Ramelius Resources Ltd
ASX:RMS

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Market Cap: 2.6B AUD
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Earnings Call Transcript

Earnings Call Transcript
2021-Q4

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Operator

Thank you for standing by, and welcome to the Ramelius Resources Quarterly Conference Call. [Operator Instructions]I would now like to hand the conference over to Mr. Mark Zeptner, Managing Director. Please go ahead.

M
Mark William Zeptner
MD, CEO & Director

Good morning, everyone. Thank you for taking the time to dial in to our conference call this morning. As usual, joining me is Chief Financial Officer, Tim Manners. Now I understand that we informed the market that we would be providing an update to our mine plan this morning. I am disappointed to say that this will not be the case. Essentially, given the large number of current mine schedules and active mine studies at various stages of completion that we are putting together, unfortunately, we are simply not in a position to release. The process has been complicated by a very risk-averse mining and construction contractor universe currently that has resulted in some significant variations and outcomes that we are working through. This is particularly relevant to our ongoing mining studies, and many of you would have seen evidence of this in the recent [ per ] producer and developer update. Suffice to say, there is a lot of good work that has gone into the plan at this point with some significant extensions to current operations, as well as an exciting progress on new mining areas that I am very keen to share with the market sooner rather than later, just not today. Okay. So with that, I'll start with an overview of the June quarterly and FY '22 production guidance. Tim will then take over to delve into the quarterly numbers in a bit more detail. We will then take questions. The June 2021 quarter saw another strong operational performance from the company with good gold production of 61,840 ounces at an all-in sustaining cost of $1,394 an ounce, [ albeit ] just short our guidance. However, full year production was a record for the company of 272,109 ounces at an all-in sustaining cost of AUD 1,317. That's 18% production growth from FY '20 at a very competitive all-in sustaining cost. Mt Magnet was again the main star of production, delivering 35,208 ounces. Edna May contributed 26,632 ounces, with the bulk of those coming from the Greenfinch open pit. Mt Magnet continuing to concentrate on the Eridanus open pit. The waste cutback of the Stage 2 pit has almost reached the original floor level, and ore production volumes are consequently increasing. Shannon underground production continued strongly and generated high-grade ore. The quarter saw underground production from Edna May with all sources for the mill in order of tonnage being Greenfinch, Marda, Edna May underground and then historic low-grade oxide stockpiles. Further information on our exploration activities conducted with the company's various projects, including the Hesperus pit at Mt Magnet, which is looking very promising, is contained in the full report itself and can be read at your leisure. Our new GM of exploration, Peter Ruzicka, has been in the seat for 3 months now, and we're starting to see easy influence with some seismic exploration methods to be employed at Mt Magnet in the near future. Ideally, we find more Shannons and Eridanuses with the aid of this technique. Tim will provide further details around our financials shortly. Suffice to say that the balance sheet remains strong and that cash reserves grew quarter-on-quarter despite a slightly lower realized stock price and after the final debt repayment on our finance facility. On the project development front, our 2 key growth projects, Tampia and Penny, continue to progress well. Following the acquisition of the farmland at Tampia, mobilization of the open pit mining contracts has taken place, and site establishment works are well advanced. Mining of the North pit commenced in late April with first ore mined in June, and the first ore truck center via the Edna May mill on the 1st of July, as planned. At Penny, we saw all key approvals received for the quarter. Camp construction commenced during the quarter and contracts for both open pit mining services and catering were awarded. Open pit mining is expected to commence in this quarter with the underground mining contract tender process also in the September 2021 quarter. For FY '22, we have guided extensively for another record year, with midpoint at 280,000 ounces with even contributions from both production centers and also by half. Not symmetry, you can say, when you look at the FY '22 year, we have reverted to half year reporting, but we'll note that the first quarter is expected to be slightly weaker than the second quarter due to the mix of production short pauses in the schedule.Our all-in sustaining costs for FY '22 are higher than FY '21, as flagged in last year's mine plans, although are slightly higher again due to COVID-related factors. And we will be sitting at a range of AUD 1,425 to AUD 1,525 an ounce. Whilst we obviously can't talk to the detail, it is our expectation that all-in sustaining costs will come down in the period FY '23 to '25 as the high-grade Penny project comes into full production. We have made a strong commitment again to exploration in FY '22 with $32.1 million budgeted for the year across the portfolio. Finally, updates on the various mining studies are wrapped up in the mine plan and all will be revealed as soon as we are able to. And with that, I'll now hand over to Tim to discuss the financial aspects of the quarterly.

