DPM Metals Inc.

BPM Metals First Quarter 2026 Earnings Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You'll then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that the conference is being recorded. I would now like to hand the conference over to Jennifer Cameron, Please go ahead.

Thank you, and good morning. I'm Jennifer Cameron, Director of Investor Relations, and I'd like to welcome you to the DPM Metals first quarter conference call. Joining us today are members of our senior management team, including David Ray, President and CEO, and Navin Giles, Chief Financial Officer. Before we begin, I'd like to remind you that all forward-looking information provided during this call is subject to the forward-looking qualification, which is detailed in our news release, and incorporated in full for the purposes of today's call. Certain financial measures referred to during the call are not measures recognized under IFRS and are referred to as non-GAAP measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Definitions established and calculations performed by DPAM are based on management's reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Please refer to the non-GAAP financial measures section of our most recent MD&A for reconciliations of these non-GAAP measures. Please note that unless otherwise stated, operational and financial information communicated during this call are related to continuing operations and have generally been rounded. References to 2025 pertain to the comparable period in 2025. and references to averages are based on midpoints of our outlook or guidance. I'll now turn the call over to David Ray.

Good morning, and thank you all for joining us. I want to start by recognizing the dedication of our teams across all operations whose commitment to safety, operational excellence, and responsible mining continues to drive our success. We started 2026 from a position of strength, delivering record quarterly results, and continuing to progress our growth strategies. Our recent acquisition of the Varesh mine and continued advancement of our growth pipeline have further demonstrated EPM's position as a growing European focused precious metals producer. Let me start with the highlights of the first quarter. We produced approximately 84,000 gold equivalent ounces and remain firmly on track to achieve our 2026 production guidance. We continue to deliver strong margins with an oil and sustaining cost of $1,686 per gold equivalent ounce sold, compared to an average realized gold price at $4,955 per ounce. We generated a record $203 million of free cash flow, as the ramp-up of Viresh price production growth. We've continued to return capital to shareholders, returning 34 million or 17% of free cash flow to our share buyback and dividend payments, and we ended the quarter with $575 million in cash and close to $1 billion of total liquidity. Let me now turn to our operations and growth projects in more detail, starting with Viresh. Integration and ramp-up activities at VARA should continue to advance very well. Mine production restarted in January as planned, producing approximately 29,000 gold-equivalent ounces during the first quarter, with an all-in sustaining cost of $892 per gold-equivalent ounce sold. We are on track to achieve the ramp up to the 850,000 tonne per year run rate by year end and development rates have increased over the course of the quarter and have met our Q1 goals. Construction of the paste plant is progressing well and during Q2 we're planning a 20 day shutdown in the processing plant for the installation of tyres for the second tailing filter. This will allow installation of that filter with minimal impact to the higher production rates that we're anticipating in the second half of the year. We do expect to begin the surface drilling program during the second quarter, drilling at priority targets, at repeacher or abeacher targets, in addition to advancing 3D models and conducting geophysical surveys and mapping to support target generation. In short, Viresh is off to a strong start and we are excited about its contribution to our growth in the years ahead. Turning now to Chalapetch, this delivered a solid production of approximately 43,000 gold equivalent ounces in the first quarter, with an all-in sustaining cost of $1,497 per gold equivalent ounce sold. Production is expected to increase in the second quarter, and Chalapetch is on track to achieve its guidance for the year. During the first quarter, we completed the 10,000-metre drilling program at the Wastestone Deep Target as planned. With results from drilling to date demonstrating grades higher than the reserve grade, the wedge target represents an opportunity to enhance mill heap grade and gold production potentially from 2029. Interpretation, modelling, geotechnical and metallurgical test work are being advanced to support an initial mineral resource evaluation for the wedge stone heap target. and we look forward to providing an update on those results and significant drilling intercepts within the second quarter. We expect the Chalapetch North concession to be granted this year, and concurrently the Bremeni Exploration License is completing its 50,000-metre drilling program and is progressing through a well-defined permitting regime. On April 16th, we celebrated the final production blast at Adatepe, As the first new mine in the Balkans in over 40 years, Adatepe has been a testament to DPM's ability to permit, build and operate a world-class asset. We have the opportunity to establish a new track record as we prepare for Adatepe's next chapter of responsible mine closure. We have been working towards the development and support of small and medium enterprises to develop viable businesses independent of the mining industry. and our goal is to ensure that the community will continue to thrive and grow longer after our operations have ended. Our closure plan includes rehabilitating and returning 95% of the mine area back to the Natura 2000 protected area. We recently launched a microsite to highlight the story about Atepe, the benefits of DTN's stewardship of the assets and how that's generated value to the local community and outlines the plans for its future as a fully rehabilitated site. Our growth priority in 2026 is advancing Shoka Rikida permitting to support a construction decision. We continue to advance permitting in line with the well-defined Serbian process to support the start-up of construction in early 2027. The special purpose planning process, which was initiated in November 2025 and is a key permitting milestone, continues to progress well and is expected to be approved and adopted in the second half of 2021. we're maintaining a close and proactive engagement with the relative authorities to support this permitting process and we remain confident in the overall progress at choker wikita in mid-march 20 2026 we were pleased to receive the normal course extension of the exploration permit for the choker wikita license as anticipated reflecting that well-defined permitting process and service We initiated a 20,000-metre drilling programme and we have nine drill rigs currently active with more to come. A significant component of the drilling programme will be allocated to infilling and extending minimalisation at Dimitra Potok and increasing the drilling density prior to initiating an economic study. An additional 20,000 metres of drilling and six to eight drill rigs will be dedicated to the Potash Kupa licence to the north of Chota Rikida targeting the same northwest geological trend of Chokerwikiza and Dimitri Potok projects. With a significant gold, copper and third mineral resource already defined at Dimitri Potok and the prospect open in several directions, we look forward to advancing the drilling program and continuing to define the potential of this organic growth prospect. Before handing the call over to Navin, I'll summarize our 2026 priorities. First, we aim to deliver on our ramp-up commitments at Viresh. Second, we're going to advance Choka Rikida to a construction decision and following up on the significant exploration potential within our existing portfolio, each with the potential to drive meaningful value for our shareholders. We will continue to execute on these priorities with the same commitments to responsible, efficient mining, financial discipline and value creation. I'll now turn the call over to Navin for a review of our financial results.

