Thank you for standing by, and welcome to the MMG Limited 2022 annual results presentation. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Jarrod Eason, Head of Investor Relations. Please go ahead. Thank you, good morning, and welcome to MMG 2022 annual results briefing. Presenting today are MMG Interim CEO, Li Liangang, and CFO, Ross Carroll, together with other ExCo members. The slides for today's presentation are being webcast in both English and Chinese. They can be accessed from the investor and media section of the MMG website. I'll shortly hand over to Liangang and Ross to take you through today's presentation, at the end of which we will open the line for questions. For those wishing to ask questions, please ensure you're accessing this presentation via the teleconference, details that were included in the invitation for today's session and not just the webcast. I will now hand over to Liangang. Thank you, Jarrod. Good morning to everyone. Welcome to MMG's 2022 annual results briefing. Given the recent incident at Dugald River mine and the tragic deaths of Dylan Langridge and Trevor Davis, we start this presentation on a very difficult note. The entire Dugald River mine and the broader MMG team have been affected by the loss of Dylan and Trevor. We extend our sincere condolences to their families, friends, and teammates at site. In addition to the independent investigation being conducted by the Queensland Mines Inspectorate, MMG is undertaking a comprehensive investigation of the incident. Our formal mining services contract partner, Barminco, is also conducting its own internal investigation. Underground operations remain suspended at this time. Safety is our highest value. Despite our ongoing commitment to ensuring our workplaces are safe, this tragedy is a reminder that more remains to be done as we work to eliminate injuries from our workplaces. Let's now turn to our safety performance for the year of 2022. Our operations recorded a Total Recordable Injury Frequency of 1.25 for the full year of 2022, which is consistently amongst the lowest of all ICMM members. We will never stop driving improvement in our safety performance until each of our employees and contractors can return home safely at the end of each shift. I will now move to our 2022 annual results update. 2022 provided some significant challenges for MMG, with social protests at Las Bambas impacting our largest operation. As a result of the operational disruptions and the escalating costs due to globally, due to global inflation, our profit of $172 million attributable to shareholders was 74% below the record level set in 2021. In June, we made a prepayment of $500 million on the last facility, which we anticipate will result in a gross interest cost saving of around $180 million over the life of the facility. Our Las Bambas team has been committed to transforming the way we manage our relationships with communities with a new model based on the principles of building direct relationships, shared governance, transparency, and achieving mutual benefits. We continues to engage in ongoing dialogue in order to transparently review our commitments with communities. We are optimistic about reaching a sustainable outcome to these discussions that is based on a shared vision. Despite external challenges across our sites in 2022, we continues to drive a value optimization focus. At Las Bambas, our third ball mill was commissioned in the fourth quarter, which supported an increase in mill throughput. At Kinsevere, the expansion product started construction. We have completed all civil work for the cobalt plant and commenced the installation of equipment. At Dugald River, the processing team delivered a record high annual recovery rate of 89.3%, as the site continues to drive incremental improvements through various optimization initiatives. As we look to 2023, we will focus on safety, cost control, and productivity improvements across all sites. At Dugald River, supply of renewable energy under long-term solar offtake agreements will provide immediate cost savings and reduce our carbon footprint. At Las Bambas, development of Chalcobamba deposit is targeted for the second half of this year. At Kinsevere, first cobalt production is expected this year. An important milestone is adding a new product to our existing portfolio of future-focused metals. At Rosebery, an accelerated two-year exploration drilling program has commenced to support a mine life extension. I will briefly touch on the current situation in Peru. You may be aware, since December 2022, Peru has experienced widespread social unrest following the impeachment of the previous president, Pedro Castillo. The widespread protests have caused disruptions along the southern road corridor, affecting the broader mining industry. We are saddened by the casualties sustained during the protests, and our first priority is the health, safety, and security of our people, contractors, and the broader community members, as well as the Las Bambas property. The continuous transport disruptions have resulted in a shortage of critical supplies, and we have been forced to slow down our operations. Our production outlook at Las Bambas is contingent on a swift resolution to the widespread political