Q1 2025 Taseko Mines Ltd Earnings Call

Thank you for standing by and welcome to the CECO mines first quarter 2025 earnings Conference call. At this time all participants are in listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question. During this session you'll need to press star one on your telephone if your question has been answered.

You'd like to move yourself from the queue simply press star one again.

A reminder, today's program is being recorded and now I'd like to introduce your host for today's program, Brian <unk> Vice President Investor Relations. Please go ahead Sir.

Brian Bergot: And now I'd like to introduce your host for today's program, Brian Bergot, Vice President, Investor Relations. Please go ahead, sir. Thank you, Jonathan. Welcome, everyone, and thank you for joining Taseko's first quarter 2025 conference.

Brian: Thank you Jonathan welcome everyone and thank you for joining to Chico's first quarter 2025 conference call.

Brian Bergot: The news release and regulatory filing announcing our financial and operational results was issued yesterday after market closed and is available on our website at tasekomines.com and on CDAR Plus.

Brian: The news release and regulatory filings announcing our financial and operational results was issued yesterday after market close and is available on our website at <unk> Dot com.

Brian: And on SEDAR plus.

Brian Bergot: I am joined today in Vancouver by Taseko's President and CEO, Stuart McDonald, Taseko's Chief Financial Officer, Bryce Hamming, and our COO, Richard Tremblay. As usual, before we get into opening remarks by management, I would like to remind our listeners that our comments and answers to your questions will contain forward looking information. This information by its nature is subject to risks and uncertainties. As such, the actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, I encourage you to read the cautionary note that accompanies our first quarter MD&A and the related news release, as well as the risk factors particular to our company.

Brian: I am joined today in Vancouver back to <unk>, President and CEO, Stuart Mcdonald, <unk>, Chief Financial Officer, Bryce Hamming, and our CEO Richard translate.

Brian: As usual before we get into opening remarks by management I would like to remind our listeners that our comments and answers to your questions will contain forward looking information at this.

Brian: This information by its nature is subject to risks and uncertainties.

Brian: As such actual results may differ materially from the views expressed today for further information on these risks and uncertainties I encourage you to read the cautionary note that accompanies our first quarter MD&A and the related news release as well as the risk factors particular to our company.

Brian Bergot: These documents can be found on our website and also on CDER.

These documents can be found on our website and also on SEDAR.

Brian Bergot: I would also like to point out we will use various non-GAAP measures during the call. You can find explanations and reconciliations regarding these measures in the related news release.

Brian: I would also like to point out we will use various non-GAAP measures during the call.

Can find explanations and reconciliations regarding these measures and the related news release and finally, all dollar amounts we will discuss today are in Canadian dollars unless otherwise specified.

Brian Bergot: And finally, all dollar amounts we will discuss today are in Canadian dollars, unless otherwise specified.

Brian Bergot: Following opening remarks, we will open the phone lines to analysts and investors for questions.

Stuart: Following opening remarks, we will open the phone lines to analysts and investors for questions I will now turn the call over to Stuart for his remarks.

Stuart McDonald: I will now turn the call over to Stuart for his remarks. Great, thank you, Brian, and welcome everyone to our first quarter conference call. And as usual, I'll start with a business overview of our key activities and operational results in the quarter, and then turn the call over to Bryce for a more detailed review of the financial So starting with Florence or Florence Copper Project, we just issued a project update last week confirming everything is moving forward on time and on budget. Good progress continues to be made with construction activities at site and we remain on schedule to produce first copper before the end of this year.

Stuart: Great. Thank you, Brian and welcome everyone to our first quarter conference call and as usual I'll start with a business overview, our key activities and operational results in the quarter.

Stuart: And then turn the call over to Brian for a more detailed review of the financial markets.

Stuart: So starting with Florence, our Florence copper project, we just issued a project update last week confirming everything is moving forward on time and on budget.

Stuart: Good progress continues to be made with construction activities at site and we remain on schedule to produce first copper before the end of this year.

Stuart McDonald: In the well field, as of this week, we only have two wells left to drill. So we have 88 out of 90 production wells completed. And all 18 of the pointed compliance rules are also done. We've ramped down to just one drill remaining on site and that one we'll be finishing up in the next few weeks. This is a great accomplishment as obviously the well field is a critical aspect of the overall project. In the SXCW plant area, we also have a lot of activity in progress and all critical path items are moving forward on schedule.

