I would now like to hand the conference over to Mr. Duncan Hughes, General Manager, Corporate Development and Investor Relations. Please go ahead. Thank you, Harmony. Welcome, everyone, to our September 2024 Quarterly Analyst Call. In the presentation today, we will be referring to the quarterly results slides that can be viewed on the live webcast, our website, or on the ASX release. Those on the webcast and on the phone are able to submit a question for us to address at the end of this call. Joining me on the call today, we have Duncan Gibbs, Managing Director and CEO; John Mullumby, Chief Financial Officer; and Keeley Woodward, Joint Company Secretary. Moving to slide three now for a summary of our September quarter results. Gruyere continues to operate safely but reported one lost time injury during the quarter. Gold production for the quarter increased to 68,791 oz at an all-in sustaining cost of AUD 2,551 per oz. Gruyere operating cash flow increased to AUD 89 million quarter on quarter, and Gold Road free cash flow lifted by almost AUD 30 million quarter on quarter to deliver us AUD 20 million for the quarter. Cash and equivalents ended the quarter stronger at AUD 109 million, higher than expected thanks to record high spot gold prices and our unhedged gold sales. As previously guided, the September quarter was a quarter of continuing improvement as the operation continues to ramp up mining and production rates. After a difficult first half, we have turned the corner, and Gruyere is well set for a much stronger December quarter and 2025. Our listed investments continue to grow in value and are valued at about AUD 630 million today, an unaudited unrealized gain well in excess of AUD 200 million for Gold Road shareholders. Gold Road continues to make good progress with the Yamarna Mine Readiness Project, with a reserve update anticipated in early 2025. At this point, I expect us to be able to demonstrate the significant value generated through our exploration expenditure at Yamarna. On the regional exploration front, we have made good progress with drilling commencing at the Mallina and Greenvale projects and drilling expected to be undertaken at Balter and Yamarna this quarter. I'll now hand over to Duncan Gibbs to talk through our quarterly results in more detail. Thanks, Duncan, and thanks for everybody for joining us today. I guess all the focus at Gruyere has really been on the mine, so we'll start there. I guess the mine is basically now fully resourced and staffed up for a higher mining rate, which continued to increase during the quarter. At least the new owner of Macmahon have been very supportive in recapitalizing the fleet and are making significant ongoing changes to leadership, business process, and systems consistent with what you'd expect from a tier one contractor to deliver. Of the greatest note and relevance to our near-term production is that we are currently blasting and excavating to one flitch level in the Stage 3 and 4 area. This places us in a much stronger position to increase mining productivities and increases the ore exposed. All the ore in the next quarter and into 2025 is coming from the bottom of the fifth floor area. During September, we actually mined more ore than we processed, and we started to build ROM stocks of full-grade ore, which you can see translating through into the grade of the stockpiles. We anticipate this trend will continue through the December quarter and continue into 2025. With the head grade of the plant back up at around the reserve grade of 1.3 grams, we're in a good position to deliver a strong fourth quarter and continue high levels of performance into 2025 and get to where Gold Road has always viewed Gruyere as around about a 350,000 ounce per annum operation. Delivery of the fourth quarter really starts to shift from the performance of the mine into the usual operating issues of getting the tons and grade through the mill. We've still clearly got some work to do on getting movement rates up to our target rate of 65 to 70 million tons. The larger mining floor, as we get all of it down to one level in stage three and four, will certainly help us lift productivities down there. But probably more importantly is that a greater portion of the waste movement will come from the stage five mining area, which will greatly assist in driving high levels of productivity. So if we look at just the stage five, this is how it was last week when we had a management team from Gold Road up on site. As you can see, the stage five cutback to the five area is a very large floor area, currently only one excavator operating in there, with most of the fleet focused down in the stage three, four area. The stage five is a large area. It's primarily oxide waste, relatively shallow. They're all factors that actually help in lifting excavation rates. So mining stage five is really about exposing ore for the longer term from 2026 onwards. As we move into 2025, the typical operating cadence will get down to one or two excavators down in the bottom of the pit in stage three, four, with two to three machines up in the stage five area. So quite a different move to where we've been over the last year in catching up in the waste movement from the stage four area and relatively tight kind of operating conditions. As well as developing the stage five cutback, which obviously is key to delivering ore into the future, we