Transcript
Automated transcript · Written by software from the replay's audio. It can mishear names and figures; the replay is the record.
0:01 Awesome. So as folks are filtering into the room, I will say good morning, good afternoon, or good evening, depending on where in the world you're logging in from. I'm lucky enough to have with me today, Paul Wessel, CEO of Bravada Gold, and Joe Kizos, the company's Vice President of Exploration, Director, General Rockstar. Joe, Paul, how are you guys today? Very, very good. Awesome. So here's how today's gonna work, just for the folks in the room. First, I'm gonna hand it over to Paul and Joe to run through a presentation. And then we will go through a couple of questions that I've got for them based on that presentation. But this is also an interactive event. So some questions came in advance over email, but I'm also quite eager to take questions from the live audience. So there is a chat button there at the bottom of your screen. Please do press it and ask questions at any time during today's event. I'll be very eager to take as many as we can.
0:49 If I don't get to your question, often it's just because we ran out of time. Sometimes it's just a little off topic. I'll still make sure the Bravada team gets those questions afterwards, and they'll be able to get back to you either on your email or phone number, whichever you added, or both at registration. Final piece of housekeeping before we get into the protein of today's event. This is being recorded and will be available for replay likely in the late afternoon Eastern time today. It will pop onto just the same link, but it will also be available on CYX's YouTube channel, So be able to find it there. Without further ado, Paul, I'll throw it to you to get started on our presentation. All right, well, thank you very much, Romeo. Let me put this Okay. Let's see if that works.
1:42 That looks like some weird...
1:45 Is that working? Looks great. Looks great. All right. Well, I'll pass my first technical test here. Well, thank you all for attending. And before I get into the meat of the presentation here, I just want to say that it was 4-months ago that Adam Melnick, who is on our board, approached me with this opportunity to become the CEO and President and join the board of Bravada Gold. When I first looked at this asset, I looked at it and I said, boy, this is too small, too low grade, and I'm not interested. And Adam came back and says, no, Paul, sit down, let me run through it. And then the light bulb went off and I said, yeah, I know, I see what you mean. And now I can finally actually talk about what we talked about and what we saw and all those sort of arm waving that happened at that time has really come to fruition with this updated PEA. So I'm excited to have this excellent opportunity, excellent brownfield opportunity in Nevada that is finally sort of unveiled and available for everybody to look at. So I will be making forward-looking statements. So please review this before making any investment in the company.
3:09 So I mean in terms of PEA highlights, you know, sort of just to kick off, you know, obviously number 1, net present value. So US $415 million, you know, In Canadian dollars, that's around $600M. A 60% after tax IRR, 2-year payback, 11.2-year mine life, total project capital. This includes sustaining. So This is initial plus sustaining of US$139M. Strip ratio, and I'm sure I'm going to be bringing this up again and again and again, one of the keys to this project is the strip ratio of 0.2 to 1. Looking at some other highlights here, production profile, 41,000oz of Gold produced per year, 280,000oz of Silver, a total of around 44,000oz of Gold equivalent of Silver, total of around 44,000 ounces of Gold equivalent.
4:06 Average over that year, over all those years, total a little under 500,000 ounces of Gold, 3.1Moz of Silver, all in sustaining cost of US$1,600. And again, that really low strip ratio. Initial capital of US$98M, sustaining capital of US$41M. That's with a 20% contingency. And then the resource base, adding those up, you end up with 96 million tons containing a little under 1 million ounces of Gold. And that's captured within a $3,100 per ounce Gold price optimized head. So comparing to the 2022 PA, I mean, you can see all these numbers are up and you know, one of the things, you know, the 2022 PEA sort of had 2 things hampering it. 1, it was done at 1750 Gold, so fairly low commodity price. And the other thing was that we didn't have the claims that we have now that allowed us to build the new heap leach site. So really it was working on half of the known resource. So Now that we have the claims that we put in, we've got the full area, it makes a huge difference. So net present value is up 800%.
5:25 After-tax IRR is up. Mine life, again, now that we have the new heap bleach site and we're able to use it up to 11 years. Life of mine Gold production again under a little bit under that 500,000 ounces similar on the Silver and the life of mine commutative cash flow again that's commodity price in the longer life you know up again you know 850%. Leverage to Gold and Silver prices and you know I like putting in these tables I call them you know pick the commodity price that you want to use. I don't have a crystal ball, so I can't predict the price of Gold, but if you believe in $5,000 Gold, you can look on this table and pick the commodity price that you want to look at.
