Q3 2025 First Majestic Silver Corp Earnings Call

[music].

Operator: Thank you for standing by. This is the conference operator. Welcome to the First Majestic Silver Corp. 2025 Q3 financial results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star 1 on your telephone keypad. If you are participating through the webcast, you can submit a question in writing by using the form in the lower section of the webcast frame on your screen. Should you need assistance during the conference call, you may signal an operator by pressing star 0. I would now like to turn the conference over to Mr. Keith Neumeyer, President and Chief Executive Officer of First Majestic Silver Corp. Keith, please go ahead.

Thank you for standing by this is the conference operator welcome to the first Majestic Silver 2025, Q3 financial results Conference call.

As a reminder, all participants are in listen only mode and the conference is being recorded.

After the presentation there'll be an opportunity to ask questions.

She joined the question queue. You May Press Star then one on your telephone keypad. If you are participating through the webcast you can submit a question in writing by using the form in the lower section of the webcast frame on your screen.

Should you need assistance during the conference call you May signal, an operator by pressing Star then zero.

I would now like to turn the conference over to Mr. Keith Neumeyer, President and Chief Executive Officer first Majestic Silver Keith. Please go ahead.

Keith Neumeyer: Well, thanks, operator, and welcome everyone that's dialed in today and will likely be listening to this recorded over the next few hours or next few days. What's turned out to be what we thought was gonna be a fantastic day for us, putting out record Q3 numbers. I think we used the word record 18 times in our news release, yet, obviously, the focus today is on this tax issue that came up or has been there for years, which I'll address a little bit. You know, as the market was opening this morning, I saw a headline come out of SilverSeek.com was, I'm not sure who wrote that headline, but the guy's obviously an idiot.

Okay, well thanks operator.

Welcome everyone. That's all dialed in today and.

It will likely be listening to this reported.

Over the next few hours or next few days, but.

What's turned out to be what we thought was going to be a fantastic day for us putting out.

Record Q3 numbers I think we used.

The word record 18 times in our news release, yes, obviously the focus today is.

This tax issue that came up or has been there for years.

Ill address a little bit but.

As the market was opening this morning.

I saw the headlines come out come out of Silversea clause.

Not sure who wrote that headlines at the Guy is obviously an idiot.

Keith Neumeyer: I then saw unfortunately TD put out a statement as well, and you know, nothing against TD. You know, TD's been a great financial partner of First Majestic for quite some time, a decade, and their analyst unfortunately came out with the most bonehead headline that I've probably ever received from an analyst in my career, and I'll read it to you. It says, "Q3 results in line," you know, which is good, you know. "Focus on ongoing tax reassessment," which is completely bullshit. Wayne, you should know better than that. Management is not focused on taxes. First Majestic is a mining company.

I then.

Unfortunately TD.

We put out.

Statements as well.

And nothing.

Nothing against TB TD has been on.

Great financial partner first Majestic for quite some time a decade in.

Their analyst Unfortunately came out with small bolt had a headline that I probably received from an analyst.

In my career and I'll read it to you as of Q3 results in line, which is good.

Focus on ongoing tax reassessment will just completely bullshit.

Wayne you should know better than that.

Management is not focused on taxes.

First of all Jessica as a mining company.

Keith Neumeyer: You know, our job is to get silver out of the ground in an economical fashion that's following the environment and our social responsibilities on site at the different operations that we do. We look for ongoing efficiencies on trying to reduce our costs and create wealth for our investors, and that's our job. The tax dispute that seemingly some people are focused on today has been with the company for 13 years. There's no change. We continually work with the Mexican government to resolve the issue. I can tell you there's at least weekly meetings that occur in discussions on this particular item. I can also tell you that the Canadian government is now involved in discussions with the Mexican government, which is quite nice to see.

Our job is to get Silverado ground.

And in an economical fashion.

Following the environment or social responsibilities on size of the different operations that we do we look for ongoing efficiencies on trying to reduce our costs and create wealth for our investors and that's our job.

The tax dispute that seemingly some people are focused on today.

He has been with the company for 13 years.

There is no change.

We continually work with the Mexican government.

To resolve the issue.

I can tell you theres at least weekly meetings that occur in discussions on this particular item.

I can also tell you that the Canadian government is now involved in discussions with the Mexican government, which is quite nice to see.

