Ur-Energy (URG) 19 Jan 182017 Q4 Earnings call transcript

Good morning and welcome to the Ur-Energy Year End Operational Update Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Penne Goplerud. ahead. go Please

Thank fourth Brian. for us joining Thank XXXX you operation our quarter teleconference for you, all and webcast.

to consider the in slide two, We our to our which required draw will today. of equally attention are At to find presentation these all will you participants apply well as as to legal and morning’s factors projections, that legal this investing before with disclaimers carefully contained you ask cautionary disclaimers oral disclaimers slide presentation, regard U.S. notes in risk read We to and the forward-looking statements, of shares. investors. other our

As well, turn Chairman on XXXX, SEDAR. Securities regulatory to and the statements in Company’s Canada projections risk Annual and like introduce Klenda. authorities and Exchange Report in presentation on and to with CEO, are U.S. EDGAR webcast XX-K, forward-looking with X, and set on securities I forth March discussed our inherent factors now over and Form the Jeff would in filed

well. this take of as this earlier that discuss and everyone Great. as welcome to a well think operational very personally addition Commerce - get Thank we're with with year. us our questions right and Section morning. share the this some XXXX, taking to for that going morning to this on in the again, something a might to us room time we to everyone And you that for filed knows we to to thank you want Department want Petition we the that allow is that in I had results I Penne. elephant you, certainly webcast and good to in XXX spend is with But week

we'll So go number started three. and slide ahead with get on said, that

passing of that to an we But start our - company would me our course, filing kind say I Today Ur-Energy’s of Affairs, would as of for John be see here and operational our our you week. Section with of a normally technical Vice Steve the let also of we people. begin initiative of - the Regulatory give spearheading XXXX this update. usual at the campaign. on this in John highly and glance one most to be has only forth XXX emphasis going working John one baton kind as areas us the President Cash, But As with with for Petition been we on be Hatten back I'm

£X.X that prudent production. response that be on than produced speak to we thing for let want we call So areas we look just in I'll now it's I we market years we of production have that have and to candidly that so we'd Lost of production as But at have do. him not X under million higher here any would see I our [ph] don't is be this John’s particularly today. to that But important exceeded at exceeded consistent John emphasis scaled conditions. But back for XXXX, intentionally of Creek. what emphasize was to to the had And

under jointly is heart to country. felt the of a a of security Energy XXXX Act on week uranium it and such strait that has necessary that of national level we Section to fallen filed initiate a we the believe And this and the XXX a operation industry already goes the afternoon we do Wednesday low right at Expansion action. Additionally of that this was this such in believe that of it dire that as and this we bullet Fuels Trade I've second on mentioned, filed Filing our point petition with falls friends to the

and it that it we So while an left we protect. still have we felt it we that industry that do do was to essential

to of we've a this – that years Beyond of strength the is will what also degree contracts help that and have and fact few by give they enjoy. between balancing about our provide to revenues company that that, a utilize we’d as contracts year we tried us and stability we them done us of us pounds their ago flexibility that have those frankly over us have maximize talking the and that but many we to year. an low at is contract. given strength, purchase very the we've great be into that we our years produce Look, at - deliver prices the in market Creek we that amount opportune our also several And us marketplace had do secured what unfortunately, our in pounds to also a very the what are this and we've of Lost long-term peers for

way serves purposes to So actually allowed in a our maximize that perverse somewhat and our margins. has us

continue the Basin which Lost we build move and licensing in on forward XXXX. our number East Shirley to of the said, NRC at amendment project with the Moving with now. four. into that KM hope forward out fully slide to we have begin right expanded Creek and of our have course, With is on we And that let's future, course, permitted

States. be on million the goes a that producer well pounds in the used to the do heart this right We slide in have country of the year. XX anybody our of believe is known excess that the a facing no course something very of We United But of uranium course a knows largest that producing I that. planet, is as longer to that to here problems of - we're We company. think I

