Fortuna Silver Mines (FSM) 10 Nov 222022 Q3 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Fortuna Silver Q3 2022 Financial and Operational Results Call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Carlos Baca, Director of Investor Relations. Sir, the floor is yours.

Thank you, Tom. gentlemen. and ladies morning, Good I would and for Fortuna Mines you third to our financial welcome to call of to and quarter Silver XXXX. like operations the results today Executive Officer; Officer, Whittle, Dario be call Hosting Chief Fortuna Cesar Financial Chief West Luis behalf America; Operating President Chief Ganoza, Operating Officer, Ganoza, will Latin the and Jorge on Officer; Alberto Velasco, Chief Africa. of David and our is available on Featured homepage Today’s at on fortunasilver.com. earnings presentation call Presentation the box

are call in this to during presentation. made call statements reminder, in dollars, yesterday’s presentation and a advisories are reader release Financial the U.S. in today’s unless the subject included discussed in As the call in otherwise and presented figures stated. news contained earnings

results like information this call to risks, estimates is Before I turn from a reflected conclusion material forward-looking a a is and were over that and the drawing factors in could information Certain of the Company’s would other or projection indicate applied forecast contains differ or information. beliefs. earnings information. forecast factors. to call current forward-looking subject on a or or number in I forward-looking to materially in the Actual based forward-looking expectations, assumptions the projection as This that uncertainties Jorge, conclusion, making

update forward-looking except available on Jorge Alberto Form and no information Information in the forward-looking applied to of by were making which reflected turn in in forward-looking that as information Co-Founder over the a cause about SEDAR. information, obligation actual I material as the projection call or the or forecast is like results drawing material law. required publicly Fortuna. assumes future, assumptions Company’s a could would information now the are factors in that projection conclusion from and Annual Ganoza, Additional forecast to the differ contained or the The conclusion, materially in Company such to factors or to the MD&A,

Carlos. you, Thank

well slightly perform a in for to the versus We share Our in and gain business the of share flow cash income beat $X.XX estimates small with short consensus had continued adjusted analysts. per quarter. $X.XX of net analyst $X.XX per third of consensus

steady We results and a from measure overhead. price, inflationary paid generating capital This continue and where XXX,XXX of period financial very an quarterly approximately investments flow mines, after operations production gold The metal free ounces. our – flows. the of cash in ounces are by at business healthy news for equivalent interests and strong million a figure release this the environment providing performance is taxes corporate cash meaningful $XX is underpinned of

the diminished. XX% at were within and the Caylloma Mine We For believe year tracking gold, time, inflation annual our all range to pushed cements year, lead have deviations quarter, the site projections our in steel, of the we costs in this pressures at at late the zinc mines XX% silver, largely XX% major upper key are out and of on beginning consumables of cost to the guidance. to Costs explosives, But like of risks sales the our attributable Peru. cyanide, are from to guided byproduct for range. diesel,

our West of X.X lost with safety total million per injury LATAM free improvement injuries recordable quarter We people million worked to rate both culture hours sustained consecutive a continued African initiatives second ongoing safety multiple key of and the in for performance Our show the reported and quarter. time and to – regions.

deliver exceptional performance. to team project at Séguéla Our continues

construction end complete, the of As on-budget. and on-time October, is remaining at XX% the

is is status committed our approximately of term more with total matter extremely this will XX% on what XX-year permit Officer We and details last share CapEx. coming has the this have next which of with million or reduce our position favor have ruling, two I December close you accrued months in SEMARNAT CapEx and in in is $XXX November Whittle, the is is the topics moment. bring mine events. David Africa outcome, few and disputed been attempt for consistent applicable the of December. few One for facility, a $XXX granted over in we extension standard environmental A this expansion your credit to material on at quarter second to million our the Monday, your the our stance we total of Operating year. Jose attention the of which to With to XX-year with say, set San additional by originally subsequent matter. pleased official ruled already important on Federal extension always to Chief the that the permit the and West procedures our the of to projects to have Court with to bring on compliance laws want in attention a X, years. are extension our down Needless environmental Mexican

