Thank you for standing by and welcome to the Chrysos Corporation Q3 FY2024 quarterly call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star one again. And finally, a reminder that this conference is being recorded. I would now like to turn the conference over to Dirk Treasure, Managing Director and CEO. Please go ahead. Thank you, Paulie. Appreciate the introduction. Good morning, shareholders, and welcome to our March Quarter 4C investor update. As usual, I'm joined by Brett Coventry, our Chief Financial Officer, and together, Brett and I will be running through an operational and financial report for the quarter. After the presentation, Brett and I will be available for Q&A. Please ensure that you're dialed in rather than connected via the web link if you would like to ask a question. Slide 3, please, operator. Chrysos has had an excellent quarter from a revenue perspective, with 92% growth year-over-year and 28% growth quarter-over-quarter. The bulk of this growth is coming from our EMEA and Americas regions, which have had 190% and 479% growth, respectively, year-over-year. The third quarter represents our second quarter or second-ever quarter of having more than 50% of the company's revenue coming from international rather than Australian operations, and we consider that there remains substantial growth opportunity in both of these markets. During the quarter, we analyzed around 1.1 million PhotonAssay samples, representing the 21st quarter of record PhotonAssay volumes. We finished the quarter with AUD 70 million cash on hand, and we've had our AUD 95 million debt facility with the Commonwealth Bank certified as green funding under the Green Technology Criteria, which is a substantial endorsement and aligns with our focus to provide safer and more environmentally friendly analysis to the mining industry. From a deployment perspective, we completed deployment of three PhotonAssay units during the quarter, and that included our first deployment into Europe. We're currently installing a further two units, one into Canada and another into Africa. Unfortunately, we have continued to see site readiness challenges from our customer base, leading to further delays to some deployments. At this point, with only 9 weeks left of the financial year and installations requiring typically 8 to 10 weeks for completion, we consider that we will end the year with a total of 29 operating PhotonAssay units, consisting of the 9 new deployments and including 2 redeployments being completed during the financial year. While we remain confident that the site readiness challenges will be resolved in the short term, we're actively focused on building out our sales pipeline and diversifying our customer base. With a broader pipeline, we'll have the opportunity to redirect unit deliveries to those customers ready to receive units and shift other customers further down the delivery pipeline if they're not ready. We're continuing to increase the strength and depth of our sales team and remain committed to our focus on direct-to-miner relationships, which will support this initiative. On a positive note, we've secured a further lease agreement, bringing the total number of leases from 49 to 50, and this new agreement is for deployment of a second unit by MSALABS to the Kibali Gold Mine for Barrick, which is routinely analyzing sample volumes on site greater than the capacity of one PhotonAssay unit. This is the first additional lease agreement related to our previously announced partnership with Barrick, and we anticipate further related new lease agreements to follow. Slide 4, please, operator. We continue to build up our presence in key mining hubs around the world, growing adoption in these regions and driving down total costs through our hubbing strategy. Our regional sales team are now also working closely with our deployment teams to focus both on new unit sales but also on driving additional volume into existing units. It's important to note that while we've experienced delays to deployments, our manufacturing, as well as our global deployment capability, has advanced substantially. During the quarter, we manufactured an additional five PhotonAssay units, demonstrating a manufacturing capacity of 20 units per year. This addition of five units brings the total number of units that we have having passed factory acceptance testing to 11 units, each of which are ready for imminent deployment as we overcome customer readiness delays and broaden our customer base. Slide 5, please, operator, and over to you, Brett. Thanks, Dirk. We are well placed moving forward with our increased global footprint, which is the revenue growth and market diversification increasingly visible across the regions which we have established ourselves. We've also spoken about the current state of the Australian market in previous calls. We can see that consistency here and the revenue opportunity associated with the latency in our units. PhotonAssay can be activated immediately versus fire assay, which requires people, supplies, and takes longer to deliver. This is a good position to be in with gold prices at close to record highs and some of our peers indicating they are seeing green shoots upstream or downstream from us. So obviously, a good, strong position to be in. This will be the revenue slide we use to move forward, retiring the AAC and MMAP slide, still included in the appendices here. This is reflective of our business's increasingly maturing reporting structure and building reporting capability on the backdrop of a larger fleet of units. We feel this provides better information to continue giving you greater insight to our business. Next slide, please. This is a relatively new slide, and while there's a lot of