While contained metals decreased in total, proven reserves and measured resources increased. The decline in overall contained metals relative to the last reserve and resource estimate was due, in part, to a more conservative method for measuring the density of the ore per tonne. While a lower mineral reserve and resource estimate has an impact on valuation, the change is expected to provide a more reliable estimate of the tonnage and grade of the mineralization and promote greater mining efficiency and cost savings. A National Instrument 43-101 technical report is expected to be released within 45 days.Updating estimates. While our 2019 EPS estimates are unchanged, we are trimming our 2020 EPS estimate to $0.24 from $0.26. The reduction reflects modestly lower production due to a slower ramp up in production at Yauricocha. Our 2019 and 2020 EBITDA estimates are $70.2 million and $124.9 million, respectively. While free cash flow is expected to be negative in 2019, we forecast positive free cash flow in 2020 with growth in subsequent years due to lower capital expenditures.Read More >>