Highland Copper: Re-Emerging Stronger with Near-Term U.S. Copper Production

0:08 Well, hello and welcome everyone to Highland Copper's live summit today hosted by 6. I'm very pleased to introduce the President and CEO of Highland Copper, Denis Mouville-Duchamp. Denis is going to take us through a company presentation and then we will be taking questions live. So as a reminder, you can submit your questions at any time using the Q&A panel on the right-hand side of the screen. We're going to try to get to them when the presentation portion is over. And as always, this summit is being recorded and available to watch afterwards on SIX.com. But without any further ado, I'm going to hand it over to you, Denis, to kick it off.

0:39 Thank you, Dasha. Thank you, everybody, for joining. Nice having the opportunity to brief you on Highland and what it represents and where we're going. Maybe starting with me, I've joined Highland in 2017. It's been 5 years already, preparing that package and getting those projects ready. I'm a mining engineer by trade. I had a chance in my career to work underground mine open pits, develop projects in South America, North America, Africa. So I really enjoyed that ride as usually I was coming in for feasibility studies, heading down for construction and staying with operation for a year or a year and a half, just long enough to understand the good moves and bad moves done at design to the feasibility study and move on to the next project.

1:41 So on Copperwood, Having joined in 2017, we started by raising some capital to develop the projects. We already felt at that time that copper, the fundamental was extremely good and the need would only be increasing and that was the main reason for me to join Highland at that stage. As we all know right now, we see the need for additional copper and copper mines increasing very rapidly. We continue to see urbanization, the focus on renewable energy, big windmills, more solar power, and really the accelerated shift to electric vehicle in the last couple of years and the pressure coming from the public to get to that, we will all but support an increase need for copper.

2:46 And very few mines or jurisdiction have new projects ready to go and we're fortunate to have 2 projects in Michigan in mining country ready to go. Highland, I said I joined in 2017, we completed a feasibility for 2018 on the Copperwood project. And at the time we felt copper was really taking off. It was up to $3.25 early June, but that's without what we call the curveball, the trade war within China. And it really brought copper prices down within a month from that point to $2.50, $2.60 again and there was a difficult 2 years of lower copper price for all companies.

3:44 As we are not an operator, it was very difficult to move the projects ahead. So copper started to go up at the end of 2020, really quickly zoomed through $3 to $4 providing the opportunity for Highland to clean up the balance sheet. We completed the sale of all of our exploration properties. We completed the acquisition of White Pine Mine in August of 2021. And we also raised some equity to be funded up to construction start. We raised 25 million Canadian at the time.

4:31 And we part of that we totally refreshed our board bringing in 6 new board members with skills, aligning with the development of project knowledge of Michigan and financing that will be needed on the path forward. So we're now sitting with about 15 million in the bank. Engineering started on updating the feasibility study, clean balance sheet moving forward. What is it we're bringing to the table in Michigan? 2 projects, Copperwood and White Pine. Altogether, it's 8.3 billion pounds of copper in the 2 projects, with the capacity to grow through additional drilling.

5:26 Copperwood is the smaller of the 2, the more advanced of the 2 projects, would bring in a production of about 30,000 tonne per year for 11 years. Feasibility study had been completed in 2018 and is currently being updated and it shall be finished for the end of this quarter. Of note, this project is fully permitted for construction. White Pine is a substantially larger project. At White Pine, it would bring 40,000 to 45,000 tonne of copper a year, with a mine life of 20 plus years. And White Pine already operated for more than 50 years.

6:13 So, Although it's PEA level, it has been over the years substantially de-risked. The geology is well known, the mining, the geotechnical aspects of the mine also. Flow sheet has been fine-tuned over that period. So the risk of white pine, although at PEA, is substantially less than your typical early stage study. It is also partially permitted and at site as a fair bit of infrastructure. Both projects are in the Upper Peninsula, Michigan, on the west side, close to Lake Superior, good mining jurisdiction, 1 of 2 states in the US that control their own permitting process.

7:05 And as Michigan has been in the 1800 and 1900, a very productive mining region, lots of the infrastructure to support mining are still there, from power, water supply, well-developed road system and railroad system. It's there to support mining. Plus, the community has been extremely supportive. Certainly, in our case, with our 2 projects, they're behind us to support mining coming back into the region. The distance between the 2 projects is only 40 miles, it was about 60 kilometers. So, although in our scenario at this point we're considering building 1, the 2 projects one after the other, there could be a fair bit of synergies, certainly on the GNA side of the projects, but also the leadership for mining, geology, maintenance could be shared between the 2 facilities.