information here, the key takeaways are the following. We are deploying infrastructure-like assets with a projected lifetime return in excess of AUD 20 million. The deployed cost is just under AUD 4 million. The initial capital outlays are small at the time of ordering the long lead times, around AUD 100,000, but the majority of expenditure occurs at the time of the unit being deployed at Site Acceptance Testing, or SAT, which we refer to it as, which is when we hand the unit over to the customer and start earning revenue. It should be noted the pricing structures apply to the current 11 units that have reached factory acceptance testing. Obviously, there's some little storage charges associated with that, but immaterial in the context of things. The upside is we are ready to ship these units as soon as customer readiness issues are overcome. We expect some rebuild costs around the 10-year mark of our units to about 40% of the initial capital outlay, which is expected to take to the unit through to its full 20-year useful life. Like I mentioned earlier, there is a lot to invest here, so let me summarize. 18 months out, we commit to ordering the long lead time items, primarily the linear accelerators. Approximately AUD 100,000 of just under the AUD 4 million we spend to build a unit. Around nine months from deployment, approximately 20% of the cost is laid on confirmation of the full unit manufacturing, with a further 20% at the time the unit passes FAT, or factory acceptance testing, which is when it's ready to ship. Of course, that's the normal course of business with the few delays at the moment. And then that payment in that normal course of business would be around site acceptance testing or when we're starting to generate revenue from the unit. On deployment or SAT, we have approximately 50% due to our manufacturers, and at the same time, we start to generate revenue. We've used the currently deployed fleet revenue of AUD 1.8 million per unit. Obviously, there's some upside as we use some of that latent capacity, but over the last period of time, that AUD 1.8 million per unit is the average to work through the cash return in excess of AUD 20 million. At approximately 10 years, we will expect to have a rebuild cost of around 40% of the unit deployment cost. And ongoing, we have an annual cost of, at the moment, AUD 425,000, which is down from what we had originally estimated in our prospectus. As these costs are improving at a unitised level, we thought we should also introduce some more metrics, and we've obviously got better reporting capable of that, which leads us to the next slide. Next slide, please. We're pleased to be able to provide the unit economics, going through historical revenue, costs, and the margin per unit. At the time of our prospectus, we spoke to the AUD 375,000 of direct costs and approximately AUD 100,000 of variable labor costs. We can demonstrate an improvement on this, which sees us operating with a strong gross margin between 70%-80%. This performance is in the backdrop of an inflation rate of around 6% over the last 18 months and is reflecting of our hubbing strategy across the globe and deeper engagement of our maintenance sales teams across the tiers of maintenance and driving additional photon assays to the unit. A strong position to keep on improving on disrupting a data-unfriendly analysis method, and we look forward to sharing this graph with you going forward. With that, I'll hand back to Dirk. Thank you, Brett. Slide 8, please, operator. Summarizing for the quarter, a 92% increase in revenue year-on-year and a 28% increase quarter-on-quarter are an excellent outcome. Continued revenue diversification has led to the bulk of this revenue now coming from offshore, with each of the locations in which we operate offering further growth potential. All over the world, we're exploring both additional opportunities for deployments as well as making use of latent revenue capacity with our laboratory partners, who are well positioned to capture any industry upside related to an increase in gold price. We're maintaining strong unit economics with consistent revenues and reductions in unitized costs. This is helping us achieve gross margins in the order of 80%-90%. As Brett outlined earlier, this includes Chrysos's maintenance engineer costs, spares for the unit, external costs, so that effectively we're providing a full picture of the deployed cost of a unit, which is the detail required to properly understand Chrysos's financial model and the opportunity of Chrysos. Taking our current revenue per unit, expected life, and costs of a unit, the lifetime return of a PhotonAssay unit is in excess of AUD 20 million. We're maintaining a focus on these margins even as we deploy new units around the world, with each new unit adding accrued revenue and EBITDA to the company. With the end of the financial year fast approaching, we have provided final guidance for the year with EBITDA of AUD 8.5 million, reflecting a 143% increase on FY2023 EBITDA, comfortably within our initial guidance for the financial year. With regards to total revenue, we've provided final guidance for the year of AUD 45 million, representing a 69% increase on FY2023 revenue, which is a little lower than the range that we provided and is reflective of delays to deployments. In spite of the lower revenue, we've achieved higher EBITDA conversion on a unit-by-unit basis, allowing us to achieve that higher EBITDA. Chrysos intends to provide guidance for FY2025 following the conclusion of FY2024, and based on the forecastable nature of both the revenues and costs of our units, coupled with additional units for deploying in FY2025, we do anticipate a strong increase in both EBITDA and revenue