Aeris Resources Ltd
ASX:AIS
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Aeris Resources Ltd
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Thank you for joining the Aeris Resources' June quarter results presentation. In a few moments, Aeris Resources' Executive Chairman, Andre Labuschagne, will present the results for the June quarter. At the end of the presentation, Andre will take questions during the Q&A session. [Operator Instructions] With housekeeping settled, I will now hand over to Executive Chairman, Andre Labuschagne, who will begin the presentation. Andre?
Good afternoon, everyone, and thank you for joining this presentation on such short notice. We are well aware that this is extremely short notice, but the reason why we pushed along is the fact that we also have communications at the operation, which needed to happen today, and everyone needs to be on the same page.
So what we're doing today, we'll talk about the fourth quarter. We'll look at the guidance, but also look at the operational actions and the balance sheet -- actions we've taken over the last month or so. Touching on the highlights for quarter 4. There was a significant improved production, specifically from Tritton. It has been the best production for the quarter, but also June month has seen various records where they produced more than 178,000 tonnes of ore delivered to the plant, which is the highest since we joined this business in 10 years and produced over [ 2,000 ] tonnes of copper for the month.
So we've seen the investment we made in the last 2 years and where we kept on talking about Budgerygar vent shaft and Avoca Tank coming online. Those investments are now starting to pay off and those operations in FY'24 will start to step up significantly. We'll see much better production from Tritton in FY'24.
The Tritton mine performed according to plan. They had a very strong gold quarter, 30,800 ounces of gold. Mt. Colin performed against the mine plan, so they achieved their operating plan. But unfortunately, there was an incident at the toll treatment facility and the tonnes which were planned to be treated in June was only treated in July. So we ended up with a significant stockpile at the Mt. Colin mine at the end of the financial year.
The challenging operation, as you would have seen, if you have time to look at the quarterly was obviously the Jaguar mine. It was impacted by various seismic events during the quarter, ideally last 6 months, really. And that has paused -- that stopped us from mining some of the high-grade areas, but also forcing review of this strategy on how do we move Jaguar forward. And as of today, we have decided to put the Jaguar mine in care maintenance for at least in the next 12 months.
We'll talk a lot more detail about that and the reason for it. But we know the benefit of having a portfolio of assets, you can do this because the best value you can add to shareholders by optimizing these mines and come out in a much bigger and better operation, and we'll go into a bit more detail.
From operating costs and capital, we well achieved within our guidance for FY '23. As always, there's a lot of focus, specifically on capital and costs. Sittings right into the Jaguar, we are we putting Jaguar in care maintenance, really comes down to preserving that 8 million tonnes in resource. There's 8-million-tonne resource between 4 ore bodies currently or 4 ore bodies at over 3% copper equivalent grades.
So there's a lot of value sitting there. But what we've seen through the seismic events and the low zinc price as most of you would know, zinc is probably at the lowest it's been in 2 or 3 years. And the escalation we've seen, we think it's better to put this mine in care maintenance. What we've seen through, the seismicity has slowed the production. So if you're going to start to development to get down to Turbo and keep that going, you're going to see lower production in FY '24, which means you make an operating loss while you're still investing. And we don't believe that's a smart way to extract those resources at a loss for FY '24.
We believe there's a much better plan to start to work through how do we make a better mine out of that or better business out of those mines, and there's a few more slides I'll talk through. Just sort of a little bit of better. I mean when we bought the Jag mine, we only bought it for the value of the Turbo deposit, which we thought will be about a 2.5-year mine life.
Now that we're in there, we know there's 3 other deposits, one which is the old Jaguar, which will be busy pumping out. So the whole idea is how do we build a bigger business using those other resources when you bring it back online. What we've also done as part of this to make sure we have a controlled closure of the Jaguar mine while we're going to invest a bit of money -- quite a bit of money into the Cracow tailings dam lift, we have renewed or upsized our working capital facility to $50 million to Washington Soul Pattinson, our major shoulder and we will cancel the current $20 million with ANZ.
And that is all to make sure that we can do a proper closure, treat people and creditors with respect and make sure we set it up so that you can start it back up. So that facility, you can see there is the detail. It's a $50 million 2-year facility. It's a BBSY plus 11%. People will say, well, that's a high interest? Yes, it is. But it's not -- there's no dilution to shareholders in any form in this facility. A lot of the new debt, which we've seen in the industry in the last few months, all had warrants and credit notes to it. So we believe, although it's higher interest, it is a good outcome for us and it gives us capacity to really close the Jaguar mine and set the business up for the future.
