Q2 2022 Comstock Inc Earnings Call
Ladies and gentlemen, welcome to Comstock 2022 second quarter business results webcast.
There is Comstock <unk> executive Chairman and CEO , Mr. Corrado the Gaspar.
Everyone and welcome to the Comstock second quarter update I'll provide a business update including the information in today's press release and from our recently filed second quarter report on Form 10-Q.
If you don't have a copy of todays press release Youll find a copy on our website at Www Dot Comstock Dot Inc. At the top of the Investor page in the newsroom section.
Our Form 10-Q is also available on the website on the Investor page under SEC filings and also via Edgar on Www Dot FCC Dot Gov.
Please let me remind you that we will make forward looking statements on this call and that any statements relating to matters that are not historical facts may constitute forward. Looking statements are statements are based on our most current expectations and are subject to the same risks and uncertainties that could cause actual results to differ materially.
These risks and uncertainties are detailed in previous reports filed by the company with the SEC and in our recent press release and all forward looking statements made during this call are subject to those same and other risks that we can't identify once we've completed the prepared remarks that will accept indirect.
Questions to me.
Let me briefly start with our financial position, our recently reported assets totaled almost $118 million up $3 million from the first quarter.
Our operating results reflect both the development of our teams and the larger commitment to the research and development dedicated to commercializing our technologies. This.
This represented $3 7 million in R&D for the full six months ended June 30th.
And $2 6 million for the three months ended the second quarter.
These amounts include the engineering design fabrication and commissioning of both of our pilot facilities for fuels and for Linacre.
Both our balance sheet and our operating results reflect our push to accelerate <unk> commercialization.
This quarter has been an extremely busy one for Cellulosic, we've advanced our Cellulosic tech or by OEM pilot system and established a meaningful number of new industry collaborations. We also filed as most of you saw our <unk> patent representing a significant expansion of our leading technology.
Portfolio, covering new pathways to produce renewable drop in fuels from Woody biomass all at dramatically improved yield efficiency and cost in comparison to all known methods.
Our new patent covers both processes and compositions that have been validated at our existing pilot facility proving that we can simultaneously produce multiple bio intermediates that are uniquely isolated and free of contaminants.
This means we can produce both cellulosic sugar and by OEM from the same ton of wood, enabling the production of the whole array of major biofuels.
Renewable fuels provide one of the single arm or just opportunities for decarbonization. However, most of the existing U S. Renewable fuel refineries draw from the same limited pool of constrained feedstocks, mainly vegetable oils Comstock can now fully leverage.
A fully different an abundant wood wood woody biomass feedstock.
The department of Energy's National Renewable Energy Lab has published estimates that the U S produces up to a 100 million tons per year in just sawmill in forestry residuals alone.
That initial biomass source sufficient.
Produce 8 billion gallons a year of drop in fuels by utilizing our technology.
This positions us for staggering growth.
Speaking of the Department of energy. They also recently announced the funding opportunity called <unk> <unk>.
Getting the further development of <unk>.
<unk> intermediaries that can produce high yielding an efficient renewable diesels sustainable aviation fuels and other biofuels.
The grant request was a no brainer for us to test the advancement of our platform.
Literally within two weeks, we assembled a world class coalition of industry, leading partners and complementary technologies that would both add to and accelerate our pipeline for producing higher yielding renewable fuels, we filed our preliminary daily application early.
Within a week of our submission.
We received a notice of encouragement from the Doe.
And we are now proceeding to prepare and file our application by early September .
Granted celtuce for $2 million, but the benefits to us have already exceeded those potential dollars both from the recognition.
But it's given our technology and the resulting collaborations with new industry partner just.
Just to be clear, we have the technology today to produce cellulosic ethanol and byproducts profitably.
The breakthrough with our bio <unk> and the additional pathways proposed in this graph.
Would convert both by OEM and our Cellulosic sugars in the drop in fuels.
And an even higher yielding higher value fuels from just one feedstock source.
Based on current performance data, we're projecting best in class renewable fuel yields exceeding 80 gallons per dry tonne on a gasoline gallon equivalent basis. We believe our performance is already far better than the best known processes can deliver today and with fuels that leverage existing infrastructure.
Sure.
We're also expanding our current two ton per day Cellulosic fuel pilot to extend its current capabilities of producing carbon neutral pulps and cellulosic sugars into the production of <unk>. This will demonstrate in one place our ability to produce both of these bio intermediaries from just one feedstock.