T
Timothy Peter Manners
Chief Financial Officer

Thanks, Mark, and good morning to you all, and thank you for joining us. Whilst we had a rare guidance miss in the June quarter, the financial results are still very pleasing as I'll run through quickly for you now. As Mike mentioned, gold production for the quarter was nearly 62,000 ounces at an all-in sustaining cost with $1,394, with corresponding sales figure being just over 64,000 ounces at an average realized price of $2,254 per ounce. This brought the total year sales to a record 277,450 ounces, providing the business with over $633 million in sales revenue, another obvious record for the company.The cash flow from operations in the June quarter of $52 million was invested predominantly into our 2 newest projects, Penny and Tampia. Both projects are developing at pace, indeed, with Tampia ore now heading north to the Edna May mill for processing this quarter. Development capital of $12.6 million was spent at Tampia and approximately $11 million was spent at Penny. Whilst there are still some development funds scheduled for the first half of FY '22, the projects are expanding well, particularly in the current climate of challenging personnel availability and increasing costs. Speaking of costs, as noted earlier, whilst our all-in sustaining cost per ounce on a quarter-by-quarter basis has risen by 12% over the year, it should be noted that the average combined grade through both mills fell by an identical percentage amount from September '20 through to June '21. As you'd appreciate, grade tends to be one of, if not the biggest driver, of a change in all-in sustaining costs. And a fall of 12% like we experienced will naturally have that adverse effect.Importantly, whilst we are not immune to the cost pressures in the industry right now, the underlying all-in sustaining cost in dollars and cents rose by only 2.5% through the year. A lot of factors are playing in this figure, but this was an encouraging trend nonetheless. Underlying cash generation of $14.7 million contributed to an increase in our net cash and gold position at the end of the year to $234 million with now no debt. Whilst our debt position has been cleared, the facility remains in place to enable us to continue to hedge if we so choose and will also help facilitate a smoother and, hopefully, cheaper transition with our existing syndicate to a larger facility to support us in the future growth exploration. A quick update on the hedge book. During the quarter, we delivered into just over 39,000 ounces at an average price of $2,196 and added 36,000 ounces at an average price of $2,329. The hedge book at the end of June is now down to 206,000 ounces at an average price of $2,335. I will hand you back to Darcy to open up for any Q&A that you may have. Thank you.

Operator

[Operator Instructions] Your first question comes from Matthew Collings at Morgans.

M
Mat Collings
Mining Research Analyst

You've partly touched on the 2, but I just see if there's any more detail. I guess first on FY '22, we're seeing a big step up at Mt Magnet ounces compared to the previous ranges that were out there last year in the forward guidance. What's the driver of that growth? And just any more detail on the AISC lift next year? And what underpins that is if it is cost pressures in the industry, it gives higher sustaining capital, just broad buckets, if possible?

T
Timothy Peter Manners
Chief Financial Officer

Mat, it's Tim here. I'm happy to answer. I hope I've scribbled down the question. The increase in production from Mt Magnet as compared to where we thought it would be lift on last year is largely due to, I guess, we've got a full year of Vivien now. We did expect Vivien to finish, I think, it was in October last year. So a full year contribution from Vivien will clearly make a difference. We continue to get some very good grades out of Shannon. Other than that, there's no sort of material change to the profile from Mt Magnet, but obviously, 2 -- changes to 2 high-grade underground will have that sort of impact. And I think in relation to your cost query, I think the main reasons are essentially, as Mark pointed out, we are not immune to the pressures in the industry at the moment. We do tend to be conservative. Hopefully, we're being conservative enough. And I think we're -- I guess we're following the trend that others have demonstrated in the marketplace. We always aim to try and beat those costs. But I think from where we sit today, there's a lot of volatility around but that's, I suppose, our best view on life as at this point.

M
Mat Collings
Mining Research Analyst

No, worries. That's appreciated. Look forward to the mine plan when it's ready.

T
Timothy Peter Manners
Chief Financial Officer

Thanks, Mat.

M
Mark William Zeptner
MD, CEO & Director

Thanks, Matthew.

