Bedregal. We're going to get started right away with pre-submitted questions. We will be taking some live ones at the end, so feel free to submit a question in the question box below. Also, we may be making some forward-looking statements today, and if you'd like to know more about those, you can find them on the company's website. And with that out of the way, welcome Arturo and Andres, and thank you for being here today.

Thank you, Alenka. Thank you for having us. It's a pleasure for us to be here. Always a pleasure, Alenka. Thank you very much.

Of course. So let's get started with the first question. Arturo, I'll give this one to you. How would you characterize Santa Cruz's operating performance in Q2 in the first half of 2026? The continued recovery of Boliviar, the strong improvement of San Lucas, and the opportunities for further production and growth through the balance of the year.

Well, Olenka, from an operating perspective, Q2 was a strong quarter for Santa Cruz, and the first half of 2026 has continued to show solid progress across all of our assets. We increased production at all of our operations with a consolidated silver production increase of 17% and a zinc production increase of 7% quarter over quarter. The main driver behind the increase in silver production was Bolívar, which once again delivered a very strong quarter. Silver production in Bolívar alone increased by 84,000 ounces, supported by an 11% increase in tons milled and a 17% improvement in the silver head grades as we run more ore from the water area of Pomabamba and Ane. It's important to mention that the watering process is going on in budget and in time. So we continue to do progress with the watering of the mine and the rehabilitation of the main ramp towards the lower levels. We're also preparing producing stoves at those levels where we feel comfortable and confident that our miners can work safely, that the watering program remains on schedule towards a full recovery by Q4, as we have previously communicated. It is also important to mention, Olenka, the improvement was not limited to Bolivar. We saw meaningful progress across the entire portfolio. At Simapan, for example, silver recoveries improved 10%. Caballo Blanco, as well. Caballo Blanco increased silver production by 6%, with a 5% improvement in silver head rates. While Porco, at the same time, increased tons processed by 15% and silver head grades by 21%. San Lucas also has a particular and encouraging quarter, processing 22% more tons than in the previous quarter and increased its silver production by 20%. Overall, consolidated mining throughput increased by 7%, demonstrating the broad-based improvement across all of our operations. On the zinc side, the increase mainly was driven by Simapan. Zinc head grades improved 9%, while zinc recoveries also increased by 9%. Given that Simapan is a high-volume operation, this improvement had a significant impact in our consolidated zinc production. I would also like to highlight the continued progress at San Lucas. The 22% increase, more than 20% increase in process tons demonstrates the opportunity that San Lucas keeps building. Improving this operation and making it a more meaningful contribution to our overall production was an important milestone as well for San Lucas. So looking ahead, we see additional opportunities throughout the balance of 2026, particularly as Bolivar continues its recovery. Also, as we advanced the watering process, we have identified two additional high-grade areas that we have now incorporated into our mining plans for next year's budget. These two areas are two areas that were left back in the years, and they have very high-grade silver contents. So we believe that that is going to help us to start the year in a very strong way. This gives us confidence that the Bolivar mine has the potential not only to return to its previous production levels, but to come back even stronger. So when we look at the first half of the year and the opportunities ahead, what is particularly encouraging is that the improvements is broad-based. Each of our operations is becoming more efficient, whether throughput, high-grade throughput, better grades or improved recoveries, At every field our operations are improving and those efficiencies are translating directly into higher production and stronger operating performance. Finally, I would like to add that with Bolivar continuing its recovery, further opportunities at San Lucas, and ongoing improvements across Imapan, Porco and Caballo Blanco, we believe we're well-positioned to continue building on this momentum throughout the balance of 2026. I don't know if that was an appropriate response that you were looking for. Yes, it was.

Thank you for the thorough response and update. I'm sure lots of investors appreciate that. I have here a question. Let's move on to the next one for you, Andres. So Q2 delivered strong underlying operating performance, but reported net income was significantly affected by non-operating items, including Bolivia's FX, inflation environment, and the $15.8 million non-cash fair value loss on the Glencore CDR. Can you explain the impacts and how they may affect earnings, costs, and taxes going forward, and the potential cash and valuation exposure associated with the CDR?

