Operator: Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold Second Quarter 26 Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. I would now like to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Centerra Gold. Please go ahead.
Lisa Wilkinson: Thank you, operator, and good morning, everyone. Welcome to Centerra Gold's Second Quarter 26 Results Conference Call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer Ryan Snyder, Chief Financial Officer and Michel J. G. Sylvestre, our Interim Chief Operating Officer. Other members of the executive team are available for the Q&A session. Our news release published last night outlines our second quarter 2026 results and is complemented by our MD and A and financial statements, which are available on SEDAR plus EDGAR and our website. All figures are in U. S. Dollars unless otherwise noted. Presentation slides accompanying this webcast are available on Centerra's website. Following the prepared remarks, we will open the call for questions. Before we begin, I would like to remind everyone that today's discussion may include forward looking statements, which are subject to risks, that could cause our actual results to differ from those expressed or implied. For more information, please refer to the cautionary statements in our and the risk factors outlined in our annual information form. We will also be referring to certain non GAAP measures during today's discussion. For a detailed description of these measures, please see our news release and MD and A issued yesterday. I will now turn the call over to Paul Tomory.
Paul Botond Stilicho Tomory: Thank you, Lisa, and good morning, everyone. We delivered another quarter of strong operational execution across the portfolio. Mount Milligan continued to perform in line with plan, delivering the third consecutive quarter on plan since the PFS was released in September 2025. Oksut also delivered a strong first half of 26, resulting in a 9% increase in its gold production guidance for the year. Both sites generated robust cash flow from operations during the quarter, we continue to see healthy operating margins which were supported by disciplined cost management and strong operational execution, even in the lower gold price environment. We increased our 2026 consolidated gold production guidance to 260 thousand to 290 thousand ounces up from the previous range of 250 thousand to 280 thousand ounces. We remain on track to achieve our 26 copper production guidance of 50 million to 60 million pounds. In the second quarter, we completed $50 million in share buybacks and approved up to $200 million in share repurchases for the full year 2026, reinforcing our commitment to shareholder returns. This reflects the strength of our balance sheet, our ability to generate cash flow, and our disciplined approach to capital allocation. We also recently extended and upsized our revolving credit facility to $600 million at better pricing further enhancing our financial flexibility. Slide 5 illustrates our self funded organic growth strategy. highlighting our portfolio of high-quality assets. Our project portfolio provides multiple opportunities for value creation, all supported by our strong balance sheet and the cash flow generated from our existing operations. We continue to invest in Mount Milligan, Last year's PFS extended the mine life to 2045, and outlined a fully funded growth capital program that supports long term production and cash flow. Study also includes a planned 10% increase in plant throughput beginning in 2028. And our exploration programs continue to reinforce our belief there is additional upside beyond the current mine plan. At Oksut, our focus remains on maximizing the value of what has already been a very strong operation. Advancing work to evaluate opportunities to extend the mine life beyond the current reserve plan while increasing metal recovery from the existing leach pads through improved operational practices and solution management. We expect to update the market on our life of mine optimization study in early 2027 with our year-end disclosures. The Goldfield project is beginning to ramp up and represents our source of near term gold production growth. During the quarter, we advanced engineering procurement and early site works. We have also accelerated a number of early site preparation activities in the procurement of key long-lead equipment into 2026. While these actions increase our 2026 CapEx program to between $60 million and $70 million, reduce execution risk, secure current pricing, and support successful project delivery. The overall project remains unchanged with a capital estimate of $252 million. Looking further out, Kemess remains a project with the potential to become our second long-life gold-copper cornerstone asset. Following the positive PEA released in January, our team is focused on advancing engineering and technical work towards a PFS expected in the middle part of 2027. Finally, U. S. Moly offers exposure to strategic minerals with the ability to generate robust cash flow to support balance sheet strength and help build