Good morning, everyone. My name is James Moses, and I would like to welcome you to the Renascor Resources Investor Webinar. Renascor is developing the Siviour Graphite Project in South Australia, one of the world's most globally significant graphite projects, and continues to make significant progress. This morning, Renascor Managing Director David Christensen will deliver a presentation on the latest developments at the project and also touch on the graphite market. After the presentation, we will conduct a Q&A session, and attendees are able to submit questions during the presentation. I will now hand over to David to deliver the presentation. David, over to you. Great. Thanks, James. And thanks to everybody who's joining this call. I see we have some good numbers here. Thanks to those of you who may be listening to this on replay as well. We've got a number of questions. I have a presentation I'll be going through, and I'll try to touch on most of the subjects that are raised in the questions, and then we can get into some more detailed Q&A afterwards. Let's get right into it. Renascor Resources. For those of you who aren't familiar with who we are, we are an exploration development company. We're now active in the critical mineral space after we discovered what's grown into one of not just Australia, but the world's largest graphite projects here in our home state of South Australia. Our plan at Renascor is to produce not just a mine product, but to lean on the technological and engineering expertise of the Australian mining industry to refine that into a purified spherical form that can be delivered directly to the high-growth lithium-ion battery anode sector. As a mining asset, our project stacks up as amongst the most competitive in the world, competitive in terms of scale, in terms of projected cost, in terms of capital intensity. By going downstream, we're actually relatively unique in that we become more competitive. That is because we have this really tier-one asset, not in a risky jurisdiction, but in a low-cost, modern industrial jurisdiction like Australia, where we can upgrade that material into the more refined form, the high-value form. We think that gives us an opportunity to transition Renascor into amongst the largest producers of this product globally to the ex-China market. It is really that ex-China market that we are targeting. It is probably worth looking a bit more closely at some of the market developments that we think are potentially opening this market up and may be opening this market up more quickly than a lot of us have really anticipated. If we start with the market, when we talk about graphite, we generally look at electric vehicle sales and battery sales. The reason we do this is because graphite has really become a battery mineral now in that the single largest use of graphite is going into anodes for lithium-ion batteries. Therefore, battery demand, EV sales are really driving our growth. Maybe more importantly, the future growth is really depending on what happens in EV and battery. A couple of things are worth noting. One is that we're really at the beginning of this transition to EV and lithium-ion battery. You can see the kind of charts that show projected growth, and whether the annual growth is 10% or 15% or 20% really misses the point that we're seeing increased growth every year. I think one thing to keep in mind is, as we're seeing increased growth, we're seeing greater efficiencies. Some of those are simply economies of scale. Some of them are efficiencies in production. For example, the production of lithium-ion batteries. We used to talk about reaching a theoretical $100 per kilowatt-hour to produce lithium-ion batteries, which would help get us closer to economic parity with EVs and internal combustion engines. We've now really moved well beyond that, where you can start to see increased take-up of EVs. What this tells us is it really reinforces our strong belief that we're past the point of no return in EVs, lithium-ion batteries, and therefore increased demand for graphite. The kind of growth we're seeing is the kind of growth that can outlast economic, political, and commodity cycles. These kind of impacts we really saw in 2024. A lot of headwinds in 2024 in the EV space, in the lithium-ion battery space, and therefore in battery mineral space for a number of reasons. Inflation. I think we all see this. Inflation increases buying power—sorry, decreases buying power. That's really impacted the major Western markets. Geopolitics. Look, I think this is something we're seeing even more of: a degree of uncertainty on trade. What that has meant is it's inhibited large capital investment decisions. We see this in Australian mining projects. The reason we see that is largely because it's an even greater issue with our potential customer base, where it makes it difficult to make large capital investments in growth spaces when there's uncertainty. Geopolitics has certainly introduced this into the space. Really, the largest issue I think that's impacted the sector is China. China dominates the EV space, the lithium-ion battery space. That China domination impacts the competitiveness and security of supply of Western suppliers. Now, notwithstanding this degree of Chinese dominance and all these headwinds, the EV sales actually increased in 2024. Uneven growth, but growth. If we project to 2025, we're expecting more of the same. Some of the early numbers are reflecting this. What does this mean for graphite? Really, with graphite and anode, it's not just Chinese domination. It's near total Chinese domination, where the Chinese are reaching near monopoly power, specifically in the production of purified spherical graphite, so the