Hochschild Mining (LSE:HOC) — Investor Presentation

0:00 Good afternoon, and welcome to the HOCHSCHILD MINING PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated in the right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives in the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand you over to Eduardo Landine, CEO. Good afternoon, sir.

0:30 Good afternoon, and welcome to the Capital Market Day presentation today. Well, let me let me tell you that we have been working on this presentation and on the budget and the guidance for the past, three months, and now it's ready. We have defined a new strategy that clearly will focus on the core business also to increase production and lowering cost. If we go to the next page, first of all, let me introduce myself. I am Eduardo Laming. I am a mechanical engineering by training. I am in the company in HOCHSCHILD MINING for the past seventeen years.

1:18 And since August, as you probably know, I became CEO of the company.

1:30 Let me go to the next page, to this one. First of all, why I would say that HOCHSCHILD is a compelling investment case. Well, first of all, today, we have our Immaculada, our flagship mine, which is permitted for the next twenty years. We have established that we'll be able to produce 200,000 ounces of gold per own. That that will be the production base. Also, the cost is set to fall down substantially from q four twenty twenty four. We have a very impressive and significant exploration upside.

2:19 And today, the Peru government is promoting mining. So things are going changing in in a in a very good winds for the company.

2:32 Once we have Immaculada, we should go to the next near term growth opportunities. As you can see in the map in Brazil, we have Mararosa. Mararosa is a new mine that will have the first gold pour at at low cost mine in q one twenty twenty four. And then we have also close to Inmaculada, Royal Opata deposit, which is a new low cost mine also that it will give us a 100,000 ounces of coal. And all these will be done with a very strict capital discipline.

3:20 This capital discipline will be focused on repay the debt, also finance the growth, and, of course, to make sure that we have some capital returns to the investors.

3:38 If we go to the next page, then you can see what happened in the last three years for HOCHSCHILD. Let me go to the external headwinds that we have at the beginning from 2020 to 2023. As you may know, we have COVID. All mines were closed for two months. Castillo then become president, and the prime minister announced that, two of our mines in Ayacucho in Ayacucho will be closed. Then the chrome the congress removed Castillo from power, and there were nationwide protests and disruption. And on top of that, we have Argentina with inflation above a 100%.

4:27 The unofficial peso rate was or has been three times versus the official rate. In the in the meantime, what we have been able to do, from 2021 to 2023, we acquired Amariju and start construction of Mararosa gold project. We also discover, which is a 51,000,000 ounces equivalent of silver. It's a high grade resource. We demerge, the TSX, Dino De Aclara on the TSX, and we retain 20% stake. And then we have the Macula environmental permit approval, mine developments, and exploration, restarted.

5:20 Also, we have the HOC leadership transaction, transition. Today, we have a new CEO. We have a new CFO, and we have a new COO. But the good thing about this is that all of us has been in the company for many years. We have the experience, and we have the history, and we are ready to implement this new strategy. What do we have for the future? Well, in the permit for twenty years, Mararosa, the first production on q one twenty twenty four. We already started with the permitting process. The brownfield program has already studied in all sites, exploration potential that we have across all operations, what I said about the disciplined capital allocation.

6:11 And, of course, we want to establish an exit strategy for noncore assets. What it will be the, the focus of the of the management for now? Well, first of all, let me tell you for the noncore assets. As I said, Atclara, the rare earth business in in in Chile, demerge, and we kept 20% interest on it. SNIP in Canada, we terminate the option in April 2023. Bulkan in Chile, we are looking with Canaccord strategic options like selling the asset or or or an IPO.

6:59 And, also, we have designated as noncore assets Crespo, Azuca, and Arcata in Peru. What do we need to focus on our core asset in Latin America? Inmaculada, as I said, the flagship Peru asset with twenty years permit extension, Mararosa, the new ten year Brazil mine, Royal Opata, the new high grade in Peru project, and San Jose that we know is a high grade mine that has an impressive track record on, replacing resources since 2008.

7:44 Our new strategy will be focused on four keys, from key drivers. First of all, brownfields, generating the long term value, extending the life of mines, and I want the team, the brownfield team, to focus on mineable resources. Then we go to ESG. ESG means driving responsibility and respect. We have today a world class safety performance. We have established the twenty thirty ESG KPIs, and they are in place, and they are in line with the global goals from the United Nations. And we have also established that in 2050, we will be net zero carbon emissions.

