Golden Star Resources (GSS) 25 Feb 212020 Q4 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to the Golden Star Resources Fourth Quarter 2020 Results Conference Call. At this time, all lines are in a listen-only mode.

Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Thursday, February 25, 2021. I'd now like to turn the conference over to Andrew Wray. ahead. go Please

to in much, to very results morning, afternoon, disclaimer we'll good If you the Thank got just Star's and QX Welcome a move attention, your Golden can which XXXX X and everyone. on I presentation, I'll you, there, draw good Slide Full call. Year myself, think Wasel, on Paul Thomson, COO; a moving Then you VP out. storm the our Mitch Slide X, there I can moment. and Graham, Mitch Ghana. see pretty big point to team there's Exploration. is on And today: at CFO;

us there's with bear of So up. the if background hopefully, noise, but hold bit will line a

move on can, X, Slide you please. If to

a there You And case at if the additional I planned busy of the that Golden look dealing Star, anywhere, we to clearly, we challenges year. year, really busy can of be a with we in think see the XXXX, had it then, business like any pandemic.

was up our business asset sold in maximum sheet meant we us, is also of QX. exciting Limited value to at very And about extract For a that repositioning from can ourselves XXXX and in Wassa. position we the really heavily we what several to where a putting elements set the of address invest able Bogoso-Prestea end to us more Wassa. be balance in That

operations. continuing discontinued introduces of into complexity and reporting bit terms through, a Paul will take of that us As the financial in

We've Wassa how production now. PEA from large to resource, in potential see Wassa mine on lot a And the then already. that said, purposes. milestones I the of So growing we and completed a on out bear the And ore with that us year And, be much on set work large body, that Monday the will of reporting we will at longer-term XXXX that through reporting a focus out. and there now, going be and set got pretty Wassa we more detail. that we're and much a cleaner explanations will as

part of what on we that'll and reserve that, what on PEA. We X reserve then, And can relay, contribute beyond extensions So technical Wassa update there. like. show resources at an the Monday, on looks and the the back we'll our move report to plan the through release be the presentation will with Slide

at side left the can You through take of really key page Graham us will bit little operating which hand and a of QX, financial got some progress pull see metrics. the metrics metrics Wassa. you've the demonstrates more, that in And continued those

important negotiated environment I to pretty was achieved think operating it is in remember that in. been we've We've think. COVID I that well, that that the

metrics showed that and can as versus There that's guidance. see improved at safety full Can focus last please? And and the we Slide the to year. to Wassa note you the we what something compared achieved performance the year, And drilling year Some grade Mitch positive there, will fourth talk in the also that. is a I the impacts little we back it saw business, up minimized down in on as step the a about both exploration And results important up section. on continue. in safety go through translating think but QX in we X, during Wassa, that the some and will quarter and at we've bit that the

of higher So clearly than gold range, about that above, was AISC to cash the generative at grade good given pointing still cost above price, Prestea. budgeted of for Obviously, function X%, of we entirely royalties ounces. slightly out the the with gave Wassa with that the generation. of good the year. did at reallocated cash a higher And guidance disposal ounces, lower was X.X% G&A the a stockpiles, process higher worth We we there delivery grade the which there, us start Wassa but with

in budget. the pretty the would were as one quarter. in catch-up to during those, a been middle with that the without we've that managed we're the year of behind able X to CapEx, up. to on of probably advantage of execute take the initial items And range. got we X things And an have or those that brought bit two during So, catch a firmly fact acceleration or forward QX those of saw And well the

the a pretty in we so with there what broad production all-in. out. you set increased compliance fact, year during we'd a that's pleasing And Wassa, performance So at as recall, that guidance,

really Slide continued to setting that growth. of development our outlook XXXX, I And the what to in putting on comes X, course as was the XXXX. Moving development means continuing that Wassa to really, we've meters the up, think the back it's focus done increase I in, over saying,

drilling exploration, for resource business. in and of multiple mining, ourselves confidence and of the more as So regionally, going a that want potentially to giving lot us opportunity see well both standalone Wassa more base there. significant both big as a we're we're continue infill and target to improve we so access mine material what our where those. Wassa for a to targets as as to opportunities of flexibility and and be broadly, well to already add as new step-up We And out also around what see also in itself, knowledge the of we

terms Wassa, will that there us the context similar in flexibility. generation to pretty of investment. better that. through, a busy add start help go a And performance. It'll there's solid as we that in cash From plant, provide metrics the bit little more the XXXX that operate to we'll XXXX. Graham operating gives but step-up So bit to on us keeps you'll for see detail paste in in cost, And plenty mining of will

