Q1 2020 Earnings Call

Thank you, Patrick and good morning. Ladies and gentlemen. Thank you for joining us today to discuss Wheaton's first quarter results of 2020 before I begin. I would like to start off by saying that I hope everyone has been keeping healthy and safe during these challenging times. It's hard to believe how much the world has changed since our last quarterly conference call at Wheaton our top priority Remains the health and safety of birth and the communities in which we operate in response to the covid-19 virus pandemic. We have made several changes to our business to ensure a seamless transition to working remotely as well, initiatives to help support our communities and the communities around the mines from which we receive our precious metals.

I will provide further details in.

Updates on Wheaton's response to covid-19 booting the effects on our partner operations and guidance after Gary discusses our first quarter results.

On that note. I am pleased to report the Wheaton had a very strong start to 20 20 with over $177 million generated in operating cash flow in the first quarter an increase of 50% relative to 2019 driven by the strength in Precious Metals prices, and we declared a quarterly dividend of $0.10 per common share in line with the minimum quarterly dividend set by the board of directors for the duration of 2020. So now I'd like to turn the call over to Gary Brown senior vice president and Chief Financial Officer who will provide more details on our results, Gary.

Thank you, Randy and good morning. Ladies and gentlemen, the company is precious metal interests produce 182200 gold equivalent ounces in that first quarter of 2026 comprised of 94700 ounces of gold 6.7 million ounces of silver and 5300 ounces of Palladium relative to the first quarter of the month or year. This represented 8% increase in gold equipment production with gold production being virtually unchanged while silver and Palladium production increased by 19% and 5% respectively.

All those gold production and key when twenty Twenty One consistent with the prior-year solo both production increased by 3% despite the throughput being negatively affected by the rainy season, and I'm scheduled maintenance saying to mass-produced 10% more gold with Mill operating it over 2,200 tons per day during the quarter and Minton contributed off of gold production having been in care and maintenance during the comparable quarter of the prior year these positive variances were offset by lower gold production from Sudbury and constancia due to the mining of lower grade material and indicates and constancia lower throughput. The increase in silver production was primarily the result of a significant increase in wage grades and recovery at penasquito resulting in record a tribute both production.

The increase in Palladium production is reflective of the blitz project ramping up and the fill the middle campaign at these folder operation.

Golden sales amounting to 166100 ounces in the quarter representing a 4% decrease from q1 2019 primarily due to the sale of a large amount of gold produced in Prior quarters occurring in the first quarter of 2019 relative to slow. This was partially offset by 15% off and silver sales volumes driven by the entry of silver production in q1 twenty-twenty. I got March 31st, 2020 approximately 88400 month old answers 5.3 million table silver ounces and 4,900 payable Palladium ounces have been produced but not get delivered company. We estimated National levels are payable ounces produced but not delivered to equate to approximately two to three months for goal two months for silver and three months for Palladium with the balancing.

at the end of q1

Being consistent with these walls revenue for the first quarter of 2020 amount of $255 million dollars representing a 13% increase relative to queue 1019 primarily due to an 18% increase in the realized selling price on a gold equivalent basis with this price increase being partially offset by a 4% decrease in gross sales volumes of this Revenue 63% was attributable gold 33% of the attributable the silver and 4% was attributable Palladium.

driven by this increase in sales prices gross margin for the first quarter of 2020 increased 41% to 123 million dollars highlighting our business model provides to increases in precious metal prices cash-based G&A expenses, and I had the twelve million dollars in the first quarter of 2020 representing a d Club the full million dollars from q1 2019 with the decrease being primarily related to lower accrued costs associated with performance share units or

Interest cost for the first quarter of 2020 amounted to six million dollars resulting in an effective interest rate and understanding debt of 3.03% of compared to Fifteen million dollars of Interest call. I mean effective interest rate of 4.28% incurred in q1 2019.

Navigating to manage the $95 million in the first quarter of 2020 compared to $57 in q1 2019 things like earnings per share in 62021 South compared to $0.13 per share in the prior-year awkward and cash flow for the first quarter of 2022 $178 million dollars or full cents per share compared to $118 or $0.27 per share of the prior-year representing a 48% increase on a per show basis.

Ben Stone, the company's dividend policy the company's board has declared a dividend of ten cents a share payable to shareholders of record on May 22nd 2020 and under the name reimbursement planned or allowed to do offer shareholders. The option of having their dividends reinvested in newly issued common shares of the company at a 1% discount to Market.