And just one process. We've actually just recently returned from a trip to India, where we were inspecting both the enhancements too and the construction and progress of our enhanced biomass pilot.
So in summary, our plans are to enable a fleet of these advanced carbon neutral extraction and bio refining facilities are major near term objectives for renewable fuels include finalizing various strategic collaborations with a number of industry leading partners for the development of these advanced drop in fuels from our bio intermediaries.
Also to complete and announce our first commercial agreement.
With one or two or three or four of these industry leading partners.
We're also going to upgrade and operationalize, our biolab enhanced demonstration system by mid 2023.
And we're going to lead in the filing of the Coa Grant application. It's due in early September for these additional drop breakthrough pathways.
Our first commercial agreement will clearly demonstrate our capability and potential improve the long term value. The industry response, so far has been nothing short of spectacular.
Let me turn now to <unk> and provide you an update there atlantico, we've already commissioned and operated our proprietary lithium ion battery crushing and separating system and we've successfully crushed charge batteries.
She is a huge milestone.
And we produce what we believe is uniquely pure black mass another huge milestone. We've also enhanced the design and commenced upgrades on the crushing system with the plan to Commission Commissioner in Nevada. Once all of our permits are received.
We also completed the construction of our bench scale lithium extraction system and now we have design and commenced a broad series of lithium extraction tests work. We've also received public comments on in Nevada operating permit for our battery mineral recycling facility, which we fully responded to and we are now waiting for the permit to be issued.
<unk>.
Our ability to produce a uniquely pure black mass is enabling the development of what we believe will be of various <unk> lithium extraction process when a pause on that because we already talked about certain processes for extracting lithium, but when our black mask came out in the form and the subsidy.
That it did it created additional efficiencies that we are now testing in our process.
But even the most conservative estimates for increasing EV demand, which seems daily to keep growing.
The industry will likely require about five times more lithium carbonate and the entire lithium mining industry produces today the.
The conventional recycling processes that we are seeing deployed suffer from extremely high if not total losses on lithium we solve this problem by extracting lithium immediately after crushing and separating in a manner that maximizes the recovery for reuse in batteries. It's also extremely efficient.
When we commissioned our first commercial prototype.
500 ton per day system.
We identified a number of meaningful opportunities for improvement that we are now making and that we're also modifying our existing air quality permit to reflect we expect to file the air quality permit this month.
Few months later than originally planned to accommodate the changes we are making in the crushing system. Our major near term objectives for <unk> include completing the designs and upgrades of the enhanced the MAU enhanced crushing and separating system risk.
Receiving a written determination for the Nevada recycling facility most likely during the fourth quarter.
Revising its hitting our modified air quality permit for the enhanced system again this quarter with expectations for approval in Q2 of 2023.
And completing the validation of our lithium extraction tests work in process definition by the fourth quarter of this year, we really look forward to commissioning the system in Nevada, followed by lithium extraction as soon as all these permits are received let it go.
<unk> is uniquely positioned with differentiated and valuable technology that is highly efficient and scalable in an industry that continues to grow faster and faster as the whole world Electrifies.
Our internal ability to design engineer manufacture and commission. These systems is different than our competitors.
And we.
Felt the benefit of having that internal capability over the last two or three months being able to learn from the first pilot respond quickly to opportunities for improvement redesign and move forward. This establishes an incredibly long term value.
Our position for us and it's just enormous let me wrap up my prepared comments with a few corporate items very happy to report it looks like we're finally closing on the Daney ranch the gross sales price was $2 one.
With 200 K in cash already received another $1 5 million expected. This month with another to follow to great deal at a great value for US. We're also seeing a tremendous amount of activity in and around silver springs, including Redwoods recent announcement that its investing $3 5 billion.
And our cathode and anode production facility right next door to the expanding Google complex all only about eight minutes from the opportunity Zone fund properties in silver Springs.
Switch has also started construction on its second Mega data complex.
On a campus that's planning for 17 of these data centers only 12 minutes from silver Springs, literally just past, the Google and Redwood development.
Much more importantly, the opportunity zone fund is completing diligence and agreements now with major companies and investors keen on capitalizing on these development opportunities and this will most likely result, now and about 18 million.