are actively progressing Golden Highway, and that should get through the permitting kind of timelines in 2026, provides additional optionality and risk mitigation to ensuring that we've got future ore delivery. Now, if we can focus on to the here and now, coming back to the quarter in detail, the total material movement, including waste and ore mining, increased quarter on quarter to what our record levels in broadly in line with our expectations. Obviously, you're looking at the averages of the quarter, and they've continued to improve through the quarter, and we're probably up at the cadence rate that we need to be looking at fairly recent production reports. The mined head grades remained as expected at about 1.3 grams in line with the reserve, and you'll note the consistent quarter on quarter of the last three grades and mining 1.3 gram, which is in line with the reserve grade. The ore milled for the quarter increased to 2.3 million tonnes, as head grade remained about the same quarter on quarter, around about one gram, reflecting the continued processing of low-grade stockpiles with the mine tonnages still below the mill throughput. The proportion of mined ore feeding the plant improved significantly quarter on quarter, and the September mining rate exceeded in September, with the ore mining exceeding the rate of processing. We've started to grow ROM stockpiles, and September production was strong, and the higher grades processed in the second half of September contributed to an increase in gold inventory. As a result, the gold recovered was 72,000 oz on a 100% basis versus the gold produced of 68,781 oz. The gold inventory held at the end of the quarter of 3,799 oz worth approximately AUD 14.5 million obviously will contribute to the December quarter. All-in sustaining cost was AUD 2,551 an oz, which was obviously based on gold produced, and you can do your own math if that was done on gold recovered. The timing difference is of a few days between gold recovery and gold recovered and gold produced. So I think if you look through the difference between gold recovered, gold produced in terms of that's a few days discrepancy. It's probably more of an in line result as some of the early broker commentary is making. I guess within the all-in sustaining cost is an additional AUD 10 million at a 100% basis. Mining claim by the contractor is primarily rates to higher staffing levels required for shifting up to a higher production rate. So we won't see that come through again in future quarters. The all-in sustaining cost increased quarter on quarter despite the increase in gold produced and reflects both the higher mining volumes with waste stripping costs, the one-off contractor claim, and of course the timing of gold in gold recovered versus gold produced. The attributable gold sales lifted to 32,507 oz at a record unhedged sales price of AUD 3,719 per oz. The Doré and bullion at quarter end was substantial at 3,799 oz, or as I noted before, about AUD 14.5 million. The corporate all-in cost, or simply all of our costs divided by the oz, fell to AUD 2,980. They're much improved quarter-on-quarter and benefiting from an absence of one-off costs seen in the last quarter, which included costs associated with the major rain event and some one-off corporate costs, as well as obviously the increase in gold production. We're in the process of finalizing an insurance claim for the recovery of some of the costs associated with the March rain event. You'll recall from the previous quarterly these totaled about AUD 11 million on a 100% basis, and we're optimistic that that claim will be resolved by the end of the year, and we'll see that benefit flowing through into our corporate costs in the next quarter. I guess we've retained guidance, and clearly it drives a big quarter, and the guidance has clearly reset really after the rain event, as we saw higher costs and stuff were coming through for the price term and royalties on the back of the strong gold price. Clearly, in retaining guidance, we're projecting a strong finish to 2024, which clearly doesn't factor in acts of God's flooding rains and other unforeseen events, but it is achievable. As the slide illustrates, the trends of increasing production are pointing in the right direction, and key to producing more oz is mining more oz, and as communicated in the first slide on the open pit, we're in a good position for the mine to deliver more than we can process in the December quarter. I'll now hand over to John to run you through the financials. Thanks, Duncan. On the slide here is the usual waterfall providing a breakdown of our cash flows for the quarter. The solid operating result for the quarter, which Duncan has just walked you through, translated into stronger gold sales and revenue of AUD 121 million and provided Gold Road with AUD 89 million of operating cash flows from Gruyere JV. These results represent increases of 10% and 20% respectively on the prior quarter, a good demonstration of the stronger functional performance and cash flows we expect going forward from the asset. We finished the quarter with AUD 109 million of cash and equivalents on hand, which includes AUD 14.5 million of Doré and unsold bullion. The quarter also saw a cash outflow of AUD 4.5 million for a fully franked dividend payment. Free cash flow increased substantially quarter on quarter with free cash flow generated of