Thanks, Dave. I'll be touching briefly on the financial highlights for the quarter and conclude with some commentary on our balance sheet and return of capital program. Overall, DPM delivered record quarterly free cash flow and earnings, with our financial results benefiting from the addition of bearish to our portfolio and higher metal prices. Looking at our earnings in cash flow, revenue of $310 million for the quarter was 115% higher than the prior year due primarily to higher realized metal prices and the inclusion of pre-commercial production revenues for bearish. Adjusted head earnings in the quarter of $168 million, or $0.76 per share, was a double compared to the prior year due primarily to higher realized metal prices and the inclusion of bearish, partially offset by higher income taxes and cost of sale. Cash flow provided from operating activities of $155 million reflects an increase of $100 million compared to the prior year due primarily to higher adjusted net earnings partially offset by changes in working capital related to timing of payments of due suppliers and cash reduction of certain deferred share units. Free cash flow of $203 million reflects an increase of $124 million compared to the prior year due primarily to higher adjusted net earnings. Taking a look at our cost metrics, All the sustaining costs of 1686 per gold equivalent ounce sold, referred to herein as GEO, compared to an average realized gold price of $4,955 per ounce, reflecting the high-margin, low-cost nature of our operation. All the sustaining costs for GEO sold was 12% higher than the prior year, due primarily to a stronger euro relative to the U.S. dollar, and higher royalties, reflecting higher metal prices at Chalifax and at Atatepe, as well as higher royalty rates at Atatepe. Market-to-market adjustments to share-based compensation expenses increased our own sustaining costs by $186 per geo sold, compared to an increase of $188 per geo sold in the prior year. We are on track to meet our own sustaining cost guidance for the year, and we are closely monitoring the market dynamics outside of our control, which impact costs, such as metal prices, foreign exchange rates, and oil prices, and their movements compared to our guidance assumptions. During the first quarter, the increase in crude oil prices, which started to see at the beginning of March, has had a minimal impact on our oil and sustaining costs. Given the potential impact of sustained higher oil prices on diesel and freight costs, which account for approximately 3% and 12% respectively, or an aggregate of approximately 15% of our total oil and sustaining costs, this provided an oil price sensitivity for the balance of 2026. Each $10 per barrel change in the oil price is expected to impact the company's oil and sustaining costs by approximately $11 per geo sold, comprising an estimated $3 per geo sold impact from direct diesel costs and $8 per geo sold impact from freight costs included in selling costs. We're continuing to monitor these market dynamics and have a comprehensive supply chain strategy to adapt to these global market challenges and identify and mitigate emerging risks. Looking at the aspects of our costs, that are more within our control. On a cash cost per ton basis, performance at Chelepec and Atatepe were in line with our expectations for the quarter. At Barish, DPM continues to evaluate opportunities to optimize the cost structure during this transitional year. In terms of our capital spending, the stated capital expenditures of $3 million were lower than the prior year due primarily to no capitalized dripping costs at Atatepe as a result of its upcoming mine closure, partially offset by the timing of expenditures at Chelepec's Growth capital expenditures of $34 million were higher than the prior year due primarily to the capital expenditures at Barish, including the capitalization of certain pre-commercial production operating costs, partially offset by lower costs related to the Choker HEDA project due primarily to timing of expenditures. We continue to maintain a strong balance sheet and cash position. with a consolidated cash balance of $575 million, no debt, and a $400 million undrawn revolving credit facility. With our significant financial strength and robust recap flow, we are well-positioned to fund our growth opportunities and exploration prospects, while continuing to deliver peer-leading returns to shareholders through an enhanced share buyback program. Towards the end of March, We renewed our normal course issuer bid, enabling us to repurchase up to 11 million common shares, approximately 5% of our public float, supporting our plan to return up to $200 million to shareholders in 2026. We repurchased approximately 700,000 shares at a total cost of $25 million. Combined with our $0.04 share quarterly dividend, we returned 17% of our pre-capsulated shareholders in the first quarter. Year-to-date, up to the end of April 2026, we had repurchased an aggregate of approximately 1.1 million shares for a total cost of $40 million. We continue to deploy our capital in a disciplined manner that balances our desire to reinvest in growing and optimizing our business with our commitment to returning capital to our shareholders. In closing, we continue to deliver strong performance from our mining operations and strive to maintain our track record of generating significant cash flow. Now it's time to call back to Dave for his concluding remarks.