For 2020 the company currently makes it non-stop based G&A expenses which exclude expenses relating to the value of stock options and will be approximately forty-two forty-three million dollars this represents a two or three million increase from our previous galvin's reflecting the recently-announced five million dollar home community support and response from the song due in the immediate needs of the communities in which we operate as well as the communities around the mines in which the company has a precious-metal in, Georgia.

During the first quarter of 2020 the company repaid 150.

1 million dogs on the revolving facility and receive proceeds from the exercise of salt options in the amount of 7 million dollars overall net increase by $23 a month and she won't 20/20 resulting in television cash equivalents at March 31st of a $127 million dollars this combined with the $716 outstanding under the two billion dollar revolving credit facility resulted in a net debt position as at March 31st of 499 million dollars.

I've been there once the companies that three hundred million dollar offer Market or a GM program on April 16th 2020 under which Calvin can be raised through the most issue, and shares ensuring that the company has efficient access to this form of alcohol. Should it require ourselves to execute on a creative growth strategy not includes a submarine with. I turn the call back over Rani. Thank you Gary. The company is keeping up to date on developments surrounding covid-19 and it's taking steps to protect the health and safety of our employees and the community as well as measures to minimize any impact to our business.

In accordance with local government restrictions and guidelines Wheaton closed its physical offices in mid-march and successfully transitioned to telecommuting for all of its employees.

We have always maintained digital or detailed business continuity plans and as such the transition to telecommuting has been seamless resulting in uninterrupted flow of business.

And that includes continuing to pursue additional accretive Acquisitions. Our corporate development team is very active and has been advancing a number of opportunities some of which we were fortunate enough to completed site due diligence trips prior to this pandemic. We may be locked down, but we aren't locked out of growing our high-quality portfolio of assets.

with regard to our current portfolio in late March, we completed a thorough review of operations with our counterparties to better understand their policies and procedures around covid-19 and they've continued to closely monitor operations ever since as of May 5th 2026 partner operations located in Mexico and Peru where temporary suspended subject to government restrictions focused on reducing the spread of covid-19 these include the constancia San Dimas Los Feliz penasquito and antonina Minds

The restrictions are on non-essential activities in Mexico and Peru are currently scheduled to be lifted by the end of May.

And given the low-cost high-margin nature of our portfolio our assets generally provide the maximum economic benefits to not only our partners, but to all stakeholders including governments and communities especially during these challenging times. The benefits of these mines are needed the most which is why we are confident. There will be a focus on getting these mines back up and running.

Given the temporary suspensions and the uncertainty surrounding timing on April 1st Wheaton withdrew, its production guidance for 2020. We are regularly assessing the impact of the covid-19 pandemic on our partners mining operations, and we will provide an update on our guidance when we have more confidence on the restart schedule for these mines that are under temporary suspension.

And although both Wheaton and our partners have been impacted as a result of this pandemic. It is clear that many of our neighbors in the community face even greater challenges and will continue to do so, I am coming months in response. We launched a five million dollar community support and response fund the CSR fund for short to support Global efforts to combat the covid-19 virus pandemic and its impacts on our neighbors.

The majority of the CSR fund around four million dollars will be targeted to the communities that are directly influenced by the mines in which we have precious metal streaming agreements and the remainder will be back to local charities here in Vancouver and in Grand Cayman.

We are working closely with our partners to identify the needs of these communities of the community and to assess where these funds could help fill an immediate Gap.

We have already identified initiatives with our partners around the globe. Oh San Dimas. Constancia Sudbury Stillwater Triple Seven Seas Bay, ultra-strong and Tony Minds that will Target providing resources such as mobile lab facilities ventilators and personal protective equipment to those local communities as well as providing support to local food banks and Charities. It is during challenging times like this when charity is most important it is just the right thing to do.

In summary, the first quarter of 2020 was a strong start to the year. We have no doubt that covid-19 will have an impact on our second quarter and not 20/20 as a whole but the strength of our business model coupled with the quality of our existing portfolio gives us confidence that we will rebound from this page only that but we remain optimistic that we will be able to continue growing the company and add additional production from long-life assets producing in the lowest half of their respective cost curves off.