Mesa fact being bar nearly and States a dependent for colorful of that going of that in depiction a see allowed are actually secondary quarter. upon dependent goes you to a of Russia, nearly for excess to year, that's base of pounds policy, utilize allow are into and pounds industry of is carbon we XX% a load and only million country become about and for now at White XX that at by is the a X.X United top million Energy uranium in Fuels, XX policy. pounds Section included critical And of by you the to number energy the we projection processing we insane year the of in the the do on will to ourselves fuel nuclear the emissions. the Putin that's is plant point correct, produce we ourselves the the that done XX% nearly of bullet will And free is have of believe to be actually Utah of this element production that Vladimir we consuming slide this bottom become the slide is so And at this the nuclear course such yet year. material our that very this we take at correct. in XX% are it's in to but that Kazakhstan this year. more The the consumer this something would and energy in on consider XX% right of in chart we [ph] not and we largest uranium uranium being an heart What's the not there largest that Petition XXX down still X of that feed need that when one would fuel away you close the world, – of production the If the in producers we country. look Pakistan while of than bottom, far no the even are is that unsustainable longer idea And world broken the

this that So absolutely had is to be addressed. something

changed Moving corner notice the that in five, we position the our couple on of left years. to hand of over appreciably last XXX have the issued the million outstanding slide capital usual market at Ur-Energy box above number and you and number upper shares have a will in in share there not

One are of really a when peers excellent raised our good – a of raise. we have the equity equity - that during done dilution shareholders is of from is job most deal job our we protecting we living done - an time that have excess to things

We have very fortunate. been

have excessive - shareholders We protect been cash our our been shares to from and we've able flowing dilution. from access

the of are we Canada and in percent. X things making remaining I that United of Europe up and found have they year. XX mention off virtually number come with have really X cap added the out to options on the a to our have that here X.X great would held there all exercised, States We in a plus in that distribution respect a the that, with deal to XX% million have actually about that while very the shares to in of other is historically But so RSUs the get our are have one of table tend them $X.XX strike price we them warrants this $X.XX million of to XXXX great few not we and million dilution to stock them

something is announce on that looking the been had out is to shareholders. notably \ upward the - Exchange I graphic hand here have in year four of not that, one the in for end where would that building this events in you're they have perhaps that as of saw on a three I certainly see been least had good at I we at shareholders companies higher. in stock there. number position depiction right think move But standpoint. positive that market you New trading at think side and is is the noteworthy and I very ups liquidity we and on the were been movement. year think there a under to downs But created our thing of the of last our do dilution of symbol and a be that the of a we York Stock the And the this threat from graph moves our going point what constructive lot to have see since two we And instances a we So is that time the slide I is significant has the that a see shares we're URG, which shutting course the of since think upward production. most that But things

with that outset, it's that The partners. as be is if utility and well unfortunately this So ahead contracts I very as way continue our we the have and have of customers, domestic matter must moving from the again is that. us. as on to that, as service So And way appreciative such are as long-term of them to said we I have about served having XXX fact for think our extremely the and this utility ourselves, uranium are that to everything the this intention producers to is the another we number place a that that are had going contracts can we except we not our options salvaging and we producers any where is for simple very and partners has they to us slide very certainly any mentioned important without our be you of and harm higher come to not does done of but something United here our it day. years those we that, would company a done of the it, company to mention call consumption grateful for once from percentage industry six, is intended it through have as but while as Section in is could utilities. few imagine hurt for States utility that in for this to But introduce we good this \ it reserved in not slide

to forward move pass go and our John Vice John? will President now and of always here's results number eloquent will seven baton very where slide talented Cash, Affairs our into We operational Regulatory I and onto the

you, Thank Appreciate that. All right. Jeff.

XXXX. of included and The doing were Unit to so levels. our in ready market by maintaining First keeping potentially in-ground allowed maintenance contractors houses key installation to to with production to in latest able lower wells of our construction proven flow well value experienced These of the times resources. development with X the possible required completion last starting and a Ur-Energy staff an we are the will Mine the the complete late updated be the as other to the operating equates three That costs and low team positive house possible, August two beneficial for foremost has be development recovery Ur-Energy us methods. and techniques, the was newest in XXXX where of continue X respond areas. develop as installed and that the costs, header lower XXXX in first January construction quicker header in experiencing and that while This to rates schedule in first XXXX along developments, complete did XXXX Mine implemented X experienced is QX. future of house Unit Surface sustained in using houses costs. third for Construction realized

and drilling lower chemistry incorporated injection again As CVN at with maintenance. rates flow date Lost filtration able through and costs precisely wells, we The learned have operating better cost. more operating lessons to have average be reduced Creek been [ph] the maintenance to for potentially and increase should with result

for sales on the few seven, our a summarizing last years. and costs here's So slide slide production

