Hemlo Mining (TSX:HMMC) reported third-quarter financial results on Tuesday. The transcript from the company’s third-quarter earnings call has been provided below.
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Summary
Hemlo Mining Corp reported Q3 2026 revenue of $135 million with a strong average realized gold price of $4,234 per ounce and all-in sustaining costs of $2,660 per ounce.
The company achieved 25,652 gold ounces in production and 29,830 ounces in sales despite an operational disruption due to an underground electrical substation outage.
Hemlo continues to invest in strategic initiatives, including workforce expansion, equipment upgrades, and exploration, with a focus on long-term production growth.
The company ended Q3 with a cash balance of $144 million and a net cash position, reflecting financial stability and flexibility for future investments.
Future growth is planned through increased mill throughput and mineral reserve expansion, with a significant drill program underway and updated resource estimates expected in 2027.
Management emphasized a focus on safety, achieving over 5 million lost-time injury-free hours, and highlighted exploration success at the South Rim zone.
The company aims to maintain a gradual increase in mining rates and is considering a potential U.S. listing to broaden its investor base.
Full Transcript
Ben (Operator)
Good morning. My name is Ben and I will be your conference operator today. At this time I would like to welcome everyone to Hemlo Mining Corp’s third quarter 2026 financial and operating results conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press the star followed by the number one on your telephone keypad.
If you would like to withdraw your question, press star followed by the number one again. Thank you. I would like to turn the meeting over to Jason Banducci, Vice President, Corporate Development and Investor Relations. Please go ahead, Mr. Banducci.
Jason Banducci (Vice President, Corporate Development and Investor Relations)
Thank you, operator. I would also like to welcome everyone to Hemlo Mining’s third quarter 2026 financial and operating results conference call. Before we begin, I would like to note that we will be making forward-looking statements during today’s call. I will direct you to the second slide of the earnings presentation which contains important cautionary notes regarding these forward-looking statements. The earnings presentation, including the cautionary notes, can be found on Hemlo Mining’s corporate website.
All dollar amounts discussed today will refer to US dollars unless otherwise indicated. Our news release, MD&A, and financial statements for the third quarter of 2026 are available on SEDAR+ and on our corporate website at hemlomining.com. On the call today I’m joined by our President, CEO and Director, Jason Kossick; Chief Financial Officer, John Case; Chief Operating Officer, Eric Trombley; Vice President, Exploration, Rafael Dutot; Vice President, Operations and GM, Garrett McDonald; and our Executive Chair, Jonathan Odd. Today we are pleased to provide an operating and financial update for the third quarter of 2026 followed by a live Q&A session. With that, I would like to hand the call over to Jason Kossick to kick things off.
Jason Kossick (President, Chief Executive Officer and Director)
Thanks, Jason. Good morning, everyone. Q3 demonstrated the resiliency of the operation and continued execution against our strategic priorities. Slide 4 highlights the progress we have made during the quarter, starting with safety. Our team has now worked more than 5 million hours without a lost-time injury. This is an important milestone and reflects the continued focus on zero harm across the organization. Operationally, the Hemlo mine continued to perform well despite an underground electrical substation outage during the quarter. Higher-grade ore from Interlake helped us maintain stable production with attributable production of 25,652 gold ounces and sales of 29,830 ounces. While the outage primarily affected the pace of our planned ramp-up, the operation continued to deliver while we invested in people, equipment, and initiatives needed to support higher production over time.
Operational performance together with a strong gold price environment translated into another stable financial quarter. Revenue was 135 million and an average realized gold price of 4,234 per ounce sold, with mine site all-in sustaining costs of 2,660 per ounce sold. Adjusted net income was 15.6 million or $0.05 per share, and we ended the quarter with a cash balance of 144 million, leaving Hemlo Mining in its strongest financial position to date and with significant flexibility to continue investing in our business.
We also continued to advance several important strategic initiatives during the quarter. We invested in our workforce and our underground fleet, advanced exploration and other growth opportunities across the business, and announced our inclusion into the GDXJ. Overall, Q3 was another quarter of consistent execution. We maintained stable production through an operational disruption, delivered strong financial results, and continued investing in the initiatives that we believe can drive higher production growth and long-term value creation at Hemlo.
