Gruvaktiebolaget Viscaria

Good morning, dear viewers. It's 9.30 a.m. Copperstone will be presenting here today. They have now closed their Q1 report for 2024. We are being hosted here in the digital studio by CEO Jörgen Olsson. A warm welcome.

Yes, Mikael.

We will be able to present, but before you do that, I would like to ask about the environmental status during the day. Are there happy mines in in the industry?

Yes, you could say so. Four years of hard work, one billion invested money, so of course it's an almost unimaginable joy. And yesterday was mixed with tears and laughter. It's such a relief to be able to make such a milestone as we did yesterday. So there will of course be a lot of focus on that in today's presentation as well.

Of course, and I look forward to hearing more. So I simply say, here you go.

Thank you very much, Mikael. And to all other viewers and listeners, a warm welcome to our quarter presentation. And of course, there will be a lot of focus on our environmental status. It is a decisive milestone that will be taken further into the next step, which we will talk a little more about here today. As usual, I have with us our CFO, Rea Keske-Taddeus, who will guide us through Specific figures, some financing issues here in the future. But the joy is also that today we have one of our many talented young geologists, Ross Armstrong, who will tell us a little about our project called Grand Vizcaria. Namely, what is there beyond the Vizcaria we are going to open? How big are our resources? Is there potential in our resources? And it's an enormously exciting work that we will continue to present here during the year and the size of how this resource can grow. Just a little repetition, if we go back a few steps before the climate change. So the Scaria Foundation is one of the largest brownfield copper projects in Europe. And the timetable for opening our mine by the end of 2026 is fixed, not least with yesterday's climate change. The macroeconomic climate is incredibly interesting for us. We are seeing more and more confirmation of the growing demand for copper over the next 10 years. And we have, as a newly started project, we have ideal conditions, not least with electricity from the water power up here, ideal conditions to be able to produce a copper concentrate with a very low CO2 pressure. And the resources that Ross Arnström will talk a little more about here today have incredibly large conditions to grow into a much larger project. Just in the last four years since we started this, we have almost doubled the size of the resource, from 52 million tons to 93 million tons of copper-fueled coal. So it should be able to help anyone if they have expectations for our fertility. In short about Copperstone, it is not only in Viscaria that we have facilities. In Viscaria we have three construction sites. In Arvidsjaur we have two construction sites. And we also have a construction site down in Tvisbo. We have 14 research facilities out of nine here in the Viscaria area. Our research facilities up here in Viscaria is a lot bigger than the area at the construction sites. The construction sites only account for about 2% of our entire research area. Ross will also talk about what that can mean in terms of potential for the growth of the foundation. Today we have about 35 full-time employees, but we also have about 30 full-time consultants. So we are a real project organization that is moving forward quickly, and we will expand that activity now with regard to the everyday environment. And it will also be possible to publish the text a little more. And the last big thing that happened was the approval of the environmental protection application yesterday. And not only that it was approved, but also that we got a certain permission. I will return to that. So during the first quarter, it was not only the environmental protection negotiations for four weeks from the end of January to February 21st, but in parallel with that we have done a lot of other activities. Vi håller en otroligt fortsatt hög aktivitet i alla våra förberedsarbete för att vi skulle kunna hålla fast vid vår tidsplan om att återöppna gruvan i slutet på 2026. Vi gör inte bara det utan vi har även hunnit med en resursuppgradering som ni har sett enligt en pressregist för en del av våra fyndigheter i Arbetsgärden. Prospekteringsarbetet kommer att fortsätta Arbetsgärden under året med lite ökad kraft. We are an increasingly large organisation and we have more muscle and capacity to show the potential in the labour market as well. As you have heard earlier, we have started our profitability study, or what is called in the mining industry, the feasibility study. And it is the documents that are needed to be able to get competitive debt financing. And in parallel with the profitability study, of course, we are already having discussions with debt financing banks, but also with investors, so that we can have a good planning for all continued financing. And that feels very reassuring. We drill for Jämnan seven days a week, around the clock. In the first quarter, we have drilled another 10,000 meters in the Viskarie area. The absolute lion of this drilling is still fill borning drilling. And that is so that we can get as much predictable and stable mine start as possible. It is also very important with this mine planning as a block into the profitability study. It also means that the big lion part of prospecting borning will come later. But again, Ross will comment on this. Efter kvartalet, den fantastiska nyheten att vi fick vårt miljötestånd igår. Vi håller fortfarande på att gå igenom domen i alla dess detaljer. Domen är alltså på 326 sidor. Det är en omfattande, bra dom. Det är utförliga, bra domskäl. De villkor som specificeras i domen är i stort sett helt i enlighet med det vi förhandlar