6:11 But one thing I will bring your attention to is here at $4,500 Gold and $70 Silver. Mid last week, that was the price of Gold and Silver. Today, it's down a little bit, but this is essentially spot. At that value, you've got a $681M net present value U.S. And so if you look at that in terms of what that is in Canadian dollars, that's 1 billion dollar Canadian in terms of net present value, which is astounding for this project. Few other metrics here. I think we've sort of hit most of these average cash flow. We talked about the all-in sustaining cash, our cost of a little under $1,700 an ounce, cash cost of $1,500 an ounce.
7:03 I think we've hit pretty much everything else on this list. Again, this is all the base pace at $3,600 an ounce Gold and $48 per ounce Silver. A little bit about the CAPEX,
7:19 it shows the direct, indirect and again that contingency, but we actually have it broken down in a little bit more detail. This is what's going to actually be in the technical report. You can see We did some benchmarking on this. You look at the process plant, that's your Merrill Crowe plant sitting at $22M. That compares really well. Leach Pad and Ponds, we just took a look at that. We're coming in at around $3.50 per square foot, which again benchmarks really, really nicely.
7:51 Really the reason we have this lower capex here is because of the very good infrastructure that we have at site. We've got roads, this is a brownfield site, there's a paved road to the edge of site. There's a power substation close to site as well. That's what this project really benefits from. And again, you can see, you know, looking at the indirects and the directs and contingency, initial capital of 98 million, sustaining capital of 41. And really the big ticket item there is the pads. The initial we build about half of the pad and then the sustaining, or sorry, about a third of the pad and the sustaining is the next 0.667.
8:40 OpEx again, putting in some good detail here. So contract mining, and this really shows that advantage of that strip ratio. So $3.52 per ton mined, turning that into tonne stacked, so that includes the waste that needs to be mined, only brings it up to $4.21.
8:58 Again, you look at processing costs, $3.33 per tonne, that benchmarks very nicely, reclamation, taxes, etc. You end up with an overall site operating cost of $9 and 10 cents.
9:13 Resource, Again, you add those 2 together, you end up with 98Mt. I did some of the math just so you guys don't need to do it. If you put those together, which is not 43-101 compliant, but just for illustrative purposes, you end up with an overall grade of 0.27
9:36 Gold equivalent, which actually, there's a number of operating mines in Nevada, similar size deposits, similar production that are operating at those sort of grades. You know, location, I won't go through, you know, top 10 and Fraser Institute, but again, road paved to site. You know, this if you look at that. So This is me standing on the waste dump. I went to go visit the site in July and I was like, oh my gosh, there's the substation right there. I took a picture of it, put it into the presentation because it doesn't get better than that. Driving on a paved road to site and standing on where you're going to be doing some of your mining and seeing the substation there as well.
10:23 As I said, Brownfield site operated by Amex and then Kinross 1989
10:30 to 1999. Roads, pit ramps in place, no legacy environmental issues at all. In fact, this has been fully reclaimed and the reclamation bond has been returned to the original owners. A bit of a site shown here. Again, there's 2 pits, the wind pit and the breeze pit, which actually turns into one pit as we mine it. Again, a fairly small waste dump. And then this classic Nevada, simple, this is on the Playa's flat as a pancake area here, Simple site to build the heat bleach.
11:07 And that covers it. And yeah, I will stop sharing this and I guess Hand it back over to you. Awesome. So I do have some questions myself, but there's also some questions that popped up in the chat. So appreciate you letting me grill you for a few minutes as always. I got 1 general 1 and that's both of you can chime in or Paul, you want to lead. How does Wind Mountain compare to other deposits at this stage? And what are the benefits right now, just for people who might not be aware of a brownfield project generally?
11:43 Yeah. You know, where do I want to kick off? I mean, maybe we'll go backwards on that. I mean, so I mean, The thing that I like about a brownfield project is that there are so many advantages. First of all,
11:58 it's an existing mine pit. What I like about this one is that they operated it as a mine, they closed it down. No environmental legacy issues at all. So when we're talking to the community, when we're talking to the regulators, our message is going to be, hey, We're not doing anything different. We're doing exactly what they did in 1989 to 1999. We're just going to dig up a little bit more or still put on the heap bleach and run the heap bleach. It makes it a very, very simple story. The other advantage of having a brownfield site is that when you're talking about
12:38 recoveries and well, what about this? What about that?
