Latest / Kitco MINING / Solaris Advances Warintza as Copper Supply Tightens | Matthew Rowlinson

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Solaris Advances Warintza as Copper Supply Tightens | Matthew Rowlinson · Kitco MINING

• 0:00
  SPEAKER_00: Kitco Mining on-site coverage of Mining Forum Americas is presented by Metalla Royalty and Streaming.
• 0:10
  SPEAKER_02: Copper Development coming to Ecuador.
• 0:12
  SPEAKER_02: Hello and welcome to Kitco Mining.
• 0:14
  SPEAKER_02: With me, Paul Harris, here at the 2026 Mining Forum Americas in Colorado Springs.
• 0:19
  SPEAKER_02: Joining me now is Matthew Rollinson, president and CEO of Solaris Resources.
• 0:24
  SPEAKER_02: Matthew, welcome back to Kitco.
• 0:25
  SPEAKER_02: Thanks very much for having me.
• 0:26
  SPEAKER_02: It's uh been a great conference.
• 0:28
  SPEAKER_02: It has, and uh let's start at the top.
• 0:30
  SPEAKER_02: This used to be the Denver Gold Forum.
• 0:32
  SPEAKER_02: It's now it was the Gold Forum Americas, and now it's obviously the Mining Forum Americas.
• 0:36
  SPEAKER_02: The suite of minerals has uh has expanded um to reflect the changing currents in the in the world mining industry.
• 0:44
  SPEAKER_02: Critical minerals are top of the agenda or a key part of the agenda, and that of course includes copper.
• 0:49
  SPEAKER_02: Um you're developing, or you have the Warinza Copper Gold Molybdenum Porphyry Project in Southeast Ecuador, moving towards an ever important investment decision.
• 1:01
  SPEAKER_02: Before we talk about that, uh uh Matthew, um the keynote last night was Robert Friedland, Ivan Ho Mines Robert Friedland, uh perhaps the best and biggest and most well-known cheerleader for copper uh in the world.
• 1:15
  SPEAKER_02: Um, what do you think of his message?
• 1:17
  SPEAKER_02: A couple of the key things he talked about.
• 1:19
  SPEAKER_02: The first thing he said was BMO, Bank of Montreal, just raised their copper price outlook to$18,000 per ton.
• 1:25
  SPEAKER_02: Deutsche Bank has raised its copper price outlook to about$22,000 a tonne.
• 1:30
  SPEAKER_02: At the moment, we're what,$14,000,$14,500 per ton, so substantial lifts there from both of those banks.
• 1:37
  SPEAKER_01: Yeah, look, I think you've got to look around the world and see the supply side compression.
• 1:41
  SPEAKER_01: I think, you know, degradation of grade, uh, mining challenges from a technical perspective, weather perspective, and also additional, you know, strip ratio profiling, which has changed significantly across the supply side, has been real.
• 1:54
  SPEAKER_01: You see majors also missing their forecast in terms of production.
• 1:57
  SPEAKER_01: So the supply side is a real big challenge.
• 1:59
  SPEAKER_01: I think with us having a project that can bring on large-scale production and supply for the future is something very unique in terms of the world of copper.
• 2:07
  SPEAKER_01: You also got to remember that you know, bringing on these large-scale production assets from find until delivery of approximately 17 odd years is a significant risk period for any um, you know, any investor um going into these type of um you know deals.
• 2:23
  SPEAKER_01: And copper has big capital outlays, um, but ultimately these were gonna have to be built.
• 2:27
  SPEAKER_01: Um, geopolitics today is real, security of supply chains is very real, and I think Ivan um Roberts' um message is is is totally in the right path with regards to um looking at the future and understanding that these metals of the future are very important to economies and to growth.
• 2:44
  SPEAKER_01: Um so I think the message is is very clear.
• 2:47
  SPEAKER_02: Yeah, before we sort of go more into the development pathway for rinse, let's just sort of touch on that because it's not just a copper porphyry, you've got some other um metals there as well.
• 2:56
  SPEAKER_02: Obviously, gold is one of those molybdenum, molybdenum is another critical minerals uh metal.
• 3:01
  SPEAKER_02: Um what is the potential there and what sort of flexibility or opportunity does that give you going forward?
• 3:07
  SPEAKER_01: Yeah, I think from an opportunity perspective, we produce about 50 to 60,000 ounces of gold through the life of the mine.
• 3:13
  SPEAKER_01: We talk about 55-year life of mine, 5.8 billion tons, about 6,000 tons of moly as well.