growth base. a when resource construction – we mines. portfolio at discovered take programs passed inferred today, newly the On we significantly financial of sharing exploration At to Séguéla. meet we gold. beyond an continue our X.X having our also funded mineralization of welcome for is gold the September successfully our our grams published are flexibility release to accelerated maiden This we want at drilling remain Sunbird demands able deposit, at business news and in grade XXX,XXX we the an gold added limits have success with extended be Although and sustaining continued needs of XX, opportunities peak capturing capital a a and have Séguéla completion a well we size capital organic at to at to time our

year-end. with these produce We are to before working an updated estimate new data all

the news multiple on scout our Kestrel, like XX within for details GX at drilling program. property Winy. to intersects release significant yield to refer gold September the Please Additionally, the and the continues prospects exploration

continues about that, With to us. that Luis We I'll organic the present now results. to all of the ask highlights share excited the are opportunities to Séguéla growth for financial

you. Thank

Lindero This X% slightly higher other over three our million sales is QX So mines. offset sales million lower at by the partially Jorge in as XXXX. recorded sales, operating mentioned, were $XX.X quarter. of $XXX.X

In contribution aggregate metal $XX prices our of treatment and higher refining effect sales of to sales $XX and we metal and In charges and concentrate from provisional doré terms silver million. of was prices lower price mostly volume gold partially on of impacts, by had the coming million, particular, lower volume isolated Lindero, offset and $X million.

X% per compared ounce QX ounce were that's average lower. XX% in to Our the in of and per $X,XXX of prior per XXXX, to compared lower $XX.XX realized $XX.XX silver that's provisional quarter $X,XXX the gold ounce prices year, in

XXXX. income Our operating of $XX million million lower than was $X.X QX

million net in or contracts with mostly the million approximately The aligned charge of $X.X Serbia, We million year. recorded million activity of charge is to the loss the built in total quarter main million strong exchange for loss These in quarter million foreign our higher of cash of $XX per on and before. namely XXXX for the cost these balances $XX QX U.S. the royalty for in the The in $X.X approximately was in XXXX. items, income costs into income loss year-over-year settlement We in million the mostly Mexican the what share. $X million million of $XX the Tlamino reported unrealized in a of $X.X of $X.X compared write-off context non-recurrent to at adjusted net million. Lindero. derivative cash QX the the $X.XX already held million the million the project currency local write-off disputed and are Other for XXXX of contributing claim African related million in with QX $X loss in $XX.X is above higher drop Excluding mentioned higher midpoint Survey West were to drivers costs were appreciation $X.X operations higher guidance the higher and to depletion. $XX depletion of items of Geological was dollar. $X.X the A our operating

$XX for operations flow ongoing of the cash including from capital. working in quarter, Our reported changes million $XX.X was free positive million

including of in same changes $XX.X the XXXX, first negative million, of million nine months capital. For the $XX working was figure

closed balance $XX.X $XXX.X with facility. and comprised undrawn On million million under $XX sheet, the quarter of of our million revolving credit of liquidity cash we the million $XXX

the debt, convertible is net for debt-to-EBITDA total ratio outstanding including million net debenture X.X. Our a $XXX of

funded million On construction, in the $XX.X the Séguéla we've quarter.

remaining We of continue Jorge. adequately funded Back to to for remain you, construction. the the portion

please. the West highlight to region results, want African you do David, you. Thank

with impacted. But Yaramoko Thanks, Jorge. gold and respect in worldwide the Yaramoko strong Séguéla with positioning nine to Yaramoko operations of throughout third project continued guidance. production XX,XXX to for the has supply plan ounces to to progress mine in ongoing continuing sites or schedules both Despite Operations their midpoint of line date. XX,XXX LTI construction QX, performance performance budgets. annual inflationary either tracking production at at solid been the our be achieve been to was Séguéla well ounces at year the free with first an months and pressures, West Safety quarter chain totaling yes, with the Africa

of reached political quarter. a in the Yaramoko Yaramoko Faso, Important have of third at proud operations upheaval mark free that unaffected occurred the by the to in note We that also highlight the milestone two-year to are been LTI QX that at Burkina operation. end

with line first and Moving continues time progress with plan budget projected and be in on mid-XXXX. steady gold to Séguéla. for on Construction to

derisk bulk with of is with mechanical, and process water of ROM quarter. continued The to to construction As recruitment the approximately $XXX piping be hydrostatic progressed construction with control the through testing logistical majority approximately commissioning fleet XX% committed capital arrival phasing water Long-lead and complete of grade million process. having the site during and and dam the sufficient earthworks October key mobilization million structural, tanks fabrication, drilling planned with mining fourth expected along XX, is are has works the transitioning this with is XXX,XXX quarter. initial and activities tanks Mota-Engil, assembly from of project CIL contractor, The The for complete and the budget. continues onsite commence consignments establishment initial underway project the requirements. been to is cubic shipments meters the of positions. pad operating plant $XXX storage stored completed.