in comparison to our FY2024 figures. Looking forward, we remain confident in our ability to continue to increase our market share in the gold analysis space, and we're well supported financially with around AUD 165 million available between debt and cash on hand to continue to build and deploy PhotonAssay units. I'll now move on to questions. Thank you. As mentioned, the floor is now open for questions. To ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. Again, press star one to join the queue, and your first question comes from the line of Taylor Guyot from Barrenjoey. Please go ahead. Hey, guys. Are you able to hear me okay? Yeah, we've got you, Taylor. Sounds good. Thanks. Could you just firstly talk through the factors that have led to the lower-than-expected deployments and maybe what you could do differently in the future to mitigate this risk? Yeah, absolutely. So look, we've flagged and earlier on I was talking about the absolute best thing that we can do here is to build out the deployment base, build out the available customers that we have, and the locations that we can put these units. So to put that in context, instead of sending a unit to Customer A in Mexico, if they're not ready to receive that unit, we can then deploy it instead to Customer B in Tanzania. So that's kind of the ideal path forward for us. And I think it's important to point out that some of these things are outside of our control. So as we continue to mature, we can continue to allow contingency, continue to work really closely with our customers to make sure that they are ready, physically be on those sites, confirm that if concrete needs to be relayed, it's actually done ahead of the time that a unit arrives. So that really then de-risks our ability to deploy units, accelerates the rate at which we can deploy them, and which is important now because we've done a lot over the last 12 - 18 months in building out both the deployment capability but also that manufacturing capacity. So we're at a point now where we can fulfill the needs of a growing customer base as well. Okay, perfect. Thanks. And then can you just talk through how we can think about the forward deployment schedule now into FY2025 and what confidence you can give for the outlook for demand as well? Yeah, absolutely. So look, with regard to specific forecasts going into FY2025, I commented that we will provide guidance come the end of FY2024. So we're not guiding to a specific number at the moment, but we have talked about the manufacturing capacity as well. So I think in the last quarter, we've clearly demonstrated the ability to manufacture. By manufacturing five units, we've demonstrated the ability to manufacture the equivalent of 20 units a year. So certainly, from our perspective, it then comes down to that customer readiness and the ability of customers to receive those units. Okay, perfect. And then last one for me, just with the current agreements you have with MSALABS, are you currently receiving minimums for those at the moment, or have those been waived? Sorry, can you repeat that? Yes, sorry. I was just saying the last question for me is, under your current agreements with MSALABS, are you receiving minimums for those at the moment, or have those been waived? Right. So for any of the units that are deployed, we obviously turn on the minimum monthly assay payments at around the time of deployment. So Brett talking about the sort of prepayments versus deployment timing, etc., etc. So typically, the MMAPs are turning on at the point of site acceptance testing. Where we have had delays to deployments of units, often we're not actually charging the customer ahead of time for those deployments. And you can see that come through in the revenue. At the end of the day, we need our customers to be building a sustainable business as well. We continue to work closely with those companies as we go forward. Okay, perfect. That's all for me. Thanks very much. Thanks, Taylor. Your next question comes from the line of Jules Cooper from Shaw and Partners. Please go ahead. G'day, Dirk. Thanks for taking the question. So I've got two. Firstly, you've talked about the focus on broadening the contracted base, and we're really encouraged by that. But I guess we just wanted to get a perspective on how quickly that could take place. And would you expect to be active there in the next quarter? That's the first question. Sure. So look, certainly from our perspective, doubling down on that sales side, working around the world on the ground near our deployed units as well, really looking to convert mining projects to photon assay. So what are we seeing at the moment? We've certainly seen that initial conversion of the Barrick partnership that we announced in October last year with that 50th contract that we've now put in place. And certainly, from my perspective, yeah, I see this as a significant de-risk to our ability to deploy units on the timeframes that we've laid out. So the goal is to start deploying earlier rather than later, obviously sorry, start signing up new units earlier rather than later, obviously without guiding to specific numbers at this point. All right. Maybe the second question is, you manufactured 5 units in the quarter. That's sort of a run rate you've indicated. Would you expect to manufacture another sort of 5 units in the fourth quarter, getting ready for next year? Look, I think the big point there is that we've shown and demonstrated capacity for those deployments. We'll continue to balance the requirements of manufacturing and deployment going forward. I think the nice thing here is that we do have that latent deployment capacity that we can draw upon and units sitting there ready to go. So you could certainly