protests. We look forward to progressing discussions with our communities once the social unrest dissipates. Las Bambas is a world-class corporate asset with significant growth potential and is a significant contributor to the local, regional, and Peruvian national economies. Moving on now to our mineral resources. I'm very pleased to report that we have grown our mineral resources in 2022 over and above our depletion. Resources for copper totaled 11.2 million tons of contained copper as at 30th of June 2022, an increase of 600,000 tons from 2021. Our total resources were 18.2 million tons on a copper equivalent basis, increasing by 500,000 tons from 2021. Looking forward, we will continue with exploration activity at all sites. We will share more information once assets are completed on recent results, including Dugald River exploration focused on the follow-up of copper targets and Las Bambas exploration focused on Ferrobamba Deeps. I will now hand over to Ross to take you through our 2022 financial results in detail. Thanks, Liangang, welcome to everyone who's on the line with us today. As Liangang flagged, 2022 has proved to be a challenging year for MMG. Total revenue decreased by 24% due to lower realized commodity prices and lower sales at our Las Bambas and Rosebery operations. This, combined with cost escalation experienced across the mining industry, led to an EBIT, EBITDA of just over $1.5 billion, which was 44% below 2021. MMG's EBITDA margin was 47% in 2022, which is ahead of most of our peers and proves the resilience of our portfolio even in the current inflationary and high interest rate environment. To slide 11. This slide sets out the EBITDA bridge between 2021 and 2022 to provide investors with some of the detail behind the change in our operating and financial performance. The first point to note is that the largest impact in 2022 is from lower sales volumes at Las Bambas caused by transportation disruptions due to community protests in Peru. This reduced EBITDA by over $540 million when compared to 2021. As a result, we had 85,000 tons of copper in concentrate on-site at the end of 2022. We are hopeful that the stockpiled copper concentrate will be drawn down and shipped by the fourth quarter of 2023, subject to the resolution to the current nationwide protests and the reliable opening of the Southern Corridor Road. The next bar to the right shows impacts from lower prices, in particular copper, resulted in lower EBITDA by $330 million for the year. The green bar to the right shows the impact of stock movement at Las Bambas with a $70 million higher buildup of finished goods. We had expected to draw down inventory, not that instead we built it up. Moving further to the right, exchange rates had a favorable impact in 2022 and increased EBITDA by $30 million. However, cost inflation on consumables and energy resulted in a - $150 million impact on EBITDA. This is obviously a problem the whole industry is facing. We also incurred an additional $35 million of costs to manage the social unrest at Las Bambas. Moving to the controllable factors on the right-hand side of the chart. Firstly, we see the impact of lower sales volumes at Dugald and Rosebery. The major change occurred at Rosebery due to the COVID-19 impact on workforce availability early in the year and then lower grades throughout the year. The next bar to the right shows an increase of around $50 million in operating costs, which is largely due to the resumption of mining at Kinsevere. Moving to the right of the chart, it shows a favorable stock movement in the amount of $44 million, which was due to the stockpile buildup in Kinsevere. This is actually the sulfide ore that is being stockpiled for the KEP project, so these last two items largely offset each other. The final item to mention is the decrease in other income of $88 million. In 2021, we recognized the gain on the release of the Century Bank guarantee, whereas in 2022, there was no corresponding item. Moving on to our debt slide, which is slide 12. The chart on the left-hand side sets out our upgraded term debt repayment profile. As we again highlighted, we made a prepayment of $500 million on the LB Project facility in June 2022. This will result in a gross interest cost saving of around $180 million over the life of the facility. We do have some significant debt owing to our major shareholder over the next three years. Due to the buildup of concentrated LB and the overall inability to run LB at full capacity, we haven't been able to reduce our debt by as much as we would have liked. The debt owing to our major shareholder will be rolled over. Over the past six years, we've continually reduced our overall debt levels with the commencement of production at Las Bambas and Dugald River. As the chart on the right shows, our effective interest rate was around 4.3%. This compares favorably to LIBOR and corporate bond yields due to approximately 60% of the MLB project facility being hedged to the six-month LIBOR rate of 0.5425%, and our shareholder loans being at fixed rates. Importantly, we maintain very strong relationships with our funding partners. These partners are very supportive of MMG and are flexible in their approach to funding MMG to help us grow. Now to an update on