8:15 I mentioned new members joining the board at the end of December. It gives you an idea of their skills and maybe starting with Jonathan Cherry, the CEO of PolyMet Mining and Steve Hicks, CEO of Longyear. They've been both in Michigan for a long time. Jonathan Cherry has started the project, Eagle Mine Project in Michigan, the nickel mine of Lundin. He was at the time with Rio Tinto, led the permitting process and the start of construction before it was bought by Lundin. And Steve Hicks has been CEO of Longyear, based out of Marquette for more than 25 years. So those 2 bring good technical knowledge plus knowledge of Michigan.

9:07 We also have strong directors on the financing side. Caroline Dunley is a partner at Sprock Royalty. We also have Ian Farmer, VP Corporate Development at Osisko. On the control side, Joel-Marc Girel, as a finance and accounting background, He's been named chair of the board in December. Also bringing a set of different skills to the board that I really like at early stage of project is Melanie Miller. She's been a GM at MLO for Barrick, but also led the implementation of global supply at Newmont and at Barrick.

9:55 These skills are extremely important to good start of construction and operational projects. Our shareholders, they've been around mostly since 2017. So although we had a couple of years, very challenging because of the copper price, Orion got in 2017 at 16%. They increased their position buying shares of Osisko Gold Royalties to a 28% position. Greenstone Resources fund out of London as a 16% position since early 2017. Condyer out of Texas, they had a smaller position at 5% but bumped it up at the last raise in August and we still have a Cisco on board to the tune of about 6 percent. So the same set of shareholders, when we did the equity raise in August last year, they funded that. So they're committed to the project.

11:07 They want to see those projects being built and we certainly counting on them when we're gonna go for financing to put in their share of the equity race. I mentioned our balance sheet, roughly 15 million in cash for a market cap of about 100 million Canadian or 80-85 million US. ESG has certainly been part of the discussion in the last 2 years more than ever. And for us, we always took pride in our performance on health and safety side, environmental aspect, and strong communication and support from the surrounding communities.

12:00 That's at the end, the foundation of ESG. Also at the drafting table, while doing the feasibility study, we always felt it was the best place to improve the performance, to minimize impact, be it on the environment or the communities, and to maximize returns for the various regions. The big change I would say for us in this update is really around providing information in a more accessible way to a larger audience in line really with COP26 and the requests And we will provide that on our website.

12:51 We're defining the program at this point. And that's part of aiming over time to achieve level 3, which is really tracking the impacts from where you buy at the supplier and impact up to where the final product goes. So this is a commitment at this point that we're taking. Project wise, I mentioned the overall number of pounds contained, but per project, the difference between the 2 is Copperwood, I mentioned smaller. It's bringing in 50 million tonne measured and indicated, plus the 50 in the inferred. Those are numbers from the 2018 feasibility study. So if you were to reduce the cutoff from 1% to 0.9% in the inferred category, you'd be closer to 100 million ton, always around 1.1, 1.05.

13:52 But interesting is the higher grade material at Copperwood, and that's especially true for the first 4 or 5 years where we'd be mining 1.6 to 1.8% copper. So it helps in reducing the payback period substantially. White pine, much bigger, 230 million tons, no fluctuation in grade, very steady around 1.1. That's also what they've seen over the years while operating in the 50s to the 90s. So large potential for a larger operation and Copperwood's been designed at 6600 ton a day and White Pine's been designed at 15,000 ton a day.

14:45 On permits, I mentioned Copperwood ready for construction. You see though that we're still missing 1 permit, that's the pumping station on Lake Superior for the water intake. It's a bit of a frustration. We've been in discussion this quarter again with the Corps. They apologize for the delay. It's been 4 years in the process. That doesn't change our situation though. And on the commitment to provide the permits, we try to squeeze them understanding if it'd be a matter of weeks or month, their only commitment is it should be in 2022. There are no objection at this point, but that doesn't help us really when we're looking at going financing before the end of the year. So, we have right now in process, a design for an alternative solution to get water at site in a large pond to be able to accommodate

15:50 start of the processing facility, just the backup plan to if that permit was not to come this year, but also a solution where we'll have costs and a solution to start the processing plant when we go out financing. So we're dealing with this one. White Pine, as an older operator, do have a number of the permits and the critical one, our main water intake permit is already in place. We have the capacity to draw from Lake Superior up to 26 million gallon per day.