om under miljöteståndsförhandlingarna och enligt de villkor So it's a fantastic, for us, a fantastic good judgment that makes it possible to accelerate our work with restarting out of the mine. Yes, I'm standing here at Kulturhuset in Kiruna. The reason we're here today, and not in our main facility, is that we're going to stay at our company's home in the afternoon. We think it's fun to have our company's seats here in Kiruna. And now, in order to stop everything that is happening, considering that we have an environmental problem, we also put forward a proposal to the company in the afternoon, where you can change the name of the company from Copstown Resources AB to Gruvaktiebolaget Viskaria. And we want to do it as a marking that we are now taking the next step, we are leaving the prospecting industry to become a mining company. What better name could we choose than the name of the old mine? The name change will take place on May 21st. It will be a fun event for us to change clothes. More specifically with the environmental condition, apart from the environmental condition, we also got an organizational arrangement according to our other profession. And there we have got exactly what we wanted. We can start the time-critical processes already now. We can start building our big water treatment plant. A water treatment plant that can handle 1000 cubic meters per hour. Today we have a pilot cleaning plant, as you all know, which we have had in operation since November 2022. The pilot cleaning plant manages to pump up and clean 100 cubic meters per hour, a tenth. And now we're changing this up a lot. We're going to start building as soon as possible this year. And in the end, it has to end this year, so that we can accelerate the pumping speed and water cleaning speed. We will clean all the water in the old mine. according to our unique water technology. So there will be a lot of activity here in the area, construction activities, because again, it is a fairly large facility. And the basic scenario is that we will be able to produce at least 30,000 tons of copper per year. There are no changes there. The process forward is that the accusation period runs out on Monday evening, May 27th, 24.00. So this three-week period has all parties to send in an accusation. And as we have communicated earlier, we will not be surprised if there is anyone or anyone who accuses. But it's not done yet. Again, it was a good judgment. It's a comprehensive package of conditions. A comprehensive billboard package that will protect emissions to water, bubbles, dust, but also a comprehensive billboard package regarding our attention to clean energy. So we have to see what happens in these three weeks. And what can happen is that the court will sue Marko Miljö over the court. And there you can either be lifted up or dismissed. If it is dismissed, you can try to sue the highest court. We are prepared for both of these two processes. And our goal is to achieve a low-carbon state by the end of the year. And we think that this goal is quite reasonable. Now I will try to use our cursor here. So that it can get into the picture. So what we see here is our new industrial area, framed with the polka-pig line here. And the big details that I think can be important to comment on. We will set up a new sand magazine according to this area above the old sand magazine that is here. And the reason for that is that we want to, after a certain time, investigate the possibility of re-mining old material in the sand magazine. It is a very popular subject. to talk about, but it's not as easy to do in practice as to talk about it. But we believe that there are absolute possibilities to do a re-mining, but you have to dry that old sand magazine and put it on the warehouse, and then to be able to send it to the processing plant. And that's why we're setting up a new sand magazine up here. We also see the two open day breaks that we have been allowed to do, in the A and B zones. And then, in addition to day crime, we will also immediately switch to subterranean combustion in these two as well. And the D zone, which is here in parallel with the A and B zones, we will then simply switch to subterranean combustion. This does not change the production pace. There are many who have commented that we do not do day crime combustion in those zones, and that is completely correct. We went into this with the change before the change in the environmental situation. but with exactly the same amount and volume. Down here will be our children's garden. Next summer, in the middle of the year, we have already contracted which train stops we will use to set up a change southwards and a change northwards, so we can transport material both south and north on the manned railway. The copper concentrate is about one train a week, so it's a different volume than Järnmalm's producer. We will also produce in Järnmalm, and Järnmalm is about four trains a week, so a total of five trains a week with our production from our site. The timetable is fixed. Vi påbörjar nu direkt konstruktionsarbetena för vattenreningsanläggningen. Vi ser fram emot ett laga kraftvunnet tillstånd mot slutet av året. We will continue with detailed engineer planning for buildings, processing facilities, primary crossings, cranes and so on. Next year will be an intensive building year and also in the beginning of 2026 so that we can produce our first copper by the end of 2026. And with this, I'm going to hand over the floor to, once again, one of our young, talented geologists, Ross Armstrong from Scotland. He's going to do his presentation in English. Scottish accent, but it's charming. And tell us about the incredibly exciting work that we call Grand Viscaria. So, what is beyond our initial Viscaria project? Ross, warmly welcome to the stage. Please.

