Q4 2022 Sierra Metals Inc Earnings Call
Hello, everyone and welcome to the Sierra metals fourth quarter and year end 2022 consolidated financial results Coke.
We will begin shortly if you'd like to register a question. Please press star flip I want I don't know that I think he pad.
Do you feel patients.
[music].
Yes.
Hello, everyone and welcome to the C havent met towards fourth quarter and yearend 2022 consolidated financial results call. My name is D C and I'll be coordinating your quotes that might keep standing by.
If he would like to register a question. Please press star one no telephone keypad I would not like Honda Kool aid your highest Christiana Papadopoulos manager of Investor Relations again, So Christiana. Please go ahead.
Thank you operator, and good morning, everyone welcome to Sierra metals fourth quarter 2022, and year end 2022 consolidated financial results Conference call on today's call and Oscar Cabrera Chair of the board of directors, our Nashville celebrate though about that our interim CEO and Jose Fernandez.
Becker, our interim CFO .
Following the prepared remarks, a question and answer period.
The accompanying presentation for today's call is available for download through the webcast or from the company's webcast at Sierra metals Dotcom yesterday's press release, the financial statements and the management discussion and analysis are also posted on our site.
And on SEDAR.
I like to note that this earnings call contains forward looking information that is based on the company's current expectations estimates and beliefs.
This forward looking information is subject to a number of risks uncertainties and other factors actual results could differ materially from our conclusions forecasts or projections as reflected in the forward looking information. Additionally, information about the material factors that could cause or assumptions that were applied and drawing.
In conclusion, while making a forecast or projection as reflected in the forward looking information is contained in the company's annual information form which is publicly available on SEDAR and on the company's website. Please note that all dollar amounts mentioned on today's call are in Prescott, unless otherwise noted now I'd like to hand the call.
Over to Oscar.
Christina and good morning, everyone. Thank you for joining us this morning.
My comments today will be brief because I will leave it to our national call Center.
The company's results and outlook, our board chair and a member of the Special Committee of independent directors that is understanding undertaking a strategic review I would like to provide an update on that process.
The Special Committee continues to evaluate certain a strict strategic alternatives. The company will report to shareholders at the conclusion of the strategic review process. Therefore on today's call other than the following remarks, we will not be commenting further or taking questions on the special committee's work.
I would like to remind our shareholders of the mindset that the special Committee took on last fall based on the challenges the company faced at that time.
We're responsible for exploring reviewing and considering options to optimize the operations of the company and possible financing restructuring and strategic options in the best interest of the company.
Consistent with that Monday, the members of the special Committee have provided recommendations where appropriate and supported the management team to identify opportunities to improve operational and financial performance.
In that respect the airports of the special Committee have made an impact ahead of the completion of the strategic review process.
Much of what you'll hear from our Nashville for Saturday will be a summary of initiatives they have intensified and begun to implement <unk>.
I believe the airports so the entire Sierra metals team have already and will continue to make a significant difference in the company's operational performance and growth outlook. The board has confidence that the company is on the right track.
I would now like to.
I turn the call over to our Nashville.
Thank you Oscar good morning, everyone.
It is my pleasure to be part of my first earnings call with the CFO made those as interim CEO as many of you know I joined the company in late November 2022.
Been a very busy time since I have joined and I wanted to make a few comments before I provide an overview of our operating results.
First I am pleased to report that I have joined a company with a dedicated and hard working team of professionals across the organization. The challenges that the company faced in 2022 are well documented.
<unk>. Our team has remained focused on the task at hand and has embraced the initiatives. We have put in place. During my first 100 days on the job.
Most notably our company has embraced our renewed focus on safety for me safety is a top priority as we say in the business a safe mine is an operating mine and I truly believe in one of my top priorities as CEO is to ensure we provide a workplace environment, where all employees and contractors.
Our safe unable to return home safely after our base work.
Later in the presentation I will return to discuss more specifics about the plant improvements, but first let me provide an overview of our results.
Consolidated 2022 ore throughput was $2 3 million tons, a decrease of 21% from 2021, mainly driven by the 16% decline in the annual throughput from our view and Jody courtyard Marriotts respectively.
As a result consolidated 22.
2022, copper equivalent production decreased 29% compared to 2021.
Consolidated fourth quarter, 2022, or throughput of half a million pounds, a sequential decrease of 12% from Q3 2022, mainly due to the decline in throughput Jodi coach.