Before I hand the call over to Eric, I wanted to take a step back and put the quarter into the context of where we are going over the next several years. Hemlo is a multi-year growth story. We do not expect the path of higher production to be defined by one quarter or to be perfectly linear quarter to quarter. Our objective is to grow production, mineral reserves and resources over time, and translate that growth into increased value on a per-share basis.
There are two key pillars to that strategy, and they are very much interconnected: mill throughput growth and mineral reserve and resource growth. Higher throughput requires additional ore sources and new mining areas, while growing and converting the resource base provides the inventory and the mine planning flexibility needed to bring those areas into production. Importantly, we’re pursuing both from an operating mine with substantial existing infrastructure rather than a new mine build.
On the mill throughput, we’re taking a staged approach. We have averaged approximately 3,700 tons per day year to date through September. Phase one growth will take throughput rates to 4,800 tons per day, phase two to 6,000 tons per day, and phase three to 10,000 tons per day, which is currently the nameplate capacity of our mill. The key is ensuring that each step up in throughput is supported by new mining areas and ore inventory required to sustain it.
The second pillar is mineral reserve and resource growth. Measured and indicated mineral resources increased by 34% to 4.8 million ounces in our 2026 update, and we are continuing to advance our 130,000-meter drill program to support a major update for the asset in the second half of 2027, which will include updated mineral resources and reserves, a life-of-mine plan, and a technical report. That update will bring these work streams together to provide a clear path on the long-term growth opportunity at Hemlo.
With that, I will hand the call over to Eric to walk you through the third quarter operating results.
Eric Trombley (Chief Operating Officer)
Thanks, Jason. Good morning, everyone. Slide six provides a more detailed look at the operating results for the quarter and, importantly, the progress we continue to make in strengthening the underlying operating platform. Starting with safety, performance remains strong. As Jason noted, we surpassed 5 million lost-time injury-free hours during the quarter with no reportable environmental incidents. Maintaining that performance remains fundamental as we increase activity levels across the mine.
Turning to operating results, the mill processed a total of 342,000 tonnes in Q3, essentially in line with Q2, resulting in an average mill throughput of approximately 3,720 tons per day. Average processed grade increased to 3 grams per tonne from 2.6 grams per tonne in Q2, and recovery improved slightly to 95%. The increase in grade was driven by access to higher-grade stopes in Interlake. Interlake processed 45,000 tonnes at an average grade of 6.15 grams per tonne, compared with 61,000 tonnes at an average grade of 3.05 grams per tonne in Q2.
That higher grade helped offset the operational constraints we experienced elsewhere in the mine and supported attributable production of 25,652 ounces, modestly above the 25,188 tonnes produced in Q2. As disclosed during the quarter, the planned production ramp-up was impacted by an outage of an underground electrical substation servicing a portion of the Alimac production area. The outage reduced available power in the affected area, constraining mining rates and delaying the planned ramp-up. We responded by temporarily resequencing the mine plan, shifting production activity to other areas, and reorganizing the underground power distribution, which reduced the operational impact of the outage.
Subsequent to quarter-end, we relocated and commissioned a similar substation from another area of the mine, and an additional spare substation remains on track for delivery in December 2026. Despite the substation constraints, several of the underlying operating indicators continued to move in the right direction. Production drilling increased 35% and paste filling increased 13% compared to Q2. These are important leading activities for sustaining development and production rate execution. As additional mining areas move into the sequence, we also continue to build the workforce and the fleet. At quarter-end, the mine had 555 full-time employees and 373 contractors, with approximately 75% from local communities.
Seven additional units of mobile equipment were delivered during Q3, bringing total deliveries to 17 of the 21 planned units. These investments are intended to increase mining capacity, flexibility, and reliability as we advance our staged growth plan. Turning to unit costs, mining costs were $116.33 per tonne mined, milling costs were $24.38 per tonne milled, and mine site G&A was $23.33 per tonne milled. Total site cost was $1,799 per ounce sold and attributable mine site all-in sustaining costs were $2,660 per ounce sold. Overall, the key takeaway from the quarter is that production remained stable despite the substation constraints, while the work required to support higher mining rates continued to advance.
We are adding people and equipment and continuing the mine optimization work needed to bring additional mining areas into production. I will now hand the call to Rafael to discuss exploration.
Rafael Dutot (Vice President, Exploration)
Thanks, Eric. Turning to slide 7, South Rim continues to demonstrate the exploration potential immediately adjacent to active underground mining and infrastructure. Before discussing South Rim, it is worth putting the results in the context of our broader exploration program. We are executing approximately 130 km of drilling across resource conversion, high-definition and growth programs. This supports near-term mine planning and longer-term Mineral Resource and Mineral Reserve growth.