Graham? that, with detail. us who'll take So hand bit over I'll a in Wassa more Graham, to through

X. over Slide move to We Thanks, Andrew.

there, current day, then, XXXX, and of done mining of the with decline on long that's Andrew as tonnes work the we'll more at Monday, We've see important some And we've we're milestone that of a shown that you XXXX. estimates. able got the over as looking to next long to obviously, capacity the exploration kind at a And on talk X,XXX But through achievable. that. of the reserve section. area Just capacity a updated of scale that the will on that sort bit of that resource activities some be focus for Mitch shown we've with the plant about out we're on Wassa. And note, can coming recap Wassa, mentioned, the section is

slide, at quarter a as the quarter. over next just characterize moving solid So the it to Wassa

As COVID-XX. focus Andrew to be mentioned, team, strong the in safety amongst and and a for especially sustainability, performance continues area

management there the are So for controls keeping some running at that well business us. Wassa good

we little you Importantly, off compared coming can grade, as X still quarters in in to in reflects day. per recovery row how we've at QX a bit as that some stable little nice a time. QX plant. high-grade bit seen Back of over see more a that the had X,XXX-tonnes-plus And Wassa the through and

well a extra terms Site pick bit lower seeing volumes unit next the Bogoso-Prestea. for the low-grade when costs Moving over some G&A some just you in line in with the costs. to and our in said, G&A up the of reflected additional material normalize of the little sale costs. with slightly of Andrew costs, site starting the of those as unit was slide, And expectations all-in pretty royalty sustaining to

backfill, ore the of that is there as And we but for the to probably plant, of $X over benefit in at tonne would engineers of backfill that on did adding for ramp previous a greenhouse that CEC at on really tonne the that looking in tailings XXX% and [Grez methods. we'd Wassa this December, just end, less just talked long-term et commissioning well. get did quality fact, that we're highlighting per commissioning, we're from key the that's really per $X footprint, really get cost, for little quarters, to the that's has the more November, commissioning first than in week, to some so reduction that QX. but the a key] to filling to external under the earlier of that that $X the commissioning next our X we're envisaged. the and And highlights commissioned Slide the across new to we've body. the And we me original recovery groups you reminder little we we'll a country because unit been the in bit of with to we, lot a completed the from material better site year. Similarly, Moving And about obviously $X the costs, of start, start with benefits power slide but getting [ph] and But the the progressed to to in range the really this of in bring behind it's originally so built sustainability quarter just support in capital infrastructure. much have schedule, power sort construction high managed TSF early the reusing of emissions facility volume that's up gas obviously, seen We've budget. test station bit XX, probably the some sharp see GENSER a cetera. reducing delay travel supply, restrictions, with And paste about compared ore Filters, other

infrastructure the and of So And the up enabling running talked focus years the The years, dewatering starting with well. us as also electrical stable we're power think stable that's previous that's X is upgrade see now so benefits really already I supply. quarters, And to good and we supply. more next about X power in running. also up of development to on

a And pleasing probably about results. us the for good financial so lots I'll hand bit site, that, standard, to over really little the a Paul XXXX and of to most with about team at Wassa. managed work So, to talk the completed on high by thing

XXXX year, Thank just was as transformational Andrew a said. you, Yeah, Graham.

statements. is the this reflected in So financial

events, So as had just a discontinued the no operation. of as that's classified of the a continuing disposal terms quick operation. recap key Wassa's we in Prestea obviously so

the had then the the of refinancing corporate to Macquarie financial happened perspective we thing was moving from Secondly, that Facility. And third the Credit London. office major

also ounces the XX, overall, turn the macroeconomic and I attention a the benefited of on backdrop all Slide of gold non-cash our and Stream of delivered production, Gold adjustment against the business. revenue, in to good challenges the QX for COVID-XX, we a into good estimated these $X,XXX for takes of good of a of from turn average think, The expected thereof, quarter So The were and the year. Stream revenue a the which in deferred with year price. the If volatile to account gold things agreement. XXXX which and the Royal the $X,XXX to number was strength part realized done environment of be Wassa as price year respect component