Stuart: And the well field as of this week, we only have two wells left to drill.

Stuart: So we have 88 out of 90 production wells completed.

Stuart: And all 18 of the point of compliance wells are also down.

Stuart: We've ramped down to just one drill remaining on site and that one will be finishing up in the next few weeks.

Stuart: This is a great accomplishment is obviously the well field is a critical aspect of the overall project.

Stuart: In the Sx EW plant area. We also have a lot of activity in progress and all critical path items are moving forward on schedule.

Stuart McDonald: The installation of the electro-winning crane was completed in Q1, which allowed for the final wall and roof panels to be installed, completing the building structure. Current areas of focus include installation of electrical and piping equipment, completing completion of the substation facility. and ongoing work on the pipe corridor to connect the plant to the wellfield. In the coming months, as key systems are completed, progressive commissioning and testing will occur at the same time as the final construction activity. And in the fall, we expect to commence wellfield operations and initial injection, which sets us up for first copper cathode production before the end of the year.

Stuart: The installation of the electro winning crane was completed in Q1, which allowed for the final wall and roof panels to be installed completing the building structure.

Stuart: Current areas of focus include installation of electrical and piping equipment completing completion of a substation facility.

Stuart: And ongoing work on the pipe corridor to connect the plant to the oilfield.

Stuart: In the coming months as key systems are completed progressive commissioning and testing will occur at the same time.

Stuart: As the final construction activities and.

Stuart: And in the fall, we expect to commence Westfield operations at initial injection, which sets us up for first copper cathode production or the end of the year.

Stuart McDonald: We continue to advance initiatives for operational readiness. Recruiting is going well. By next week, we'll have over 100 employees on site. We're also close to finalizing our first asset supply contract for the initial ejection and pre-leaching period later this year. It's been 10 years since we acquired the Florence Project and we're now less than nine months from producing first cathodes. It's been a long process to get where we are today, but I think the outcome is going to be well worth the wait for all our shareholders. and other stakeholders. Florence is one of a few copper projects in the world currently under construction and it will be a major new supplier of refined copper cathode for the US market.

Stuart: Yes.

Stuart: We continue to advance initiatives for operational readiness.

Stuart: Our recruiting is going well by next week, we'll have over 100 employees on site.

Stuart: We're also close to finalizing our first asset supply contract for the initial injection and pre leasing period later this year.

Stuart: It's been 10 years since we acquired the Florence project and were now less than nine months from producing first cathodes. It's.

Stuart: Been a long process to get where we are today.

Stuart: I think the outcome is going to be well worth the wait for all our shareholders.

Speaker Change: Other stakeholders.

Speaker Change: So orange is one of the few copper projects in the World currently under construction and it will be a major new supplier of refined copper capital for the U S market.

Stuart McDonald: The potential for US import tariffs on copper is further evidence of the unique value that we have in this asset. The COMEX copper price yesterday was about 14% higher than the LME price, and the project has the potential to benefit from this premium in the future.

Speaker Change: The potential for U S import tariffs on copper is further evidence of the unique value that we have in this asset.

Speaker Change: The comex copper price yesterday was about 14% higher than the <unk> price and the project has the potential to benefit from this premium in the future.

Stuart McDonald: Now on to Gibraltar where we produced 20 million pounds of copper in the first quarter, C1 cost of $2.26 per pound. Copper sales of 22 million pounds at a realized price of $424 per pound generated adjusted EBITDA of $34 million and cash flows from operations of $56 million. mill throughput ran above design capacity at an average rate just under 88,000 tons per day. Head grade of 0.19% was in line with our expectations, as a significant portion of the mill feed was from lower grade stockpiles past plant. However, copper recoveries dropped to 68% as the impact of oxidized ore was more significant than anticipated.

Speaker Change: Now on to Gibraltar, where we produced 20 million pounds of copper in the first quarter to see one cost of $2 26 per pound.

Speaker Change: Copper sales of 22 million pounds at a realized price of 424 U S dollars per pound generated adjusted EBITDA of $34 million in cash flows from operations of $56 million.

Speaker Change: Mill throughput ran above design capacity at an average rate just under 88000 tons per day.

Speaker Change: Head grade of one 9% was in line with our expectations as a significant portion of the mill feed was from lower grade stockpiles as plan.

