Westgold-Karora Merger: Final Insights & Future Prospects

0:08 Hello, everyone, and welcome to this monumental live event with West Gold Resources and Karora Resources hosted by 6. I'm pleased to introduce the speakers for today. Wayne Bramwell, Managing Director and CEO at Westgold, and Paul Hewitt, Chairman and CEO at Aurora. They'll be covering any final insights, thoughts, any feelings they both have about the merger, and after that we'll be answering audience questions. As a reminder, you can submit your questions in the chat at any point during the presentation.

0:39 As always, this event is being recorded and it'll be available to watch shortly afterwards. Without further ado, let's get right into it. So Paul, it's an incredibly important day for you and Karora shareholders. How are you feeling? Yeah, look, Maxim, it's no doubt been an exciting journey. How am I feeling? Well, I got to admit, I've been talking to my staff all morning. Emotions are rapid. We're very excited. You know, there's all kinds of emotions. There's, you're finally relieved it's done. You're excited about the future. And to one point, you're sad to see it go. We built this baby from the beginning and it's been a heck of a journey. But the truth is, today has been something we've worked towards for a very long time. And from my perspective, Karora is finally going home. Beta Hunt, the beast, as I always called it, Beta Hunt, the beast, is going home where it belongs to an Australian company.

1:39 It's been in the hands of us for a Canadian company for the last, well, I've been here 6 years even before me, So bringing Beta Hunt and the team home is a monumental thing for me and I can't be more excited about what the future holds in front of it for my people, all the Karora people who are now West Gold people and its leadership under Wayne Bromwell's leadership. So very exciting.

2:04 I can tell you it'll probably hit me in a couple of days here, cause it's been a heck of a journey to get here. And the last 5 months have been very, very, a lot of moving parts. I can tell you that We've overcome a lot of adversity.

2:21 Awesome. So now a bit of a question here that might address some concerns that people had, but what are some concerns that you've seen investors express to you, to both of you, that you'd like to clarify or address? Yeah, so look, first and foremost, the number 1 concern, at least I've had, and I'm interested to hear what Wayne's got, but I think his will be very similar. Will this deal get done? I can't tell you how many calls I've been on, Oliver's been on, our whole team have been on, our legal counsel have been on, and this is a true, true testament. The result is a true testament of the tenacity

3:02 of both teams. The board of directors, Look, we overcame the takeover panel, a lot of stuff coming in from different companies, but together, you look at the Corora board, the West Gold Board, we stood strong together. The executive team stood shoulder to shoulder and said, look, this is something we're going to do. It matters for our shareholders. Our shareholders are most important to us and our people are extremely, extremely important. We need to get this deal done. So the number 1 thing without doubt, without hesitation has been, will this deal get done? We're sitting here today, creating history, having done it together and overcome a lot of adversity. It was not easy. It was a lot of work, but I've never seen I often heard Wayne talk about this in the beginning The cultures are good fit. The cultures are good fit and I heard him as we were marketing in North America in Australia together And he couldn't be more right Had the cultures not been a good fit, I don't think this thing would have got done. I don't believe for 1 minute, if the culture of these 2 groups, right from the board to the last person down in the mine, or not the last, to the most important person in the mine, I should say, and I'm clarifying that, to the miner underground.

4:21 The cultures are the same, we're one of the same. So that was without doubt, Max, the number 1 question I've had.

4:29 Yeah, and how about yourself, Wayne? Oh, Max, look, Paul's being very polite and maybe it wasn't as evident in North America and Canada, but let's just say there was a fair bit of colour and movement down here in Australia. And yeah, there was there was some moving parts here. It would, this merger, now that it's complete, I think Paul's gonna star in the mini series, which it will become, he'll probably play himself. But yeah, it's provided a fair bit of, a few interesting moments, but Paul's right. I mean, from the go get, the culture of these 2 companies, we're like, have had the same corporate journey and got to a very similar place. I mean, the level of complexity and adversity that we faced, I mean, it has been so relieving to get there today. I mean, you know, as I say, lots of color and movement. Lots of people have had a lot of laughs out of this thing. Paul and I probably weren't laughing, but we got there. Takeover panel, cross-border M&A, this thing had everything.