Thank you very much, Juergen. Cool to be involved today. Yes, so the Copperstone geology team has been very busy this quarter as well, just like the rest of the company, but not only with the infill drilling and the ongoing feasibility work. The Copperstone geology team has also been tasked with this super exciting responsibility of imagining the greater potential, not just in the mining area, but in the surrounding regions as well. And this vision is what we call Grand Viscaria, a strategy for exploration at greater depths and also at greater distances from the mine. And this is what I'm going to be touching upon today. As we see on the map here, the Viscaria mine is situated just west of the Karuna city and is directly neighbouring the Karunavara mining operation. Within Copperstone's mining concessions, there are 93 million tonnes of mineral resources that have already been defined. But it's important to note that the mining concessions only account for 2% of the entire area that Copperstone has the rights to explore within. On the map we see in the white outline with dashes, this represents the outer boundary of Copperstone's exploration permits. which cover an area of 100 square kilometers, stretching 10 kilometers to the northeast from the main entrance and around 10 kilometers to the southwest as well, covering an area of great geological significance that we believe has potential for much more copper discoveries. One of the exciting regions that we have immediate exploration work planned for is in the greater Viscaria North region. Just two kilometers northeast of the main entrance and just across the road from Viscaria, across the E10, we have two of our major exploration targets outlined already. The first target, Mataraka, represents the potential northeast extension of the Viscaria A Zone. Here, historic drilling has already taken place, showing good intersections with significant copper mineralization. And in fact, just this week, we have started a re-assaying campaign where we will sample the remaining historical drill core from Mataraka. And this will give us the chance to not only validate the historic copper grades, but also to test for metals that have never been analyzed before, like gold and silver. So to check the greater potential as well in terms of commodities. The second target from Viscaria North, Bapagoba, is a conceptual exploration target consisting of an extremely strong magnetic anomaly that has never been drilled before. The sheer intensity of the magnetic anomaly here indicates the presence of magnetite. And if we take what we know from the Viscaria deposit and extrapolate that thinking outwards, then this is a really good precursor to find copper mineralization. Our hope is that the copper followed the same fluid pathways and conduits, and so eventually precipitated with spatial proximity to the magnetite. And just like its northern counterpart, the Viscaria South region has many exploration targets to explore as well. One of which is the EDNA magnetic target, which we actually successfully drilled last year in the summer of 2023. The results from this campaign were compelling, with several drill holes intercepting copper mineralization at a distance of two and a half kilometers from the D-zone. These results are very exciting for us from a geological perspective because it really emphasizes the sheer scale of the hydrothermal system that has been transporting these metals and fluids, and again highlights the potential to find copper with distance from the mining area. To summarize, Grand Viscaria is an exploration strategy that aims to uncover the true economic potential of Copperstone's assets, whether that be finding additional resources at deeper levels beneath the mine or finding new resources in the exploration permit areas surrounding the mine. And this strategy is to be initiated immediately. We don't need to wait for the feasibility study to be completed. And as well with the strategy, there's a long-term perspective also with several long-term objectives that are in line with the opening of the mine and then after that in parallel as the mine enters production. But with the immediate exploration plans, in Viscaria North, we plan to initially work in this smaller sub-region that contains the Mataraka and Bapagoba exploration targets. And here the plan is to drill Initially, a 14,000-meter drilling campaign with additional geophysical surveys that will help to guide us in the targeting and essentially guide the drilling towards the more prospective areas of the subsurface. And in the Viscaria South, there's a similar strategy that we'll follow, first focusing on a smaller subarea that encompasses the Ednavara magnetic target that we discovered last summer. The follow-up work here involves 12,000 meters of exploration drilling, and again, some geophysical surveys to guide that. Finally, what we see here is it's still a map of Karuna, but instead of a satellite image, what we see is a geophysical map displaying the magnetic intensity. And what this essentially depicts is the different rock formations that exist beneath the surface in the Karuna district. with some rocks containing more magnetic minerals, and they show on the map as red and white colors, and some rock formations containing less magnetic minerals, and they show as purple and blue. And for the train dye as well, you can even see some of the major structures that have had a real control through the genetic processes in the different ore deposits that can be found in the district. But the main takeaway for us here is to bring focus back to Copperstone's expiration permits, which we still see with this white dashed outline on the map, and show that it's no coincidence that the company have acquired and maintained this portfolio of expiration real estate here. Situated just west of LKAV's world-class iron oxide appetite deposit, Copperstone's exploration permits cover a vast portion of a major, major hydrothermal system and basin structure, within which we see ample opportunity to discover copper, not only at depth beneath the Viscaria mine, but in the surrounding area as well, in our surrounding exploration permits. And with that, I can hand over to Frida.