Excuse me $18 million of additional proceeds to Comstock that when coupled with the Daney sale will put in excess of $20 million and sales proceeds to us over the next three or four months, it's very very gratifying to see silver spring's coming together and so positively benefiting the comstock.
We're also evaluating specific strategic opportunities for our mining assets that we believe will unlock tremendous value preparation for this are ongoing through the remainder of this quarter with some announcements expected in the fourth quarter.
Our SK <unk> hundred report is now actually drafted with a new resource estimate for Dayton finally being completed.
Also planned for publication in the fourth quarter.
So just in summary, our priorities on accelerating the commercialization of renewable fuels.
And renewable battery metals, we have a clear pathway, we have clear pathways on these solutions and they are maturing nicely right in front of us, but we do understand that these developments are major and they take time. The industry. However has taken notice and we are now engaged on a daily basis, expanding and solidifying.
These strategic relationships.
Recognition is wonderful, but please understand that we are on a commercialization pathway, regardless of the dose and look forward to showcasing our pilot facilities and our ability to make carbon neutral pops sugar spy elite and biofuels as well as highly pure black mass lithium and recycled battery metals, we're building a <unk>.
Company with enormous long term value for our shareholders. We are doing it foundational Lee.
Methodically sustainably.
So that's the end of my prepared remarks that let's just stop there and we can turn to questions.
Corrado you answered a lot of the questions that have been asked so far in your presentation.
Here is a question that wasn't addressed in your presentation are you pursuing new lithium deposits. Thank you for the question.
We are not pursuing new lithium deposits in the terms of mining claims.
It's probably not worth mentioning I'll do it anyway.
A company that's now founded on extraction technology.
The technologies that we use to extract sugars and buy oleo from Woody biomass feedstock similar in many respects.
The technology, we're using to extract lithium from black mass and we also have complementary technology that we believe ultimately will be very efficient.
And extracting lithium from certain materials in place.
That technology is in our IP portfolio, but we're not we don't currently have any plans.
To advance it with what's happening in the lithium industry, certainly that could surface up to a priority.
Corrado can you please give us some more details about the governmental grant and loan opportunities.
Yes, so the department of energy, Scott plethora of grant opportunities I mean, almost overwhelming and the number of them.
They are coming out for both battery metal battery metal recycling as well I'll ask for Cellulosic fuels Biofuels.
When we saw the grant that I was referring to earlier in the call. It was very complementary to.
What we're already doing we have foundational ability to produce biofuels today from Woody biomass.
And the dose was looking.
For opportunities to produce drop in fuels, which we were already advancing from a single feedstock source, particularly.
Lignocellulose six slash Woody biomass sources.
So it was very hard for us to pass up.
Putting in an application.
For something that is our core competency it wasn't.
Isn't really a no brainer, though because.
We are so close to commercializing our Tac, we had to stop and think about how would this be additive.
To our portfolio and as we assess the opportunities.
And assembled a coalition of partners and technologies, we saw an opportunity to not only add in a way that enhances what we have accelerate in a way that speeds up our commercialization.
This graph now having said that.
Just the dialogues that we've had with industry partners just the agreements that we're outlining and fermenting are remarkable if we didn't apply for the grant were already light years ahead.
And just the facilitation.
So we're grateful about that.
But I think to answer the question.
Differently.
There is more and more of these grant opportunities coming up.
And there is an even more enormous number of loan guarantee opportunities coming up and these biofuel space it might be battery metals and biomass fuels might be the hottest space in.
In the government right now I can't I can't think of anything that's coming close from what we're seeing coming out of the government.
Colorado, we have a follow up to by OEM.
Could you expand on how by OEM compares to existing fuel solutions using other feedstocks.
So basically there is a number of.
Comparable points I mean, the first one is that there is a very very high cost to using the vegetable oil barrels that most of the bio refinery projects.
<unk> being constructed for I mean, there is there are dozens of bio refinery projects under construction all of which are targeting vegetable oils as their feedstock. These costs are very very high.
David witness reviewed some of those costs at the annual meeting so to say $5 $6 a gallon is not an exaggeration.
That's number one number two.
Theyre not plentiful.
If you just look at the allocation for these biofuels there isn't enough of these oils to sufficiently.
Supply a fraction of the bio refineries that are being constructed so a little bit of a head scratcher everybody's.