5:36 It did. Excellent answer. And you talked a little bit about the past, the challenges faced, but now let's talk a little bit about the future. So What are some opportunities for growth that this merger has opened up, and how will the merger enhance your ability to pursue those? Yeah, well, look, I'll just open up here, and I'll always say this. Look, The beast, Beta Hunt is a beast. Nobody could ever deny the size and scale of this mine. I've had the real pleasure and honor of being underground, being a miner for 35 plus years. In all my years, whether it was Canada, the US, Australia, I have never encountered an asset that is of this magnitude.

6:22 This thing has so much more to unleash. And I think people will always, always underestimate the nickel in the beast. Binhan was a nickel mine for 40 years. We're mining gold at record prices, I might say. Our timing could never have been better. We could never have unlocked the value for our shareholders at a better moment in history. We've got, what is it? $3,700 an ounce in Australia gold, like 3740 an ounce of gold. So once you start unlocking the value of that and the potential of the nickel of this asset, for me, the future is absolutely bright for all our shareholders under Wayne's leadership again, under the board. I think it's gonna be a very exciting next couple of years. I think shareholders are gonna be very happy. There's gonna be a lot of buying from ETFs.

7:13 This is a great company that doesn't have a whole bunch of debt that's completely unhedged, 400,000 ounce a year. So it's hard not to be excited or passionate about what we've built when I consider the last 6 years and the journey we've been along, so. And Max, I'm just dovetailing into that. Maybe back to the previous question, Paul and I have marketed the story together on the road. And one of the other things people kept asking or saying was like, you're underselling this thing. We've done the sums. This business will do more than 400,000oz per annum. And we went,

7:48 yep, we're confident it'll do that. But what we need to do, put these 2 teams together, give them some time to integrate and then see what this thing can do. The really exciting part for me is in terms of marketing this story now is trying to educate, say, the North American shareholders about our assets. And like we have a thing called Bluebird South Junction, a big underground mine, which is getting bigger. We've got a high-grade underground called Great Fingal. Taking those stories to North America and Canada

8:22 is in some sense really exciting. On the flip side, and this makes me laugh so much, as Paul says, bringing Beta Hunt home, it's never moved. It's been the rocks that have been there for a multi-million years, but Australian investors and Australian analysts, many of them don't know about this thing. And as Paul said, it's a 40-year-old mine. And the funniest thing recently we did was take a group of Australian analysts to site and they're standing on this hill by Beta Hunt and looking at it. One of them turned to me and said, how long has this thing been here for? I went, 30 years? And he went, really? I said, mate, it's 60 kilometers from Kalgoorlie. It's not like it's a secret, but in the Australian market, the asset is not understood. And being able to unlock that, the real value of Beta Hunt and explain it to the Aussie market, on the flip side, our assets to the North Americans and Canadians, I think will bring something really different to the market.

9:23 Awesome. And Wayne, can you just touch a little bit on how people are feeling on the ground at WestGold? I'm just going to share an image here that I have. But yeah.

9:38 I love this image, Maxim. The look on the face of our young miner there says it all. They are proud and excited, plus the other, the 2 guys behind them, they are so excited about getting together with the Karora team. You know, the business really has 2 legs. It now has a north, our assets in the Murchison, and a south, the Karora assets in the Southern Goldfields. Putting these 2 teams together, And really they're the same people. They're young, keen, they're dedicated. They've both had, in some sense, a very similar journey of working through difficulties operationally, financially. So yeah, we're super excited. My team couldn't be more proud to be getting together with Paul's team and ending up with a business now of more than 1900 people. Should be fantastic.

10:29 Awesome. And jumping back here to the investor side of things. So what should investors and prospective investors be excited for in the coming months from both sides? So coming in from the Karora side, but also from the West Gold side there. Paul, let me take this one, brother. Yes, Paul. It's going to be really simple, Maxim. Drilling. There's this crazy thing called drilling. We've been doing it in the North for 2 years now and we're going to bring our drilling firepower to the South. Like Paul's team, we are owner-miners. We've also got our own internal drilling capability. We've got 13 underground rigs that we have staffed and manned. I've got 3 of them, new ones ready to go. So that if you like, they're at the go line waiting for the flag to drop and they're going to be the hunt. They're going to the Fletcher zone where Paul's guys have been drilling it with 1 rig for a year.

11:25 I'd be very happy to make an announcement in the next few months going that we are now hitting the beast with 4 rigs. It'll just be drill, drill, drill. And that news flow coming out of that mine will escalate very, very rapidly.