our gold focused projects. Thompson Creek achieved its highest ore mining rate since the restart and remains on track for first production in mid-2027. Molybdenum prices are continuing to trend well above the assumptions used in our feasibility study reinforcing the attractive economics of the project. And together with the continued ramp-up at Langeloth, we see significant opportunities to create value through an integrated U. S. Molybdenum business. Most importantly, our projects are sequenced such that there is limited overlap in capital spending This allows us to execute our growth strategy while maintaining financial flexibility and continuing to return capital to our shareholders. When we look across our portfolio, we see a high-quality asset base, a robust balance sheet, multiple organic growth opportunities across gold, copper and molybdenum and substantial exploration upside. We believe this positions the company to deliver meaningful long term value for shareholders Our key priorities remain on disciplined execution, advancing our projects and delivering strong operational performance. I would now like to provide an update on our sustainability initiatives. In May, we published our 2025 Sustainability Report, highlighting the progress we have made across our environmental, social and governance priorities. Responsible mining remains central to how we create long term value and we remain committed to strengthening the sustainability practices across our operations. 2025 marked a year of growth across our business with total greenhouse gas emissions increasing by 15% year-over-year, primarily due to higher activity levels at Thompson Creek as the project advanced through its restart phase. At the same time, we advanced initiatives to reduce our environmental footprint including the renewable diesel pilot project at Mount Milligan, and the use of renewable energy credits at Oksut. We also continue to invest in our people and communities. Delivering more than 100 thousand hours of health and safety training across the company last year. We worked to strengthen the local economies where we operate by increasing local procurement spending by 43% year-over-year to $191 million in 2025 expanding our partnerships indigenous owned businesses in British Columbia and investing $3.1 million in community programs and donations Together, these achievements reflect our ongoing commitment to responsible mining and reinforce our belief that strong sustainability performance supports the long term success of our business and creates lasting value for our communities and for our shareholders. Before I hand it over to Mike, I would like to welcome Kelly Strong, who will be joining Centerra as our new Executive Vice President and Chief Operating Officer. In mid August. Kelly is a seasoned mining executive we look forward to the experience and leadership he will bring to our operations as we continue executing on our operational strategy. Advancing our pipeline. I would also like to thank Mike for his leadership and steady guidance as Interim Chief Operating Officer over the past several months. Mike has played an important role in maintaining our operational momentum. And we appreciate his continued support as we transition to our new COO. And with that, Mike, I will pass the call over to you. To talk to our operational performance.
Michel J. G. Sylvestre: Thanks, Paul. it is been a pleasure working with you and the team at Centerra. I would like to thank everyone across the organization for their hard work and dedication. it is been a really great experience working alongside such a talented team. Now looking at Slide 7, which shows the operating highlights at Mount Milligan for the second quarter. Mount Milligan produced over 38 thousand ounces of gold in the quarter, a 29% increase over last quarter and in line with the production profile that we previously disclosed. Copper production totaled 13.1 million pounds reflecting planned mine sequencing as expected. Year to date, gold and copper production is in line with the PFS mine plan, and we remain on track to achieve our production guidance of between 140 thousand to 155 thousand ounces of gold and 50 million to 60 million pounds of copper. As previously disclosed, gold production and sales are expected to be higher in the third quarter. Reflecting planned mine sequencing. All in sustaining costs on a byproduct basis were $12.69 per ounce in the second quarter impacted by higher sustaining CapEx. We reaffirm our full year Mount Milligan ASIC guidance of $1.2 thousand to $1.3 thousand per ounce. Moving on to Oksut, second quarter gold production was over 32.5 thousand ounces exceeding plan due to higher grades and enhanced operating practices. Reflecting Oksut's strong performance through the first half of 26. We have increased our full year gold production guidance to between 120 thousand to 135 thousand ounces, representing a 9% increase at the midpoint from our previous guidance. ASIC on a byproduct basis was $19.52 per ounce in the second quarter. Reflecting lower ounces produced and sold. And higher