Consensus Mining & Seigniorage Corporation

Greetings. Today is August 10th, 2026. Thank you so much for joining us for our second quarter 2026 shareholder call for the Consensus Mining & Seigniorage Corporation, which is quoted on the OTCQX Premier Marketplace under the ticker CMSG. Our second quarter financial results have been filed with the OTC markets. and also posted on our website, which is www.consensusmining.com. Speaking for the company today, we have Alun Williams, our President, Mark Herndon, our Chief Financial Officer and Kevin McRae, our Chief Technology Officer. Before I turn it over to my colleagues, we remind you that the following discussion, including responses to your questions, Apply only as of today. The information on this call should not be construed to be a recommendation to purchase or sell any particular security or investment fund. The opinions referenced on this call today are not intended to be a forecast of future events or a guarantee of future results. It should not be assumed that any of the transactions referenced today have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past performance of these investments. This call is recorded and a replay will be available. To request a replay, you can email us at ir.consensusmining.com. With that in mind, Alun, I'll turn it over to you.

Thank you very much, Agustin, and thank you everybody for joining us for our second quarter 2026 Consensus Mining & Seigniorage Investor Update. During this call, we will start with Mark Herndon, our CFO, who will be giving us a review of the second quarter 2026 financial results, following which I will provide some general and market updates. And then Kevin McRae, our Chief Technology Officer, will provide an operations update. After which we will finish by responding to any questions that have been submitted before the call or during the call via the online portal. With that, I'm going to hand over to Mark to talk through our financial results.

Thanks, Alan. The second quarter was a continuation of the company's consistent operations and accumulation of Bitcoin strategy. However, Bitcoin's spot price declines during the quarter resulted in continued operating losses and Thank you for joining us today. The company's Bitcoin mining revenue continued to reflect lower volume of Bitcoin rewards and a lower average value for those Bitcoins. The company's activity from script mining also experienced declines that was also due to lower volume as well as lower average value of Dogecoin rewards, where the average value of the reward this quarter was about 9.5 cents per Dogecoin versus 10.9 cents during the first quarter. The company continues to purchase Bitcoin quarterly, which was 0.47 Bitcoin this quarter, resulting in the company's accumulated Bitcoin to total 354, which is worth $20.7 million, based on the quarter-end price of $58,524 per Bitcoin. And the total digital assets were $21.3 million at June 30th, which includes other digital assets but primarily Litecoin. Additionally, the company's liquidity remains strong with $58.5 million of cash on hand. Our hosting costs to mine also continue to decline this quarter and we're under 0.5 million for the second quarter, a 58% decline from 2025. These lower hosting costs are a function of less equipment as well as lower rates in 2025. The company's general and administrative costs have continued to be modest at $0.2 million for the quarter. The company's depreciation expense for our mining activities declined to approximately $0.3 million for the second quarter. This decline was driven by lower equipment levels in operation and the impairment we discussed during the first quarter. The company's interest income for the quarter declined slightly to $0.5 million as compared to $0.6 million in 2025 due to slightly Lower average cash balances and lower rates over the periods. As a reminder, the company continues to use this interest income as a funding mechanism for its hosting and general administrative costs. In addition, the company typically sells its Dogecoin rewards, which total approximately $169,000 this quarter. However, this is down from $201,000 last quarter and $461,000 in the second quarter of last year due to the declines in the fair value of Doge during those periods. As a result, for this quarter, these two items in total was about $670,000, which funded all of the company's cash operating expenses for the quarter. That is the hosting fees and G&A expenses, which together totaled $628,000. Our discretionary purchases of Bitcoin were $34,000, and our purchases of additional equipment was $81,000. As we've indicated in the past, this funding mechanism has been an efficient way to increase the overall Bitcoin holdings for the company. As a result, each quarter, the largest financial impact of the company's financial statements continues to be the unrealized losses resulting from the fair value changes in our Bitcoin holdings. For the second quarter, the spot price of Bitcoin dropped about 13%, as I mentioned earlier, to $58,524. That decline and other changes to the rest of the digital asset portfolio resulted in unrealized losses of $3.6 million for the second quarter. And I'll also note for you that since our quarter's end, Bitcoin has increased in value to approximately $64,000 earlier today, or about 9%. As a reminder, these fair value changes to the company's digital assets also typically result in corresponding and offsetting changes to the company's deferred tax liability, both of which are, of course, non-cash items. The overall result of these items has resulted in book value per share of $37.35 as of June 30th, which is down from year end $41.28. As previously disclosed, the Board of Directors approved a plan in May to repurchase some of our common shares. This quarter resulted in the repurchase of 67,636 shares for $2.1 million at a weighted average price of $30.69. The company has another $2.9 million remaining of capacity under that program. And I also wanted to reiterate that our overall liquidity position remains strong with 58.5 million cash as of the end of the quarter, which provides sufficient capital for us to continue to fund repurchases based on market conditions. I mean, the timing and extent of which those repurchases will, of course, vary based on those market circumstances. And that's it, Albert. Back to you.

