Steve Hyland

Building the Next 500,000-Ounce Gold Producer | Stephen Soock - Heliostar Metals

• Top takeaway Argues ore body quality and infrastructure setting matter more than raw size — a small, high-grade deposit near existing infrastructure can outprofit a larger but lower-grade project that faces capex and power hurdles
• Frames the market as roughly a year and a half into a positive junior mining equity cycle, where capital is available and momentum stories are rewarded
• Highlights infrastructure — especially power — as a make-or-break filter for projects, noting sub-1 g/t gold assets face serious power-supply constraints and a 5M+ oz threshold is needed to justify remote plays like Nunavut
• Sees smaller deposits just outside established camps (e.g., Timmins) as viable standalones or bolt-ons depending on grade and infrastructure access
• Expects a catalyst-rich 12 months for Heliostar — Annapola feasibility progress (Q2 [2027] target), drill results across Ana Paula / La Colorada / Gold Strike, and quarterly results showing cash build ahead of the Ana Paula investment decision

Heliostar targets 500,000 ounces of annual gold production by 2030, anchored by the underground Ana Paula project (~$300M capex, ~$1,000/oz AISC). Cash from two restarted Mexican mines covers Ana Paula's equity portion; debt and non-dilutive financing handle the rest, with no equity raise planned. Mexico's permitting environment is steadily opening: Heliostar secured the first new open-pit permit under the current administration, with more approvals following. Near-term catalysts include the Ana Paula feasibility study (~35% complete, expected Q2 next year), upcoming drill results across the portfolio, and steady-state production updates. When evaluating junior gold projects, ore-body quality and infrastructure access matter more than raw size; a small, well-situated deposit can out-earn a large, low-grade one.

This Gold Discovery Just Keeps Getting Bigger | Roger Rosmus - Goliath Resources

• Top takeaway Frames the discussion around Mark Carney's investment-summit goal of attracting a trillion dollars in Canadian investment and acknowledges Goliath Resources' sponsorship of the week's Beaver Creek coverage.
• Presses the investor-relevant questions on MRE timing, how the new bulk / wedge-zone material changes the modeling, metallurgy results, and the balance between infill and further step-outs in the 2027 program.

Goliath drilled nearly 50,000 metres at Surebet in BC's Golden Triangle, keeping a 100% hit rate with 83 assays still pending. CEO Roger Rosmus argues the new Big Bulk Zone — long low-grade intercepts wrapping the high-grade Bonanza and Golden Gate veins — widens bulk-tonnage potential. The maiden Mineral Resource Estimate has been pushed to 2030 after Goliath renegotiated the underlying property NSR royalty from 3% to 2%. Initial metallurgy shows 92.3% gold recovery via gravity alone, with no cyanide required; 2027 adds infill plus step-outs on an open system.

This Gold Explorer Is Making Its Biggest Bet | Brian Miller - Astra Exploration

• Top takeaway Hyland hosts The Deep Dive YouTube channel and ran the interview, framing it around Astra, the Desiado Massif, and the upcoming Phase 4 drill program.

Gold's early-2026 pullback was long overdue, but the bull market remains in its early innings, Astra's CEO Brian Miller argues. Astra's La Manchuria project carries a built-in path to 100% ownership for any future acquirer through a tag-along provision. Astra's largest drill campaign — 10,000 to 20,000 meters — starts Q4 2026 to expand Manchuria Hill and test five new regional targets. Astra is also committing to an inaugural drill program at its Chilean Don Mario project, backed by a $12.5M treasury. Michael Gentile evaluates Astra by asking 'can there be a mine here' first, then weighing infrastructure and team credentials.

A $15 Million Silver Bet: Silver Pony Resources (CSE: PONY, OTC: PONIF)

• Top takeaway Reveals he was a shareholder of Silver Pony's predecessor (Carlisle) and presses the CEO to justify walking away from the Newton project; he hears it was a five-year permitting battle and the exit brought more than twice the cost.
• Asks what Chris would have done with more time and money (extensive mapping, modeling, airborne geophysics before drilling) and digs into program size - about 5,000 metres planned, closer to 3,000 drilled - plus core handling and assay timing.