As a result, consolidated Q4, 2022 copper equivalent production decreased 15% compared to Q3 2022.
Our culture, our flagship mine in Peru throughput west.
Severely impacted in Q4 2022 by the much light incident that occurred in September followed by a road blockade by the local communities as compared to Q4 2021, you already got your throughput was 40% lower while on a year over year basis throughput was 16% lower as compared to <unk>.
And in 'twenty one.
At the Bolivar mine throughput increased 19% in the fourth quarter over the third quarter.
That momentum has carried over into the first quarter of 2023.
However, the annual throughput at the Bolivar mine was 30% lower as the improvements in Q4 2022 production could not make up for the delays in installation of critical infrastructure during the first half of the year.
Unexpected flooding during Q3 2022.
Also during the fourth quarter recovery rates and copper silver and gold grades were substantially higher.
All of which we are encouraged by <unk>.
Clearly there were many challenges at Bolivar last year. However, the critical infrastructure bottlenecks have been resolved and most notably these cuts included the installation of pumping and ventilation systems.
With these issues addressed we're seeing indications of improved performance year to date at Bolivar.
We will look to build on this momentum for the remainder of 2023.
At our Wuxi mining in Mexico, we process, 11% more ore in Q4 than in Q3 as mining resumed in the area where flooding occurred earlier in the year. They increased throughput helped offset the impact of lower grades and lower silver and gold recovery rates during the quarter.
Annual throughput at Gucci mine in 2022 was 292000 tons or 1% lower than 2021.
In addition to higher silver grades crushing and driving improvements at the plant have helped enhance silver and gold recovery, resulting in an 8% increase in silver equivalent production when compared to 2021.
As noted in our earnings release, we have made a strategic strategic decision with input from our board of directors classified goosey as a noncore asset does that and we will continue to operate <unk>, while we explore strategic alternatives.
Despite the challenges the company faced in 2022 I'm encouraged by the recent progress. We have made we have seen improved performance carry over into the start of 2023, I will discuss our outlook in greater detail in a moment first I will pass the call to Jorge our CFO .
Thank you Ernesto I will not be going into details I assume everyone has read our fourth quarter and year end 2020 do financial results released last night instead I will offer these highlights.
Revenue from metals payable was $192 million in 2022, a decrease of 29% from 2031 annual revenue of $272 million.
Lower revenue resulted from the decrease in throughput in grades at the yard <unk> and Bolivar mine.
Due to the previously mentioned operating challenges experienced in 2022 cash cost across all of our minds or higher in 2022, when compared to 2021.
You'll recall, Tim Bolivar cash costs on a corporate equivalent basis, we're at 53% and having us having that are in high density actively at Cruces, EBIT equivalent cash costs were flat year over year.
A year.
Adjusted EBITDA of $13 million for 2022 was a decrease from that justice EBITDA of $104 $7 million of 2021.
The decrease was primarily due to the interruptions and operational agility culture and Bolivar.
Net loss attributable to shareholders for 2022 was $87 5 million or <unk> 53 cents per share compared to 2021 net loss of $27 4 million or 17.
<unk> per share.
Net loss for the full year of 2022 includes a noncash impairment charges totaling $50 million.
Adjusted net loss attributable to shareholders of $23 $1 million or 14 cents a share for 2022 compared to adjusted net income of 21 7 million.
<unk> per share for 2021.
Cash flow generated from operations before movements in working capital of $5 $2 million for 2022.
It was lower than the $91 million in Duane need 21, mainly due to lower revenues and higher operating costs.
<unk>.
As of December 31, 2022nd cash and cash at Q1, <unk> was $5 1 million.
And working capital was negative $84 4 million, primarily due to the $82 8 million Golar strict application of long term debt to current.
Subsequent to year end, we were pleased to announce that we are in advanced discussions on terms to refinance 18 $475 million of the 25 million principal debt repayment obligations that are due in 2023 under the company's senior secured facility.
We intend to formalize this refinancing prior to the new date of the second quarterly principal installment on June eight 2023 subject to among other things the completion of a digital video.
<unk>.
And then did a capital light and entered into refinancing of $6 $25 million first quarter 'twenty three amortization payment deal must.
<unk> 2023 wild.
Wilder refinancing contract for most of the balance of 2023 payments is being finalized.