refined graphite that we want to produce, and our customer base, whether it's natural or synthetic anode. Notwithstanding this Chinese domination, you're still seeing nearly one-third of all the electric vehicles being produced outside of China: the United States, the European Union. These markets have this, again, increasing dependence on the Chinese, in particular in the midstream with purified spherical graphite and anode. What this gives rise to, it gives rise to the need to have ex-China supply chains. Now, why are we seeing this in graphite? Each battery mineral has its own story. What we've seen over the last two, two and a half years in graphite and anode is the Chinese have really doubled down on capital investments in synthetic graphite, which is a substitute for natural. Our strong belief is that this isn't sustainable within China. Maybe more importantly, it's not replicable outside of China. Why isn't it sustainable in China? The Chinese are simply operating at or below cost of production. We've seen recently this has led to some major defaults from large-scale anode producers, as well as some of the smaller players. We're already seeing feedstock costs starting to rise. Now, in addition to this not being sustainable within China, I think probably the more important point for Renascor and Renascor shareholders is, if you look at our customer base and who's going to be producing anodes ex-China, the production of synthetic anode so cheaply simply isn't replicable outside of China. That's because the production of synthetic is more capital-intensive. It's more energy-intensive. If you look at the major ex-China anode markets, South Korea and Japan, in 2024, which were by no means good years for the anode industry, the proportion of natural graphite actually increased. What do we expect going forward? We'd expect to see parallel growth, both natural and synthetic, to meet upcoming demand for the EV and lithium-ion battery sectors. Particularly in the Western market, we're expecting to see increased growth in natural that's going to need the kind of purified spherical graphite we'll be producing. All right. What's the impact on price of all these? In 2023, the beginning of 2023, about two and a half years ago, we saw much higher graphite prices, the kind of graphite prices that would greenlight projects like ours. In 2023, we saw a major dip in pricing throughout both graphite, same as true in anode. We try to illustrate what the impact on equity valuations of graphite companies, not just like Renascor, but other ASX graphite companies. You could see we sort of moved in lockstep with the graphite price in 2023 and the beginning of 2024. We've recently seen a bit of a divergence where equity prices fell even further. The graphite price has actually been holding up okay and actually been slightly improving as we are moving into 2025. Equity prices have remained relatively low, perhaps coming up over the last several weeks. Some of the trade tensions and security supply concerns may be playing into this. I think what this tells us is we may be reaching the bottom of the cycle. What could take us out of the cycle? A change in price, right? It is a change in price. What is going to effectuate a change in price? On the one hand, it would not take very much to get us back to, again, where we were two and a half years ago, which is probably closer to an equilibrium position. The other thing we always talk about in the graphite space and any critical mineral is public policy. What can be done on a policy perspective to counter some of the Chinese initiatives that have been favoring Chinese supply throughout the supply chain in the United States? Tariffs. Same thing in the European Union. The Chinese have talked about putting export controls in, in particular export controls on graphite. Now, a lot of this is really being turned on its head with respect to the current trade war that seems to be developing. Public policy could change this in a heartbeat. That could create the need overnight for an ex-China supply chain. The major players in the industry aren't waiting for this to happen. That's our customer base, is the anode customers. If we, again, we look to 2024, who's producing the anodes? Who's our customer base? Who's supplying the Western world with their anodes? In 2027, about six companies accounted for nearly all of the anode material purchased in the Western world. Here we're talking about anode material that's going to non-Chinese buyers. Six companies accounted for 97% of sales in 2024. Those six companies are all located in Northeast Asia: China, South Korea, Japan. What we're seeing from those major players is, despite the weak anode prices, they're not waiting for policy to change. They're already making their moves, whether it's the legacy suppliers like Posco or Mitsubishi Chemical or other Japanese anode manufacturers who have existing capacity that's being underutilized. They're expanding that capacity. Even some of the major tier-one Chinese anode companies, the Chinese companies that currently supply to cell makers outside of China, they're developing new ex-China supply chains, in particular in Indonesia, Malaysia. Really, the significant driver behind this growth is to create alternative ex-China supply chains, the kind of ex-China supply chains that need ex-China graphite, the kind that we want to produce at Renascor. Let's turn to our project, our battery anode material project. Again, we're really combining two projects. On the one side, we'll be mining a product, a traditional open-cut mining operation. We'll produce a graphite concentrate product. We don't stop there. We move one step to a further refining element where we shape, purify that into