Silver Pony's C$15-million market cap is a low-priced way to trade first drill assays from the underdrilled Lardeau silver district, due early October. Panelists flag selection bias: 3,500 to 12,000 gram-per-ton grab samples — selectively picked rocks — guided drilling, so assay widths matter more than grades. CEO Morgan Good points to about C$1.25 million in Roxmore Resources shares free-trading soon as non-dilutive funding flexibility. Geologist Chris Furey moved the drill 18 kilometers mid-season to Revelstoke after a 455 gram-per-ton surface sample, drilling through fold hinges for architecture. Panelists would buy it personally as a short-term drill-hole trade but won't recommend it, noting the paid presentation, warrants, and thin liquidity.

This Gold Discovery Was Already Huge. Now It’s Becoming a Monster. | Goliath Resources

• Top takeaway Hyland argues the wedge of mineralized rock linking Bonanza and Golden Gate is more important than the step-out results because it reframes Sherbet from multiple discrete zones into one continuous body potentially amenable to bulk underground mining.
• Hyland treats the ability to step out up to 750m and still hit mineralization as "rarer than rare" and frames the absence of a known edge to SureBet as the central question of the 2026 program.
• Hyland flags that the polymetallic picture — a 975 g/t silver interval over 8m, a 3m stretch of 2,447 g/t silver, plus copper, lead and zinc — adds value beyond what a pure-gold framing would capture.
• Hyland notes Goliath has removed the clock on a maiden resource by pushing the deadline to 2030 and observes that external estimates such as Stiefel's 4.2Moz/$4.25 target are filling the vacuum.

Goliath Resources stepped out up to 750 metres at Surebet and still hit mineralization, expanding the footprint past 2 square kilometres. Hole 417 cut 58 metres of half-gram gold between Bonanza and Golden Gate, hinting the two zones may join into one body. Recent core is silver-rich — 3 metres at 2,447 g/t silver and 8 metres at 975 g/t — broadening Surebet into copper, lead, and zinc. Rosmas is delaying a maiden resource until the system is bounded, pushing the deadline to 2030; Stiefel carries a 4.2Moz exploration target.

8 Mining Stocks Our Viewers Asked Us to Review | Sept 14th-18th

• Top takeaway Speaker argues Barrick's recent Nevada Gold Mines transaction follows a pattern of value-destroying deals, pointing to the 2011 Equinox acquisition and Pascua Lama cost blowouts as historical precedents.
• On US gold revaluation, speaker says it is 'effectively QE without calling it QE,' but is not giving it a zero probability given Trump's White House and a Fed that may not play ball.
• For junior mining stocks, speaker argues the real re-rate catalysts are execution — hitting study dates, pouring first gold, signing offtake deals — not press releases.
• On Cartier, speaker emphasizes proximity to Agnico's Canadian Malartic hub (~70 km away) as a quiet but crucial infrastructure advantage.
• Speaker frames the J2 Metals and Impact Silver partnership as a useful operational shortcut in a tough Mexican jurisdiction, while flagging antimony hype as something to ignore.

Host Steve Hyland works through eight viewer-requested names, framing each as a development, execution, or pure exploration story with a clear re-rate trigger. Barrick put 38.5% of 4 Mile into the Nevada JV for $1.95 billion — far below Citi's $10–20 billion range — to clear a default. i-80 Gold is fully funded but slipping: Cove and Granite Creek studies now target Q3, and Archimedes has slid to mid-2027. A US statutory gold revaluation at $4,300 per ounce would unlock roughly $1.1 trillion — effective QE without calling it QE. LaFleur's Beacon mill is past 95% recommissioned, but its first gold pour has slipped from March to year-end 2026, and a new CEO arrived mid-restart.

Canada Is Finally Fast-Tracking New Mines | John Passalacqua - First Phosphate

• Top takeaway Commends First Phosphate for moving faster over the last 12 months than any other junior miner he follows, calling it 'not the never-never program.'
• Acknowledges that building a phosphate mine is typically very expensive, but credits the company with being 'pretty creative and pretty successful' at securing export-credit commitments.

Sovereign-backed financing from Switzerland and Denmark now covers roughly $400M of the US$475M capex needed for First Phosphate's Bégin-Lamarche project. G7 Critical Minerals Alliance designation shortens the path to export-credit-agency support, letting the company secure sovereign guarantees before its feasibility study is complete. Quebec's Filon fast-track permitting program compresses multi-ministry reviews into a single coordinated decision; the company targets permits in Q2-Q3 2027. A feasibility study is due in early Q1 2027, with a final investment decision gated by financing, engineering, and permitting milestones. Canada's new productivity mega deduction could lift project IRRs and NPVs by letting miners expense capital costs sooner, though eligibility details are still emerging.

