Sandfire Resources Ltd
ASX:SFR
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Sandfire Resources Ltd
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Thank you for standing by, and welcome to the Sandfire Resources 2018 March quarterly update. [Operator Instructions] I would now like to hand the conference over to Nicholas Read. Please go ahead.
Thanks, Amber. Good afternoon, everyone. Good morning to those in WA. On behalf of Sandfire, a warm welcome to the company's March 2018 quarterly investor call. This follows the release of the appropriate disclosures on the ASX platform earlier today, the March quarterly report itself and associated quarterly update presentation as well as the annual DeGrussa Mine plan reserve and resource update.As per our normal procedure, a live webcast of this teleconference and a synchronized slide presentation can be viewed through the company's website or through the BRR Media service using the link provided, and a recording will be available at the same link shortly after the call.I'd like to introduce the Sandfire team here in the Perth office. Leading the call, we have the company's Managing Director and CEO, Karl Simich. He will be supported by the company's Chief Operating Officer, Richard Beazley; Chief Financial Officer, Matt Fitzgerald; and General Manager, Geology, Shannan Bamforth. Welcome to all these gentleman.And I'd now like to hand over to Karl to run you through today's presentation. Thank you, Karl.
Thank you very much, Nicholas, and welcome to all to this presentation. Just as a highlight there for the quarter, it has been generally, one, a very solid operating performance, good control of costs. We see some additional mine life extension with our resources and mine plan reserves, which is pleasing to see. We continue to explore aggressively in many parts of our assets, but particularly at the Greater Doolgunna region, and Shannan will update you on that. And then from a corporate perspective, pleasing financial results and, ultimately, a cash balance where we sit. So production from the operations for the quarter was some 15,000 tonnes of copper and slightly higher, 11,000 ounces of gold or thereabouts at a pleasing C1 cost of $0.97 per pound. For the year-to-date, it's about 47,000 tonnes of copper and almost 30,000 ounces of gold at still under that $1 C1 under $1 per pound.Guidance for the year for copper is being maintained at 63,000 to 66,000 tonnes of copper. That's full -- we've slightly increased our guidance on gold for the year between 38,000 to 40,000 ounces, and C1 cost, slightly reduced from a guidance perspective, so pleasing to see at hopefully below $1 per pound. So that's very pleasing.On Monty. Richard Beazley will give you an update on Monty but progressing well. It's ahead of schedule. And Richard will give you an update there. So we're looking forward to that high-grade copper from Monty being blended in with the DeGrussa ore to give us those elevated levels of the copper production over the next few years. So that'll -- we're looking forward to that. And we continue to move in line with our timetable and, as expected, going into those final stages of permitting of the environmental impact statement for the Black Butte project in Central Montana held by our Sandfire American subsidiary and the ultimate permit holder there being its subsidiary called Tintina Resources. We own 78% of that company. And we are, as I said, in the middle of the timetable, as expected. And I'll touch on that a little bit further on.On exploration. Continue with an aggressive and multipronged exploration project, as Shannan will update you. We completed a farm-in agreement with Auris Minerals. And as we presently sit on an expanded footprint in an underexplored region of Western Australia, that is likely to host significant other VMS orebodies, is our view, of some in excess of 6,000 square kilometers.And finally from me, before I hand over to Richard, is corporate and financial. Just to note that it's pleasing. As expected, essentially, our cash and deposits and liquid securities essentially just under $200 million for the group.With that, I'll pass over to Richard just to talk about safety and then operations and other works. Over to you, Richard.