• 3:19
  SPEAKER_01: So it's a really big molly producer.
• 3:21
  SPEAKER_01: So the flexibility on those, those from those metals perspective provides financing opportunities.
• 3:26
  SPEAKER_01: Um, you know, we did a Royal Gold streaming and royalty agreement with them at the concluded that in May last year, brought$200 million into the company.
• 3:34
  SPEAKER_01: So that gives us good flexibility all the way through to a final investment decision, basically.
• 3:38
  SPEAKER_01: So, you know, from a financing perspective, it's really intriguing to maybe look at the silver gold stream.
• 3:43
  SPEAKER_01: And Molly ultimately, you know, there's a natural demand for Molly in the defense and aviation industry.
• 3:48
  SPEAKER_01: So for me, it's uh having those byproduct credits coming through and you know, obviously crediting the all-in-sustaining cash cost down to the level that we talk about, that all one$1.07 cash cost, um, is very unique in the world of copper.
• 4:02
  SPEAKER_01: So, you know, we're excited about the opportunity to around the financing side there, and we'll see how that progresses.
• 4:08
  SPEAKER_01: But uh, I think a very important part of our project is byproduct credits.
• 4:11
  SPEAKER_02: Okay.
• 4:12
  SPEAKER_02: Now you you mentioned the final investment decision.
• 4:15
  SPEAKER_02: What are the things that have to occur or to the workflows that have to be completed before you're in that position?
• 4:21
  SPEAKER_01: So if you just look at our year to date, we delivered the technical approval of the EIA earlier this year, which really does show the credibility and the consistency of the work profiling from the very good team that we do have within Solaris.
• 4:33
  SPEAKER_01: From a social perspective, we have the Free Power and Informed Consultation Process, an environmental consultation process, which is ongoing by the government today, the Ecuadorian government, which is great to see that progression.
• 4:45
  SPEAKER_01: Um we hope to sign a long-term collective agreement and relocation agreement with our host communities, and that should be concluded within the next couple of months.
• 4:52
  SPEAKER_01: And that is a real, you know, accelerator for the project in terms of where it is.
• 4:59
  SPEAKER_01: From a permitting perspective, we are advancing very well following the technical approval of the EIA.
• 5:04
  SPEAKER_01: Um the key kind of focus now is really around water.
• 5:07
  SPEAKER_01: Uh tailings, we've already got the technical approval of the tailings, but the final permits still need to come through.
• 5:13
  SPEAKER_01: Um energy is the other one that's a major permit, and there's some other kind of smaller permits around that.
• 5:18
  SPEAKER_01: Exploitation agreement.
• 5:20
  SPEAKER_01: In Ecuador, you have the final exploitation agreement with the government, and we'll commence that very shortly.
• 5:25
  SPEAKER_01: So we have you know, runway now, the next six months, some real catalysts to bringing on Warinsa, and you know, getting that project to a fully permitted project by the end of H1 and the FID at the back end of 2027.
• 5:37
  SPEAKER_01: So it does reflect the near-term nature of this project and the executability of this project.
• 5:44
  SPEAKER_02: Now, um, you you mentioned water, you mentioned energy.
• 5:47
  SPEAKER_02: Um, let's sort of dig into that a little bit more.
• 5:50
  SPEAKER_02: South America is uh on the verge of experiencing what many forecasters think will be a very extreme El Niño event, and that uh um means extreme weather systems that can mean extensive drought.
• 6:01
  SPEAKER_02: Um, Ecuador, the uh the grid there is mainly hydropower, that's been suffering.
• 6:07
  SPEAKER_02: So the government's come out and said any future mine development will have to build its own energy uh system or energy supply.
• 6:13
  SPEAKER_02: Uh, presumably you're sort of taking that into account.
• 6:16
  SPEAKER_02: How to what extent do you need to invest in energy, water infrastructure, other infrastructure?
• 6:21
  SPEAKER_01: Because you're in a quite a remote corner.
• 6:23
  SPEAKER_01: I think water is not an issue.
• 6:24
  SPEAKER_01: Um, in that East and Andean side, water is in abundance, and I think that's something unique in terms of copper projects today.
• 6:32
  SPEAKER_01: Um, the hydro side is obviously, and the power side is a real focus for ourselves.
• 6:37
  SPEAKER_01: We have made significant inroads in developing our own sources of power with various different companies operating in Ecuador itself and specifically on the hydro grid.
