Ladies and gentlemen, thanks for joining Gold Resource Corporation's first quarter call. Mr. Jason Reid, President and Chief Executive Officer, will be hosting today's call. [Operator Instructions] As a reminder, today's call is being recorded. Please go ahead, Mr. Reid.

Thank you. Good morning, everyone and thank you for joining Gold Resource Corporation's 2018 First Quarter Conference Call. I expect my comments to run approximately 10 minutes, followed by a question-and-answer period. Joining me on the call today for the Q&A portion will be Mr. John Labate, our Chief Financial Officer. Let me remind everyone that certain statements made on this call are not historical facts and are considered forward-looking statements. These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings, which could cause our actual results to differ materially from those expressed in or implied by our comments. Forward-looking statements in the earnings release that we should yesterday, along with the comments on this call, are made only as of today, May 2, 2018, and we undertake no obligation to publicly update any of these forward-looking statements as actual events unfold. You can find a reconciliation of non-GAAP financial measures referred to on our remarks in our Form 10-K filed with the SEC for the year ended December 31, 2017. As I noted on the year-end conference call in an effort to streamline quarterly conference calls while still being available to take shareholder questions, I'm taking a different approach to conference calls. I'm not going to just regurgitate the quarterly numbers that anyone can read in the 10-K or quarterly reports, I'm going to hit the highlights, give color to updates and address problems or issues that may need to be addressed and then return -- then turn the call over for questions. This hopefully will benefit everyone attending the calls by making them shorter and more efficient. Having said that, I have so much fun and exciting news for you today, you should buckle your seatbelt.…

[Operator Instructions] And we would now like to have our first question.

Jason, it's Harvey [ Volan ]. Yes, it was a knockout quarter at a -- and very, very impressive. So you guys get kudos for that for sure. So in reading the SEC filing, there was something in there about Mexico has a dividend withholding of 10%. Could you talk about that? And also the distribution of post 2013 earnings, what is that all about?

Sure. That was a great question. I'm going to turn this question over to John. He will probably explain it a lot more clearly than I will.

Good morning, Harvey. Back in 2014, Mexico put this new legislation in place regarding dividend withholding of 10%. Through a treaty, we qualify for a 5% withholding, which we have not had to date. But could occur sometime this year should we bring up more than, I think, it's around $5.5 million of withholdings. Now these dividends are not taxable in the U.S. anymore due to the new tax reform legislation, but we will incur a small dividend withholding on future dividends coming up from Mexico.

So is it -- does this -- is this money that the company has retained or next -- or the country of Mexico has retained and will be distributed somehow? I'm confused...

No. These are -- Yes. These are undistributed earnings of our Mexican subsidiary -- of our Mexican operation, basically. There are considerable amounts of undistributed earnings. And as we bring those earnings up going forward, we will be subject to a dividend withholding, which we have not had to incur in the past.

So this dividend withholding is for the company here in the U.S.?

No. It's actually paid in Mexico. It's a Mexican tax, and it will be paid by our subsidiary as they move dividends up to the U.S. parent.

Okay. So this has nothing to do with...

No. Go ahead.

This has nothing to do with stockholders.

No, no, no. This has to do with the Gold Resource Corporation as the stockholder of our Mexican subsidiary. And it's...

Ah, I got it. Okay.

That's tax paid in Mexico. It has nothing to do with GRC's shareholders.

Got it. Okay. That's very helpful. Well, it was really good to hear about Isabella Pearl moving forward because as you know, Jason, we've heard for months and months and months that it's in the BLM's court and the progress seems to be moving -- was -- seemed to be moving at a snail's pace, if that. And now to finally see the light of day is really good news. So we look forward to things starting.

Yes. Thanks, Harvey. And to put it in perspective, I mean, when most mining companies move forward with putting something into production and go through the permitting process. Nowadays, it can take 5 to 7 years. So in the big picture, we're moving quickly. But when we picked up this property, it had several years of permitting under its belt. We obviously rescheduled the mine, redesigned, reengineered a lot of things to it. But having said that, in -- yes, we're all wanting to have it today, but we're all going to look back and say wow. From the point in time in which you guys purchased the Isabella Pearl asset to when we reach production, I think, we'll all look back and say, "that was fast." But when you're in the weeds like we are now, it sure seems like it's taking forever. We were actually just speaking about that earlier this morning because we're right there. I mean, the 30-day comment period is very important and that is the final stage. And it's going to be fun. It's going to be a lot of fun.

[Operator Instructions] Mr. Reid, at this time, we have no further questions in the queue.

Great. Thank you very much. Thanks, everyone, for joining the conference call. We'll talk to you next quarter. Have a good day.

Ladies and gentlemen, that concludes today's presentation. You may disconnect your phone lines, and thank you for joining us this morning.