone through some permitting hang hiccups. I think this is maybe not the right word, but some permitting challenges. We're happy to see kind of a revamped permitting process underway, one with a much smaller footprint, smaller open pit, bigger underground, which has served the permitting process well. And frankly also happy to see Gold Resource Corp., the larger producing entity come in and see the same thing that we do and Aquila does in terms of the potential there. So having a larger, better capitalized producers see that value in Back Forty and the value of the work that the Aquila team has been doing is a positive step and a really big step forward in terms of this significant stream for us. So we look forward to that transaction being completed, the permitting work coming out with a positive result. And then hopefully, this becoming a core part of gold resources growth strategy for their second half. On Slide 12, this is a slide that we kind of show more routinely, so I won't go through it in detail. Just our growth profile, a lot of organic growth on the comp, I guess, is the summary of it. Some of it hits in 2022 and 2023. There are other chunky assets that are moving forward more to the middle of the decade. But they're generally assets that matter. These are important assets in the sector run by credible groups and never as fast as you like, but they're on the come. Even our long-term assets are benefiting from significant catalysts and progress. So when you look at this page, I think we've got a decade of growth in front of us that's in strong shape and look forward to seeing that develop over the years. So I'll pause there and hand it off to Fred, who will give you a little bit more color on the actual financials, and then I'll be back to wrap it up and for the Q&A.
Thank you, Sandeep. [Foreign Language] good morning, everyone. Thank you for joining us today. Q3 was not too different from Q2, new records were reached with strong deliveries of gold and silver, which led again to record revenues and operating cash flows from our royalties and streams business. If we go to Page 13 of the presentation, we recorded record revenues of $50 million compared to $41.2 million in Q3 of 2020, which was, of course, impacted by the COVID pandemic. We also had uptake revenues in 2020, which is not the case in Q3 of this year as our last producing offtake was converted into a stream last April. Cash flows from operating activities were $41.1 million on a consolidated basis for the royalties and stream segment alone. Cash flows from operations reached a record $44.1 million compared to $37.3 million in Q3 of last year. If we go on Page 14, we present a summary of our earnings and adjusted earnings. Consolidated net earnings to Osisko shareholders was $1.8 million or $0.01 per share compared to $12.5 million in 2020 or $0.08 per share. The lower net earnings, as mentioned by Sandeep was due to the impairment charges recorded by a Osisko Development of $33.3 million. On a consolidated basis, adjusted earnings were $17.9 million, $0.11 per share. which includes adjusted earnings of $23.3 million or $0.14 per share from the royalties and stream segment and an adjusted loss of $5.4 million from Osisko Development or $0.03 per share. On Page 15, we have a summary of our quarterly results with additional details for the royalties and stream segment, which includes a gross profit of $33.8 million compared to $38 million last year. And as we have previously mentioned operating cash flows of $44.1 million were generated in Q3 by our royalty and streaming business for a total year-to-date of $118 million. On Page 16, we have a breakdown of our cash margin for Q3 and the first 9 months of 2021. In Q3 of this year, the cash margin on our royalties reached $34.4 million. The cash margin on our streams amounted to $12.1 million for a total of $46.5 million. This brings the total cash margin for the first 9 months of the year to $140 million. And on Page 17, we -- you'll find a summary of our financial position. Our consolidated cash balance was $152 million at the end including $80 million for Osisko Gold Royalties and $72 million for Osisko Development. Osisko Gold Royalties held investments having a value of $169 million at the end of September in addition to our investment in a Osisko Development value at over $500 million. Our debt was stable at $405 million with over $535 million available under the credit facility, which, as you know, was increased and extended last July. We have also acquired 1.7 million shares under our NCIB program for $26 million in Q3 for a total of $2.1 million in 2021 or $30.5 million. In summary, we had record revenues and operating cash flows in Q3 as a result of strong deliveries and gold prices. And with the increase in gold prices and silver prices this morning, following increased inflation in the U.S., we can only be optimistic for Q4 as well. I will now turn the call back to Sandeep for closing remarks and questions.