Great, thank you very much, Mark. Before we get into the current market environment, I did want to provide some additional updates following the board's resolutions that were announced on May 7th of this year. The one which Mark has already touched on was regarding the share repurchase program. Considering the persistent and current discount of which CMSG shares trade, the board did approve a $5 million stock repurchase program in connection with that announcement. Mark has already provided details on our progress with regards to the share repurchase program. I just wanted to talk a little bit about the program. So the program is designed to return value to shareholders given this current discount to book value, steadily reducing the company's share count. Mark already referred to the value that we've been created so far with the buybacks that we've had so far. And the buyback simply reflects management's opinion that the stock remains undervalued and our conviction in the long-term opportunities. However, with it trading at such a low price relative to its book value, it seemed prudent and opportunistic for the firm to acquire shares at that distressed or discounted price. We expected continued repurchases under the remainder of the original $5 million stock program. Although the program itself doesn't obligate the company to repurchase a particular amount of shares, it may be modified, suspended or discontinued at any time. And of course, the volume, price and timing and the manner of any repurchases will be determined at the company's discretion, subject to general market conditions as well as regulatory factors. In addition to the stock repurchase program, as announced on May 7th as well, the directors also authorized the company to explore the potential engagement of an investment banking firm to consider all strategic options for the company. The primary goal here is to explore the options for consensus mining to realize greater value for our shareholders, in part due to the discount to which it trades at relative to its book value. We are working extensively on this mandate from the board, evaluating possible banking advisor relationships as well as opportunities for consensus mining. However, given that these discussions are confidential in nature, we're unable to share details of the discussions and where they're potentially headed. But we will, of course, share details as we formulate a plan at the appropriate time. Moving on to the current market environment. amid an environment of depressed crypto prices and elevated industry hosting rates leading to reduced mining rewards and profitability, our second quarter was again somewhat challenged and transitional. As we discussed on our last call in the first quarter, we started to realign some of our operations with lower cost hosting providers. That has continued in the second quarter and there are still some projects we're working on that are spilling over into the third quarter, which we expect to be completed in a few weeks. Kevin McRae will provide some more details on what those transitions are but the changes are intended to position us well as we move further into 2026. Given the transition of this equipment along with the lower crypto prices our Q2 revenues were subdued with much of this activity having been completed during the quarter we anticipate a reversal of some of the revenue reduction along with corresponding reduced hosting rates, subject of course to market conditions, the price of Bitcoin itself, the network hash rate and so on. As we discussed in our Q1 call, we have seen increased profitability pressure on our primary Bitcoin and script mining rates. And at the same time, we identified mining Zcash as an opportunity to complement our current operations. The current profitability of mining the Zcash network allows for significantly reduced payback period for the capital outlay of the equipment when it comes to Bitcoin or script mining. Zcash also has similar monetary policies to Bitcoin, but has an added layer of privacy to its structure that does make it appealing to certain investors and holders of the cryptocurrency. So while the profitability for Zcash mining has remained somewhat consistent over the quarter, with the price of Zcash near multi-year highs, which has offset increases in network difficulty. Equipment prices, however, have risen recently going from around $5,500 for a Z15 Pro at the end of the first quarter to around $8,500 at this time. This is primarily due to supply and demand coming from the better profitability profile. Having said that, even with this significant increase in the price of the equipment, at current prices and network conditions, the time to recover the capital expense of a Z15 Pro continues to be attractive at around 10 months to pay off the capital expenditure, after which it's pure profit. Compared to an S21XP, the most profitable Bitcoin mining equipment out there today, which has a payoff of around 30 months. which, as you will know, would take us into the next harbing, which would significantly reduce the rewards at that time. As such, we added some additional Z15 miners to our fleet during the quarter and will continue to watch their performance and profitability as part of potential additional equipment purchases going down the road. Generally from a market environment perspective, during the second quarter, Bitcoin prices fell from around 68,200 to about 58,500. A roughly 14% increase over the quarter. Since the end of the quarter, however, the price has recovered somewhat to around $65,000. For the mining piece of it, Bitcoin hash price, which is the measure of US dollar revenues per petahash of mining processing power, ended the quarter at about $28 per petahash per day. That's down from $32 at the beginning of the quarter. The drop in hash price is primarily driven by the fall in the price of Bitcoin itself, are offset somewhat by a continued steady fall in the mining difficulty of the Bitcoin network as a result of the network hash rate going down over the course of this year. The overall property of script mining has continued to fall over the quarter as well, again a reflection of subdued cryptocurrency prices, as Mark already mentioned. In particular, the price of Dogecoin, which is trading today at around 7 cents per coin, significantly lower than the start of the quarter, as well as lower than the average price for the first quarter of 2026. With that said, our operations continue to primarily mine and hold Bitcoin with the existing equipment that we have purchased, as well as mine Litecoin and Dogecoin with our script mining capacity. Converting a portion of the proceeds from the Dogecoin earned into Bitcoin, While our Zcash mining is a small portion of operations, profitability conditions may lead us to add to this part of our mining operations. Currently for Zcash, we're selling about 50% of the rewards that we are earning to help cover our hosting costs for running the equipment and keeping the remaining 50% of the Zcash on our balance sheet, given that we do like its monetary policy and the addition of the privacy layer. So with all this in mind, we continue to focus on adding hash rate at a measured pace using the most efficient and profitable equipment on the market to position the company well for any future shifts in the cycle and different profitability levels. Given that, we'll now turn to Kevin for a few minutes to provide more details on our operations.