16:39 On the lower left side in red, you see the portion that's been assumed mine to the feasibility study. That represents the 11 years of mining from the lake going to the east, higher grade being on the west side. I mentioned 50 million plus tons of inferred. If you follow the sink line and go towards the pinkish purple color, that's where the inferred tons are located.

17:15 So we have the possibility to continue drilling and increase the resource. At this point, we decided to keep our cash for engineering and development upfront and wait till we have cash flow to drill and increase the resource. That table highlights the impact of higher grade material up front. You see on the curve the first 4 or 5 years we're mining 1.6 to 1.8% at the mining rate of about 2.4, 2.5 million tonne a year. And that's a rate that's sustainable for 10 years.

18:05 And we're assuming there's good possibilities of going up to 20 years with the inferred that we know Right now. White Pine, I mentioned an operator that was there for 50 years. So lots of infrastructure. You see on the upper right corner, at Tailings Basin, that's still there. One has been closed, 1 still has room to add a fair number of lift and a capacity of close to 100 million ton. I could be stockpiled there. On the facility side, if you look on the right you see the portal and subterra office.

18:57 It's the portal for the old underground And it's important to note that at this point, we do not own the old mine. The project is designed with a new ramp facility accessing the extension of the deposit.

19:13 The old mine has more than 30 square kilometers underwater. So we have no intention of the watering and rehabbing the old mine. We will come in via brand new access. And the buildings, the smelters and the refinery are there, but are owned by a company called PM Power Group. They also own the oil generators. It's interesting. It could be an add-on to processing facilities and minimize upfront capex. But at this point, it has not been considered in the PEA as we're not owner of the buildings. Is owning it a possibility?

20:01 Certainly, we're having discussion with PM Power Group and Subterra. They understand that one owner at site would be a lot better. So this one, we'll see where we land before the end of the year. Important is on that slide, I'd say is accesses, railroad coming to site, you already have a gas line at site, power line, water plant. So a lot of the infrastructures are there helping keeping the total capital costs fairly low. It's a low capital intensity when you compare to your average project.

20:47 I mentioned we'd be mining the extension of the deposit in grey on the left side that's the old mine. We'll be leaving a pillar and get into the development of the extension. In yellowish that's all of the indicated for more than 3 billion pounds and the inferred for more than 2 billion pounds. The intention at this point is to drill the inferred starting next winter to bring all that in the feasibility study. The deposit is open going to the north and going to the east as well so sizable deposit

21:30 in a great jurisdiction. Side to side, what does this mean? Well, Copperwood, and it's important, Copperwood, those are 2018 feasibility study numbers and White Pine, 2019. We all know the changes that happened in the last 3-4 years and the impact it may have, but we've seen a big increase also on the commodity side. Copperwood was done at 315 and the initial capital for the development of the project

22:10 is 245. That is including a 30 million revenue from the commissioning period. So CapEx upfront needed $275M. We've always worked with $300M needed, including working cap for the project. So as you see, about 11 years, 30,000 tons of copper a year. Capital intensity at about 8,000 per ton of copper produced is really on the low side. Operating costs average at 153.

22:50 Interesting was the first 5 years. As you've seen higher grade 1.6 to 1.8%. So that helped having an average price of operating costs of 125 per pound for the first 5 years and as we go east and grade goes down to 1.2 and we also have a smaller not as thick as seem to mind it brings up operating operating costs closer to 165 to 170 for an average of 153. After tax and PV, 8 was at 120 for a return of about 18%. So it's a project that's sensitive to copper price. It's good exposure to copper price.

23:41 You see the impact going up to 320

23:45 NPV8. If you have an increase of 20% or around 380 and much greater return if you assume the same CAPEX. White Pine was done at $3 And you'll see it's a more robust project. Initial capex, obviously higher at 460. It's a 15,000 ton a day mine with much more substantial copper production above 2 billion pounds. Life of mine to start with 20 years plus. Capital intensity just around 11,000. So on the low side versus the majority of the open pit projects that we see around heading for development and a very steady operating cost at $1.40.