Well, we are well-positioned to grow our portfolio. Should there be any accretive opportunities? Our top priority is the health and safety of our employees and the communities in which we and our partners operate?

So with that I would like to open up the call to questions operator.

Thank you. Ladies and gentlemen, we will now conduct the question-and-answer session. If you'd like to ask a question, please press star then the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. There will be a priest pause while we compiled the Q&A roster.

And your first question here comes from the line of Cosmos to see if CIBC please go ahead your line is now open. Thanks, Randy Gary and Patrick for the confirmation call here. Maybe my first question is on the acquisition Pipeline and due diligence, you know on the Franklin of Auto conference call earlier today. They talked about, you know, unique orange novel sort of alternatives to doing due diligence. I'm just wondering if you're also looking at you know, potential alternatives to doing due diligence and I guess the second part of my question is Randy mentioned as some of the potential targets, you know, you had the opportunity to actually do due diligence of you know, before covid-19 have you done, you know at those assets enough due diligence for you to be comfortable to pull the trigger at this point in time and then I have a follow-up question as well.

Sure Cosmos, I'll start off and then let hate them step in but I'm going to start off by saying that you know, I will say that going through this this pandemic and the response that we've had. There are things that are learning here that that we will probably take out of this and help us improve our overall operations. And one of them is the the ability to digitally connect amongst businesses and among people not having to be face-to-face and and and being able to sort of audit data and and the lakes we you know, we really had to sort of Step Up on that front out of necessity but their skills and and benefits that we are gaining out of this whole process that will will help an overall performance in the future. And so I don't know hate them you want to add a bit more to that. Yeah. Yeah, you bet he Cosmos. Good morning. How you doing Cosmos the primary hurdle to consummating new transactions. The near-term is typically an inability to complete on site due diligence do the travel restrictions. Yeah, we did spell

A significant portion of our time is Randy mentioned earlier the fourth quarter of last year and the first quarter of this year on the road visiting sites, which which does provide us with an advantage over others who didn't get to those sites before the travel restrictions came into my life, you know, I would hope that that will allow us to concentrate transactions for opportunities that meet our stringent rules on I think obviously the most important of which is accretion now, hopefully by the time we need to visit New sites for new Authors coming forward here in the near future. This virus has been eradicated and everything else is back to normal. If not, we'll continue to find ways to get comfortable with with new high-quality transactions to further grow this company and you know what there's various options one of the options that people are considering our virtual tours others are utilizing on-site Consultants other other options are continuing to utilize our early deposit structure which provides us with a nod to move forward. Once the feasibility studies been completed and the remaining funding is in place. So it allows us to put up just only a small amount of front especially for the developers state project. So so we're looking at all avenues, but I can tell you everything we're looking at right now.

We've been to those sites and we're very comfortable moving forward from a technical perspective. Assuming giant we go back. We're very comfortable moving forward assuming it passes our overall technical review. The the technical aspect of the site visit has been completed. Of course, you're going to be Cosmos to Cosmos. You can be sure.

You know, I love I love getting my hands dirty these projects and I'll be getting onto the ground as fast as I can just to just to smell and get the sense of what's really there. So of course and and Randy, you know, I guess my following question is are you seeing more opportunities in gold or you seeing more opportunities in silver?

I would have to say in and again, I'll I'll let hey some time into but I would have to say that what we're seeing opportunities developing here right now is is buy products from the base metal section wage base metal operations base metal companies, uh, um not doing as well as the precious metal companies out there. And so now it comes down to buy product from both, uh, you know, LED zinc my name or copper nickel mines copper-nickel tends to be biased more towards the gold space LED zinc seems to be biased more towards the silver space currently. I would I would say we're about fifty-fifty but hate them I'll let me clarify that one. That's exactly right. What we're seeing is is based mail companies looking for ways to strengthen their balance sheet is Randy said and majority of the sorry all the opportunities wage right now are precious metals and they're both fifty-fifty split Pusher maybe Switching gears a little bit here. Just you know, I see that at Peppa Pig.