Great. Good afternoon, everyone. I hope everyone's doing well. Alun Williams, Mark Augustus Herndon, Michael Feeley, Jay Harris Kesslen, Russell Wayne Grimaldi At the end of the quarter, we were running around 332 machines with an overall hash rate of just under 5 terahash, around 4.8 terahash, which is no change from the end of Q1. And as we had mentioned on the last call, and Alun just mentioned as well, we had put in an initial order for some Z15 Pros to mine Zcash. Those machines and a subsequent order are online for a total of 45 machines with a hash rate of 40,000 kilohashes per second. From an operational perspective, we've made a few changes to our hosting platform over the last few months to make sure the fleet is well positioned. We're still hosting our machines across three different locations in Kansas, Nebraska, and North Carolina. As we've discussed historically, we typically like to diversify any operational and third party risk across a few different locations. and as discussed we like the mining economics of Zcash and have been having good success with the Z15 Pros so far. We bought two different batches over the last few months for a total of 45 machines as I had mentioned but with the introduction of the Z15 Pro machines and the profitability profile of Zcash we've seen increased mining activity which has led to an increase in which has led to an increase in prices of the machines which Alun had also discussed and something we anticipated. Over the last three months since the beginning of May, the network hash rate of Zcash has increased around 60%. Interestingly, which we see with other cryptocurrencies, this is right in line with the increased pricing of the machines that we're seeing in the market. There were about 60 days between our two orders of the Z15 Pros in which there was also right around a 60% increase in the machine pricing. The economics of Zcash mining are still attractive, and we continue to monitor the market hash rate and machine pricing, and we look to continue to increase our hash rate opportunistically. We also made a couple of changes in North Carolina. During the first quarter, we took around 235 older machines offline. These were some old S19J Pros and XPs that were unprofitable due to the age of the machines, market dynamics, and hosting price at this location. These machines were sold on the secondary market during the second quarter in which we used some of the proceeds of that sale to fund some of the Z15 Pro purchases. This hosting location has been a long time, a really good partner of ours for many years, but they've been moving their focus and resources more towards high performance compute and AI and away from mining. So we already had this location under review to do their hosting rates and pricing structure. So with their shift in focus, we've decided to terminate our hosting agreements at the site. And these machines will be coming offline later this week. We do have another partner in North Carolina that we've worked with in the past that will be relocating these machines to. The hosting rate that we've agreed to at this location is around 19% lower than what we've been paying at the old location. So this will allow us to keep these machines online for a longer period of time. We've also negotiated shorter-term and short-term hosting contracts at this location, which will give us a little more flexibility to make changes as the markets dictate. And to wrap up, as always, we'll continue to monitor the mining and machine markets, and we'll look to continue to grow our hash rates over time. That's all I have from updates and I look forward to providing another one in a few months. Thanks.

