We would like to provide a brief operational update regarding current refining turnaround times.

Due to ongoing delays in the U.S. refining market, particularly with Metalor, laboratory results and settlement payments are currently running approximately 12–14 business days, and advances are not being issued at this time. In order to keep material moving as efficiently as possible for our clients, we have proactively shifted a portion of our refining flow back overseas, a well-established facility that many U.S. precious metals refiners are also utilizing during this period.

Because a number of refiners have made similar adjustments, informed us they are presently experiencing elevated volumes. Their current turnaround time is approximately 6–8 business days for laboratory results and payment, and like the U.S. market, advances are temporarily unavailable.

While this is a change from the 4–5 business day turnaround and daily advance wires we had previously been operating under, the shift allows us to continue moving material through the refining process significantly faster than the current U.S. timeline.

We want to assure you that all material continues to move through the refining pipeline, and we are actively managing refining channels to maintain the most efficient turnaround possible under the current industry conditions.

The recent disruption in the U.S. market — which experienced an unexpected shutdown for nearly a month — has affected the entire precious metals refining industry. We remain optimistic that operations will stabilize and return to normal timelines as the market continues to reopen and processing capacity catches up.

We truly appreciate your patience and continued partnership, and we remain committed to keeping your metals moving and your settlements processed as efficiently as possible.