South Rim is a good example of the strategy in action. The newly interpreted South Rim zone has now demonstrated approximately 500 meters of high-grade mineralization within an interpreted 1.5 kilometer zone. It is located around 50 to 150 meters from active C-Zone mining and existing underground infrastructure. Importantly, these strong results have led us to expand the program and add conversion drilling to potentially advance portions of the zone toward Indicated classification.
Recent results include 16.1 grams per tonne gold over 8.1 meters and 89.9 grams per tonne gold over 3 meters. The zone remains open with drilling continuing to define continuity and test extensions of the mineralized systems. South Rim is particularly compelling because of its proximity to active mining and existing infrastructure. This creates potential for low-capital, organic resource growth. We have a significant amount of drilling underway across the deposit and we expect additional assay results in the coming months, including from South Rim and our resource conversion program, as we build toward the updated Mineral Resource and Reserve estimate, Life of Mine plan and technical report targeted for the second half of 2027.
Turning to slide 8, our exploration opportunity extends well beyond the current mine footprint. An exciting development this year has been the evolution of our porphyry model at Hemlo. It is providing a new geological framework to reassess our 45,000-hectare land package for additional mineralized systems. Our understanding of the Moose Lake porphyry associated with the Hemlo deposit is now being used as an exploration blueprint to identify and prioritize regional targets with similar geological characteristics.
At the Peak property, Begg and Wire have emerged as two compelling targets. Begg is a large porphyritic intrusive center with extensive historical gold mineralization, including more than 120 historical surface samples above 1 gram per tonne gold and individual samples as high as 109 grams per tonne. Immediately south, the Super G zone has returned historical surface samples up to 734 grams per tonne gold and historical drilling of 133 grams per tonne over 2 meters.
We also see opportunities close to the mine. This includes the potential western continuation of the Hemlo system and prospective regional corridors at Hemlo North. The key points are that we now have a geological model to systematically evaluate the broader land package, we have identified priority targets, and we are moving those targets toward drill testing. Fieldwork and regional geophysics are advancing, and the highest-priority targets should move toward drilling in 2027.
With that, I will hand the call over to John to walk through the financial results.
John Case (Chief Financial Officer)
Thanks, Rafael. Turning to slide 9, the third quarter generated strong cash flow and strengthened our financial position while supporting continued investment across the business. Revenue for the quarter was $135.5 million, while operating cash flow was $54.6 million, and adjusted net income was $15.6 million, or $0.05 per share. Importantly, we are generating cash flow while continuing to invest in the operation. We invested $29 million of sustaining and growth capital during the quarter, with the increase from Q2 primarily reflecting mobile equipment deliveries and continued investment in the operating platform.
Free cash flow for the quarter was $25.5 million. We also continued to strengthen the balance sheet in the quarter. We repaid $7.5 million on the term facility during the quarter and ended the period with $144.8 million of cash and net cash of $2.3 million. The key financial takeaway from Q3 is that Hemlo Mining is generating strong cash flow, investing it back into the asset, and strengthening the balance sheet at the same time. That gives us significant financial flexibility as we advance the operating, exploration and growth initiatives discussed today.
With that, I will hand the call back to Jason Banducci to walk through our key objectives and corporate timeline.
Jason Banducci (Vice President, Corporate Development and Investor Relations)
Thanks, John. Turning to slide 10, we have outlined the key work streams and milestones supporting the staged growth strategy that Jason discussed earlier. As we look ahead, our focus is on execution. On the corporate front, our addition to the GDXJ during the third quarter was an important milestone that broadened our visibility with institutional and retail investors. We continue to evaluate opportunities to further broaden our investor base and market presence, including a potential future U.S. listing.
Operationally, we continue to advance the work required to move through the staged throughput targets discussed earlier while investing in the people, equipment and infrastructure needed to support higher production over time. On exploration and geology, the drill program will continue alongside the regional exploration initiatives that Rafael discussed. We expect to report additional drilling results through the balance of the year as we continue to grow and increase confidence in the Mineral Resource base. The major milestone bringing these work streams together is the updated Mineral Resource, Mineral Reserve estimate, Life of Mine plan and associated technical report targeted for the second half of 2027.