12:41 I mean, and I can wave my arms and point to MET programs and this, that and the other thing, or I can just say, hey, they ran the thing for 10 years. It got 69% Gold recovery. I was actually a bit frustrated. They ran the thing for 10 years, it got 69% Gold recovery. We're only using 62%.
13:04 I think we're being pretty conservative. But yeah, I mean, I think geologically, I mean, Joe, do you want to look at your little, getting a little pixelated there, Joe, but maybe geologically, what does this sort of compare with in terms of geologically what this site is like?
13:28 Yeah you were cutting out so maybe I'll just kind of summarize, you know, brownfields. Oh, we lost Joe. This is Joe is at site. So yeah, the downside to the authenticity of somebody being at site is sometimes Yeah, yeah. But you're not you can carry on if we if we get Joe again. Yeah. And anyhow, I mean, it's, you know, it's, it's,
13:54 oh, we got Joe back here now. We'll give him a second to get set up. We'll give him a second. Yeah, I got a couple questions if you wouldn't mind while he's getting set up on sensitivity, unless Joe, you're back with us. Yeah. Joe, you're back with us? Yeah. I was just asking which,
14:14 geologically, what other sites is this deposit similar to? Yeah, well, I mean, there are a number of mines that people walk away from because the price of gold was down or something. But what's typical is that in a mine, once it goes to the mining stage, a lot of the exploration ideas go away. And so re-evaluating those with a more modern idea of how deposits form usually allows us to do much more efficient exploration and successful exploration. So, you know, there've been, this is
14:52 second project that's been in the closure state and gone through the closure state that I've worked on where we found a lot more gold than was originally produced. So, you know, we've applied that here. There are some limitations just because they did actually did a lot of drilling, but you know, things like the dumps, you know, when you talk about the lowest strip ratio, you know, Part of that strip ratio is actually the dumps that we're now drilling that we have to remove. And right now they're considered waste and yet they're above cutoff grade by a significant amount. So, you know, that's the beauty of something like that is there are these little opportunities.
15:31 You know, We picked this project up in 2006 because I saw a big low-grade deposit and I thought there's got to be a feeder zone here somewhere. Well, maybe there are just a bunch of little ones, but while we were doing that, we found there's a lot more oxide mineralization here. And because of the strip ratio, you know, it's pretty cheap to get, right? So what it lacks in grade, it really gains in, you know, other opportunities. And really it's the margin that we care about. Margins are pretty good right now. It actually kind of leads me to my next set of questions, which is to basically price sensitivity. And if you don't mind, before I get into mine, there's 1 that I'll shoot right from the chat because I think it's really interesting from Wesley. Yes. What does Wind Mountain look like at spot? And why anchor the base case far under where the market is right now?
16:23 Yeah, I mean, I sort of hit that up when I was going through. I mean, at spot, it's 1 billion dollars net present value. Canadian.
16:31 So nothing wrong with that. I mean, you know, if you look at how to pick, you know, long-term Gold and Silver prices is a bit of a black heart.
16:45 But if you look at a number of the studies that have come out recently, 3600 dollars gold and and, you know, 48, 50 dollars silver has been fairly consistent. So I think that's another reason that we chose those commodity prices for our base cases, allows people to sort of compare a number of new projects that have come out. Great. And to expand on that question, this is 1 that I had. How sensitive generally is the project to gold and silver prices, recovery grade, CapEx and operating costs? Like What leverage do you get every hundred bucks? One of the things that I like about this project is that if you look at that base case, $3,600 Gold and $4,800 Silver, it also has a 60% IRR.
17:40 We looked at it down as low as US$2,500 Gold and it still was, I think the IRR was in the 20s, high 20s. So, you're probably sub-$2,000 Gold and you still have a project that makes sense. And this is using the whole resource. And if you actually drop to those low prices,
18:02 you would lower the cutoff or you increase the cutoff grade and then lower the overall resource. But actually, if you go back to the 2022 PEA, that was at $1,750 gold. And CapEx has gone up a bit, but it would still be an economic project at $1,750. That was 38% internal rate of return. That was kind of what we did as sort of a starter bid. And I'll say, I'm a $40 trillion American debt. I'm a bit of a degenerate gold bull. I don't think we're going to see those numbers again myself, but others may disagree. Just to put a really fine point on it, at what commodity price does the project break even? Yeah, you know, we haven't, I mean, break even.