Thank you very much, Kevin. I'm back over to Agustin. I think we have some questions that have been submitted live as well as some that were pre-submitted.

Yep. Thanks, Alan. So, Kevin, let's stay with you. There's a question with regards to the recent cold card vulnerability. Can you address our approach in terms of custody, cybersecurity, and so forth?

Sure. Yeah, that was, you know, obviously very high profile, sort of very unfortunate and painful event for the industry the last couple of weeks. A lot of holders had their Bitcoin taken. Fortunately, we were not impacted by the cold card issues. But it wasn't really a hack of the hardware wallets themselves. It was an exploit of the code that Coldcard used to create the initial private key set for each wallet. Mark Augustus Herndon, Michael Feeley, Mark Augustus Herndon, Michael Feeley, Jay Harris Kesslen, Russell Wayne Grimaldi Alun Williams, Mark Augustus Herndon, Both custodians that we're using at the moment are well-respected leaders in the space. They have advanced technology and controls in place to protect our assets. They have insurance. A lot of the things that if you do self-custody, a lot of retail holders don't have. They also conduct extensive third-party cybersecurity and stock audits that we are privy to, at least the results of those. But we do continually monitor our current vendors and other options in the space to make sure that we have our assets protected by what we think is the best option at any given point in time. But, you know, we do hope this clearly, you know, showed some immaturity in some of the products in the market. We hate to see these types of issues. But we hope that this event will put additional focus on the industry to keep improving the security and functionality for both self-custody solutions and hosted custody. So hopefully that helps address the question.

Thanks, Kevin. The next question is related to the fact that other miners have converted to AI data centers. What is our kind of approach? Do we consider this to be economically more superior for CMSG to consider the same?

Thanks, Agustin. Yes. We've been asked this question before. A number of the other large cryptocurrency mining companies such as Cypher, Riot, CleanSpark and so on have announced plans to pivot their data centers that they use for cryptocurrency mining over to HPC or high performance computing data centers. and what they're doing is they're taking their existing infrastructure and they're essentially retooling them to be more sophisticated in terms of cooling, uptime, that kind of thing. You know, these HPC data centers can't operate where they're being curtailed from a power perspective by their utility, which a lot of cryptocurrency miners permit because it allows them to get lower pricing for the power when there is demands on the network Cryptocurrency miners are happy to go offline for a couple of hours while the utilities direct the high-demand peaks during the day or during the season to other users of their power that obviously are more important than cryptocurrency mining from an infrastructure perspective. HPC data centers can't do that. They have to pretty much be running all-time uptime of 100%. So they're retooling and yes, they're doing it because they believe that there is more money to be made by running that type of a data center as opposed to one that is mining for cryptocurrencies. But that's where unfortunately the big difference is between consensus mining and the other larger cryptocurrency miners that are making the switch to HPC. The fact that those miners own their own infrastructure, they can retool their data centers accordingly. the power contracts and everything that services them. Consensus Mining, we don't own our own data centers. So we can't repurpose an existing data center that we have for the purposes of HPC computing data centers. We have hosting providers and those hosting providers are focusing on cryptocurrency mining because it doesn't take as much capital expenditure to create a data center that supports cryptocurrency mining as it does for HPC. but we don't have the ability to retool our data centers because we don't own our own data centers. A lot of these large cryptocurrency miners have made a lot of announcements. I only saw recently one of them actually announced that they've successfully managed to convert part of their data centers. But this is a process that from what I'm reading and seeing in all of the reports is going to take several years for them to convert their existing crypto mining data centers into HPC. So as such, we don't really have the ability to change over to AI or HPC data center processing because we don't own the physical infrastructure. We rent space at somebody else's location.

I think both you and Mark addressed this in your remarks, but there are a couple of questions to further provide details around our share buyback program, specifically on timing, amount of shares, dollar amount, price per share. Is there anything else that you can provide

Mark Augustus Herndon are back up to book value, you know, partly because if we do that, we are really driving the buy side of the market. And once we stop, then all of a sudden, you know, there's the potential for the shares to fall right back to where they were before we were doing the buybacks. Well, our goal is to buy back shares based on the liquidity and the market environment, market conditions at these discounted levels relative to book value.