• 6:47
  SPEAKER_01: Um, they have a specific company that we engage in has hydro projects in Morona, Santiago.
• 6:52
  SPEAKER_01: They have five different concessions, two of them are very well advanced, and three not so, but obviously going through the permitting right now.
• 6:59
  SPEAKER_01: It actually marries our timeline in terms of the project very nicely.
• 7:02
  SPEAKER_01: So we have a solution in terms of power, and uh that will service the full 250 megawatts of power that's required by the project.
• 7:09
  SPEAKER_01: So uh a very good solution.
• 7:11
  SPEAKER_01: It's a P.
• 7:11
  SPEAKER_01: We'll obviously sign a PPA where we'll be funding the OpEx and the CapEx of their um moving forward in terms of the project, and again, again, a great solution for ourselves.
• 7:21
  SPEAKER_01: And as you said, I think they are pushing mining companies in Ecuador to find their own solution because they are suffering in terms of the grid.
• 7:27
  SPEAKER_02: Okay, one of the sort of key narratives in the copper space, apart from the scarcity, is the rising cost of developing new capacity, the uh the capital intensity.
• 7:36
  SPEAKER_02: How does Warenza stack up in terms of capital intensity?
• 7:40
  SPEAKER_02: What kind of things can you potentially do to mitigate that, such as phase development or or other?
• 7:45
  SPEAKER_01: Yeah, I think that from a Warenza perspective, we talked about$15,500 uh per ton of copper equivalent, basically.
• 7:52
  SPEAKER_01: And I think that's a metric that is very low uh in comparison to the peers with the kind of industry standards around about$21,000 to$25 odd thousand dollars per ton.
• 8:01
  SPEAKER_01: So that that really illustrates the the uniqueness of this capital intense, uh the relow capital intense intensive project.
• 8:08
  SPEAKER_01: That's driven by the fact that we have a very uh no pre-stripping in terms of the project.
• 8:13
  SPEAKER_01: The oil body sits very close to surface, so we can access the oil body directly.
• 8:18
  SPEAKER_01: Many of these large porphyry projects, as you know, have a significant amount of capital spend in that pre-strip phase.
• 8:24
  SPEAKER_01: And Latin America that can be over a couple of hundred million dollars to a billion dollars ultimately.
• 8:28
  SPEAKER_01: So we don't have any of that, and that really drives it forward.
• 8:31
  SPEAKER_01: Additionally, we operated 1,200 meters above sea level, which is you know very favorable from an altitude perspective.
• 8:38
  SPEAKER_01: Again, we have good infrastructure in country.
• 8:41
  SPEAKER_01: Um, there's highways all the way to the port that we'll be sending the concentrates out.
• 8:45
  SPEAKER_01: We do have energy grids very close by, so we can tap into the energy grid about 50 kilometers away.
• 8:50
  SPEAKER_01: So all of that does drive a capital-intensive metric that is very interesting for the industry.
• 8:55
  SPEAKER_01: I, you know, we talked about$3.7 billion in the the pre-feasibility study.
• 8:59
  SPEAKER_01: Um, we'll see where that gets to in the the FS in the end, but it's not going to be far away from that.
• 9:04
  SPEAKER_01: But ultimately, you know, I I think from a smaller project perspective, when you talk about a project like ours, scale is always very important, Paul.
• 9:12
  SPEAKER_01: So, yes, we could look at a smaller plant, but the the differential in terms of cost and capex, it doesn't necessarily pay the it doesn't necessarily the economics are not that favorable.
• 9:22
  SPEAKER_01: So I would always support the 160,000 ton a day concentrator that we do have uh in place today.
• 9:27
  SPEAKER_01: And uh and that drives the the economics to what I've said before, that really that$4.6 billion uh and 26% return on capital.
• 9:36
  SPEAKER_01: You know, if you looked at that at spot pricing today, Paul, you're talking about$10 billion billion dollars and 42% IRR.
• 9:41
  SPEAKER_01: So you can see the differential and spreads.
• 9:43
  SPEAKER_01: We ran that PFS at$4.50 and$2,500 gold.
• 9:46
  SPEAKER_01: And in the six, seven months that we've last spoken, you've seen you know, each of these metals run significantly in terms of pricing.
• 9:54
  SPEAKER_01: So and that long-term incentive pricing has changed.
• 9:56
  SPEAKER_02: Okay.
• 9:57
  SPEAKER_02: 160,000 tons per day, that that's a sizable operation.