our capital expenditure outlook. Our 2022 capital expenditure of $560 million was lower than initially planned. The lower spend was mainly due to delays at the Chalcobamba development and also general delays at Las Bambas due to the social issues. We expect total capital expenditure in 2023 to be between U.S. $700 million-$850 million. Sorry. This includes $400 million-$450 million attributable to Las Bambas, which remains subject to the resolution of the social unrest in Peru, and also reaching a comprehensive agreement with the Huancuire community. The development of the Chalcobamba deposit is now expected to commence in the second half of 2023. For the KEP project, we're expecting to spend around $200 million-$250 million in the upcoming year. The chart on the right demonstrates that our projects compare favorably to other greenfield and brownfield copper development projects that are planned to be commissioned in the next five years. For all those copper development projects, the average cost per ton of yearly production is around $15,000, while our brownfield projects, the KEP project and Chalcobamba, deliver incremental production with capital intensity of around $7,000 per ton and $10,000 per ton, respectively. Slide 14 highlights our earnings leverage to changes in commodity prices and FX. Copper and zinc prices and the Australian to U.S. dollar exchange rate have the biggest sensitivity, which is the way it has been for some period of time now. I will now quickly run through a few key points in relation to our four operating sites. We've already discussed how Las Bambas production was impacted by the community protest in 2022. This resulted in a 35,000 ton reduction in copper production from 2021 and some 60,000 tons lower than the midpoint of our initial 2022 guidance. The third ball mill was commissioned, which contributed to an increase in mill throughput in the fourth quarter, and EBITDA in 2022 was 45% lower due to the lower sales volumes and higher costs. C1 costs increased to $1.53 a pound compared to $1.02 per pound in 2021. The increase in C1 was mainly a function of increased prices for energy and consumables, increased wage rates, and the impact of lower production. Turning to the outlook for 2023, we now expect Las Bambas production to be in the range of 265,000 of tons of copper and concentrate-305,000 of tons of copper and concentrate. This is highly contingent on the swift resolution of the widespread Peruvian political protests and our ability to efficiently transport copper concentrate to the port. Subject to the resolution of this social unrest, followed by reaching a comprehensive agreement with the Huancuire community, the development of Chalcobamba is expected to commence in the second half of 2023. In regard to C1 costs, we expect Las Bambas to increase to a range of $1.70-$1.90 per pound. This is driven by cost inflation on consumables, further wage increases, higher levels of concentrate transported, lower capitalized mining, and an increase in development, social, and maintenance activities that were deferred from 2022. Looking towards the medium term, Las Bambas will benefit from the development of Chalcobamba, resulting in higher production rates that will partly offset the increasing costs that we have seen. Moving to Kinsevere, you can see the progress we are making with the construction of the cobalt plant. Kinsevere copper cathode production of 49,000 tons in 2022 was an increase of 2% from 2021. This production was at the top end of our guidance, driven by the resumption of mining, which led to the mining of higher grade oxide ore. An increase in the supply of higher grade third-party ores. During the fourth quarter, we completed all civil work for the cobalt plant and commenced the installation of equipment. We are now shipping the equipment with long lead times for the mine. We've also started earthworks at the new tailings dam. The KEP project will enable us to mine and process sulfide ores, and also introduce a cobalt circuit, extending the mine life to 2035 and taking annual production up to 100,000 tons of copper equivalent production. For 2023, MMG's full year guidance for copper production at Kinsevere is between 40,000 and 48,000 tons. C1 cost guidance is in the range of $2.50-$2.80 per pound. This cost is temporarily high and will reduce significantly with the higher production and the impact of the cobalt by-product credits once the new plants are fully operational. I'll now move on to Dugald River on slide 20. Dugald River continued performing well, producing 173,000 tons of zinc in 2022, with zinc guidance but slightly lower than 2021 due to the COVID-19 impact on workforce availability early in the year and lower ore feed grades. On a zinc equivalent basis, Dugald River production exceeded 200,000 tons for the third consecutive year. The Dugald River processing team delivered a record high annual recovery rate of 89.3% in 2022 as they continue to drive incremental improvements through various optimization initiatives. Dugald River EBITDA of $210 million was 1% lower than 2021 due to increased mining expenses to support the transition to an owner miner model for production activities and the onboarding of Redpath for development activities. Dugald River's