Thanks, Karl. I'll begin on safety. For the last quarter, we've had a solid performance in the safety arena, with the TRIFR hitting 6.4. But the focus overall on culture around and leadership around the safety and health in our operations is our key focus, particularly around our principal hazard management and continues to do so. We have a number of programs leading in those areas to drive performance, over the last quarter and certainly for future quarters looking ahead, to manage all those risks to ensure that we get things done safely and appropriately and a continuing focus also on those elements of leadership, culture and assurances around our credit controls. So a number of developments in software and systems, and they're showing that our results in the future are going to be where we are targeting for them. Presently, at the end of the year, we're still targeting a TRIFR there of 4.5.That said, moving on to the operations. The underground operations in the last quarter has been solid and certainly still targeting overall where we want to be in guidance for the whole of the operations. So underground production was -- came in at 409,000 tonnes at 4.2% copper. And all out, the control or management of the operations has fundamentally been very, very good. We did get the paste plant up and running, so that has ensured us as we move forward with operations that our back-filling paste fill in the voids is still in control where we need the balance between the mining and then the backfilling itself. So that's pleasing to report. That's at the DeGrussa operations, and we'll touch on Monty in a little second.In terms of processing, again, very pleasing to report that we milled 398 -- nearly 399,000 tonnes for the quarter, averaging 4.3%, which is a solid performance. Overall recovery at 91% on copper, 44.6% on gold. That's against a guidance of 92% and 44%. So a little bit behind on copper, which is a result of the nature of the mineralogy we are bringing to surfaces, a little bit skewed on the schedule in terms of timing. And similarly with gold, but in a positive sense, we're ahead.All in all, that impact is minor because our view looking forward for the end of the year is still going to be within guidance, between that 63,000 and 66,000 tonnes of copper produced.Certainly, for the quarter, overall copper concentrate, 64,000 tonnes. Copper contained in that, 15,500 tonnes, with another just under 11,000 ounces of gold, so quite pleasing to report that.Just moving on to capital programs. Effectively, the only major capital program left around the Monty project now itself is the thickener and filter, the expansion at the back end of the processing plant. Purpose of that is to manage the influx or increasing grade as we blend Monty ore in end of the year, starting in the back end of the second quarter financial year '19 and then onwards after that. That also gives us an uplift in capacity from actually 280,000 tonnes produced to 400,000 tonnes produced per annum. So that work is underway now and scheduled to be completed in July this calendar year and ready for production at the back end of this calendar year.In terms of Monty, the bulk of the infrastructure work is now being completed. As of for the rest of this month, the works now are very minor in terms of just final tie-ins and small electrical installations. All the big bulk works have been completed in terms of all the earthworks and haul, rail construction, ROM pads, the areas for laydowns and workshops are nearing completion with the Byrnecut one. In terms of all the buildings and communications, all completed and actually are now manned, and all planning and administration activities around Monty happening on site at Monty Mineral that is 10k away from the DeGrussa operations.In terms of underground, that work is moving ahead of schedule. Overall, the decline in lateral development, we're some 1,322 meters ahead of where we are against a budget of some notional -- of some 1,276 meters. So progress there is very good considering some delays we've had with some ground support there in previous months. And now we're also into the groundwater zone, having the luxury of the weather zone up to this point. But production and development through that area is still on track and progressing well, so we don't anticipate any other issues at this point and expect to meet schedule with ore production as stated earlier.Just moving on then to the updated mine plan, which is based on our -- work we've done on the mineral resource and the ore reserve work we've been putting together over the last few months. So we now sit with the Monty mine plan at 6.6 million tonnes at 5% copper and 1.7 grams per tonne gold. So from a mine planning point of view, in terms of which will develop the cash flow for the operations, we now see ourselves moving from completion of DeGrussa operations in calendar year '21 and completing now notionally some 9 months later into the end of the first quarter of calendar year '22. So that's been a good result. And that upgrade has just come from technical reviews and around our mining methods and also doing some extra work potentially -- or not potentially, realized on extensions -- small extensions of some of the zones around the orebodies, and we're seeing that uplift in all of them around DeGrussa B, that's C1, C4, C5 and the DeGrussa orebody itself. So that is pleasing. It gives us a little bit more cash flow and certainly gives us a bit more time to develop our other programs, which we'll talk about.I'll leave that there and hand over to Matt to talk about sales.
Thanks, Richard. That story of consistency flows through to sales as well. So from the 64,000 of tonnes of concentrate production for the quarter, we sold just shy of 63,000 tonnes of that through 6 shipments, 15 -- just over 15,000 tonnes of copper and just under 10,000 ounces of gold. So we're on track with shipments. We hold around a shipment of concentrate at period-end, as we'd expect, so nothing sort of unusual happening in terms of shipment timing over the end of that March quarter, and we continue to ship successfully through the dual ports of Port Hedland and also Geraldton.Also pleasing, we're lining up on the cost side to deliver, as Karl mentioned, a reduced C1 cost guidance result. The March quarter was pleasing across all cost areas, and we're also being assisted by not only that higher gold production but also a higher -- high and sustainable, sustainably higher U.S. gold price. So that certainly assisted us. And the currency is sitting around about the market where we had predicted. So that hasn't had too much impact on our U.S. cost levels. So for the year-to-date, we're at USD 0.98 per pound. And as a result of that, we've delivered a reduction in that cost guidance down to $0.95 to $1. I've stated there also some update on some of the mine development, Monty capital numbers and full year guidance and sustaining and strategic capital guidance. So certainly most of those in line with what we have previously talked about. That sets us up for a very solid financial year result, particularly pleasing, as we say, on the cost side. But also with a very strong Aussie copper price and good, solid production numbers, it sets us up well for a good financial result to June, as you'd expect.Cash approaching $200 million in the group. And all things being equal with production and continued strong copper price, we expect to extend above that level through the June quarter and to the end of the financial year to hopefully deliver a very solid financial result.I'll hand back to Karl for a discussion around Black Butte.
