Aura Minerals Inc

TSX:ORA

Earnings Call Transcript 2020-Q4

[Gabriel Catalani, Investor Relations Officer]

Okay. Good morning, everyone. Welcome to the fourth quarter of 2020 webcast for Aura. We are here with our CEO, Rodrigo Barbosa, on the call; and also our CFO, Kleber Cardoso. My name is Gabriel Catalani, Investor Relations Officer. We will take -- the presentation will take about 30 minutes in here. You'll be free to send your questions via chat on Zoom. We will be, later on after the presentation, checking all the questions and addressing it to Rodrigo and to Kleber.I would like to also to mention that the presentation is already available on our website. You can get the PDF presentation there. And also our interactive spreadsheet with all the numbers and all the figures, historical figures are also available on our website. Okay, that's it. So I will turn the floor to Rodrigo Barbosa. Rodrigo?

[Rodrigo Cardoso Barbosa, President, CEO & Director]

Good morning. Thank you, Gabriel, and good morning all. We are very glad to be here, publishing and communicating the results of last quarter and the full year of 2020. It was a remarkable year for all of us, which we could consistently grow as we were projecting and as we did our IPO and the story to have a strong Q3. We had an even stronger Q4. And then we continue to move on our pipeline of products in order to grow now in 2021, '22, '23 and '24.So what we will see here today is, first, I'll do the first half of the presentation for 10, 15 minutes, where I will give the overview of how was the year of 2020 and what we see as the future. And then I'll pass the floor to Kleber, our CFO, who will go through in more details of our results. So I just need here to skip some slides, just one second, I will have to stop sharing.So as a reminder, what I put here is our vision and our values. As you know, we want to be one of the most trusted, responsible, well-respected, results-driven mining companies. I'm sure we are moving to the right direction. We have good evidence that things are progressing very well in Aura in all our 360 upturns and 360 values. So just reinforce, we do have a very strong agenda of ESG. We also use internally the word EESG, because we do believe, although the employees is somehow in the governance, we want to put employees always first because to take care of others, to take care of the nature in the communities, we need to first take care of employees, and that they can also spread the whole values throughout the areas that we operate. So you will consistently see at Aura we mentioning EESG, which is employees, environment, social and governance.As an overview about the year, about the fourth quarter, we had a strong quarter in terms of results. But before I talk about that, we had a very strong record in terms of safety, with no lost time accidents during the quarter. We did feel that -- assumed the commitment to promote women in mining first in Mexico, then in Brazil. And then we should be moving into the same direction in Latin America. As you all know, mining is an industry that lacks -- the most that lacks women working, in other words values, towards having a more broad conversations in very different angles and better decisions, bringing in more women to our company. It's very important so that we can build a strong future.In terms of results, we had a record high net revenues and gross margins. We are consistently growing. That came from a growth in our operations, in production. Although gold price was slightly lower than Q3, we more than compensated that with a stronger position. In terms of EBITDA, during the second semester, we reached $94 million, which is BRL 510 million, and during the whole year, $119 million, remembering that Q1 and Q2, we were impacted by COVID. I would also highlight, and Kleber will go in details, that if we're not by accounting standards that we had to account for some sales of production that was sold in December, was only accounted in January, we would have had $57 million, additional $7 million on the quarter as an EBITDA.In terms of production, we reached during the second semester 127,000 ounces, and the full year for 204,000 ounces. It's a record high for Aura, although Q1 and Q2, we were impacted by shutdowns or partial shutdowns due to the COVID. The important achievement during Q4 is the Ernesto high-grade. Ernesto is a mine that operated together with other satellite mines in the complex of EPP, that -- we started to develop that mine over a year ago in a recent award last quarter. It's a high-grade, 2.53, and a little over 3 grams per tonne during the quarter, and that significantly also increased our production on EPP. We do not expect this high production of EPP to continue in Q1 and Q2 this year because we are now pushing back the pit. And we'll come back to that higher grade during the second semester and fully next year. Important that we already understand very well the ore. It has gone through the -- to the plant, achieving higher than we expected productivity and also higher than expected recoveries.In Aranzazu, as we mentioned, we are constantly -- and continue to increase our production. We increased our production to 89 -- 90,000 tonnes per month during December. We expect to reach 100,000 tonnes per month by mid this year, which is already 15% increase compared to '19, 26% increase compared to the 3 quarters of 2020.Gold Road, we ramped up during the second semester. We reached commercial production in December. And now you'll see more the results and the production of Gold Road during 2021.We recently disclosed