Thanks, Nolan. This is an exciting time for BPM. Our future is a growing precious metals producer, offering a peer-leading development pipeline, a proven approach to capital allocation, underpinned by an exceptional operating track record, but continued share price appreciation. We remain focused on executing our strategy to deliver above-average returns for our shareholders as a mid-tier precious metals company with a clear path forward to drive value. With that, I'd like to open the call for any questions.

Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Fahad Tariq from Jefferies. Your line is now open.

Hi, thanks for taking my questions. You mentioned in the press release higher labor costs. Can you just maybe talk about the dynamics there and what you're seeing?

Hi, Paul. It's Don. Yeah, so primarily there's two components to this.

One is when we first took over Verish, we had realized that, you know, the cost structure for Verish included a heavy impact component to that. And so as we look to the balance of this year, we're going to be looking at that structure and looking to localize the workforce there, thereby reducing what we're seeing as a starting out higher labor cost at Verish. At Chalifax, as you know, we have a two-year collective agreement in Bulgaria. We're in the middle of that agreement, and every year we actually go back and we reflect on we look at labor increases every year. So what you're seeing there in terms of 2026 compared to 2025 are two things. One is the bearish impact of higher labor costs, and the second thing is really just the natural update or labor increases that we see year over year.

Okay, and then just on the balance sheet, given the growing cash balance and how quickly it's grown, can you just remind us what is the minimum cash balance you'd like to keep and what is the strategy there? Is it to build up the cash to self-fund Kosher Rikita or is it just, you know, we should expect that to be distributed in capital returns through the rest of this year? Thanks.