Thanks, Matt. Just a quick update on the progress at Black Butte Copper Project, which Sandfire essentially owns a 78% interest in, of an approximate 600,000 tonnes copper resource grading 3.3% copper. Essentially, work is progressing on the EIS, or the environmental impact statement. And as planned and is currently sitting with the contractor for the regulator who is preparing and is expecting to release their draft report by middle of this year. So by the time we get to the next quarterly report, hopefully, it is close to being with us or upon us, so that draft EIS.Our expectation from that, it goes out to a period of public commentary. And our expectations would be that we would receive -- we'll be looking to receive a final completed EIS by the end of calendar 2018. And hopefully, upon it, at the same time, the issue of the record of decision, or the ROD, by the Department of Environmental Quality of Montana towards the end of this calendar year or very early in the following calendar year. That would then enable us to commence development and construction work, and we are gearing ourselves up to be in that position of being able to do it from the beginning of calendar 2019.So at this stage, everything is on track for that. Obviously, we'll keep everyone fully informed of what's occurring, but certainly, we are doing a lot of hard work there in terms of getting ourselves prepared to be able to take this project forward when we have all the approvals to do that.Once again, as I will highlight is that, not only is it a 600,000 tonnes resource in that region, but we control a significant area of that region, and it is highly prospective for potential extensions to that resource, and we will ultimately look at undertaking further work once we're -- the permit is to hand. So we’ll keep you posted on that. Thank you very much.And I'll hand now over to Shannan who'll give you an update generally on exploration at Doolgunna and elsewhere. Over to you, Shannan.
Thanks, Karl. During the period, the diamond drill rig started off out of at Monty east and northeast, chasing up some geochem anomalism previously defined. From there, the rigs moved into the Monty upper zone where we actually completed a series of dormant holes targeting the upper zone so we can get more information on the metallurgical characteristics, geotechnical characters and also the orebody morphology in that area. Fairly much confirmed with what we had in the original model, we're just going through the workflow and work program to complete that and to understand if there's any opportunity to potentially roll that across into the mine plan assuming we forward at Monty.On the enterprise joint venture, again in Vulcan and on the 100% Sandfire, Homestead trends which are aligned and join each other, we had quite a number of diamond drill holes, and our C holes go into that prospect during the period. And we confirmed our continued encouragement and excitement that we're seeing a large [indiscernible] system there with fairly significant alterations. We continue to extend that zone. And the original and continuing diamond work we're doing down there will give us some great downhole platforms downholing in. The aircore drilling occurred predominantly on the enterprise joint venture, with some 34 kilometers of drilling being drilled with a focus on Ruby Well and White Well and some other minor follow-up RC and then some of the geochem anomalism in those tenements as well. Smaller programs for the aircore rig were completed at the Homer and Southern Volcanics on the Talisman joint venture where we just need to get a little bit of in-fill drilling completed such that we could get a more robust geological model.In the quarter, we're also pleased to complete a JV farm-in agreement with Auris Minerals, and we're also very happy to be able to commence flowing of VTEM survey over the Morck's Well Project, which has delivered some very first pass conductors. We'll continue to work up for potential drill testing. This VTEM survey will continue over the intercrossed joint venture tenements, the Great Western exploration joint venture tenements and over some of the 100% Sandfire tenements as well and really be used as a key first pass indicator of geological structure and potentially V templates for direct targeting as we move forward into the broader exploration package that Sandfire manages.Interestingly, with the Auris farm-in and joint venture agreement, we can see that a long strike from the Doolgunna project, we have actually now got a nice singular package of tenements which actually covers all of the prospective sequence. That's for Auris, the Black Butte, the Enterprise and Sandfire tenements, among that Southwest trend south of Monty. And it's the first time we've actually had one exploration management team being able to come in there and look at this in a holistic perspective, so we're fairly buoyant about our opportunities there as well. And I'll hand back to Karl.