full year C1 costs were $0.84 a pound, higher than 2021 due to lower production volumes, higher gas prices, higher treatment charges, and the additional mining costs I just spoke about. In 2023, Dugald River is expected to produce between 170,000 and 185,000 tons of zinc and zinc concentrate, with C1 costs in the range of $0.90-$1.05 per pound. Increased costs are due to increased mining costs in the currently highly competitive contracting market, some further costs to mitigate the risk in transitioning to owner mining, and a full year's impact of the higher Australian gas prices. To mitigate this cost escalation, the supply of renewable energy under our contract with APA will commence in March and will immediately reduce the mine's carbon footprint and provide energy cost savings. We also expect the transition to owner mining to improve production rates and reduce costs in the new, near future. Finally, moving on to Rosebery, which continues to deliver after almost 90 years of operations. Rosebery produced over 50,000 tons of zinc, which was 26% lower than 2021. The lower production was largely due to the COVID-19 impact on workforce availability early in the year, declining ore grades, and the resequencing of mining activities in the second and third quarter. Rosebery EBITDA of nearly $99 million was a 52% decrease on 2021, mainly due to the lower sales volumes. C1 costs for 2022 were $0.26 a pound compared to a negative $0.34 a pound last year. The higher C1 costs were largely due to lower production rates, which also led to lower by-product credits. We expect Rosebery to produce between 55,000 and 65,000 tons of zinc in 2023, with a C1 cost of $0.35-$0.50 per pound. This cost guidance range reflects cost escalation experienced across the industry, lower anticipated by-product credits, and increased treatment charges compared to 2022, which will be partly offset by higher planned production. Looking forward, we remain fully committed to extending the life of Rosebery through an accelerated exploration program and the investigation of additional tailing storage options. Thank you, will now hand you back to Liangang to wrap up the presentation. Thank you, Ross. We move on to MMG's strategy and outlook. Starting with the overall strategy, I'm very pleased to share our revised vision and ambition. While our overall strategy remains consistent, our new vision sets a clear direction for us as a leading international mining company, providing the materials essential for the transition to a low carbon future. Our new ambition maintains a focus on growth and now includes diversification of assets, commodities, and jurisdictions by bringing together the best of MMG and our Chinese and international expertise. I will now provide an update approach to ESG. As a member of the ICMM and through our commitments to global sustainability-related initiatives, MMG remains committed to delivering sustainable development. We also committed ourselves to a goal of net zero carbon emissions by 2050. Consistent with this, we have adopted a comprehensive climate resilience strategy to guide us on the journey with the interim targets of a 40% reduction in emissions by 2030. For Scope 3 emission, we will drive reductions in our value chain emissions by starting with finalizing validation of our emission boundaries and inventory. An interim target setting by the end of 2023. Working further with our supply partners on emissions reduction opportunities. The data outlined on this slide demonstrates the significant demand outlook for our products. The need to take meaningful action on climate change is becoming more urgent for every government, organization, and individual. The minerals we produce are essential to ensuring that we can successfully transition to a more sustainable world. We remain very confident in the medium to long-term outlook for copper, zinc, and cobalt, particularly as global shift towards green energy sources intensifies. We intend to leverage this megatrend with a portfolio positioned to outperform over the upcoming decade, and we will continue to focus our growth plans on these future-facing metals. Looking beyond 2023, we remain confident about our overall market opportunities and outlook. We will continue to pursue disciplined growth. Our Kinsevere Expansion Project and Chalcobamba development are expected to deliver additional copper equivalent production of more than 150,000 tons per annum compared with 2022. This is nearly 40% growth on 2022 production levels at very favorable capital intensity. Finally, on behalf of the MMG management team, I thank our shareholders, host communities, contractors, and all MMG employees for their support. Thank you for your time today. I will now hand back to the moderator, who will open the line to questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Lawrence Lau from BOCI Research Limited. Please go ahead. Hi. Thank you, Mr. Li and Ross Carroll presentation. I have got a few questions, mainly about Las Bambas. First of all, in the announcement, you mentioned that Las Bambas still running at very low supply of critical inputs and you may be forced to suspend operation again. Can you tell how long the operation can last as things stand at the current situation? Secondly, can