Thank you for that, Ross. I'll go over to Swedish and briefly discuss financial development with a focus on Q1 2024. In parallel with the first column, we also have comparison figures for Q1 2023, but also for the whole year 2023 and 2022. Om vi börjar med resultatposterna, då har vi aktiverade utgifter för prospekterings- och utvärderingstillgångar som uppgår till 58 miljoner kronor för årets första kvartal. Tittar vi på rörelseresultatet så uppgår det till minus 11 miljoner kronor att jämföra med minus 7 miljoner motsvarande period föregående år. The reason we are a bit higher on negative turnover results this year is because we have a higher number of company-specific overhead costs that do not lead to any concessions and thus are not activated as an immaterial access. The turnover result of the period goes up to minus 12 million for the period and the cash flow of the period goes up to minus 70 million. If we look at the balance sheets, we have prospects and valuations, i.e. our immaterial assets, which are now up to 957 million kronor, compared to 690 million kronor last year. Our ongoing new facilities are now at 44 million kronor, De var högre under Q1 2023, 74 miljoner kronor och det beror helt enkelt på att vi har i drift tagit en del anläggningar som då är aktiverade och omklassificerade. Likvida medel uppgår till 196 miljoner kronor vid utgången av 2024 och det stämmer väl överens med den likviditetsplanering vi satt upp för året. Och sen har vi eget kapital som uppgår till drygt 1,2 miljarder. Vår den enskilt största post är just prospekterings- och utvärderingstillgångar. Det här diagrammet visar hur vi har upparbetat aktiverade utgifter för prospekterings- och utvärderingstillgångar på kvartalsbasis från 2021 och fram till årets första kvartal i år. And then you see this successive increase as we actually approach both project start and production start, the pace of activated expenses increases. And what does this mean for these positions? If you look at Q1 2024 and the closest quarter before that, we are at about between 50 and 60 million in activated expenses on a quarterly basis. There is still a high number of drilling costs, especially the drilling that we call infill drilling. But we also have a lot of costs linked to the environmental protection process for the first quarter of the year. This is work that has been done both before, during and after court proceedings and also work with our post-treatment plans that are in place here. Then we also have pre-study work, including for the construction of a kindergarten that will come in 2026, as well as the necessary infrastructure that we need to prepare already now. We also have further preparatory work for the start of the mine, where mine planning is included. There is also design for the Anrikingverket with necessary process tests. And then it's the job we all do connected to our profitability study, our feasibility study. Here is a graph of the copper price from the end of the 90s until today. Viscaria was in the lead at the end of the 90s, and this curve shows that the price of copper has actually been fivefold during this period until today. There has also been a strong positive development in the price in the current year, where it has increased somewhere between 15 and 20 percent until today. So it is now at about 10,000 US dollars per ton. And if you look at the forecasts in the future, even if there are variations in them, you will see large positive forecasts with a strong copper price in the coming years, linked to an increased demand for copper. I will now hand over to Jörgen to summarize our presentation.