Super motivated for Biofuels, we understand that right, but they don't have sufficiency of feedstock thirdly.
It inherently competes with food supply. So we don't think anywhere near an optimal solution to be using farmed vegetables.
For a source of energy.
On the contrary there is an abundance of woody biomass that can be procured at a <unk>.
Fraction of the cost.
So.
In our opinion.
The constraint that's blocking.
The prevalence of these biofuels is a technology that can efficiently convert.
These woody biomass is into Biofuels. So we think it's not only a breakthrough.
Unblocked.
Literally a global problem.
And Colorado following up on that can you. Please describe the development plans from pilot to commercialization within Cellulosic fuels.
Yes, so we already have an existing two ton per day pilot.
In Wisconsin It enables the production of.
Carbon neutral pulps, and Cellulosic sugars, which are easily converted into cellulosic ethanol.
We can produce by OEM as a simple byproduct the other half of the Woody biomass that's not cellulose.
For energy usage, so we already have a commercial ready model, that's profitable, making cellulosic ethanol and using the byproducts, even if it's just for subsidized carbon.
<unk> power.
What we're planning to do is build a pilot that will go all the way to sell lots of sugar and all the way to buy oleo.
Boeing and demonstrating the higher yields that we can achieve and then testing and piloting the ability to take those materials to drop in fuel.
So if we're looking at if we're looking at bringing that up and running by mid 2003, we can start working and operating by the end of 2023, then youre looking at 2024 and 2025 before you're scaling in commercializing. The fact that we can already do it profitably.
Laos us to start a large number of activities like assessing sites like securing feedstocks like engineering and design and capital estimates like third party validation of all of the aforementioned which positions us to move very very quickly from.
Pilot to scale to commercialization, if we didn't know it was economically viable then all of those things would be on hold until the prior to prove that what our pilots are trying to do is expand that is extend that right. So that we have the highest yields in the highest values.
From the fuels that are in most demand, but even that.
We'd be able to produce.
Diesel.
Aviation fuel marine fuels biogas leans, a plethora of biofuels with a very nice product mix and or enable.
Our customers and our strategic partners to use those fuels using our bio intermediaries.
Both scenarios are incredibly high returns on our investments and our profitability.
Corrado, we have a few finance questions when.
When will the company become cash flow positive.
When will funds need to be raised and what form will it take equity sales or more project financing. Thank you yeah. So look each one of our platforms.
Result in profitable operation. So our first facility for battery recycling would be profitable our first bio.
Immediate production would be profitable if we went all the way to bio refining of fuels would be profitable. So so so the view is is that we will use our equity judiciously between now and getting these pilots fully up and running and demonstrable once they're demonstrable means.
We can demonstrate it people can kick it people can see it and more importantly third party engineers can re validated then the bonding of the.
Those facilities and the project financing of those facilities will not only be straightforward.
From let's say.
The financial community.
There is also a very very strong demand from strategic partners. If you think that there's all these bio refineries that are being scheduled and bill and they are not going to have the feedstock to run full or even to run at all there's motivated partners out there and we're hearing that already.
Corrado given the company's recent stock performance what are the one or two catalysts that will significantly impact the stock price.
We're very disappointed with the stock performance, we think that.
Our ability to validate the things that I just mentioned, both bright for Cellulosic fuels and for linacre, they're worth repeating right our ability to.
To validate and show the production of pure Black mass, which we've already done with serial number one and we're enhancing for serial number two our ability to announce the purity of our ability to extract lithium.
We will have a meaningful impact on the market and obviously getting the permits that paved the way for us to get the things up and running here in Nevada strong strong strong.
Catalysts strong.
Milestones.
On the bio side.
Not only demonstrating the ability to produce these bio intermediaries, both the cellulosic sugars, which we can do today and by all means and then proof and validation of the yields that these biofuels will come out of it.
It's very very powerful and maybe most importantly, the agreements that we're looking to sign here with off take partners. So that will demonstrate.
The.
Confidence in technology that will demonstrate our commitment to deliver and that we will demonstrate a very specific revenue stream, which will also add to and facilitate the financing that we talked about earlier. So the market. The market has been brutal the timing for us was not great.
Our share price could that be a more disappointing to us, but the foundation is solid.
Progress on these pilots is remarkable.
Being able to see the yields being able to.
The efficiencies that each one of our systems are.
Full of doing relative to anything that's known are out there in the market.