sustaining CapEx compared to the last quarter. Partially offset by lower royalty expense per ounce resulting from lower gold prices. We continue to expect Oksut's full year AISC on a byproduct basis to be within our guidance range of $18.50 to $19.50 per ounce. At Thompson Creek, restart activities are advancing as planned, with approximately 52% of the infrastructure refurbishment complete. Progress being made in construction, pre commissioning, tailings, and operational readiness activities including ball mill refurbishment completion of tailings dam engineering legacy system pre commissioning and the recruitment of key operating personnel. In the second quarter, Thompson Creek achieved its highest mining rate since the project restarted in September 2024, where 12.4 million tons mined during the quarter. A 33% increase compared to last quarter. All in sustaining CapEx in the second quarter was $52 million Since the September 2024 restart decision, capital expenditures have totaled $256 million The project remains in line with the total capital estimate of $425 million to $450 million and is on track for first production in mid-2027. In the second quarter, commissioning activities continued at Langeloth following the provisional restart of operations in April 2026, and normal operating levels were achieved during the quarter. We have published our full-year guidance on Langeloth, and we are expecting 11 million to £13 million of roasted moly production and 15 million to £17 million of sales. Sales are expected to exceed production this year, reflecting the temporary suspension of operations in the first quarter. During the shutdown period, we continued to purchase third party concentrate and produce certain finished aluminum products to support customer deliveries. I will now pass it to Ryan to walk through our financial highlights for the quarter.
Ryan Snyder: Thanks, Mike. Now shifting to the financials. Slide 10 details our second quarter financial results. Adjusted net earnings in the second quarter were $79 million or $0.40 per share. Key adjustments to net earnings include $8 million of deferred income tax adjustments, reflecting the impact of foreign exchange rate movements on deferred income taxes at Mount Milligan, among other things. In the second quarter, sales were over 72 thousand ounces of gold and 13.4 million pounds of copper. The average realized price was $3.44 thousand per ounce of gold and $5.30 per pound of copper which incorporates the existing streaming arrangements at Mount Milligan. Approximately 3.8 million pounds of molybdenum was sold in the quarter at the Langloft facility, at an average realized price of $29.73 per pound. Consolidated all in sustaining costs on a byproduct basis in the second quarter were $17.07 per ounce. We remain well positioned to achieve our full year ASIC guidance of $16.50 to $17.50 per ounce. Slide 11 shows our financial highlights for the quarter. In the second quarter, we generated cash flow from operations of $66 million and had a free cash flow deficit of $23 million. The lower free cash flow reflected the scheduled timing of routine statutory tax and annual royalty payments in Turkey. In the second quarter, Mount Milligan generated $118 million in cash from operations and $89 million in free cash flow. Oksut generated $16 million in cash from operations and $11 million in free cash flow. U. S. Moly used $45 million of cash in operations and had a free cash flow deficit of $89 million this quarter. Mainly related to spending on the Thompson Creek restart and a working capital increase at Langeloth, which was primarily driven by increasing molybdenum prices. In June, the Turkish government announced changes that are expected to reduce the corporate income tax rate for Oksut from 25% to 12.5% effective January 2027. This change in tax rate should enhance Oksut's long term cash flow generation and overall value. Returning capital to shareholders remains a key pillar in our disciplined approach to capital allocation. In the second quarter, we repurchased 2.9 million shares for total consideration of $50 million The Board has approved up to $200 million of share repurchases for the full year 2026, of which $72 million has been completed in the first 6 months of the year. We continue to believe that repurchasing our shares is an accretive high return use of cash. We also declared a quarterly dividend of $0.07 per share. In July, we amended our credit facility to increase its capacity to $600 million with a 4 year term and more favorable pricing. Credit facility remains undrawn and provides additional financial flexibility to support general corporate purposes, including working capital, investments, potential acquisitions and capital expenditures. At the end of the quarter, our cash balance was $451 million Incorporating the upsized credit facility, Centerra's total liquidity is over $1 billion This strong financial position gives us the flexibility to fully fund our organic growth projects at Mount Milligan, Goldfield, Kemess, and Thompson Creek while continuing to return capital to shareholders.