Keith Neumeyer: I can tell you our team of experts of over several law firms and consultants and inside staff pay a lot of attention to this, obviously. It's not what we view as a material issue for the company. Whenever the issue does get resolved, we will put out disclosure to discuss further these items. We do the disclosure, and over the last decade, or the last 8 years, pardon me, we've had disclosure in our financial statements in regards to any potential liability in the business, including this tax issue. It's fully out there in the public. We do get questions from institutional investors from now on, from time to time, and we answer those questions. We're completely and always very transparent.

And I can tell you our team of experts are over.

Several law firms and consultants and <unk>.

Inside staff pay a lot of attention to this obviously, but.

But it's not what we view as a material issue for the company.

Whenever the issue does get resolved, we will put out disclosure to discuss further these items, we do do disclosure.

Over the last decade over the last eight years pardon me a we've had a disclosure in our financial statements in regards to any potential liability in the business, including this tax issue its fully out there in the public.

We do get questions from institutional investors from now on from time to time.

I asked those questions and working clearly and always very very transparent.

Keith Neumeyer: We did update our language in our financial statements, our MD&A, and we put out some language in our news release today just to bring shareholders up to date or investors up to date, and that's where we are. We'll continually work with the Mexican government to further resolve the issue at hand. Timing, who knows? You know, it could be another year, it could be another 2 years. We have no idea. It's been going on for 13 years. There's obviously some focus on this. Going back to my earlier comment, I can tell you it's definitely not a focus of the management group because we don't look at this tax issue as material to the business in any way.

Good update our language in our financial statements in our MD&A and we put out some language in our news release today, just to bring shareholders up to date or investors are today, and that's where we are.

We will continually work with the Mexican government.

To further resolve.

Issue at hand, but timing who knows it could be another year. Another two years, we had no idea it's been going on for 13 years, So theres always sleep.

Some focus on this by going back to my earlier comment I can tell you it's definitely not a focus of nationally because we don't look at.

This tax issue as material to the business.

In any way.

Keith Neumeyer: Interestingly enough, for those who actually want to dig a little bit deeper, the President of Mexico actually had a news conference on Friday, one of her regular news conferences. One of the reporters asked her about this particular issue, because as you can tell by some of the press, you've got these sensational headlines showing up, you know, they're trying to sell newspapers or whatever the heck they're trying to do, that have completely misrepresented the situation. The President of Mexico has said that the issue still remains outstanding and negotiations are still underway. I think that's probably the most accurate statement that's been made public from the Mexican Government. Unfortunately, the press didn't pick that up, you know, nevertheless, that's the facts.

And interestingly enough for those who actually want to dig a little bit deeper.

The President of Mexico actually had a news conference on Friday, one of our regular news conferences.

And one of the reporters asked you about this particular issue because as you can tell by some of the press.

Got this shouldn't be sensational headlines showing up.

They're trying to sell newspapers or whatever they're trying to do.

That is completely misrepresented.

The situation the President of Mexico has said that the issue still remains outstanding and negotiations are still underway and I think that's probably the most accurate statement that sets.

<unk> been made public from the Mexican government.

Unfortunately, the Preston and pick that up.

Ill.

But nevertheless, that's that's the facts.

Keith Neumeyer: Also being in Mexico for 22 years, I think we're probably one of the most well-positioned companies in Mexico to handle such issues. You know, we need to focus on getting the ounces out of the ground, and that's what we do. We came out with one of the best quarterlies, well, actually the best quarterly financial statement we've ever had in the company's history, and the analysts are focusing on completely the wrong thing. I should have introduced the people that are on this line with me. As you can probably tell, I'm slightly irritated. We do have Steve Holmes, our Chief Operating Officer, online. We've also got David Soares, our CFO, online. We also do have Samir Patel, our Corporate Counsel there, and Mani Alkhafaji, who many of you probably know, our VP Corporate Development.

And also being in Mexico for 22 years, I think we're probably one of the most well positioned companies in Mexico to handle such issues.

So you know.

We need to focus on getting the ounces out of the ground and that's what we do and we came out with one of the best quarterly as well actually the best quarterly financials say, we've ever had in company's history.

And the analysts are focusing on completely the wrong thing.

I should have introduced the people that are on this line with me as you can probably tell I'm slightly irritated but.

We do have Steve Holmes, our Chief operating Officer online. We've also got David Soares, our CFO online.

We also do have some of your hotel or corporate counsel there.

Many also graduate with many of you probably know our VP corporate development.