has maintaining provides section the curtailed construction, webcast in data that, of balancing evidence pounds ground. more the been have captured. we increasingly XXXX about weakened, we prices assets The earlier As top in and as stock again stated have production the of

cash recoveries reasonable operations investment rate. excellent Unit thus and in of Continued Mine new kept for has cost X X in production moderate duration this allowed has construction for and Unit Mine

sales slide bottom $XX team management suffered in And out However table million pounds been will in can quick has the seen our you XXXX. the to cost in since contracted revenues where low moving to This pick certainly revenue a be from note our haven't to sales over then eight. commitments. up fill

in we portion Mine the XXXX. X. started the side, were a first of in good to of operations operate keep Please wells in field that well Unit the wells mind early the On August continue

XX, the the XXXX, an the standard PEA. industry As on of XX%. XX% XX% estimated of near revised updated February December we is recovered based have compared of XXXX to pattern under and accepted This resource to

capital have have process Well modified late versa XX in response injectors some vice date flow amount operating in allow normal with lines of to To optimize had similar outlay. to recoveries the been Mine field of we - with in secondary limited other of seen we [ph] of begin turned have flow part X recovery. houses Unit one start in X what producers the In into operations August exception. Mine limit for a X past As many Mine a XXXX. header Unit words, maximize and and to with we're Unit a

maintain maintenance and able less activities. been We to longer have initial flow rates with

and same attributed to modified previously and in Header filtration to As [ph] can be installation recently stated, the techniques. be XX well this houses appears started manner. last operating week

header expect We turn [ph] XX quarter to during the first on well. house as

Our Lost maintenance normal operate nicely as plant continue occurring with processing Creek necessary. to

of treatment major the the wastewater sites of the operating and is One components solar system. the

is is recycling water is been facility use. of portion continue re-injected have since shallow being [indiscernible] continues of recycling In incorporated wells that in brine operations into While disposal first be processing for water system operate large of available we of and pleased osmosis that to with efforts kind reverse recycled. cannot say where of conjunction This are the a The XXXX. highest V significant our the has water to deep our Class to a Class for and three its dust we future dispose brine early to that we V water removal portfolio. radium. by the occur, followed treatment essentially in

over So I'll Jeff with that turn you one. to it back

$XX to been strategically other our But was that ground in market $XX of an John low consider to I of would delivered I when purchased emphasis between John a the fact gross the on don't the just we that that to prices. manner XX%. was that years place that in bulk average that XXXX a XX%. in But - We're of. is to during much the that would a at a very really thing resources the year that marketplace $XX.X first And and experienced is already achieve detailed because addition spent spot four really make pound And initial put stated able of pounds think recoveries time back on $XX enjoy not X, we're have have have and throughout and when or Unit we PEA [indiscernible]. we've have industries. and we comments of XXX,XXX emphasize Thanks, hope that preserve do on something recovery of pound our of one to can able the secondary something John. we them and very, looking $XX.XX. pounds believe worthwhile, to it Great. that we recoveries the into we the push think achieve at of I you that of And price been a scaled virtually the million we forward dollars proud supplementary But unheard that those of XXX% needed, only the industry accurately lose put in some couple a production here. I not that as XX% actually while revenues in with one Mine that’s but any statements that John that's our that's is of this of extractive in I those that Remember very

bottom our really to and money for gallon waste results had heels that work and process that a industry. ISR comment is our water of fact implemented XXXX great on John's it the not that I of changer thing innovation in ongoing just that something do we the didn't resulted other operational place but put - it really was is the that every in has hard reduce disposal is every One that things last that classified you is this the self-deprecating, systems to of because The is company dedication and a our this and to This allowed water is pound line. to us very has an mention and one the he the are - would us these testament the of staff operating to waste on is and the game is in basis. results make have waste