11:40 Yeah, look, on the heels of what Wayne is saying, Maxim, you can't ever underestimate the value of drilling. You look at our land package. Together, this combined company has the largest land package in WA. Many companies rival us. They want this land package. We hold the largest land package. All we have to do now is drill it.

12:05 With some of the work we had done previously at removing that royalty at Higginsville, that unlocked 1800 square kilometers. That whole area can be drilled and tested now under Wayne's leadership. So putting drills at Beta Hunt, putting drills at Higginsville, putting drills down in his area, I'm telling you it will continue to unlock value and there's no doubt a drill bit, there's nothing more exciting than news from a drill bit. And holding the largest land package gives us a tremendous advantage. And we've got a very, very strong, capable team with both groups in geology. And jumping into Paul's point there, full credit to the Karora team. They've got to be acknowledged. The investment that the board of Karora has done in that project in the last 6 years since Paul's been there has set this thing up in such a beautiful place whereby we can really start to

13:04 ratchet that beast up. As Paul said, the Higginsville package, there's elephants to be found down there. Only need one thing to find those elephants and that's 2 things, an exploration team and drills. We've got both now. So look, the value proposition to investors for this expanded company now is quite unique in the Australian sense. We will be a top 5 Australian listed company.

13:34 We are owner miners, we've got a really strong balance sheet and most importantly we've got a team that's really focused on delivering. Paul's team are the same, Mine is the same. We're so excited and so proud to be doing this thing today. Excellent answer. And now I have quite a number of questions here coming in from the chat. So if you have your questions, just feel free to drop them. That's bottom right hand corner. So to start things off here. So with the addition of Corora to Westgold, when will the rebalancing of funds happen with fund managers in Australia? Now, it's a It's a really good question. Look, I think we've estimated around 50M shares of additional buying in terms of weighting in terms of different indices, a reweight in the GDX and the scale of the new company certainly meets the criteria for inclusion into ASX 200.

14:35 So over the next couple of months, we're just going to put our head down, get this integration underway, continue to drill, start to update the market with resource and reserve updates. And that inclusion I would expect in the next few months. Yeah, perfect. And a question here on the second quarter results. So when can those be expected

15:01 and when can folks get information on how the results would be together?

15:09 The combined results. So really the first quarter of combined business will really be what we'll call quarter 1 FY25. In Australia we run a financial year, so we are now in July, August, we're in the second month of the first quarter. Those results will be seen and how we normally operate is within 1 week of the quarter, what West Gold has been doing in the past and will continue to do, we'll go to the market with a production flash showing this is how many ounces we produce this quarter and this is our cash balance. Within 10 to 15 days of that flash, we go with a full quarterly. So really the investors will see the first quarter of the expanded business in

16:00 first week of October, of which really in that quarter, we were running as independent businesses for 1 month to really, but that's the first time it'll say, but what we'll start to do now before we even get to that, what the investors will say is an updated resource and reserve statement of how these 2 businesses have come together and what they really look like. That really underpins guidance for FY25, which will happen in September as well, but we'll move pretty quickly in terms of news flow to give people a feel of what Westgold really is now.

16:36 Excellent. We have a member of the audience here saying, I thought the deal was completed yesterday. I still own just Karora and its value is still going up. When does the Karora symbol go away and the Westcoat

16:51 slash cash slash calico show up in my account? Yeah, yeah, so do I can take that Paul or? Yeah, no, no, you go ahead. Yeah. Okay, so basically the first day, well, the consideration has been paid into North America Canada today. The stock will delist Friday, close of business North America. Obviously Monday is a public holiday in Canada. Tuesday will be the first day of TSX WGX. KRR will delist, WGX will appear and we will play on. So I can assure the Karora shareholders, I am authorized to transfer funds. They're sitting in a bank in North America, Canada.

17:37 I'm sure those good chaps and ladies will release those funds today, your time. Excellent. Quick question here on the European side. So if you know, but otherwise we can get back to the audience member, but what's the, for exchanges in Europe, what's the, like what's gonna happen with those? European investors specifically. Well, I can, I'll take that one. Paul, you may have a view, but again, now we'll be ASX listed, TSX listed. There's 2 opportunities plus the OTC.

