• Q2 gold production (Rodeo mine, Mexico) was down 17% QoQ due to lower grades. We were expecting a 9% decline. However, management has stated that they are expecting a significant improvement in grades in Q3, based on mining to date in the quarter. We are maintaining our 2022 production forecast of 13.4 Koz, as we believe Q3 production is likely to offset the lower-than-expected production in Q2.
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