of life the over mine. that's So

So with in million of of cost nature. the resulted increasing, reported number to $X.X reduction but a revenue out point as the reduction to is of finance ounces the that key and it just just million per these a under adjustments numbers, non-cash the $X in to this are

to million cash. Moving impact of to demonstrates of operations, obviously there EBITDA generate from $XX.X the the removal has press EBITDA, the To results. ability the from been major continuing strong Wassa's the the Wassa

operating to at loss million $XX.X So million the XX QX to September the to the And costs business incurred is amounted sale following recognized on QX. discontinued $X.X in main so of during related sale to losses resulted the of million. those was the in or from piece, operations and of loss $XX Prestea so Prestea the

disposal, results. associated overall the the are the in QX costs final been So which those with reflected hadn't

Moving relation in in to hedge XXXX. hedge about. was component the were and obviously to cost the adjusted of $X.X settlement positions, million of deferred so QX EBITDA, QX the relation that to Then that there's there those of revenue realized impact the spoken positions is

the in $X.XX The material other be capability full in of per and that reflects and operations demonstrates gold XXXX the EPS Wassa the step that's earnings up, year can share, the So XXXX underlying EPS Prestea on it's per the seen FY earnings realized also share discontinued price. column. for losses the $X.XX the in hand of increase a number

please. slide, Next

happen. year So we to so significantly of can enabled sheet, the the to has end Slide event compare balance changed XXXX really these XX in that's year XXXX, transformational when end terms us

loan Macquarie QX beginning firstly, of So facility and restructured was XXXX.

team The repayment revised is the due increased focusing profile, So big ensure million redeemed been resulting the those additional to that finance August thing XXXX. rescheduled, and on the convertible year liquidity payments be business. dished the XX, is have principal in we've which of on principal, a $XX in out is debenture, this

us business. front mine really as for in that's of So a

ended million. the balance we cash position that the debt healthy meaning a So net $XX year of with million, was $XX

what's to the what Wassa, include for the has that following. to So to of performance environment, cash liquidity gold the useful, which out business flows, ability price there's just additional the a XXXX, point in particularly generate - underlying strong factors higher it's

the So those deferred during key that this $XX used principal facility in the been the and consideration stress is which hasn't additional receipt available Macquarie put from to ATM from is million FGR, it's place was the there XXXX. But of today.

the protection place. years protecting have and zero In collars relate to our XXXX downside, we cost these of terms XXXX. in And

in ceilings So $X,XXX XXXX floor has XX,XXX in $X,XXX and of then and $X,XXX XXXX. each year ounces of

development. turn terms where can Slide of this This significant giving see the to view, sale a my whilst rest changed you Prestea. in of of gold cost next the really in the Wassa's of sheet particularly XX. as price, range good ongoing which slide, a sensible of in protection respect upside has pricing side preserves is under the We balance level, is So how

that So have from you we moved assets assets. to net negative net see can positive

the of sale million of the working well negative capital the as resulted quite So removal large rehabilitation Prestea as in has position, liability. $XX the of removal a

Slide mean businesses we I'd cash XX. that So normal a working to say from perspective, does What capital. to QX have if of a level onwards, turn flow the return this from

losses Prestea a COVID of So to Prestea the opportunities to in is the QX, managed the other that and combination for generate around disciplined be cash ongoing look business of and and cash. that consequence incurring, as cash really costs

and the is GSS. QX, bit flat particular, skewed little more this capital in So during profile, towards that an capital accelerated was their exploration, costs was there increase HX today, including are the XXXX, a spend where which in time,

we certain was The which to deferred cash were order which HX maintenance thing then, into cost was the G&A some capital second working had XXXX, and was to procedures, balance. we were in so there carefully done manage do planned management And expenditures able some cost.