8:36 Going to operational efficiency, I want to, implement a lean philosophy across the company. We will introduce process optimization with the help of third parties on our, like, mine processes.

8:56 We we have proven in the past that we know how to develop projects on time, on budget. And the fourth driver, it will be the disciplined capital allocation, funding, of course, the organic growth, payment the the debt, having some capital return for shareholders. And, of course, if we do any m and a transaction, should be value accretive. Let me now present you what it will be our projections for production and for the cost, for all in sustaining cash cost for the company for the next three years.

9:41 As you can see, if we compare the figures between 2023 and 2026, we will have a growth of approximately 25%. The important thing is that in 2027, if we if we got the permits, of Royal Opata, we'll restart our unit of Pallancata, and this unit will produce another 100,000 ounces of silver of of gold. Sorry. If we go to the cost, you can see that we are planning to reduce the cost by 20%. Therefore, I would say that we expect a very strong cash generation in the next four years.

10:37 What is our one of of our competitive advantages? Well, today is a proven development expertise. This is not very common in in in the sector in the mining sector. But since 2006, we have been able to develop, construct five mines on time, on budget. We consider ourselves especially in operating mid sized underground mines. And, of course, we have demonstrated also that we know how to operate open pit in Morris in back in 2006 in in in in Mexico, and we are demonstrating open pit operations in Mararosa in Brazil. And, also, I would like to tell you, why we are considering ourselves a a leading operator in Latin America.

11:39 Well, first of all, we have a solid reputation. We have been working on underground mines for fifty years, across Latin America. Safety has always been a top priority. And today, if we compare our results with the ICMM first quartile, we are number one in underground with very, very low frequency and severity rates. Also, we have an very experienced in house technical service professionals and operational excellent team specializing in variety mining methods and mineral processing flow sheets. We have a strong record on delivering sustaining capital project also on time and budget.

12:29 And what we are very good on is to identify innovations and implement those innovations that we can find across the industry. For example, today, at Immacula, we are implementing telemetry, ventilation on the on demands, and artificial intelligence systems for, pumping water. Also, something really, really important in the mining sector is planning, short time and long term planning, And the use of state of the art mining tools, like, for example, this week, is something that it will give us, you know, a lot of, planning, expertise, and that's the way to get the best out of the mines.

13:25 Going to brownfield exploration, here in this in this slide, we can see what we have done in the past years. In 2000 and oh, no. No. Sorry. Sorry. This this is the future. It's a it's a shorter version of the presentation. Let me tell you what is the future. Yeah. The cost of bringing an ounce of gold through brownfield exploration is only $44 per ounce of of I mean, per per ounce. And we have achieved from 2016 to '22 to bring in the company 3,500,000 ounces of gold.

14:15 We are projecting, in the next seven years between a conservative scenario and an upside scenario that we could go from 3.9 to 5,200,000 ounces. Going to Inmaculada, looking the same figures, you can see that between 2016 and '22, we have been able to bring 2.4. And we believe that only considering near mined, we'll be able to bring between two point one and two point nine million ounces. These figures doesn't consider regional exploration upside. It's solely near mine. So I would say that we will have the possibility, you know, to bring much more resources than the ones that they are in these tables.

15:13 Let me tell you about the let me tell you about Peru today. Well, today, Peru is a different environment. The person that is in the picture there is mister Ottarola. He's the actual prime minister, and he has been actively, promoting mining. He was in at the PADC in Canada. He was in Peru, Maine. They have already, established a delivery unit at the ministry of economy and finance, to guide permitting, the key investment projects. And, also, they have demonstrated the ability to give permits, because in less than a year, they have I mean, they gave Zafranal, the new permit, Inmaculada, our permit, and Toromocho for Chinalco.

16:09 Also, they have launched several initiatives, to streamline mine permitting. They have today a high level commission led by him. They have a single permitting platform for mining permits, and they are working in different

16:30 procedures, yeah, in order to simplify environmental permitting and prior consultation process for exploration. I would say that, today, Peru, yeah, is is is it has political stability and is open to business. And we have a pro mining environment, and the social contents has also improved dramatically. Going to Inmaculada, as you know, Inmaculada is our flagship mine. It's located in Ayacucho. It's an underground operation that commenced 2000 in 2015, has beaten the guidance every every every year since commissioning.