imagine that as we roll into the next financial year and we're continuing to manufacture units, it really does come down to having that customer base ready to receive those units. Okay. All right. Thank you. Before we continue on to the next question, just a reminder, if you would like to join the queue, to please press star one on your telephone keypad. And your next question comes from the line of Joseph House from Bell Potter. Your line is open. G'day, Jens. Thanks for the update. I just got a few questions. So firstly, the additional MSALABS contract, is that part of the 10 additional unit deployments that are part of that contract you announced late last year, or is it separate to that contract? Yeah, look, great question. So what we announced in October last year was the partnership between Chrysos, Barrick, and MSALABS. So this would effectively be the first additional contract in relation to those units or to that partnership. The first additional from the three that were contracted or part of the 10 that were undergoing due diligence, sorry? Excellent question. Probably more the latter. So it's certainly in addition to the ones that we have going to Nevada Gold Mines. Okay, great. Thank you for clarifying. And then my second question is around the other income. So it looks like just backsolving from MMAP and additional assay charges, looks like there's about AUD 600,000 in other income. Just keen to get an understanding of what's that in relation to? Yeah, absolutely. Brett, did you want to approach that one? Yeah. So we've relocated it. We've just caught out in the slide deck there, there's a couple of relocations during the year. There is a fee for doing that. We obviously don't want to be relocating the units if we don't have to, but this was in relation to a unit being relocated, and that was the cost that was charged for and income that was associated with doing that. We saw that happen. Obviously, it's not something we want to be doing, but we do have two of those happening this financial year. The interesting underlying piece of that is obviously the customer during that process is still committed to those minimum monthly assay payments through that process as well. Okay, thank you. Just looking at your cash flow statement, the receipts from customers for the quarter was AUD 7 million. Year to date, that's AUD 21.6 million, so roughly about 3, sorry, 7 mil per quarter. I would have imagined that as your deployment base increases, there would be increasing receipts from customers per quarter. Is there anything to look through past that, or is it an increase in the time that customers can pay you back? Yeah, any feedback is great. For sure. No, thanks for the question. There's been no change in trading terms. I think as we've grown across the globe, we've had to obviously set up local bankings in many of these countries, and then they follow through certain local registrations. We're now in a position in many of the jurisdictions that we're invoicing locally, but there were a backlog of a few invoices going out, and they're obviously starting to be collected now. So we're starting to work through a cadence of bringing them back in terms of collecting those, but didn't have a material effect in the last quarter. But certainly, something that we're in a stronger position to be able to do that now because your expectations around the cash are the same as mine is that we should be growing with those additional deployments. Great. Thank you. And just lastly, just keen to get just some context around how the ramp-up of deployed units at labs in the past 12 months has compared to those at mine sites. Is there a difference in how quickly these units can ramp up depending on which site or whether they're in a lab or whether they're at a mine site? Yeah, look, I'll jump on that one. So often we see where you have a facility that's already running samples, so we have, say, an established laboratory or a mine site with an established laboratory on the mine site; it's much easier just to interchange with PhotonAssay. So post-deployment, being in a position to run the same amount of samples that were previously being run but now with PhotonAssay. So that's quite a quick ramp-up opportunity. Where we have seen new laboratories established, so for example, into a new area or a new customer in a new region, there is a longer period of time there because you've got a couple of things happening. I mean, one is building out awareness of the technology and growing a customer base, then being the miners—I'm talking now about laboratories—but then secondly, within the laboratory itself, ensuring that all of the unit processes fit together well. So you've got a higher staff. You've got to have the sample preparation requirements getting into PhotonAssay jars before then going into units as well. So it is a little bit nuanced depending on who the counterparty is, whether it's a mine site or whether it's a laboratory. Great. Thank you very much for answering my questions. I'll leave it there. Thanks, Joseph. Your next question comes from the line of Liam Hagerty-Cremer from Morgans Financial. Your line is open. Hey, guys. Thanks for taking my questions, and well done on a great quarter. A couple of questions for you. Maybe one broadly, Dirk, if you could talk about PhotonAssay technology more broadly. You've touched on acceptance and stuff, but how are those conversations going? And what I'm sort of leading into is usability or max threshold per machine. I've got that on my end as roughly, call it, 45,000 per month. One, is that about right? And two, how do you see average usability today into the future, and how much room do we have per machine versus the average today? Does that make