Of course, you know they couldn't reach some of the minimum requirements and 2019 cents you getting additional eight thousand ounces and twenty twenty. Could you walk me through that contract again and then in terms of you know, is there a life, you know any other minimum coming up in in 2021 in terms of you know additional ounces you can receive

Well and as as it was reported, we did defer we gave them an extra six months to satisfy that completion test. So it instead of being at the end of the year off, you know. And again, this is a matter of just supporting our partner is you know, we've got multiple agreements with them and and you know, providing them support in terms of that. And so we we did extend the change the completion test for the contras own until June 30th of 2021. It was originally scheduled for December 31st. And so yeah, the way that works is that we get two thousand gallons per quarter if they haven't satisfied. I mean, it can't remember the specific tonnage but it's a sitting certain amount of tonnage that has to be mine from the papa contras owned by that time. I want to say 1/4 tons of or something like that, but I'm not sure the exact number and then and that's how that specified. That's the that's the only criteria on it, you know pop country is very important for us and very important for Thursday.

We get 50% of the gold from that the other fifty percent of course days with hudbay and it is a very goldrich Zone on that deposit. And so there's a real strong incentive. We know that Peter and home team over at Hyundai are very very focused on getting that thing moving forward to be honest. There was no physical work planned over this. On Papa konsa. They still have to get through the final government approval process. But now that they've got the community on board. They have to make sure that the government's are you know in agreement and so so it is sort of still a paper work session. It's not physical work that's being missed. And so I'm I'm pretty comfortable. I mean all you know, it's a very fluid situation obviously, but I'm pretty comfortable with their capability of satisfying that completion tests before the end of June.

Great.

Thanks, Randy. Those are all the questions I have. Thanks a lot. Thank you Cosmo. Thanks for the call.

And once again ladies and gentlemen, if you would like to ask a question, please press star followed by the number one on your telephone keypad. Your next question here comes from the line of Ralph with eight Capital. Go ahead your line is now open.

Good morning. Thanks for taking my questions Randy. I'd like to get your perspective on labor force take up at the operator level of your Partnerships home. Has there been any regions or or Minds where you think that's a particular risk of that returning labor force would be less than optimal whether that be because you know, the mind is deemed essential or overseeing gradual restart of some of those operations.

Yeah, I I would say that that is going to be a challenge at pretty well every operation, you know, our our our rough Vision in terms of how these mines that are under temporary suspension would be that it'll be a three to four months gradual take up as as as as you know sites are successful in terms of restarting and and obviously, you know, everyone would be watching closely in terms of the overall performance and if there's any type of negative response from restarting these things if if you know, if all of a sudden we have a virus outbreak or something like that that's really set things back. And so it's it's a sensitive and very fluid time in in that situation. And in fact, you know, we feel that there's probably going to be and we've seen this at some of our other operations team aren't under temporary suspension. There is higher absenteeism rates as people that aren't comfortable with with you know with that that environment stay stay away. And so if the dog

Is going to be a challenge that the industry faces, you know, I think time is going to be the issue that that that provides that comfort that provides that you know, that that off that belief in the safe environment. And so what what you know, what we hope to do is make sure that you know what the industry has to do as a whole is make sure we have the proper policies and procedures in place to maintain strong physical distancing to minimize exposures through a number of different concepts and get rid of, in lunch areas, you know, like there's all sorts of thoughts of strategies that can be put in place to minimize risk and and you know, as long as the industry keeps keeps focusing on that. Hopefully it's not as bad as even we've as as what we would expect in terms of that but it's going to be the track record that actually shows that it can be done that'll provide Comfort to to some of the employees that that have that that may be either of a higher risk wage.

Group or just maybe more uncomfortable about about this, you know, our expectations aren't probably going to be about 10 to to 20% impact on on assets that off suspended. But but you know time time is time's going to provide that answer. It's one of the reasons that we haven't, you know, even though we've got sort of announced dates with respect to restarts. We're not going to give updated guidance in 2020 until we have confidence about that restart projection about how how these assets look like going forward. So I don't expect to be giving updated guidance for at least a couple of months, you know as we watch and monitor how how these restarts move forward.

And Randy on the on the CSR fund that she just launched you did mention some of the operation of where that's ending is concentrated and it sounded to me like most of the spending around the communities for is for testing and health related matters. But also some of these areas you talked about are pretty remote. I'm wondering if you're seeing in these communities, uh, Strike Zone, even basic human needs, you know Food Water Shelter that type of stuff. Yeah. Well, you know and I did list off a bunch of the stuff in terms of health Focus, but we've also food banks are very very important part of our contributions. And in fact, I think in the quantum, it's probably about a little bit less than half of the money that's gone out is gone towards food banks in front line Charities that are providing direct support. And so, so we've been you know, really sort of focused on on that side. This is not this this fund that we the CSR fund that we put you know that we came up with if not there to to service is poor dog.