24:42 It doesn't move much from

24:45 $1.40 to mine life. It's plus or minus a couple cents. NPV value way higher at 420 and a return around 17%. At 360 copper goes to above 800 million on the NPV value and well above 1 billion if you were using a $4 copper. But keep in mind, those were capital numbers from 2018 and 2019. So overall at this point, we're ready to get into those projects. Short term timeline, I mentioned completion of Copperwood feasibility study update for the end of the quarter.

25:35 We will update White Pine internally

25:40 to understand the increase in cost as well. Where will it go up to based on all of the bids and requests for equipment and contractors that we've got in updating Copperwood. And We'll also update a scenario that combines the 2 operations. We always kept this one alive. I mentioned early at this point, we're focusing on developing Copperwood, getting construction

26:20 early in 2023, after having completed the financing in the second half of this year, that would allow us to have a quick access to cash flow. 24 months or end of 2024, early 25, we would be getting some cash flow. And that's why we elected to go back to back on the projects. But that combined scenario, we continue to update. It's a more robust scenario in the sense that you see all synergies integrated. What you don't see right now, if you do the projects individually at this point but it would take it would take larger investors coming in to support that project as the capital investment would be substantially higher which would be a challenge for a company our size at this point.

27:23 It's the right time, as I mentioned earlier, copper is needed. The focus will not slow down, although we're seeing a bit of uncertainty right now. Fundamental for copper is there. Older operation that provided the supply mainly from South America, they do have to invest huge amounts of capital to keep up with the production. They're getting towards lower and lower grade. Energy cost is substantially higher for those large open pits right now. Plus, we're seeing with a higher commodity price, a fair bit more disruption around the big operation.

28:12 Everybody seems to want what they see as their fair share of the pie. So it's making for some disruption. And that's something we really like about our position in the US, very stable environment, access to lots of the supply and reduced logistics compared to many of the other projects. So we feel it's the right time for developing copper assets. We like our positioning in the US and we certainly like the challenges and the path forward in front of us. So that completes my brief presentation on copperwood and white pine.

29:05 I'm certainly open to any question that you guys may have. That's great. Thank you so much, Denis. There are quite a few questions that have come in. So we're going to get to those. And if you haven't submitted a question and you want to, feel free to do so. What is the community support like in the Upper Peninsula, Michigan? And are there other mines active in the area? Well, on the community support side, I'd say it's very strong. It's impressive to see how everybody is willing to chip in. We met, we had a meeting in December where we mentioned concern about housing that we don't see as available now as it was in 2018. And the communities, they form their own group and have been meeting twice a month to provide us with a list of opportunities and programs that could help on the housing site.

30:03 It's a mining country, mining jurisdiction, they know that all of the potential impacts, benefits coming from having operation. So Look, great support from the communities and I'll say the same from the state through the permitting process. As we completed the feasibility study in 2018, we got all of our permits ready within a year. And through the process, I've never felt the state was there to trap us, which sometimes happened. They were up front in highlighting potential challenges, and they were of great support through the process. As for mines in the region, operators right now, you still have copper mines owned by Cliff. They've operated for a long, long time.

31:00 It's about 2.5 hours from where we are. And you also have Eagle Mine, London Mine Operation. It's a project that started about 10 years ago, right after the state changed the legislation and took over the process. They were challenged on the permitting process up front, but they did very well. They delivered a good project, minimum impact, and got great community support. So they've been a great ambassador for the mining industry, opening doors for all of the others to come. Great, thank you. John is asking, what's the timeline for a feasibility study at both projects?

31:49 Look, on Copperwood, the update will be completed this quarter. White Pine, we're looking at starting the drilling program in January. We see an 18-month period for the feasibility study. We are already interfacing with the state on the permitting process, as we are doing the baseline work. They're committed on giving all permits within 2 years. So we want to have White Pine ready for construction the minute we have cash flow from Copperwood, if we go for the back to back scenario. At some point, if, as I mentioned, if a larger investor was willing to go for a combined scenario it would take roughly the same timeline, a good 2 years for permitting and feasibility study from the end of the year.

32:51 Thank you. James is saying the Copperwood feasibility study envisioned trucking copper concentrate to the Ashland sub line in Wisconsin in order to connect the Canadian National Railway. Would it be possible to use a closer rail line such as the Old White Pine connection or the Escanaba and Lake Superior Railroad connection at Rockland? Look, it's yeah in the in the old feasibility study, we were going through Wisconsin. We've looked at all of the opportunities again in this update. I won't tell you where we're going. It's not public information yet, but we're looking at alternative scenarios.