AUD 19.8 million and an increase of just under AUD 30 million on the prior quarter. This free cash flow result excludes the large build-up in bullion and doré at quarter end, as well as the dividend payment. In regards to our balance sheet, we remain debt-free, and we have circa AUD 0.7 billion of liquid assets on hand, including our cash and equivalents and our listed investments that were valued at AUD 580 million at the end of September. This liquidity excludes the debt facilities in place, which currently remain undrawn. Finally, it's worth noting that our corporate costs and finance costs, as well as our tax payments, have all returned to normal levels in Q3 after a number of one-off impacts in the prior quarter. We expect these normal levels of costs will continue throughout this quarter, as well as going forward, all else remaining the same. Thanks. I'll now hand over to Duncan Gibbs to run you through our discovery growth results for the quarter. Okay, thanks, John. Once again, the quarter has seen some strong results drilling below the Gruyere pit, and I'll come to a slide on that in a second. We continue to progress the Yamarna Mine Readiness Project, and that's on track for really getting our ore reserve and starting to outline what we think that project can deliver. That's come through in early 2025. We've made some quite good progress Australia-wide on our greenfield exploration activities. Clearly, we had a delayed start in the year with rain just about everywhere, but we've recently completed in the last couple of days the drilling up at Mallina, and the rig there is on the way down to Balter, and we're drilling across at Greenvale, one of the targets at Greenvale over in Queensland. So we'll start to see results of all of that flow through during the second half of the year. So just turning to Gruyere, ongoing program here, which had a hiatus with the rain event here, of course, with the drilling. The new results that we've got through are highlighted in the yellow boxes there. And just, I guess, to remind you of how large and continuous Gruyere we included within that 146 meters at 1.47 grams, not far below the bottom of the pit. The JV partners will receive a concept study on underground mining options in this quarter, so the December quarter, and that study in simple terms assumes that the ore body basically continues to about 1.2 kilometers below surface around about the bottom of this slide. So we've already defined more than 3 million oz of resources below the final open pit design. So I think it doesn't take much imagination to realize that the ultimate exploration target down to 1.2 kilometers is significantly larger than that. I anticipate the concept study, once that's reviewed and digested by the JV partners, is going to shape the ongoing exploration and potential mining studies that will evaluate how we look at extending the mine life at Gruyere well beyond the open pit reserve life that goes out to 2032. Okay, so turning to Yamarna. So, of course, all the ground holdings in Yamarna are outside the yellow boxes of the JV here, 100% Gold Road ground, and we're continuing to work on the developments of those potential sort of satellite resources is really how we're looking at them as opportunities to Gruyere. So we've been operating what we've been calling the Yamarna Mine Readiness Project, which is looking at how we develop the right kind of infrastructure, permitting and approvals to bring those all together over the longer term, with a major focus on the technical studies and exploration this year being on Gilmore. So we anticipate getting Gilmore, which is about 300,000 oz, sort of done with the studies in progress at the moment, and our basic target is to get it to the point where it's mine ready by about 2026. The timing of when we ultimately develop will be looked at in terms of where it realizes best value for Gold Road, which is likely when there's any surplus capacity at Gruyere. So much of the technical work for that resource reserve update and maiden ore reserve will be available in early 2025. We should have started to put out what the sort of financials probably look like for Gilmore, and at that point, I expect that we'll be able to demonstrate the significant value of the discovery. We move on to our more general exploration activities. So starting with Mallina, as I've mentioned, basically the drilling's just completed up there. We should see the results come through in the December quarter. The same drill rig is on its way down to Balter at the moment. So Balter, we've done a lot of rock chip mapping, rock chip sampling and mapping, continue to get some more good sort of surface results there. That drilling is due to start in the next week or so, and we'll be testing the northern Salt Creek target at that prospect, and if the lab gets going, we'll get some results by the end of the year, if not early in the new year. Okay, crossing Greenvale in Queensland, really we've got two target areas. We're drilling at a prospect called Graceland at the moment, and that hole should be completed in the near future. I guess after a lot of hard work and good work by the team, we've got access to be able to drill in the more substantive Breakaway prospect target, which is what's illustrated on this slide. So we anticipate being able to get in there and drill that, and we see that really as a Mt Leyshon kind of