Q1 2024 Wesdome Gold Mines Ltd Earnings Call
Good morning, welcome to Windows Goldmine Coffee school to discuss the company's financial and operating results for the first quarter ended March 31st 2024.
As a reminder, this call is being recorded.
Well, that's what today is just much less somebody's Preston I know congratulations it's Martin. Please go ahead.
Martin: Thank you and good morning, everyone before we get started I'd like to point out.
Martin: This call we may make forward looking statements as defined under Canadian Securities Law I ask that you view, our slide presentation for cautionary language regarding forward looking statements and the risk factors change.
Martin: Please note that all figures discussed on this call are in Canadian dollars unless otherwise noted.
Martin: Our press release, MD&A and financial statements are available on SEDAR and on.
Martin: Our corporate website western Dot com.
Martin: With us on todays webcast is asking about western's, president and CEO Brett.
Martin: Right.
Martin: Our C O L Fernanda.
Fernando Mccullough: Fernando Mccullough our CFO.
Fernando Mccullough: Michelle S E T exploration and resources.
Gil SVP corporate development and Investor Relations.
Fernando Mccullough: Following managements formal remarks, we will then open the call for questions now.
Thank you Tracy and good morning, everyone.
First quarter was about it.
Fernando Mccullough: In terms of production.
Fernando Mccullough: Production and costs.
Fernando Mccullough: Operating performance was demanded by education and support.
Fernando Mccullough: I'm pleased to report that subsequent to the quarter, it's hard to predict.
Speaker Change: I agree.
Speaker Change: Since mid April.
Fernando Mccullough: Great.
Fernando Mccullough: Double digit growth.
Martin: You're on track to meet our full year production guidance.
Martin: Hum.
Martin: I thought I would highlight.
Martin: Have you thought at all.
Martin: About production.
Martin: Yes.
Martin: And generally what's the lowest one of the market.
Martin: And then exploration program in the company's history.
Speaker Change: Thank you.
Speaker Change: Exploration, just yet, but keeping them up there.
Martin: We plan to add another two.
Speaker Change: Got it.
Speaker Change: So nothing.
Speaker Change: All of them.
Speaker Change: Well most of it yes exploration results on that.
Martin: But didn't you just got that Ciena, which area.
Martin: Great that's all could be 11.
Martin: Central setting aside.
Martin: So it's called tests push them up at any point.
Martin: Our free cash flow inflection point generating more than $19 million.
Martin: 39 million on a different time period.
Martin: Underscoring our commitment to Maxx Marshalls.
Martin: It has 73, yet and strategic accounts.
Martin: Martha.
Speaker Change: And I know you'd love to attach a double.
Martha: As part of my question.
Speaker Change: Our food as it should be you on.
Speaker Change: Mike and Andy.
Speaker Change: Taking initiatives in three blocks heading this apology and reviewed the geological model of Tomorrow, Montana.
Speaker Change: Next a bunch of it was about 10.
Speaker Change: And importantly control.
Speaker Change: Any underway for rollout in the second half to get 92 sectors.
Speaker Change: I think it's just based on rig Richard and minimize risk.
Speaker Change: And implement continuous improvement initiatives.
Speaker Change: In providing an.
Speaker Change: And increase our margins.
Speaker Change: Our food needs him okay.
Speaker Change: With this quarter's strong cash on cash balance decreased $48 million. It all still that you're capped at 25% attach of fully repaired and motivated it yet.
Speaker Change: Can you say about liquidity.
Speaker Change: And would you say to review the coaches.
Speaker Change: All of that.
Speaker Change: Yeah, good morning, everyone.
Speaker Change: Gold production in Eagle River came in at 44000.
Speaker Change: This increase of 44% year over year, driven by the highest average quarterly great cheap.
Speaker Change: Uhm.
Speaker Change: Tumor high grade Stopes 589, Falcon at 93, <unk>, which commenced production in 2023 carried on producing well into the first quarter, yielding more time than originally anticipated.
Speaker Change: As a result of lower grade cycle originally anticipated in Q1, it's now pushed into Q2.
Speaker Change: And Eagle River remains on track to achieve it.
Speaker Change: Yes.
Speaker Change: Cost of funds were 5% lower compared to Q1 of last year when processing problem you should stop all contributed about six to 100 attached to torture.