Thank you, Frida and Ross. They will be back when we have a question session. With yesterday's decision on the environmental state, we have strong conditions for reopening the Viskaria mine. Not only the environmental state, but also the factory. It was an important milestone for us to maintain a high pace. We take decisions in the aftermath of the stock market to change the name to Gruvaktionslaget vid Skaria. The name change will take place on May 21st and we will get a new ticker code at ISC. We will have a new website vidskaria.com, but everything will be automatically rerouted to these pages. Our project plan to reopen the mine at the end of 2036 is in place. Now we are even faster than we have been in the last four years. We will complete the status processes, make sure that the status wins low power. We will continue the preparations at an even higher pace for the restart. We will focus even more energy on prospecting, not only to secure mine planning, but also to explore the new finds that we have here. A lot of exciting things to talk about, and we will return to that this year already. Vi kommer fortsätta hålla ett högt, bra, säkert och tryggt sätt på finansieringsprocessen. Vi har många långtgående diskussioner redan nu, så vi ska snart kunna presentera den fullständiga planen för det. Med det så tackar vi för oss och vår presentation. Tillbaka till studion, Mikael.

Thank you very much, Jörgen. I would like to draw your attention to the big talk here, and of course it is the environmental condition. You mentioned that in this court, approximately all the points that you had negotiated were achieved. But if we talk about more specific details in the court, how was the outcome in line with your expectations?

The outcome is almost 100%, so there is nothing in the verdict that stands out from the outcome of the negotiations in January to February 21st. and the court has raised these claims in its court cases and gone to, for example, the county council in Norrbotten to the meeting in some parts, but nothing that changes the conditions for our business at all. So again, all in all, a very good court with a criteria package that fits us perfectly.

3.6 tons per year. A viewer is curious to know what you think of this figure.

Was it more or less what he expected? It's exactly what we sent in March 2022. It's exactly what we negotiated during the process. Nothing has changed.

Is it possible to negotiate that volume in the future? How would that process look like?

Definitely, because it's not a negotiation, but it's a new environmental process. Every mine in the world works in about the same way. You go out with an environmental status and an initial lifespan on the mine, often between 10 to 15 years, just like we also do. Almost immediately, you start a new status process, which in English is called extend and expand, if you have such opportunities, i.e. extend the status and increase the status. And that will happen with us as well, because this entity has so much greater potential.

And before the law gets to power, of course, there will be a period where people can submit their complaint. Do you expect the complaint to come? In that case, what happens then?

Yes, we do. But I still want to say today that it is uncertain how much will be overreported, given how extensive and extensive Earlier in our quarterly report, we said that we expect an accusation process. That's why we also said that we don't expect a law to be passed at the end of the year. So on May 28, we know more about this and can confirm if there is someone who has accused, who it would be and what the accusation contains.

Towards the end of the year, yes. But if you could develop now that you have this decision, what will be the next step? What will you do in the next month, quarter, half a year?

Frida, do you want to take that question?

Absolutely. During the last four years, we have invested about 1 billion in capital. We have invested about 800 billion of it. Now, it is connected to the court decision that we are entering a completely different phase in the company, that is, a project phase. We have an initial project, Capex, of about 5 billion, which we will invest in during a period of about two and a half years. The initial processes will of course continue with the drilling, but then there is also a lot of focus on our cleaning facility. We will also work a lot with securing early orders that need to be made in order not to lose tempo in the project. Then we move on to design and then further installation in order to achieve the project start according to the timetable.

So in the future, it can be expected that CAPEX investments will increase when it goes into a more intensive phase?

It will definitely increase and it is somewhere in the range of 5 billion during the coming years.

And how do you finance that cost?

Yes, but as we have communicated earlier, we are aiming to take in 2 billion in our own capital and 3 billion in project financing. And you have heard us comment on this many times before and we have already had long discussions both on the side of our own capital and the side of project financing. So there we feel very safe with being able to implement this financing completely according to our plan so that it will not cause any delay in our project.

Frida, before I go to Ross, I want to ask you a question. You mentioned the copper price. I checked this morning how much the copper price had gone up this year. It was about 18% in USD. Can you tell us how the increased copper price affects you in the current situation, or will it affect you in the future?

The copper price has a huge direct impact on our calculations. We are still very careful with our calculations. Even if we see a strong positive development this year and in the future, we are still careful not to quickly adapt to it. The most important thing for us is to have calculations that hold without being so dependent on a very high copper price. But of course, it has a direct impact on our revenues.

How do you work with that? Are there safety margins that you adjust the calculations to?

Yes, exactly. We want to have a resource-efficient business as much as possible, so that we see that we can manage both ups and downs in copper prices. We cannot be dependent on a very high copper price, because then our business does not hold. But we have secured this long before we started to set up this. And in line with the FS work, the details are now also in place to really secure calculations with the right security margins.