Operator

Your next question comes from Andrew Hines at Shaw and Partners.

A
Andrew Hines
Senior Analyst

Well done on a record year, guys. Just a follow-up question on the costs for FY '22. I note that you've got that higher in the first half and then lower in the second half. Can you just talk us through what happens in the second half that brings the cost down? And the other question around the cost, I think in the earlier conversations, there was the potential for Penny to be coming into production towards the end of FY '22, that might have given you some sort of cost benefit. And I can see in the production plan, you just got a small amount from Penny open pit, so you've kind of ruled out now any bigger productions in Penny in FY '22?

T
Timothy Peter Manners
Chief Financial Officer

Andrew, it's Tim. Look, at this stage, on the Penny question, sort of working backwards to your point, I guess Penny is traveling very well in our longer schedule. And hopefully, we can get back to you soon. You'll see that coming in early in FY '23. There's always a chance. But I think realistically, what we've got in the schedule now for FY '22 in relation to Penny is probably it. We'd love to be proven wrong. But at this stage, that's where we sit. And look, in relation to the drop in costs, as you know, there's a number of moving parts in the business. But basically, we've got a little bit more Marda, we've got a little bit more Tampia. They're both quite cheap ore sources relative to some of the others, particularly like Edna May underground, and they're also cheaper than the likes of Greenfinch. So it's a little bit of a shuffling from all sources, but as you know, we do experience from time to time. But other than that, there's no real reason why those costs have moved down, just more cheaper ore sources, if you like.

A
Andrew Hines
Senior Analyst

Okay. Great. And maybe a question for Mark. We've heard from you a lot that you're keen to add another 100,000 ounce hub to the portfolio. And I presume you've been looking and looking and looking for various things. You're sitting there now with, still, a lot of cash. You've got no debt. Just -- I know you're not going to talk about specifics, obviously, but just in terms of the broader strategy around acquisitions and what you're seeing out there in the market, is there anything that's remotely on the horizon? Or valuation's just still too hard at the moment?

M
Mark William Zeptner
MD, CEO & Director

We continue to work on it, Andrew, and work through the options. I think valuations are may be a bit more realistic than they were 6 to 12 months ago. But we still follow a pretty disciplined process. we're pretty hopeful in the next 6 to 12 months to be able to make that happen. The last period, we've consolidated our current projects and got them into production, which has probably been a good thing that we actually haven't done a sizable acquisition at the time we're trying to build our new projects. And I think the timing will work out quite nicely for us if we're able to make the right acquisition. And we think that's the key part of it, not just any 100,000 ounces, the right 100,000 ounces for our portfolio, and our culture and our team are pretty confident we've got to do that.

A
Andrew Hines
Senior Analyst

Well done again on a record quarter -- record year. Well done.

T
Timothy Peter Manners
Chief Financial Officer

Thanks.

M
Mark William Zeptner
MD, CEO & Director

Thanks, Andrew.

Operator

Your next question comes from Henry Renshaw from Canaccord.

H
Henry Renshaw
Mining Analyst

I just have one question around the upcoming Life of Mine plan. I appreciate you can't talk about specifics, but maybe just some high-level comments. Clearly, we've got or expecting to see updated studies and metrics for Edna May Stage 3 and Eridanus underground. Was there any other areas that you think you could flag as potential adding to that Life of Mine plan?

M
Mark William Zeptner
MD, CEO & Director

No, we've already touched on one, Vivien has got, sort of, at least another year's new Life of Mine, if you like, which is great because that's been a really good project for us since 2015. The other area we haven't probably talked about, but if you look at the mining study table, there is work that we had flagged at Mt Magnet and the Galaxy area. And given that we have access to the Mars and the Galaxy, so the Mars segment, which sort of forms part of the Galaxy complex, if you like, without waiting for an open pit to be complete such as you have at Eridanus. We've done some more work there, probably a bit ahead of schedule. So I'd probably keep an eye out for some further work at Galaxy. And then there's, further to that, there'll be some stuff coming out on a revised mining plan -- sorry, mining study plan on the deeper stuff at Hill 60 and Morningstar as well. So in the background, there's been a lot of work done. Disappointing, we can't get into the details, as I said, but there's a lot of power work being done by the team and you'll really start to see over the remainder of this financial year, a lot of that come to fruition, I believe.