Speaker Change: However, copper recoveries dropped to 68% as the impact of oxidized ore was more significant than anticipated.

Stuart McDonald: So our overall production in the quarter was about 10% lower than we expected. Our original plan had higher grade ore coming from the deeper benches of the connector pit beginning in the second quarter after the initial waste stripping was completed. Unfortunately, challenging mining conditions at the top of the current connector pit pushback has impacted truck and shovel productivities, so we will not get to the higher grades now until the third quarter. Second quarter production is expected to be similar to the first quarter, and then we will see a step change of production in the second half, with average grades above Gibraltar's reserve average, and these good grades should continue into 2026.

Speaker Change: So our overall production in the quarter was about 10% lower than we expected.

Speaker Change: Okay.

Speaker Change: Our original plan had higher grade ore coming from the deeper benches of the connector pit beginning in the second quarter. After the initial waste stripping was completed and.

Speaker Change: Unfortunately challenging mining conditions at the top of the current connector pit pushback is impacted truck and shovel productivity. So we will not get to the higher grades now until the third quarter.

Speaker Change: Second quarter production is expected to be similar to the first quarter and then we will see a step change in production in the second half with average grades above Gibraltar is reserve average and these good grades should continue.

Into 2026.

Stuart McDonald: As a result of all this, we expect 2025 production to be approximately 10 million pounds lower than our previous guidance of 120 to 130 million pounds. The refurbishment of Gibraltar's SXCW plant and restart plants have made good progress and we expect first cathode production later in the second quarter. The plan is to produce about three or four million pounds of cathode this year. It will be a seasonal operation, but a lot of copper oxide ore has been stacked. We expect the leach pad to run for many years into the future.

Speaker Change: As a result of all this we expect 2025 production to be approximately 10 million pounds lower than our previous guidance of 120 to 130 million pounds.

Speaker Change: The refurbishment of two brothers Sx EW plant and restart plans have made good progress and we expect first cathode production later in the second quarter.

Speaker Change: The plan is to produce about three or 4 million pounds of capital this year it.

Speaker Change: It will be a seasonal operation, but a lot of copper oxide ore expense stack and we expect the leach pad to run for many years into the future.

Stuart McDonald: Last but not least, a brief update on our Yellowhead Copper project, which we believe represents an important long-term growth option for the company. continuing to work closely with BC government and the Simp First Nation on project permitting initiatives. The Yellowhead Mine would be a major producer with 180 million pounds of copper production annually over a 25 year mine life. I would make it the second largest copper mine in Canada.

Speaker Change: Yes.

Speaker Change: Last but not least a brief update on our yellow had copper project, which we believe represents an important long term growth options for the company.

Speaker Change: <unk> to work closely with BC government and the first nation.

Speaker Change: Project permitting initiatives.

Speaker Change: The yellow head mine would be a major producer with 180 million pounds of copper production annually over a 25 year mine life.

Speaker Change: I would make it the second largest copper mine in Canada.

Stuart McDonald: We're planning to publish a new technical report this summer, which will incorporate updated metal pricing, costing, and then also the new Canadian tax credits are available for copper mine development and have the potential to positively impact the economics as well.

Speaker Change: We are planning to publish a new technical report this summer, which will incorporate updated metal pricing costing.

Speaker Change: And then also the new Canadian tax credits are available for copper mine development and have the potential to.

Speaker Change: Positively impact the economics as well.

Bryce Hamming: So with that, I'll pass the call over to Bryce. Thanks, Stuart. Good morning, everyone. I'll provide some additional color on our first quarter financial performance. For the quarter we sold 22 million pounds of copper at an average realized price of $4.24 per pound, generating revenues of $139 million. As we fix most of our prices with our customers before shifts depart, we don't have a lot of QP price adjustments in the quarter or following the quarter end, which helps us manage copper price volatility.

Price: So with that I'll pass the call over to price.

Price: Thanks, Jerry and good morning, everyone I'll provide some additional color on our first quarter financial performance for.

Price: For the quarter, we sold 22 million pounds of copper at an average realized price of $4 24 per pound generating revenues of $139 million.

Price: As we fixed most of our prices with our customers before ships depart we don't have a lot of QP price adjustments in the quarter or following the quarter end, which helps us manage copper price volatility.