also our production guidance for '21, '22 and '24, which means a significant increase in production in '21, which will come from 204,000 ounces to anything between 250,000 and 290,000 ounces. And next year, we will be reaching also Ernesto high-grade, too. And also, we Almas entering into production half of the year, that will drive a production close to or above 300,000 ounces. And by 2024, with the combination of our greenfield and brownfield expansions, we should be between 400,000 ounces and 480,000 ounces, which is more than double our size that we did last year.We had our a dual listing, just a reminder, in Brazil during the year 2020. That significantly increased our daily trading value, although I believe it will still be lower potential. We are now trading at close to 2 -- $2.5 million per day, and that we will reinforce our activities in order to promote more liquidity to our shareholders during the year of 2021.We continued to have important information from the geological in Bananal, El Cobre, as particularly at Bananal in Brazil EPP and El Cobre in Mexico. We will be filing an AIF, the report by the end of the month of March, that we will be updating our resources and reserves, while we will continue to do. And as you know, we published also that we are intensifying the geological investments in order to amplify the resources of reserves due to the interesting potential we have on the geological site in Aura.As a subsequent event, we also recently published this year a feasibility study of Almas, which gives a very interesting returns and leverage, return of over 100% per year in terms of -- in U.S. dollars. And the payback of the equity is 1 year full equity, if you were not leverage -- unleveraged would be close to 2 years of payback, which is a very interesting project. So we are moving forward and speeding up the process of building that plant to enter in production by mid next year. As expectations as of until 2020, we should be starting construction of Almas by Q2 this year. We are increasing, as I mentioned, production of Aranzazu to 100,000 tonnes per month, and that will be achieved by mid this year.We are now focusing on completing the feasibility study of Matupa. Matupa should be a very interesting project as Almas. We are now doing metallurgical and mine design and plan design in order to have a feasibility study by the end of the year.Geological investment continue to happen. We continue to -- we are intensifying this year investing close to $27 million, $29 million, in order to, as I mentioned, extend more the life of mine and increase also our capacity in terms of production. We aim to achieve further increasing at Aranzazu, for example, to reach over 150,000 tonnes per month. But that will be achieved as we can progress on geology, improve more resource and reserves in a new target called El Cobre.And we will be -- we are now intensifying all our efforts in the international markets and also in Brazil in order to increase our daily trading volume and give more liquidity for our institutional investors that want to exit or enter in our shares.As -- in terms of safety and also COVID actions, during the year -- during the quarter, we had no lost time injuries. As I was mentioning, we had over 23,000 hours of training in safety procedures. We are now working to enhance safety standards across all the operations. We were already having different standards in some of our business units. We acquired Gold Road last year. So now we are working very hardly towards having a very solid, safety protocol, which is standard for Aura operations. And we continue to have a safety and health campaigns all over our operations. About the COVID, we keep reinforcing our protocol recommended by OMS. We have continued to support, strongly support all the communities that we operate, not only with education and information how to avoid the spread of COVID, but also masks, tests and all the equipments in order to ease down the spread of COVID.In terms of operations, during the Q4, we had no needs to enter production. We see COVID situation in Brazil deteriorating. We are monitoring it very closely. As differently from last year, we are now all well prepared. They understand very well the standards and protocols that need to be filled. And we are reinforcing all these protocols in order not to allow this spread in our operations and also to protect the communities that -- within that we operate.Switching to production. As you can see, how we finished the year by -- with a production of 52,000, 53,000 last year. 52,000, 2019. 52,000, 53,000 gold equivalent during the quarter. Q1, Q2, we were impacted by the COVID. Since we could resume operations in our -- in all of the countries, we produced 57,000 ounces of gold equivalent during Q3. And now in Q4, a significant increase to 69,000 ounces of gold equivalent as a production.When you see on the right side of the slide, this increase of production came mostly from EPP, 19,000 to 26,000 ounces. That is impact of Ernesto. When Ernesto as a high-grade enters production, it does impact significantly the production. And also, we already see during Q4 5,000 ounces from Gold Road. So the production was close to 70,000 ounces, which is a record high for Aura, although for the year of 2021, where we project to have additional 25% to 40% increase in terms of production during the year-end.As a reminder, the numbers that we issued recently in terms of guidance that I was earlier talking about, we come -- this project started with the company producing 120,000 ounces per year back in '17; '19, 178,000 ounces; last