a form, and we can sell that directly to anode manufacturers. The strength of this project really starts with the deposit itself. Siviour is large. It's one of the world's largest graphite resources. It's the second largest proven reserve of graphite globally, the largest reserve outside of Africa. In addition to being large, it's efficient. It has amongst the lowest operating costs, the lowest capital intensity of any graphite development, again, not just in Australia, but in the world. Finally, Siviour is development ready. We have all of our major regulatory approvals in place. We've completed a definitive feasibility study. We've acquired the land. We have a AUD 185 million conditional loan facility in place, a strong cash position. We've actually moved beyond some of the traditional final investment decisions into an early contractor involvement process, focusing on some of the detailed engineering work and long lead-time procurement. Renascor is more than just a mining project. That is because by going that one step further and refining it, we become a vertically integrated battery materials company. Why are we doing this? One thing is market access. By producing purified spherical graphite or PSG, it gives us direct access to big balance sheet bankable anode manufacturers, the kind of companies that can underwrite a long-term production source. Rather than selling to intermediate refineries, most of them are in China, we're selling it to a good customer base. It also allows us to leverage off of what we think one of the better skill sets we have here in Australia, which is the abundance of expertise in refining and engineering. That has allowed us to develop an engineered, more technically advanced HF-free purification technology that we think is simply more efficient in a Western environment. The value of going into a vertical integration is we produce a higher value-added product that is more value to Renascor, more value to Renascor shareholders. By doing this, we actually become more competitive by producing this higher value product. Now, why are we more competitive downstream? For a number of reasons. One is we have our own source of graphite in Siviour. And again, it's a low-cost source. The single largest component cost in producing purified spherical graphite is the graphite concentrate feedstock. We have our own low-cost source here in Australia. There's a logistic advantage in vertically integrating. That logistic advantage is, rather than take our material, ship it to an intermediate refiner who refines it, and then move it on to a customer, we upgrade it within the existing transport corridor. We mine it. On the way to port, we stop, and we upgrade it into purified spherical graphite. What that does is it reduces logistics costs. It reduces transport. It reduces material handling. It reduces double handling. Sovereign risk. Most of the other low-cost sources of graphite outside of China do not find themselves in modern industrial jurisdictions like Australia, the kind of jurisdictions that are secure and safe, can support larger-scale investments, and have both the mining base and the industrial base that we have here in Australia. The other advantage we have here in Australia is, again, it has allowed us to engineer what we think is simply a lower-cost, more efficient alternative. The Chinese generally use hydrofluoric acid in the production of purified spherical graphite because there is an abundance of hydrofluoric acid in China and perhaps different environmental restrictions. If we look to producing that material in a Western environment, we think we have developed a means to do that. We have gone through the hard yards of engineering that into a more efficient solution. What we do is we use a caustic solution. We have a caustic bake, and then we leach it with sulfuric acid. We can produce battery anode material grade PSG in this method. Now, we've tried really everything. We've tried thermal routes, hydrofluoric acid, variations of the theme we have with the caustic and sulfuric acid bake. What we found is, in the lab, perhaps it's really not difficult to get to battery grade. The difficulty is doing that efficiently, doing that at a larger scale in an efficient method. What we found is, by avoiding HF, we simply have a lower-cost solution. We avoid some of the cost of using HF, transport cost, handling cost, disposal cost. We recycle our reagents. We treat our processed water in it. We have lower costs, lower reagent, lower consumption. We were recently awarded a grant by the Australian government, an AUD 5 million co-funded grant. We're in the process of building a demonstration facility. We think what that's going to do is it's going to allow us to unlock a second competitive advantage. Not only are we going to have an advantage in producing a low-cost graphite concentrate from our Siviour deposit, but because we've gone through some of the iterative process of engineering an efficient solution, we think we're going to have an advantage in producing low-cost purified spherical graphite. How are we going to get from an idea into concept? We are working on a number of workstreams to get that done right now. We put out several news releases over the last several months on our early contractor involvement process. What that's doing is it's refining engineering. We're trying to reduce schedule, reduce risk, reduce cost. We have a competitive process to lead to a preferred EPC contractor. We've done a significant amount of long lead-time procurement and other site activities. We recently released some information about the SA Power Networks on the grid. Really, one of the advantages we think we have is our infrastructure. Our non-process infrastructure