Corso Lenca, and thank you for the question. I think it is an important one because reported net income this quarter does not fully reflect the strength of our financial performance. I might take a while. Let me start with the financial results. By almost every measure, this was one of our strongest quarters. Revenue increased 55% year over year. Gross profit nearly doubled. Adjusted EBITDA increased 74%. and our realized mining margin per silver ounce sold increased from approximately $16.16 a year ago to just over $50 this quarter. We also ended the quarter with $73 million in cash and highly liquid marketable securities. It is also worth noting that these results were achieved despite a temporary timing difference between production and sales. As Arturo explained, production continued normally during the road blockades in Bolivia, but concentrated exports were temporarily constrained. Kudos to our team in Bolivia, to our COO Eduardo Torrecillas, because I looked first-hand into that and they have done an amazing job. As a result, sales volume during the quarter were meaningful below production volumes, but that's just a temporary thing. So if we look at this from a financial standpoint, that means a portion of what we produce during Q2 remain in inventory at quarter end, rather than being recognized in revenue and operating profit, of course. As exports normalize, we expect, as Arturo was mentioning, that inventory to be sold and related revenue and earnings to be recognized in the subsequent periods. Now, let's turn to what affected net income, and I think that's something that all investors are very focused on right now. So despite those strong financial results, reported net income was approximately $2 million, compared with approximately $28 million in the first quarter. The difference is largely explained by two major items, Olenka. First, a non-cash fair value adjustment related to the Glencore CDRs, which are the contingent value rights. I'm going to explain a little bit more about them later. and second, an unusually high income tax expense, primarily associated with changes in the Bolivian exchange rate regime and the inflation environment. Let me take those one at a time. First, the first item will be this 15.8, let's say 16 million non-cash expense associated with the revaluation of the contingent value rights, the CDRs held by Glencore. We have had some questions and I think it is important to establish that This payment is basically, in the income statement, under loss on change in fair value of consideration payable. It's the only consideration payable that we have left with Glencore. So it's a contingent value, right? Consideration payable. So from a financial standpoint, investors can very easily isolate this adjustment from the rest of our financial result. We have done that in our new release, in a recent new release. But the key point here is that this is a fair value accounting adjustment, Olenka. It's not a cash payment. Just as a reminder to our investors, under the terms of the CBR, a payment is only triggered in a month when the average LME Zinc prices exceed 3,850 per ton. That threshold has not been reached yet. For example, for Q2, zinc averaged approximately 3,400 per ton during the quarter. Nevertheless, and this is very important, under IFRS, we are required to remeasure the fair value of that potential obligation at each reporting date. The evaluation is performed by an independent third-party evaluation specialist using a Monte Carlo simulation methodology. Put it in simple terms, the model evaluates a large number of potential future sink prices scenarios using market-based assumptions such as forward sink prices, historical volatility, mean reversion, interest rates, and credit rates. So, as sink prices and forward expectations increased, the model assigned a higher value to the potential future obligation. That increase in the estimated liability resulted in this $15.8 million non-cash expense recognized through the income statement. and I think it is particularly useful to put the balance sheet liability, not only the income statement expense into perspective. Look, at quarter end, we had approximately 35 million recorded as a CDR liability or as a contingent payment. Actual contractual payment are capped at approximately 1.33 million per month. That's correct, Arturo, right?

That is correct, yes. 1.33. Yeah, a few threes afterwards.

Yes, that's correct.

1.3 million.