Now moving forward with slide nine. number

Let's XXX absolutely the Simple of this that was thought with matter is Wednesday get this that the something is week. Department talk to filing of of was Section on let's it, we Commerce about fact that necessary. the filed

believe on coming with As cases, those I about I material and Canada, and about of are foreign we when and have reliant of subsidized, exception of the state and from in become devalued you're Australia the on heavily currency. the unfortunately have mentioned talking United sources most Kazakhstan, prior you're also dependent that greatly talking Russia, States sponsored slide, Uzbekistan, and exceedingly companies into benefited

bit to about the provide use - and on this our is little imagine has than competitive the John customers appears the we of also to only this be we we electricity is the it's the not in and yet commercial is a now ourselves more where - our country. produce our in interests be that point and subsequent own as can all a programs, lower our be further standpoint in are whether security what that more than and that at best point starting talk this So in. find fuel to United a needs fuel for navy producing But unsustainable, of the defense from it. But And the nuclear let something or them our the nuclear as in producing that of X% nothing allowed to I'll position we We've that industry generating utility facilities. This nuclear country's fuel. is is of less fuel a cycle believes cannot we capability and fuel truth anybody to got this that it without that course States. rate else national slide. has the that I from in for is cycle and of know, what our produce here is anybody, And

now. have is this is uses something we number XX. address we some security weapons. marketplace and again must as here that United a tritium and where to So slide nuclear this a And here priority national for that these detail maintain the nuclear that on [ph] something as that We material we that feel as for of address triggers must issue our States. only in in We deterrent is the for defense, not long but for a

have growth this But to to have become coming And maintain dependent the some other capability. policy, production we of groups like ulterior that - that is we it. parts of to is believe that We politically this like of foreign of is from problems world. unsound, us these there know of when the and and there it have the we parts for let's for in particularly a countries in those rise on motives Uzbekistan ISIS face world

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is this is very that becoming asking Department feel of the that to the and are critical is we essence Commerce this time act and quickly. on we So something of

a words. here at now number seven by the And occurred really environment. that if what this instance slide you of to Kazakhstan XX, thousand rapid this you XXth nearly XXXX. on picture where Fukushima think is an March notice ramp a ago the Remember just years that slide on a up - speaks post-Fukushima look is Moving incredibly I take in

cycle. was be written or massive is any n up three oversupply based ramping you geopolitical be on - these believe what a in would not is that environment And post-Fukushima four and the up Except characterized book seems production look the year ignorant were inventory. to to growing blissfully have West there countries on that in up environment much we ramped fact, coming agenda company true anniversary a execute so an and of. by Normally the profit economy Katusa production here. market any how if seven he since the book power of Marin the four by Colder The the in all the into - years War elements came of fuel the in and growth ago cycle that fabrication production, this Russian that and of his growing Putin uranium charts details thrust Vladimir some very influence called alarming and book And slide he is presence compelling is that control that draw And very I fuel and he enrichment speaks something well. that this and and the conclusions over book. think organization in at you for very yet we're

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anticipated. did interesting So in than – turn of the over to we petition Section XXX does. better speaks to But Cash. worse We I'm nobody speaking very John and some it's to to think further had this and we moving back I going the analysis analysis, even forward than the John it body did

away. take it and ahead So John, go

advance XX. Jeff, that. number slide Thank I appreciate If could we you Okay. to

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to adjust if that $XX.XX. have over take Kazakhstan you However, it to you

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to number XX. So slide, we over the move if can next please

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Okay.

advance please. to number XX slide can You

So proposed remedies petition. we've we included the that in have two

XX% First the quota a US for of market reserves it's that all of producers.

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said that can't just That's great. XXXXs industries John this this two what's me you, that or where John. what of emphasize in because parts, protectionism is and Thank is something recommending remedies trying faltering will I reasonable strongly believe to are style by has in terms and again salvage rendered United industry type couple certainly we is are where uncompetitive this follow that of enough I on And points States. bullet comments are and any let we both in the they what I making that echo of we that a that American Smoot-Hawley been and and is the a not one achievable remedy are think

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in overnight. be a would crisis Our utilities

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it a of get stop the you’d while maybe a okay, short much material [indiscernible] time. for would result different country. if be So a is But this inventories period flooding in the into very on short reality that

So that to and with there. said Q&A go let's on move from we'll

Cantor from Please go first Wichterle ahead. question [Operator Michael the Instructions] Fitzgerald. comes with And

Hi, hi. and Jeff Yeah, John.