It's there to support the front lines to try and help our partners be more successful in managing the risks at these sites and and minimizing the impact and not really I think that's what it comes down to is just uh, you know, the the the stronger, you know, we have this undying belief in Wheaton at the stronger. Our partners are the stronger we are so everything we can do to help our partners be successful in managing risks and and and and moving forward will deliver returns to us and and it's just it's the right thing to do but it's it's you know, it's it's very that we're we're proud to provide that Focus. I think it's what makes you Wheaton unique in the in the streaming space is the fact that we do, you know, puts a lot of effort in terms of trying to provide additional support to our partners in real choose to follow up on what Randy said. I mean, some of the programs were sponsoring one of them is providing food to 4000 Pham.

In the Amazon, you know another one that we're looking at right now in addition to you know, the the medical side and the the food side is even the socio-economic we're we're looking potentially to help fund. Uh-uh mask Manufacturing in a remote Community just to give them some additional income coming in besides mine. So we're looking at a pretty broad-based response for the fund job. Well done. Thank you.

Thank you Ralph.

Your next question comes from the line of George topping with Industrial Alliance, please go ahead your line is now open right? Thanks. Hello, everyone took the the voisey's bay currently in. Maintenance any thoughts on what value needs to see obviously how your price is probably but also offer anything else that they that they're looking for before they restart the the operation the three months there. Yeah, George Jones Choices Bay. There's a couple of things they want to restart, you know, they they shut down they didn't have to Canada hasn't mandated them in order to to the province that they shut down. This was more in response to protecting the local indigenous communities nearby what they're going to want to make sure they see that any kind of viral outbreak is controlled and not threatening. The the indigenous Community is Randy said part of birth.

will come with time and also bolstering and making sure that those local indigenous communities do have

Adequate access to healthcare, you know right now they said it was a four months shutdown announced that about a month month-and-a-half ago. So we're looking at another two or three months and we wouldn't anticipate this point any reason why they wouldn't restart according to that timeline Georgia. One of the things you have to recognize is that remote Northern Communities. If you go back a hundred years, they suffered seriously through the Spanish Flu influenza that that happened about a hundred years ago and they're still pretty strong memories of of that and a lot of these remote Northern Communities and and so the matter of just being sensitive towards towards those concerns and and I think valet, you know, you know valet has given us lots of examples as to why we think we're there is one of our strongest partners and this is a good example of them respecting the the the needs of the local community.

Right. Yeah closely understood, you know, you know, it's unlikely that comes into play but that was just interested. Then you probably wouldn't even use it but the bolt the late penalties if if for whatever reason they cannot deliver January 1st, twenty one like Papa John's.

Oh, this is now constancia down in in today. So I was meeting for volley on the Cobalt. If for whatever reason they don't deliver wage. Oh, right, so you right? Okay, so, you know, what if if there's a suspension of operation from there is no late penalties for that. We get a we get our percentage of wage of of our Cobalt from the voisey's bay operation irrespective of and if it's not operating for something like this, there is no penalties. I will in a perverse way sort of highlight the fact that the suspended suspended operations. Of course the Cobalt that would normally being being produced now is being pushed back and we'll actually now fall into our contract term. So so we will wind up with Altima more metal out of out of this as a result of this suspension immediately. I have a hard time, you know believing that when when I look at what's happening in the rest of the Canada with respect

To the mining industry. I'm I'm pretty comfortable that that valet will find a way to restart operations before the end of this year at at voisey's Bay. I and I know that they'll find a way to do it with faith, you know minimize risk as as much as possible. We've seen that we've seen ballet being very successful down at the Lobo in terms of managing that risk. We've seen them at home taking good initiatives there. So I'm confident that they'll find a way to to to provide that Comfort to those communities and have that operation up and running as as as as January 1st gets closer.

Go ahead and George. I guess I would just add to that. It's Gary here, you know the part of the protection we get from from the voisey's bay contractors that we receive Cobalt regardless of whether it comes from the underground or or V. Yeah, and so, you know the open pit operation there is expected to be up and running by January 1st. And so that would be ounces that we hadn't or or uh, uh Cobalt Rams that we hadn't anticipated wage leaving in that in the first place when we when we had that opportunity.