year, 204,000 ounces. But I would reinforce, second semester only was 127,000 ounces. '21, we have a higher grade of Ernesto. We will have also Gold Road. And we don't expect to have significant shut down by the COVID. And we will have an increase from Aranzazu. We will be between 20 -- 250,000, 290,000 ounces of gold equivalent. '22, we will reach Ernesto full -- for the full year. We have also Almas coming in to production by middle of the year and a few other initiatives to expand production. So we should be 285,000 and 330,000. When we put together the expansion that we want to do in Aranzazu to reach 150,000 tonnes per month together with Matupa production and also the greenfield and brownfield expansions, we should be between 400,000 and 480,000 ounces of production.In terms of cash costs that will -- as analyzed, where we are going in terms of margins, we saw that during -- from '19 to '20, we've significantly reduced our cash cost of $868 to $809 per ounce. And when you see what was achieved by Q3 and Q4, we were already producing by $742 and $739, same, close to $740 per ounce last 2 quarters. And for '21, we believe we will be up between $728 to $867 as cash cost, so another decrease from last quarter.Two projects that we continue to develop and continue to advance, Almas and Matupa. Almas, as we recently published a new feasibility study, we should be starting construction early Q2. The CapEx is $73 million. And as I was mentioning, the return on equity and leverage 50%, with the gold price at the current prices, 100% per year during the 17 years of the life of mine. And I'm not including here interesting upsides that we will access while -- after we start producing cash flows from Almas.We are doing this project, very flexible design for the plant because we believe we'll be able to find more gold than -- a strong evidence is that there are many other depositors very close to the plant. And we will investigate and invest in those potentials after we start producing cash flows in order to expand production. So we are doing the plant flexible. If we find and we prove more reserves, we will be increasing production, as we are doing, for example, in Aranzazu, as we are doing, for example, in EPP.Matupa, we already have close to 350,000 ounces of resources. There is a potential to expand significantly the resources to 0.5 million ounces or 1 million ounces. We are not prioritizing this right now. We believe that we want to put that in production as soon as we can. And as we -- after we start producing cash flows, then we will investigate and increase more resources and reserves.If you see the geology, there is already density very close to what it needs to be reserves. However, it doesn't have yet metallurgy, mine design and also plan design. That's where -- what we are focusing right now is putting all this -- the information to have metallurgical tests, understand the recoveries and see what would be the mine design, in the end, the plan design in order to have a feasibility study by the end of the year.I invite also take a look in terms of -- this is an area that has been producing gold for a long time. There a few others gold producers in the area. So we don't see yet any evidences of strong problems, metallurgical, not to have a good recoveries, but we will conduct the study. And also, if you see where the ore is, it's reasonably close to the surface. So we don't expect any kind of higher cost in terms of designing the pits. So we believe that we have strong evidence to move forward to feasibility studies by the end of the year, so that we can start building the plant and develop the mine during next year and entering production by mid-'23.About equity investments. As you see, we come from $100,000, $150,000 per day in volume trading. We did the dual listing in Brazil during the mid last year. Then we increased to $1.5 million when we did a follow-on and also opened on the CVM 400, that opened also our shares to be traded by the retail, and that was increase of $2 million. And we are focusing now also to increase the daily trading volume, that is now close to BRL 11 million per day.On the right side, we continue to increase the coverage and analyst coverage of our shares. You see all the investors giving us significant upside compared to what we are traded at right now, even with lower gold prices. For example, Crédit Suisse, Itau, XP, Safra, Red Cloud, Eleven Empiricus, all of them are giving a very interesting upside potential for our investors.Before -- so all in all, we had a very strong year, but that's just the beginning. We believe we can build much more now in '21. We have solid projects to then increase production in '22 and more than double our size by 2024, while we will also be able to be reducing constantly our cash costs during the next year, either by expanding production in Aranzazu. We have proven scale of higher grade in EPP, which significantly also reduce the cash cost. Almas and Matupa should have lower cost compared to what we already operate. So we should be constantly also reducing our costs while we'll be increasing our revenues in terms of production.I will turn the floor also to Kleber. We have not yet declared dividends. This meeting should occur until the end of the month where -- when we will be meeting with the Board and analyzing a few scenarios of dividends, including the calculations under the dividend policy that we have recently last year improved, and other scenarios, including more than this during the meeting. So then we will be publishing as soon as we have the meeting to the market.Kleber?