H
Henry Renshaw
Mining Analyst

Great. Just a follow-up. On the plant upgrade at Mt Magnet that you're considering, would that still be a subsequent study to this Life of Mine plan?

M
Mark William Zeptner
MD, CEO & Director

Yes, I think so. If all of our Mt Magnet-related, particularly the underground, studies come together as we hope, then I think that will really provide the impetus to dust off the work that we have done on the mill. It's not something that we do first. I think we do it as a consequence rather than expand the mill and then look for the ore. We're very much systematic in that process. So it will still be on the list, but it will be reliant on success on those other studies that now we're confident of achieving.

Operator

Your next question comes from Michael Scantlebury at Euroz Hartleys.

M
Michael Scantlebury
Resources Analyst

Just a quick question just around the FY '22 CapEx and exploration guidance. I think your previous guidance put out to the market was $55 million to $70 million, and this morning, it's coming at $104 million. I appreciate the exploration expense going up by $10 million. Just wondering, just around the differential, the remaining increase. Can you just give some color on that? That would be appreciated.

M
Mark William Zeptner
MD, CEO & Director

Yes. Sorry, Michael. We're just -- [indiscernible] we've got to answer that one. Yes, we have bumped up our exploration. And looking at our mix, we don't have different projects in there extensively. We've got Penny and Tampia, which are pretty much as planned. There might be some additional costs in there for Marda, and that's related to the Die Hardy project, which is some 30 kilometers north of Marda Central, and that requires some road upgrades and separate CapEx, if you like. So we'll get extra assets for that. And I think that sort of adds $10 million or $11 million. I think that's the large part of the difference. We don't see -- now there have been some increases in costs compared to a regional feasibility study at Penny for camp construction, for site establishment of work, and that goes to that construction mining contractor volatility that I said. I think, at the moment, what you don't want to be doing is asking contractors for pricing. Because you're getting some pretty volatile numbers and in some cases, there'll be scary increases that in some -- in case you don't really have a lot of choice but to accept given the current market. So...

T
Timothy Peter Manners
Chief Financial Officer

Michael, I suppose the other thing is when we prepared the plan last year, we did so, I guess, on the knowledge we had of Penny at the time. We've now obviously essentially fully manned up from an RMS perspective out there. We do have more detailed schedules and plans. And whilst you would have heard the response to the prior question, I don't think we can bring any underground material into FY '22. But certainly, the underground development is scheduled to commence. And I'd have to go back and double check, but I think there is more development capital from Penny, particularly in the second half of next year than we had previously expected to spend. So any of that additional CapEx, generally, is designed to either improve or bring forward ounces.

M
Mark William Zeptner
MD, CEO & Director

Sorry, and there's also -- Michael, there's also some development associated with access to the Penny West ore body and exploration decline, if you like. So some additional expenditure there to get access at the upper levels of the Penny North decline to actually get access to Penny West, which we know there's high grade underneath that historically. It's just actually providing a platform to drill and then go and access that ore which will be included in that detail, which wouldn't have been included 12 months ago.

M
Michael Scantlebury
Resources Analyst

All right. And yes, looking forward to a [indiscernible] FY '22 production.

M
Mark William Zeptner
MD, CEO & Director

Thanks, Michael.

Operator

Your next question comes from Matt Greene from Goldman Sachs.

M
Matthew Greene
Associate

Congrats on the year. And I just had one question on Edna May, a strong milling performance there. And you've had a few weeks now with the hauling of Tampia ore and, to my understanding, you're expecting to derate the front end of the mill for the finer grind. I think it's 2.1 million tonnes on an annualized basis. Can you just provide some color on how that -- how the mill's been incorporated? So how it's been performing with the incorporation of that ore? And is your guidance based on that 2.1 million run rate? And is that at any upside to those mining rates?

M
Mark William Zeptner
MD, CEO & Director

Sorry, just to clarify, I think we did put out a number of 2.1 million previously. It's close to in actual fact to 2.2 million, 2.25 million in our flow rate. The material that we've spent effectively from Champions of Edna May to date has been largely oxide. You'll see, I think, the video in our previous presentation that actually shows some, and some material getting loaded and it's very oxide material. So we're actually running the mill due to the fact that we can run it still over course of grind with that material at that higher run rate of [ 2.06 ] million. And we're happy to say that it hasn't affected our recoveries, and head grades are responding as you'd expect with that material combined with Marda. So early days, and we haven't really got to the fresh rock material that we then have to aim for that finer grind, which is a 3.25 million run rate going forward. So the report that we're getting is that head grade has kicked up. Recoveries are good at a higher throughput [ mine ], but that's because of the material being offline rather than that fresh rock, which then has the partial refractory nature. We haven't gone to that yet.