We have also advanced discussion with all of their secured lenders on refinancing or material ultimately destructive obligation in our steps to improve short term liquidity through ancillary financing arrangements.
Multiple gamma achieving balance sheet relief gold after you Ernesto.
Thank you Jose.
As many of you know I came on board in November and my priorities were to improve the operations nothing has been left unturned.
Our focus was to first stabilize and now optimize our operations.
First phase of stabilizing the operations is complete we are now moving ahead with a strong platform to increase production and lower costs.
Initiatives implemented in my first 100 days on the job include.
Placing a renewed emphasis on safety and employee engagement. The company has hired a vice president of health and safety instituted new safety protocols across all of all of its operations increased training and communication efforts and invested in remote control equipment, which is nice.
<unk> already reduced risk of injury to personnel.
Safety is our top priority and I am committed to doing all I can with the support of our management team to provide the safest bustle of working environment for all of our employees and contractors.
And enhancements to internal financial forecasting reporting and integration of information across functions to drive improve decision making.
Initiatives to increase productivity and thereby reduce costs at the mines, including increasing asset utilization focused underground development of mine sequencing and improvements to ventilation and pumping systems in Bolivar.
We have initiated activities designed to identify additional mineral resources.
<unk> got channel you are mines and sustained long term production increases.
And we have made organizational changes designed to create a shift in our corporate culture and instill a more hands on approach to operations. These starts at the top senior management now spend significantly more time at the mine sites. So we can all fully understand the challenges and opportunities.
A key metric is our daily throughput rates, achieving our targets generally indicate to me our operations are improving and costs are coming down.
But we're still early in our operational improvement plan. So far in 2023 at Bolivar were achieving 3070 tons per day throughput, which is the same rate as in Q4 2022 and.
And we see opportunities for improvement in 2023.
Meanwhile, our Jodi Gotcha, we're achieving 2375 tons per day.
<unk> 36 improvement over fourth quarter 2022 already.
23 targeted levels.
Now for the outlook in 2023, our operational improvements have now set the stage to increase production and lower costs. Some of our key objectives were included in the guidance issued in our earnings release last night, and let me summarize some of them.
We expect to see higher production in 2023 for a copper zinc lead and gold that in 2022.
On a cost basis, we expect to see significant improvements on both.
Both our cash cost.
And all in sustaining cost basis at Jody Gotcha unbelievable.
For capital expenditures, we're forecasting total sustaining capex of $32 million with $10 million of Jody Gotcha, and 22 million at Bolivar and <unk>.
Expenditures in Bolivar are primarily focused on enhancing the longer term viability of their mind.
Nearly half of.
Nearly half of these for mine development more than $5 million on infill drilling and nearly $4 million for improved equipment.
These investments are critical at Bolivar as we truly believe it is a deposit that has the potential over time to become a long life low cost mine.
Growth capital is $15 million with 11 million committed.
Where the focus is on the tailings dam the shaft.
Much like Bolivar co chair requires investment and optimization.
We also believe we need to focus significant efforts on obtaining permits in Peru to allow us to mine below the low end 'twenty level.
Gaining those permits is critical to helping us transform jodi culture into a long life low cost mine as well.
On the basis of these guidance, we expect the company to generate significantly improved operational and financial performance for all our stakeholders.
Duane.
Yeah.
As I stated earlier one of my first objectives. When I joined last year was to stabilize the operations based on what I have seen to date on our guidance for 2023, I believe we have achieved that objective.
Next our focus is to optimize the operations. These must be data. So we can return to higher levels of production on a sustainable basis that is both safe and economic.
Then our priority will be to position <unk> for growth and by this I mean sustainable predictable and reliable growth over the longer term.
The mental to achieving this goal is expanding the resources at our core mines.
Our key growth initiatives are centered around three <unk>.
We are revising the life of mine plans at <unk>, which are expected to be completed in Q2.
Q2, 2023, we believe both sides have the potential to sustain long term profitable production.
Company is also working closely with regulatory bodies will expedite the permitting process at the agriculture without compromising safety and environmental regulations.
We focus on these key optimization initiatives and the strategic planning that is ongoing.
<unk> heard some of our growth oriented capital expenditures. Once these work is complete we can revisit our growth capital needs.
We firmly believe bolivar annuity coach our governor stone assets capable of underpinnings here emitters to be.