you tell us about the cost of, the book cost, of the 85,000 tons of copper and copper concentrate you piled up in Las Bambas on your book as at the end of 2022? Finally, you mentioned in the announcement that there was around $97.4 cost for care or maintenance of the mine because of the suspension during the second quarter. Under which item did you book that cost? Thank you. Right. Yeah, Lawrence, thanks for the questions. Firstly, in your relation to your first question about how long we can continue for, it's a little bit hard to predict. At the moment, what we're doing is there's no actual mining taking place. We're just feeding stockpiles into the crusher. That means we only really need enough fuel for about six trucks to run to the crusher. Every now and then, we do get some get a break where we're able to get some fuel to site. To be honest, we thought we probably would have had to have shut down already. It is just hard to predict exactly when it will happen, and if it will happen. Our latest advice is that the government will use the army and the police to clear the roads. We're hopeful that will occur before we actually totally run out of fuel. At the moment, we're sort of probably limping along at about 30% or 40% capacity just due to the low consumables. As I said, we can't really answer that question definitively, but hopefully the road will be closed. With the cost of concentrate on the books at the end of the year, that'll be roughly at a cost of about $3.50 a pound. If you convert that from sort of 85,000 tons to however many pounds it'll be by about $3.50, you'll get the rough value there. With the care and maintenance costs, it was about $90 million, you're correct, from April, May, and part of June. That is still booked through cash operating expenditure. Because obviously it's still a cost. What we have done is backed it out of our C1 and C3 calculations because obviously we had no production at that time, so it would distort the figures. Okay. Thank you. Thank you, Ross. Yeah. Thank you, Ross. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. I will pause momentarily to wait for any further questions to register. Your next question comes from Chris Shu from Baylis Asset Management. Please go ahead. Hi. Thank you very much, management team. I've got two questions. The first question is regarding Las Bambas. Quite often we do see some data points on the power, electric power consumption of the mines. To what extent are those data points, you know, good reflection of the production level, or the run rates of the mine? That's my first question. Thank you. Yeah. Honestly, Chris, I'm not 100% sure of the question, but most of our power at Las Bambas would be used to run the whole processing facility and then also some electric shovels. Now, at the moment, we've got one electric shovel operating, which is picking up the ore from the stockpile. Obviously the plant is pretty much running at full capacity but with lower grade ores coming through. We're unable to run the moly plant at the moment. Obviously we're still running the camp. Yeah, I'm not totally sure of your question, to be honest. Yeah. Very often we can get some data points on the power consumption of the mines, right? I'd like to understand into what extent those data points are reflective of the activity rates of the mines. Yeah. I must admit, maybe you know more than I do, but it's actually not something we see that regularly. So I'm not sure what data you're reflecting or talking about. Okay. Okay. Okay. Okay. Yeah, yeah. Because sometimes, Reuters do publish, you know, some data points regarding the power consumption of the mines, right? I'm just wondering whether, you know, they can tell us more about, you know, whether the mines are, you know, operating, you know, at, you know, normal levels or being disrupted. Yeah. I mean, that's where I'm coming from. Yeah. Yeah. Okay. Okay. Yeah. That's fine. Oh, sorry. Yeah, no, go on. Do you have anything to add? Okay. Yeah. Yeah. My second question is regarding Dugald River. The tragic accident happened on the 16th of February, if I remember correctly, so it's been three weeks. The 2023 production guidance has not been changed, right? If we look at the upper end versus the lower end is maybe about, like, 10% difference. Is it right to, I mean, interpret it, you know, like this? I mean, without the accident, we would have probably been running at a rate, you know, closer to maybe the higher end of the guidance. And now maybe it's, you know, closer to the lower end, I mean, because of the suspension. Is it the right way to look at it? Yeah, no, I think that's right, Chris. Part of the reason why we haven't adjusted our guidance yet is that we're obviously not unsure when the mine will reopen. I mean, we're hopeful that will happen in the middle of March sometime, but that's dependent on the mines inspector allowing us to reopen. I think what it's saying is, yeah, roughly our production at Dugald's 15,000 tons a month in round terms. Probably at best, we would be looking at hitting the low end of that guidance, but subject to when we can actually restart operations, we could have to adjust our guidance. Got it. Got it. Unable to sort of provide a better estimate at this