18:15 There's no consideration for another listing at the moment. We've got to basically get down our TSX journey. Paul's got a great North American shareholder base, which he's introduced us to. Now the West Gold team has to basically, is committed to servicing that Canadian North American shareholder base and get them to understand our story. As I say, the West Australian assets that we own, not well understood in North America, Canada,

18:43 the Karora assets, this is the weird part, not well understood in Australia. So really it's an education piece, which will take a good few months, but we're committed to servicing that market and telling the story. Yeah, from our perspective, the European shareholders have been a very, very important part of our journey. And they'll continue to be a very important part of WestGold 3.0.

19:09 Buying has been done either on the TSX or we have an over-the-counter in the US but predominantly Most of our European shareholders have been buying on the TSX. But they have been extremely important to our success and I'm happy to see, I know of a number of them, that are excited about the West Gold 3.0. Excellent. What is the plan for mining and marketing the nickel side of things? Oh, Paul, I don't know. Are we allowed to tell them now, Paul, or not? I don't know. It's your call, your company going forward. Let me take this one. To be honest, I was really sceptical about Nickel. It took me about 15 minutes down the whole of Beta Hunt. When you see a piece of Nickel core or Pentland Diet, 22%, change your view very quickly.

20:03 This story is very much about a gold story. It's a gold merger. We will be focusing on the gold in the next 12, 24 months, but let's say it doesn't mean we won't be close minded about nickel.

20:15 Nickel in this ore body will always have a value. But what we've got now, we've got time to think through how to best crystallize that value. Absolutely the focus for the next 12, 24 months is gold, gold, gold. And you know, be the hunt in some sense, throw the drill rigs in there and we can choose our own adventure. Here's what it's, as it continues to unlock value maximum for all of the gold shareholders, they're going to have a free option on nickel. Anybody who's in the gold sector and there's a lot of them that like the other yellow metal nickel, nickel will be a free option and as Wayne pointed out, anybody who goes underground, if you've ever been underground at Beta Hunt and you see the nickel results, It is some of the cleanest nickel you're gonna find, some of the best grades you're gonna find in the greatest jurisdiction on the planet.

21:10 So nickel will continue to surprise people.

21:15 Every shareholder will have a free option on the nickel because the company is not fully valued from the nickel perspective. We have a billion dollars of nickel drilled out. If we were just a nickel company alone, we have a billion dollars from a drill bit already drilled out. You imagine what that can unlock for value in the future for WGX 3.0. It's it's unimaginable. There's a lot of there's going to be a lot more value from the nickel. But I hear Wayne loud and clear. It's always been like a gold story or focus on gold, but you do have that free option as a shareholder on the nickel. I love the passion. I can tell the fire about the nickel.

21:57 Awesome. Yeah. So another question here, this one's more about the OTC side of things. So what's the roadmap to get off the OTC in the US and onto a higher level US exchange? Yeah, so. Yeah, go for it. Yeah, so look, I've done this once before, right? Going from the OTC onto a New York Stock Exchange. Certainly not, it's a lot of work. Whether that's in the cards right out of the gate, I think that is a Wayne response. But those who have been part of the process, you go from OTC to New York Stock Exchange, it's something I think that the company would need and the board will need to evaluate in the future. It's not something to decide in the next couple quarters, that's for sure. But it is a Wayne

22:43 response, sorry to interrupt you, Wayne, but the process, the OTC to New York Stock Exchange, Don't underestimate the amount of work and money it is, but there can be a lot of value at times in doing so. So it would have to be, in my opinion, it would have to be reassessed in the future. Yeah, look, we can, the market cap of this company, I think will move very, very quickly, Maxim. And again, As the market cap lifts, the optionality over those types of decisions increases. For the next 12-months, it's going to be about delivery. Put our head down, generate the ounces, we're unhedged, let's maximise the cash flow out of both of these businesses, crystallize the synergies of which we both know that we can do or can deliver. And then we have that first world problem of, okay, what's is a US listing meaningful? If the market cap's high enough, well, that's a discussion I'm sure we'd love to have in 12 months' time.

23:40 Very good. Yeah, thanks for that answer. What is the contractor price per metre versus the in-house price per metre for drilling in Australia? Very specific question here. Wow. Oh, that's... Wow. I didn't get the details here. That's spiky. I really like that question, Paul. Yeah, I love it. Let me give the political answer there, because Paul and I both know that the real number is technically contractor prices underground in Australia versus owner, you know, the margin is often 20 to 30% difference. So I mean, and that's the benefit of Karora and Westgold, both being owner-miners. We haven't had to pay that level of, if you like, margin to third parties, because both businesses do a lot of that ourselves.