Thanks, Shannan. And just in summary for everyone, look, it's been a pleasing quarter once again, it's been consistent. It's being highlighted certainly from an operations' point of view with us seeing now an increase in mine life from -- at the Doolgunna -- or DeGrussa/Monty operations. Richard will continue to do further work to see if we can squeeze further life out of the mine. And with that, we've seen the benefit of some reduced costs as well. So that's great to see from an operations point of view.Mentioning just the U.S. again, it is, as per the current plan and the target to achieve those very key milestones of final EIS and then a record of decision to allow us to go into development and construction, we're very excited about moving into that phase into the next year, and we're doing a lot of work in terms of preparation to put ourselves in the best possible position to move forward on that. So we're excited about that next phase in that aspect of our business.Obviously, just hearing there from Shannan, in terms of the consolidated in excess of 6,000 square kilometers of region in the Greater Doolgunna area, there's obviously some very exciting exploration programs on foot at the moment in what is a highly prospective region capable of hosting further VMS deposits in an area that's discovered orebodies of 6% and 5% and 6% and up to 9% copper mineralization. So we're really excited about the work that's going on there, and we're very hopeful that we will make further discoveries as we continue with our quest on our aggressive exploration program. And it's interesting to note from Shannan's work that I think between the last quarter and this quarter, by all forms of drilling, we've drilled in excess of 110,000 meters of -- 103,000 meters of one form of drilling or another over the last 2 quarters, quite extensive work.And just to finish off from a business development perspective, the company is actively looking at business development opportunities where we might see they can add, be value-additive to the company and its shareholders. And our quest always is we're in the business of value creation.So thanks once again for your time. If there are any questions, we're opening the floor now and happy take those questions.
[Operator Instructions] Your first question comes from Hayden Bairstow from Macquarie Group.
Karl, just a question on, I guess, guidance beyond this year. I mean, you've increased the reserves a little bit, but albeit at a lower grade. I mean, how should we think about -- I mean, the Monty grade, I assume, is being mined -- or being managed at a pretty flat grade, with about 300,000 tonnes a year or whatever it is, and then DeGrussa can move around a bit given what you just added in. So can you just give us an idea of -- do we get a pretty flat outlook? Or does it rise aggressively and then tail right off in that last year? Just on how you're sort of trying to balance the grade outlook from here? Cheers.
I think -- yes, thanks, Hayden. I think from our perspective, from what I've seen from some of the plans put together, it's a relatively uniform blending of volumes coming from DeGrussa and Monty. And essentially, I think that creates a situation where, depending on the quantum as we ramp up into a stable operations and stability in volumes coming out of DeGrussa and Monty, you will start probably from early next calendar year of part of the feed coming into the ore feed. And then when you get into the second half of next year or coming up to the 30 -- the June quarter of next year, you'll start to see a full complement of Monty coming in and then it'll just -- that will continue to run. As a consequence of that, what I do think you see is a rising copper unit production, depending on how much Monty feed. So for example, if in the March quarter of next year, we've got half the quarter coming with Monty, it might be 100,000, 150,000 tonnes of ore coming out of Monty being blended in with DeGrussa, and we can sort of dial DeGrussa up or down as accordingly. As we go into the June quarter, we might find it's a full -- well, we will find it's a full quarter of Monty feed being blended into the DeGrussa feed. So it might be the 200,000, 250,000 tonnes or 300,000 tonnes, whatever that number is, of Monty feed at those higher grades.
Annualized rate?
Yes, at an annualized rate. That's exactly right. So -- and then so you will find as a consequence of that, copper unit production going up from where we are, going up in the March quarter and then, in the June quarter, will go up again. And then it should be a fairly consistent, relatively consistent period until it starts to taper off. And essentially, the way we've designed the mine plan is that, whilst we've got a little bit of an extension now at DeGrussa, which is great, and looking for more, but we're essentially designing it so that both orebodies will conclude at essentially the same time. That's really meant to optimize the sort of the value creation. I think those numbers and maybe more detail obviously coming up in the next quarter, we'll start to give guidance for the following year, and we'll get a -- we'll be a bit more crystal clear on that. But essentially you'll see an increase in copper production units as we get into Monty, and then it will be tapering off.