M
Matthew Greene
Associate

And perhaps could you provide some color on when you may expect that fresh material to be holding mill?

M
Mark William Zeptner
MD, CEO & Director

I thought it was pretty much rock ticking out of the ground. But when I look at the material coming out of the period, it's much more oxide than I thought. I'd say, yes, probably in the second quarter, I'd expect to see some of that. It is pretty close to surface. We're probably just getting a little bit of a benefit in the first quarter only of mining.

Operator

Your next question comes from Alex Barkley from Morgan Stanley Australia.

A
Alexander Barkley
Research Associate

Edna May, I'm just trying to understand that difference in guidance, a step down from prior to the [ 140,000 ]. Is that primarily to do with maybe delayed ore from Tampia or gains in the new Marda pits? Or is this something more permanent perhaps in mine grade you're seeing or something like that? That's my first question.

T
Timothy Peter Manners
Chief Financial Officer

Alex, it's Tim here. I don't have the detail in front of me. But you're right, there is about a 30,000 ounce drop as compared to what we felt would be there at this time last year. My sense is there are a number of minor factors that contribute towards that. I think once we've now clearly gone going into Tampia. We've got it fully scheduled out. I think you'd find there is slightly less Tampia in FY '22 than we had previously thought. Nothing other than a timing issue, though.

M
Mark William Zeptner
MD, CEO & Director

And slightly lower tonnage out of the lower grade out of the underground.

T
Timothy Peter Manners
Chief Financial Officer

Yes. And the grade of the underground, a fraction lower than previous numbers. The other [indiscernible] are all very, very small. I'm more than happy to chat to you offline and provide you with a more detailed rig, but there's certainly nothing there of concern. And hopefully, when the full plan comes out, you'll be able to see that the Edna May performance is still very healthy.

A
Alexander Barkley
Research Associate

Yes. Okay, sure. And I appreciate the Life of Mine plan has yet to come, but you mentioned the Vivien extension, and it looked like there was some good drilling and results to Hill 60 as well. What kind of mine life extension could you be looking at pushing into FY '23, and likely to be a net benefit for production in that year as well, I suppose?

T
Timothy Peter Manners
Chief Financial Officer

It might be wise if you...

M
Mark William Zeptner
MD, CEO & Director

Yes, I think we're probably better off not commenting too much on that. We recognize that mine life is our ultimate aim, and we are looking to provide a longer mine life plan as we can. But obviously, I can't go into the detail without the market being fully informed on that one. Sorry, Alex. And just a backtrack on the Tampia. I think this year, the Tampia production, which contributes to Edna May FY '22. We've been a little bit more conservative also in terms of how many tonnes we can truck out of there to Edna May, given that we're trucking basically around or alongside the township of Narembeen. We're actually, I'm pretty sure, putting a figure around 700,000 tonnes per annum, which is -- there's potential upside on that given that we're on sealed roads, but we're obviously taking a gently approach with the local community, given that the first mining operation on their doorstep. So hopefully, there's upside to that. But again, we're being conservative on that one and also possibly being a bit conservative, more conservative on our recovery, given the different ore bodies that we're drilling with the Tampia as compared to the rest of the portfolio.

Operator

[Operator Instructions] Your next question comes from [ Richard Hart ] from [ Top Wheel ].

U
Unknown Analyst

Thanks for another good year. As you're probably aware, I took quite an interest in the explore and takeover, so I tend to follow Tampia's progress a little bit. And you mentioned the Marda problem with trucking. Has the weather affected the Tampia at all? Or is it business as usual?