Got a great. Okay. Thanks a lot. Thank you. George. Stay healthy.

Your next question comes from the line of Jackie is the capital Market, please go ahead and your line is now open. Thanks very much. I just wanted to Circle back to your your life growth with with these the equity markets being installed. Now is that are just change your view at all on looking at other smaller features in companies or packages of little piece from private companies and how would you feel for that kind of situation differ from a global village and God? Yeah Jackie, I'll I'll start off and then let hate them chime in if you don't mind so, you know, we we in terms of consolidation within the industry. We, we are monitoring that to keep an eye on it, but I will say this is a strong business model and when we can make Acquisitions that about One X nav, it's it's tough to sort of birth.

With going out and actually sourcing the new opportunities and and I do believe that we're going to see a wealth of opportunities over the next couple of months as people get the way through this pandemic and off on the base metal side with the weakness in base Metal pricing. Um, you know, we're we're comfortable. We're going to see a lot of opportunities in that space. Obviously if it did come to a consolidation job opportunity most of those assets that we've seen, you know, that that other competitors are appears would have acquired our assets that we would have looked at 5 during the original due diligence process. Anyways, you know, the most affected pretty well every opportunity out. There has been a competitive process and so we've had a crack at some of this off some of these opportunities and and I will say that, you know, if they're if they were good quality opportunities and and a lot of them don't meet our criteria from a quality perspective. But but then after that we have to be dead

President of the of some of the weaknesses the structural weaknesses that and the particularly the the private Capital the private Equity money has been pushing into he's their their contracts which which dramatically lower the value of their opportunities and and we've seen some pretty dramatic failures on several fronts over the last six to eight months where they, you know, tried to you know to have different forms of a liquidity event in terms of trying to crystallize that and and the market was intelligent enough to realize that there were structural weaknesses that dramatically dropped the value of those opportunities relative to a traditional streaming portfolio like we have and so so we always have to measure it that way and I think there's been some signals from the market back to those private Equity groups, you know about about the impact of some of their decisions and how that does impact value on an overall basis. So, you know, we're dead.

Certainly open to that and and we have had success.

On on that front in the past and so we'll continue to monitor. But but I would predict that it's unlikely over the next while mainly because you know, we see better value in terms of New Jersey opportunities out in the out in the morning space. I hate them you get anything you want to add to that. So yeah. Thanks. Good morning, Jackie. Just I guess the only thing I'll add with regards to consolidation in the in the streaming space specifically took that you know, we're always monitoring for these things. We've got our own internal models that we go through and do the analysis on I can tell you it's only recently that our share price is actually start to recover. So we're not there yet everything. We do have to be a creative. We're not looking at growth for the sake of growth. So that's the one thing to keep in mind secondly with your second question with regards to due diligence on royalty packages. You have Randy at the nail right on the head. We've been to a lot of these sites and the one thing you have to recognize when these warranty packages come up you typically don't get the ability to actually go to these sites anyway, because it's somebody holding a royalty from another corporate from another company. So yep.

You you do a lot of the desktop due diligence and you you you make sure that you're comfortable from that perspective. You know, there's a reason we haven't done a lot of these warranty packages. We refuse to pay higher than what them whereas others are willing to use their paper to do so, you know, we're going to focus on high-quality streaming transactions. That's that's where we see them the best growth in this environment and that's where we we make the best return for our shareholders. That sounds great. Thanks a lot. That's all the questions I have. Thank you Jackie and I'm healthy. Thank you everyone for dialing in today and closing We Believe Wheaton is well-positioned to continue delivering value to our shareholders for a number of different reasons.

Firstly by having low and predictable costs that result in some of the highest margins in the entire precious-metals space and strong operating cash flow.

Secondly through a growing dividend that we increased by over 10% from 2019 thirdly through our steady organic growth profile over the next several years and off track record of a creative quality acquisitions fourthly by offering our shareholders exposure to some of the best Minds in the world through our high-quality portfolio of long-life low-cost assets and lastly by being a leader among the precious metal companies and sustainability through initiatives such as the CSR fund wage and supporting our partners and the communities in which we live and operate. I do. Look forward to speaking with you all again soon. Stay healthy and stay safe. Thank you.

And this concludes this conference calls for today. Thank you for participating please disconnect your lines.

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