[João Kleber Cardoso, Chief Financial Officer]

Thank you, Rodrigo. Good morning, everyone. Thank you. And yes, this morning over the next few slides, I will present a summary of our financial results for the fourth year -- fourth quarter of the year and year-end.So on this page, we have a summary of the main financial KPIs for each of the quarters for 2019 and 2020 and also for each of the years. As we can see on the left side at the top of the page is the revenues for the fourth quarter achieved at $101 million in Q4. That is a 44% increase compared to the same period of last year. The reasons for such increase, as Rodrigo was explaining, it was increasing production and also more favorable copper and gold prices compared to last year.If we take the revenues we recorded in Q3, that was $90 million. We see that our achieved $190 million in revenues in the second quarter of 2020, which was a more stable quarter, and bringing the total to $300 million for the year and BRL 1.6 billion.In terms of EBITDA, our EBITDA for quarter 4 achieved $50 million, an increase of 86% compared to the same period of last year. The increase was result of both increases in revenues and also reduction in cash costs, as Rodrigo was presenting. Doing the same analysis, if we had the EBITDA from Q3, we see our EBITDA for the second semester achieving $94 million and bringing the total for the year to $119 million EBITDA, more than doubling the number we reported last year.In terms of net income, on the next page, we'll have a more detailed analysis for net income. But we see in Q4, net income actually $58 million, bringing the total to date of the year to $80 million, 175% increase to this compared to 2019.And finally, in terms of net debt or -- is in the third quarter with $80 million in net cash. That position has improved to $48 million to the end of the year, so an improvement of $30 million due to the cash flows generated from our operations. And we ended the year with $118 million in cash and cash equivalents.So on this page, we have a conciliation between the EBITDA and net income. So as we saw on the previous page, we recorded a $50 million EBITDA in Q4. That does not include $7 million of margin gain, which is related to certain ounces that were produced, shipped and sold in the end of the year. But due to accounting criteria for revenue recognition, those margins were just accounted in our numbers at the beginning of 2021. The main reason were some ounces that were delayed shipments in Honduras due to the bad weather conditions in November and early December.Then we had $8 million in amortization and depreciation expenses, $4 million mainly interest expenses, and also including net losses with derivatives, that were much lower this quarter compared to the previous quarters or first half of the year. A $10 million current income tax expense. That is due to the positive results in Brazil, Honduras and Mexico in the quarter. Also in this quarter, Aura recognized $25 million on deferred tax income that comes mainly from EPP.EPP has some historical carried forward losses, which generates an assets that was not recognized in our balance sheet before. But in views of the positive results from EPP in 2020 and the expectation of future profits on the business units, such assets we're recognizing in our balance sheet at the end of the year. We also -- Aura also recognized a $2.5 million gain in the quarter that is part of a $10 million receivable. The company has moved favor against the buyers of the Serrote project. This is a contingent asset. The Serrote project was sold back in the end of 2017. We have been following the progress of the Serrote project.And through public and news, we saw that Serrote achieve the important milestone recently. For example, at the end of the year, the buyers of the project were able to secure $140 million project finance to develop it. So in our review, the likelihood that Aura is going to recover the full $10 million has increased significantly. So in Q4, we recognized a portion of it, $2.5 million, and we will follow-up on the next quarters to see the progress of the Serrote projects. In other net, $2 million, this is mainly tax impact, bringing the total net income to $58 million.Then on this page, we show the change in our cash position throughout the last quarter. So as we can see on the left side, Aura started the part with $86 million. And on the right side, we see that the ending cash position was $118 million. And as we can see, the increase in cash flow is mainly due to the recurring items that impact our operations, so adjusted EBITDA and $50 million to our cash position. We had $10 million of recurring CapEx, excluding mine and developments, and $6 million -- $5 million in taxes paid in Brazil and in Honduras, so the increase in cash due to the recurring free cash flow was $35 million.And on the right side of the charts, some -- either no recurring, our cash flow from financing activities, mainly $2 million associated with the development of Gold Road and $2 million with hedges. And then the final cash position, $118 million or BRL 612 million.And finally, the same analysis for the whole year. So again, on the left side of the chart today, initial cash position for the year, $39 million. On the side -- right side, in cash position, we see on the left side of the chart, the recurring items added $80 million to our cash position for the year, of which $71 million were generated in the second semester only. And then on the right side, either no recurring items or cash flow to financing activities. The main source of cash flow for those items are the proceeds from the IPO for $9 million and M&A use. The net cash outflow for those items, $21 million for mining developments to develop Ernesto. We will roll down within a month all the projects that we are bringing in and will bring the growth to the company for the next years.And with that, we end our presentation and open up to questions. Thank you.