17:19 We got this MEA new permit for twenty years in August 2023, and we have a very impressive large regional land package that still has to be explored.

17:38 What are our projection, for Immaculada? Well, first of all, we we will have a production for the next three years or around 200,000 ounces. And if we go to see the all in sustaining cash cost, we will be around 1,350 average. But if you look the column on the '24, we have 22 $222, which is CapEx that was deferred from years 2022 and 2023. See, we didn't have the permit. We stopped doing developments.

18:23 We didn't expand the TSF capacity. And in 2024, we are going to invest $45,000,000 on TSF expansion waste rock facility. We are planning to, install a reverse osmosis plant that it will let it will, give us an extra capacity at the TSF, and also we will, recover mine developments, during this year. Also, we have in place some initiatives to reduce costs. First of all, is to increase the structure, from the recent permitted area in order to eliminate plant spare capacity.

19:10 Also, we want to increase the mechanized mining methods in across across the mine. And also, we want to improve productivity.

19:27 In this page, what you can see is a significant opportunities in brown in on the brownfield program. Let me show you. In the middle of the of the map, you have, those red lines which are the current veins. The new mayor has given us a this extra area that that is, I mean, where in the short term, we need to pure we have the priority to maximize the life of mine. We have a plan yet to add between zero point five and zero point six million ounces of, of gold with more than 500 grams, per year in the next four years.

20:19 And the key areas of drilling is the new Eduardo Weld that is there, Angela South, Angela East, and Angela West. I think the important of this map is that we have been producing from 2015 until today, and the only area that has been mined is the one at the center with the red lines. So the potential exploring in this area is huge, and that's the reason I mean, we are talking about twenty years of potential exploration in this total area. Let me tell you about Royal Opata. Well, first of all, let me establish that Royal Opata is a deposit that is in the Pallancata area.

21:09 So Pallancata, as you know, is located in Ayacucho. It's an underground mine that has been operating since 2007. We have this major discovery called Raidopata, and I will tell you about that in the next slides. Today, we need to stop operation and going on care and maintenance. We need to spend $6,700,000 on care and maintenance until Royal Opata become pro in production in 2027. And we, unfortunately, we have one off employee termination cost of $8,000,000. The reason why is because we don't have the permit to get into the area of Royal Lopata. But once Royal Opata will be in production, we will use the whole infrastructure of Payancata, the plant and all the infrastructure, camps, roads, electrical, everything. Everything will be used.

22:09 In this slide, you can see what what is the meaning of Royal Ropata discovery. It's it's a a discovery of 700,000 ounces of gold. This discovery has very strong economics. Also, it has the the geological potential to double resources to a similar so we could be talking about 1,400,000 ounces of gold. And we have already studied the engineering studies and the, environmental studies in order to complete the new environmental permit. This resource, the 700,000 ounces, is 3,000,000 tons. It has a very good grade, 1.9 gold, 515 silver.

23:03 And the average width of this mineralization is five meters. What does that mean? That we can apply mining methods I mean, massive mining methods that it will give us a very good all in sustaining cash cost. On the table on the right hand side, you can see the key metrics, and we we are planning to start production on 2027. The average annual production will be a 100,000 ounces. Initial CapEx is very low since we have all the infrastructure in Pallancata. We'll be spending around $60,000,000, And the average all in sustaining cash cost for these 700,000 ounces, it would be between 1,000 and $1,100 per ounce.

23:58 With all these, key metrics, the pretax IRR, it will be between 4555%. So very, very attractive, opportunity for HOCHSCHILD.

24:16 If we go to, the area where we have this discovery, it's totally open. I mean, near mine exploration is aiming to discover additional 50,000,000 ounces. That's another I mean, this is in silver, but, that that's the another 700,000 ounces of gold in the in the Rorobata Belt, which is on the, on the on on the left hand side of the of the map. And between 2024 and 2027, we don't have only Royal Ropata Belt, which is the Marco extension, but we have also Paca Pausa system. We have Pallancata Northwest, and we have Yanaco Chita and Bolsa.