sense? Yeah, absolutely. So we have a sort of nameplate capacity for these units of 40,000 samples per month. So all of the numbers that we talk about are back in reference to those. Speaking then of adoption, and this is one of the really nice things that we've seen over the last 18-24 months and quite pronounced recently as well. For anyone that came to our invest today, we actually had Gold Fields standing up saying that they use the technology exclusively in Australia, so Gold Fields being a top 10 producer. If you look at companies like Northern Star and their releases and where they've referenced PhotonAssay in their JORC tables in the back, you can start to build the story of exactly who's using the technology. Across the top 10 and certainly across the top 20 gold miners in the world, we're becoming more and more well used and just generally accepted. I think part of that then is if you consider the way that the JORC Code and the NI 43-101 Code work - so those are basically what companies need to adhere to for their releases to market - they're based on competent persons and qualified persons basically being comfortable that the technology is fit for purpose. So the more that you have ubiquitous use of PhotonAssay around the world, the more that it actually snowballs because when you've got big studies proving efficacy of the technology, which we do with a number of the large major gold miners which have needed to undertake those studies to then adopt the technology, it just de-risks it for the next biggest companies as well. So certainly, that adoption is something that we're seeing globally. Yes. Okay. And then on redeployment, I'm guessing there's different reasons per, but can you talk to? I assume it's more geography-based or proximity in terms of who takes up the machine if someone doesn't want to renew the contract. Can you talk about, in your experience, has that been the same customer, i.e., ALS takes it up in a neighboring geography, or is there no real link in terms of redeployments? No, look, another great question. So proximity is definitely important, and there's two quite different kind of reasons for the redeployments that we have undergoing or one having undergone and one undergoing. So just before going into that, though, important to note that neither of those is the end of a contract with one customer and the start of a contract with another. So the unit that we moved over in Africa was an MSA contract, remained an MSA contract throughout, and that was basically that their customer was no longer able to operate their mine. So they've picked up that unit working with Chrysos and redeployed it to another location with higher potential for sample volumes to come through from other miners. So that's quite a specific requirement where you've had a mine, well, either reach end of mine life or in that circumstance, the mine itself stopped operating. The other redeployment and other opportunity for redeployment is where a customer decides that there is a better place for a unit. And my understanding is that the other redeployment that we're undertaking was at the behest of their customer, essentially as a proximity piece, that their customer felt if the unit were closer to their operations, they would get better turnaround time, better service, and accordingly, had actually asked our customer to move that unit. So that's where we're working quite closely with the customer there. But yeah, intentional, neither of those is actually end of contract or end of life. Okay. Yep. And just one final one. I swapped a point, but when you're hiring into new geographies, are you hiring well, one, how are you finding that hiring process? And two, do you hire on site? Do you hire technicians you know and they fly over? Can you talk about that hiring process and whether there have been any difficulties? And that's the last from me. Do you want me to pick that one? Yeah. So a couple, oh, go for it, Brett. Yeah, yeah. No, I think it's a great question, and anyone trying to get their head around how we do this. We do hire locally. We're pretty proud to have I think it's currently two expats across our whole organization. One of those is the finance team member who's setting the Americas up, and another one is a specialist physicist in the U.K. And outside of that, we do hire locally, and we start the process partway through or so that ideally, they're coming on board partway through deployment, and they're able to be trained to the specificities of what we need for a PhotonAssay operation and maintenance. But the quality of people we're seeing across the globe, whether that's our Canadian team or our team in EMEA, is amazing. They generally have an engineering, either electrical or mechanical background, and we're getting great people across the globe, and it is pretty exciting to see and be part of. I think it's 25+ different cultures across our organization at this point in time, which is a pretty cool and diverse piece of our makeup of our business. And employing locals versus expats is also something that's great for our business. Yeah. Thanks, guys. Yeah, that's it from me. Glad to be in a great quarter. Thanks. Thanks, mate. Another reminder, if you would like to join the queue to ask a question, press star 1. Your next question comes from the line of Lachlan Rogers. From 115, your line is open. Hi, guys. I just wanted to get a sense of the outlook for additional costs beyond direct unit costs. Can we start to expect gross unit profit to start dropping more to the EBITDA line from now, or is there going to be another step up? Thanks. And a good thought process. We still obviously have incremental costs that come with operating a global business, but we're starting to see