To the benefit of all our stakeholders, we have laid out the priorities we need to achieve in order to meet that objective. There is much work to be done, but I'm convinced we have the right team in place to succeed we have seen early signs of success and we believe there is some momentum in our business looking ahead we.
To see improvements achieved throughout the year.
With that I'll hand, the call back to the operator to start the Q&A session.
Operator.
Thank you.
I would like to register a question. Please press star one on your telephone keypad.
I would like to withdraw your question. Please press star Blip I T.
When preparing to ask a question. Please ensure you Amit had lately so that style led by one on your telephone keypad to register a question.
Yeah.
Our first question today comes from Mark Reichman from neighbor come to market Mark. Please go ahead. Your line is open.
Good morning.
Just had a question I missed the comment about both.
Both Bolivar and your Codeshare.
What rate of tons per day basis would they be operating in 2023, I heard the $23 75, and I'm assuming that was your culture, but I was just wondering if that's kind of if you could repeat those numbers and if that's what we can expect for the full year or whether there would be any ramp up in those numbers through the throughout the course of the year.
Yeah. Thank you for the question.
What I would say these in Bolivar right now, we're achieving 3000 70000 tons per day, we're expecting to increase this.
<unk>.
Great.
In the next months.
At the end of the year, we should be close to 5000 tonnes a day.
In the agriculture 2375 tons per day, and we're very much in line of what do we have targeted for the year.
Yes.
Okay.
Then.
In terms of the permit.
What are your expectations at this point.
For for receiving a permit.
The mine at depth.
Your approach here.
Then once you get the permit.
How long do you think it would take before you actually start.
Before you actually mining in those deeper areas.
Yeah. Thanks for the question again.
We are confident we are doing our best efforts to get that permit by year end.
So that's where we're working that we have hired.
Manager.
Off permits for Sierra metals, we didn't have that position in place and they are working 24 seven.
To get these Permian.
To our economy.
How long would it take us to start constructing neuro from that area.
Six to nine months before.
Before we can start extracting minerals.
After we get the perfect right.
Okay.
Very helpful. Thank you very much.
Sure.
My pleasure.
Thank you our next.
Next question is from Jim Young from Midwest investment Jim. Please go ahead. Your line is open.
Yeah, Hi.
Welcome to Sierra metals.
My question is.
You mentioned that you completed phase one and now you.
Moving on to where you want to increase production and lower cost.
Can you just quantify it a little more specifically as to.
Do you think about.
And where will you be by.
And of.
Let's see.
The end of the September quarter.
In December and then you know in the <unk>.
24, so 5000 tonnes a day Ebola virus, you just mentioned.
Is that they see the maximum capacity that you see in 'twenty 'twenty four is that.
We expect to continue to grow.
And again.
And then can you also then.
Try this with your cost expectations per pound. Thank you.
Yes.
Okay.
Thanks for the question.
Why are we reducing costs is because all of these operational improvements.
On our sites in Bolivar, we already have.
Ventilation systems in place.
That allow us to mine.
More to take out more Mcdonald.
Volume.
That will take our cost down pumping systems already in place.
That also facilitates the work of the miners.
So I mean, you're already culture.
The cost will come down because of higher production, but right now we are mining small bodies above the 11 20 level. So the mining cost is not lower.
Because we're going to produce more ounces more pumps I'm sorry than.
Cost.
We will finally be lower.
But as a miner.
<unk> cost is going to go a little bit.
Hi.
We are going to be able to sustain.
For 2020 for the production levels at Bolivar, that's what we're aiming to do whatever needs to be developed.
That's why we are trying to accomplish.
This year.
I love it.
A lot more a little bit more next year keep developing the mine I don't foresee and increasing production at Bolivar for 2024.
I don't foresee.
Increasing production.
Manage in Jodi culture in 2020 for either unless well maybe by the end of 2024, when we get this permit and we prepared to mine below the low end 20 level.
I hope I answered your question.
Rob.
But can you be a little more can you quantify though we expect costs to be say by the end of the by the end of 2023 at both Bolivar and your culture.
Cost per ton in Bolivar.
Let me look at my guidance.
Jim.
Cash costs in your culture should be around 180 in those areas and in Bolivar around $192.
Cash costs.
Per copper equivalent pounds okay.
Okay.
Okay.
If you are able to achieve this guidance do you think that you can fulfill about culture, what does that suggest for the <unk>.