We expect that work to provide a much clearer picture of Hemlo’s long-term production potential and growth opportunity. We have never been more confident in the bigger opportunity at Hemlo: sustainably higher production supported by a larger and growing resource base. With an operating mine, significant existing infrastructure and multiple avenues for growth, we believe Hemlo Mining offers a unique risk-adjusted return profile and a compelling opportunity to create long-term value for our shareholders. With that, I will turn the call back to the operator to begin the Q&A session.
Ben (Operator)
At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Ralph Profitti. Your line is open.
Ralph Profitti (Analyst)
Hey, thanks, operator, and good morning. Thanks for taking my question, Jason. On the bulk mining test stope, in an upside case, how much ore can we expect to extract from that area? And when you think about the trade-off study, is it simply going to come down to sort of a break-even gold price? Do you have any views on that, or are there other factors that may need to be considered? Something like labor availability? Thanks.
Jason Kossick (President, Chief Executive Officer and Director)
Yeah, thanks, Ralph. Are you talking about ounces this year or next year?
Ralph Profitti (Analyst)
Sort of in the dimensions and potential extraction in total.
Jason Kossick (President, Chief Executive Officer and Director)
Yeah, so we’re just going through and redoing some of the designs, but it’ll be around 10,000‑ish ounces, and we’re still going through the trade-off work and the team’s doing a great job advancing that. We should have the first test stope on the floor. They just drilled the slot raise, so they should have that on the floor in the next couple of weeks.
Ralph Profitti (Analyst)
Okay, great, I appreciate that. And then just switching to the potential of higher grades at South Rim, in an upside scenario, if all goes well, could we potentially see some of that come into the mine plan in ’27, or is it more likely ’28, or maybe even ahead of the technical report?
Jason Kossick (President, Chief Executive Officer and Director)
So we’re working on converting all of that South Rim right now—South Rim drilling right now—and we should have pretty much all of it in the updated technical report. As for being in the mine plan for next year, it will not be in the mine plan for next year, but hopefully it’ll be in there for 2028.
Ralph Profitti (Analyst)
Great, looking forward to that. Thanks so much.
Ben (Operator)
Your next question comes from the line of Eric Windmill. Your line is open.
Eric Windmill (Analyst)
Oh, great. Hi Jason, team. Thanks for taking my question. Just want to follow up: there was a comment in your disclosures here about added labor to support the ramp-up. Any comments in terms of which areas you’re supplementing here and maybe, you know, quantum of the costs and how long you think that might continue?
Eric Trombley (Chief Operating Officer)
So, there’s added labor throughout the mine, from truck operators, scoop operators, jumbo operators and bolters. The bulk stope right now is fully subcontracted to Manroc. They’ve also brought in another crew to increase our Almac mining. I think the biggest inflationary pressure that our entire industry is facing is labor. We’ve had to increase our wages, which equated to about $5 a ton on our labor costs. I think that inflationary pressure is, frankly, here to stay, as you look at the global unemployment rate for the mining sector—around 0.9%.
Historically it sits around, like, 5 to 7.
Eric Windmill (Analyst)
Okay, great. Thank you. Really appreciate the color. Maybe just one more from me, if you don’t mind. So it’s good to see, I guess, you’re working on the offtake—some changes there—and I guess should we assume and model here that you’ll continue to proceed with paying out the rest of the offtake here? Any comments here?
Jason Kossick (President, Chief Executive Officer and Director)
Yeah, I think you can expect us to continue to pay down that offtake. I’ll pass it off to Case for to give you more granularity.
John Case (Chief Financial Officer)
Yeah, thanks for the question, Eric. So, subsequent to quarter-end we did amend our offtake, giving us the ability, at our discretion, to progressively reduce that offtake and fully eliminate it if we choose to. There’s going to be more details available in Q4. I know everyone’s impatient, but very simplistically we’re—without getting into details about volatility and present values—buying back our own production at around $40 an ounce. That’s in line with recent transactions in the market—the most recent was around $46 an ounce—so a little bit below that. Year to date, it’s cost us about $117 an ounce with the elevated volume right now. So we see value in terms of NAV accretion, but really, more importantly, it’s about the increased margin we get from reducing it. But it is an option, not an obligation, to reduce it, so we’ll continue to make those decisions as they come over the next four quarters.
Eric Windmill (Analyst)
Okay, great. Thank you very much. Really appreciate that. And yeah, great to see the operation ramping up and look forward to seeing the continued progress. Okay, cheers.