Paul Botond Stilicho Tomory: I will pass it back to Paul for some concluding remarks. Thanks very much, Ryan. We are pleased with our strong operating performance in the first half of 26 reflecting consistent operational execution, another strong quarter at Oksut and continued progress across our self funded growth pipeline. With a strong operating base and disciplined approach to capital allocation, and a clear line of sight to growth across each of our assets, we believe Centerra is well positioned to continue creating long term value for our shareholders And with that, operator, we can open the call to questions.
Operator: We will now begin the question and answer session. Our first question today comes from Raj Udayan Ray from Scotiabank. Please go ahead.
Analyst: Thanks, operator. Good morning, Paul and Centura team. Congrats on a good quarter and congrats on increasing the production guidance as well. Just a couple of questions from me. Just starting off with Goldfields, Obviously, it looks like you pulled forward the CapEx for Goldfields. Almost doubling the CapEx for this year, Is there potential to pull forward the timeline as well? Are you sticking with the timeline for 2028?
Paul Botond Stilicho Tomory: We are sticking with the 2028 timeline for now, Raj, What we have done here is taken advantage of our ability to get ahead with some of the work. So what we are looking at right now is essentially a schedule de risking and locking in current pricing in a modestly inflationary environment. As to whether there is an opportunity to pull the project forward is something we are going to continue to assess. But the way to look at it right now is maintaining the overall CapEx envelope and pulling it forward as a derisking activity. Sounds good. Okay. Just then moving on to Oksut, I guess, in Turkey as well. So looks like the optimization study is going well. Expected in early 2027. Are there any additional opportunities in Turkey the team is looking at? Or is the focus North America? Well, Aksu, the principal focus of the project that we--results we intend to release with our year end is assessing the potential for mine longevity through bringing in oxides that remain outside the current pit shell as well as the operational efficiencies on leaching, which, by the way, contributed to the strong performance in this quarter. We do have a greenfield exploration program in Turkey. We are drilling 4 or 5 different sites So our focus in Turkey will be continued optimization of Oksut, near mine exploration at Oksut. There are targets proximal to the mine. As well as a greenfield program. We probably will not be doing anything bigger than that. So in effect, what I would say is our Turkish future is more organically derived rather than a bigger splash or acquisition-type thing. Okay. Thanks for that, Paul. And then just my last question, just, the situation in the Middle East. I mean, are your existing operations witnessing any sort of inflation pressures, supply issues, any of these kinds of concerns coming up on your end? We have not seen any of that. Turkish oil and gas comes in through pipeline from Azerbaijan. So it is not directly impacted by supplies coming out of the Middle East. And in terms of inflation, I would say it is more background level So nothing acute in Turkey.
Analyst: Okay. Awesome. that is it for me, Paul. Thanks so much for taking my questions. Thanks, Raj.
Operator: Our next question comes from Don DeMarco of National Bank.
Don DeMarco: Thank you, operator and thank you again. Good morning, Paul and team. And I will just echo the congratulations on the guidance increase. Nice to see that early in the year. So maybe just continuing the last question. I mean, see the ASIC outperformance in the quarter. Yousef avoided the inflationary trend that is in the sector. Can you comment on your fuel hedging strategy and how that factored into Q2 and the protection it might offer for the rest of the year?
Ryan Snyder: Don, it is Ryan. Thanks for the question. We do hedge fuel at both Mount Milligan and Thompson Creek. it is a smaller element of our cost base in Turkey, so we do not do it there. Overall, are about 50% hedged on our North American fuel needs through the rest of the year. A little more than that at Thompson Creek, little less than that at Mount Milligan. So it has provided some good protection. Like everybody, we have seen a little bit of a cost increase related to diesel in the unhedged positions. But even looking at a higher oil price environment, we are pretty comfortable with our cost ranges. So we have sensitized that I think the hedging gives us good cover on diesel costs for the rest of the year.