Great, yeah. You know, as you know, we have a great track record of being proven capital allocators. I mean, our approach does definitely focus on, you know, ensuring that we have a really, really strong balance sheet but also recognizing that we need to reinvest in the business. Chirp Orquidea is going to, as you will see, as you saw in our guidance that we put out for this year, as we advance Chirp Orquidea through this year, we expect to see capital, both pre-commitment and possibly even committed capital as part of the construction cost later this year. And given that Barish is in a transitional year, we are seeing higher capital this year until we can reach commercial production by the end of the year. So we are reinvesting in business. And on top of that, I would also add that exploration of our exploration program so you know for all those reasons um i think you know what we're the way we're thinking about cash is ensuring that we have enough cash to advance and grow our business but also ensuring that we return a healthy amount to shareholders in the form of our disabled dividend as well as uh you know continue our share by draft program which we're targeting up to 200 million okay great thank you

We do look for opportunistic M&A, although with our organic growth portfolio, that's not something that we have to do anything untoward. There's no stretch. We would be looking for something that has particular synergies for our organisation, such as we found with the Adriatic transaction, which was bought in Barish. So that completes the picture of our capital allocation opportunity.

Thank you. Our next question comes from from CIBC. Your line is now open.

Thanks, Dave, Navin, and team. Maybe my first question is on VAERS. As you mentioned, the processing plant will be shut down sometime in Q2 for 20 days. Has it happened? And if it hasn't happened, hasn't started yet, when could it start? And then at the same time, when... You know, the processing plant is undergoing a shutdown. Will you continue to mine underground, you know, adding to potential stockpiles? Do you have any stockpiles in place? If not, are you going to use that equipment to continue underground development instead? Could you maybe touch on some of those items?

Yeah, very good question. So the duck shutdown will happen in the second quarter. It's anticipated that it's going to happen in May. Of course, we continue to refine that. So it may well be that those 20 days get reduced. But effectively what we're saying is better to do that now at the production rate in Q2 than do that in Q3 and Q4 when there's going to be significantly more opportunity for us to demonstrate the potential of the barrage. In terms of what we do during that time, we've got a little bit of a different dynamic than elsewhere. This material on surface will oxidize faster than it does at Chalupetch. So there's a little bit of discipline in terms of what we do to make sure we don't compromise recoveries. We're very confident of our ability to get the recovery we need and everything working as we require to get the material mined and to surface and across the process plant. So given that confidence, we actually have the ability to swing the activities. And as you say, we continue with development and decline development as our priority. Ventilation development is another thing that will help feed into readiness for the growth in later quarters, but at this point if you keep in mind the idea that we're able to do more on mining than we've demonstrated on the process plant at this point, so therefore not really a concern in terms of what we do during this time in terms of being able to keep up with the process plant capacity.

And, Dave, as you mentioned, you know, during your prepared remarks and in the MD&A last night as well, you are hitting targeted development rates underground. What might that be? Is that something that you can share with us? And then to get to the 850 tons per day by year end, we've talked about, you know, the advancement rates. We've talked about the ventilation. How about the face-back fill plants? As you mentioned, that's going to be, you know, completed sometime in Q3. Is that also sort of on a critical path as well?

talk paste plant first so the paste plant is as much as anything else a cost control measure so we can actually run at full production without the paste plant but we'll use more cement so really what what happens when we bring that in we've got the ability to optimize that plant to run well and the driver will be you know actually getting that facility working effectively and everybody to controlling cement costs. So that's from the pace plant point of view. If you look at the development rates, we're north of 400 metres per month at the moment, and that's the combination of that, well above that. So that's a combination of decline development, it's a combination of ventilation, and also lateral development. And then the last point is, what's sort of dictating on Tannage, one of the things that I think we've mentioned is that At the moment, we're sort of on a two, heading for three sort of stoke productions. So the more you increase that, the more flexibility you've got, the more capability you have in order to manage your production and your mix of materials and grades to the mill. So the plan is that we will basically move from that two towards four by the end of this quarter, and we'll do five or six as we actually get into the last quarter of the year. That's great help, Cosmos.

Yeah, that's perfect, Dave. And then maybe one last question. As you mentioned, our own sustaining cost was $1,686 in Q1, which included $186 from share-based comp. But you also mentioned that you are maintaining your $1,300 to $1,450 for the whole year. So, when I, maybe I'm just being too cute here, but when I try to compare these numbers, you know, Navin or Dave, are you saying that even including the 1686, you will hit the 1300 to 1450 for the full year, or should I back out the 186 and else?