1.3 million. So if you think about it, those $35 million recorded in our liabilities that are already recognized on our balance sheet are the equivalent of approximately 26 months of maximum monthly CVR payments. So, in other words, approximately 26 months of potential payments are already reflected in our liabilities and have already flowed through our income statement through this fair value accounting. Even though Zinc prices threshold required to make an actual tax payment only if it passes the 3,850. But let's look at another way. And remember, we already have the liability, but if those prices stay above 3,850, we will see the revenues afterwards in the next following months. But there's an important economic point here. If zinc prices remain above that, for a sufficient period to trigger the CVR payment, those higher zinc prices would also flow directly through our zinc revenue margins. So the scenario in which we make CVR payments is also scenario in which the company will be generating materially higher revenue from zinc. I don't know if you remember Olenka, but we always say we would love to pay those CVRs because that's a good thing to have. Second, A second major thing affecting net income was the income tax expense of $36.1 million. First of all, I want to make a difference. Some investors are saying, okay, you had a big payment also in Q1. That was a cash payment related to last year's all-income tax. This one is a provision, and I'll explain why. There are two components within that number. First, and the largest, relate to the change in the Bolivian exchange regime. A little bit of background. For many years, Olenka, Bolivia maintained an official exchange rate of 6.96 bolivianos per US dollar. In June this year, Bolivia moved away from that fixed regime toward a floating market-based exchange rate, and the official exchange rate was approximately 9.77 at the end of the quarter. So now it's a floating rate. There is an important distinction here between our IFRS financial statements and the local statutory books in Bolivia that I want to point out. For our consolidated IFRS financial statement, those that we see, that we are reported in NASDAQ, in the TSX-B, etc., we were already using a market-based exchange rate. So, at a consolidated level, the economic value of, for example, our dollars in our account balances was already being reflected appropriately. However, The local statutory financial statements of our Bolivian subsidiaries, which are based on the generally accepted accounting principles, were using the official exchange rate because that's the way you have to do it. And these financial statements are the ones that give you the basis for determining taxable income in Bolivia. So when the official exchange rate changed, The U.S. dollars that we have in our accounts held by our Bolivian subsidiaries were immediately remeasured at the new official rate in Boliviano terms. That generated a significant foreign exchange gain in the local statutory financial statement. Under Bolivian tax rule, that gain is taxable, even though that is unrealized yet. So let me explain it a little bit with an example. If we had $50 million in our accounts, and let's say, remember the official rate was 6.97, but let's say it was seven. If you multiply that, you have 350 million Bolivianos in your account. Suddenly, this official exchange rate changes. Let's say it was nine, seven something, let's say 10. You multiply those 50 million, Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas that now has become a liability, it has to be in our IFRS. That's basically it in that matter. And also we used to pay this benefit before, but it was gradually. Whenever we brought money into the country, for example, $5 million, we sell it at a market rate, we get the gain and we pay the taxes or we provision those taxes. But this time it happened all at once. Something that is important now is that going forward, this reference point now has been reset. Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Eduardo Torrecillas Andres Bedregal, Eduardo Torrecillas Olenka, we view the change in Bolivia exchange rate framework as a positive development. It represents an important normalization of the country's monetary and foreign exchange framework, price transparency, and should contribute to a more sustainable foreign exchange environment over time.

If you allow me, actually, let's remember that about 85% of our costs in Bolivia are in Bolivianos. So this will be beneficial for us in the working capital requirements based in US dollars.

You're 100% right, Arturo. Of course, we were doing this for the last quarters, but this component, this big component, which is the cash that we have in U.S. dollars, is the one that hit one time. But you're completely right, Arturo. If the devaluation hits again, we benefit in our costs. And of course, we'll be paying taxes, but we benefit on a... There was also a second component within the tax line related to the mine closure provision. Since January 2026, the Bolivian Central Bank has established a restricted monetary policy that resulted in a significant decline in inflation. It was about 20% last year, and it came down now below 5%. So, lower expected inflation reduces the estimated future cost in Bolivianos of our mine closure and remediation obligations. As a result, the accounting value of mine closure provision decreased, generating a gain. That gain is also taxable under the local time tax framework. Given the magnitude of the decline from 20 to 5%, we consider this as an extraordinary adjustment. I would not expect an impact of this size to occur in the future periods. So, and the reminder of the tax expense is much more straightforward. Basically, the stronger profitability resulted in higher taxable income. So, to bring it all together, the key message is simple. Our financial performance Arturo Prestamo Elizondo, Eduardo Torrecillas I think, I hope with that, I know I expanded a lot my answer, but I think investors were looking for that message. I don't know, Valenka, if we have responded that. Arturo, I don't know if you want to say something about these special items that we had on our financial statements.

No, I think it was well explained and very clear. So thank you for all this.

Thank you, Andreas. Very helpful context on the impact on that income overall performance. I think people hopefully will understand. Let's move on to the next question. Arturo, maybe you can answer this one. As Andreas touched on, revenue declined quarter over quarter in Q2 as road blockades in Bolivia affected concentrated exports for approximately 53 days. This resulted in a significant buildup in concentrated inventory at quarter end. So with that inventory available for sales as exports normalize, how should investors think about the potential benefit to sales and revenue in Q3? And how much of that inventory has been monetized to date?