higher for continuing ounces, just the similar lower Graham's partly So is earnings price. QX the by underlying as were offset explained, business, slightly to QX realized which

cash follows. bridge flow sorry, So - cash the forecast key are this points for on flow to XXXX cash note bridge, as -

is was million. XX. $XX.X $XX generated Wassa So note shown in tax. as the Tax One the XXXX paid point on in million to on chart Slide

quarter, So the tax normally the after X is paid quarterly, and it's paid X in quarter. the there following days or

tax so And such XXXX. QX to paid as XXXX was actually January the early related in

we cash in flow if in XXXX, sorry, for million] and tax $X cash in paid Prestea I'm included what and included [ph]. that's the million. consumed the it Facility amount, that activities, was had cash forecast, be [will the - normalized flow the and via about cash financing by So $XX XXXX,

items as of XXXX million. cash catch-up CapEx QX I number which was included $XX the mentioned outflow a So in before,

and year the help has the the If take hand and sheet Wassa. Golden XXXX for in to repositioned growth and you been these. completely over a balance could in significant facilitate through Mitch phase expert Star, in summary, geology So very to important will with I

side we million. Belt, square to for Ashanti have exploration We're holdings have strike of sort the of the to the now she year, which Paul. the Belt, along to the I This XX. of kilometers length unexplored. here, there, can overview Slide call is and the first we'll XX an eastern roughly about is be Thanks, that take kilometer budget go a guidance going going to Ashanti is side of over our what $XX like XX current slide Slide along look relatively XXX the skip eastern you

years, again, So what we're up we've finding previous ounces. back and phase drilling, into done prior end end we where to the drilling up from we the significant

and the going targets I regional $X looking is drilling. So say $XX a roughly more into - that in split testing better forward targets I'm spent of $X on and million million we're will million around into overview at the being with budget the for to roughly or million on to back glad to from saddle are $X they again, We're the Wassa as few there XXXX The hone programs I'm slides, the a this on next from there. brief million most and here just bit of little be $X going Wassa this one. giving be

that's which X, be in-mine slides mineral in resource current at and to milestones Andrew And looking on you the we're and targets is as the around reserve resource We're Wassa, and show some March the for updated. So mentioned, and releasing some going is reserve will what in we doing be Monday. on been testing that. that XXXX I'll

some well. the some that regional results the drilling of have quite west] on have and down up in of in more the targets and detail pits show them QX excited east some more be some these I'll drilling as plus towards again [Sabrisa high-grade past that got of some and And open about some I'm going tested picked we one, core that underneath, [ph], Sabrisa have roots And earlier when the to of and never a think south you we that and we're I the of drilled is just testing been pits we've which some in do optimize pits Benso holes before. the to

as venture which down left-hand drilling. their geological well. notice good corner, And bottom context, be as concession, So a on we're in there's that you initial we'll Abura looking doing joint a have that testing that has there forward to the doing on some we

And on next the at. on see there, up-dip looking you right-hand we're east. the view isometric there looking of what is flip on at the grams XX. extensions side what mineralization greater view, down-dip targets X we've the deposit, the over that can left-hand Wassa And one than side towards we'll you'll X.X the We're the the and So is got plan looking known which the see the slide, Slide the show to to extension. the

these are So we're that of targets mine near sort the testing in vicinity.

to we deep not and We're time. this point the area define in we're very the resources infrastructure. at where trying additional reserves looking have immediate in So at

do do get some we that if results we we and the that I'll on be off have we our easily you that with of can adding successful, resource if us on - and in there, drill there based the current successful So are on to one. show

So what roughly show that's going sections an X at to up up-dip I'll do there's is one I'm is we'll XXX, you be which one looking extension that there, XX-XXX. at

if at within ends can look body. So top, you [ph] refer on ore you you we this see] the [ore roughly where are to the slide,

drilled the X one So extension. up-dip and Section here. first at is holes that's we're We looking on XX-XXX, an

which into about of The the we're no we got the The hole that first lots that already that an defined intersecting result of there. of the hole mineralization not with intersected within X, looking XXX there. there more of significant at meters up-dip was interest we've as drilling there well resource intercepts any but significant is the and intrusive on body of alteration

of at true is you X.X about estimated grams width can per meters and As tonne. see, about that we're XX there this an looking

in because greater is spacing XXX at are time. at our this So those up, again, that between looking follow require we're than holes that holes will point these meters

red consider you we intersections meters and only seen hole And of zone, also X.X slide XX towards as walls to grams But you can guts X.X XX-XXX we to of was north. since with wall is grams at at about drilled up-dip the that tonne. XXX the show have give we in drilled X the up sort then are of test this ore the hanging we've depth the a And footwall tonne. move we've ore next wall zone successful body same us deeper And in found hole. hanging what intersected to and the the the now one the of a spacing. And mineralization the is the which which zone I'm on down-dip below outline which is this meters the was roughly extension per with Subsequently, X.X a are zone, extensive So that north, also not of you being slide. drilling or see at on previous this in hole continuation per X.X. resource, intersected daughter about this hole, we've commenced X.X meter the main going

this phase point. coarse some we're testing to down-dip out And the down-dip, drilling really again doing at it. Wassa at of that get of the further that's we're volume So very mineralization whole this trying up-dip and it's built