• 10:00
  SPEAKER_02: Will that be sort of one sort of processing line or will that be two lines?
• 10:03
  SPEAKER_01: It's one processing line um at the moment, and uh, you know, we're working with the SENCO IP sold AMC to to define the final FS.
• 10:12
  SPEAKER_01: Um, from from ultimately from the the PFS to the final FS, we don't see significant changes.
• 10:17
  SPEAKER_01: We see some upside in terms of recoveries, especially around the Molly and the gold.
• 10:22
  SPEAKER_01: But uh, I think that's very exciting for the opportun uh and opportunistic for ourselves going forward.
• 10:26
  SPEAKER_02: You mentioned the the royal gold financing you did.
• 10:29
  SPEAKER_02: Um does that give you sufficient funds to get through to that final investment decision?
• 10:33
  SPEAKER_01: Yes, so we we we completed the half year with$54 million in cash.
• 10:37
  SPEAKER_01: Uh we also had the third tranche of funding, another$50 million upon securing the security on the concessions for royal gold.
• 10:44
  SPEAKER_01: That will come through very shortly, and we'll have effectively$100 million of liquidity.
• 10:49
  SPEAKER_01: Um that'll take us all the way through to effectively an FID uh stage for this project.
• 10:54
  SPEAKER_02: What are your thoughts going forward about um Solaris potentially building the mine itself or partnering with somebody else to build it?
• 11:03
  SPEAKER_02: Um BHP, for example, last week, the world's largest diversified miner ex-China.
• 11:09
  SPEAKER_02: Um they said their strategy very much is to sort of build, not buy.
• 11:12
  SPEAKER_02: Um, and presumably that's in part because of the assets they have, but also the increase in capital costs.
• 11:18
  SPEAKER_02: Well, what's the what's the strategy?
• 11:19
  SPEAKER_02: What's the plan for actually bringing into production?
• 11:22
  SPEAKER_02: Will that be Solaris?
• 11:23
  SPEAKER_02: Will that be somebody else?
• 11:24
  SPEAKER_01: Yeah, I think we've got to do what's right for shareholders, Paul, and I'll say that openly.
• 11:27
  SPEAKER_01: I think you know, partnership is a way that we could look at at the right stage and and the right time.
• 11:32
  SPEAKER_01: Um I think partnership's not just financial, as we you know, we know we've got to bring in a partner that has the technical capabilities, the balance sheets, and also the impetus to really go and uh build this project of the future to illustrate that there is a long-term success here.
• 11:46
  SPEAKER_01: And if we are part of the project, we want to have the right partner come through.
• 11:50
  SPEAKER_01: So that is a process that we have seen a lot of interest.
• 11:53
  SPEAKER_01: Uh, we'll continue to engage and we'll continue to engage also on our on our standalone path ultimately, where we have seen uh you know, we've engaged uh a financial advisor for the long-term financing plans um to work through that$3.7 billion of capital requirements as we move into the FS.
• 12:09
  SPEAKER_01: And look, as we start to refine our FS and start to refine the studies, this global scale project has optionality from an from a financing perspective.
• 12:18
  SPEAKER_01: So we'll continue to to work through that in combination with partnership.
• 12:22
  SPEAKER_02: With the the lack of copper new copper supply available and coming on stream and the copper price riding at what$6.70 a pound, more or less, as we sit here today.
• 12:32
  SPEAKER_02: Um talk me through some of the financing options that are available.
• 12:36
  SPEAKER_02: Uh, because I'd imagine at this moment in time, all financing options are on the table, um, traditional, non-traditional.
• 12:44
  SPEAKER_02: And so that being the case, if you could pick your dream capital stack, what would that look like?
• 12:48
  SPEAKER_01: Yeah, I think you know, obviously, dilution is close to our hearts.
• 12:52
  SPEAKER_01: Um, we we are incentivized uh like all the shareholders as as management, and uh, you know, we would try and minimize dilution in any in any kind of you know funding package.
• 13:02
  SPEAKER_01: Um so we could stream the gold and silver.
• 13:04
  SPEAKER_01: Um we've only encumbered 12% of the gold to royal gold ultimately.
• 13:09
  SPEAKER_01: So we have 88% of that free.
• 13:11
  SPEAKER_01: Um that could raise a significant portion, plus all the silver.
• 13:14
  SPEAKER_01: So, you know, we could talk a couple of billion there, if close to uh, you know, a couple of billion ultimately coming through that.