That's a good question, Olenka, especially as you see our treasury remaining pretty much flat from last quarter, but there's a reason for that, no? The affected stock or inventory totals a little bit more of 7,800 tons. Approximately of those 7,800, we have around 6,000 tons of zinc and 1,700 tons of lead, where let's remember the lead... So the value of these two concentrates is around $24 million. Those were $24 million that we were not able to ship out and to collect those monies at that time, during Q2. As of today, 97% of that stock has been sold, meaning that we have recovered close to $23 million. and the remaining 1.5 will be sold now during the third quarter. Q3, I would like to say that Q3 is normalized. Our concentrate inventory is normalized now. I mean, we're in the process of... Andres Bedregal, Arturo Prestamo Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo All of them, especially the ones being by truck, were not able to leave our patios. So that's the main reason. So now, even, I mean, as I was pointing out, our concentrate inventory is normalizing and our warehouse inventory and consumables as well is normalizing. Let's remember that the warehouse and consumables required significant capital. So normalizing them is very important for us. And on top of that, our Mexican operation has also closed the final settlements of the achievements related to prior months, collecting this week, as we speak, more than $22 million. taking now our treasury as we speak again, I'm sorry for that, but taking our treasury today beyond the $100 million, marking definitely a new milestone for our company in terms of our treasury management. So we're good now and getting back on track in the achievements and collecting the accounts receivable.

Well, that's great to hear. Congratulations and thank you for the response. So I have another question for you, Arturo. As we saw silver all-in sustaining costs decline 24% quarter over quarter to $21.87 per ounce, what were the key drivers of the improvement and how should investors think about the underlying cost run rate going forward?

I want to spend a moment on our all-in sustained cost this quarter because it's a good story and I want to be clear about what's really driving it. Our all-in sustained silver ounce came down 24% as we see on our financials. It is indeed a big improvement in a single quarter. It's the kind of improvements we're looking to achieve in the company. This was not about squeezing the mills. This was really about changing how much silver we pull out of each of those tons we process. Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas More payable silver ounces over a steady cost base. That's what brought our costs down, and that's technically the main driver. On top of that, our byproduct credits were stronger. These are polymetallic mines, Olenka, let's remember, and higher copper and lead production through this quarter offset more of the cost we carry on each silver ounce. Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Now, if you allow me, I want to flag one thing that actually makes these results more impressive. This quarter, as we have been discussing, we dealt with road blockage in Bolivia. These last more than 50 days. They last actually 53 days. Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas But we were not able to cheap and sell all of these concentrates right away, especially our lead concentrate where we have most of our silver. This is what we discussed in the previous question, I think, but I just want to highlight that because I really commend our team. for looking ahead, planning ahead, and having a very clear and very broad risk assessment in place that allows us to prevent a situation where we could possibly be running out of consumables. And that will definitely put our milling facilities and our mines into a standstill situation. But that was not the case in catching up Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas

If you can tell our investors a little bit about it.

Yeah, Mexico definitely, as you might recall, we have been investing some capex throughout the last year, especially in the new flotation circuit, the flat cell circuits. And we're starting to see the benefits of those investments. They are starting to pay back. So that's why we're seeing improved recoveries at Simapan, especially for zinc, copper, and silver as well. As we speak, we have very optimistic outlook for Simapan. We have arrived to level 960, as you may recall. And some of the stoves that are budgeted for this next quarter are already into production. So we expect the rest of 2026 to be a strong rest of the year for 2026 for Simapan.

Yes, and that is important, Olenka, because remember we always said Mexico, our Mexico mine, Simopan, is a high-volume mine. So if we're able to increase these recoveries, that is very important for revenue. So yeah, the Mexico team did an amazing job as well.

Yes, got it. Let's move on to the next question. Thank you, Arturo. Andres, I have one for you now. So Santa Cruz reported a significant VAT receivable balance at June 30th. Can you explain how the balance is affected by inflation and currency movements and when you expect for it to be collected?

Okay. Yes, a little bit of background. Every month as a normal part of operating an export business in Bolivia and in Mexico, we generate a value-added tax credit within the tax authority. And that credit accumulates until it's refunded. This is a structural feature of a tax system for exporters in the country, not only Bolivia, but also in Mexico. As of June 30th, our total value-added tax receivables stood approximately 74 million, with 42 million classified as current, which means that our objective is to collect them in the next year, and 32 million as non-current. Importantly, Collections are taking place. During the year, we have already collected more than $10 million, but the reason that the overall balance does not decline in the same amount is that we continue to generate new value-added tax credits every month as part of our normal operations, even if we are increasing now our production. Our objective, of course, is to accelerate the pace of those collections Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas to identify ways to streamline and accelerate this value-added tax refund process. The process remains relatively complex because each refund is subject to an extensive review, announced by the tax authorities, etc. However, the process has been improving and we believe there is an opportunity to continue increasing the efficiency and pace of the collections going forward. On your question regarding the inflation and currency movements, look, these are receivables that are denominated in Bolivianos. So there are two important effects. Inflation actually provides some protection because the amounts owed to us are indexed to inflation, which increases the receivables over time and is reflected in our income statement through interest income on VAT receivables. On the other hand, currency movements can work in either direction. Because the balances are in Bolivianos, a weaker Boliviano reduces its U.S. dollar value. A stronger Boliviano will increase it. So, in summary, this is structural receivables generated through our export activities. It is collected on an ongoing basis. It benefits from this indexation to inflation. But our focus, and that's something that we always discuss with our team, is to continue to work with the tax authority to improve the refund process, accelerate collections, and ultimately maintain a receivable at lower normalized levels. So it's normal, Olenka, that's part of our export process, and we will try to collect it faster.