On the guidance side for FY'24, even though we're closing Jaguar, we're pretty close to what we've achieved this year with Jaguar. And really, the big increase, as you would see, is on the copper side. With Tritton, we will see significant increase in production with both Avoca Tank and Budgerygar stepping up in FY'24 production. On the cost side, as always, a lot of focus on cost of capital. And then you can see from those with forecasting around 40,000 to 50,000 tonnes of copper equivalent production at a group level.
We have included the detail for the different operations in an announcement which went out today, and you're welcome to have a look at those. We'll touch on those in the presentation going forward. So how does the business look? The Cracow mine will do around 45,000 ounces of gold this financial year. Tritton will do between 19,000 tonnes and 24,000 tonnes. And remember, last year we did 17,000 tonnes. So a significant step-up for Tritton.
Mt Colin will do more or less the same as what it did in FY'23. And we'll go through a bit more detail, but Mt Colin has got 12 months, generating good cash and had set the business up to growth in that region.
Various projects now. So the Barbara deposit, we'll talk through that. We see the Jag mine referred as a project, which will have a start-up within -- once we've done the feasibility and plans and then the Stockman project remains one of our key projects in the business going forward. So I thought we'll touch basis on the different operations, both from what they've done, how does FY'24 look, but also just a little bit how do we see the future of each operation.
As you all know, if you've been in the share price for FY'23, it's been a very challenging period for Tritton. The underperformance or low production of 70,000 tonnes of copper was significantly lower than forecast, but the investments are done now. The Budgerygar ventilation shaft is in and operating. Avoca Tank vent shaft raise bore was done. We're busy putting the vent shaft ramp. So those two mines will now build up to full production in FY'24.
And you can see a significant step up on the operational side for Tritton. At the Tritton mine, obviously, you can see the photo there. It really took us 12 months to get that raise bore in with all the challenges the guys had, but that vent shaft is up and running. The model for Tritton is basically, we're mining Tritton at depth in this slide, if you look down there. The higher grade and then Budgerygar will now step up production and increase production during this financial year to around 200,000, 300,000 tonnes annually.
The Avoca Tank mine is the other one. There, you can see the grades going at 2.5% copper. And I remember, we've been mining around 1.3%, 1.4% copper on average. I think 2.5% copper coming in is where the increased production for FY'24 will sit. We've also, through the latest grade control drilling discovered a new gold lens. And what you're also seeing is where we've currently drilled, those -- the reconciliation to the resource is actually significantly higher in grade than what the resource grade was when we got in, but we're seeing some 3% and 4% copper is coming in, in the production profile in FY'24 out of Avoca Tank.
In the next big project, Constellation. We haven't spoken much about Constellation in the last 12 months. We have allowed a significant amount of money to drill more holes to define the ore body a bit better to look at it at depth, but also where we identified the standup zone basically sitting on the edge there. We will drill holes starting this quarter and trying to define that. Because if that standup zone remains in the ore body, it was to significantly change the economics of Constellation.
So we're busy with the feasibility study. The current model is an open pit mine with an underground mine. That should be finished up in this calendar -- in this quarter and then we will be moving forward with all the permitting, so we can bring this mine into production as quickly as we can. Because this is where what's on the biggest value will come in the long run for Tritton.
Then just touching on the exploration. We know that through the model of using EM surveys, we discovered Constellation in this northern part of the tenement package. We've done another round of EMs. We've identified 14 new targets. We're busy [ toothing ] them and we will do some drilling, targeting some of those targets in this financial year. When you see these things, when you look, they do come in clusters. Where you've got one, you've got more and we do believe in and around this area, there's definitely high like opportunity to find another Constellation or another ore body, which can be economical.
But as you can see on that slide, all those grade Avoca Tank, Tritton, Budgerygar, all of them are still open at depth. It has all come down to the economics of the grade of those ore bodies. The Cracow mine. Cracow, we have made a decision, as you can see there, production-wise -- it is our best performing operation productivity wise. The guys have done a really good job to get control of the grade in FY'23 and achieve what they set out themselves out to do. We have made the decision to invest another $18 million to lift the tailings dam and give us another 3-year capacity in Cracow.