costs are actually going to be quite low. We reduce some of the risk associated with that by working with the local utility so we can connect to the grid. Our PSG demonstration facility, again, we think what this is going to allow us to do is unlock an additional competitive advantage. We got this under an AUD 5 million co-funded grant. That was a grant application that was supported by two of our non-binding offtake partners, Posco International in South Korea and Hanwha in Japan. What we're doing is we're working to create a larger-scale facility. We'll have a continuous operation. What we want to do there is we want to be producing at a larger scale before we build the commercial plant. We expect that to, again, give us an added advantage. Not only are we going to have a low source of graphite, we'll have a low-cost engineered solution to purify that so we can deliver it directly to the anode sector. On the regulatory side, we've been going through a relatively long process here in South Australia to get a development approval for the commercial-scale facility. We'll be constructing that just outside of Port Adelaide, adjacent to SA Water's water treatment facility. We've gone through a detailed environmental impact statement, public consultation. We think we're relatively close to a multi-year process to get the regulatory approval for the downstream facility. That will be a major milestone for us. On offtake and financing, we have a AUD 185 million conditional loan facility through the Critical Minerals Facility from the Australian government that's being administered by Export Finance Australia. We've gone through a technical due diligence process that hasn't identified any fatal flaws. The missing piece here is offtake. What are we doing on offtake? Our strategy on offtake has always been to combine with leading anode companies, leading anode companies globally who are going to be supplying the Western world with anode material. We have non-binding agreements, amongst others, with Posco International and Mitsubishi Chemical, as well as Hanwha. We're really focusing on the major players in the ex-China supply of anode material. Part of our strategy here is we think that the most cost-efficient, the most technically efficient, the best market solution to provide anode is a combination of companies like us that can efficiently and securely produce purified spherical graphite and combine that with the leading anode companies so we can produce the material most efficiently, most securely to the EV sector. Going forward, what's next with Renascor? What can you expect coming up? A number of important milestones, I think, as we push through the rest of the calendar year. Again, on the early contractor involvement process, we'll be expecting to get to the nomination of a preferred EPC contractor. On the regulatory side, again, we think we're relatively close to a major milestone in achieving our regulatory approval for the downstream facility. We'll not only be commissioning that PSG demonstration facility. We've already ordered some of the long lead-time equipment. We'll be constructing, commissioning, and then operating that facility. Concurrently, we're working on binding offtake. Again, we're seeing a number of changes, I think, in the sector that are getting us closer to where we were back a couple of years ago when we thought we were much closer. That's largely because of some of the changes in the sector where the particular need for ex-China supply chains is making some of our potential customers move even closer. We're seeing that throughout the supply sector. That gets us closer to securing our financing arrangements and our strategic partnering that allows us to make a final investment decision. Maybe I'll pause here now, James. I hope we have time for questions. I know we have a number of questions, so we have time to do that. Yeah. Thanks, David. Thanks very much for that comprehensive update. We do have a number of questions, and we will endeavor to get through as many as we can today. Any that we do not get to, we will come back to those questions offline. We will get through as many as we can. The first one here is really on a subject matter that has dominated market commentary in recent weeks, and that is on tariffs and trade. The question is, David, how is the uncertainty over trade policy and tariffs impacting the demand for our graphite product? Yeah. Yeah. Very timely. I guess trade uncertainty and tariffs are really a two-edged sword for us. On the one hand, there is a lot of uncertainty because the policies are shifting. We are seeing new announcements every day. As I sort of mentioned previously, this kind of uncertainty makes large-scale capital investment decisions difficult. That impacts us. It impacts, probably more importantly, our customers and our customer's customer. For us, I think there is also a positive element to this in that the status quo over the last two years has really been increasing dependence on Chinese supply. It has been Chinese domination, and it has been on low-priced graphite and anodes that has made it really difficult for anybody to compete in the sector. Our project really stacks up quite well in comparison to almost all potential new sources in the world for graphite. In particular, ex-China, we think we have probably some real distinct advantage in producing PSG here. In this respect, simply introducing the possibility of less dependence on China, which I think this sort of trade and tariff issue has done, that kind of uncertainty is actually probably a good thing for Renascor and Renascor shareholders. I think we've seen this in some of the share price movements recently, not just with us, but throughout the equity