Gold & Silver Just Added $2 Billion to This Project | Aya Gold - Bourmadine PEA

• Top takeaway The host's bottom line is that none of the study's flaws change the story because Aya has already decided to build Boumadine, and he adds that he likes Morocco as a jurisdiction because things get built.
• He judges the revised PEA a better study on the money (higher payables, near-flat capital, a third more indicated ounces, a strong margin) but a worse one on the rock (lower grades, a strip ratio gone from bad to worse, higher per-ounce costs), calling it a strong business case with a thinner cushion.
• He warns that a rebuilt resource model can move the wrong way and that the plan leans on inferred tons that still have to convert, saying he will keep watching the rollout ahead of the feasibility study due in the second half of 2027.

Aya's updated Boumadine PEA doubles the after-tax NPV to US$3.5 billion, but higher gold and silver price assumptions do most of the lifting. AISC (all-in sustaining cost — what it really costs to produce an ounce) rose 27% to $1,300 as grades fell and strip ratios worsened. Roughly four of every five tonnes in the mine plan remain inferred; PEAs allow that, but a prefeasibility study cannot, so conversion risk stays. Aya is starting construction in Q4 2026, more than a year before the feasibility study normally used to justify that decision. Aya trades near 1.1 times NPV, above developer peers like AbraSilver and Vizsla, and its Zagounder mine means Boumadine is not free.

This Copper Discovery Has 4X the Grade of Other Mines | Power Metallic - Lion MRE

Power Metallic's maiden Lion resource proved the promised grade — nearly 4% copper equivalent (metals expressed as copper), roughly four times the average copper mine. The sell-off was about tonnage: infill drilling (tighter spacing to prove edges) traded size for confidence, putting 87% of Lion's tons in the indicated category. Lock-cycle flotation tests (a lab dress rehearsal for a mill) recovered 98.5% of copper into one concentrate, making low-grade rock feed rather than waste. Economics stay unanswered: the PEA (a preliminary mine study) slipped to H1 2027, and Nisk's 44% nickel recovery needs metallurgical work before it feeds anything. Three deep holes below Lion hit visible copper near 900 meters, keeping the deposit open at depth, with assays due before the end of September.

7 Junior Mining Stocks Our Viewers Asked Us to Review

• Top takeaway The episode is a Q&A mailbag in which Steve Hyland answers viewer questions on seven junior mining names.
• Hyland discloses he is long Golden Caribou and openly names Frank Callahan as a friend, with full transparency on the relationship.
• He walks back initial skepticism and endorses the growth-through-acquisition thesis for the new Bunker Hill/Silver 47 vehicle, crediting Gary Thompson's influence.
• He pitches his Above and Beyond Summit in Scottsdale on November 22–24, offering $500 off with promo code THEDEAPDIVE (expired October 1).
• He closes by inviting viewers to leave more stock questions for future mailbag episodes.

Franco-Nevada's $4.3B cash pile likely points to an accretive royalty acquisition rather than more shareholder returns; Metalla is named as a candidate target. Golden Cariboo keeps posting Cariboo-style drill continuity at a $10M market cap, but no resource estimate yet — Osisko Development is the logical eventual buyer. Excellon's Peru pivot hinges on expansion around the past-producing Mallay mine; share count has quadrupled since 2023, highlighting real dilution risk. Bunker Hill's all-share merger with Silver47 (announced August 21) creates a vehicle that, given time, could absorb Blackrock Silver as the next consolidation step. Oroco's banker-CEO hire signals a transaction playbook: Santo Tomás is being groomed for sale to a major, not built into production.

Molybdenum Is Up 68% This Year. Nobody's Talking About It. | EraNova PEA

EraNova Metals' Adanac molybdenum project in British Columbia has a new PEA outlining 24 years of mine life producing 11.4 million pounds per year. At the base case of $25 per pound Mo, the after-tax NPV is $714 million; with Mo trading above $40 the economics scale dramatically higher. The project retains a valid mine permit and over $100 million of pre-built 2008-era infrastructure, giving it a quasi-Brownfield development edge. Cash costs land at $12.58 USD per pound and AISC at $14.24 USD — roughly a third of current Mo pricing. EraNova still needs a renewed environmental assessment and a paid feasibility study before the project can advance to construction.