analog. So Mt Leyshon was about a 3.5 million oz deposit that's located to the south of this property. So what we've got here is a large intrusive breccia complex, and we've mapped extensive alteration systems at surface on that property. Okay, I'll now hand back to Duncan, and he'll give you a bit of a wrap-up. Thanks, Duncan. Looking at the last slide now to close out. In summary, Gruyere operations have turned the corner after a challenging first half. The operation can deliver at mining and processing rates needed to sustain 350,000 oz per annum, and we'll commence doing so this quarter and carry on doing so through 2025. Strong gold prices assisted a nice cash build for the quarter. We expect an even stronger cash build next quarter. On the growth front, there's multiple sources of encouragement, including the deep drilling at Gruyere, which continue to support growth in reserves. We look forward to the results of the underground study, which we expect this quarter. Maiden ore reserves in the Yamarna Mine Readiness Project in 2025 will put us in a good position to demonstrate the real value of that discovery principally at Gilmore. We've drilled rigs at three of our main projects, Mallina, Greenvale, and Balter. This year, we've also got a rig at Yamarna as I speak now. And of course, our ongoing strategic investment into De Grey and Yandal resources is traveling very well, as I mentioned in opening, over AUD 630 million of value today. Finally, Gold Road remains in a strong financial position with a growing balance sheet and is happily debt-free and unhedged in a very strong gold price environment. That brings our results presentation to a close. I'll now hand back to Harmony for any questions. Thank you. If you wish to ask a question via the phones, you will need to press the star key followed by the number one on your telephone keypad. And if you wish to ask a question via the webcast, please type your question into the ask a question box. Your first question is a phone question from George Eadie from UBS. Please go ahead. Yeah, good day, gents. My question's at Gruyere's plant. So just on the comment, ore mining tonnes greater than plant throughput, is it fair to assume there's no stockpile feed in December quarter to the plant? Look, we typically blend a little bit of oxide because effectively that just gives us bonus tons. But we're back basically as I've flagged, we're really in the stage now where the mine is supplying more ore to the plant than the plant's actually processing. So we're rebuilding ROM pad inventory. Yep, okay. Thanks, Duncan. And then just can you also maybe help me clarify the total material movements for the month of September and maybe when you were up there last week? What were the sort of annualized rates? We're just not sure. So are you nearly at 65 million tonnes sort of today or? Yeah, look, we're about in that 65 million tonne-70 million tonne band. I would like to see some more runs on the board before I kind of say it's locked in and loaded. But we're continuing to see an improving trend, and I've got every confidence that we're going to get there. Yep, awesome. Thanks. And then just one other one. The insurance claim December quarter update, I might have missed this, but is there a price range you've spoken about, or can you maybe help remind us what we're thinking dollar-wise here? Yeah, look, so we haven't put out a specific number, or I think probably as you appreciate, settlement with insurance companies normally requires an element of commercial negotiations. We expect it to come through. Obviously, it's sufficiently material for us to mention it. But the kind of direct costs that we saw as a result of damage or claims from contractors associated with rain events per the last quarter are about AUD 11 million. Yeah, perfect. Thanks, Duncan. Thank you. Your next question comes from Andrew Bowler from Macquarie. Please go ahead. G'day, Duncan and team. Just after a bit of clarification, I think you've made these comments before around reaching material movement planned rates is more about accessing, having the pit in the right access position FY 2026 and beyond in terms of production. But just about FY 2025, is there potential that if you don't quite get the planned movement rates this year that you might see elevated costs in calendar year 2025 despite little impact to production just because you're trying to catch back up? Yeah, so I think as you're saying, Andrew, I mean, keeping total volume is not the key issue for this year. It's just moving the dirt out of the bottom of the pit floor. So we've broken the back of what we needed to do there, and the movement rates in stage three and four really start to drop off as we go forward. Moving into stage five, we need to get up to that 65, 70 million tonne kind of run rate so that we are confidently delivering sufficient ore for the plant in the longer term. If there's any shortfall, we'll need to look at how we recover that. Essentially, there's already sufficient equipment on site at Gruyere to step up to a higher rate if we needed to. But it's kind of within the band of what we're communicating in terms of the total volume movement. Obviously, we've started to put out guidance and outlook, which will come out in January. We'll give you a better color of exactly what that looks like over the next couple of years. Copy that. That was actually my next