Speaker Change: When isolating for me she contribution to processing from the underground mine was actually 7% higher than Q1, what are you doing.
Speaker Change: Great.
Speaker Change: Upsetting philosophy on sports.
Speaker Change: Metallurgical recovery was up one 7% as a result of higher recoveries typically achieved underground.
Speaker Change: That was realized.
Speaker Change: Sure.
Speaker Change: And on the development side of things high priority cases towards the high grade 300.
Speaker Change: [noise] ahead of schedule, while setting us up for continued strong execution.
Speaker Change: Yeah.
Speaker Change: As you know Q1 production came in at 8400 ounces, a 7% increase over Q1 of last year, mainly driven by 7% decrease in tons.
Speaker Change: Great team and a $5 nine grams per ton as we continued to source significant percentage of production from the lower grade Microsoft.
Speaker Change: The focus of our teams.
Speaker Change: Remained squarely on infrastructure development to set up the ones being on horizon for production.
Speaker Change: As anticipated in Q2, <unk> is trending higher as Martin zone or is now depleted and the much anticipated higher rates from our reporting to the mill.
Speaker Change: I've office in or is arguably the most reliable source of data for anyone to important future stoping.
Speaker Change: <unk>, which is ongoing on levels 147, 129 is validating expected rates.
Speaker Change: With high grade production from stoping up to 129 to a rising rate ramping up to reach steady state.
Speaker Change: <unk> will step up meaningfully.
Speaker Change: And continue to trend upwards over the balance of the year.
Speaker Change: Following the completion of portal excavation each one ground support installation was initiated and underground development from the portal commenced in mid April.
Speaker Change: It's important exploration project is being tracked closely attorney.
Speaker Change: There will be a platform from which you will be able to drill but I feel like that in 2025, and we won't be able to approach under explored western side of Ciena with access to zones, such as E. S 496, and northwest zones.
Speaker Change: That's the exploration potential of the rent provided also presents several opportunities to the existing operation.
Speaker Change: Secondary transportation and egress apologize.
Speaker Change: More importantly, it will also allow us to leverage to 33 level infrastructure supplement <unk> production, starting with the test itself.
Speaker Change: So overall it was a solid quarter underpinned by disciplined execution and focus on long term objectives that drove operating results in line with expectations and the completion of key milestones, which will translate into a solid platform from which to grow.
Speaker Change: As we move up the learning curve of mining in shifts.
Speaker Change: And continued improved planning processes to manage variability at both of our assets I'd like to acknowledge the hard work of our teams at these sites.
Speaker Change: And now over to Fernando will take you through this quarters financial results.
Fernando Mccullough: Thank you Brad and good morning, everyone.
Fernando Mccullough: Year over year first quarter revenue increased by 32% 200 don't want me to.
Fernando Mccullough: They've been mainly by 90.
Fernando Mccullough: 90% increase on ounces of gold. So we saw during the 35700 <unk>.
Fernando Mccullough: Which was coupled with an 11% higher.
Fernando Mccullough: Electrical products.
Fernando Mccullough: On a per ounce basis cash cost and audience sustaining costs were 1517 and <unk>.
Fernando Mccullough: 2002 thousand and $226 perspective.
Fernando Mccullough: This quarters cash costs and all in sustaining cost reflects an increase compared to Q1 'twenty tonnage.
Fernando Mccullough: Our absolute costs were generally in line with our expectations, However, lower grade at Cana.
Fernando Mccullough: Both of our mining sequencing impacted the denominator on cost and increased cash cost.
Fernando Mccullough: Looking now to the rest of 2024.
Fernando Mccullough: Rate increases this year, a keener cause paralysis.
Fernando Mccullough: The decrease as we leverage our fixed cost base.
Fernando Mccullough: Net income was $10 7 million or <unk> <unk> per share compared to a small loss in Q1.
Fernando Mccullough: Our free cash flow inflection point as well.
Fernando Mccullough: When we look at year over year operating cash flow increased to $46 5 million, which is $40 million higher than Q1.
Fernando Mccullough: This represents 31 per share.
Fernando Mccullough: Free cash flow improved to $19 5 million turning negative $20 million.
Fernando Mccullough: It's quarter free cash flow reflects almost seven.
Fernando Mccullough: Million in sustaining and growth capital spending.
Fernando Mccullough: Accordingly, our balance sheet continues to strengthen.