This Copper Stock Exploded Before Anyone Knew the Grade | Decade Resource

• Top takeaway The guest's top-line call is that Decade is "in the ballpark, not necessarily at home plate" — the textbook porphyry pattern in DDH1 is encouraging but does not yet prove there is economic copper, that the hole hit near the centre of the system, or that the deposit would be mineable from that depth.
• He frames the rerating skeptically: the stock moved from 3 cents a year earlier to a market value near $50M dollars in early September on visual alteration alone, before any assays were available.
• He lays out three questions he says are still open for investors — is there metal in it, are they near the middle, and is any of it deep-mineable.
• He warns that many porphyry systems look exactly like this and contain nothing worth mining, and that you can be inside a real deposit and still drill its edge — i.e. "beautiful rock 800m from where the money is."
• He credits Decade for disclosing in the press release that visual observations are not a substitute for assays and that copper minerals do not mean economic grades, and commits to coming back with an "honest take" once the assays and soil-sample results come in.

Decade Resources' stock rerated on visual porphyry alteration at Bonaparte — but no assays, no resource, no grade are yet proven. Junior miners can rerate sharply on photographs of rock and alteration order — yet one deep hole never proves or disproves a porphyry deposit. Three open questions for investors: is there copper, are they near the core, and can a 557-meter-deep porphyry be mined economically? Block caving at 557 meters needs enormous tonnage and consistent grade — neither is confirmed at Bonaparte.

Why Is This $1.5 Billion Gold Story Worth Just $37 Million? | Fredonia Mining PEA

• Top takeaway Hyland argues the $1.5B NPV versus ~$37M market cap gap is a distribution problem rather than a valuation problem — no webcast, conference call, sell-side coverage, or CEO interview in any language in the past year.
• He underscores the PEA's economics — $2,368 per annual ounce capital intensity (the lowest in the peer group), a 65% IRR, and a 1.9-year payback at a 10% discount rate — and attributes the strength to a simple crush-agglomerate-heap-leach design rather than grade.
• He flags the 4.1% total contingency on a $346M build (versus the 15-25% PEA standard) as a meaningful gap the market should weigh against the otherwise strong numbers.
• He points out that even at a stressed 65% gold recovery (down from the 85% PEA assumption) the project still holds a $378M NPV, framing that as a backstop against metallurgical risk on 0.47 g/t ore.
• He frames Fredonia's next 18 months as a push from the 0.47 g/t PEA into a pre-feasibility study, and posits AngloGold's reserve-depleted Cerro Vanguardia could eventually look toward the 17-km-distant El Dorado ground.

Fredonia's El Dorado PEA shows a $1.49B NPV and 65% IRR on just $346M of initial capital, the lowest capital intensity in its peer group. A simple heap leach design drives the cost advantage: crush, agglomerate, stack, and leach — no mill, no grinding circuit. Despite the headline NPV, Fredonia's $36M enterprise value trades at 0.024x NAV versus 0.26–0.6x for peers. The valuation gap is mostly a distribution problem: no conference call, no sell-side coverage, and only 1.3M shares traded on study day. Concerns include a 4.1% contingency budget versus the 15–25% PEA standard, and preliminary metallurgy on 0.47 g/t ore.

Silver Crashed 50%. The Rebound Starts Now | Daniel Rodriguez - Mercado Minerals

• Top takeaway Steve argues Mexican silver exploration stories can become large mining stocks despite Sinaloa security concerns, pointing to Vizsla Silver's stock resilience as evidence the market is looking through the risk.
• Endorses Mercado's hunt in Sinaloa as following a proven blueprint and commits to ongoing coverage on the channel.

Silver has bottomed after roughly halving from January highs near $120 to the $60-70 range, the guest argues, with higher prices ahead. Mercado's completed 25-hole Copalito drill program grew principal veins from six to eight and strike length from 8 km to 11 km. Highlights include 6.5 m at 372 g/t silver-equivalent and 7.6 m at 434 g/t silver-equivalent at Cinco Sinoroz, plus best-ever El Agua intercepts. The Zamora project has never been drilled; chip sampling returned 2.4 m of 536 g/t silver-equivalent and 1 m of 828 g/t silver. Mercado credits its in-country staff and community ties for safe operating access in Sinaloa, where security concerns have slowed peers.