25:01 So then again, on top of these possible 1,400,000 ounces of gold, we have several areas where we can increase resources, once, we deplete, the original resources. Let's talk now about Brazil. Well, Brazil has been a great surprise for us. We believe that, today, the economic stability of Brazil with the new Lula government is great. We also depend strong from the federal government, and we have received a I mean, we feel that we have a lot of support for the mining business.

25:51 Mining is permitted at that level and regulated to a state level. The state of Goias is a key mining friendly jurisdiction that has been always. And all the Mararosa, the new, project, permits are granted on time. We have excellent infrastructure. I mean, we have, the the the the town of Mararosa, the national roads is connect is connected to the national grid. So in terms of infrastructure, we are extremely happy, with the area.

26:27 And going to the most important thing, the people, we have today in place a very experienced and professional local senior management that is in charge of the, of the project. We feel that there is a huge amount of qualified workforce available close to the project. We have regional contractors that they they have demonstrate that they are really good in construction and also extremely good on safety. And the good news about all this is that the community is extremely friendly and recognize the benefit of the project. So I will say the our experience in Goias, on the state of Goias, has been very positive.

27:16 Mararosa in figures, is located in Goias. As I said, it's an open pit mine. We have a ten years life of mine. We we we have opportunities to identify new resources in order to extend the life of mine and increase the economics. And, we have also the potential to increase the plant capacity. Today, we are planning to have an average production of around a 100 a 100,000 ounces of gold, for the first four years. And as you can see, an all in sustaining cash cost of around $1,000 per ounce.

28:07 In this page, what you can see is the effect of Mararosa in the whole portfolio of HOCHSCHILD. We have increased reserves by 75%. We'll we we we will be increasing production by 34%, and our all in sustaining cash cost, it would be reduced by the fact that Mararosa is coming with a all in sustaining cash cost of around $1,000. Today in Mararosa, the project is 99% complete. Everything is linear ready. The only thing left is the electromechanical assembly that we have at nine at 89%.

28:58 And I have to mention, and I mentioned before, that we have been able to accomplish four million hours without one lost time accident. The operational permit is already filed, and we have also a very powerful ESG program that including a lot of visits to the knowledge trail. That's something that we implemented at the beginning, and it's very, very interesting. We have all the schools around visiting the project. We have purchased from local suppliers more than $9,000,000, and we have 320 people working from Mararosa and Amaralina, and they will stay working with us during the operation. So the impact, of this Mararosa project has been really, really good on on the on the villages around.

29:53 This is the schedule for, the project. Everything is nearly complete. As you can see, the electromechanical assembly, it will be finished on q four twenty twenty three. We have already starting commissioning and start up, and we are planning to have the first pour gold in q one twenty twenty four. And if everything is going well, commercial production, that means 70% of the capacity of the plant in production, it will be on q two twenty twenty four. So we are extremely happy with this project. It's a new mine for the HOCHSCHILD portfolio. It's bringing a 100,000 ounces with an all in of $1,000 per ounce of gold.

30:45 Also, have some near mine programs in place to to the I mean, to discover new resources. We believe that we can bring a new 1,000,000 ounces of of gold. And in this page, you can see that we have Pastinho. We have Cocha. We have Maya. We have different targets, you know, that we we will start exploring, in the next few months in order to be able to replace the production that we deplete from the post deposit. And now let's go to Argentina. We have San Jose.

31:33 San Jose is in the Patagonia in Santa Cruz province. It's an underground mines that we start up in 2007. Today, we have additional resources and potential drilling plan for San Jose District in order to bring new, resources. We have demonstrate, in the past fifteen years that we have been always able to replace resources, in order to continue with the production in San Jose. And in this page, we have the San Jose forecast. Probably, you are asking why we are lowering down production, in 2024.

32:22 And that was a plan in our life of mine project because we have the the the areas that we are getting into. They have lower lower grades. But, in 2025, we are planning to increase again production up to a 130 to a 140,000 ounces of gold. Also, we we we have some plans in order to increase production. We have some open pits, small open pits around, the mine that we want to put in production. We are evaluating at the moment to increase the plant capacity by 15% with a very modest investment. And, we have program in place, to increase local employment and, of course, enhance operational skills.