Bryce Hamming: We posted a gap net loss of 29 million or 9 cents per share for the quarter. Lower quarterly production and higher costs were the main contributors to the loss. as well as a $24 million unrealized derivative and fair value adjustment. And that was from reversing the large marked market gain shown in December. And this reversal was due to rising copper prices in Q1.

Price: We posted a GAAP net loss of 29 million or <unk> <unk> per share for the quarter lower quarterly production and higher costs were the main contributors to the loss.

Price: Well as a $24 million unrealized derivatives and fair value adjustment and that was from reversing the large mark to market gain shown in December and this reversal was due to rising copper prices in Q1.

Bryce Hamming: On an adjusted basis, after removing this unrealized loss, we posted a net loss of $7 million, or $0.02 loss per share. Total site costs for the quarter were $107 million, which is in line with previous quarters and is similar to our expectations on our quarterly run rate for the year. Capitalized stripping costs in the quarter were marginally higher at $38 million. This is attributed to the connector pit pushback and higher strip ratio of 4.6 to 1, which meant processing a much higher percentage of stockpiled material above the pit average strip ratio. These costs begin to taper in the second quarter.

Price: On an adjusted basis after removing this unrealized loss, we posted a net loss of $7 million or two cents loss per share.

Total <unk> costs for the quarter were $107 million, which is in line with previous quarters and is similar to our expectations on a quarterly run rate for the year.

Price: Capitalized stripping costs in the quarter were marginally higher at $38 million. This is attributed to the connector pit pushback and higher strip ratio of 461, which meant processing a much higher percentage of stockpiled material above the peer average strip ratio. These.

Price: These costs should begin to taper in the second quarter, and we don't expect much capitalized stripping in the second half as our release increases from the connector pit.

Bryce Hamming: We don't expect much capitalized stripping in the second half as ore release increases from the connector pit. On a per unit basis, costs in the quarter were $2.26 per pound of copper produced. This is lower quarter over quarter and year over year as a result of the higher capitalized stripping costs I mentioned, but also lower TCRCs. which now average to a nominal amount for this year under our new favorable off day contracts. We also saw increased milliminum sales volumes and a stronger US dollar in the quarter.

Price: On a per unit basis costs in the quarter.

Price: At $2 26 per pound of copper produced this is lower quarter over quarter and year over year as a result of the higher capitalized stripping costs I mentioned, but also lower TCR sees.

Price: Which now average.

Price: To a nominal amount.

Price: For this year under our new favorable offtake contracts. We also saw increased molybdenum sales volumes and a stronger U S. Dollar in the quarter and that was offset by our lower production.

Bryce Hamming: And that was offset by our lower production Adjusted EBITDA in the first quarter was $34 million lower than previous quarters and again due to the decreased production sales volume. At Florence, we incurred a total of $57 million in U.S. dollars of costs in the quarter, and most of that was directly related to the commercial facility construction, as well as $6 million that was associated with site operations and completion of the rinsing tests, which we are finishing up this quarter. Given we are now 80% complete, construction capital spending will begin to taper down going forward, as the peak spending is behind us.

Price: Adjusted EBITDA in the first quarter was $34 million lower than previous quarters, and again due to the decreased production sales volumes.

Price: At Florence, we incurred a total of $57 million in U S dollars of costs in the quarter and most of that was directly related to the commercial facility construction.

Price: As well as 6 million that was associated with site operations and completion of the rinsing tests, which we're finishing up this quarter.

Price: Given we are now 80% complete construction capital spending will begin to taper down going forward as the peak spending is behind US today, we have incurred $206 million of the construction capital. We continue to expect final capital to be within 15% of our 2023 estimate of $230 million.

Bryce Hamming: To date, we have incurred $206 million of the construction capital. We continue to expect final capital to be within 15% of our 2023 estimate of $230 million.

Bryce Hamming: We ended the quarter with 121 million in cash and we have available liquidity at the end of the quarter of 279 million after factoring in our undrawn revolving credit facility. We did draw $25 million against this credit facility after the quarter ends for working capital. Finally, given volatility in copper, I just want to highlight, in addition to fixing our prices at the time of shipment, we also have our price protection for the year. It covers the balance of the year and it protects $4 per pound minimum for place for most of our production for 81 million pounds.

Price: We ended the quarter with $121 million in cash and we have available liquidity at the end of the quarter a $279 million after factoring in our undrawn revolving credit facility.

Price: We did draw $25 million against this credit facility after the quarter ends or working capital.