So the grade that's softer at the moment or has been through the first 9 months of this year, that's a nearer-term thing? And which part of DeGrussa's lower grade that drives that? And then -- I mean, the reserve grades [quite] sit at 4.5, so I'm assuming that's where you'll recover to next year.
Yes, no, we will recover at the back end. This current quarter, we're anticipating overall a higher grade so we meet guidance. That's how we're going to meet guidance, so we'll lift that grade up. Certainly, when we bring Monty in full swing, that will provide actually 25% of the feed by volume, so we'll see the head grade lift. And overall, we will see DeGrussa rise and fall depending on where the ore is being sourced from out of the various orebodies underground. But overall, when you smooth it over a year, you won't see a great deal of difference. We'll still meet our guidance and our expectations will be met. So I'm not terribly concerned. Certainly, earlier on in this year, we had some issues with some higher levels of talc and had an issue with a fill area which was backfilled ending up in the feed, which is unfortunate. But as always, the team has managed around it, and we'll deliver the guidance.
Your next question comes from Simon Tonkin from Patersons Securities.
My question just relates to -- Matt might be able to help us here. Basically what are the major capital items for the quarter?
Yes, thanks, Simon. I've put some of them in that -- in the cost slide, but we're a bit light on the mining capital side of DeGrussa with about $7 million, the Monty project at $11 million and then about $6 million of those tailing sort of sustaining and strategic capital projects. And I've updated in that slide the full year guidance. So that gives an idea. But a number of those larger capital items like the underground pumping station have come to an end, so we'll start to see that capital number really start to tail off now.
And what was the working capital like this quarter?
Sorry, what do you mean?
The working capital in terms of -- because I basically put it in my model, and it's about $20 million light on capital.
Okay. We'll have to take that one offline and see where we can help you get there. There was no major adjustments in terms of working capital adjustments. And revenue costs are pretty straightforward. There's no real timing differences. So I might have to help you with that one.
Okay, no worries. And in terms of recoveries, where do we see those going forward?
Yes, no recoveries. Look, I think the principal driver on recoveries is essentially head grade. That's the major impact. So as we see the head grades lift, we will expect the recoveries to lift. So we have an expectation that we'll start nudging 93% overall once we get into the heart of the Monty feed. There's other work going on, but that's too early to make any other comment on at this point. So certainly looking forward at the current position, that's what we expect.
Your next question comes from Michael Slifirski from Credit Suisse.
Four quick easy for me, please. First, with respect to the 1.3 million tonnes or 3.5% that you've added, that seems to be [little] remnants here and there. Just interested in what that contributes. Does that give pretty much a free carry on development so we don't need to worry about the low grade and the lower recoveries associated with it? Or is it stuff that you have to spend a bit of money to access? I'm trying to understand what it might actually contribute.
For the total free carry, there is elements of fund development. But that said, and I haven't got a ratio in my head at all, Michael, at this point, so it's just a rule of thumb. A lot of the areas already have access to, minimal capital works required to get that set up to claim those extra copper tonnes. So it's a -- all I can say at this stage without any hard numbers, it's a mixed bag, but there's an element of free carry, for certain. There's no doubt about that.
Okay. And then I think the commentary talks about some of it being proximate to the water-bearing units. Does that mean you leave that very much to the end of life of mine being perhaps potentially a little bit riskier?
No, the work down there has shown, around C5 and its relationship with the 2 fault systems, that it does not actually impact directly structurally on those main faults. And then behind the fault, essentially in very simplistic terms is that water-bearing dolomite unit. So whilst it would have been nice to have ore up to those context, we haven't had the luxury of that. So from a rich point of view around water, it's certainly being mitigated substantially.
Great. The resource now that's outside reserve, what would it take to convert that remaining water resource outside reserve to reserve? Is there some significant impediment in terms of location because the grade looks all right.
Some of those are actually width and continuity issues, Michael. So as much as we'd like to be able to convert it all into reserve, they are going to be elements of the resource that won't convert. But as we get closer to these areas as well with the extensions of the mine, we'll look at every opportunity to be able to drag them in.
Great. And the oxide material that's in reserve, does that mean you've got a technical -- economic technical solution to the oxide now? Or is that still work in progress?