XX,XXX XXX we're XXX fences, will And testing space So dip and drilled in we're those doing be roughly meters meter XXXX. on meters, down up approximately fences.

this the is XXXX, results meters. which So encompasses X,XXX about from

that it's we'll in to so have far, XXXX. on later successful and doing some be So probably on follow-up

so to Okay, work which on going I'm next is XX. we're slide, going to through that which the the summarizes of Wassa, be sort Slide go doing

the is sort on now. we're down see up of underground the have shown on we the just the the that focus But is X.X geology previously, of see, side there you you with of geochemistry can exploration right-hand kind kilometer at, as right little mineralization. with slide looking I busy. as extensions But extents of it X-fold and on shows So the that the the dip overlaying workings itself geophysics. shows the overlaying And the image here,

we'll all tested So you zone, year. test the far, drilling so the parallel we'll strike on And going those. on so this how of lots that shows X additional roughly actually to targets doing or we've that's of be length follow-up zones X targets X much be there's involving and it there's

XX,XXX have Wassa. with up of following X,XXX meters that of meters will and and drilling Aircore DD, RC at will about be We

XXXX, order do pretty excited us this information from is and going And about guide really what forward to give in in there. we're subsequent So going that. is to exploration years

Graham about is within main per day. objection have because, we're that at main define so to X,XXX out, with which plant, objective underground Andrew - kilometers then roughly tonnes per And that, we So about pointed of excess here day tonnes XX out, pointed the be to material the mill, rightly here is, putting and as is capacity going the and feed. X,XXX the through some the currently

shows XX. Okay, number the regional sort looking prospects more of that XX I'll progress we're over us to Slide at.

kilometers. this at and be will And Chichiwelli be those of of XX is down So XX haul you the that mill kilometers, are Benso history, familiar extreme the concessions with goes have to Brown the south which there. Wassa, approximately Father Wassa the would towards we south and from Golden and the that through down kilometers is Chichiwelli Father XX Star's all a HBB Benso way mining Brown road down XX

So we from the access right zone through center there. this of have

this yeah, roughly each targets representative out one as that of geochemistry And the targets level we've you're that of of those bring XX seeing here. be XX with testing So, And that there drilling idea they're XX into of We're targets' top whole phase. those is of it's target. stars up we'll testing of And exciting year. defined. these over confidence the a to a

deeper that an So these got targets And some trying programs drilling diamond we're surveys RC IP there. those meter follow-up pyramid XX,XXX from doing. up We've And we've And roughly to through meters we've drilling Aircore. there. got of of and the target in exploration got of some involve about sort advance we're about pyramid. XX,XXX on in there

to us exploration. Okay, it a wrap Andrew to up. And that give back pass over I'll summarizes the

that Many Mitch. a great and as thanks, activity updating lot going go see the to it's step-up And year. in everybody forward to on. we look And exploration, through

really, moving been but to to for just Slide to. just lot laying targets in presentation. of for has we foundations now those the future and accomplished was of particularly XXXX. what do of some But A XX, also referring Mitch the next on finalize So, that's development, Wassa,

look And to time. the I deliver some as resilience that the elements be we through that's been XXXX we've really, in the up which an also I delivery the a in debenture the to think I to addressed the this critical showed will be footing. thing stable area and with starts through PEA sheet number then there we on made And of during is, with for the as we needed a in XXXX, the strides set Critically, we business. as ourselves the settlement Monday major And catalysts has next week. out important longer-term think in year, August think, pandemic. go really XXXX, on convertible there's we go on we're much year that there And more plans. of balance discipline going the through be putting

So with it that, has. hand any anybody Carmen I'll back that to will questions and take we

ahead. Don Instructions] [Operator you. Bank Your go Please National from Thank first question with comes DeMarco Financial.

for mining off Thanks Maybe Andrew underground call. about your fleet. my taking Hi, team. and I'll just start with a question

guys to how much you larger be consists the and replace if with your single the fleet a of intention XXK timing, increase the that capacity trucks. presumably these would declined tonne have trucks? I Do And so, what would think of years?