Keith Neumeyer: Darrell Rae, Manager of Investor Relations, is also on. If questions do come up that I'd elect to pass on to them, I may elect to do that. We will not be taking questions on the tax issue because I don't think it's appropriate in a call like this to have those types of discussions. There's several moving parts and things going on behind the scenes that are constantly occurring and have been occurring over the last eight years. Our disclosure is our disclosure, and we're not willing to go beyond the disclosure that we currently have in our financial statements, our MD&A, and our news release. Let's talk about some positive stuff, you know, the stuff that we've really been doing as a company that investors should really be caring about.

Array manager Investor Relations is also online questions.

Questions do come up that I will add that.

Elect to pass onto them I've made elect to do that.

But we will not be taking questions on the tax issue.

Because I don't think it's appropriate in a call like this to have those types of some customer discussions there's several moving parts and things going on behind the scenes that.

Of that are constantly occurring and have been occurring over the last eight years.

Our disclosure as artist slowed.

We're not willing to go beyond the disclosure that we currently have in our financial statements, our MD&A and our earnings release.

So let's talk about some positive stuff the stuff that we've already been doing as a company that investors shouldn't really big carrying about and I've got a presentation in front of me.

Keith Neumeyer: I've got a presentation in front of me, and I'm on slide 2 of the presentation. We'd had a record silver quarter, silver-producing quarter, 3.9 million ounces, 11.3 year to date. You know, the revenues in the quarter were another record quarter. As I said, we said record 18 times in our news release. There's just record after record after record. Cash flow is a record CAD 140 million. We've got record cash position. We've got over $560 million in the bank. Our Mint had a record quarter as well. The money's coming in, and the business is doing extremely well. There's always, you know, we're dealing with mining, of course, but, you know, it just, it's hard to knock the Q3.

And I'm on slide two of the presentation.

And we had a record silver.

Quarter, silver producing quarter $3 9 million ounces 11, three year to date.

The revenues in the quarter were another record quarter as I said, we set a record 18 times our news release. So there's this record after record after record.

Cash flows record $140 million.

We've got record cash position, we've got over $560 million in the bank.

Our mint.

<unk> has had a record quarter as well.

So the money is coming in and the business is doing extremely well and theres always we're dealing with mining of course, but.

It just it's hard to knock the third quarter.

Keith Neumeyer: You know, I'm very positive that we're going to end 2025 on a very positive note, having a very good Q4 as well. Without getting into details and reading everything on the slide, the presentation that I've got in front of me is on the company's website. For those interested parties, feel free to have a look at it. If you do have additional questions, feel free to call the company, and we can get into further details. Going on to slide 3, you know, you see the growth in silver ounces. You know, you know, as I said already, our record silver production. Our costs have come down, which is fantastic.

And I'm very positive that we're going in 2025 on a very positive note having.

A very good Q4 as well.

So without getting into details of reading everything on the slide this slide.

The presentation I've got in front of me is on the company's website.

And for those interested parties.

Feel free to have a look at it.

And if you do have additional questions feel free to.

Call the company and we can get into further details, but going on to slide three.

You see the growth in silver ounces.

As I said already our record silver production, our costs have come down which is fantastic.

Keith Neumeyer: You know, you're seeing a lot of cost creep, you know, within the mining sector, which I've noticed through other companies putting their financials out for our costs to come down. It was really nice to see. You know, jumping to slide 4, you know, we're hitting all the metrics in our guidance. You know, we're 3 quarters of the way in, or as he says on 30 September, we're 3 quarters of the way in to the year, and we're right on track with all the metrics that we put out in our guidance that we released in July of this year. We're on track to meet all of our guidance, you know, north of 30 million silver equivalent ounces. I think all of you probably know the breakdown.

Seeing a lot of cost creep you know within the mining sector, which I've noticed childhood through other companies putting their financials out so.

So far our costs to come down.

It was really nice to see you know.

Jumping to <unk>.

Slide four we're hitting all the metrics on our guidance, we're three quarters of the way in or what he says September 30th.

Three quarters of the way into the year and we're right on track with all of the metrics that we put out our guidance that we have.

Released in July of this year. So we're on track to meet all of our guidance here or north of 30 million silver gold ounces and.

I think all of you probably know the breakdown 55% silver.