Ben (Operator)
Your next question comes from the line of Don DeMarco. Your line is open.
Don DeMarco (Analyst)
Thanks, operator, and good morning, Jason, John, the rest of the team. It’s great to see the power restored to the Almac area and the spares on track for December. Can you provide an indication of the current mining rates after the restoration of power and whether you expect the mining rates in Q4 to be comparable to Q3?
Jason Kossick (President, Chief Executive Officer and Director)
Yeah, Don, thanks for the question. We should be fully powered up by the end of the month, and we will now—believe the substation arrives December 4th—so we sent one out for rebuild, so we’ll always have two outside at all times. I think you’ll see mining rates slightly increase into Q4, but we’re still in the early days of that.
Don DeMarco (Analyst)
Okay, great. And you also have this new equipment that’s being deployed, and that provides tailwinds to the mining rates. So how is the deployment of that equipment going? And when we look ahead to guidance for next year that’ll be released in Q1, should we assume just a continual progressive ramp-up of mining rates, or would you expect more of a step change as that new equipment hits the stopes and so on?
Eric Trombley (Chief Operating Officer)
It’s more around people down, and you will see a gradual increase. It won’t be just like one step change. It won’t be in a linear fashion, as I spoke to earlier. So I think as we get more equipment arriving and more people trained on those pieces of equipment, you will see that gradual increase.
Ben (Operator)
Your next question comes from the line of Jeremy Hoy. Your line is open.
Jeremy Hoy (Analyst)
Thanks, operator. Jason and team, thanks for taking my questions. I guess I’d like to think about some of the longer-term potential of the operation. You’ve outlined a progressive throughput increase up to 10,000 tons per day, and you’re looking at trade-off studies between open pit and underground for those resources under the pit. If I recall back to the site visit, there was actually some discussion about throughput rates above that 10,000 tons per day, around the 13,500 level, if I recall correctly.
And this was tied to a potential decision towards an open pit, which higher tonnage would obviously benefit. Could you provide any color on what the thinking is there with this study? End of next year, could we see throughput rates beyond the 10,000 tons per day you’ve looked at now? And also, could you provide any indication of which way you’re leaning in terms of the open pit or underground decision? Thank you.
Jason Kossick (President, Chief Executive Officer and Director)
Yeah, thanks for that. So the 13.5 is the permitted capacity of the mill, and given us changing out the liners and having one line running at 7,000, I think there’s a potential to do more than that, which will then obviously favor the open pit. But I’ll pass the rest of the question off to Eric.
Eric Trombley (Chief Operating Officer)
Yeah, so yes, we have started some testing. As you know, the grinding system can reach those 7,000 tons on a separate line. But we need to understand if the pumping system, the rest of the mill, can fill the capacity, what we have to modify to reach for a long drive those tests. So we are early testing right now. It looks good, looks promising. The liner gave us that capacity, but now we need to have a look at the rest of the mill, the pumping and all the rest of the system, the flotation.
Jeremy Hoy (Analyst)
Understood. And in terms of which way you’re leaning for open pit versus underground, are you able to provide any indication at this time, or is it too early?
Eric Trombley (Chief Operating Officer)
Can you repeat?
Jason Kossick (President, Chief Executive Officer and Director)
I think it’s a little too early. He’s asking if there’s any indication of which way we’re leaning. I think it’s a little bit too early. We need to see how the bulk stope behaves from a geotechnical perspective. You know, we’ve taken large stopes before, but we need to see the data that will really drive the decision between which avenue we go, or a hybrid.
Jeremy Hoy (Analyst)
Yeah, fair enough. Okay. Well, looking forward to the results of that study next year. I’ll step back in the queue.
Ben (Operator)
Your next question comes from the line of Simon Wildsmith. Your line is open.
Simon Wildsmith (Analyst)
Thanks, operator, and morning, team. Thanks for taking my questions. Just a few for me. Maybe just starting with test mining, sort of that bulk mining. Just want to confirm that that’s ramp haulage out of the portal in the open pit. And I guess just want to contextualize — I heard the number 10,000 ounces. Is there an opportunity for supplemental tonnes to come out of this in 2027, and if so, if this is successful, just wondering how you could frame potential impact next year on upside.