question about a sort of couple or a few year outlook. So it sounds like that's coming in January. So that's it from me. Thanks, guys. Thanks. Thank you. Your next question comes from Daniel Morgan from Barrenjoey. Please go ahead. Hi, Duncan and team. It appears like there's been a vast improvement on material movements that has continued, and you're expecting a very strong December quarter. Can I just ask, is there a hangover from this year's rain, slower material movements that we can expect for 2025, or have you basically broken the back of the material movement task ahead and you're back to a 350,000 oz business? Thank you. Look, I really see next year as pretty secure as a 350,000 oz business because, I mean, all the ore basically comes out of the bottom of the stage three full pit area, and we don't need particularly high. The strip ratio there is pretty low, as I kind of said as I was talking. I mean, the plan here will be most of the time one digger, occasionally two diggers working down there. And the bulk of the material movement actually moves up towards stage five. And that's, as we've said, is really about making sure that we're stripping waste fast enough to secure the longer term. So just to be clear, it sounds like you've got a lot of exposed ore at the bottom of the pit, which secures 2025, and the material movements of 65-70 targeted is needed to get your 2026 and beyond business planned to 350. Is that right? Yeah, exactly. So I mean, if we miss the movement rate, it won't affect 2025. What it'll impact is the production levels for the longer term. Thank you very much. I appreciate your perspectives. Thank you. Your next question comes from Paul Hissey from MA Financial. Please go ahead. Hi, guys. Yeah, just I was going to try and probe you a little bit more on your conviction around this fourth quarter. You've probably answered that already, but I mean, we're a third of the way through that final quarter, and I've taken that you've chosen to reiterate guidance here. You are envisaging a fairly heroic or record kind of fourth quarter here, just to put you on the spot one more time. I think as I said, Paul, I mean, it's a big quarter. Yes, we all acknowledge that. I'm not really concerned about the ore delivery to the plant. I mean, I think with where we are building inventory there, the ore is in front of the mill. Obviously, I can't promise against acts of God and all that kind of stuff, but the ore is basically getting in front of the mill. I think really Gruyere is returning to what is the normal circumstances of any operation. It's the simple problem of getting the dirt through the plant. Yeah, yeah. And I suppose the critical thing as the market looks forward will be the exit rate for the year, right? So even if you fall right on the cusp of that guidance, I guess, and you've spoken a little bit about calendar 2025 today, that's the next step looking forward. Just one other question then around 2025. I know it felt like the outlook commentary at the start of this year was a little bit disjointed sort of between yourselves and your JV partner. We expect to see perhaps a more uniform announcement next year when we get those numbers, do you think? Look, I think we put out much softer numbers at the beginning of the year. We had some concerns with how we finished late last year. And the production numbers that Gold Road communicates for Gruyere is far more material to our shareholders. So we have to make the judgment call based on what we see at the time, and we've done so a few times in the past. Just backtracking to your earlier comment there, I mean, as I sort of said, I mean, we really see we've yet to obviously formalize guidance and what have you for next year, but we do kind of see broad brush getting us back to kind of 350,000 ounce run rate. And you're pretty good at math. You can divide 350 by four, and you're going to realize that we've got to be producing 80-90 thousand ounce kind of quarters consistently to get up at that kind of level. Yep, understood. Thanks for the compliment, Duncan. Yep, that was all for me. Thank you. Your next question comes from Milan Tomic from J.P. Morgan. Please go ahead. Yeah, good afternoon, Duncan and team. Just one from me. You mentioned mine life extension potential at depth below Gruyere. How long do you anticipate it will take to drill out and prove up the reserves there? And just wanted to get a sense of how the JV is managing drilling and study workflow to ultimately bring this into reserves. Thanks. Yeah, look, don't have the answers on that yet. I mean, really, we've got to get the study and then pull that apart with Gold Fields and then align on what the plan is. Obviously, a core objective would be to have continuity between the current open pit and low mine life and how we extend it beyond that. But we're talking of a very large mineral inventory or target inventory below the bottom of the pit. So if we can unlock that prize, it gives us a very long mine life for Gruyere. Great. Thanks. That's it for me. Thank you. There are no further phone questions at this time. I'll now hand back to Mr. Hughes to address your webcast questions. Thanks very much, Harmony. There's a few on the webcast. First one's from Sabrina. She says, "The De Grey shareholding is a great investment strategy for which Gold Road Management should be congratulated." Thanks, Sabrina. What do you see as