Thanks, Fred, and we will open it up for Q&A here any second. Just been brought to my attention that perhaps there was a delay of about 10 minutes for some people entering the call. So our apologies for that. Hopefully, we can make it up in the Q&A if we need to. But rest assured, I said some great things in those first 10 minutes better than what you probably heard. But it is a simple quarter for us again, and the operations are working extremely well. So apologies for that technical glitch. Hopefully, that won't happen again in the future. But operator, with that, I think we can open it up for Q&A.
[Operator Instructions]. Your first question comes from Josh Wolfson from RBC Capital Markets.
Josh, can you hear us?
Sorry, that was an issue on my end. With the permitting scheduling outlined in the release for [indiscernible] at San Antonio, what should we expect in terms of time frames for I guess, initial kind of real mining and heap leach processing from that deposit? And then overall, how does permitting look there and then scheduling for production?
Yes. Josh, I think things look frankly quite well. We've always been a little bit worried that with COVID, we might see undue delays. Osisko Development might see undue delays there in Mexico so far so good. So fingers crossed if that continues, and there's no kind of bureaucratic delays. Important to see that the stockpile has got permitted and is nearly complete. So that work is ongoing. So there will be a little bit of production. But in terms of the main production that you're referring to from Supuci. The hope is that permit can come in. We're saying first half, but the expectation is, hopefully, early part of the year, and then that's the gating item. Once that comes into play -- if it does come into play in that time horizon that we can expect production in 2022. Obviously, if it comes in earlier, hopefully, we can get a little bit more in. But that's the kind of bounds that we're working with. So it will be a little bit uncertain until the permit comes in. And hopefully, that's -- once it does, it will be a little bit more clarity on how much of a year we can catch in 2022. And if we don't catch the year we're expecting in 2022, frankly, it just flows into '23. But overall, I think we're happy with the progress there, happy with the exploration drilling that we're seeing. It will be nice to get an update out there for everybody. And in the grand scheme of things as far as mining goes, I think it's all pretty near term.
Okay. So it sounds like that would imply -- if you get the Supuci permit in the first half of the year, you can get production, that would imply, let's say, within a 6-month time frame from permitting receipts, you'd be able to generate production. Is that fair to say?
Yes. Look, if it's the very last day of the first half, I think that's optimistic. But I think we're casting a pretty wide net when we say the first half of the year. So we'll see how that evolves. And hopefully, it could be sooner or later, and we'll have visibility on that. I think as we sit here at November 10, it's not that far away in terms of getting better visibility on the timing.
Okay. And then for Mantos. So if commissioning is happening in the fourth quarter, should we expect maybe lower production in the near term as maybe there's some operating interruptions before some improvements next year? And then can you remind me what the typical delay is between production at the site and when Osisko receives that output in terms of revenues?
I'll ask -- I don't have that second answer for you off the top of my fingertips. Fred, while I answer the first, maybe you want to give that some thought. But I think overall, we don't, in our conversations with the team over Mentos, expect the final kind of tie in, if you will, to cause much of a backstep in terms of production. That [indiscernible] we've been told to date. And as you can imagine, it's a big project. It's not like it happens. It's not like flipping on a switch. They've been doing it as we speak. As they're 99% complete on precommissioning, obviously, certain things are already kind of coming to the fold. So time will tell, and it will happen pretty quickly. But so far, we do not expect they're going to be a step backwards. [indiscernible], is it going to -- it's not a light switch to the positive either, so it will take a little bit of time to ramp up. So we're not expecting to get the full benefit of the year in terms of maybe being at 1.3 million ounces, but hopefully better than we are and somewhere significantly towards that mark. So that's how we think about Mantos try to putting you on the spot, if we don't have an answer, we can get back to you with one Josh. But do you have a sense, Fred, in terms of the timing delays on Mantos ounces?