Okay, related to that question, what is our strategy given our current significant markdown or discount? Do you think the volume in CMSG is severely affecting the price of the shares?

Yeah, so, you know, our strategy is really, you know, twofold. One is by returning value to the shareholders as part of the buyback program. We are creating value on a book value basis. And once the market potentially sees that, the market will react accordingly, one would hope. As far as the volume is concerned, you know, at the end of the day, in a liquid market, if there's more sellers than buyers, it's going to put pressure on the price in a downward direction. So the stock doesn't trade consistently. There are days where there is some volume and then there's days where there's hardly any volume. So when we're doing the buyback program, certainly we're sensitive to that and we don't want to be the only participant in the marketplace on a given day where the volume is low. So we do look to take advantage when there is volume and when sellers come to the market in order to be able to acquire shares at that discount and add back a book value per share growth to the shareholders. As far as... What our exit strategy is and so on, we are talking to investment banking advisors. We want to make sure that we're creating value for shareholders. The discount to book value is a concern for all of us. It's an opportunity as well. Some shareholders have mentioned that in the past and we've certainly listened and that's why we're doing the Shared Repurchase Program. But we want to see if there's other options available to us to help us create value from a stock price perspective, not just a book value perspective for our shareholders. and that's why we're talking to these investment bankers. We are talking to a number of them to find out which would be the best fit for us to come up with the best options. You know, making sure that they're not focusing on their own fees. We want someone to actually be a good objective partner to give us ideas and direction on where we could potentially take consensus mining.

Great. I'm sure that will be an update that everybody will be looking forward to. So switching to some of the live submitted questions, are we able to disclose our current all-in cost to mine a Bitcoin?

Yeah, I can address that. And really, part of it is you can just look on the face of the financials, right? There's two elements to the cost to mine Bitcoin, and the primary one that we've talked about is hosting costs, right? So The cost of revenues, ocean cost was disclosed right there on the face of the income statement. And that is running, you can see the Bitcoin mined in one of the footnotes, but that's approximately $71,000, $72,000 per Bitcoin, which during the second quarter, the revenue per Bitcoin reward was about $72,000 to $73,000, closer to $73,000. So When you see that the margin, if you will, between those two on our financial statements is being very close together, that should tell you that the hosting cost alone is very close to the mining rewards overall. Now, of course, there's multiple types of digital assets in the revenue number on the face of financial, so some of this you have to dig within the snippets. Your next question with that would probably be around depreciation and the recoverability of equipment. And yes, that does add another element of cost to the cost of mining in any particular period. So that would tell you that you're mining for this individual period, we're mining at a loss per Bitcoin. The item there I would caution you to look at is the depreciation cost is spread out over time. So you could have periods, particularly earlier in the cycle, where you have higher levels of profitability. The value of the rewards were higher and depreciation was being spread over a long period of time. So now we're in the tail lifecycle of some of this equipment. We still have the same depreciation charge that we had two years ago, but the value of the rewards is down and the volume of the rewards is down. So it creates that pressure on a Thank you for that clarification, Mark.

So the next two questions I'm going to combine because I think they're somewhat related. At what point will miners start to purchase and accept delivery of new mining rigs? and related to that is a question on whether the Bitcoin network is continuing to grow significantly.