Keith Neumeyer: You know, 55% silver, 35% gold and, you know, 10% in the form of lead and zinc. You know, our purity is there, and we remain, you know, the purest silver company in the space of the silver players that all of you are very familiar with. Jumping along to slide 5. You know, Los Gatos was, you know, a big acquisition for us. You know, that closed in January. You know, bringing all the systems in place, bringing the First Majestic way of doing business took some time. You know, SAP and other systems that we brought over from corporate, you know, from First Majestic have now all been implemented now. It's nice to see.

35% gold and.

All the 10% in the form of licensing so.

Our peers are and we remain the peers.

Silver company in the space of the silver players at all of you are very familiar with.

So jumping along to slide five.

Los Gatos was a big acquisition for us that closed in January.

Bringing all the systems in place, bringing the first majestic way of doing business.

It took some time, but.

In other systems that we brought over from corporate from person to ethic of now all of them all been implemented now.

Nice to see.

Keith Neumeyer: We have a plan to get throughput up to 4,000 tons a day, and that plan is being put together now. Look for our guidance in January 2026, and you'll see more color on our budgeting to achieve this. You know, Los Gatos has been a great asset for us and a super great addition to our portfolio. Jumping this time to Santa Elena, you know, everyone knows, you know, I'm sure most of you who are listening today have watched our news releases. Great exploration results. You know, 2 major discoveries in the last 12 months, which is pretty unusual.

And we have a plan to get throughput up to 4000 tonnes, a day and that plan is being put together now.

Look for our guidance in January 2026, and you'll see more color.

On.

We are budgeting to achieve this but ill.

Los Gatos has been a great asset for us.

Super Great addition to our our portfolio.

So jumping the signs are laying out and you know everyone's knows I'm sure. Most who are listening today are watching news releases.

Great exploration results.

Two major discoveries in the last 12 months, which is pretty unusual.

Keith Neumeyer: You don't normally see 2 discoveries that close to back, the Navidad and the San Dimas discoveries are huge and will add multiple years to the life of mine of this operation. Look, again, look for guidance in January on some costs that we're gonna be implementing over the next couple of years to get into those areas of the property to bring that ore into the mill and maintain or potentially even increase production at San Dimas over the next, you know, 3, 4, 5 years. That's pretty exciting. At San Dimas, it goes without saying that we've seen some pretty substantial improvements quarter-over-quarter there. Costs are now coming down, production's going up.

You don't normally see two discoveries that close to back, but the Navidad and the center.

Discoveries are huge and will add multiple years to life of mine.

Its operation.

Look again look for guidance in January on on on some costs that we're going to be implementing over the next couple of years to get into those areas of the property to bring that ore into the mill and maintain or potentially even increase production that centrally and over the next 345 years, So that's pretty pretty.

Fitting.

At San Demus.

It goes without saying that Tom we've seen some pretty substantial improvements quarter over quarter there.

Costs are now coming down production is going up it's now.

Keith Neumeyer: It's now, you know, within budget after, you know, a challenging previously couple of years, which of all those issues are now behind us. It's really nice to see San Dimas back on track. We've got some plans there to continually expand that operation, you know, look for further guidance in the quarters to come. Looking at Tata, you know, our smallest mine, which is, you know, less important of the top three. We're, you know, changing the mining operation there to self-haulage. You know, it's pretty interesting, and it's gonna reduce costs and help that operation out quite a lot. That's being implemented now and will be fully up and running by Q1 of 2026.

Within budget after a challenging previously a couple of years, which had all those issues are now behind us.

So it's really nice to see <unk> back on track and we've got some plans there are to continually expand our operation and you'll look for further guidance.

In the quarters to come.

And are you looking at tighter you know our smallest mine, which is less important of the top three.

But we're changing the mining operation there to self haulage.

No it was pretty interesting and it's going to reduce costs.

Health net operational quite a lot and thats being implemented now.

And we will be fully up and running by Q1 of 2026, So look for improvements in the comparator in 2026.

Keith Neumeyer: Look for improvements in La Encantada in 2026. Jumping to slide 6, you know, I've already covered the revenue, record revenue. I saw one of the analysts come out and say there was a miss on revenue, which is, you know, not sure what analyst that said. Anyways, it's, if, you know, this, the 758,000 ounces of silver that we kept in inventory, and the 3,900 or almost 4,000 ounces of gold, now that's CAD 50 million in revenue that we held over the quarter. You know, our shareholders wanna see that, and it's a lot of embedded revenue. Some of that revenue will show up in Q4.

Jumping to slide six.

You know I've already covered the revenue a record revenue we did I saw one of the analysts come out and say there was a miss on revenue, which as you know.