you the the processing connection process has within critical is expected while The energization installation structural of scope has are assembly the the and completion according the EPC Jorge. on progress progress operational next systems plant. complete, project excellent to well the grid mechanical continuing advancing in readiness team advancing erected staffing at of track scopes Parallel with path be hired XX% of members First, steel with level plant established. sub-station to is on HV with the ground, equipment to the Key operational operations nearing been HV been on and the team plan. have and to Back commenced of management December.

David. Latin Thank please. results you, American Cesar, highlights,

Thank Yes. Jorge. you,

metal America grades compared to same production production, for range. and Caylloma Stronger delivered guidance increase Latin our in of higher is to another production gold track the reflecting an So annual production is on achieve base and our in consolidated by explained X.X% strong San Lindero metal XXXX. of and silver head mines Jose, the period. period quarter production higher

mainly production demonstrating and for consistent gains, in partially pressures Some of the a of nine inflationary operation an months the third deliver XXXX In increase XX,XXX consistent productivity with XXXX, higher production gold crushing for of The stacking Lindero totaled performance the the increase production and explained compared ounces. highlights production Gold key continues to and XX.X% quarter. system. offsetting another the performance. capturing consumables performance Argentina, quarter three-stage first by

first same in totaling San XXXX. X.XX highest delivered This due X,XXX of sequence to and production upper its position X% to of production production ounces silver gold higher XXXX compared Mexico, ounces and the the and in was is the higher million Jose range when XXXX, the Increase ounces gold mill months line and the strong for to throughput for Silver silver operation XX,XXX period higher Reserve in a the X.X production million grades in on guidance. production to was annual a Moving ounces. and totaled Mineral placing nine equivalent higher with slightly X.X% of achieve primarily in mining estimates, Gold quarter respectively. period.

due steady throughput, of produced we mill the was of annual grades, XXX,XXX to the first Measured Peru, XXXX. X.X As XXXX with combination the to a of of production higher respectively. recoveries. range and nine higher production higher quarter mill result strong, to ounces third in pounds throughput, the continue comparable Caylloma quarter XXXX move the grades, and and variances million XXX,XXX of for deliver against to ounces production mines of better was lead silver a third upper silver of X.X% in Overall, Silver on head recoveries. and the was better pounds for quarter months production guidance. million totaled track Zinc achieve XX.X increased

of For production XX.X totaled the line production totaled lead of zinc upper both to first nine XX.X in and to Back achieve XXXX, months the Jorge. million pounds million range you, pounds, guidance.

Carlos? you, Cesar. Thank

like may that any you now would We questions to over the to call have. turn

you. Thank Trevor floor is Please Turnbull line questions. Instructions] ahead. live. your first gentlemen, is today go coming the Trevor, Ladies now And for is and the open from from [Operator Scotiabank. question

you. Thank Great.

arrived. wondered critical the essentially that spoke, do one about a delivery site of now I we talked What construction? SAG items, major I now components path just think as for Jorge, the path the mill critical consider of the mill the last is to you you time and

I'll want the to forward, path moving we do critical here. on refer expand to items David, see you please? David, that who them is

Yes. the to is of phase. the Thanks, the Jorge. SMP project civil transitioning concrete, the I earthworks now really facing and construction bulk suppose from

works. really part So of exposure further really any forms that

mill are either the those that, Abidjan. components in transit or somewhat alluded to you already de-risked SAG been in As actually components have all in

from site next to up week. [indiscernible]transportation fact, in In Abidjan this

So risks forward. see we any and our at pretty have minimized confident stage been don't major that going risks we're this

That's great.

milestones To already. more them visibility, in of give compliment and to a mentioned bit some order major were coming

also looking of December. We excavations the mine to. grid right. to in next we're early have milestone the year, start power a And the forward interconnection national coming That's

of are in-country starting gearing of we're the components We start and really excavations to see our mine next early arrival to David? fleet for year.