18:51 Gosh. I mean, so I would say, I mean, really you're looking at your cash costs, right? So if your cash costs is $1,500 an ounce, then your rate even is $1,500 an ounce. So it's,
19:08 I mean, if you're a real, well, let's be honest, if anyone's on this call, they're probably not a big bearish person on what the Gold market is. As long as you believe in better than $1,500 Gold, this thing's making money. I often say if you're a real Gold bear, get off the platform.
19:25 What are you watching this for? One question I had is, what's the biggest potential source of upside that you don't think is included in the current PEA. So what is there still left people might not know about? Yes. I mean, the number 1, and Joe referred to this, is the waste dumps. I mean, the waste dumps are 10Mt in that range that we think is, I mean, again, this is based on historical records. That's why we're drilling them out.
19:57 But that's 10Mt. I mean, and think about this. I mean, it's above, certainly above our cutoff grade. And you know, this isn't, This is material that's already been mined. You don't even have to mine it. There's no blasting. You just get a loader and put it onto a haul truck and dump it on a pad. This is going to be having that, and if it ends up being 10Mt, and again, we'll know when we have a resource there, that's a year. So the first year,
20:28 you don't even have to drill and blast. You're just loading up waste and putting on a pad. We'll have to see where all the scheduling and all that comes through with the PFS, but that's where we could end up.
20:43 How much could the economics of the project improve through resource expansion or higher grade mining? What room is there?
20:52 I think in terms of the economics improving, like I said, other than that waste dump, I really think that there's an opportunity on the metallurgy. Like I said, we used 62% Gold for the overall recovery. Historically it was 69%. Silver, which talking to Jeff, our metallurgist, our QP on metallurgy, he's like, nobody cared about Silver Back in the olden days in 1999,
21:21 no 1 cared it. No 1 looked at it. No 1 optimised it. And so I think there's a real opportunity there as well. I mean, the Silver opportunity, the Silver grades are quite significant on this. And so I think there's a real opportunity there in terms of metallurgy as well. And really specifically, what assumptions in the PEA, is the management team at Bravada really looking to focus on improving as you go to PFS?
21:49 Other than the metallurgy, obviously with the PFS, the big thing is going to be looking at the capital and really just making sure that that is absolutely nailed down. One of the things I think that separates us from some of the other junior mining companies with a development project like this is that if you look at the team, you look at Adam, you look at what we brought on Zach, we've
22:26 got, we're sort of changing the composition of the board. This is a team that really wants to build this mine. And having that team in place and wanting to build the mine, we really wanted to make sure we know what the capital is so that when we build it, we don't have any surprises. So with this capital cost, I actually brought in an old friend of mine,
22:51 to Paul Hossford to help me to review the capital. And I said, you're not going to believe that I'm going to ask you to do this, but I want you to review the capital and increase it. Cause I want to make sure that it's so real. And we did. I mean, Joe, you remember that we were. Let's add in some more for this. Let's add in some more for this. You know, so I mean, really getting that capital
23:12 in absolutely nailed is going to be one of the key things for the PFS. OK, appreciate that. Now, I got a couple of questions on the resource specifically. So Joe, I don't know if you want to start with these, but I'll throw it to both of you and let you tackle them. What plans are there right now for drilling, for resource expansion and conversion?
23:30 How many meters and how long do you reckon that's gonna take to drill? Yeah, well, we're in the process of drilling right now. We're on our hole number 20 of 34.
23:44 So Those are a mixture of drilling through the dumps and also expanding a couple of sort of satellite areas where you had a few drill holes with some pretty encouraging results, but we didn't pursue. So we're drilling 2 of those while we're looking right now. These may be kind of feeder structures that would give us a little boost in grade and so that's why we're hoping to do that in places.
24:13 Maybe expand the pit laterally in several places where it really wasn't fully drilled out. We're going to be meeting with the resource geologists, hopefully later this week, to kind of review our program, make sure we're not missing anything in the inferred category that we might want to stick a drill hole to expand the mineralization that goes into the PFS, which would be an
24:38 indicated resource. We have quite a bit of inferred resource. Some of that is just going to be too far away for us to get to drill easily. So we might have to leave that for a later stage. But I think we're catching most of those in this initial drilling program that we're doing right now. So If we do find a few of these upwelling target zones that might have a lot better grade, we might be looking at maybe some core drilling, maybe even early next year to test for some deeper mineralization. I probably don't want to spend a lot of money on something that's going to be mined from the bottom of the pit.