Yeah, yeah, I think you probably should back it out.

I mean, the one thing with share-based compensation or market-to-market adjustments on that is that we definitely don't budget for it during the year because it's entirely dependent on the movement of our share price. So, You know, as you would have seen in the first quarter, share prices for all money companies kind of moved up. It kind of pulled back with the onset of war. You know, so, you know, equally so, you could see, you know, a pullback or a negative kind of adjustment there kind of going forward, depending on where, you know, share prices move. Now, all of a sudden, share prices kind of move up in one direction, but we typically try to think about it without those mark-to-market adjustments as we kind of, you know, issue our guidance because we don't budget for it.

Yeah. Perfect. It's kind of like taxes. You know, it's not good, but at the same time, it means that you're making more profit. It means that your share price is going up, so it's kind of good. Cool. Thanks, Dave, Navin, and Jennifer for answering all my questions. Thank you. Okay.

Thank you. And as a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. Our next question comes from the line of John DeMarco from National Bank. Please go ahead.

Thanks, Jennifer. And good morning, David and team. Yeah, so maybe just adding to some of Cosmo's questions. I see it's encouraging to see that the VAR-ish ramp-up is so far so good. And, you know, you talked about advancing the decline lateral development. And I might have missed it, but can you comment on the quarter-by-quarter variability in grade and throughput over the balance of the year as you work toward that 850K time-per-year target?

I can't recall the average for the year, but Q1 I think we set, particularly to look at silver grade, was higher than we'd originally anticipated. Now, having said that, Keep in mind that the course of progress of VARESH has us doing a number of different things which build on our understanding. So we've done additional grade control. Remember we talked about that in Q1 that we would do additional work. By the end of Q1 we were up to the first half. By the end of Q2 we would have completed all grade control for the rest of the year. What I can't tell you yet is how that reconciliation is influencing the grade that we're getting. But at the moment, it's certainly not negative. So it's quite possible that what's going to happen is that we'll see higher grades coming through, particularly in silver and gold. And we saw that in Q1. Very nice problem to have with just under a million ounces of silver produced. And so the information that we have in the guidance, we don't typically go more than that. But just as a sort of rule of thumb, you're going to see a lot of increase in confidence in the information that's coming as we complete grade control and we're doing additional work and it's all part of decline development and working off the decline and sort of getting ahead of where we're producing. So just the last comment, 90% of our production this year is from block one and that sort of does simplify things in terms of the projections I report. So as we know more, we will reflect that in our guidance but I think that's as much as I can do right now, Don.

Okay, thank you for that. And then, just shifting over to, in Bulgaria, there was some elections last month, and I'd just be interested to hear your thoughts on if there's any read-through to the Chelyabinsk operations, in general, maybe permitting, and of course there's a Bulgarian royalty, some of that's been in flux recently, maybe you could talk about the implications of the new government on the fiscal regime surrounding mining? Sure.

I mean, let's start off with the royalties. Yes, there was a change which took effect from the start of the year. It really only affects Abbott Tepe on the basis that as part of that contract, different from what we have for Chalopeche, that had a clause whereby if the royalties were to increase, they would be brought in. And though we were on a sliding scale of 1.5 to 4.5%, clearly we're running at the 4.5%. So what's happened now is that's moved to 6%. So that's why you're seeing an increase in royalty at Aracepa. We're not subject to that at Chalopech until we come to the renewal of the concession, which at this point is 20-25. But of course, So the other question that people typically ask, and I'll come back to the other one at the moment about timelines of permitting and things like that, is what's the sentiment of the change in government? And I think there were some concerns about exactly whether the continuing alignment with the EU would be something we would see. And I think the President and the new Prime Minister has been at pains to point out that he's very much EU-aligned and NATO-aligned. So from that point of view, no concerns. So last but not least, there's been a particular agenda of the new government and part of that includes moving on those things which are important for foreign direct investment as well as working on how he sort of roots out the things that are slowing down these processes and preventing the traction for for groups coming in countries. So we think what that will mean is it will mean greater transparency and actually a faster movement on the process. We always talk about it being well-defined, but we also say it's been slow historically in Bulgaria relative to, say, other countries in the region. We're actually encouraged to see some signs, and the President has been stating this, that we can anticipate reductions in those processes and simplifications in those processes. And I think the next thing to watch for, then, is what happens to Chokhariki We've also got a Chokarikida North that I was talking about, Chalafeshi policies for that. So, you know, there's going to be a government that's got much more capability to make things happen than it has been historically, and I think all of these things are actually a positive for both of them.