Price: Finally, given volatility in copper and just want to highlight the addition of fixing our prices at the time of shipment. We also have price protection for the year.

Price: That covers the balance of the year and it protects for dollar per pound minimum floor place for most of our production for 81 million pounds. These are callers and they're based on <unk> prices and they cover the next three quarters and that gives us all the upside up to $5 40 per pound.

Bryce Hamming: These are callers and they're based on LME prices and they cover the next three quarters. And that gives us all the upside up to 540 per pound.

Unknown Attendee: So with that, I'll turn it over to the operator. Thank you. Certainly.

Price: So with that I'll turn it over to the operator. Thank you.

Unknown Attendee: And as a reminder, ladies and gentlemen, if you do have a question at this time, please press star one one on your telephone.

Certainly and as a reminder, ladies and gentlemen, if you do have a question at this time. Please press star one on your telephone. Our first question comes from the line of Craig Hutchison from TD Cowen Your question. Please.

Craig Hutchison: Our first question comes from the line of Craig Hutchinson from TD Cowen. Your question, please. Hi, good morning, guys. Thanks for taking my question.

Craig Hutchison: Hi, Good morning, guys. Thanks for taking my question.

Richard Tremblay: I'm just wondering if you could provide some more context on the issues you're encountering in Gibraltar with respect to the ground condition. You know, what are some of the issues? Is it just maybe smaller trucks or any context on that? And when do you expect to get through that?

Craig Hutchison: Just wondering if you could provide some more contacts on the issues you are encountering at Gibraltar with respect to the ground conditions.

Craig Hutchison: What are some of the issues is it just.

Smaller trucks or just any context on that and when do you expect to get through that.

Craig Hutchison: Okay.

Richard Tremblay: Yeah, Craig Richard here. So the the upper benches and connector pit with pioneering and kind of set up mining were all around the overburden that had to get mined out before we could access down in the Compton rock and that overburden proved to be a lot more challenging than was originally envisioned and required a lot of rock to be basically placed in improving ground conditions to allow the equipment to access the dig face as well as the dump properly. We've progressed through that and are now seeing, you know, our expectations on the mining are kind of being met now, but it has delayed us in Q1.

Craig Richard: Yes, Craig Richard here.

Craig Richard: The upper benches and connector pit with pioneering in.

Craig Richard: Kind of setup mining we're all around.

Craig Richard: The overburden that had to get.

Craig Richard: Mined out before we could access down to the call pin rock.

Craig Richard: That overburden and proved to be a lot more challenging than was originally envisioned and required a lot of rock to be basically.

Craig Richard: Yes. Please.

Craig Richard: Improving ground conditions to allow the equipment access take face as well as the dump prop.

Craig Richard: Properly.

Craig Richard: We have progressed through that and are now seeing.

Craig Richard: Excellent.

Craig Richard: Our expectations on our mining are kind of being met now so.

Craig Richard: But it has delayed us in Q1.

Richard Tremblay: Okay, and then the issues around the oxidized stockpile. Will that be a factor again in Q2? Should we assume recoveries or could be cost similar to Q1? Both grades and recoveries, I guess. Yeah, and that's why I think as Stuart indicated, production levels will be comparable to Q1. So that's been kind of factored into that forward look and, you know, the reduction of guidance for the year essentially. Great, thanks.

Craig Richard: Okay, and then the issues around the oxide stockpiles.

Craig Richard: With that.

Craig Richard: Be a factor again in Q2 should we assume recoveries or could be customers Q1, both grades and recoveries I guess.

Speaker Change: Yes, and Thats why I think as Stuart indicated production levels will be comparable to Q1, so thats been kind of factored into that forward looking.

Craig Richard: The reduction of guidance for the year essentially.

Speaker Change: Okay.

Stuart McDonald: And then just on Florence, I know Gibraltar is not impacted by tariffs, but you're probably importing stuff from overseas at Florence. Any sense in terms of what that might have an impact whether it's on, you know, finishing the capital here, or just on costs going forward? Or what's what's most sensitive in terms of costs at Florence with regards to?

Speaker Change: Great. Thanks, and then just on Florence I noticed browsers on impacted by tariffs, but.

Speaker Change: Probably importing stuff from overseas at Florence any sense in terms of what that might have an impact whether it's on finishing the capital here or are just on costs going forward or what's what's most sensitive in terms of cost of forums with regards to tariffs. Thanks.