Yes. Usually, I would say it's 1 to 2 months. It's not more than 2 months.
Okay. That's great. And then maybe one final question. just on the capital allocation side. The company has been pretty active on its buyback and most of the acquisitions in terms of royalties and streams have been smaller dollar amounts. And there is a reasonable sized debt position, but there's obviously a lot of financial flexibility. How do you see the company balancing these different elements? And perhaps what's the company's appetite to transact with streams versus buying back stock at current prices?
Look, I think you said -- you used the right word. It's balance. We feel like we have the financial flexibility to do all of that. Obviously, if we see the right deals, we can reach for them, we have a lot of room on our credit facility. We upped it intentionally. We increased the facility, reduced the cost of it. That provides us kind of a backstop for the convert that comes due at the end of next year. But as I said in early 2022 that we would be disciplined at a point in the cycle where -- there were a lot more options for the sector in terms of how to finance itself. And we worked and we have them, and we will continue to be. So we don't have to chase growth the same way as others perhaps we have a lot of it internally. We're still active looking at things. And we've still been able to add good quality assets along the way without overpaying for them, assets that don't need spot prices to be viable. So where we sit today, though, I would say with commodities, most commodities -- or sorry, certain commodities having been flat to down with the equity markets a lot more discerning, if you will. I think there's a greater need for royalty and streaming capital. So if we can find the right assets that fit our objectives, we are happy to transact in bigger and bigger sums. But that's how we're managing it. Balance when the stock just gets ridiculous and [indiscernible] we'll step in I think we can do a little bit of all of it, frankly, and we'll keep reassessing that balance as it changes. As you can imagine, it's a pretty fluid situation. If you see something really big that you want to do, obviously, that changes things. But for now, we're pretty comfortable that we have the ability to do everything we need to with our balance sheet.
[Operator Instructions]. Your next question comes from Kerry Smith from Haywood Securities.
Sandeep, just for Mantos, just to follow up on Josh's question, would it be reasonable and to assume the full year 2023 would be up to 1.3 million ounce rate on the silver deliveries then? Would that be what you're kind of expecting, I guess, on the ramp-up?
Did you say 2023, Kerry?
Yes. Like a full -- like basically, 9 months or 10 months to ramp it up through 2022 and then a full run rate in 2023 calendar year?
Yes. Yes, absolutely. I don't see why that wouldn't be the case. Obviously, a lot can happen between now and then, but it's been a fantastic performer for us. I think the expectation is, frankly, hopefully, we can have a long way towards that mark, even in 2022. I think it just would be premature for me to say until they get the system kind of booted up. But certainly, we've been impressed with the operational capability of that group. They hit it out of the park every chance they get. So I think -- getting ahead of myself, but certainly, we're expecting significantly increased during 2022. And hopefully, with that behind them, they'll be humming in '23.
And on Back Forty, are you anticipating that the Gold Resource Corp, will update that feasibility study looking at -- they're talking about a smaller footprint. I presume they run to update the feasibility to look at a smaller pit and a bigger underground operation. But do you know what their plans are?
Yes. So yes, to all, Kerry, that is the path. There was a new feasibility in the works with Aquila on a stand-alone basis. Our technical team was providing some oversight to that process. We've been [indiscernible] for some time that smaller open pit and a bigger underground there makes more financial sense, frankly. And it certainly helps on the permitting side, potentially not meaning -- not impacting the wet lands that were the issue last time around at all. So we think that makes sense in every way, and we're happy to see Gold Resource, Alan [indiscernible] and his team there to step in and see it the same way as we all do. So they're essentially picking up that feasibility and progress. Intend to complete it obviously, and then use that as the backdrop to go back to the permitting cycle. Hopefully, a cycle that will be shorter this time around is what we're told. But that's the gating item there, but I think there is a really good project there, and it's one that they're eager to push forward.