33:14 If you can see the cost even that we have reduced the production projection for 2024, we have been able to keep the all in sustaining cash cost in 2024, the same level of 2023, and we are planning to lower down that all in sustaining cash cost in 2025. Everybody knows that we had elections last Sunday in Argentina. We have a new candidate that he has said, in several location that he's pro mining and pro investments, and he's planning to devaluate the currency. If he's able to do that, we don't have inflation.

34:05 I mean, we will expect, you know, to have a very impressed impact on cost, seeing all our cost. I mean, I would say be between 8085% of our costs are in pesos. So let's say that today we have an official exchange rate of 350. The unofficial one is around 1,000. That mean that we could I mean, if we will go to the unofficial one, we could divide our cost by by three. So I believe that there is a very impressed opportunity in Argentina. On capital allocation, we have priorities to maximize the value creation.

34:53 First of all, investment in current projects. We need to finish construction, permitting, and the work of engineering. Also, want to put the money on bra brownfield exploration. We have said that, we have the ability to bring new, resources through brownfield, so that should be a priority. The debt repayment is also a a priority. This disciplined debt levels, to further deliver growth should be in place. Also, capital return, any distribution from investment cycles, and m and a should have clear parameters to evaluate the opportunities. Going to our approach to ESG, let me start with health and safety.

35:48 I mean, safety for us is the first priority that we have in the company, And we have been able to reach a frequency index of one, you know, after many years working with DMV. Today, we are the only company in the world that has DMV level seven, and we are working to get level eight. Also, another aspect of ESG is empowering people. We need I mean, we we work with the people. We train our people, and we take care of our people, and we are very competitive with them. Then, of course, serving serving our communities is something that we need to focus, especially in Peru, that, I mean, our communities around the site, they have a lot of needs. And, unfortunately, the state I mean, the government is is not as close as we as we would like.

36:48 So we we have two two actions that we are going to to do there. Of course, we are going to continue with our programs of health, education, and communications, but also we want to work with the Peruvian government to make sure that they are closer to these communities. Of course, protecting the environment is a major priority for the company and finally guarantee that we are a very responsible business. This is the final, slide, and let me tell you why I consider that we are a very good opportunity, a very good investment opportunity.

37:41 Well, first of all, because we are going to be focused on the core business. As we said, noncore business will would we will put it aside. We'll we will increase production, and we will lowering cost. Today, we have a new manage management team in place, but this management has been in the company for eighteen years. We have all the history of all the experience in order to implement, this strategy. We have our flagship operation, the risk, with the new permit, and we have twenty years ahead, you know, to get all the value from Inmaculada. We have the new local low cost mine in Brazil, which is very close to production.

38:31 Royal Opata, the new discovery using all the Payanca infrastructure, it will give us a 100,000 ounces per year from 2027. We'll continue doing brownfield And with the track record of replacing, resources, we will do the same and, of course, try to increment our life of mine. Disciplined capital allocation is part of our strategy. And, of course, ESG will remain the core of our HOC strategy. Thank you very much. And now we will pass to q and a. Perfect. Eduardo, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab, which is situated on the top right hand corner of your screen. But just while the company take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Eduardo, as you can see, received a number of questions throughout today's presentation.

39:33 And if I could just ask you to read out those questions and give responses where it's appropriate to do so, I'll pick up from you at the end. Okay. I will read the the the the questions, and then I will answer them. The first question from Alessandro is it says, with precious metals prices firming, would you consider resuming of dividends? Well, the answer is yes. We are waiting to put in production Maranosa and start getting cash flows from that operation. And, of course, we will go back to our, board meet, board of directors in order to propose, to restart dividends. The second one is given the extremely high all in sustaining cascades at San Jose, is the mine likely to come to end pretty soon?

40:29 Can things be turned around? Well, I I have already answered that question with the slides, but, I mean, we are planning to lower down cost in 2025 with current prices. You know? And and, also, as I said, we believe with the new government, there is a possibility to lower down cost And, also, the possibility of expanding the capacity of the plan, it will give us also another possibility. So I don't think, that we are planning to close San Jose in any way. Given the noise the the positive the positive noise, coming out of the Ministry of Mines, can we now seek to accelerate the development at Royal Repatha?