33:40 And we're also doing work on what would be the possibility of leaching the concentrate directly at site, at White Pine site. So we're doing studies, talking to different parties to see what can be done to reinvigorate the railroad industry in the region. And there are opportunities, but my new CN was the preferred choice if you were to ship the concentrate to either the Horn in northern Quebec or Europe, where you would go to Quebec or 3 rivers for shipping to Europe.

34:33 But we have alternative routes to adjust depending where the concentrate will go. Nicholas is asking, are there third party owners of mineral rights underlying copper wood and how much is estimated to be paid to them over time? We used to have 3 mineral rights owners, KLA, SAGE and Chessboro. Those would be the guys that you see in the 2018 feasibility study. Right now, we're down to 2 as KLA bought out Sage Position in September 2021. So we have KLA and Chessbro.

35:23 They do, we do have another owner of royalty, a Cisco gold mine or gold royalty company. They own a 1.5% royalty on the copper produce at Copperwood and they have an option to buy some of the silver produced as well. Overall, how much money is going their way? I'd say it varies depending of the copper price. The royalty is linked to the copper price, but it's likely to be between 80 and 100 million. Thank you.

36:10 James has a follow-up question asking, is the plan to use the Glencore horn smelter for copperwood concentrate as discussed in the copperwood feasibility study? Look, it has been discussed with Glencore. There was certainly an interest from Glencore side, but they're not the only one interested. So at the end, it's an assumption of base case, certainly shipping the copper concentrate through the CN Railroad towards either Northern Quebec or port facilities in the province of Quebec, but where it will ultimately end as That copper concentrate has not been allocated to any buyer at this point.

37:06 Adam is asking, are these site recipients of the Coppermark, an insurance framework set up to promote the responsible production of copper? Or If not, is it planned or are there other means to qualify for responsible mining methodologies? Look, we've never had the request or demand from the off-takers or the buyers of the concentrate to be sustainable to minimize our impacts but I like to believe that we we on ourself will put pressure to operate and minimize our impacts and minimize our environmental impact and health and safety impact through the years of operation and focus on maximizing impacts for the surrounding communities as well. So we're taking steps to be there and support the region and make for improvement on the ESG side for the industry, but certainly no pressure or direct requests from buyers of concentrate at this point.

38:30 That's great. Richard's asking what permits are still required to restart the White Pine? For White Pine, it's really the permits that are linked to the operations. Part 632, have the mine plan ready, the design of the processing facility. Air permit will be also linked to that engineering phase of the, to the feasibility study. Dam safety permit, it's there because you already have the old dams, but it will certainly need engineering and a revision or an amendment to that permit to reflect additional deposition.

39:19 But for the for water, the permits are there, be it NIPDs or the water intake from the lake, they're already there. Okay, Thank you. Adrian is asking if you could please talk about the metallurgy for each project and the value of any secondary metals. Yeah, look, the 2 projects are a bit different in a sense that copperwood has a potential recovery or an assumed recovery in the feasibility of 86% with the potential to go to 88% like white pine over the years. The big difference between the 2 is the fine grain of copperwood.

40:08 It has to be a fair bit finer than the mineral, the ore from white pine to recover. White Pine recovery is assumed 88%. That's the average of the plant back in their years of operation. But it's the ground, the grind required is much coarser, making it a fair bit cheaper to operate the processing plant at White Pine. Both projects only have silver as an additional value material in New York. All right, thank you. Shai is asking, can you please speak to any concerns about cost inflation trends with labor, machinery, electricity or other?

41:03 Relatedly, are there any concerns about basic availability of any key mining equipment slash critical supplies? Look, certainly availability has changed a fair bit in the last 3, 4 years. But on mining side, some of the specific equipment like grinding mills, transformers, mine equipment, were already part of a list of long lead items that we would track in developing any new projects. The delivery for all of these is certainly in the 52 weeks plus at this point, so that's why for us when you look at the copper wood we'd like to get into detail engineering fairly quickly so that once financing is ready, we're positioned to place orders on those long lead items.