Gold Prices Are Turning Projects Into Billion-Dollar Assets | Robert Vallis - Tiger Gold

Tiger Gold CEO Robert Vallis frames higher gold as a structural safe-haven bid, with China buying unprecedented amounts alongside other central banks. The Quinchía project's PEA (Preliminary Economic Assessment — a scoping-level mining study) implies a ~$2B post-tax NPV at near-current gold prices. Drilling at Ceibal and Tesorito aims to roughly double the current 2 Moz resource base; deeper probes are also testing for porphyry-style mineralization. Hydro power, paved roads, and skilled labor near Quinchía are pitched as construction enablers that lower unit costs for a planned ~140 koz/yr operation. The guest says the new Colombian government should add permitting stability, with foreign investment continuing to flow into the country's gold district.

Silver Miners Will Crush Gold Miners | Adrian Day

Day reads gold holding up against rising yields as a sign of underlying strength, and expects a stressed US bond market to eventually drag the Fed back in. Day calls Barrick's Fourmile-for-Nevada-Gold-Mines swap with Newmont an "awful deal," estimating Barrick effectively paid roughly $6-7B to clear its IPO path. Day expects Franco-Nevada to keep its $2B cash powder dry until a high-quality royalty deal surfaces, with Metalla Royalty floated as a possible fit. Over the next 1-2 years, Day prefers purer silver producers over gold producers, citing deeper pullbacks and stronger implied upside. Day flags many "silver" producers for actually mining more gold than silver, including Pan American Silver and First Majestic's Ermitaño deposit.

Copper Has a New $5 Floor | Colin Joudrie - Selkirk Copper

• Top takeaway Frames the Minto asset for the audience as a copper restart story with ~350M lbs of historic production, and characterizes the team as risk-averse and detail-oriented — a stance he says is reflected in the share price.
• Points to power constraints in the Yukon as a sector-wide concern and a bigger risk for other large Yukon projects than for Selkirk, whose grid allocation and onsite backup generation are already in place.

A 100,000-metre Yukon drill campaign — the largest Yukon calendar-year program ever — lifted Selkirk's Minto resource about 280% in tons and roughly 180% in contained copper, gold, and silver. The guest argues a multi-year concentrate shortfall plus data-center and electrification demand has set a new copper floor near US\/lb that should outlast most forecasts. Selkirk pushed its PEA (Preliminary Economic Assessment — early-stage economic study) from July into late September so the larger resource flows through full integrated mine plans first. Restart hinges on amended permit submissions by early November, a feasibility study this quarter, and financing decisions ahead of a targeted mid-2027 restart. Yukon's tight grid caps Selkirk's Minto power reservations at 8–10.5 MW with onsite backup generation ready for shortfalls.

This Gold Mine Finally Started WorkingThumbnail: | West Red Lake Q2 2026 Earnings

• Top takeaway Argues Q2 demonstrated Madsen is capable of running at the rates it needs — production up 51%, all-in sustaining costs down 30%, margin per ounce up 4x — but says the real test from here is consistency, not the one quarter.
• Flags valuation concerns: WRLG trades at EV/EBITDA of 6.4x against a peer median of 3.8x (a 68% premium), and is the only name in his peer set carrying net debt (~$75M, ~1x EBITDA).
• Frames the bull thesis on leverage: at $2,500/oz gold, Madsen throws off roughly $128M of all-in sustaining margin and the EV is under 3x — but cautions 'we're not at stable production' yet.
• Highlights that the mill has run above its 800 tons/day rated capacity (842 tpd in Q2) and is being pushed toward 1,000 tpd in H2, with potential for 1,300 tpd.
• Lists the risks management flagged for H2 guidance: labor constraints on experienced underground miners, oversized material that is difficult through the existing crushing circuit, and difficult ground at Red Lake.

West Red Lake's Madsen mine delivered its best restart quarter: production up 51%, AISC (All-In Sustaining Cost) down 30%, first positive free cash flow. A 10,768-ton surface stockpile holding 1,500 ounces signals mining rates have finally outpaced the mill at this Ontario operation. H1 output of 14,000 ounces is only 36% of midpoint guidance, so Q3 and Q4 must average 10,400+ ounces to hit the low end. WRLG still carries a 68% EV/EBITDA premium to peers and is the only one of five gold comparables in net debt. A pending pre-feasibility study combining Madsen and Rowan's high-grade 335,000-ounce resource is due mid-to-late September.