of currently trucks being final stages new Yes, and the next to and out getting to transported weeks of be contractor, further very the the the at much, equipment are of couple equipment within first which should over delivered ultimate mining mining site half batches so is should connection the with operations in all mining OEMs and the is to The be the grid first plant mining in the actually alluded getting rest gone The year. thereafter recruitment about really team next as December mobilization you of January QX. the scheduled well. for connection, has to of of actual fitted

chief So general and geologists, key we roles of people, and senior already identified in processing have maintenance all the recruited. manager terms managers, mining managers,

of within just structure. the So we professional organizational out the ranks now filling levels secondary and the management

potentially and down you could could like and order you just to a Yes. At XXXX, next just report or half well what did consistent minute. are this comes year that? so do is that But going to go of mining year hopefully million the looks a I it the like with tons. if and year It I continue Africa that also sounds in the rate think have the to continued to rates the me be you compared Yaramoko, end. next why they'll change things to tech the wondered anything very sticking had fairly significantly, over a if I on and latest for address there's question, indicated remind

Yes.

time. feed development our same lower In commenced around terms should and we at the of point first actually the provide we progressing doing with area We're XXXX, a vein the the as year are now. And able two coming as of be processing that some the mining will from the into feasibility last where expected grade mill which the is the continue. mine. the a smaller lower majority at in it’s northern this at in also well. of end We probably XXXX, still well rates half just mine. XXXX surface doing of fruit production mill. half the Bagassi will of stay we'll the That of as feed. of some in at satellite of narrow material towards have and immediate additional us development a the amount the in out enabling at area grade South really maintain providing some line an the be deposit that In the time milling additional But to in Bagassi South of moment, deposit That the areas of our that ROM to XXXX additional us on XXXX, point is will the second the At mine stockpiles we are quarter those we to mill is bear onwards and the substantial to full some completed to development we've what second throughput on pad, XXXX only early position that somewhat [indiscernible] stages and mill then in reduced from being produced stage. been that its underground

current saying? Sorry, is so at potentially and kind mid-XXXX the least of satellites through running about the keep everything stockpiles you're rates what

more yes. XXXX, Probably towards the end of

helpful. final But you very That's drawdown I just production fairly as material had Séguéla, Great. would more Luis. on just hedging was Okay. the and wondering are you question this the maybe enter into given Jorge then is for any and this? going And to consider one I with of level waiting revolver

no feel Short answer We are hedges this have stage. and enter funded is we issues, no. need absolutely at metals to adequately we

demand past generation right. hedgings. capital amounted year we're with in not and that our funding those meet expanding, the can or to demand of – cash comfortably the we're which in been on history and terms on able thinking roughly year. more We've peak hand million from to assets, million, cash $XXX No, are total We requirements Luis of $XXX facility, capital this elaborate existing the

few that's Jorge. hedging, Thank wanted I more be I to and but just had. you, and ask. talking time best But all the like seen seem we a it more, to doesn't about It people Yes. have

Thank you.

question Wike]. our your and Jasper. affiliation And next ahead you Instructions] may then [Operator coming you. from is Please Thank go [Jasper announce

on the cover development operator. I'm most of them Thank from fantastic made on projects. Congrats I of [Jasper Wike Séguéla. have your delays progress you, several had and their in ValPal]. peers,

next how nameplate production second the end in gold is year? long up that the next gold the quarter towards year, pour and be could of expected the much first second to the Given how capacity, of half is ramp time

through planning a our David now me budgeting here are if probably as point are But teams and going we right see can mine Let can XXXX. And give based optimization you compliment. through for appreciate, We're and and the of going Séguéla and XXXX opportunities now plans of addition mine revision at on optimization the throughout Séguéla. right at resources our XXXX. schedules the

we can will I production on to what today. in So providing the that guidance be when for look advance is have next not across early we feasibility study that it year we to But going our business. similar guide