the future of that shareholding? Obviously, a difficult one to answer, Duncan, but go for it. Yeah, so I mean, look, I think as Duncan plugged in his introductory comments, I mean, we're sitting on a kind of 200 million plus uplift versus what we paid for that inventory. I guess we've all paid for that position. I guess we've always looked at De Grey Mining as giving us potential options. And I think when we went into it, there was obviously a strategy around could you put two companies together. I think that's probably fair to say that that hasn't come together. And De Grey Mining, of course, is our larger business than Gold Road. We are quite willing to consider any ways that make sense for our shareholders to realize value out of De Grey Mining. And that could be, of course, working with De Grey Mining. It could be working with other organizations, or it could be doing something like using the value of that position to look at other growth opportunities to Gold Road. So we're quite open to looking at how we best create value out of that option. And clearly, De Grey Mining is of interest to quite a lot of players in the market. And I suspect ultimately it will become owned by one of the major players in the market. Thanks, Duncan. Next one's from Brad Watson from Bell Potter. Apologies, Brad. We didn't send you an invite to the call. The company has previously stated its goal to lift plant throughput to 10 million tons per annum. Is there a reason that it's not running at 10 million tons per annum currently and is 10 million tons per annum still the target? If so, what's the constraint on achieving this goal? Yeah, I guess we've always kind of pitched it as a target. And we're certainly seeing the throughput rate per hour and all that kind of stuff that fits with making that a target achievable. There's still a bit of work, I think, just to do in consistency of throughput performance, availability, those kind of things. We're probably doing a few bits of fine-tuning works on conveyors and things like that next year that will help give us a further lift. But I think it's still a reasonable kind of steer on where we think the plant can ultimately get to. Thanks, Duncan. A follow-up from Brad as well. He's saying, "Looking back at the rain disruptions in early 2024, has the JV been able to put in place any initiatives to avoid or mitigate repeats of these disruptions? Yeah, look, so we've done quite a lot of work. I mean, I guess starting, we worked with the Laverton Shire to sort out quite a lot of the boggy sections of the road, which really became the major issue. Ultimately, of course, the Great Central Road is going to be the third national highway across Australia. So we are advocating through government and what have you to try and progress that because ultimately, once that's sealed, then it'll be much better for Western Australia as well as Gruyere. We have also looked at, of course, inventory holdings and things like that that we hold on site. So we've increased diesel fuel already. We are doing some further work to increase fuel inventory. We've looked through things like cyanide, lime, and other kind of critical commodities. So a lot of those areas we have increased stock holdings. Or we'll do so on a seasonal basis over the kind of monsoon or wet season that really is the rest period for these rain events. Thanks, Duncan. And then two questions from Peter. I'll ask the first one. Given where gold prices are, have you considered some hedging to lock in these high gold prices? Yeah, look, I mean, we really run a business that's unhedged. We'd consider hedging fundamentally as risk management. So associated with, say, taking on debt. Obviously, we don't need debt. But that's always been the sort of underlying philosophy of the board rather than trying to pick the gold price and speculate on where it's going next. Thanks. And then a follow-up from Peter, which is, "Can you expand on Balter and what attracted you to this prospect? Maybe some insights into possible forward work programs once you complete the maiden drill program? Yeah, so look, I mean, in very simple terms, it's two large gold in soil anomalies. And there's the scale and footprint. They're big enough to stick a multiple million ounce deposit in at the most superficial and simplistic level. We've been out there and done a lot of rough kit sampling and mapping. And we've confirmed there's outcropping gold mineralization. Really, the drilling that we're doing at the moment is going to be the key test. Are these just really patchy, spotty bits of gold mineralization, or has it got some width and continuity? So we'll test the Salt Creek target this year, and we'll kind of know whether we're seeing economic zones or not. And that will then define what the program is for Salt Creek for next year. And we'll probably drill the other target that we've got sometime in the first half of next year. So very much dependent on the results that we achieve over the next sort of six to nine months. Thanks, Duncan. That's it as far as the webcast questions are concerned. Thanks, everyone, for your questions on the phone and on the webcast. That brings to a close the quarterly results. Thanks for your continued interest and support, and we very much look forward to speaking again following the December quarterly results in January. Cheers. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.