Okay. Okay, that's very helpful. That's all for me. Good luck for the rest of the quarter. Thank you. Thanks, Tom.

Thank you. Our next question comes from the line of Jeremy Hoy from Kenna Corps Genuity. Your line is now open.

Hi, thanks for taking my questions. Most have been answered already, so maybe give you guys an opportunity to plug some of the exploration potential. The repeated prospects, you know, it's clear those are building scale. There's a lot of focus there. It looks like there's potentially a standalone operation on that property. But between Barish, Chalopecha, and the other regional prospects at Rikita and the nearby properties, is there anything you'd like to highlight as an opportunity which you see providing significant uplift to NAV at some point in the future?

I think first our exploration team has been doing an absolutely outstanding job of delivering value. I believe the latest on our numbers are $15 an ounce for the discovery cost, including Choca Rikita to this point. So that's been quite extraordinary. You know, obviously we're very excited about what's happening at Choca Rikita. And to the north there are other similar sort of pencil porphyries to what would be be more potential. And in that sort of five to six kilometres north-south, two to three kilometres east-west, that's really what we refer to principally as Potash Guka. And we're busy doing sort of surface work and some drilling on that at the moment and have anticipation of doing more in the balance of the year. You'll hear more about that going forward, and there is some commentary about that in the end here now. Let's talk about Shell Petch a little bit. You know, Shell Petch, as long as I've been with the company, has been an eight-year mine line. But last year, we turned that around to 10 years. And if you look at it, some part of that was actually with a reduction in grade. But now what we're seeing with things like Wastestone Deep are pretty exciting. So we've done our 10,000 meters of work. We're actually evaluating that in our intent within the second quarter. We talked about that potentially impacting our production activities from 2029. We think that's very realistic. And the grades here are roughly three times the reserve grade for Chalipet. So that's really exciting. And there's also, there is no drooling down there to speak of. So this was something that was historically of the view that there was no, there weren't these sort of parameters for the formation of a high-sulfurization epithelium. below the old sea level, not the old sea level, sea level. And so below 750 meters at Celepeche. And this has been discovered as we get into that sort of 900 and 1000 meter range. So we're interested to figure out whether this is a dislocation. or whether it's a secondary pulse. And that could make a significant difference to our future. So we've been pretty excited about Chalopech, and our team has been very active with 20,000 metres of drilling in different places and 50,000 metres just in Brebena as we advance that from a geological discovery to a commercial discovery. So while the excitement in the last couple of years has principally been around Serbia, we think Chalopech is going to be a significant part of things going forward as well. Now at VARESH, as we've mentioned in the script, we're actually already drilling in the VARESH areas and we're anticipating doing a lot more between now and the end of the year, so we've brought in some new contractors. and working with those two different contracting teams on the basis of what we've learned from Serbia, and that's being controlled by our leadership from Serbia and from Bulgaria. So we're anticipating very interesting things between now and the end of the year. So I think we're going to have a bit of a riches to talk about. is my hope in terms of what we see at the moment. It's not just going to be a complete Serbian story, which I'll attach underlining all of that. I think we're going to have three assets for demonstrating the potential to increase rise and maybe even impact on medium-term production.

Great. Well, we'll look forward to results from all of those fronts then. Thanks, Dave, Navin, Jennifer. Have a great day.

Thank you. This concludes the question and answer session. I would now like to turn it back over to Jennifer for her remarks.

Thank you, everyone, for joining us today. We look forward to continuing the conversation and sharing further updates. In the meantime, if you have any additional questions, please feel free to reach out, and we'll see you next quarter. Thanks a lot.

Thank you for your participation in today's conference. This does conclude the program.

You may now disconnect.