[Gabriel Catalani, Investor Relations Officer]

[Operator Instructions] Rodrigo will be answering them.

[Rodrigo Cardoso Barbosa, President, CEO & Director]

Okay. Thank you, Gabriel. So I'm smaller than Kleber, so I need to adjust the camera here. Have you received the few -- 1 question here, Gabriel. Everyone, please send the questions while we will answer here. So I received 2 questions from Gabriel Galvão from Credit Suisse. One is capital allocation. He's mentioning that net debt-to-EBITDA is already low or a negative 0.4x. And according to their projections, it's likely that we will be able to decrease this number ahead even further and even considering all our investment cycle. What is the ideal level of leverage for Aura? And how do you see capital allocation going forward? Extraordinary dividends versus new projects versus M&A.As we have a very conservative policy in terms of leverage. We discussed to grow a maximum of around 1x EBITDA, if we are doing any kind of M&A transaction, that we can see clearly that we will be deleveraging very soon. We would consider some number more than 1x, but that would be the range. And we are now negative net debt. And in terms of dividends, paying dividend is an option for us in order to allocate the capital, if we don't see any better investments within our portfolio or M&A. We are fully funded for the projects to grow. We are analyzing M&A alternatives. We have no negotiation, nothing really very focused on right now. So few alternatives will be discussed with the Board during the month of -- by the end of the month of March. And we will be publishing as soon as we have the decision.I have another one that comes from Victor Costa, Explora Investments. I would like to know if we are able to detail CapEx guidance mainly in terms of exploration and new project expansion? Also, if Aura will be focused on the areas it already has permissions to explore or if we will be focused on new areas? And if yes, which kind of jurisdictions? In terms of exploration, either greenfield explorations and brownfield explorations, we are totally focused on the areas that we already have the operation. We'll be focusing on EPP. We'll be focusing also on Aranzazu. We have operations in borders. And we also have an operation in the United States. So the exploration investment that we have will be focused on near mine exploration. We are not an exploration company to require new areas, new lands in some other jurisdictions and start exploration from scratch, from 0.M&A is in areas to expand our operations. We would be considering Americas only, prefer big countries that we already operate, that we already know the environment. And we have the -- we released the guidance for exploration that gives a little bit more detail on that.I have another question here from Crédit Suisse. You have mentioned that in EPP, your main exploratory targets for Bananal and Glory Hole and El Cobre, and Aranzazu also offers interesting exploratory prospects. Do you believe that some of these targets should already be converted into reserves and in your updated technical studies in AIF this year?All the updates that we are conducting in some geological will be included on the AIF, the most that we can. Although we continue to -- we are now intensifying geological investments. So we will be updating the market during the whole year, not only AIF, which will be the report that we'll be releasing by the end of the month. But during the whole year, as we progress on the geological investment, we will be publishing all the results and sharing with the market.Yuri from XP is asking, I would like to ask about company's hedge derivatives policy. Is there some room for changes in strategy?Our policy in terms of hedging -- use to hedge cash flows. If you are, for example, ramping up 1 project as we did Gold Road, last semester, that we saw that we could do all the planned investments and plant capitalization in order to do the ramp-up with the gold price at minimum $1,800 or $1,750, then we do have 0 cost policy in order to protect the minimum, so that we already are fully funded to the ramp-up. That's when we like to hedge. That's when we consider hedge when -- and we don't see a very long-term hedges for Aura structurally. We don't bet on gold prices. We don't feel that all.We believe that gold price is going to decrease. So then let's start now hedging all the gold prices for the year and for the next year. We believe that this exposure is investors wants to have, exposure to volatility of the gold price. What we could do though is protect cash flows in short term, 3, 4, 5 months, so that we have a very good visibility. Almas is something that we will analyze. If we should start hedging the ramp-up or not, that's the discussions that we are having right now. But that's a very few occasions that we would consider hedges in our portfolio.And I have one question from Erika Martin. How the company wants to -- want to do to increase the daily trade volume in the stock market in Brazil and also the U.S.?What we are doing is intensifying our marketing efforts, talking more about the company. This is a new company in