Our confidence is Supreme on this front.
The E facilitating engagement with these third parties the reaction there too.
Overwhelming was overwhelming we didn't only identify <unk>.
Seven major partners.
In our in our application right, we had to choose between the ones that we thought would be most effective in this process that was the LIFO.
Corrado could you explain the significance of your recent patent announcement.
When will it be awarded the patent the patent we filed a provisional patent it was enormous it was enormous in its scope and it did two things right it's filed.
To ensure our protection and our freedom of use of our technology for the composition of certain by Oleum and the process for producing it. So it was both process and composition were included in our patent. We also did an enormous search.
Of all all prior technology all prior.
Patent filings the things that were out there that we thought could block us could trip us up and we didn't find anything at all I mean, there is nothing material it was almost.
Competitive analysis that reaffirmed the novelty of our position and so we were calling it for a while internally the umbrella patent right because we wanted to make sure that it not only covered the breakthroughs that we see here now with the bio Liam and the yields that come from that but also the whole.
Landscape of what we're planning to do in this industry.
Corrado, how would you characterize as your ideal strategic partners for each of your businesses.
A funding offtake, Mark kitting and distribution technology, where all of the above.
In the Cellulosic fuels, it's almost all of the above there is already extraordinary.
Buyers of some of the catalysts and the enzymes that are required in the industry. We have incredibly good relationships with them and there is a global leaders. There is technology partners that can help us advance.
Make no mistake, we're the enabler.
That unleashes the volumes that unleashes the yields that enables an unblock the bottleneck in the industry, that's our technology, but theres no reason of complementary technology couldnt enhance the yield of diesel or enhance the yield and aviation fuel and absolutely customers not only that.
We're willing to take offtake, but to work with us to validate the materials and let the rest of the markets know that what we have is of high quality and high efficacy. So I think of it that way in the.
In the lithium battery recycling.
It's really about feedstock more than anything else.
And what I love about our competency and what I, what I mentioned earlier is the fact that we have the ability to design.
Handle hazardous material.
Engineer manufacture.
And manufacturer in a way that's scalable we have this 500 ton per day, crushing and separating conditioning system it could be.
80 tons a day it could be 100 tonnes a day can be two tonnes a day could be 15 times a day, we have the ability to engineer our solutions.
Manufacture them and deploy them.
Gives us an incredible capital cost advantage and it gives us an incredible speed advantage.
Corrado you may have already covered this but could you speak a little bit more about the timeframe of the.
As pilots.
Yes, so we got the the crushing and separating system up and running in May produce black mass. We showed a video of that during the annual meeting we've revamped revised and upgraded.
From an engineering perspective, all the points that we thought could.
Could stand for improvement.
What we're in the process now of doing is finalizing those engineering's finalizing the procurements of some of the upgraded components planning to get all of that to to Nevada.
Realistically from a timing perspective.
Our air quality permit needed to be modified for those changes as I mentioned that was a few months of delay we're going to try to file that permit. This month early September at the latest which probably puts us in the second quarter of 2023.
Or the other pilot for different reasons right.
We're also looking towards the middle of 2023 are in the third quarter, maybe early third quarter of 2023. So what's outstanding is that there is a tremendous amount of work to do right.
Right from between now and then on all aspects of the supply chain, while in some cases.
We have long lead times for equipment. Some cases, we have a longer lead time for permit in other cases, we're working on feedstock and supply agreements I think it's all going to come together very very nicely mid next year.
And we will accelerate and scale from there.
Corrado can you. Please provide some more details on the agreement with <unk> <unk> co.
And also.
Just give a basic overview of how that works absolutely. So.
As the market started to come down I, just thought that it would be prudent.
To secure additional liquidity, if we needed it.
There is there's a lot of funky things out in the market and we don't like Funky things. So it was really.
Positive for us that an investor was willing to invest $2 million.
At market price no discount with restricted shares that tells us that the investor wants to stay and be an investor.
So we did that deal.
65, <unk> share price wasn't exciting to us at the low share price, but considering where the market was we welcomed another strong investor that came in with restricted shares and then we just structured.
The ability to.
Get another $10 million of investment as we would need it and so that is in contemplation of the work that we're doing between now and in the middle of next year to get these pilots.
A built to get them commissioned.
To get them up and running.
Colorado can you. Please provide some more details about the company's relationship with Aqua metals, yes.