25:21 So there are those opportunities, but this has been pretty well drilled out between what AMAX drilled and what we've done over the years and what we're doing at this time. So yeah. Thank you. Now, I know Jeff's not on the call, but I do have some metallurgy questions, if that's OK. So please answer best your abilities, obviously. I do have a doctorate in metallurgy, so I'll do my best. Oh, OK. Well, never mind then. I'm going to ask you the toughest ones I got.
25:52 That's how well if I read the technical report. That's a fair question. But really, to start off simple, what metallurgical recovery assumptions were used here? Yeah, so I mean,
26:06 the fulsome answer here is there's 3 categorizations. There's oxide mixed and sulphide. In the oxide and well
26:16 let me keep going. 62% for Gold, 15% for Silver in the Oxide. 20% for Gold, 0% for Silver in the mixed and 15% for Gold, 0% for Silver in the Sulfide. However, Oxide represents 90% of the material that is processed. So, I mean, really, the mix in sulphide is a bit of a rounding error.
26:43 And how much variability has been observed so far in metallurgical testing? That's one of the things that we're going to address. If we look at the work plan between now and the PFS, there's the drilling that Joe talked about, and there's a new MET program. Like I said, I'm excited about silver recovery, trying to get the gold up, and we'll be looking at variability. So, you know, what I can say is that, you know, again, consistently, the Met work on the oxide material has shown, you know, these sort of 60s. And, you know, back to my earlier comment, you know, like They ran it for 10 years and got 69%. It's sort of the same war, we're going to be feeding it through at a different time. And last one on MET. What additional metallurgical work is planned before a Feasibility Study would come out? Yes. So that, like I said, some variability, Silver recovery. I mean, we'll look at crushing versus non-crushing.
27:42 Right now, the PEA was just run of mine. So we'll look at crushing to see. I mean you know you've got to do these tradeoffs. So that'll be the thing that we'll look at as well. Now I'm going to get to every question that has nothing to do with the resource if you don't mind. But always important in mining. So we'll get to those 2. What are the major permitting milestones from here? Yeah, I mean, so we're just putting together the permitting program right now. You know, we've got, you know, a great person helping us out with Opal Adams and what's Debbie's? Debbie Sackar, yeah. Debbie Sackar, yeah. So a couple of great consultants, long-term environmental consultants in Nevada. And, you know, so, I mean, It's baseline data acquisition.
28:33 It's making sure we go into the communities, meeting within the Indigenous Triumph and Pyramid Lake. All those things are going to be the next steps. One thing that we'll see, but we're relatively confident that we can get away with just an EA, not an EIS. It is Brownfield site. It's fairly simple. And if that's the case and it all comes together, we're looking at having this thing fully permitted by 2029. Which is, there's certainly lots of benchmarks for that in Nevada, certainly with the current administration in Washington as well. Touches on a question in the chat, but it's 1 that I had anyway, so I'll kind of combine them. What's realistic timeline from PEA to FS permitting and construction?
29:27 Give me the, to your best of your knowledge right now, timeline that we've got. Yeah, I mean, I think 2029 is achievable. You know, it's, I mean, really The big question is going to be that EIS versus EA. Certainly the engineering and technical work is very, very straightforward. This is again the beauty of the Brownfield site. We need to do some geotech. We need to do a better capital cost estimate, a detailed capital cost estimate. But I mean, those aren't the long lead items. The long lead item is really getting all the permits and environmental approvals in place. Great. And task one question to let you think about what challenges are ahead. What are the biggest non-technical risks you think to the development timeline, just for the folks watching in the room?
30:16 I mean, I think non-technical risks, you know, other than that EEA versus EIS, I mean, you know, you need to do a good job with the communities. You need to do a good job with Indigenous groups. And, you know, that's, you know, one of the reasons, you know, that I think that I was excited about taking this job is that's something that in my prior life with Western Copper and Gold, working up in the Yukon, working very closely with the First Nations there in the communities, it's an area that I did a number of years and I think relatively successful there and working with regulators and government. So, it's a new jurisdiction, but like I said, we've got a great team with Opal and Debbie. So, looking forward to working with them and Joe and moving that forward.