I'm not sure what I'm upset said.

But anyway it said it to you.

758000 ounces of silver that we kept in inventory in the 3900 or almost 4000 ounces of gold.

$50 million in revenue that we held over the quarter.

Our shareholders want to see that.

And.

It's a lot of embedded revenue some of that revenue will show up in Q4.

Keith Neumeyer: You know, I think the analysts that follow the company should take note of our inventory levels because it is something that we have focus on. As a silver gold company, I think that, you know, our input from our investors and shareholders worldwide want us to see inventory levels at these types of rates. It's very positive. You know, we could all obviously, you know, it's our choice. It's like cash. If we do want to convert those ounces into revenue at any time, we could do it quite easily just on a phone call. You know, there's really CAD 55 million in net earnings that would have showed up.

But I.

I think the analysts that follow the company you should take note of.

Our inventory levels, because it is something that we.

We have focus on as a silver gold company I think that Tom.

Our input from our investors and shareholders worldwide.

Wanted to see inventory levels at least.

At these types of rates so.

It's very positive and we could all obviously, it's our choice it's like cash. So if we do want to convert those ounces into revenue at any time.

We could do it come quite easily just on a phone call. So there's really $55 million net earnings.

Wouldn't that would have showed up or pardon me, though.

Keith Neumeyer: Well, pardon me, though, that's in relationship to the securities that we've been monetizing. Another bullet point, we do treat our portfolio, I gather maybe in a unique way. We don't put it on our balance sheet. We have a virtually our entire portfolio in other comprehensive income. You know, we do monetize that, and we have been monetizing that. If the analysts would like to look at that, maybe they wanna focus on that number as well because I think it's a quite important number, and there's a lot of cash sitting in our reserves in the form of marketable securities that I don't think people take into consideration. There's a slide coming up, which I'll point out again, that shows that value.

In relationship to the securities that we've been monetizing.

Another bullet point.

We do treat our our portfolio.

I gather maybe in a unique way we don't.

Put it on our balance sheet, we have.

Virtually our entire portfolio in other comprehensive income and.

We do monetize that and we have been monetizing that so all of the analysts would like to look at that maybe they wanted to focus on that number as well because I think it's.

Quite important number and Theres a lot of cash sitting in our reserves in the form of marketable securities.

I don't think people take into consideration there is a slide coming up which I'll point out again that shows that value.

Keith Neumeyer: Now, our safety performance has been very good, and our sustainability has improved as well. We're one of the best producing mining companies in the space, and recognized by the different agencies, which is obviously nice to see. Jumping along to slide 7, and this points to my previous comment of marketable securities, we have, which is CAD 140 million sitting there. That's as of 30 September, and the market's improved even further since then. Who knows what that number's gonna be as of 30 December.

Our safety performance has been very good and our sustainability has improved as well one of the best producing mining companies in the space.

And.

<unk> by the different agencies, which is obviously nice to see.

So jumping along.

On to slide seven and this this points to my previous comment of marketable securities, which was $140 million sitting.

There that size of September 30th.

Remarks improved even further since then so.

Most of that number is going to be as of December 30 <unk>.

Keith Neumeyer: It is a significant amount of our liquidity and as a result of, you know, our deals we've done on the M&A front over the last couple of years, which I think is pretty helpful for the business overall. Going to slide 8, you know, again, another record I've already touched on, you know, records, but, you know, CAD 98 million in operating cash flow, pretty, obviously pretty significant. Pardon me, Los Gatos was a significant contributor to that, which is obviously fantastic. It's great to see. Going to the next slide 9, our EBITDA, you know, another record, CAD 128 million in EBITDA.

A significant amount of our.

Liquidity and.

So as a result of R. R.

Deals we've done on the M&A front over the last couple of years, which I think is pretty pretty helpful for the business overall.

Going jumping along now to slide eight.

Okay.

Another record I've already touched on.

Records, but you know $98 million in operating cash flow.

Oh pretty obviously pretty significant less casuals was not our what pardon me in the Sky for US was a significant contributor to that which is obviously fantastic it's great to see.

And going to the next slide slide nine.

Our our EBITA.

Another record $128 million in EBITDA.