41:24 Okay. It's true that we we are having very good, opinions from the government, and they are totally pro mine. But, as I said, to get a new permit, a new environmental permit, we need to do the engineering studies and the environmental studies. Also, we need to go to fill to the field and do a wet season and a dry season. And, then the, which is the authority, it will take more or less a year to evaluate, the document that will be presented to them. So I would say that best case scenario, it would be, to get this permit in the next three years and start production in 2027.

42:18 Can you expand on the operational efficiencies that you are planning to implement in the coming year? Yes. Of course. We are planning to bring a I mean, to do a sorting in the operation, especially at Inmaculada and to bring consultants by specialty. And we would like to analyze our mining cycles in order to try to lower down cost. Also, we have some plans and some projects in order to increase, leaching capacity that will increase the recoveries metal recoveries.

43:03 Also, we have a project in order to increase the flow of, oxygen to the leaching tanks, and that will give us also an increase on recoveries. And, as I said, we are looking at possibilities to increase, capacity at San Jose in order to be able to lower down the the grade. Do you know that it would it would I mean, basically, the cutoff the cutoff grade in order to pass extra material through the plant. How do you plan to balance growth with disciplined capital allocation? That's a very good question.

43:50 Well, basically, we would like to, as as we said, we would like to invest a good amount of money on Brownfields because we believe that Brownfield is is a cheap form, you know, to bring new resources. Of course, we want to pay debt, and we'll be very vigilant in order to if there is any opportunity in the market, that, for example, the one that we have with Amarillo, we would like to repeat Amarillo. But, of course, we are not going to increase debt, at this point in time. First of all, we would like to consolidate the company situation, you know, to have in, getting cash flows, having, Mararosa, getting cash flows.

44:47 And, of course, if we have San Jose with evaluation, also, it will give us very good cash flows. And then once we do that, we can look at a new m and a opportunity. Will the additional exploration of gold at Mararosa increase the annual production or extend life of mine only? Well, we when when we when we did the engineering of Mararosa, we left, some spaces, you know, to increase product increase the capacity of the plant. So with no very much CapEx, we will be able to increase the capacity by, let's say, between 1020%.

45:37 So if if if if if that is possible, of course, we will try to increase, the production from Ana Rosa from year one. So that is the plan. You know? But, of course, we would like also, I mean, if we are able to go a 120 is to find the resources we we were talking about on the presentation around 1,000,000 ounces extra, you know, in order to have a life of mine of, let's say, fifteen years that would be that would be perfect for us. Then what does a good m and a opportunity looks like? Well, the answer is Amarillo Gold.

46:23 Amarillo Gold has been a very good opportunity for us. I think we acquired Amarillo a in a in a good price. And, also, we have been able to deliver an engineering and construction on time and budget. So we believe that, repeat the, will be a very good opportunity for us. And I believe that's another question. I believe that fresh elections are likely in 2024. Does this represent a material risk? We don't have we don't have any elections, plans for 2024.

47:10 Elections in Peru would be 2027 or 2026. So we don't we don't expect any changes in the political scenario in Peru for the moment. Okay. That was the last question. Yeah. Perfect. Eduardo, thank you very much. I think you've actually addressed all those questions you can from investors. And of course, the company will review all the questions submitted today and will publish their response on the Investor Meet company platform. But just before redirecting investors, provide you with their feedback, which is important to the company. Eduardo, could I just ask you for a few closing comments? Well, yes, of course. As I said in the conclusions, we are very focused on bringing value, to the shareholders.

47:56 I believe that we have had some headwinds, you know, in the past three years, that, it was difficult times for the company. But during this time, we were able to reinvent ourselves. We acquired Maria. I mean, we got the permit. So we have demonstrate that even in in difficult times, HOCHSCHILD is able, you know, to give results. So I would like to ask, the possible investor or the current investor to give us trust because we are a very competitive, management team. We have a lot of experience, and we have the history.

48:42 And with those projects that I have, presented to you, I believe that we can bring a lot of value to shareholders. Thank you very much. That's all for me. Perfect, Eduardo. Thank you once again for updating investors today. Could I please ask investors not to close this session as you now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This only take a few moments to complete, but some should be greatly valued by the company. On behalf of the management team of HOCHSCHILD MINING PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.