And so are you thinking the feasibility or are you expecting the feasibility would be complete by the end of next year then or earlier than that?
You're testing my recall now, Kerry, but I think the answer is earlier than that. It's something that was underway as soon as kind of the permitting get [indiscernible] this year, frankly. A lot of the work and the thinking had already been done by the team there. So yes, I wouldn't expect it to take all next year. I just don't off the top of my head remember the exact time line, but it's -- I have to guess, I think we're thinking kind of certainly kind of middle of the year, if not maybe even sooner.
Okay. Because would I be correct in my recollection that they need that update feasibility before they can go back into the permitting cycle correct?
Yes. Look, I think that's absolutely fair. I mean if you're going back to the permitting cycle, you need to kind of show them what the different -- the new project looks like. So that's why I think the time line for that feasibility is actually quite a bit sooner, but I just don't have it at my fingertips right in a second. But yes, they will need that used to go back to the permitting cycle.
Okay. Got you. And then just last question quickly on Renard, based on the quarterly average cart value that you're realizing that they're realizing, we've seen that, that operation is looking significantly better. And I'm just wondering when you're going to bring it back in and start receiving your GEOs from that operation?
Yes. Look, things are going well there from a diamond price perspective. We didn't put it in the press release. So if you didn't catch it in the MD&A, the last sale, I believe, was USD 104 and change. Frankly, for a smaller set of diamonds, not as good quality. So they aren't good result. The company is building up some cash, has been for a little while, so that's all positive. Renard is something we've been working to get back -- to get value back on for some time. Currently, as you point out, I think, as you alluded to, we're distributing our stream proceeds back until April of next year. So that's something we spend time on, Kerry, absolutely. And we'll come back to you and the market when we have a better solution there for us. But as I said, really positive results. Things are looking better there than we had expected. And we'll -- but the purpose of us kind of sticking around and that private [indiscernible] was to get back to our stream value, and that's our objective.
Okay. But that you're going to stick to the April 2022 timetable just to keep reinvesting the cash flow, I guess?
No, not necessarily. It's just about the market there right now. And having those discussions all the time really. But obviously, that -- every sale is to bolster the treasury, and so we're having those discussions all the time.
And your next question comes from Ross Carden from Polygon.
Just one for me. On the diamond prices. I saw the commentary in the MD&A. Is that more quality driven or market driven? Because it looked like a pretty healthy increase. And I'm just trying to put it in [indiscernible] of what we see from other diamond producers, which have seen kind of smaller where this is like a pretty big jump. So I know it's a bit off the run, but I wonder if you have any color on that.
Yes. Ross, it's -- the quality -- in fact, the quality of Renard diamonds hasn't markedly changed. In fact, if anything, in that last sale, as I pointed out, maybe not well, it was a worse batch, if you will. So it was nice to see the uplift even with that backdrop. So I think it is really a market impact in that scale of diamonds in that band of diamond quality and sizes. I think now we have formally seen the last of the Argyle batches hit, which is a set of diamonds that's very comparable. So I think there's a bit of that production at stop, but I think we're seeing the last batch has kind of hit that. So promising that market is strengthening the way it is.
And there are no further questions at this time. I will turn the call back over to the presenters for closing remarks.
Thank you, operator, and thanks, everyone, for taking the time. Again, our apologies if you missed that on the front bit. If there are any kind of further burning questions, you can reach out to us any time. We're very proud of the status of the company right now, proud of the quarter, proud of the asset base. Happy to talk to you about it at any point in time. And with that, maybe just one small note. Obviously, tomorrow around this time, Remembrance Day. So on behalf of our old team and obviously, everyone listening, I'm sure we thank those who have fought and those who continue to fight to defend our way of life. It's easy to get kind of bogged down into your own issues, but hopefully tomorrow, during that moment of silence, people take a second to focus on the bigger picture. So stay healthy, be well, and enjoy the positive gold day. Thank you, everyone.
This concludes today's conference call. You may now disconnect.