And really, the reason all that is coming down. So if you look at those little map on the right-hand side, we're currently mining the Western Vein Field. This mine has been going for a long time and never really had more than 2 to 3 years of reserves. So what we're seeing in the current workings, there's quite a few new targets [indiscernible] which we will test and that will extend the mine life within the current area where we mine in the Western Vein Field.
And then we also discovered -- not discovered, started drilling the Golden Plateau deposit. And what we planning this year is to do an exploration drive and then drill the ore body out in FY'23. We start to set it up for mining from FY'24 onwards.
So we're targeting -- we already identified 62,000 ounces in the mineral resource. Now this can significantly increase, especially as we do that exploration drive and you can draw it at the right angles. There's a lot of confidence that where we've got all these structures now that we've seen quite good grades wherever you find those intersections.
Then is the potential game changer. That Southern Vein Field. If you look at this little map over here, you see the Western Vein Field, that's where we're currently mining, already mined 2.5 million ounces. Then Golden Plateau, we already mined 1 million ounces. So just in that area really 3.5 million ounces has been discovered at old mine.
This Southern Vein field, we know it's under cover. It's got all the right signatures to host another large deposit. You can see the historically, like ore shoots and the ground shoots, it's small, but it's high grade, million plus ounce ore bodies, and Brad and the team are very excited to spent time and effort to see these ore bodies or these structures extend further South on the tenement package.
Mt Colin, I always talk about this photo. It's a small footprint. The model there is, you mine it, you truck it currently to Ernest Henry and you get paid for your copper. Really simple model. We're using a contractor from an environmental rehabilitation point of view. You don't have to pay lease them, you don't have a lot to cost to close this mine down and then move to the next one.
So in terms of this year's guidance, we're looking between 8,000 tonnes and 10,000 tonnes, around 9,000 tonnes of copper, quite a bit of gold in it. As I said, pretty simple, truck it to Ernest Henry. We had 100,000 tonnes of stock sitting on stockpiles at the end of the financial year. And then we will start to look at how do we close Mt Colin out? Currently, there's about 12 months, 15 months left for Mt Colin. You can see there the mine plan on the right-hand side, that's just for information, really.
We're harvesting cash coming out of those. No more capital to be spent and then it is just taking that opportunity with those regional mills and then starting to look at -- we've got quite a large tenement package, how do we manage that going forward. And the whole challenge or the whole aim here is to use this asset to get a springboard to the future operations or opportunities in the region. As we said many times, we're trying to build a pipeline of projects in North Queensland.
The next one we are focusing on is the Barbara project. It has been mined before. It was treated at Mt Isa. So it's known as an open pit. We've done a resource update in the last quarter. There's 2.2 million tonnes of 2%. That's a doable project. So we're doing the feasibility study and the aim would be is to go Mt Colin, and while we use stopes at Mt Colin, you get your approvals and as your approvals is -- once you get approvals, you start Barbara as a next project for North Queensland.
So let's have a look at Jag. So the Jaguar mine, the 2 quarters, 2 halves was in the first half, we did 15,000 tonnes of zinc and in the second half, we did 7,000 tonnes of zinc. That was impacted by various, as we said, the stresses and the seismic events, but also the lack of development and the grading skills to do fast development to get down to Turbo.
So this year, we have got very little production. Really, [indiscernible], we already started today talking to the crews. The mine will stop mining in August. So we're harvesting the final stopes, and then we will process what we've got in stocks and then go into a care maintenance program. But this is the opportunity.
So the strategic plan at a core concept level is to build a 10-year mine, push the current mill which we do about 500,000 tonnes through it, which has got a capacity of more than 600,000 tonnes, push them all up to 650,000 tonnes by mining more than one deposit. So the Bentley mine owes the Turbo deposit.
The Jaguar mine was an underground mine. We just mined before they started Bentley. And when they discovered Bentley, they basically left what's there in Jag because of the grades at Bentley and moved to Bentley. So we already started to pump the Jaguar mine out because it's full of water. And that will keep going -- we will keep going with that peer in care maintenance. And the plan would be then to mine, Bentley and Jag at the same time, push them all to 650,000 tonnes.