the benefit of those hubbing and already being in some countries. So the increment becomes slower as opposed to what the step up we saw this year. But we would certainly still see some incremental costs coming through, but just not at the same rate as we had. We're still entering new countries, entering new markets. Obviously, the labor we're applying to the cost of goods and just for clarity, Dirk spoke before about 80%-90%. That's obviously the direct costs that come from external at this point in time, sitting in that 80%-90% overall, including our labor, sitting between 70% and 80% gross margin. So we're seeing those things start to come through to the business, and we will see increasingly more cash flow and more profitability come to the business. But it is still a growth story in terms of rolling things out. Obviously, we've had a positive year, albeit in terms of deployments being slower. You can see the impact as our rate of growth against our entire business grows on that EBITDA margin improvement. So we would expect to see some increasing costs, but not at the same incremental rate. Sure. I noticed in this quarterly on the cash flow statement, there was no intellectual property spend. Is that a change in focus, or is that just a timing thing? No, not a change in focus, a change in where the cash was allocated across the business. And it comes down to that it's actually that 300. I think it's AUD 314,000 there. It's sitting as a credit. Obviously, from a tax point of view, when your Australian taxable income is less than AUD 20 million, you get cash rebate. Once you go over AUD 20 million, it actually becomes tax accounting. And from an audit point of view, that was picked up in the half-yearly review, and it was a correction between where those cash flow spends had been because it no longer once it's a tax credit, it no longer goes as part of the rebate to our actual intellectual property. So going forward next quarter, it'll be purely the cost as opposed to the cost less the rebate of the R&D. No change in focus, just a change in accounting practice with our growth as we've gone through a tax ceiling in Australia. Okay. Cool. Thanks. That's all from me. You have a follow-up question from Jules Cooper from Shaw and Partners. Please go ahead. Thanks, Dirk. Just one more. I guess what we've been impressed over the last couple of years is just the broadening out across customers and regions. We've seen Europe added in the last quarter. Previously, you've talked around South America, and I guess probably there's some opportunities in Central America as well, but they seem to be regions that you're not having a unit deployed. Is that an expectation near-term that you would have units in some of those regions that you're not in currently? Yeah, absolutely. Absolutely. And thanks for the follow-up question, Jules. So certainly, from our perspective, I think we've done a lot of these different countries now around the world, and we have comfort going into new ones. So there are some big mining opportunities in South America and certainly in Southern North America, Mexico, for example, that would be on the radar for our future. Again, not guiding to sort of specific timing on that, but definitely on the radar. Okay. Thank you. Thanks, Jules. Your next question comes from the line of Dan Stein from OC Funds. Please go ahead. Hi, Brett. At the first half, you capitalized about AUD 600,000 as intangibles. Can you confirm, is that sort of the run rate we should be expecting? Thanks, Dan. Yeah. And obviously, I spoke just before about that cash piece in terms of how we were treating it. That was the net rate of capitalisation during that period. Obviously, there's a correction there for the tax treatment going forward. So you'd expect that kind of that will pop up a little bit given there's no capitalisation there. So it'll be slightly higher and probably be a little bit closer to AUD 1 million a quarter going forward. Yep. Okay. So run rate's roughly AUD 4 million and. Yeah. No, great. Some of those other revenues, and you may have mentioned silver, copper, moisture, etc., when does that sort of get turned on, and when does that start to have an impact? So we have those services running on a handful of machines. Obviously, it's very regional-based in terms of what the geography has for the samples is like. So that obviously is an important piece of that. But there are geographies where that's already in place. The one that's not being charged at this point in time, which is still going through its development stage, is the solutions, but that's certainly getting some good traction. And certainly, we see some good capacity there in terms of longer-term growth. It's probably more focused towards mine site deployment because it can potentially take another piece of equipment or personnel to the laboratory. But equally, laboratories in a hub and spoke may choose to use it as well. But certainly, we'll see increasing capacity for those over the periods. We're working through information around that. Obviously, we'd like to be able to give more clarity to that as we go forward. It's something we're actually actively working with our software team about how we can start to build some information around that because we obviously can track and obviously can charge for those different analyses as we go forward. Great. Thanks, guys. This does conclude our Q&A session for today. I would like to turn the call back over to Dirk for closing remarks. Thank you very much, Paulie. Thank you to Shareholders. Appreciate your continued support and look forward to providing you our next update. Thanks very much. This concludes today's conference call. Enjoy the rest of your day. You may now disconnect.