Keith Neumeyer: I'm not gonna go over each of these items 'cause, you know, if you, if you're looking for further details on all the bars here, I'm not gonna bother covering them. If you do have further questions, feel free to talk to Darrell or Manny at any time you wish to. Jumping to our next slide, the dividend policy, as all of you know, the dividend's intact and obviously will be with our significant cash balances and our significant portfolio. You know, actually, I'd like to see that dividend increase, but we'll see how that transpires over time. Looking at slide 11, you know, the integration, you know, is pretty well done.

And.

I'm not going to go over each of these items because.

If youre looking for.

Further details on all the bars here I'm not going to bother covering them, but.

You do have further questions feel free to talk to.

Daryl or many at any time you wish to.

And jumping to our our next slide the dividend policy.

All of you know the dividends intact, and obviously, we'll be with our significant cash balances in our <unk>.

Our significant portfolio.

Actually I would like to see that dividend increase.

But we'll see how that transpires over time.

So looking at slide 11.

You know the integration, it's pretty well done theres a couple of items that.

Keith Neumeyer: There's a couple of items that, we're still working on, but, you know, look for increased balance sheet improvement in Q4. I would expect to see that as a result of, you know, our production and obviously metal prices. We are still aggressively doing exploration. We're likely not gonna get a chance to talk about Jerritt Canyon today, but we do have some interesting exploration things happening there. We do hope to put out an update, news release on Jerritt Canyon at the end of the year. If not end of the year, early 2026, but our objective is to hopefully have some news out on a go-forward plan on Jerritt Canyon by the end of this year. I don't wanna talk too much about it on today's call.

We're still working on but look for increased balance sheet.

Improvement.

In Q.

Q4, I would expect to see that as a result of our production and all obviously metal prices.

We are still aggressively doing exploration, we're likely not going to get a chance to talk about Cherry Canyon today, but we.

We do have some interesting exploration things happening there, but we do hope to put out an update news release on Cherry Canyon at the end of the year.

If not ended the year early 2026, but our objective is to hopefully having.

Some news out on a go forward planetary Canyon.

By the end of this this year and I don't want to talk too much butter on today's call I know, we do get a lot of questions luxury canyon, but.

Keith Neumeyer: I know we do get a lot of questions about Jerritt Canyon. I'd rather wait until we do come out with some further disclosure just to talk about the whole picture. We will be updating our resource estimates at the Navidad project as well in March of next year, which is obviously pretty exciting. You know, as I've touched on already, the Los Gatos input increase to 4,000, and the Santa Elena mill increase to 3,500 is all coming into our budget in 2026. We hope to talk further about that when we come out with our guidance for 2026. That was really the end of the presentation.

I'd, rather wait until we do come out with some further disclosure just to talk about the the whole picture.

We will be updating our resource estimates at the Navidad project is while in March next year, which is obviously pretty exciting.

And.

As I touched on already the scaffold.

Input increase.

To 4000 in the sense laid out.

<unk> increased to 3500.

It's all coming into our budget in 2026, so we hope to talk further about that when we can.

Come up with our guidance.

For 2026.

So that was really the end of the presentation.

Keith Neumeyer: I know the guys in Vancouver are watching for questions, so I'll pass it on to Manny and the team in Vancouver.

I know the guys in Vancouver are watching for questions. So I'll pass along too.

And the team in Vancouver.

Mani Alkhafaji: Yeah. I think, Keith, you probably addressed a couple of the questions on Jerritt Canyon. The one question that is coming up here is, are you doing any share buyback at these prices?

Yes, So I think Keith you probably address a couple of questions on the.

The one question that.

It's coming up here is how are you.

Are you doing any share buyback.

Rices.

Keith Neumeyer: We did some today, and we did some yesterday.

We did some today, we got some yesterday.

Mani Alkhafaji: Okay. That concludes the web questions that we have.

Okay.

The west.

Questions that we have.

Keith Neumeyer: Okay. Well, that's good. Okay. Well, thanks for everyone's time and for those who are listening to this after the fact, I encourage you to call into the office or send us an email. If you have further questions, we're always happy and willing to answer any inquiries that come in from interested investors and shareholders.

Okay, well that's good.

Okay.

Well, thanks for everyone's time and.

For those who are listening to this after the fact.

I encourage you to call into the office or send us an email.

And if.

If you have further questions, we're always happy and willing to answer any inquiries that come in from.

Interested investors and shareholders.

Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Today's conference call you may disconnect. Your lines. Thank you for participating and have a pipe okay.

Yeah.

[music].

Uh huh.

Yeah.

Uh huh.

[music].

Oh yeah.

Okay.

Uh huh.