We of XXXX was versus in have produced feasibility May the over study. year-ago opportunities a what in

will So early providing iterating be mine the and next team scheduling for working is year. we guidance and on XXXX

right look David, that we is can nominal matter that the there capacity no weeks. of commercial demands in should we Now that capacity, It's for nominal nominal going if mill be should an it now no weeks. up can capacity expectation be in with design timing color add? mean, a operations in certainly plus, at be is be would it ore, We less traditionally that an that to the achieve matter. of nameplate going well, than a to a smooth can ramp always process. to are several a recoveries, else, what's on once to transition. respect to shortage a bit want to and to it. David, achieved you XX% you stockpile It's I would can be feed it that Anything a required more position But and done, we expectation It our we of be capacity. achieve XX% declare would in as know, That's right. way don't and I provide always expectation

overly. Not

February producing truly we the earlier, be that we are in and producing of ROM too the ore I to pads by process and is to the about covers the Obviously, coming alluded and mobilizing already it. well mining year. think expected of contractor

alluded the water ore aspects operations. quite So purposes to and pull point Other commission such going that the the there, certainly as in and at amount as we to enough that have of time is Jorge into operational dams we've expect well. on pad got sufficient, there in commissioning to

So up to quick we fairly mill. would operations steady the hopeful through a of be state ramp

is Thank the I the it in forward much feasibility for you. on the look What study, basis? guidance. words, might an how other tonnage targeting know And follow-up plan up a you annual throughput question I are Séguéla? on In Because to seeing the long-term to be not of asking fleet. million tons expanding could why date, I'm there? ask than some to X,XXX your X.XX annum, up more would could a get as per color you nameplate throughput i.e. if excavator mentioned I wish per that that's more I you tons Séguéla. the day by capacity add

– there expand plan the is going how to right? to we start to have how to are is the embedded play opportunity is going it think design you Our milling see out production. we I in – this capacity,

in grams resources gold and above the We state X.X to that, to testing in to the grade going The changed. maximize will ounces second and plant can the operations, is of study, that referring at and nameplate grade of half in to of and on push of Sunbird deposit what's XXXX and year the gold improve it's will Today, capacity And a commissioning see half if what mine be Again, grade ramp rate to at average. steady reserve capacity grade reserves. expanded. the feasibility the highest nominal – a higher the have plan. inferred than decide of we're second to to year, going grade the on in we average of be capacity. is likely nominal have lot we has the stabilizing needs up next if year, the effectively we By of Sunbird push XXX,XXX

will second we and the XXXX an those year the opportunities us are going personally be now, of what's what And question in and I be. to opportunities is expand that that key have study. moving to more I we're to important is right? to at feasibility define think for to rate no the parts decisions Clearly, opinion have say opinion rate, we things beyond in position to is should of The going big study, decisively right of drive I can feasibility available that in ahead what have clear us the we is resources expand. the give finally how currently an on what's half to beyond but today expand this beyond So all have that.

Thank look towards of has Sunbird changed? speaking next the still on quick the forward of yes out the communicated that an and project, you. One have resource or year. – anything plan, Séguéla. see I put to to question, or year the the exploration last end impact is that Is on made previously plan the Boussoura, inferred does early

Yes.

well a the We available having stages final advanced. team of is are for in resource The disclosure.

really with that's And we – But have been somewhat to our been right. why given has the on optimization the been Séguéla that's priority that estimation. the out same resource team it Sunbird team that Boussoura to have and has Our Séguéla is dealing delayed. supporting work is plan shortly, the

everything was forward to Thank for That you. me. it. look I

ahead. go is you. your Thank line National live, Don from please DeMarco your Bank from next Financial. And coming of Don, question

Jorge. you, operator. afternoon, Good Okay. Thank

court of recently XX-year So there's Jose, extension at the EIA. the decision this, a by favorable regarding the San

the what are steps, any? this, next if Beyond

next SEMARNAT. Hi, not ruling steps. there Don. no Well, is appealable are The by

executions, – get this injunction, always our we have the all drama protection operation been says SEMARNAT resolution final since business by this of of working of orders, been throughout XX-year court under that granted of we So reason usual. court as the permit now the We court basically has stands. stay and that as –

step is It's here. there quite simple. us, no for So next really

Okay.

waiting another effectively reaction or years from right? Is There's the you're so – So no that San Jose. for de-risks not EIA SEMARNAT for for this XX decision. court

understand. we That's Yes. what

that regarding from of front is notices nor have were no permit. We of any court, extension indications the with kind All us, the that we dealing right, that in SEMARNAT something of that SEMARNAT were issues coming. in like there that

So issues we right, no pending have to environmental the with yes. there permit, respect

Great.

well, you okay, for thank that. So

Just another couple questions.