And you got grade sitting around 3%, 3.5% copper equivalents by putting that through and you'll make good money. And then you go to Teutonic Bore, which is an open pit cutback. The Triumph deposit is already approved to be mined, and then there's obviously exploration ground. So in those 4 deposits, there's 8 million tonnes, roughly around 3% copper equivalent with 1.1% copper and 5.6% zinc, and we tend to get quite good silver grade as well.
So really, it's about sitting down doing the feasibility starting to say, how do we do this? How do we make sure the plant can deal with 650? How do we time these deposit to come into production at the same time that you don't have this piecemeal effect. While you're trying to get to the one -- you lose money on the one while you're trying to do the other one. And I think just a coordinated approach in restarting this business will have a significant benefit to all of us and shareholders in the way forward.
So this is an example, the Bentley mine, there's still 3.1 million tonnes sitting there, actually at about 3.5% copper. And you can see what has happened in these last 6 months. The seismic event was in the Bentayga area, which was our high-grade stopes. So we couldn't get back to later mine those stopes, and we had a few events in this area as well.
So the analysis has been done why it happens. So we understand that, and that will become part of the new mine plan going forward. But this Turbo deposit, which is close to 2 million tonnes is still the biggest or largest lens discovered within this ore body. So a lot of value sitting there for us to look at the future.
The Jaguar mine, as I said, they basically walked away from it. We updated the mineral resource in the last quarter. There's already 800,000 tonnes at [ 2.2% ] copper with good zinc. That is a pretty good result. So if you can start to mine these 2 mines at the same time, which will be a huge benefit to the business. The dewatering is underway. We expect to be able to get to the vent intake by December and then we can assess the work which needs to do in rehabilitation to get this mine back up and running, and that will form part of that study we will do going forward.
Then the exploration. This mine, it's within a 25 million-ounce gold field. The tenements are highly prospective for gold. So -- and then there's quite a few targets identified for base metals. So while we, in care maintenance, we will still do a bit of work around exploration, see where the opportunity is and started to talk to our neighbors as gold miners to see how do you extract some value or the gold you will have on this tenement package.
The Stockman project. I know we have said previously to the market, we will put a study out by the end of June, sort of in July. It is taking a bit longer. The guys are doing an amazing job to understand this asset to look at metallurgical recovery. So we did a few more holes to test recoveries. A lot of work has been done to look at the footprint of the asset. The mining engineers as we looked at the mine plan in various different ways to ensure we can do it cost effective.
So we're really spending a lot of time focusing on those, look at the logistics, and we still will give a market update in quarter 2 FY '24. This is a great project. It's got 10 million tonnes, nearly 3% copper equivalent recovered. So it is one of the best projects we have. It will produce around 30-odd thousand tonnes of copper annually or copper equivalent annually at this mine.
The approval process are all underway. As I've said before, we already got a mining lease. We already got the approvals for a tailings dam. It's all the mine approvals, which is part of this process, is also continue, and we have got a few approvals during the quarter. These are just a few features -- footprint is significantly smaller. You can see it's not huge underground mines. It's basically on the side of a hill. So not a lot of capital spend to get declines to the ore bodies and they are not clarified in terms of where they sit.
At corporate level, we ended up the quarter with $29.5 million between cash and receivables. That was one of the reasons why we did start to talk about putting more working capital in the business because a lot of this is -- it's just movement of capital with all the stocks we have. But FY'23, we did spend a lot of capital, while we were not necessarily doing that well.
That working capital facility is in place as of this afternoon, and we still are unhedged in the business going forward. I guess that sort of summarizes where we are. FY '22 was a challenging year. We've seen significant improvements at the operations and really the benefit of having a portfolio of assets allow us not to keep mining Jag at a loss, but rather plan for it to be mined in economical fashion going forward. Thank you very much. I'll open the floor for discussion or questions if anyone wants to ask any questions.
[Operator Instructions] Andre, we can see that Adam has a verbal question they'd like to ask. Adam, I'm going to turn your mic on now. Is that working for you?
Maybe just starting on Jag. I may have missed a chance to gather over the detail, but just maybe the cost to go into care and maintenance? And is there going to be maybe an operational standby cost moving forward through FY'24? And how should we think about that, the stuff like dewatering that you're talking about?