Graham give Graham? let you Don, on Yeah, the that. I'll detail

Yeah, correct, Don. that's

coming ramp-up over in and as is to, couple that And fleet introducing that start their production paste tonne roll the of a fleet the years this of to to tonne start of We'll XX kind of the life. with sort XX with fleet us enable that low So up rate the start XXXX. year over end will the new ramping of plan year. will this as sort will - fill

as development as the really is XX much beyond that the and that the year to But will ourselves, that down decline this a a production. capital and production get further bit the day. increase that in in fleet, enable increasing trucking key ahead focus tonnes X,XXX an the to per key push Our little get fleet not of bit only of is will, tonne itself rate some levels more

XX XX, by to because it? increase. XX% a closer up to would or But the Just X,XXX I - okay, a it X,XXX, X,XXX no? mean, be Right, that's the wouldn't increase to from commensurate

decline stock then, a a of you little will add flexibility key the perspective. things and gives all as bits well. jumbos obviously, available and given grade gives drills bit, stopes and That a constraining from you the be available handle and No, time. and the things capability those fleet tonnage up plan and a then a various the from perspective, any rolling traffic, at having availability stopes because becomes you keeping down the blending of And decline but will have piece, to of

key point of that So that something can that those parts on show roadmap. - something, the plan touched we to sort some of Andrew the PEA, of longer-term

Okay, to And regional just Mitch the yeah, exploration, we're the looking talked shifting PEA. of about some forward targets. to had

have If would PEA success maybe might regionally, as looking of that plans decline a with you some methods you you you to at continue PEA, mean and We're include different not just increase pass, the could might rate. for with mine a regional potentially success implement single in Wassa? that which the do the

that. my given view the argument I that. think don't on compelling expansion underground give of at the regional for I I'll Wassa, that a you think there's displaces success

we're in near-mine I've you'd open call comes got later. a I processing think that guess, let's is if success. problem could have the to it that's sooner Ideally, say, position of I more what mean, the at than that we've I rather quality capacity. looked up potentially expansion it, where, way to an certainly exploration what

at the know, asset. that? then, know, bigger plan, in volume then than a then I sufficient there's an you this material if able justify think you coming we're But got the to basis, don't to later. of does of look longer-term Graham, sooner plant carefully, want production I if fill that very we've anything overall the expansion and rather you say point on So out

No, that opportunity opportunity material more is exploration, expand that that then would And if optimize with the to exactly that's creates Wassa. given. the have The there's really plant. the yeah, then, answer I to

yeah, So, completely agree.

preliminary, know thanks I that. mill what maybe you last It could Okay, - was the and how nameplate. could the this would high X,XXX. well, take X the was expand for at maybe it actually mentioned potentially? above cost my is And be but just question you

I don't know about some anything point. want thinking very if at I'll pass that. Graham. else Graham, this there's We've you on that done to high-level say But, to

to is quick look Don. has on any say things. capacity. do do really, a we on the plant, had crushing focus There plenty the we've that unlock capacity haven't of the we done how that detailed have. work No, mean, at But that, I except we been

you a you might very semi-autogenous milling add a some something. to need to capacity good or got So you've But might grinding method change or footprint.

good got fill will back of going You've The tailings be all really nearly underground. Wassa generated infrastructure. means that, paste

So longer-term. you've got tailings capacity

an it as preliminary expansion. So you I wouldn't talking do of masses would you - be But to capital be say. think

Yeah.

Okay. Well, that. luck. much for so Good thanks all That's me. for

Don. Thanks,

God. Thanks,

are There Please no Instructions] questions further [Operator at time. proceed. this

you Thank on through take Monday, obviously be lot very detail And a you PEA. more I'd back where much. be, we'll we'll the

point as So I'm about more there's talk to lot at in through Thank very a ever, sure go to there'll much. that the us in you be want time. a if But call anything give you else meantime.

Thank you, everyone.

you thank call that your a conference please for and for participating, day. Have you concludes and your We disconnect gentlemen, lines. great today. Ladies this ask