Jason Kossick (President, Chief Executive Officer and Director)
Yeah, so I’ll answer it, and then I’ll pass it off to Eric. So yes, we are going to be using our ramp that comes through the pit for that bulk material. Next year, when we look for guidance, we will separate main mine versus the bulk because the three test stopes that we’re taking this year, only one will be on the floor by the end of the year, and the remaining two will fall into next year’s numbers. But we’re still in the process of just going through the final stope designs on the second and third one.
So I’m not going to really give you a number on how many incremental ounces will impact for 2027. I don’t know, Eric, if you want to elaborate on anything else on that.
Eric Trombley (Chief Operating Officer)
No, it’s pretty much that. So we’re going to have probably half of a stope done this year, and after that two and a half next year. So that’s going to be the experimental. But again, it’s some stope tests. We’re testing the limit of the geotech, so promising some — what’s going to be the amount is going to be a little bit too much there, but it looks pretty good right now. The drilling — no deviation on 50 meters — so everything looks good. But let’s see the full test going on.
Simon Wildsmith (Analyst)
Okay, and then just confirming, that can be crushed on surface. That doesn’t need to—
Eric Trombley (Chief Operating Officer)
—be crushed underground. It’s going to be crushed on surface. So we’re going to do stockpile. We have our own cone crusher there, the tertiary crusher, that can process.
Simon Wildsmith (Analyst)
Okay, thanks for that. Maybe next question is looking at grade. With this substation fix — last update I heard this was still targeted for December — but are you guys expecting maybe to have a grade rebound from the Williams zone once this is back online, like into first quarter next year?
Jason Kossick (President, Chief Executive Officer and Director)
Yeah. So just on the grade, year to date, block model reconciliation is around plus/minus 3%, which is what we really expected. What we’re doing now is we’re processing more development ore to switch the mining method from top down to bottom up. So the amount of development ore going through is higher than the amount of stoping ore that’s going through. But the block model is reconciling right in line with where we expected to be. But I think, like we’ve told all of you, I think to expect the grade to be between 3 and 3.5 consistently.
Simon Wildsmith (Analyst)
Okay. Okay, thanks. And then maybe just the last question, just again trying to understand this offtake amendment economics, seeing you guys already executed the first tranche there. So I heard $40 an ounce incremental cost — I might just want to make sure I’m understanding that right: $40 an ounce incremental production, or off of every amended offtake. Is that the right way to understand it?
John Case (Chief Financial Officer)
The reference to $40 an ounce was — if you look in the MD&A, there’s a reference to a 3.2 million ounces as a cap. You got to reduce the Interlake. Our 50% of the Interlake gets you to a lower number than the cap, and then it’s 50% of that is what’s the kind of attributable ounces that have to get delivered into the offtake. The math works at 1.25 million ounces left to be delivered under that offtake. So, you know, round numbers, 50 million divided by 1.25 gets you $40 an ounce.
So that’s the valuation mark, and we only bought back 10% of it at this time. Right, so now that 50% dropped to 40%. But I’m giving the valuation mark — if you were to buy out all of it or even, you know, one ounce — that’s effectively what we’re buying those deliveries back at. And then I referenced the cost of what those ounces have cost us year to date at $117 an ounce because of the elevated volume we’re seeing. So the difference between the two is effectively the value that, you know, you’re buying back undiscounted.
Simon Wildsmith (Analyst)
Okay, okay, understood. And yeah, so I think you probably answered this before already, but you guys intend to execute all those as they become available.
John Case (Chief Financial Officer)
Sorry, can you repeat that?
Simon Wildsmith (Analyst)
I just—just confirming, you may have answered this already, but just confirming, you plan to execute all those offtake amendments as they sort of become available, the rest of them.
John Case (Chief Financial Officer)
No, I mean, we’ll evaluate it as the option exercise dates come up, and we’ll look at the market and our balance sheet, and we’ll make a decision as those options expire. We haven’t pre-committed to anything.
Simon Wildsmith (Analyst)
Sounds good. Okay, that’s it for me. Thanks, team, and congrats on the quarter.
Ben (Operator)
There are no further questions at this time. Mr. Kossick, I will turn the call back over to you.
Jason Kossick (President, Chief Executive Officer and Director)
Yeah. Thank you, everyone, for joining. Much appreciated — all the questions. If you have any further questions, please feel free to reach out to the team, and have a great day.
Ben (Operator)
This concludes today’s call. Thank you for attending. You may now disconnect.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.
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