Still work in progress, Michael. There's a number of programs happening, as we speak, which, all I can say I suppose, are looking positive, and I have a sense that we'll move through that. So hopefully, sometime in the next calendar year -- or for our next financial year, we'll get some serious answers to that question for you.
Great. And then finally, on Black Butte. Karl, talking about hopefully breaking ground early next calendar year, is there any update on the PEA, the 2000 and what it was 13, I think, 38? It seems to me to be a fairly aged document. Have you done work since? Are we likely to see sort of an updated guidance given it's just so close to potentially committing?
We are, at the moment, Michael, we are -- essentially, there was so much work that was done in the Mine Operating Permit that is at feasibility study level, that where we sit at the moment is we're moving straight to essentially completing other chapters of the feasibility study, the balance of the metallurgical work and a few other bits and pieces. So that's critical to us at the moment. And essentially what we'll get to is rather than an update of the PEA, essentially, we will come out with a feasibility study for that project over -- once all that work's done, our expectations for that probably in later on this year, at a guess. And we're just going to work towards that at the moment. So I think it's a process that we just need to go through. And when we've got the information, we'll come out with it. From our perspective, we don't believe we need to do anything else in between that. So we're just working along that timetable to complete the other chapters of the feasibility study that enables us to put that information out. So we're working our way through it.
Your next question comes from Peter O'Connor from Shaw and Partners Limited.
Just further on Black Butte, just thinking ahead because it's not that far away to '19, funding of that vehicle -- and I know you've got a lot of cash and you could fund it. But how do you fund a company where you've got 78% of in the U.S.? Does it make a difference to funding? Do you use debt, project finance? Or is this a cash fund? And how do you channel cash over there given that shareholding structure? Is there any nuances we should be aware of as to how you're thinking about that?
Look, I think at the moment, obviously, the points you make are valid. We've got good cash flow at the moment. We're generating good cash flow. So I think, obviously, as a business proposition, that project looks like it's a robust project. It's a 3.5% copper grade at relatively good copper prices. And I think between the cash at bank, essentially equity markets between debt markets, both in Australia and the U.S., I think all I can say is I think all options are open to us. We haven't, as a board and -- or as the board of Sandfire America, concerned ourselves too much at this stage about how that might be funded. And obviously, that company, having a 78% shareholder who's in a relatively strong position, is good for that company. So I think it's -- we haven't come to a landing as the parent company, and I don't think that board has come to a landing, and it doesn't need to at this stage other than I think all options are open to us in terms of what we may want to tap, whether it's a combination of using some debt to try and leverage up the equity return or whether we need to use any debt. We might find ourselves in a position where we just don't need to. So I think we'll just see what the circumstances are closer to the time, see what the numbers drop out at in terms of CapEx and the timing of that CapEx spend, and we'll make a decision. But I would be -- it'd be fair to say it'll be a robust financial decision that is probably, one, I hope, that will make the most sense for the shareholders of Sandfire America to optimize their return on their assets. So -- but that still remains to be determined. But I think it'll be something that makes a lot of sense, whatever that turns out to be.
And Karl, could you remind us the scope in terms of potential CapEx? What have you indicated in the past? Or what's in the PEA? And how should we be thinking about that scale of cash required?
I think when the PEA was done, the CapEx estimate was USD 220 million, including a contingency allowance in there. I think if we are looking at a number that's still to drop in finality, but if we are looking at obviously cemented tailings, cemented -- that is an element there in terms of the CapEx, it might have an impact on CapEx. So we'll obviously -- but we don't see there being a material departure from that number in the first instance is our sense of it. And yes, so that's where we see things at the moment.
There are no further questions at this time. I will now hand back for closing remarks.
Thanks very much, everyone, for dialing in today and listening to our quarterly update for the third quarter, the March quarter. We're looking forward, obviously, to having another very good solid quarter coming into the end of this financial year for the June quarter. Pleasing in terms of production, pleasing in terms of operations, safety, reduction in cost, slightly increased copper production, pleasing in terms of what we're doing in our work on the ground and exploration with Shannan and his team, Richard bringing Monty on schedule or ahead of schedule and also some other green shoots in terms of other work in terms of mine life extensions, potential other work on the oxides, progress at the Black Butte project. And at the end of the day, ultimately, our quest is to create further value for our shareholders, and we will continue to do that. So once again, thanks very much for listening. And if there's anything we haven't dealt with, please feel free to give us a call. Thanks once again.