Stuart McDonald: Hi, Craig, it's Stuart here. In terms of the capital project, you know, there's no impact from from any import tariff. And I guess the reason for that is because we've got all of our supplies and equipment already inside the US mostly at mostly already on site or else a few things that other fabricators in the US so so that's not an issue at all. you know, speaking about longer term operating costs, obviously, it's a pretty volatile environment. With the tariff picture is still still in flux and changing every couple weeks. So wouldn't want to make any comments about you know, what our impact might be in 26 or 27.

Stuart: Yes, Hi, Craig it's Stuart here in terms of the capital projects.

Stuart: There is no impact from from any import tariff.

Stuart: I guess the reason for that is because we've got all of our.

Stuart: Supplies and equipment already inside the U S, mostly at mostly already onsite or else a few things that other fabricators in the U S. So so that's not an issue at all.

Stuart: Speaking about longer term operating costs, obviously, it's a pretty volatile environment.

Stuart: With the tariff picture still still in flux and changing every couple of weeks, so wouldn't want to make any comments about water.

Stuart: It might be in 2627, but.

Craig Hutchison: But yeah, it's you know, something we're just monitoring. Obviously, the biggest input costs or operating costs going forward will be sulfuric acid. You know, that's a lot of that is also sourced from within the US. So that's probably, that's probably as much as much as I would say on it at this time. Okay, thanks guys. I'll jump back Thank you.

Stuart: Yes.

Stuart: It's something we're just monitoring.

Stuart: Obviously the biggest <unk>.

Stuart: Input costs, our operating costs going forward will be saulsbury asset.

Stuart: That's a lot of that is also source from within the U S. So that's probably that's probably as much.

Stuart: As much as I would say on that at this time.

Stuart: Okay. Thanks, guys I'll jump back in the queue.

Unknown Attendee: And as a reminder, ladies and gentlemen, if you do have a question at this time, please press star one one on your telephone.

Speaker Change: Thank you and as a reminder, ladies and gentlemen, if you do have a question at this time. Please press star one on your telephone.

Stuart: Okay.

Craig Hutchison: We've got a follow-up from the line of Craig Hutchinson from TD Coward.

Speaker Change: And we have got a follow up from the line of Craig Hutchison from TD Cowen Your question. Please.

Stuart McDonald: Question, please. Any updates on New Prosperity? potential breakthroughs there on that project. Yeah, nothing, no real updates beyond what we've kind of disclosed that, you know, we've made very good progress there. It's been a constructive dialogue, and we think we're close to a resolution. But no, no, yeah, nothing that I can really say beyond that. But it's positive, it's looking positive.

Speaker Change: Any any updates on new prosperity.

Speaker Change: Kind of plans to kind of.

Speaker Change: Potential breakthroughs there on that project.

Speaker Change: Okay.

Speaker Change: Yes, nothing and no real updates beyond what we've kind of disclose that we've made very good progress there has been a constructive dialogue.

Speaker Change: And we think we're close to a resolution.

Speaker Change: But no no nothing that I can really say beyond that.

Paul: But Paul just looking positive.

Unknown Attendee: All right. Certainly, thank you and.

Speaker Change: Okay Alright.

Speaker Change: Alright, Thank you guys.

Speaker Change: Yes.

Speaker Change: Certainly thank you Ann.

Unknown Attendee: This does conclude the question and answer session of today's program.

Speaker Change: Okay.

Jeff: This does conclude the question and answer session of today's program I'd like to hand, the program back to Jeff.

Stuart McDonald: I'd like to hand the program back to Taseko Mines Management. Great. Okay. Thanks, everyone. Well, yeah, we'll wrap up the call here. And obviously, if there are other questions, feel free to reach out, reach out to us. And otherwise, we will talk to you next quarter.

Speaker Change: Co mines management.

Speaker Change: Great. Okay. Thanks, everyone.

Speaker Change: We'll wrap up the call here and obviously if there are other questions feel free to reach out to reach out to us and otherwise we will talk to you next quarter. Thank you.

Unknown Attendee: Thank you.

Unknown Attendee: Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect.

Speaker Change: Thank you, ladies and gentlemen for your participation in today's conference. This does conclude the program.

Unknown Attendee: Good day.

Speaker Change: You may now disconnect good day.

Speaker Change: Okay.

Unknown Attendee: Thanks for watching!

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].