So the redundancy cost is around $8 million, Adam. So that's the redundancy. There's also credit -- final payments of creditors just to close the books on the creditors, that's around $10 million to $15 million. But then in terms of holding costs, it's about a $4 million annum holding cost for Jaguar, and that includes the pumping.
That was annual cost, was it?
So that's an annualized cost. Once it's in proper care and maintenance -- and the way we structure it is to the team we keep in the care and maintenance can also assist with some of the work around the rehab to be done for the Jaguar mine.
Sure. Makes sense. On Cracow, just on the tailings dam, just wondering if you could talk through, is it fully permitted for the race, and if it's not, just wondering how much capacity have you got left for the race?
It is fully permitted. It's already underway, and it will be in place by December. With that in mind, basically by the time [indiscernible], basically you nearly run out of space and the new one is up and running. But all the permits in place, the work is already underway as we speak with the aim to be done by December.
Andre, Paul also had a question.
A few questions here. Just firstly, at Jag, which ore heading specifically? I know you sort of touched on it briefly, but just which ore headings specifically are being cut off because of the seismic event?
Let me just jump back to that slide. I think I stopped sharing and I will -- should just share it again, I think, will help giving you a bit more -- can you see that, Adam (sic) [ Paul ]?
I can see the front page, just can't see the actual slide with the...
There you go. So when you look at this, that Bentayga -- can you see that slide? The Bentayga area, the bottom of Bentayga, those stopes down there, which was quite high-grade stopes is the ones we can't get to currently, but it's not sterilized. The guys already worked out another plan to come around the other way and get back in.
The key was to understand the reasons for the seismic events because if you don't know what happens, you can't go back in. So that is now better understood. There is a plan in place. We're not going to do it though before we put in care maintenance. So we'll come back and get it when we come back online. And then there was a few down the bottom, but that was just delays. It wasn't -- they didn't break it, it was just delayed in some other stopes.
Yes. So I presume that Bentayga was the bulk of your FY'24 plan, then?
Correct, especially the last quarter.
Yes. And then anything specific? I know you're sort of doing the work to understand what caused it. But what's different now to what previous owners were going through?
Look, it's always a seismic active mine. So you always has seismicity which is induced by mining. So it's really just understanding it and what has happened in this case, that in Bentayga, we did in 1 day for 4 weeks, and we had the seismic event, which -- when that's what then happened, it's a no go. You just can't get back in there. The others are just being managed. So sometimes it just happens that you need to clean the floor out before you can go back in and just that delays some of the production. But that's a pretty normal thing for this mine. It's always been pretty active.
But there's no difference in mining methodology or anything like that?
We are going to look at when we get back up and what -- that's the beauty of actually doing 2 mines. Because you don't take the pressure of mining too many tonnes out of the Turbo deposit, because as soon as you start to put pressure on stoping, you induce it much easier. So the idea now is to say, well, you don't need to put -- mine 600,000 tonnes out of Bentley. You can do 400,000 tonnes out of Bentley and 200,000 tonnes out of Jag and that takes that pressure.
Yes. Understood. And then just Cracow seems like growth capital there is quite high. Sort of, I presume that's -- and you touched on it just largely tailings related...
That's right, largely tailings related, but also exploration.
Yes. But given the current sort of mine life of that asset, could you maybe just talk about the decision on why you're progressing there and sort of putting Jag on care and maintenance and maybe not the other way around? I understand the seismic issues, but was there an option to do it the other way around?
Look, not really. I mean Jag has been done because in FY'24 when you're trying to get down to Turbo, you just don't produce enough ore to be -- for it to be a sustainable business. At Cracow, we've identified and have enough confidence in the current resource and new areas identified plus Golden Plateau to at least -- will have more than 3 years of life. So there will be another decision in 3 years' time, do you go again, because if you look at the history of Cracow mine, it's always at 2 or 3 years as long as you're willing to spend exploration dollars.
So we plan in the budget a significant money to keep exploring both greenfields and brownfields that Southern Vein zone is quite important for us, but a lot of focus on Golden Plateau to bring that in production. So we're confident that there's enough resources to turn that into reserves and actually mining inventory for Cracow.
All right. And then just on the funding package. Can you maybe just outline what sort of process you went through in deciding to go down that avenue? I mean, was it a competitive process? Were there other options? Can you maybe just go through that?