time. Yeah, certainly the top, the bottom end of that guidance is probably the best we can do now. Yeah. Right. Right. Right. Got it. Okay. That's right. Okay. Thank you very much. Question comes from Eunyoung Lee from DBS. Please go ahead. Hi. Thank you for giving me the chances for the questions. I have about three questions. Firstly, I'm just wondering your target of MMG, the production of MMG as better the current situation in Las Bambas. That is the first question. Second question is that, how do you expect interest costs as especially for to remain high? That is the second question. Third question about the TCRC. We are expecting TCRC for half of this year, which is better than last year. I'm just wondering how the impact to the year-on-year from the higher PC. Just we want to, how you think it's relating. That is the three questions for me. The line wasn't very good there. We couldn't understand your first question. I think the second question was around the impact of higher interest rates. I think the third. Yeah. Third is the impact from the higher TCRC. First question is just wondering, you suggest a target volume of the Las Bambas for copper. Wondering this number has factors current online participation in the Las Bambas? Okay. Perhaps I might take the first and you take the. With Las Bambas, the guidance we've given out of 260 to 305, I guess the 305 is a number we could probably do if we were unhindered by the all the social protests. Now, obviously, we've been closed for over a month there, so we'd be moving towards the bottom end of that guidance now. We'd probably allow up to two months of stoppage. The bottom end of guidance is sort of coming into play. Now, with the, with our interest costs, if you see from the. Mm-hmm. We've got a lot of fixed in fixed rate loans, particularly from the major shareholder. We've also hedged 60% of our Las Bambas debt at 0.54%, which is, you know, sort of over 3% lower than what actual LIBOR is at the moment. We're relatively well insulated from the interest rate rises. You know, I'd say there's probably a $20 million-$30 million increase over what we paid this year. Okay. Got it. Yeah. Just regarding the TCRC movements, both copper and zinc, you know. Mm-hmm. yeah, we see the, quite, strong, markets for the copper concentrate. Mm-hmm. The copper TCRC level now is, you know, lowered from last year's high end. Now it's moving down to something like $70. The zinc TCRC also stabilized. Okay. Yeah, it's quite stabilized around $270-$280. Okay. Just wondering, your sales is pegged to the spot TC or benchmark TC? Your sales price is pegged to the benchmark TC or the spot TC? Yeah, we have different sales arrangements. Mm-hmm. We use some for the zinc. Mm-hmm. benchmark. For some contracts we use benchmark TC. Okay. Yeah, yeah. Yeah. Which is the majority? Sorry? Which one is more? Which is the majority of the TC contracts? Benchmark TC, sales based on the benchmark TC is higher than the spot TC or the other way? Between. Between spot and w hich one? That is, that's quite, how to say, our sales book, quite diversified. Okay. For the spots, I think that it is quite, yeah, it's can be different from year to year. Roughly, I think that the spots for zinc is like, you know, 40% and. Okay. 60%. Okay, got it. Thank you so much. There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect. I think there's one more question. Sorry, I think there's one more question. Oh, pardon me. Sorry, one moment. Yep. Okay, here we go. Your next question comes from Jimmy Fang with Citi. Please go ahead. Hi, thank you. Thank you for the presentation and thanks, Liangang. Yeah. Last question. I want to ask question about the community issue in the Las Bambas and Chalcobamba. I want to know, is there any updates from the negotiation with the community? Is the discussion still ongoing or it has been suspended due to the social unrest, and can only resume after the resolution of the social unrest? Do you have any updates on this issue? Thank you. Perhaps I'll take that one. It's Troy Hey here. Yeah, sure. Prior to the breakout of the social unrest around the political issues, we had began a very good program with the Huancuire community, agreeing the terms of discussions and the items and setting out a timeline. It's been difficult to get access to the community, just because of roadblocks and disruption in the region and also because of some community elections happening locally. We have very good contact and very good relationship with Huancuire at the moment. We are working on getting all of that schedule restarted. Just when those elections finish and with social peace largely restored in the region, I think, we'll see that conversation start up very soon. I think the key part here is that after many years of quite difficult in getting this started, we have a really clear path to an agreement, and we look forward working very closely with the community and meeting the timeframes we've put forward. Okay. Okay, thank you. That's good news. Thank you. Once again, if you'd like to ask a question, please press star one on your telephone and wait for your name to be announced. I will now pause momentarily for any final questions to register. There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.