market and the battery mineral sector and from our customers as well. Now, from a practical perspective, I guess, what does this mean? We expect the impact on the anode market to probably advantage the suppliers who have underutilized capacity or can quickly bring new capacity online ex-China. These groups who've already made their large capital commitments are going to be able to fill this demand. They're going to be able to deal with the uncertainty over trade much more efficiently. Where's that happening? That's happening in Asia and in our sector. It's happening with the existing large-scale producers. We've already seen some significant announcements out of South Korea, out of Japan, from incumbent anode producers, including some of our non-binding offtake partners. We're also seeing some of the tier-one Chinese anode producers establish production ex-China in Malaysia, Indonesia, and Morocco. I guess the common theme from this ex-China operation is to have ex-China sources for graphite. Again, that's what we're looking to provide for Renascor. I guess overall, the trade uncertainty is probably a net plus for us in that it strengthens what's always been our primary intended market with the anode companies with whom we already have established relationships and potentially gets us closer to making the final investment decision so we can move forward. Okay. Thanks, David. A number of questions around the demonstration plant. The demonstration plant is obviously a key workstream for the company at present. Some questions here, which I'll get you to deal with in turn here, David. First of all, what is the timeline on the PSG demonstration plant, and what do you as a company expect to accomplish with this demonstration plant? Yeah. So the demonstration plant. We're progressing on schedule. We've completed initial process design. We've ordered major equipment. We're expecting to move forward on schedule, commissioning of the water treatment circuit next quarter, and then full-scale commissioning by Q4 2025. In terms of the overall purpose of the demo plant, I guess the purpose is to create another competitive advantage for Renascor by demonstrating that we've engineered a purification tech that's more efficient than other means that can be used ex-China. We're already quite confident that we can turn our Siviour graphite into acceptable PSG for the anode sector using our flow sheet that we've developed over several years of iterative testing, as well as pre-production qualification with anode companies. I guess the challenge now is to scale that up and do it efficiently. In this respect, it becomes less of a technical challenge than an engineering challenge. How do we do it efficiently? How do we do it effectively and efficiently? The purpose of the demo plant is to confirm that the work that we've done in the lab through piloting can be done at a larger scale. That involves using larger-scale equipment. It involves using a continuous process. Success for us on the demo plant happens when we take our detailed flow sheet together and we both, well, first, we produce product that, once again, meets customer specification. I guess, more importantly, we do it at a larger scale so that we have the engineering data to support not just the ability to produce the product, but to do it in a way that's efficient and competitive. Once we achieve this objective, we'd expect, yeah, we'd expect to have another competitive advantage in not only providing a low-priced source of graphite from Siviour, but having a proven low-cost method to upgrade that for the anode sector. Right. Okay. Thank you. Moving on, the next question comes out of the recent federal election and relates to the government's announcement around a critical mineral reserve. What does the Australian Critical Minerals Reserve mean for Renascor? Yeah. This is a real potential benefit, not just for Renascor, but really for any competitive critical mineral project in Australia. The greatest difficulty we've had in the sector is competing against Chinese sources on really what's been an unlevel playing field. China's been quite successful in the critical minerals space in both mining and refining. That's due in large part to significant support in one way or another from the Chinese government. The result of all this is China's just dominating the space, right? They're approaching monopoly power in PSG and anode. From an Australian government perspective, in terms of policy tools, we don't have the established in-market here. Australia really can't change end users' behavior through policies like tariffs. You can't tariff graphite and have an effect. What you can do is you can try to incentivize the behavior of suppliers. We have seen this through the Critical Minerals Facility, of which we are a beneficiary through the conditional loan facility and also through the 10% production tax credit. What policies like these do is they put us in closer alignment with ex-China jurisdictions, like the U.S. with the Inflation Reduction Act. Remember, our competition for some of this material here, whether it is for critical minerals that are being produced at the mine or refined, is can we have a structure here in Australia that is just as competitive with everyone else? We already have the minerals. These kinds of policies put us on a level playing field with the rest of the world so we can ensure we have the greatest opportunity to advance those into production. I guess, ultimately, what the critical, I guess, proposed critical mineral reserve does at this stage, it would, what does it do? It potentially promotes an earlier final investment decision by taking some of the offtake risk away. I would expect you would probably look to