24:27 I mean, Westgold and Karora both mine, but we also do drilling, long haul, race board. There's some capability we have in our business. We can't wait to roll out across the core of a package. What will that do? That will drive cost out of the business and drive productivity up. So that's the real focus in the next 12 to 24 months. Let's try and leverage the Sun capital and the capability that we've got in this business, drive cost out, maximize margin and see how we can lift returns to our shareholders. That was great to hear. Paul, do you want to add to that or should I? No, he nailed it. We can't give exact price per meter. 20% to 30% is bang on. It's always about that margin that we're going to preserve for our shareholders.

25:18 Right. All right. Thanks. What's the status of the Westgold TSX listing? Yep. Happy to do again. Our first day of listing on the TSX will be August the 6th. Okay. Someone here says, I know you have a strong project portfolio, but my question is whether you're looking at other smaller companies. I believe, yeah, there are some explorers around you with proven ounces, good grades, and the market is as cheap as it ever has been for juniors. Yeah. Look, we're open, well, the focus, I'll just reiterate, the focus in the next 12, 24 months is put these 2 things together and start to leverage.

26:03 This business has got a lot of talk to the market, a lot of talk in terms of exposure to the gold price, which both Paul and I have never, no one has seen these gold prices. I mean, as Paul said today, gold as we sit here today, just looking at his phone, is AUD$3,743. So the focus at the moment is we don't need to look outside our package. We've now got 2 strategic footprints, the Murchison and the Southern Goldfields. There's riches to be found that we already own. So let's focus on them in the short term. If other opportunities materialize, well, they're wants, they're not must. The must for us in the next 24 months is to deliver a production scale of 400,000 ounces per annum plus, we know we can do it. We just have to show the market that we can.

26:54 Perfect. Got a couple more questions here. So a lot of questions coming in. So will the enlarged WGX continue the dividends being cash flow positive? I have to ask one of the larger shareholders on the screen there. Look, we have to because, you know, the... 49%! 49%! Exactly. I think absolutely maximum, I'm not being flippant there, but we changed our dividend policy 12 months ago. We delivered 2 dividends in the last 12 months and we're putting these 2 businesses together, the engine room that can generate the free cash is bigger. What does that mean? In my mind, absolutely higher returns to the shareholders.

27:41 Capital returns and capital allocation is something which we're really driven by, and with a bigger engine, should generate more dividends. Look, Maxim, one of the things I got to add here is when we started marketing this story, it takes a lot of discipline and courage to put in a dividend and to keep doing it. So one of the things that attracted a lot of our shareholders and as Wayne's pointing out, the shareholders of Karora own 49% of Westgold 3.0. One of the things that attracted them a lot was the unhedged and the dividend payment. So it is very important to a lot of our shareholders. So, and Wayne answered on whether or not it's going to continue, but it takes a lot of discipline and courage to make sure we do it and keep sustaining it. So hats off to him for doing it. And Max, and that guy will be ringing up yelling, if you know, you'll be going, come on, whiz. So, you know, we just don't want those.

28:36 Yeah, we had a couple of questions here about the dividend. So this is something we've shown the market we can do. And it's all about being able to pay sustainable dividends consistently. With this, a bigger engine should be able to generate more output. Yeah. And where's gold heading, Max? Where's it going? It's $3,437.40. Where is it going? Has it stopped anybody believe that gold is stopped it. I certainly don't I don't believe gold is stopped For 1 minute. We could it hit 4000 dollars announced We've heard the Eric Sprott's of the world's the Piero Lassons of the world's Some big players in the world talk about it. Could it be 4000 dollars an ounce austrian by the end of the year? Absolutely.

29:22 100 hands down. It could be where does that position us in in one of the greatest positions? We could ever be so the timing again impeccable in my opinion. Actually, I've heard figures of $25,000 gold. So, everyone's, the sky's the limit. You get to $4,000 an ounce gold in Australian dollars. All our costs are in Australian dollars now. We've saved a lot of costs. There's tremendous synergies in this company, tremendous synergies. They're very real synergies, putting everything in WA. This thing here is going to be able to generate a lot more cash all being based out of Australia going home. Excellent And just off the back of that question, just gonna group a couple of these here together.