Look, we're going through -- as a Board, we looked at quite a lot of various options in this market. We looked at various debt options. Timing was an issue because once we made the decision that we should really consider the Jag care maintenance, we had to get that in place to be able to go down that route because it is quite a bit of working capital to close these mines down.
So we had various discussions with potentially raising equity or a combination. But as you guys would have seen, I mean, the equity market is just not there, and we shouldn't raise money with the prices at these levels. We've seen significant discounts in the last raisings, which has been done and a lot of the other debt has got all these other structures or [indiscernible].
The relation with Soul Pattinson, I mean they want to help us to grow the business. And they are -- they were willing to move fast to get things in place and make sure we get as quickly as we can because one of the things is once you made the decision, things need to go in care maintenance. You need to be open and honest with your workforce, drive that process.
So there was an element of timing using Washington H. Soul Pattinson. They are our second ranking. So they're still behind ANZ who hold our bonds, but the Board has gone through all the options and believe that this is the best option for us right now to progress with a $50 million facility.
Yes, no drivers. And then just last one for me. Just Constellation, in terms of any of that growth capital. Is any of that earmarked for Constellation? And what should we think about there as well for...
So there is a $10 million plan in place to spend on Constellation this calendar year. So there will be significantly more drilling to get that ore body to a 10 million tonne ore body. That's what we're trying to get to, understand, upgrade the quality and then that standup zone. If that standup zone works, economics change significantly.
So a big drilling program, feasibility studies is underway, and we will start to talk about how do we move that forward. The environmental programs to get approvals, that has started. So we want to get that in place as quickly as you can. So FY'23, we didn't spend a lot of money on Constellation because we spend money on Avoca Tank and Budgerygar. But in FY'24, we will add $10 million for Constellation.
Andre, we have a written question from Mark. Mark is asking, are you comfortable the circa $80 million in existing cash receivables plus the new debt facility will be enough to fund CapEx programs in FY'24 and Jag closure?
Absolutely. The number has been derived from making sure there's enough capacity an spare working capital in the business to achieve that outcome.
Thank you, Andre. We have a final question from Atish. Atish is asking what steps are being taken to provide improved guidance as we missed cost and/or production guidance in the last 8 quarters?
Atish, that's a fair question. Look, we're a lot more confident this financial year really because the uncertainty and derisking of the Tritton mine is done in our view with Avoca Tank vent shaft in development there, the stokes we can see in front of us looks pretty good. We've got Budgerygar in production, vent shaft running. So those high-grade deposits are coming in.
The team has done an amazing job to -- while we struggled in FY'23 with all those different things to actually find other areas to mine. And we've seen June has come through quite well, and July, we had a significant better when that plant starts. So a lot of the guidance last year, the underperformance was driven by Tritton and then the Jag one became the different issues.
So we've been looking very careful on what we put out as guidance as well. And what we've done is quite -- we're quite confident that the numbers we've got out there will be achievable. And we've made some structural changes within the business leadership and other ways we're running the business going forward as well.
Thank you, Andre. We'll wait about 15 seconds to see if any final questions come through.
All right. Well, thank you, everyone. My apologies for doing this on a Wednesday afternoon at 4 o'clock when it was just important for us to get the news out, make sure we deal with our workforce out and Jag in the proper way in a respectful way and then leaving this out till tomorrow was not appropriate for us to do. Thank you very much, and I appreciate your time.
Thank you, Andre. That brings us to the end of our Q&A call. Thank you for joining Aeris Resources' June quarter results presentation. We'll see you next time.
Sorry, again, we had one more question from Daniel. Daniel, I just saw it pop up, I'll deal with it while we are on. Daniel's question is we've seen significant shareholder loss in the last 12 months. Are you confident that you have the right plan in place to turn this business around to create shareholder value.
Daniel, this has been a tough decision for us to put people's livelihood at risk, to closing mines down. But I think the right thing to do is and it's appropriate for us to preserve those resources and make sure we can mine it profitable. I think we've got the right plan. We've got the right people to execute, we've got the right team in place, and we've got the right support.
So I am very confident that we can't drive the market. We can't you get up in the morning and the U.S. is down and you know your price is going down. But I think from where we sit, we've got a plan, we've got a strategy. We've got good mines and good projects going forward, and I think we know where we're going. Hope that answers the question.
If no final questions, we'll end here. Thank you again for joining, and we'll see you next time.
Thank you very much, everyone.