Fernando Mccullough: When we look at the quarter since December 31st.
Fernando Mccullough: We're going to use our revolving credit facility by a minute increasing the amount available for draw down 121 week.
Fernando Mccullough: Our cash position improved by 17% forgive me.
Fernando Mccullough: This represents an increase in total liquidity of 11% to 170 million.
Fernando Mccullough: Based on our latest forecast, we expect to repay the remaining $29 million in our revolving credit facility by Q3 this year.
Fernando Mccullough: Okay.
Fernando Mccullough: When we look at the full year, we remain on track to meet our 2020 for guidance.
Fernando Mccullough: As mentioned in earlier.
Fernando Mccullough: First low grade cycle.
Fernando Mccullough: Pushed forward into Q2.
Fernando Mccullough: Therefore, its first quarter results should not be annualized.
Fernando Mccullough: Turning to him for grade is expected to come within the guidance range.
Fernando Mccullough: Firstly chinas production and grade are expected to ramp up in Q2.
Fernando Mccullough: <unk> continued to build up throughout the year.
Fernando Mccullough: To summarize our full year production consolidated production profile.
Fernando Mccullough: I think to be back ended weighted.
Fernando Mccullough: Approximately 55% 60% of production is targeted for the chicken.
Fernando Mccullough: Sure.
Fernando Mccullough: On the cost side, that's all put increases kenai commencing in Q2.
Fernando Mccullough: We anticipate costs will trend lower as the year progress consistent with full year guidance.
Fernando Mccullough: Moreover, with the chairman of our guidance, which makes it significantly.
Fernando Mccullough: Which would allow us to repay our revolving credit facility and enjoy strong debt free balance sheet.
Fernando Mccullough: Yeah.
Fernando Mccullough: Over to you Mike for an update on this furniture. Thank you Fernando.
Mike: 'twenty 'twenty four is a big year for our exploration program.
Mike: With a budget of $30 million and growing we will be drilling more than 185000 meters across surface and underground as well as delineation drilling that Eagle River casino.
Mike: And while it's still early in the year, our drilling campaigns are already showing encouraging results.
Mike: Starting with the top three elevens on an equal remark a discovery made last fall and historically under explored area.
Mike: Awesome 311 is the second zone, we actually identifying the volcanic rocks west of the mine diorite at first was the top concerns on in 2019.
Mike: Given the similar nature of our two zones. Our team was able to use this information gains previously from telecom.
Mike: Our compounded zone quickly identify and refiners do discovery and will be used to define new discoveries in the future.
Mike: Since last fall, we have drilled over 20 <unk>.
Mike: And I'll find the Elk 311 zone to extend at least 200 meters along one.
Mike: 100 meters along strike.
Mike: As interpreted to extend 900 meters of surface similar to that of the neighboring top in San Jose.
Mike: I'll come 311 is a high priority this year's exploration program and all of our drilling is ongoing.
Mike: <unk> has the potential to provide additional mining horizons laterally and benefit from an existing mine infrastructure.
Mike: Stay tuned for new results, which are likely to be reduced.
Mike: As soon as next quarter.
Mike: Meanwhile, also of Eagle River, we continue underground drilling of the 300 eastone to confirm the consistency of the high grade mineralization are currently extends to the 600 meter level and remains open down plunge.
Mike: Our immediate plans up to 300 East Zone is twofold first we are going to upgrade the large inferred resource base to indicated.
Mike: And secondly.
Mike: To test a townhouse stepped down drilling to provide an initial indication of mineralization below the stone that remains untested.
Mike: In addition, we have established a new drilling platform and the 12, one elevation to optimize drilling in this area and the first of all has since been started.
Mike: Given the milder.
Mike: Given the milder temperatures 5000 meters from the surface German was reallocated to test two more targets within the mine footprint and also provide more time for more structural surface mapping IP and three D modeling this summer.
Mike: Moving now to the historic six elements. We've previously put out initial results in December with one underground all returning 125 grams per ton gold over $1 seven meter core like from the volcanic rocks along strike from the mine.
Mike: Thus, indicating the potential of these rocks similar mineralization to that at the <unk> zone at 311 zones West Elk mine diary.
Mike: And the initial 10000 meters of drilling is ongoing in the area between the <unk> and the previously mined twos on approximately one product to the east.