31:05 Okay. Experience of community relations. It's tough to beat people sometimes forget that part of the equation. So it's good to hear that you've got the team on it. My last question before I jump into stuff from the chat. I'll start with a quote from Byron King right on from Paradigm who said, visible gold sexy but infrastructure so much sexier. I've always liked that. So I'll throw this question to you. What infrastructure is already available on site and what new infrastructure needs to be built? Yeah, I mean that's, I mean, my God, I'm really looking forward to our first site visit. I don't know when it's going to be because like, I mean, I mean, as a mining guy, when I went to site with Joe, it was like a kid in a candy shop. Like I said, I took that picture of the substation. I was like, Oh my God, there's a substation right there. It's right there.
31:52 How is this possible? So the substation, and we put in some money in the capital to upgrade it. We haven't looked at it, but it's right there. It's still connected to the Nevada grid. There's a paved road to the side of the property. The water wells, Joe, We don't have to put in new water wells, but we're taking a look at that. We're working on that with hydrology. There's water available. It's just how to get it. We're looking into that. Other than that, it's all there. You have to build a pad. Yeah, you gotta build a pad, yeah. Yeah, that's a much shorter list than most of the companies I work with, so good to hear.
32:46 Couple of questions from the chat before we wrap today. They're pretty quick ones. I think most of them. Barry started the call by saying congratulations on all the work so far. Want to know if you're funded through to the end of the year? Yeah, absolutely. So, I mean, we're, you know, We're sitting here at, depending on how many bills Joe's got to pay for drilling here, somewhere around 1.5M in the bank. That was where we left things at the end of last month. But we've got 1.1 million in options and warrants that are all in the money that are coming in over essentially the next 6 months. So, you know, and I mean, it's a pretty low overhead. I mean, you know, there's Joe, there's me, and that's about it. You know, there's a few other people helping us out, you know, part-time CFO, you know, some people helping us out on investor relations, things like that. But you know, it's a pretty low cash burn. And so, yeah, we're funded well into 2027.
33:50 Awesome. Yeah. And folks that got into the stock in April must be quite pleased with themselves. That's always nice to see. Trevor from the chat asked, I think you touched on it, but it's always good to reiterate. Is this state land or federal land in Nevada? It's BLM federal. Perfect. Now the last question, certainly something you've already touched on, but he puts a lot of detail into it. So I'll give you the whole question. And that's maybe something we can wrap on. He wants to know, the PFS coming in the second half of 2027, what's the critical path between now and then, whether that's infill drilling, network, permitting groundwork. And I think that's the important part, which of these has the most potential to move the economics up from what we saw in the PEA. Yeah, well, maybe I'll answer and then Joe can answer it before you have different answers.
34:36 Yeah, sounds good. I would say probably the metallurgy, it's a reasonable program on the metallurgy. And I think that we want to do it right. We want to make sure that we don't leave any, like I said, I mean the Silver recovery, I want to work on that, make sure we understand the Silver recovery, crush sizes, a little bit of geomet modelling. And then the other one is, I mean, and this is probably the 2 big ticket items, is the geotech drilling, which is a bit of a necessary evil. You need to do it to get to your PFS. And it's not any, unfortunately, any interesting news releases over that. But it's not a huge program for this project, but it is a program. I don't know, Joe, what would you say is a critical path to get to the PFS?
35:29 Yeah, well, I mean, this drilling project here is designed to add the maximum number of ounces that we might be able to get with the restrictions we have. I mean, because the deposit sticks out of the ground, that means a daylight somewhere, right? So, you know, we have some limitations from the topography, we have some limitations from previous drilling, and we're checking those areas where there isn't complete drilling that might move the pit a bit. So, there is that. Yeah, I think those are the things from a geologic standpoint. We do hit some high-grade feeder zones, which undoubtedly are there of some size.
36:18 We'll evaluate whether they have an immediate effect on the economics, but probably those would be pushed off until, you know, after the PFS. Yeah. Awesome. Paul, Joe, thank you so much for not just running through the presentation but letting me grill you. Always appreciate that very much. And audience, I know there's a bunch of you in the room, really appreciate your time. 2 things that you can do, you can always ask additional questions. I'll make sure the provided team gets them. But you can also hit that request meeting button at the bottom of the screen, and I'll pass those along to the Bravada team so that they'll be able to get in touch with you after today's event. But Joe, Paul, especially Joe joining us from site, thank you so much. I think this was a lot of fun. Joe Piazza No, it was great. Thank you very much. Paul Mathews Appreciate your time, gentlemen, and everybody in the room. Talk to you soon. All right.