Brazil that we did a IPO by mid last year. First gold company in Brazil to be listed, still unknown to investors. We need to go and talk more about what we do, the benefits of investing in gold and the risks so that they feel more comfortable to start investing. We see significant increase yet already in terms of CPF investing in Aura, but we believe that still in the beginning. We have much more to do to promote and to share more information about ourselves in order for them to create confidence in investments.The same thing also in Canada, although we are a Canadian company and was listed in TSX for over 10 years. During the last 4, 5 years, since we started the turnaround and the total mineralization project at Aura, we focus completely doing the homework and rebuilding the company so that we would now focus on the equity investors. Last year, when we started talking more with investors, we focused on Brazil for the IPO. And now we started to have a more proactive approach with the Canadian and American investors. And surprisingly, there, we have -- we received feedbacks from very well-known banks and analysts that we are the first CAD 1 billion company that they were not aware of. So that explains and gives us a little bit of sensibility of what we can do if we talk more with the investors.Richard South makes one very good questions. Can you find ways to take advantage of current higher copper prices? Very good. Thank you for the questions. I should have talked earlier in the beginning of the presentation. I would invite all the investors also to see the impact of copper can have in our portfolio. As you know, Aura is a majority gold producer, close to 80%, slightly little more and less. And copper 20%, but we are increasing production of copper during this year without Aranzazu expansion. And copper price has significantly appreciated in the last quarter.We are coming from -- during 2020, the copper price has reached as low as $2 per pound of copper, now is trading above $4. It's double the size that happened in the Q2 last year. During be the whole year, last quarter, we had prices at $3, $3.20, $3.30, $3.9. And now we are $4 or above $4 per copper, and that will have a significant impact in the Aranzazu mining. Now, we'll invite everyone to take a look at how this can be healthy for the company going forward. And then we still expect copper price, although can be volatile, during the short term, that all the winds are favorable for super copper cycle in commodities and all, particularly in copper, that also has all the green energy component, copper should have also a further appreciation.I'll wait a little bit if you have any further questions before we finish. Danielle Sassoon asks, do we have most of the equipment they need for the construction of Almas in the site right now? Or does some equipment needs to be shipped to drive that? My question is due to the logistical bottlenecks we are seeing across the globe, is the company concerned with the supply of equipment material? Is there anything that can be done to mitigate that risk?We are aware of some equipment shortage. The beginning of the construction is more engineering construction materials. We don't expect to have any delays because of lack of construction equipment in the beginning, although we are already engaged in very final negotiations with the important suppliers of parts. Yet, we don't have any expectations to have delays, any shortage of equipment during the construction, although it's something that we are closely monitoring.Now I believe those are all the questions. I thank everyone again for participating in these earning calls. We are very glad to see that investors and also analysts recognitions that we are very diligently doing what we promised. We are accomplishing every milestone that we promised during the IPO. Everything that we are publishing, we've been able to accomplish. We expect to diligently continue to grow the same during the year, very focused towards increasing our agenda towards the EESG, and together with the growth and reduction in costs. Aura is well positioned, again to also grow.We have the 3 very strong pillars -- strategic pillars to grow that we worked very hard in the last 3 years. We do have the portfolio. We have the project that's running with a cash position and generating cash every week. We have brownfield expansions. We have greenfield projects within our pipeline. So every -- even the strategy is well aligned in order for us to double. All the permits are also in place. We have the second pillar, very strong balance sheet. It's a negative net debt, fully funded, to continue to grow. Actually, but we see that -- as there was a question here, we might have a cash generation higher than we would consume to fund all these projects. And third, we have now a very strong team and very strong future under Aura 360 in order to make all these projects happen. So everything is well aligned.And I thank you all again for being with us. And we'll be releasing the AIF soon, meeting with the Board for dividends, and also publishing new geological updates as we are moving on the projects. Thank you very much.