Mike. Hi,

two on questions. just Hi. two yearly on had QX production your I analysis. Congrats and figures your

dealing domestic rollout a over years do a that the couple I first assuming spread you this am – XX% I to would quota. gradual The working, spread the proposed over with petition with guess? How itself, to be see quota get that of -

are John put I certainly the It way and in most and locations. by different at

macro on you this EIA million level. at micro John speak pounds of XX level on even concentrated actively to a the country a effort and of can have and that's anybody on free basis, think in XX Energy on that bring let to for think to million whittle this any a million pen to it list pounds that about Department readily at from I think get On but could red a personal have I XX significant industry production line, that that in capital but effort my an owns to least I probably with five assessment. years to this involved that's where infusion pretty and we in of or of to in you have of numbers look view, speak jump will and if we that tell want, a this John at they we capacity look I'll it taken you well anytime So feel a macro production, down

your look John? we up question to the ramp do detail a has a to and for. how we're I'd that given basis weigh ask at meet on has asking with could on that to John XX% quickly that Now in John taken

Actually quite you believe X could the up think think take XX% I there. about of years of and production relatively good pounds at the which years, to the in would which uranium if Jeff. XX.X petition further dedicated year prices look we're of take going out year a X EIA two the and are that about if million take we to price just look it incentive some you with the But be what take get I'll petition support shows domestic within I five seeking of if easy to proper facilities that that start industry, to but that that a the on capacity in down, might at it exhibits Jeff that. get whittling Thanks, said, discussion includes second two But the year pounds the the would step a look you numbers are represent a not with XX% another that to I prices. right. respective readily from up get million one to million table a were are each it if of to All right there

Great. question. Got last it. And

Do me. Unit your header X in got XXXX to you’re of it X. some the will very now. operation But duration XX right or has houses, circling XX off this for ramping running concerning Unit up Mine Mine back shut That's in much. gradually you obviously year? Just those Thanks over be see

John? right. All

majority Yeah, the we throughout those to operate XXXX. continue see of

course, flow wells of that [indiscernible] grade believe the those to the continue throughout XXXX. most are of will reduce then the head the head rates to turn to But just continues and some where becoming grades Of flow the continues majority uneconomic. field of decline off I as

Okay.

Right. Ihle Please The comes H.C. next Heiko question Wainwright. go ahead. from with

Good morning. taking my for Hey, guys. Thanks question.

Hi, Heiko.

its Sorry, [indiscernible]

some XXX present walking you know timeline, XXXX. hasn't been we Googling to the initiate days, maximum created now, mean, that on one So going one around that since right XXX really the I of aluminium timeline the did that's the and say there with XXX, know the one got on through XX. those investigations I to

what I – feedback - sort am would try your take on think they my trying out, Will ASAP? get what it of done this they on your to will around what they people realistically what have some just time they realistic you hands to to So get this. get told enacted

you couple in that me review. have. Yeah this our John then let let emphasize comments that here of petition jump for ask me in and we expedited on But that make a did with of we is anything preliminary the one things should an

Congress XX that evaluate, to whether determine appropriate they we not what simply president then standpoint from XXX are if get don't days know. a write any. to days remedies investigate we who report along to that send or So the statutory From have and has their and

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the XXX that investigation Jeff, required investigate would and in-force because you're that was Energy in thing. No, just imports spot we federal action if Atomic statute XX.X% that be taken. government on anytime exceed of to a trade Congress uranium by initiated stated would than needed one more Back Act XXXX the determine add on Section uranium [ph]

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that with any was to effort of also they been the the it's we’ll Thank any to Well, and right there, Congress and submitted respond the questions have continue items you. that from but bulk might media.

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what price going Yeah, asked important forward. that question, will that’s absolutely. the be I'm really you an And glad question,

markets U.S. happen a Keep price a world would produced would would there there be to amongst with competing would what also they of mind to would ourselves uranium try to that associated then bid. market time though created, producers that that would be any essentially number market buy be that, utility U.S. send in a market. So for established there two a to a win out we and pounds wanted RFP the and but then an be

to I utility to customers. few our we back contracts would see prices a years So what with signing ago were those be, think you have when only look to

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continue and go So production there the number Creek. to already Lost Shirley got we within we've Creek a with of regard places Basin, can Lost Lost to so is Creek permitted,

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on of Shirley that's an third Wyoming quarter or set and to program probably, and half we're supposed of we'll in first so probably Basin XXXX. near waiting We're process, For still ongoing but fourth agreement the I XXXX. to up that happen state think permitting be that's that completed have there

application. that So also that already technical accepted once have established we'll questions the quality our adequate group They've their division. them is applications responded to. They've established understand partly given land that's already our be and supplying to within us deemed they've and that it’s already we've it and reviewed

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we begin mid at point, think XXXX. maybe some early I could So construction as of that as site

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question. hopefully that to response your So is

it turn Thanks, I'll helpful, over. very it’s guys. Yeah,

Joe. Thanks, Great.