EBITDA.
And cash flow generation.
Yeah, it's hard for us to project, we don't give guidance on EBITDA.
It all depends on metal prices.
And we are working towards getting a much better EBITDA number than last year I think all of these operational improvements safety measures.
<unk> result in better in much better EBITDA, but we don't provide guidance on that.
Okay.
My last question really is.
Maybe it's been early but he had a chance to go out to visit any of the mind, yet and if not what's your plan to do so please.
If I have visited the mine sorry.
Yes.
Oh many times.
One of my.
My way of doing business and CEO of our mining company is visiting the mines.
February equally and not only myself.
But with my example.
Yeah.
My management team is also.
Doing that and this was the first major change that happened when I first got in.
Okay, great. Thank you very much I really appreciate that.
Sure.
Thank you.
Our next question is from Albert <unk> from ARIA and so I'll skip to my badge I. Please go ahead. Your line is open.
Yes, good morning, gentlemen.
My question is regarding the improvement.
You are mentioning are being delivered.
Because what we're seeing here is a reduction on the guidance from what we had heard in prior calls, especially on the <unk>.
<unk> throughput.
What youre, saying here is that the <unk>.
Production rates are going to be around 23 to 2500 tons per day, which is remarkably low by historical standards.
The coach it's hard for me to imagine.
The company being very profitable at those levels.
What has changed in the third quarter conference calls.
They were telling us that by the second quarter of this year.
Jerry a question I was going to come back to normal throughput. So could you explain to US why this would change.
From.
The previous call to now.
Okay. Thank you for the question I was not on that call and I I have read what they what previous management offered.
I'm offering now is steady production profitable.
Production.
B Lowe, if we had access to the levels below 11, 20, maybe the throughput could go higher right now were mining small bodies above 11, 20, less sub level caving more cut on field operations.
This is.
The throughput that we can get out of the agriculture in a safely economic.
Wait until we get the 11 20 permits.
Then things.
You have to change.
Great I'm glad to hear that youre talking about profitability and cash flow generation because that.
Our biggest concern in terms of the run way the company has if you're telling us that those production rates Jodi coach can generate cash flows.
You would have the runway to go to when the permits are obtained.
I would.
Feel more comfortable but I'm glad to hear that.
Whether you are.
Same here.
On the permit side is mind boggling that there has been such a long time to obtain those permits I was reading the annual report of Corona, which I was glad to read all the disclosure.
In there.
And you were talking about getting the permits by the end of this year.
I'm surprised by your comment that the production rates would be same in 2024, given that there was almost a continues.
You know mineralization from those levels lower levels quite six to nine months to reactivate those zones.
Okay.
Good question, because we need to prepare to mine.
Below $11 20, its sub level caving sub.
Sub level came in with a lot of water, we need to safely extract that mineral for that we need to prepare to mine. The mine is not ready below 11 20, we get the burden is not that we're getting the next day and we start mining and extraction mineral we need to prepare that site that area of the deposit that's why it takes.
While two to extract minerals from there.
The main recently, we want to do it in a safely manner.
Watering these stopes, we need to take a little bit of time to prepare it and to do a good job, especially with safety.
Yes. The final question I have is on Bolivar.
I'm glad to hear that you are ramping up.
We couldnt get the sense from the guidance.
A significant increase in production in Bolivar.
Now that the quarter there.
It's almost silver on the first quarter you feel that you know.
We are.
Going to sustain these growth rates.
You are projecting on Bolivar.
Bolivar also had an iron ore project that there was even a technical report.
Preliminary feasibility study and the on the.
On the iron ore project.
The management was telling us that because of transoceanic shipping rates, having gone up so much that is less economics. So therefore, not so valuable it sounds oceanic shipping rates have come down to pre COVID-19 levels and iron ore prices are remarkably strong is there any.
Plan to reactivate that that project.
Thank you for the question again.
Okay, the iron ore project.
For for the Iron ore project to work, we need a buyer of the iron ore, we don't have a buyer.
We don't have that capex to install a plant for iron ore. So we would need not only a client, but a client that is willing to invest in our sites in order to get that iron ore out of our concentrate.
Of our minerals. Okay. So we are looking for that buyer.
We haven't found it yet.
That's the second question I think the first question was on <unk> can you. Please repeat.
The throughput you know when I look at the production.
You are talking about given going up to 5000 tonnes per day, but is that.