Paul Botond Stilicho Tomory: Don, 1 of the reasons we are not as exposed to higher fuel prices, we generally buy electricity off the grid, usually hydroelectric So we do not have these big, isolated HFO power plants. And our fleets are comparatively small. We have relatively low strip ratio, so we are, comparatively speaking, less exposed. Simply by the nature of our assets.
Don DeMarco: Okay. Thanks for that. And maybe continuing on hedging. I mean, seems to be some longer dated gold hedges related to the Goldfield project. Maybe after it comes into production Is there any scenarios in which you would consider buying these back? I see your liquidity has recently been upsized, which gives you more flexibility to consider a range of things.
Ryan Snyder: Yes, it is a good question. I mean, we put those hedges in place when we approve the project, to protect downside risk. And to make sure we can lock in a good return on the project at Goldfield. Obviously, metal prices have increased since then and we would be in a loss position on those hedges. The ceilings on those hedges are quite high. it is 2028, 2029, and 4.7 thousand in 2030. So if we were actually operating today those hedges would expire kind of unused or, unexecuted. And so we will look at that, Don. I think for now we are leaving those. Again, lock in a good return on Goldfield, which is a good outcome for us. And if metal prices go high, then Goldfield still has exposure on 80% of its ounces beyond the hedges. So we are kind of comfortable in that situation.
Don DeMarco: Okay. that is helpful. And then final question, You know, Thompson Creek, I see it is on time, on budget. And can you comment on any inflationary CapEx risk as we enter the final 12 months of development? And maybe any steps you might be taking to mitigate?
Ryan Snyder: Thanks, Don. Yes, we did update our capital estimate for Thompson Creek to $425 million to $450 million. We look at that on an ongoing basis. We are comfortable. We are still in that range. The capital cost to get to first production Again, I think the diesel hedges that were asked about are helping there. They are really reducing our fuel costs and we have locked in some pretty good rates on diesel. And the site's operating quite well. I think as Paul mentioned in his remarks, mining rate is up. that is helping our unit costs. So we are quite comfortable with the cost range that is out there. Outside of diesel hedging and trying to run the site efficiently, there is not much else we are doing from an ongoing basis. We have also purchased all the major equipment already, so there is no major items where we are still waiting for pricing that could be impacted by inflation. So again, feel pretty good with that cost number, to get us to first production.
Don DeMarco: Okay. Well, thanks a lot, Paul and Ryan. Appreciate that and good luck with the rest of the quarter.
Paul Botond Stilicho Tomory: Thanks, Don. Thanks, Don.
Operator: Our next question comes from Raj Udayan Ray of BMO. Please go ahead.
Raj Udayan Ray: Thank you, operator. Good morning, Paul and team. I have got 3 questions, if I may. First, a follow-up on Oksut. Paul, you mentioned about the potential to bring in some incremental resources. Look, as far as we currently understand, mine life or production is until 2029. How much potential do you have to take it much beyond 2029 given what you see in terms of your exploration potential? And secondly, Ryan, if you can give us any color on what led to the reduction in tax rates. Very unusual to seek countries reducing tax rates nowadays. Then moving over to moly, it will be good to get some idea what you are seeing from your traders in terms of the outlook for moly because we are kind of hearing mixed messaging at this point. But importantly, Paul, the window seems to be opening up. Your CapEx spend is getting done. Moly prices are strong. Just wanted to see what do you have the what do you strategically thinking in terms of unlocking value from your Moly asset because within the current portfolio, despite the fact that you are 12 months out of production, CapEx mostly spend, moly price is high, do not think it gets any value from investors at this point.
Ryan Snyder: Thanks, Raj. I will answer the Turkish tax rate item first, then Paul will comment on the other 2. To be perfectly honest, it was a bit of a surprise to us as well. It was not really telegraphed. There was a public announcement in Turkey, declaring this tax rate change. It applies to manufacturing as a whole, so it is not targeted to mining. But mining operations in Turkey fit within that subset. And so do not have much color to add. Obviously, it is rare to have tax rates reduced and not go up, but obviously we will be happy with that and take the benefit of that going forward. But no more color on that, unfortunately. But we will take it. it is good news.