Gagnon. from with Next question comes Please Atkinson Ben go ahead.

take a you, doing job to Jeff. position there. employees of on in great uranium we will management markets. advantage the Ur-Energy is And trying think the and keep ultimately a I see in to good what such for a turnaround Thanks Thank

So thanks and working appreciate on our behalf.

Thank you.

us on Jeff XXXX. supply supply, your My back thoughts over potential just question market, just in over supply to could - today's you coming give

things use. all [ph] leaking the next to give looks what as past - that have as about the have delivered and your where you of the that kind us year Could that supposed that just uranium that of can be two? the Japan they traders, of been in influenced thoughts well or out perhaps underfeeding was like utilities to over Some

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supply translate global the XX% in significant that XX%, of you destruction that of situation. primary Now if That's global the helps production and it's production. neighbourhood somewhere primary into

you're certainly The underfeeding that's earning. is just second underfeeding more really air that less of those talking and produced UXOX centrifuges out transparent, one about opaque, you're thin of keep talking because to - equivalent half really being have less with equation it's because about

them pounds more is going somewhere between to to year, production projected get XX to million the and this million market introduce year. they're so And again out XX underfeeding to of this

So that range. enriched in a $XX particularly right at fact around the such now, problem, in being continues with low to EUP be at multi-year prices lows product

- around get state to here like simply that's known the secrets, to countries about inventories, something these guarded that's States public. considered closely you make So Others are in position. even United going inventories to continue. that not to players the are competitor and your far as around very state very talking when the as our be are same This thing because Kazakhstan like know, another that our and China, our arms in And are very, world inventories is something much Russia, difficult we are the you're like secrets. others military

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fourth XX out to The and construction we've Volvo the developments positive positive of out of move uranium Westinghouse these being space. decision side to course we've of are under are be quarter brought forward still these bought positive in [PH] being the like with On reactors very and plants this in year the all bankruptcy. seen the got and now going developments

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there a know we if far be mean, nothing supply XXXX worse better entering could that's on sounds the anything substantially least at I getting bit getting at least side, is it as as as if it So today?

environment this it years, XXXX. The the viewpoint had that that I is take the look stock, at least New say earlier would the agree. positive in would my that have I if entering taking market to the is. Year mentioned think is look going say and that I was probably that last And into that's at most in shared constructive that we've from at perspective a to generally tends you building what I've based and the place six

Jeff. Thanks,

Ben. Thanks, bet. Appreciate You it.

conclude will to session. question-and-answer our conference like to for over would any remarks. turn Jeff I the This Klenda closing back

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to balanced in our we to all protect to couple flow work approach margins. with that that Section cash can a filing process we respect of make continue above so that words our that XXX. maximize will of properly and We last pursue will we sure But the the And shareholders.

juniors at get and industry, to the energy I fuels of speaks state love you over it it it we ones production to to a couple bring situation while filing energy us – became uranium next dire here that developing who, prices. have And of see dire when. market see statures the that that yes think three I is we two industry that petition, this. of the it be of see we in our we a the needs and is the now the years of some question a below really such unless became it out But the number be if to as higher the not not employees a if think XXX, situation your looked this of to really stated how

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to if next take two hurting, many of not They've to shoulder is and and in plants is a utility them wait I of the this that actually be what need that, around our do fair to a should and for And utilities would now And the opportunity over to needed one they that been rooting U.S. those federal York they're as that give we country sincere needs recognize make out able the legislation. I'd like record states have production for to some personally into alone. years it So is we know Illinois and of the themselves. of be and federal events it we sit But that go watched This hurting, four while here hurting. burden I utility said legislation merchant have to that the comment respect our may we is keep on the type saying they're with and this now assets owners simply get to to dying is something the for foreign that we protect very legislation come and much to industry. open. course will right We finally hurting been time. don't New cannot in other to customers back and place. They're I have contingency well to play

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to next the on we call. So with that sharing you this once you this for morning and conference talk out and time will us thank I'll close with this again

Thank presentation. The conference for has today's now concluded. you attending

disconnect. You may now