Good Results but also Wow! WTF? How Longs the Waiver for?? The Company is subject to both financial and nonfinancial covenants in relation to the Loan Facilities. The covenants require the Company to maintain certain tangible net worth, leverage, and interest coverage ratios. On June 29, 2023, the Company obtained a waiver on certain financial covenants on the Loan Facilities. It was anticipated the Company would not be in compliance with certain financial covenants as at June 30, 2023 and accordingly obtained the waiver to prevent a default event which gives the lenders the ability to declare the Loan Facilities become immediately due and payable. As a result of obtaining the waiver, a default event has not occurred and the Loan Facilities continue to be classified as a non-current liability as at June 30, 2023. Management anticipated it would not meet the requirements of the interest coverage ratio and the net debt to earnings before interest, taxes, and amortization (“EBITDA”) ratio as at June 30, 2023. The interest coverage ratio stipulates that the Company shall maintain, as reported quarterly, a ratio of (i) greater than 3.0:1 prior to June 30, 2024 and (ii) greater than 4.5:1 from and after June 30, 2024. The net debt to EBITDA ratio stipulates that the Company shall maintain at all times a ratio of (i) less than 4.5:1 prior to June 30, 2024 and (ii) less than 3.5:1 from and after June 30, 2024. The anticipated breaches on these two financial covenants were due to an increase in estimated construction costs of the Magino mine from CA$920 million to CA$980 million and a delay in timing of first gold, which was originally scheduled for March 2023. While the Company did not meet the requirements of these covenants at June 30, 2023, management expects to return to compliance by the third quarter 2023.