Mike: Drilling to date has returned encouraging results, having intersected the main structure alteration quartz veining and trace amounts of physical goal all along strike from the main mine mineralization.
Mike: In total we're spending up to $15 million to drill about 125000 meters from underground and surface at people go for this year.
Mike: Yes.
Mike: Okay.
Mike: Turning now to Cana. We are also seeing early returns from the drilling including the expansion in definition of existing Jones Act humidity and identification of potentially significant authorization in historically under explored areas like the wish area from the 33 level.
Mike: As a reminder.
Mike: 33 level is attract drip level at 330 meters below surface and extends from Makena mine shaft East, where it's almost four kilometers and that is up near the eastern boundary of the property.
Mike: Since the completion of the PFS in 2021 drilling has continued to expand.
Mike: Some of the tablets now extending to 1800 feet up.
Mike: Since that time Joanna was discovered several zones in the football hanging wall along with Goldman.
Mike: <unk> asos.
Mike: Ever drilling of these new discoveries has been hampered by the location of available real platforms until now.
Mike: With the ongoing deepening of the main ramp acuity joining platform has been established on 127 level to test. These new zones. The recent drilling from this platform has returned positive results.
Mike: A leading 55 six grams per ton gold over 3.5 liter correlate.
Mike: Zone at.
Mike: And over one ounce per ton 33 grams per ton gold over $5 eight major correlates.
Mike: Yeah.
Mike: Yeah.
Mike: Given the steep plunge of the kina deep development of drill platforms is critical to expand and better define the additional resources.
Mike: We expect to continue to establish exploration platforms with the DP.
Mike: Yep.
Mike: Growth in resource inventory in these areas has the potential to increase the ounces per vertical meter and thereby provide opportunities for operational flexibility and increasing production from each well.
Mike: Okay.
Mike: The next step is to follow up on the prospective areas proximal to the Martin and chalky zones, and which area from the 33 level tractor currently being rehabilitated to facilitate more optimal drill platforms.
Mike: This is an area with numerous gold showings and drill intersections with a limited number of holes.
Mike: Early indications are that there.
Mike: So several different styles of mineralization, indicating school rich system and gold has been deposited in various geologic traps.
Mike: For this area.
Mike: We drill and update the <unk> model to better define the potential of the mineralization and to prioritize the ongoing Jerome.
Mike: One part of this prospective area as you recall is the wish area, which is our newest discovery. It's located about one kilometer east of the mine and within 100 meters of existing mine development drilling.
Mike: Drilling up in which area has intersected narrow high grade gold mineralization from CT screening in a favorable geologic setting knowing horse gold mineralization, including the present presence up more confident maybe <unk> close to a geologic contact with caution these crops alteration quartz vein and is adjacent to existing.
Mike: Mine infrastructure.
Mike: One recently reported drill hole from wishing we returned $36 four grams per tonne over one five liter four legs and it's done on strike from historical have returned 65 five grams per tonne.
Mike: Over one meter courtland.
Mike: This mineralization is interpreting to extend along the basic ultrabasic contact for over 300 meters along strike and as such additional drilling and added budget is more to follow up on this initial success.
Mike: Follow up drilling is designed to focus on extrapolating this contact and related Goldman organization at depth and to provide an initial assessment of the size and potential coffee.
Mike: Our outpatient.
Mike: Down the road as we optimize the asset.
Mike: This would allow us to leverage currently being developed for skill ramp to add incremental ounces from deposits in the upper level of the mine from 33 level.
Mike: Also to create an upper and lower mines scenario and provide lower development costs.
Mike: Surface exploration is expected to commence in June to drill test the depth potential of the highly prospective prestige zone from surface or the higher grade resources remained open down plunge.
Mike: Surface drilling is also planned using Armstrong to test the <unk> zone to confirm the new geologic interpretation and to convert the existing large inferred resource based industries.
Mike: During Q2, we plan to drill nearly 26000 meters at keener, including more than 3000 meters of surface drilling.
Mike: We expect the next batch of assay results from wish followed by Kennedy in the second half of the year.
Mike: Okay.
Speaker Change: Thank you, Mike and he's coming up to the one year Mark since I joined late.
Speaker Change: What initially drew me to the company once the jurisdiction at UBS.
Speaker Change: Favorable upside potential.
Speaker Change: I'll start with that has a lower risk profile and a deep history in today's environment.
Speaker Change: We have two of the highest grade operations in Canada.