$68M for a Broken Mine. Now It’s a Copper Giant | Firefly Metals Green Bay PEA

• Top takeaway Calls the Firefly PEA a good study 'on balance' specifically because the reasons are boring — ~$250M of brownfield infrastructure already in place, cheap hydropower, a port 6km away, conventional long-hole stoping and flotation, top-decile copper grade, a price deck 25–30% below spot, and the company funded through feasibility without needing anyone's permission.
• Frames Firefly as 'mid-pack' on EV/NAV at ~0.6x base case (0.4x alternative) — more compelling than New Found Gold once New Found's PEA is flexed to its own $3,300/oz gold sensitivity, and much further along than Osisko Metals' unstudied Gaspé Copper — but not as optically cheap as Falco Resources, the cautionary tale whose funding path he judges non-credible.
• Flags the real PEA-stage risks the market should not overlook: 20% of the resource is still inferred, a maiden reserve won't exist until next quarter at the earliest, sustaining capex of A$876M is nearly double the A$513M upfront bill, and construction money still has to be raised despite the A$190M raise and indicated US$350M+ of debt capacity.
• Argues the base-case vs alternative-case framing is a trade-off, not a free option — a higher NPV via 4.6Mt/y throughput requires sinking a ~1,400m, 7.6m-diameter shaft and stretches payback to 3.7 years, whereas the base case keeps costs down upfront by trucking up a bypass decline and running a generational 32-year asset.

Firefly's Green Bay PEA values the A$68M mine at A$2.2B — a 32x paper markup built on hydro power, brownfield infrastructure, and top-decile copper grades. Base case: 50,000 tonnes copper-equivalent yearly for 14 years; C1 cash costs (a mine's site-level operating cost) hit US$2.05/lb thanks to hydropower. The 32-year mine plan frontloads 77% measured-and-indicated ore, but 20% still sits in inferred — a real long-life mining risk if drilling disappoints. Sustaining capital adds A$876M to Firefly's A$513M initial capex, lifting life-of-mine capital to A$1.4B — almost double the headline figure. Compared to peers, Firefly screens mid-pack: cheaper than New Found Gold on EV/NAV (enterprise value to project net asset value), pricier than Falco Resources.

The Silver Price Was Not The Problem | Quanajuato Silver Q2 Earnings 2026

• Top takeaway Hyland delivers a clear negative verdict on the quarter: 'Was it a good quarter? No' — noting revenue went sideways, EBITDA fell 61%, AISC consumed more than revenue, and working capital went the wrong way.
• Hyland restates the margin math: the 'give-or-take $2' margin in the release compares different denominators, and once revenue is divided by equivalent ounces produced ($70.62), the real margin versus $71.66 AISC is negative.
• Hyland frames the central valuation tension: Guanajuato screens cheap on enterprise value per ounce ($124 vs a $524 pure median, a 76% discount) but trades at 25x earnings vs the pure median of 14x, with the gap explained by a 24% EBITDA margin versus 47% for the pure median.
• Hyland sets a Q3 scorecard: Bolognese tons must rise (2,500m of development was supposed to buy mining phases), AISC must start with a 5, and working capital must stop going the wrong way.
• Hyland flags that Guanajuato's AISC is the most conservative on the board because it takes no by-product credits and uses actual quarter prices, so the cost gap to peers is smaller than it first looks.

Guanajuato Silver's Q2 was nominally profitable, but AISC (All-In Sustaining Cost, the full cost to produce an ounce) at $71.66 topped per-equivalent-ounce revenue of $70.62. Operating five Mexican mines, the company retired most of its Ocean Partners gold debt using $9.2M of cash this quarter. Bolañitos, the mine acquired in January, is the most expensive ounce in the portfolio at $90.11 AISC, while contract-mined Topia is cheapest at $45.19. At a 24% EBITDA margin (peer median 47%), the stock looks cheap on assets but expensive on earnings at 25x P/E versus 14x. Management expects costs to fall once Bolañitos integrates; the Q3 scorecard hinges on higher tons, AISC starting with a 5, and working capital direction.