M
Mark William Zeptner
MD, CEO & Director

It has affected some of the mining near the pit. It's right -- it's not in the middle of the [ wheatbelt ], but it might as well and it's been a very wet July. They're going to have a record year down there. So it's affected some of the pit mining at quite slippery conditions, obviously. Fortunately, we've been able to haul at a rate just somewhat compensates for the downtime that we have seen at Marda. So it's great to have that optionality with sealed roads up to Edna May. But we look forward to autumn, and then -- I'm sorry, spring and then summer, that's for sure given how wet it's been. But it's interesting mining in the Westgold mine, as I said earlier, keep an eye out for the video.

U
Unknown Analyst

Yes, yes. I will. In addition to that question, so you think you can use 100-tonne garbage, you can use 100-tonne [ lanes ] at a time?

M
Mark William Zeptner
MD, CEO & Director

Yes. It's -- there's a system called PPS, which gives us -- technically, it's 99 tonnes, I think, Richard, but it's a triple [indiscernible], and that's been operating quite well. And obviously, keeping in close contact with the local community because we don't -- do go past town, as I've mentioned. So far, so good. We had a number of intersections to upgrade, including the intersection of the Great Eastern Highway near Merredin. We sealed some gravel road near the mine, which, given the amount of water, has held up reasonably well and we'll do another coat on that in 12 months' time. So look, we've been able to haul load on a daily basis, 2,500 tonnes out of that mine. And that's great because it means that we have a stockpile of 30,000 tonnes on the mine rather than 300-odd thousand that we've got at Marda because we've been able to get our approvals for haulage, much more simultaneously with mining than we're able to with Marda.

U
Unknown Analyst

Yes. I saw the Marda stockpile, 360,000 or something. Is that going to be about [ 11.9 ], like is that similar [indiscernible], like $40 million or $50 million ready to be carried. Is that how it works out?

M
Mark William Zeptner
MD, CEO & Director

Yes, yes. If we can do a [ rain down ], Richard, would get it down there. We can truck that at 60,000 tonnes a month. But for example, in July, we'll probably truck half of that because of the impacts of rain, it's rained just almost every day of the year, and it's gone much greater inland than I appreciate, anyway, working historically in the Gulf area and the [indiscernible]. But we'll Continue to truck it as hard and fast as we can, but a bit of weather wouldn't hurt.

U
Unknown Analyst

I'm sure you will. But I want to give you one last one. You put a bit of the upside through the mill, obviously, you've said, from Tampia. How is your grade working? Are they on target? Have you been pretty accurate with your estimates?

M
Mark William Zeptner
MD, CEO & Director

I did mention earlier that we have seen a kick in the grades at the mill, which is what we want to see when you put in higher grade materials. So -- and we've been able to maintain a high throughput rate without any impact to that recovery. So early days, but so far, so good.

Operator

[Operator Instructions] There are no further questions at this time. That does conclude our conference for today. Thank you for participating -- pardon me. We do have one final question that's just come in now. Your next question comes from [indiscernible] from [ Empower ].

U
Unknown Attendee

It's Rodney [indiscernible]. That's okay. I am one of your [indiscernible] shareholders, I admire you work and your thinking and what your insight into the -- these mines because it's a logistic -- the way you manage it, it has to be -- you juggle it, but it's well planned. And from what I hear from what's happening and from all the comments, which has taken place earlier, I am very confident of your style, your management style. I'm even confident with your talk. So I mean, that's how I take it. I just want to ask you one question, Mark, and I don't think it's out of line. I think you will have a good year. Any chance of -- normally, I have the dividend in about October, isn't it? Normally.

M
Mark William Zeptner
MD, CEO & Director

Normally, yes.

U
Unknown Attendee

Is there any talk about when that's going to be announced or...

M
Mark William Zeptner
MD, CEO & Director

We'll keep an eye out. Thanks for pumping us up there, Rodney. Also, payment will come later. I would look for any announcements on dividends alongside our full year financial results, which is a little lighter in August, sort of at the back end of August. And I think payments are late September, October, but you're going to have to wait a little while [ and I'll see along ] for that one, Rodney.

U
Unknown Attendee

All right. Just to get upon on that, thanks. you are doing a good job. And I like the uptalk on this whole meeting, which I'm very happy about. So good job done, mate. And I think you are going to kick some goals. I know that. So good luck.

M
Mark William Zeptner
MD, CEO & Director

Thank you. We'll do our best, Rodney.

T
Timothy Peter Manners
Chief Financial Officer

Thank you, Rodney.

U
Unknown Attendee

A wonderful job, mate.

Operator

There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.