Speaker Change: Couldn't be better with a record setting low cost environments.
Speaker Change: And I'm now even more excited about what I see now we are well positioned to achieve higher production and free cash in 2024.
Speaker Change: Focusing on achieving this year's garden near term.
Speaker Change: Martin.
Speaker Change: And if I look at him strategy and that has not been upgraded you may now open the line for questions.
Martin: Thank you we will now begin the question and answer session.
Speaker Change: Ladies and gentlemen to join the question queue. You May press Star one on your telephone keypad, you'll hear a tone acknowledging your request.
Speaker Change: If youre using a speakerphone please pick up your handset before pressing any keys.
Speaker Change: Well pause for a moment as callers join the queue.
Speaker Change: Okay.
Speaker Change: And our first question comes from the line of Don Demarco from National Bank Financial Your line is open.
Don DeMarco: Thank you operator, and good morning team.
Don DeMarco: Well it looks like Youre not going to have any problem.
Don DeMarco: Delivering free cash flow this year, if you're already positive free cash flow in Q1 congratulations.
Don DeMarco: Quick question, though when in the quarter do you start mining community and how do you expect throughput to progress through the year.
Speaker Change: Thanks, Tom and thanks for the question.
Speaker Change: When you started mining in the middle of April.
Speaker Change: And then maybe like I mentioned <unk> already started.
Speaker Change: Grades coming still in the mode.
Speaker Change: I think if you look at <unk>.
Speaker Change: Or is it flat.
Speaker Change: And according to U C.
Speaker Change: Yes.
Speaker Change: Okay. So.
Speaker Change: Maybe I missed it then so so in terms of tonnes per day.
Speaker Change: In April can you maybe have half a quarter I mean, its just ramping up slowly or gas right, but what is it.
Speaker Change: Do we expect to see a little bit of an uptick in grade than the head grade in Q2 or is it still too early for that.
Speaker Change: I think you can expect to see in upgrading.
Speaker Change: Great.
Speaker Change: Yes, I think as I mentioned before Q1.
Speaker Change: In the zone, we not use it.
Speaker Change: In mining from that Sun.
Speaker Change: I've seen the grades can see from the middle of April.
Speaker Change: Double digit growth coming Steve I think you should start seeing that.
Speaker Change: Great quarter.
Speaker Change: Okay, and how many stopes you have active in kind of deep right now then.
Brett: Brett speaking here.
Speaker Change: B.
Brett: At any given time, we have between I'd say three stopes, either in development phase or extraction phase or drilling for express phase if you will so.
Brett: <unk> really there was only one stope at any given time right now.
Brett: Okay, Great and then maybe over to Mike then regarding Mike you mentioned the drill platform on the $121 seven and when was that activated and what advantage does it provide in terms of.
Mike: Drilling <unk>.
Mike: Thanks, John.
Mike: I would say that we've been drilling from therefore, approximately two months.
Mike: The advantage it gives us is too.
Mike: Start to.
Brett: Better define and expand our non zones at depth that we drilled several years ago like the footwall zone, we're expanding that now.
Brett: We hope to get into the hanging wall zone that return some good values last year, and although I don't know that platform's close enough for optimal left the stage to do a lot of delineation drilling in that area. It's certainly is adding ounces.
Brett: To the inferred category. So we probably will continue with that this year and then our platforms become more optimal with depth and platforms become.
Brett: More numerous I would state that we will start to be able to do the delineation drilling and convert some of those deferred ounces indicated.
Brett: The results so far have been quite positive and it's exciting to get back to these zones that we were only able to drill multiple wells into core and they seem to be holding together.
Brett: We're excited to keep going there, okay and then what would we expect in terms of next updates.
Brett: And drilling at Kennedy.
Brett: Timing in terms of results from the 127 platform or other.
Brett: They're drilling of community when would we expect that.
Speaker Change: Yes, I would think that we'd like to get some more results out in Q2.
Speaker Change: Certainly we're going to have results. This was a big drilling program.
Brett: Underground this year 33, certainly been exciting.
Brett: And there was a small program to do some exploratory drilling we've had some really great at surround the wish area.
Brett: We are increasing drilling there.
Brett: So we'll have a lot of results to come out of there over the next few quarters.
Brett: <unk> also got Keener deep and then of course the surface drilling is going to start end of May and June that's going to include surface drilling from land that scale and also barge drilling that people saw so again a lot of news flow.