Paul Botond Stilicho Tomory: Yeah. Exactly. Yeah. So on the first point, Raj, on Oksut. So the scope of what we are looking at is twofold. there is a low grade oxide halo outside the current reserve pit. Which pulls at prices well below spot. So there is a natural pit extension that takes place. Now those are virtue of their low grade higher cost ounces. However, as we continue to optimize our Heap operating practices or solution management practices, that does bring into play a residual leach tail at very low cost. So when you blend the low the low cost sorry, the high cost nature of the low grade oxides, and the low cost nature of the residual leaching we see a pretty attractive extension here. I do not wanna put a number out there, but we are targeting 1, 2, or 3 years maybe not all at once, but we do see a potential for production expansion there at Oksut. We are also ramping up drilling at proximal targets within a kilometer or 2 or 3 at Oksut, it is too early to say whether or not anything will materialize there in terms of mine plan. But we but I suppose we are drilling it, which means we do see things that are interesting. So there is there is a layer of potential at Oksut for mine life extension and it will not all come at once. So it will not all come with this end of year update, this end of year update will provide some extension of the mine life with, what we hope is a runway beyond that also. So molybdenum, your last question. Molybdenum prices are very high right now, and it is driven by both supply and demand factors. Molybdenum is in short supply. it is a byproduct, as you know, from big copper Those copper mines are really struggling to keep up their copper production, which has a direct knock on. To molybdenum supply. Molybdenum is used in pipelines, nuclear, defense, aerospace and increasingly in semiconductors as a switch from tungsten takes place. So we are seeing molybdenum demand robustly ahead of our internal previous projections. I am also gonna take this opportunity to introduce a member of our executive team, Helene Timpano. She is President of U. S. Moly. And she can give you a little bit more color on what we are seeing, on our internal trading side.
Helene Timpano: Yes. Hi, Raj. Nice to speak with you. What we are seeing is really a large market deficit developing this year, which is different than what we have seen in the last few years, which would be more of a such tight market. So I think fundamentally, that is contributing to the price that we are seeing today. Paul pointed to a number of different factors that are driving that deficit. it is both on the supply side and the demand side. In our own business, we have seen that pull through demand. If you look at the steel production numbers in The U. S, which is our main customer base right now, it is growing. So we are seeing that in our own order book. And I think when you have such a large deficit, it is just as constructive for continued high prices So it is great to know that we are 12 months away from our first production at Thompson Creek.
Raj Udayan Ray: Hi, Helene. Good to talk to you. Hope you are doing well. Just on the concentrate tightness, do you see that tightness going into 2027? Or is it temporary at this point?
Helene Timpano: Yeah, we do. I think China is a large consideration in driving that additional tightness. If you look at their demand for concentrate, historically, that is been more contained to within China demand, but we are seeing them now competing for concentrates outside of China. So I think that makes for tight competition at the negotiation table, but on the other hand, it is also very supportive of high prices.
Raj Udayan Ray: Okay. Thank you for that. And then, Paul, any anything you can share on how you are strategically thinking on the moly business?
Paul Botond Stilicho Tomory: Well, it is it is it is interesting. Right? I mean, Moly at $32 or $33. We approved the project at $20. there is been a track record right now in the market of critical minerals and metals strategic metals companies listing quite successfully with IPOs in the U.S. market. I think there is also an increasing demand given the current U. Administration's focus on metal self sufficiency in these strategic areas. I would say that the overall market has become much more conducive to entities that produce metals, and in the US context, ones that are domestically based. So as I said to you before, we continue to monitor the market We see very significant value in this business. And our intention is to deliver that value to our shareholders And though sometimes molybdenum is unpopular in a gold mining company, I think that we are confident in the value of this business and we will, at the appropriate time, if conditions warrant, we would look for example, a sale or an IPO or something. And I think that the setup is certainly becoming a lot more constructive for something like that. Than it has been in the last 2 years. I think that is what you are getting at. I am not to commit to an IPO or sale here, but certainly the conditions are becoming a lot more attractive for Something like that, especially when you consider the track record of other similar companies that have IPO would in the last year, particularly in the U.S. Yeah, Paul. Yeah. that is exactly what we are seeing from our side as well.