Yes, Aqua metals is a minority investor in <unk> and Aqua metals is a partner in the sense that they have.
Entered the lithium ion battery recycling business people may or may not know that they were previously doing a very similar thing in led a battery metals recycling.
And so we're working very very diligently there are public company, so everything they're doing.
Everyone should be aware of or can be aware of to develop a solution of downstream solution that takes black mass.
And is able to produce.
Pure Nichols pure Cobalts, maybe even some some lithium products. So that's exciting for US we have an ongoing collaboration since we're both owners and <unk>.
And I think at the annual meeting we talked about three downstream scenarios for US one was our own ability to extract lithium which I've talked about already at length today.
<unk> is aqua metals downstream ability to extract some of the other battery metals.
Green line, which we have an investment in and has downstream capabilities to produce cathode active materials precursor cathode active materials. So it's pretty remarkable what's happening here in northern Nevada.
We're seeing our ability to take these pure black masses, and a number of different directions, we're probably not going to do all three.
We're certainly going to do one we may do two of the three we will see how it plays out all three are in development all three have promise.
So, we'll let that process play out it'll play out timely for us as we're building our system and the front end, which we believe is the critical part of ensuring the growth of the business.
Corrado to the extent possible.
Please provide a preview of.
And announcements.
I think I laid it out the near term objectives for by OEM.
Talking about building a coalition.
Talking about announcing partnerships, we're talking about announcing offtake agreements and we're talking about deploy.
Deploying and expanded.
Biomass pilot facility.
So thats very exciting.
All fronts and from clinical process, we're talking about receiving major permits revising and deploying in commissioning the pilot facility and starting to produce not only black mass, but also ultimately with you know we'll have news on our abilities to produce lithium.
Sooner than we will actually be deploying the system.
So thats good will be openly talking about those updates as we go the only other news from a corporate side.
Is.
The highly probable and very very active closing on the silver Springs properties I was trying to convey earlier that were there.
<unk> engaged with with large investors and large companies.
There are large companies coming into the area beyond Google beyond Redwood, Okay. It's really remarkable what's happening silver Springs is finally, starting to get real traction direct traction. So big news for us is $20 million of cash coming into the treasury.
Over the course of the next quarter.
Okay, and we do have a follow up question.
On the coalition.
And how soon will that occur so that we're in we're in ongoing active discussions like literally every single day for the last three or four weeks.
Lot of it has been rallied around this one grant ironically.
Ironically, the grant is very very small sliver.
How those conversations are expanding.
We have some folks saying why are we bothering with with the government Grant where we can do this together right now.
And in that context, we're scoping grant.
Cannot be silly right like we're scoping the grant for what we believe is large large upside with a longer lead time, and we're not scoping and the grant things that we can do with our partners sooner and so it's it's night and day I mean, the last two months have been.
Operating the response has been.
I mean, just truly remarkable and and I think it validates what were doing it validates our Tac.
These conversations are not hey, we can make you a lot of wood, what do you think I mean theyre highly technical [laughter].
They are engaged with the top technology officers of all of the companies that we're talking about these companies are not small.
They are big so.
For us it's been really a validated we haven't we haven't learned anything new about ourselves.
I think a lot of people are learning more about us.
Corrado.
What revenue will the company see in 2022, and what revenue will the company see in 2023.
Look so we think that there is opportunities for not only producing and selling black mass in 2023, but also with some of our partners.
Enabling them and selling some of our solutions on the Cellulosic fuels side, Okay, we're not going to see a <unk>.
<unk> bio refinery in 2023, but we will see.
This year off take arrangements and once those off take arrangements start locking in the plans for producing that offtake will accelerate because they are critical prerequisite for not only finalizing the size and scale of what we're gonna do but also the financing so.
We're thrilled at the progress it's in the right sequence and it's all happening.
Corrado that does it for our questions. So I wanted to thank everyone for submitting their questions and I'll turn it back over to you. Thanks I wanted to I wanted to thank everybody for your time and attention we announced after the market closed purposely to allow our investors to digest, our 10-Q to digest, our press release and <unk>.
Have the benefit of all of these discussions.
Before the market opens we are we're very happy.
Two follow ups as always if you have any questions or concerns. Please don't hesitate paying us or reach out and we'll be responsive. Thank you very much.
Yeah.