Brett: More in the second half of this year as we start to ramp up drilling.
Speaker Change: Okay. Thanks, and just final question maybe.
Speaker Change: Maybe back to Brad.
Brad: Looking at Eagle <unk>, well below the guidance midpoint is there anything unexpected driving this outperformance or should we expect costs to increase through the year.
Brad: Well really the Eagle what drove the over performance on the cost side of things really was predicated on the ounces that we're able to source and you went into higher grades so as as we get closer to the guidance range or the year, we expect cost to align with guidance.
Speaker Change: Okay. Okay. Thanks for that well congratulations again and good luck.
Brad: Continuing with Cana deep in the rest of the Q2.
Cana: Thanks, Tom.
Speaker Change: Thank you.
Brad: And our next question coming from the line of Andrew <unk> from BMO capital markets. Your line is open.
Brad: Okay.
Andrew: Hi, just a very quick follow up question.
Andrew: Uh huh.
Andrew: Some degree similar to the one that was previously asked.
Andrew: I just wanted to be crystal clear on this great expectation from Kian.
Andrew: I think the wording was that some double digit grades.
Andrew: Already being sourced and process since mid April.
Andrew: From Kiana deep.
Brad: And then just on the underlying the door Thompson does does that to be clear like we shouldnt expect.
Speaker Change: Frankly not.
Speaker Change: You're guiding the market to expect Q2 to potentially be at double digits or is it kind of on its way to double digits.
Speaker Change: So I think I wasn't clear enough, but thanks for the question again just for clarity you can expect in Q.
Brad: <unk> will take the FX great.
Speaker Change: Got it.
Brad: Okay.
Speaker Change: I think it's clear for everything else in the quarter and then the releases. Thank you very much I'll pass the microphone on.
Speaker Change: Thank you Ed.
Brad: Okay.
Speaker Change: Thank you.
Speaker Change: And as a reminder, ladies and gentlemen, I'd like to ask a question. Please press star one line.
Speaker Change: We will keep them on me.
Speaker Change: Yeah.
Speaker Change: And our next question coming from the line of.
Speaker Change: Bill Carroll Vinson financial your line is now open.
Bill Carroll: Thanks, operator.
Bill Carroll: Jim just with the <unk>.
Bill Carroll: Increasing cash flow and clearly a surge in the gold price here over the first half of the year.
Speaker Change: You were able to.
Speaker Change: <unk> decided to more aggressively pay down your credit facility.
Speaker Change: With that said or with those initiatives expected to be completed are there other projects.
Speaker Change: Being evaluated that.
Speaker Change: Excess cash could be deployed to and what are those.
Speaker Change: Hi, Phil Thanks for the question, Yes, I mean, absolutely I think what we need to be quite excited about the cash position and then again.
Speaker Change: And I think just to say that the largest.
Speaker Change: Execution will be doing.
Speaker Change: And continuing to work on that.
Speaker Change: The opportunity that are available to us today I mentioned.
Speaker Change: Okay.
Speaker Change: But you can see obviously optimizing and understanding.
Speaker Change: Okay, I'm going to give us more clarity around what we should be thinking about that.
Speaker Change: Thank you so much.
Speaker Change: I think Sean a question right now, let's say the hot button.
Sean: What I'd like to say to be.
Sean: Getting excited about.
Sean: It's not that I would like to push him on.
Speaker Change: And a couple of more exploration opportunities if we can.
Speaker Change: Thank you you've been funding they can show, let me spending capital spending anyway.
Speaker Change: I think we have an idea of how the okay.
Speaker Change: And that means in mind, my comment and a couple of them.
Speaker Change: Okay.
Speaker Change: Turning to that so we'll see some of that.
Speaker Change: And at this stage and create considering strategic options.
Speaker Change: Taking together to figure out all the options available to us.
Speaker Change: Content sharing that.
Speaker Change: Okay. Thank you.
Speaker Change: Yeah.
Speaker Change: Thank you.
Speaker Change: And again as a reminder to ask a question. Please press star one.
Speaker Change: Okay.
Speaker Change: Thank you and there are no further questions in the queue. At this time. This concludes this morning's call. Please contact <unk> at <unk> at West Elm Dot com.
Speaker Change: You for participating today.
Speaker Change: Yes.
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