Ross, I'll be changing my language to English as I will now be addressing you. No problem. As you said in your presentation, the main mine site at Viskaria only accounts for about 2% of the total permitted exploration area. I was curious to hear your opinion on what that means for your resource base.

Well, of course, it means that there's a lot of space to find more resources. That's the great thing. It doesn't mean necessarily that there's 50% more space to explore, that we're going to expand our resource base by 50%. Of course, it's at far too early a stage to say that. While we don't like to put an upper limit on the potential of what we could find in our exploration permits, We also acknowledge the natural chances that are involved with exploration. It's not the case that you drill everywhere and find copper here. It's going to be in special geological traps, so to speak. But we feel good. If you look at the historical data and our initial investigations, there's signs of copper all over the district with distance from the Viscaria mine site. So it definitely looks like there's a lot of potential to add additional resources. And of course, that's very beneficial when you look at adding years to the life of mine and also giving you the chance to potentially increase production rates down the line.

When do you expect to be able to tell the market with confidence about the Grand Viscaria potential in detail?

Yeah, that's a good question, because of course, we're hot on the idea of Grand Viscaria. But of course, we want to provide some facts and data to give some substance to this vision. Of course, that's natural. We see that within the year, by the end of 2024, we can feasibly drill around 4 to 5 kilometers across the Mataraka, the Bapa Globa, the Ednavara targets, as well as performing the geophysical surveys there that will guide the drilling. And so if that drilling can be completed by the end of 2024, then it should be absolutely feasible to bring these results to the market sometime early next year, 2025.

Me and Frida talked a little bit about the CAPEX and when it comes to Gran Vizcaria and exploration. Do you have a specific budget in place currently for drilling and for CAPEX?

Well, it's important to say the Gran Vizcaria strategy, which has kind of been formalized in this quarter and a little bit previously, This will be incorporated into the overall exploration umbrella, incorporated with the exploration work stream that's already existing. But if we can look at the additional investment that's just needed to initiate the Grand Viscaria work stream this year and beyond, then we have already, as I showed in the slides, committed to 30 kilometers of drilling in total in Viscaria North and Viscaria South by 2028. If you incorporate the geophysical surveys that will go along with this drilling, then that initial investment to see us carry out this drilling by 2028 would be 50 million Swedish crowns. Of course, it's natural that this budget will change as time progresses depending on what we find. Hopefully, we find more and more copper. In that case, you're wanting to develop these targets from discoveries to some resource that you define through more and more drilling.

Thank you very much, Ross. Jörgen, do you agree with this potential that exists in the entire Vizcaya area?

Absolutely, and this potential will also reflect our communication in the future in the same way as it has reflected our communication in the last four years. When we come out with something, we can stand for it. When we come out with some news, they are verified. They are externally confirmed. But it is a fantastic potential. Otherwise, we would never have dared to go out with the so-called word Gran Vescaria. We would never have dared to go out and say, as Ross has done in today's presentation, about the fantastic, even to use a correct word, enormous potential that exists. Apart from the fact that ROS is a finished product in the end of next year, we will be updating the market about the work with Gran Vescaria. It is a fantastic potential, it is beyond doubt.

What is the status of the implementation study? When can the market expect access to it?

By the end of the year, we will present it. And then it should be reliable, qualitative and ready for any bank that can go through it and critically review it.

Thank you very much, Jörgen. I will turn to everyone here when I take some questions from the chat. I will also translate them into English for Ross' part. I noticed that you're currently looking for solutions in technology to empty the mine on water with a certain angle on the holes. Do you want to tell us a little bit about the reasoning for this and if any solutions have come thus far?

Yeah, I've heard that question before. I'm not really sure exactly where it comes from, but I mean, the technology is not super advanced. We are using old shafts. We are producing some new shafts. We're putting down pumps, pumping with normal technology, pumping a certain level, and then you lower the pumps to the next level and lower the pumps again to the next level through our water. water cleaning plant. So it's not an advanced new technology with a pumping technology. The advanced thing is our water cleaning technology. But pumping is quite straightforward.

Jörgen Olsson, Frida Keski-Tahalo and of course, Ross Armstrong. Thank you very much for being here, presenting and answering your questions.

Thank you.