• 13:19
  SPEAKER_01: This from a senior debt perspective, we could look at the traditional project financing arrangements, EPC, EPCM plus financing.
• 13:26
  SPEAKER_01: Um, and then also look, or there's there's government funding that's available today.
• 13:30
  SPEAKER_01: Um, and you know, we have seen interest there and we'll see how that goes.
• 13:34
  SPEAKER_01: I think we don't have to make a decision today, but we obviously, as we start to mature and start to refine that FS, so the optimal capital structure will come into position and we'll maximize that value for shareholders and understanding that dilution is not what we necessarily want.
• 13:49
  SPEAKER_01: Okay, government funding from whom?
• 13:51
  SPEAKER_01: Well, government fund, well, I think there's you know, we've got to recognize that geopolitics is real.
• 13:55
  SPEAKER_01: Uh, independence of supply chain is very real in the world today, and independence of supply chain ultimately brings upon a very aggressive form of capital, a capital also with a low cost to it.
• 14:05
  SPEAKER_01: So it's something that the world, in terms of large-scale copper projects, can look towards as an alternative capital structure and brings upon competitive uh and a new competitor potentially in the world of copper and and large-scale development projects.
• 14:19
  SPEAKER_01: So that's government funding, tradition and non-traditional uh kind of institutional uh funding as well.
• 14:26
  SPEAKER_02: Now, in in the past, the company has had interest in investment from Xi Jin in a Chinese company.
• 14:34
  SPEAKER_02: Um, more recently, with the US President Donald Trump, he's um I think it'd be fair to say he wants to throw his arms around the Americas in general and uh have the resources there for at the disposition of the United States.
• 14:46
  SPEAKER_02: Um how how is how are you looking to balance those competing interests from from you know what in some instances are adversarial nations?
• 14:56
  SPEAKER_02: Yes, I think you're right.
• 14:57
  SPEAKER_01: I think we have seen of course you're you're based in Europe as well, aren't you?
• 15:00
  SPEAKER_01: Yes, that's right.
• 15:00
  SPEAKER_01: So we have seen a real focus in Latin America.
• 15:03
  SPEAKER_01: Um that will continue.
• 15:04
  SPEAKER_01: I think it's very close to the United States.
• 15:06
  SPEAKER_01: However, Ecuador has played very open game with regards to significant significance of Chinese investment over a period of time.
• 15:14
  SPEAKER_01: Um and you know, American investment too.
• 15:16
  SPEAKER_01: So the biggest trade partner today still remains the United States.
• 15:19
  SPEAKER_01: However, China over the past 15 years has been a significant investor in the exploration and uh exploitation industry.
• 15:27
  SPEAKER_01: So um, you know, we'll see how that goes.
• 15:29
  SPEAKER_01: I think we we we as a company have to play it cautiously, um, you know, and we'll see where where it gets to.
• 15:35
  SPEAKER_01: At this stage of the game, we are we're neutral, we are trying to you know move the project forward as best as we possibly can and can control what we we can.
• 15:45
  SPEAKER_02: Realistically, is there appetite in Ecuador for more Chinese investment in its copper sector?
• 15:51
  SPEAKER_02: Because uh uh Chinese investment built Ecuador's first copper mine, Mirador, but there's been a bit of a let's say a political issue because Mirador has refused to buy its own uh build and pay for its own power supply, which the government has asked it to do on repeated occasions.
• 16:05
  SPEAKER_01: Yes, there is uh certainly interest um from the Chinese.
• 16:08
  SPEAKER_01: Um, you know, this again is a very large-scale project.
• 16:11
  SPEAKER_01: Uh it's very unique in the world of copper.
• 16:13
  SPEAKER_01: Um, as I said, those byproducts come through.
• 16:16
  SPEAKER_01: We talked 242,000 tons of copper equivalent over a 55-year life of mine.
• 16:20
  SPEAKER_01: It's uh it's very unique.
• 16:22
  SPEAKER_01: And you know, the cluster beyond just Warinza, Paul, is is huge, right?
• 16:26
  SPEAKER_02: Well, let's talk about that.
• 16:27
  SPEAKER_02: Uh, Warinsa is a porfree district.
• 16:29
  SPEAKER_02: Um, we've been talking about uh is it Warinsa Central mainly during this conversation?
• 16:35
  SPEAKER_02: You've drilled more than 200,000 meters.
• 16:37
  SPEAKER_02: There's a lot of exploration upside still to be tapped, I would imagine.