In the guidance of copper.
Copper production because.
I would imagine that if you go to 5000 tonnes per day, the copper production of Bolivar would be higher than what you have guided in your press release.
Yeah, it's a it's a ramp that will what I'd say is that by the end of the year, we should be at five times. So maybe you shouldn't multiply by 1000 by the remaining right of each.
Year.
To wrap up and.
I think it is sustainable for 2020 for 2025 I do think so.
Why <unk>.
And I think you know bolivar.
Very well.
Dealer is underdeveloped, we need to develop that in mind, we need to invest in.
In making more fronts more stopes available to us.
That is going to take a while in order for increased that to ramp up that.
Production level.
Alright, thank you.
Yeah.
Thank you next.
Next question is a follow up from Mark Reichman not please go ahead.
Well I have to say I've been impressed with the actions that you've taken to date I guess the question I have at this point is you're dealing with a lot of different stakeholders I mean on the one hand, you're working with the banks to try to get some flexibility you've been successful in getting wave.
<unk>.
I think your your financial statement, it indicated that you'd probably have to see.
More waivers in the future.
Meanwhile, you've got this capital expenditure budget.
And a lot of investment needs at both you.
Your coach of Bolivar. So how are you thinking about bridging the financial gap in terms of cash flow versus asset sales, meaning QC versus stock sales or taking on additional debt.
Thank you for the question.
We need to keep stabilizing and operating our mines in a productive efficient safe manner.
Am I.
I really believe we can make a profit.
I really believe these two mines and produce positive cash flows for the company.
The banks want to help the banks don't want to bankrupt us or anything they do want to help.
And they are helping.
And I think they will be willing after we show the Q1 results and Q2 results there'll be willing to refinance the whole debt.
I have started preliminary talks about that.
Yeah.
So there's a lot of balls in the air right now.
A lot of fronts as you say, but we are handling we have a great team that is supporting.
And the company.
We're on site.
It's hard work I can tell you, but where we're making progress.
Well, just as a kind of a follow up to that question.
You just alluded to that when they see the first quarter in the second quarter results that was like I said I think the plan looks impressive.
I guess the execution will be the heavy lifting but in terms of the first quarter did you solidify all this prior to the first quarter, where I mean, we'll these efforts show up in the first quarter numbers or I mean have you spent any capital expenditure funds at this point or you know what.
When do you expect the real progress to start.
Okay. We are already seeing the results of these actions in Q1 2023.
And just to clarify on the Capex number that you are seeing that comes out of the of the company of the operations. We are not increasing our debt we are not increasing our refinance.
Everything comes out of the cash flows that both sites are producing.
Okay.
Okay. Thank you very much that's really helpful. I appreciate the information.
Thank you.
Okay.
Thank you.
We will take our next question I'd, just like to remind everyone. If you'd like to ask a question. Please press star followed by one no telephone keypad.
We have a follow up question from Jim Young Jim. Please go ahead. Your line is open.
Hi.
Yes could you please address.
The.
Fastest it's going to unfold.
The timing expectations for.
And we'll have a permanent CEO in place any permanent CFO in place. Please.
Because I think it was very clear that you had mentioned that you are an interim.
CEO and interim CFO .
Thank you for the question I'm going to pass that to our chair Oscar.
Yes.
Hi, Jim good to hear from you.
Listen we did not believe it was appropriate to make decisions before the completion of the strategic.
Review and this is why.
The interim was head.
Head of CEO CFO , that's been set.
<unk> worked very qualified.
And this despite having the interim title divorce selected them, because we were and remain very confident that their ability to execute and make this is a decisive progress at this critical juncture.
They just all I can tell you stay tuned.
We're very very happy with their performance.
Yes.
Okay. Thank you very much.
Thank you as a final reminder, if anyone would like but just a question. Please press star one on your telephone keypad now.
We have no further questions. So I'd like to hand, the call back over to a next day for any closing remarks.
Thank you for taking the time to join US today. We appreciate your continued support and just over 100 days in the CEO seat I'm proud of what the team has accomplished you can expect more from us and we look forward to showing you our progress on earning your trust stay tuned.
As always please feel free to reach out should you have additional questions have a good day, everyone and thank you again.
Thank you everyone for joining today's call you may now disconnect your lines and have a lovely day.
Thanks.
Yeah.
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Yes.
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Okay.
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