Raj Udayan Ray: Thank you for that. that is all the questions I had.
Paul Botond Stilicho Tomory: Thanks, Raj.
Operator: Our next comes from Harrison Reynolds of RBC. Please go ahead.
Analyst: Hi, good morning, Centerra team, and congratulations on a strong Q2. Wondering If you can provide a bit more color on The Mine Sequencing At Mount Milligan through Q3 and Q4. Maybe the progress you are seeing so far in Q3 and speak a bit to your confidence level around the current guidance range?
Michel J. G. Sylvestre: Yes, sure. Hi, it is Mike here, I will answer that question. So far, we see that we are seeing recoveries in grade and mine sequencing kind of remaining in line with PFS that was published last September. We see good reconciliation with that sequencing, and we see that moving forward actually into Q3 and Q4. So we are not seeing any anomalies and we are quite confident in the technical report. And what the future what the next few quarters will look like at Mount Milligan. So looking at continued good performance Right.
Analyst: And switching gears, to the corporate credit facility and current capital allocation framework. What would be the debt priorities or uses of debt based on your current healthy cash balance and cash flow profile? Could we see debt being used for some of these concurrent project items? Or is cash on hand going to be directed to buybacks while debt could be used for project development? Or is it just for a margin of safety?
Ryan Snyder: Thanks for the question, Harrison. it is more of the latter. it is more to give us flexibility going forward. We do not have any immediate plans to draw on the credit facility. It was a very positive market. We usually extend our facilities about a year before their maturity, which was coming up in 2027. And a very positive credit market and a very positive view on Centerra. So we have the opportunity to upsize the credit facility and we took that opportunistically. But in terms of usage, we are quite comfortable we can fund all our capital projects just with our cash from operations. And our current balance sheet without dipping into the credit facility, As mentioned, we are gonna ramp up the buybacks, and we can cover that with our liquidity and future cash flow generation as well. So for now, that credit facility is more a safety net or an opportunity to use in the future and there is nothing earmarked in terms of drawing on that at present.
Paul Botond Stilicho Tomory: Harrison, also comment on the buyback here. We are a little bit different than some of our peers. We believe that we represent good value. In other words, we do not think we trade at the at the value of our assets. We believe we trade at a discount. We view our shares as very compelling place to allocate capital. Notwithstanding the fact that we have a development pipeline. I think that is what makes it a little bit different is that we have the balance sheet to fund both a robust capital return program to shareholders as well as the development plan. Pipeline. So we are working on both sides. We are working on the NAV and the denominator here on driving shareholder value. And as Ryan said, the revolver is not in any way an indication that we are gonna go do something with that. It was simply taking advantage of the market. Great. Yeah. Great to see. Thanks so much for taking my questions, and congratulations again on a on a great quarter. Thanks.
Operator: Our next question comes from Lawson Winder of Bank of America. Please go ahead.
Adam Springer Smierowski: This is Adam from calling on behalf of Lawson. We just had a follow-up question on the buyback. We saw that it was the Board authorized a $200 million buyback. We just wanted to clarify if that is what we should model for this year or just because it is lower than the previous authorization if it could be materially higher or lower than that amount?
Paul Botond Stilicho Tomory: You will have noticed our track record is we generally buy back what we say we will. So $200 million is the number to use.
Adam Springer Smierowski: Thank you very much. that is clear.
Operator: This concludes our question and answer session and wraps up our call for today. Thank you for attending. You may now disconnect. Please have a good day.