Sure, so at what time will miners start to purchase and accept delivery of new mining rigs? I suppose that's up to the individual mining entity as to what their strategy is. Those that continue to mine and run cryptocurrency mining operations They're going to buy based on the strategy that they have. The question about accepting delivery of new mining routes is an interesting one, and I think we've touched on it in the past. So Bitmain, which has historically been the largest supplier of cryptocurrency mining equipment to the industry, announced some time ago, I suppose probably maybe eight to ten months ago, They announced their latest Bitcoin miner, the S23, as well as the latest script miner, the L11. They have been suspiciously absent from the market. We keep an eye on the market. We tend not to buy directly from the manufacturer because those are futures markets and so you're looking to buy Mark Augustus Herndon, Michael Feeley, Jay Harris Kesslen, Russell Wayne Grimaldi I'm surprised at the fact that they're not available, but also, you know, we've been questioning whether they actually are being manufactured in the first place. I'm sure they are, but they're not really making it to the secondary market in the US at this time. So, you know, my thought on, you know, the delivery of new mining rigs is a lot of them aren't being manufactured. You know, I know a lot of firms out there who have ordered some of this equipment, the S23s and the L11s. They're expecting to receive them in the first quarter of 2026 and still haven't received them. And they put up a lot of money of deposits for that equipment. So it's a very strange situation with respect to Bitcoin, Bitmain, which is the largest manufacturer. The second part of the question about, you know, is the Bitcoin network continuing to grow? So, you know, when you posted the question, I pulled up a chart of the hash rate of the Bitcoin network and it was steadily rising over the last three years. It was steadily rising through to about October of 2025. when it hit about 1.15 million petahash. It has since fallen to about 0.9 of that same number. So it's fallen around 20% the network hash rate since October and it's Well, there are peaks and troughs and jumps and everything. It is a consistent trend that we're seeing with the network hash rate coming down. The good thing about that is it also means that the network difficulty comes down, which means that more rewards are being distributed on a per-peta hash basis of processing power than were being distributed back in October of last year. So we have seen the network hash rate pull back somewhat. whether that's because of the large former cryptocurrency miners switching to HPC or not there's nothing no evidence to specifically direct us to that but that is a thought that the large cryptocurrency mining companies that are making that shift are no longer buying crypto equipment they're buying GPUs for their HPC data centers once they complete their conversions that we talked about earlier.

Okay, thanks, Alan. The next question, this is one of the most frequently asked questions that we've gotten. If the thesis is that Bitcoin mining will become very profitable, isn't there an extremely strong case that buying Bitcoin directly on the open market will be a faster way to enhance shareholder value? If not, please explicitly explain why not.

Yeah, so I'm thinking about that question. So if Bitcoin mining will become very profitable, then we should be mining Bitcoin, right? Because the idea is you're adding Bitcoin to your balance sheet at a lower cost than what it costs you to mine. So if mining is profitable and is intended or expected to become even more profitable, then that would be a case to mine as opposed to just buy Bitcoin. Buying Bitcoin is simply a play on the price of Bitcoin. Mining & Seigniorage Corporation We have been asked this question, let's buy some Bitcoin using the cash on our balance sheet. And our former chief strategy officer, Mike Stahl, who as everybody knows passed away earlier this year, his view was simply the fact that if you just buy Bitcoin and then you have expenses to operate the company, you're essentially eroding the value or the quantity of the Bitcoin that you're owning. He used an example of an ETF whereby They own Bitcoin, they charge a management fee, they sell Bitcoin to pay the management fee, which covers the operating expenses and the, I suppose, the profit margins of the issuers of the ETF. So you essentially, by owning a Bitcoin ETF, you're indirectly owning less and less Bitcoin as time goes on because Bitcoin within the fund is being sold to cover those expenses. Whereas with a miner... Mark Augustus Herndon, There's a mark-to-market on the value of the Bitcoin on our balance sheet, and if it's negative for the quarter, it will be positive in some quarters. But what has happened over the quarter is we have added to the balance sheet on a per share basis. We have added more Bitcoin, we've added more Litecoin, and we've started to add a little bit of Zcash as well. So that's really the difference is if you're looking to just own Bitcoin, then you can just own Bitcoin and pay the fees that cost to essentially own that Bitcoin from a custody perspective and management perspective similar to an ETF. But we're adding Bitcoin on a per share basis. And that's the goal is to do that steadily over time without putting the balance sheet at risk.

Correct me if I'm wrong, Alun, but isn't the fact that we're buying back shares at a discount to our net asset value effectively buying Bitcoin at a discount?

It is, exactly. It's absolutely doing that. We're buying back shares. The current traded price effectively represents the cash balance that we have on our balance sheet. It doesn't actually truly reflect the crypto balance. So by buying back shares at this discounted rate, we're adding value. additional Bitcoin per share in addition to our mining operations.

Okay, great. We thank you for all of your questions. If there are any remaining questions, to be mindful of time, we will try and address them separately. but you know the call is recorded the replay will be posted on the consensusmining.com website and of course we always welcome any feedback additional questions you may have and the best way to reach us is through ir.consensusmining.com thank you very much everybody enjoy the rest of your summer and we look forward to convening with you all again in about three months time

Thank you.