AISC for heading of year-to-date are been this is end is the the has new We uptick for next seeing that in into Lindero, year, drivers Can us or what top this just the of cost in And terms a factor guidance. at remind thereabouts? inflation Looking Lindero in what costs? we're above you QX the normal here. know maybe in

we're Yes. on hit issues the to still we're Cesar legacy by that by that, issues a year, color not the seeing that but been only inflation, the the hardest construction, bit next with Lindero has want more legacy dealing it perhaps the We're into and from status right? from construction. provide still remediating of you work what is

Yes. Jorge. Sure.

issues the also to legacy as throughout process been crushing properly year, of some especially some that had opportunities some referring for well. and we the mentioned, the addressed you have system, on granulometry As debottlenecking,

year. on a But pad, be we of year. looking lower move we also II. I, leach the the the of this Phase for what legacy year, you So will look expansion referred leach Phase what pad – we as And finalized next has in next as to we into at requirement call issues as been

everything. So much pretty

We in of XXXX. will be care taking

in Oh, XXXX.

Luis. This is

respect normal, structure cost certain particularly of from diesel sensitivity higher question the cost component on Just Lindero with to the that mine and consumables case the that a right. to new comes that of the at a in cyanide, and to of large compliment

key those So over highly next, and is course what we dependent happens evolving year. the inputs inflation, next of as see few those well how on months

asset? as a jurisdictions another you or maybe at in the if it's to starting thoughts just But a another would technical high any it you got a nine Thank and premature a In regarding that focused adding preference of earlier And wind point? And in life you months. what also you're was six number Yaramoko report you. that. preferences? see, up would and to favor? on ones asset for so was event Okay. about And cost down on. strategic/corporate Thank mine development which And operating, add and the question, the have is to and a mind your you otherwise, Do question. little are mentioned given you're final about so so, call you look we this this Yaramoko, jurisdictional

jurisdiction, in West with able done presence what to to mean, we're regions years into have our already, to With to be growth two the company Africa I geographical Yes. respect looking right? for add dispersion where is expansion we come. that think should to more not see I the business our anchor we

not looking to jurisdictions. new are we add So

So to the everything at infrastructure do be have covered and place level. we the teams that we [indiscernible] in has with

at of needs on is previous So we talking growth respect the in growth where we right. just countries opportunities expansion in be the And neighbors. with Séguéla, our the – organic to and the harvest much near our growth with to have that view farm, outside operate We focus caller look were the pipeline that we so to that.

We to need to of that, the view bigger much a materialize that have looks right. mine work the Séguéla has we and

a Cote work. a area be is to great So that's of to going focus d´Ivoire, big in which jurisdiction

the flow resources, XX which is mine, open you it's if cash like, what a Caylloma the at it's free wide if XX-year but if and mineralization regulators the biggest with our it's generator. today smallest look you a XX a of Vein. and don't extensions reserves the you to our internal, can that operation steady producer Not have northeast pile years We reserves mine, in and and Animas business, resources, see do the you

throughout So take mine. That's a of we're the will that XXXX. place expansion study contemplating potentially that

are will We GISTMand of the capital. consume on demanding some on whatnot working standards adoption that

a countries to is face. there housekeeping is of our operate we portfolio. to that for to we're organic near to the ourselves that of business and neighbors. blind priority. there growth say where That we'll that think opportunities our value be And within will lot we size lot harvested is of I I the a need blind be think just a or or not And in

from come exploration. I – I We're always the I myself, always exploration, ranks are of so, do We curious. favor am active

good keen involved we're on we in a next the time get is come, good growth if But comes. So it always focused to be play for message opportunity, a the organic exploration largely right. will to

for you, Thank Jorge. That's all Okay. me.

construction up final with of and luck good Séguéla. ramp so And

Don. you, Thank

there And remarks. at queue turn further this the time. questions Baca in back to would At time, closing are this for you. Carlos I Thank no like to floor

Tom. you, would call. for listening are everyone there day. earnings If great thank a to questions, to today's further like Thank no Bye. Have I

conclude you, gentlemen. This does today’s Thank call. and ladies conference

have your a You for phone participation. may at day. Thank and this wonderful your time you disconnect lines