30:08 Questions about reverse stock splits, share buyback instead of dividends, things like that. Are those, are any of those in the cards there? For the North American audience again, which is probably more across share buybacks, it's not something Australian companies do very well. I would like to get to the point in this business where we actually take more of a North American approach and do share buybacks. In my view of capital allocation and capital management, it's a Venn diagram. This business needs to generate enough cash to be self-funding, keep drilling and extending it mine rights. It needs to be able to consider dividend payments back to its shareholders. And if we get to the point where we are swimming in cash and choose the gold price of your choice, share buybacks, I know with my board, I'm not out of the question.

31:05 I think it would show a level of maturity in the business, which we're trying to get the business to that point. Excellent. And maybe as a good closing question here, Can you just talk a little bit about what you think the next drivers will be for the actual stock value? Of course, there's, you know, it's always kind of a little bit separate, right, where you have the stock value, the actual value of the company. What do you think will kind of excite the market a lot next? And also, what kind of operational synergies and optimizations will happen on the exploration side over the coming months, 12, 24 months? Yeah, look, I think the catalyst that I can see in the next few months is very simple. It's just delivery. As I said, Paul and I have been really criticised by many, like, you're not hyping this story enough. You're being too conservative.

31:57 But we're okay to be conservative and tell the story. We want to under-promise and over-deliver. Let the analysts see 2 quarters of production of this thing and then they can start to lift their buy prices because they can see the scale of production this thing can do. Drilling has been a game changer in our business in the last 2 years. We've taken what was perceived to be very short mine lives and started to extend them. We've got some development projects that are already running and those things come online, full steam, towards the back end of FY25. So I think what the market wants to see, because we are in some sense still proving ourselves to the market, consistent production, free cash, continue to talk about expiration and deliver results and get put the business in a position where it can return capital to its shareholders.

32:48 What do I miss Paul? You've been doing this longer than that. He said it, he laid it out perfectly. I'll just say this, I'll add something to it. In my 35 plus years, I've been involved in a couple of mergers and acquisitions like even Newmont, Normandy, Franco. And one thing people always underestimate is the best practices with people. When you put 2 strong teams together and there are 2 strong teams, you put them together and you start sharing best practices, you'd start to see productivity rates change, efficiencies change in the open pit, in the underground, you're saying, oh, they're doing backfill that way. Oh, we didn't do that. And we did this so much between Normandy and Newmont. You will see that. You don't see them underscored in the balance sheet on day 1.

33:35 They start to integrate in the first quarter, the second quarter, and you start sharing best practices from the talent you have in the 2 pools. So everything Wayne said, but you add on top of that the mixture of the talent of the people in Australia and sharing best practices, you're going to see a lot more opportunities unlock themselves that we don't have captured in the balance sheet today. All right, Perfect. Thank you both for taking us through this update and through the extensive Q&A session. I also want to thank everyone who submitted questions here. So, today's recording will be available to watch on demand in the coming hours, so look out for that in case you perhaps missed one of the answers and want to take a look back. And before we wrap up, just going to pass things back over to you 2 just for closing remarks here.

34:24 All right, well, look, I'll just open up. First and foremost, I just want to take a moment. I've been very blessed to have a beautiful wife, 7 children. Today I hand over my adopted 1 to Wayne. So Karora is in great hands with Wayne and I'm excited that with the board, the team, and I'm very excited about the whole the WGX 3.0. I want to thank everybody, both boards for all their tireless efforts and both executive teams for all the work to get to this point because it's been a journey And I thank everyone from the bottom of my heart. It's been an honor to serve as chairman and CEO. Awesome. Maximum, I just like to very much thank Paul, the board of Karora, the Karora shareholders and their team and welcome them all to this next part of the journey. I mean, we are so proud to be able to put these 2 teams together. And as we talk about this is a merger of equals.

35:26 This is not. People talk about merger of equals and often they're not. This one is. So, I mean, the level of pride in our team to be out and welcoming the Corora team in and shareholders is palpable in our business. So, look, take a ball, about Paul Hewitt and the Corora team, They've done some fantastic things here. They put those assets in a place whereby at a time when the gold price is hitting levels no one's ever seen, this merger is so well-timed. It's now the challenge is upon us and this expanded team to deliver the promises to the market. And that's going to be the focus. Thank you both and thank you everyone for participating. And I hope you have a great rest of your day.