• 16:40
  SPEAKER_02: Um, how are the exploration plans advancing, developing?
• 16:44
  SPEAKER_02: Often, as a company moves towards that development stage, exploration tends to get cut back and put onto the back burner.
• 16:50
  SPEAKER_01: Yeah, so earlier this year we put out a press release on some high-grade uh porfree targets, then we put 17 odd months of field work into.
• 16:58
  SPEAKER_01: It's the tinky concessions on the southeastern part of the package.
• 17:02
  SPEAKER_01: It's the option package with the ground that's optioned within our me.
• 17:06
  SPEAKER_01: So we are just waiting for the permits to come through on that.
• 17:08
  SPEAKER_01: Um, it's quite prolific in terms of what the porphyry looks like.
• 17:12
  SPEAKER_01: There's potassi alterations that are very, very interesting.
• 17:15
  SPEAKER_01: And our geo is very excited about the opportunity.
• 17:18
  SPEAKER_01: You very high-graded surface, similar bypower credits coming through.
• 17:21
  SPEAKER_01: We've done a lot of trenching and backpack drilling ultimately to date, and uh, we're very excited about that as a is a dear-term catalyst for shareholders too.
• 17:29
  SPEAKER_01: So we're waiting for that permit to come through.
• 17:31
  SPEAKER_01: Um, we're working with the Vice Minister of Mines and NRME to work that through, and uh we just need to change the phase for to initial exploration uh to to obtain the drilling permits to use mechanized drilling.
• 17:43
  SPEAKER_02: Okay.
• 17:43
  SPEAKER_02: Uh Matthew, we've covered a lot of ground during our conversation today.
• 17:46
  SPEAKER_02: So maybe you can we can end by you sort of recapping some of the key catalysts that our viewers can expect to see from Solaris over the next 12 to 18 months or so.
• 17:54
  SPEAKER_01: Yeah, so I think there's four different kinds of sects that our viewers need to really understand is one is the Warinsa de-risking and obviously bringing that project to an FID in the back end of 2027.
• 18:04
  SPEAKER_01: The second one is the step out opportunities in Ecuador.
• 18:06
  SPEAKER_01: We've just touched on that and they're profound in terms of the opportunity.
• 18:09
  SPEAKER_01: We talked to 10 billion tons of opportunity within Warinsa and the global cluster, and that's very unique in terms of the world of copper.
• 18:16
  SPEAKER_01: And then we have the the non-core assets, two assets in Peru, Paco Orco and Capricho.
• 18:22
  SPEAKER_01: We're both going to start drilling those.
• 18:23
  SPEAKER_01: One's a porfry and one's a polymetallic deposit, Paco Orco.
• 18:28
  SPEAKER_01: Um, we'll start drilling those concessions in Q1 of 2027.
• 18:32
  SPEAKER_01: Uh, we've got the social license on both of those.
• 18:34
  SPEAKER_01: We'll continue the P the PEA development on La Verde.
• 18:37
  SPEAKER_01: That's the joint venture with tech 6040 in our favour.
• 18:40
  SPEAKER_01: So the refresh of the PEA there, and we'll see what develops there.
• 18:43
  SPEAKER_01: And we also have the early stage project Tamarugo in in Chile.
• 18:46
  SPEAKER_01: So, with that portfolio as well, we are allocating capital to it.
• 18:50
  SPEAKER_01: It's an exciting portfolio, and we're bringing that into fruition as well.
• 18:54
  SPEAKER_02: It must be an exciting time moving towards uh a final investment decision in what just over a year now?
• 18:59
  SPEAKER_02: Correct.
• 18:59
  SPEAKER_02: With copper price at record levels, uh very exciting.
• 19:02
  SPEAKER_02: Uh but really appreciate you sharing with us uh and bringing this up to date with Rinsa.
• 19:06
  SPEAKER_02: Matthew Rollinson, thank you for joining me today.
• 19:08
  SPEAKER_02: Thanks very much, Paul.
• 19:09
  SPEAKER_02: It's great.
• 19:09
  SPEAKER_02: And we have a lot more to come from the 2026 Mining Forum Americas in Colorado Springs.
• 19:14
  SPEAKER_02: So stay tuned and hit that subscribe button.
• 19:16
  SPEAKER_02: I'm Paul Harris, and this is Kitco Mining.
• 19:20
  SPEAKER_00: Kitco Mining on site coverage of Mining Forum Americas is presented by Metalla Royalty and streaming.