support like this, and you would combine it with some of the ex-China anode demand, in particular, we are seeing out of Asia. I think, ultimately, this looks quite positive to accelerate Renascor's timeline. Okay. Understood. Thank you. A number of questions outside and away from the Siviour project and specifically on exploration. Again, I will run through these and get you to respond to these in the one response. Talking about exploration, will you be shifting the company's focus to exploration? Are you planning on aggressively exploring for other minerals? What are your plans in advancing the Bulloo Creek target that was referenced in the recent quarterly activities report? So I'll get you to talk to all of those if you can, David. Yeah. Are we shifting our focus to exploration? No, no, absolutely not. We're firmly focused on advancing our Battery Anode Material project and getting into production as soon as possible. This includes moving forward both on the upstream mining operation, where everything we're doing is trying to reduce risk, reduce cost, reduce schedule. Also, on the downstream side, advancing work on the demonstration plant, finalizing regulatory approvals, amongst other things. At the same time, we see potential to add to shareholder value through relatively low-cost, high-upside exploration activity. This includes work on our own tenements that we've acquired over the course of several years. With the junior mining space broadly struggling, we're seeing potential low-cost, high-upside opportunities, largely because of our existing balance sheet and the expertise we have in the sector. We're quite proud of that expertise. We're quite proud of our exploration team. Our Chairman, Dick Keever's involvement in Siviour actually predates the company's acquisition of the project. Our exploration team is led by our Director, Geoff McConachy, who's been involved in two of the more significant discoveries in South Australia in recent decades that have created significant value and are still doing it. In his involvement with Siviour, our deposit, as well as his work on the Four Mile Uranium Deposit, now mined, for which he won the Prospect of the Year award. Practically, what does this mean? Bulloo Cree k, I think, is probably a really good example of the kind of exploration project that appeals to us. Here we have an immediate drill-ready target in an area that we know quite well here in South Australia, where we've already done a significant amount of work, where we think we have a particular expertise, and we can move at relatively low cost for what could lead to a major discovery for Renascor and the value there to Renascor shareholders that would come from it. Okay. All right. Everyone, we've got time for one more question, and we've had a number of questions that talk around this particular point. Specifically, it's about what comes next for the Siviour Graphite Project. David, can you just wrap things up for us this morning by talking a little bit about what comes next for Renascor and the project over the coming months and what news flow is expected over that period as well? Yeah. We have a number of major milestones that are going to be coming up over the next few months. On the upstream side, we're continuing to make progress in some of the longer leads like the electricity connection. Now we're also concurrently moving forward with other non-process infrastructure, things like the accommodation camp, optimizing the water supply. We'll be looking to make a final selection soon on a preferred EPC contractor. All of this work is really reducing risk, reducing cost, reducing schedule so we can ensure the competitiveness of Siviour. On the PSG side, we think we're relatively close to a major milestone, which will be the development approval for our Boulevard facility. This will be a major milestone for us that follows what's really been a very detailed process involving the EIS, local community, state, local government investigations, discussions. We think we're relatively close on that. The PSG demonstration plant, I would just say that's probably really a major undertaking that's going to help establish Renascor, not just as a potential miner, but as a higher value-added supplier of refined graphite products. As we move through the year, we'll be installing equipment, commissioning that facility, and then operating that plant. We think that'll substantially de-risk what's going to be an advantage on the downstream side. Finally, we have offtake. I think we got into this at our last webinar. We have keen buyers who want our material. The challenge is to provide it at a price that works for Renascor and works for our shareholders. The graphite market was weak in 2023. It was flat in 2024. This year, we're already seeing some changes. We're seeing changes both in price and what the established anode producers are doing to expand ex-China. These suppliers need ex-China graphite. We have amongst the most competitive, really from all sides, cost competitiveness, security of supply, time to market. We're confident we'll get there either naturally as the market changes, which it is changing, but by working with like-minded companies, there's every expectation we can make that change happen even sooner. Yep. David, thank you. That does wrap up our Q&A time this morning. As we did mention, if there are any questions that we're unable to get to, we will deal with those offline. I'd like to again thank David Christensen for the presentation this morning and also his detailed responses to our Q&A. I'd also like to thank everyone for making the time to listen to the Renascor Investor Webinar this morning. With that, we'll say good morning and thank you. Thanks, everybody.