42:03 So that's a challenge. Besides that, yeah, we see it in our day-to-day life. The increase in costs has been substantial lately. We see it in Michigan as well. Contractor availability, it's there, but costs did increase. And I'd say some of the higher cost increase we've seen or above 50% for some equipment and yeah it's gonna have an impact on on the feasibility study for sure but going from $3 or $3.15 copper prices used in the past to $4.00.

42:52 In the feasibility you probably won't be able to go above $4.00 but in reality we've seen $4.50, $4.75 copper for a while this year so it's also a substantial increase. Overall they will offset each other. I think we've put a lot more effort or a lot of effort in understanding the supply, the logistic issue as well, and when we would have to place orders to make sure that we have, we can have an orderly feed of material arriving to site for operation. But there's pressure there and I don't think it will go away in the short term.

43:42 All right, thank you. John's asking, how do you plan to raise 100 to $120 million of equity to support the 180 to 200 million of debt financing for the initial CapEx of Copperwood. Also, do you have any plan to increase the liquidity of the stock? Look, as for raising the money, I'll ask the CFO to bring in the money. That said, look, on the debt side, back in 2018, early 2019, we did work with a number of banks, got the process to a short list of banks that were willing to put in about 60% of debt on the Copperwood project.

44:29 So these banks are still interested. They're waiting for us, having finalized the feasibility update and the financial model to really get into the process again. So we're wigging off the assumption 60% will be debt. And on the equity side, it's been, when looking at the availability of capital for projects, it's been challenging. There are certainly uncertainties right now when you look at the war in Ukraine and the situation with China. But we are confident that with our main shareholders owning about 60% and having put the money in August and still being there and committed to the project, if we have 50% of the equity spoken for by our main shareholders, the balance we will be able to get on the market as we see a fair bit of interest.

45:37 Obviously on the share price, it's part of the challenge. How can we in the short term increase market value of the company? It would certainly help. But for 2 years we were sort of in limbo until we raised the fund and restarted the project. We brought in a new board, we're bringing in a new team of management, including our CFO, Barry O'Shea, that work with New Gold, was at Fiore until the company was sold at the end of last year. So we're looking at opportunities to bring more value to our share to increase market cap and facilitate the overall financing at the end of the year.

46:35 Great, thanks so much. So, Adrienne's asking, have any larger companies approached you to discuss getting involved in your projects to help them through to production? Yeah, good question. It's a Question where you cannot say too much on this, but look, starting February this year, as we advance the feasibility a fair bit, We presented to a number of conferences and yes, there are parties interested to have discussion. We won't be in discussion before we complete this feasibility study update and also a strategy session with the board on what's the path forward.

47:30 We've been in the last couple of weeks completing risk assessment session, gap analysis opportunities. So we'll be ready to discuss investors wanting to come in and also included in their companies that want to discuss and have a look at what we're doing and where we're going. All right, thank you. A few more questions here. Sylvian's asking, what will the approach related to the construction, EPCM and owner-constructor be? And then says, hope you still have your great skills for project management on time and on budget. Yeah, look, it's an interesting question. It was interesting to do the review to develop our execution plan.

48:28 Back in 2018, it was an owner and contractor engineering team that was assumed. We work on the feasibility update with G-Mining. They've delivered on a few good projects in South America for Newmont and Londingold. So we went with them again for this update. And EPCM versus owner engineering firm, manage construction. We're certainly leaning towards managing our own construction, not going a PCM.

49:15 It comes with opportunities when you go EPCM or probably maybe more interesting larger general contractors. As for us, overall, it's not a huge project. If you're talking a project 300 million, 400 million, even 500 million, it's not like the big 1.5 billion projects. And going EPCM right now remains challenging because it will be a challenge for everybody to get the workforce and the skills at site. That's gonna be the most important thing to be able to deliver on time and on budget. And we see a fair bit of EPCM firm being as challenged as the company on that site.

50:06 All right, well, Denis, thank you so much for taking us through the presentation and of course the live Q&A. That's all the time we have for today. So I just wanna thank everyone who joined us and asked all these great questions. If you do have any follow-up questions, feel free to reach out directly to Highland Copper. There's contact information on this slide here and of course you can also find more information on their website highlandcopper.com. But before I close things out, I wish to pass it back to you, Denis, if you have any closing remarks. Look, thank you Dasha and thank you everybody for joining. We're looking forward to continuing that discussion with you guys over time.