Okay, got it. Thank you, Andres. Arturo, I have a question for you. Touching on Sorakaya, and I do see a few audience questions on this, but what is the current timeline for permitting an initial production? What approvals remain outstanding? And has the development schedule changed from earlier guidance?

Well, that's an organic growth as we have mentioned previously. We're still on track to receive the permits for Soracaya during the third quarter, and we expect Olenka to begin with a small production rate of around 300 tons per day by the end of Q4. The underground equipment has already arrived at site and we are now building our different teams that will be needed to develop the mine. Geologists, miners, services and so on. At the same time, we're taking a very disciplined approach to the mine development. We want to be careful. Andres Bedregal, Arturo Prestamo Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas I want to be cautious, but let's say by the end of next year, but at least running at 300 tons per day will be by the end of this fourth quarter.

Okay, thank you. And roughly how much would Suaracaya contribute annually on production, roughly?

Well, that's a good question, but with today's My plan and as we see the block models and it's still a little bit hard to say because we're designing the main ramps, but it can take us up to 3 million ounces of silver equivalent in production where you have most of it pure silver, right?

Okay, perfect. Thank you. Andres, a question for you. San Lucas has completed additional issuances under its Boliviano note program. Do you expect to expand the program beyond the current amount? And how should investors think about refinancing and interest costs as the notes mature?

Yeah, good question. Let me start with the structure of the program, because I think it explains how to think about the refinancing question that you just asked. The San Lucas Promissory Note Program is authorized for a total of 140 million Bolivianos, that's roughly $17 million at today's exchange rate, issued in the Bolivian Stock Exchange. As of today, the full authorized amount is in use, and it operates on a rolling basis. The notes are issued in tranches of 70 million Bolivianos, and as each tranche matures, it is repaid and replaced with a new one. That's exactly what you have seen this year. The first two offerings were repaid in full at maturity. A third tranche was issued in April. A fourth one was issued just this early August. So what you have observing is not an expansion of the program. It is a normal rotation of the tranches within the authorized amount. Now to the question if we are going to expand it or maintain it, Our intention is to keep the full program in place for as long as it is beneficial for the company. And to date, every one of these issuance has worked in our favor for two reasons. First, currency matching. These are Boliviano-denominated liabilities, funding a business with substantial Boliviano-denominated costs. Remember, Arturo just mentioned, 85% of our costs are in Bolivianos, so they provide a natural hedge. Second, the devaluation of the Boliviano has reduced the effective cost of this debt in US dollar terms. Now, those conditions may or may not persist. So, before each new issuance, we run a prospective analysis of our funding needs and the macroeconomic environment, and we will only roll the trench when that analysis supports it. On interest costs, the second question. Nominal rates in Bolivianos have risen with local monetary conditions. From 6.5, which was our first offering, to around 11 on the most recent one. But let's put that into perspective. The government is financing itself at 11. So we're basically getting the same as the government. But the right way to evaluate that cost is in dollar terms. Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas

Okay, thank you. That's very helpful. Turo, I have a question for you. The ILPA Joint Operation Agreement covering Bolivia and Porco expires in 2028. Can you provide an update on discussions with CommEvol regarding an extension or renewal and explain what happens to Santa Cruz's investment in the assets if the agreement is not extended?

Arturo Prestamo Elizondo, Eduardo Torrecillas and it sends the agreement, it sends the supporting reports and the draft approval over the UDAPE, the Economic Policy Analysis Unit in Bolivia. The UDAPE job is essentially to look at what the contract means or the agreement means for the state finance and whether it's in line or not with the national economic policy. Arturo Prestamo Elizondo, Eduardo Torrecillas Then the package is sent and moved to the CONAPES. The CONAPES is the council made up for the economic and social ministers. They validate the documents before anything goes to the legislature. This step has been done as well and also has been approved. From there it goes to the General Assembly. We're now in the third step. The General Assembly is technically mechanics where the committees review the first, I mean, the reports from CONAPE and from Ministry of Mines, and then the Assembly votes to approve the draft law. Andres Bedregal, Arturo Prestamo or the approved law, now it's already a law, and orders this to be published in the Bolivian Official Gazette. So those are the four steps. We're halfway there, we're just technically, we're just in the administrative process as part of the renewal, and we expect this to take place very shortly. Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas So this is just an administrative process, mechanism, mechanical process, if you allow me to put it that way. So we have not announced it yet because we need to be respectful with the full process that takes in Bolivia. Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas

Yes, Arturo, I think that's the important thing. You know, our first contract, remember, it is the only contract that is a law in Bolivia. We are the only ones who have a contract which is a law. Embedded in that contract, it says that we can renew for another 15 years, okay? We already signed an agreement with Comibor, which is our counterpart, our associate, I don't know how you call it. Our partner. Arturo Prestamo Elizondo, Eduardo Torrecillas Arturo Prestamo Elizondo, Eduardo Torrecillas Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Arturo Prestamo Elizondo, Eduardo Torrecillas

There's no doubt about it. And just as a reference, this will be renewed, Olenka, until July 2043. And of course, it still includes an automatic renewal clause. So we'll see the movie at that point in 2043, right?

Thank you for the update. We have one last pre-submitted question before we take some live ones. Arturo, maybe you can answer this. What are the most important operational, financial, and strategic milestones investors should watch out for for the remainder of 2026?

Well, operationally speaking, getting back on track our Bolivar mine is very important. We're on track to get that in Q4. Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas So we'll keep working hard. We'll keep focused on getting our mines as efficient as they can be and in our cost as controlled and well managed as they can be across all of our areas. Administratively speaking, we are Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas

So we want to set as well up and have already always clear a clear capital allocation framework so that we can keep building the company. From a strategic point of view, Olenka, if you allow me, we'll pursue the organic growth with Soracaya. We will keep building as well San Lucas into a long, larger Andres Bedregal, Eduardo Torrecillas We really want to keep growing the company, of course, as always, in a very disciplined way, with a disciplined approach across all the different disciplines.

Thank you. It was one of the audience live questions, so I'm sure they appreciate the response. Let's just move on to a few other live questions. Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas

We were a bit delayed there, a few weeks, because we were required to update some of the technical reports. We finally accomplished those tasks. So yeah, I mean, we should open this company soon, and it'll be followed by an appropriate Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas

So, Zimacan recovered quarter-over-quarter after the power outages in Q1, but was still down 2% year-over-year despite the investments made. Why are we not seeing the growth?

Well, actually, we saw some improvement. We saw improvements in the recoveries. We saw improvements in the head grades, as we point out, 9% improvement. We're not there yet. We'll keep working. I think there's very good news to come out of CIMAPAN in the exploration side of the formula. So I kindly invite our investors to stay tuned. The mining is really proving to be a strong asset. And we will see. I'm very positive. We will see I invite our investors to look at our production numbers. If you compare them to Q1 2026, I understand comparing to last year, but if you compare Q2 against Q1, our silver has improved.

Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas

Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas

Arturo Prestamo Elizondo, Eduardo Torrecillas

Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas to make those investments that will allow us to be an efficient mine when the margins for metal prices are not as good as they are today. Or maybe when inflation in the industry rises and it closes the margins again, we'll cut the mine money for those times. And that's what we do. Sometimes we'll see the capex Thank you for the clarification.

Just have time for one more today really quickly. It's going to be on the M&A. Just what type of asset would you be most interested in acquiring? So a producing mine, development stage asset, or something with more operational upside?

That's a good question. Let's say we have a few premises for that. The first one is overall it should be an accrued acquisition to all of our investors. An acquisition where we add value Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas

Andres Bedregal, Arturo Prestamo Elizondo, Eduardo Torrecillas So, we will be looking for a reasonable life of mine. I think our teams have proven to be the right team to do that. So yes, that's the type of M&A we're looking for right now.

Well, thank you so much for your time today, Arturo and Andreas. Before we wrap up, any final questions or remarks you want to address or anything like that?

No, no, I just, I mean, rest assured, I mean, all of our investors can rest assured that we'll keep working very disciplined, we'll keep working with full transparency and trying to get the most out of our minds and make this a very creative investor for all of our stakeholders, not only our shareholders, but Thanks to everyone who is giving us their vote of trust, and we'll keep focusing on what we do.

Thank you so much again, and if anyone has any additional questions, please feel free to email me directly at olenka at adcab.ca. I hope everyone has a great day, and thanks