Kincora Copper Ltd (BZDLF) July 2026 Capital Markets Day Transcript

Good morning. Oh, that's nice and loud, isn't it? Good morning, ladies and gentlemen. Good morning. Oh, that's nice. Thank you. Good morning. It's the last day, and I'm very happy to see some faces here, some familiar faces as well. My name's Kerry Stevenson. I still have a voice, unlike some people. This morning, we're going to hear from Sam Spring. He's the managing director of Kinkora Copper. Kinkora is listed both on the TSX and the ASX and the ticker code is KCC. I am also on the advisory board for Kinkora Copper and delighted to be working with Sam. It's a very exciting time for Kinkora. We have just recently divested of our Mongolian assets, which has put a nice amount of cash into the Treasury, which allows us to focus fully on the assets in New South Wales. Now this is a prospect generator and I'm going to allow Sam obviously to talk more about that but I think that in the future there's going to be some really interesting discoveries to be made and our partners such as Anglo Gold are pretty excited as well. So please welcome Sam Spring to Tell the King Chorus.

Fantastic. Thank you Kerry. Thank you everyone for coming along. It's a big conference. There's a huge amount to digest and getting up at 7 o'clock on the last day is an appreciated effort. But please shout any questions as we go. We'll try and make this as interactive as you want it to be as well. As sort of Kerry touched on, copper gold exploration in New South Wales, Australia. The key with any exploration play really is the team. Exploration is venture capital. It's risk capital. It's not easy. It's hard. How do you get the numbers in your favour? It's really drilling as many good targets and de-risking those targets as best you can. And really pulling that portfolio and designing those programs with a strong technical team, that's what we've got in place. And I'll go through the team. As Kerry touched on, we've pivoted focus to a prospect generator model. That's the reason I guess I'm here with Rick coming on the register. He recognised that change in funding model. We were very, I guess, cognisant of dilution. And that's where we ultimately changed that funding model the end of 2024, which led to Rick and Jeff Phillips coming on the register. That deal was announced at this conference last year. So I guess differentiated, everyone has a slightly different play on what a prospect generator is. We refer to ourselves as a hybrid prospect generator, meaning that we do some sole-funded exploration ourselves with our own balance sheet. We also try and utilise, both with our asset-level partners and our general approach, modern technology. And we've got a number of different asset-level partners that are bringing new tech. And I guess that's one key thing. AI is going to change the industry. We're trying to be early adopters and try and use different methods to, again, improve the odds of success. We'll talk about that in a little bit more. team i just touched on a track record of big copper gold systems which is exactly what we're looking for here probably you wouldn't manage your investment portfolio with only one or two bets you generally have a diversified portfolio when you're coming to exploration which is particularly risky not a bad strategy to have a diversified portfolio the traditional exploration model generally the market only gives you capital for one or two projects what we've got within ours is eight and I guess that all of those eight give you material upside but it spreads that risk profile. Not sure how many people are familiar with New South Wales I can heard a couple of accents on the way in that probably are familiar but central west New South Wales has two key belts within it the Macquarie Arc which is Australia's leading porphyry belt and also the Cobar Superbasin where there's plenty of corporate activity and I'll walk through that but two regions that have tier one assets and plenty of existing infrastructure no seasonality and relatively favourable operating costs. Balance sheet obviously really important we've changed the funding model predominantly most exploration is being incurred by our partners at the project level we are very well capitalized at the moment as Kerry touched on only last week we announced a definitive agreement for divesting our Mongolian assets that deal brings in 10 million US into treasury we already had seven million aussie on the balance sheet at the last quarter end we should see our cash position increase last quarter this quarter and with a little bit of luck in the december quarter with the last tranche coming through so the prospect generator model for us we've seen over a hundred potentially over a hundred million dollars worth of partner funding being committed from the deals that we've done to date of that we've seen 10 million go into the ground so far. That's supported over 20,000 metres of drilling across seven different licences so far and for the two earnings that we've got with Anglo Gold Ashanti we receive a management fee of 10% of expenditure so there's a small income stream there. As I'll sort of touch on there's a few more projects that we're looking to do deals for on this same operator management fee income model. We'd like to think that we can get to a position where we ultimately have corporate cost covered by income stream and then you've got significant leverage and optionality going forward as rick sort of puts in here if you want to speculate in the expiration game this business model is probably mathematically the best way to do it there's various different reasons for that i think ultimately you get to a scenario where you have one plus one equals three in terms of the partners work together and it's not just capital that they bring there's technical expertise there's synergies so your odds of success are improved obviously access to capital is streamlined which is obviously a key element to us as an exploration industry given the cyclical nature of it but also it means that it's scalable you can have more shots on goal you can have more projects and again that means that the odds are put into into your favor more often so what's ourself oh yeah please it is yeah so we've got two um earning agreements with anglo gold ashanti where we're the operator they can call that off us at a certain point in time but as we're the operator we receive 10 of expenditure as a discretionary income stream so if we've spent six million dollars to date which is roughly the number that's six hundred thousand dollars that we've we've received that covers corporate cost or we can spend on other exploration activities so it's it's pretty unusual for an explorer to have an income stream but it but it's certainly it's certainly an approach that we want to apply to some of these other projects in australia you don't hear of this business model particularly but when you explain it to people that you've got a group that comes in looks under the bonnet does their due diligence gives you the money to fund that risks and pays you for doing that it's a pretty attractive scenario so with our sole funded exploration strategy. As Kerry's touched on, Mongolia was historically our flagship asset. We pivoted focus to Australia in 2019-2020. We've just gone through and divested that. That's obviously great to be able to recycle some capital. We're currently drilling at our Kondoblin project. I'll touch on that project in a bit, but we think that's a profile that you don't have to spend too much money or have too much time to add significant value to. Some of these, I guess, more flagship projects where we've spent most of our time in capital previously, we're doing activities in the background to work those up to a stage where we think we can add more value when we have partner conversations. So this is where we are, central west New South Wales, very good infrastructure, culture of mining, some world-class mines. The biggest, I think, a lot of people in the room probably know of is Kadia. Kadia is 50 million ounces of gold, 10 million tons of copper. One really common question I've had this week is how do we think of this district? Is it a copper district? Is it a gold district? And the best way to probably answer that is it's both, yeah. But Kadia until relatively recently was Australia's biggest gold mine with negative operating costs because of the copper credit. It's also Australia's biggest copper mine with a lot of gold. So you can sort of flip it that way but that's important for us because when we're talking about partnerships with different groups that lends itself to the diversified majors the copper majors and also the gold majors all three of those categories play in this space and are looking at this belt given the scale of the opportunities down to the southern section of this belt you've got about 160 million ounce gold equivalent resource inventory. As you go further up to the north you generally go under moderate post-mineral cover which means exploration is a lot less mature and I'll talk to you in terms of what we're doing with Anglo Gold Ashanti and that we think potentially being a new province scale opportunity. But seven projects here in central west New South Wales. We have our and Doblin project sitting in the southern end of the Cobar Basin. The Cobar Basin is a different back arc to the Macquarie Arc. It is also got copper but other critical minerals, silver, lead, zinc. It's a really polymetallic system quite often with good grade. You have in the Cobar District existing mills that aren't being utilised. So to summarise you've got a really attractive scenario that if you can find an economic ore body there's a long excess milling capacity short ore and that's supporting a bit of corporate activity taking place. I should also probably mention as you come over here to the east you've got generally smaller landholding you're within weekend drive to Sydney very good rainfall beautiful country There's a bottle of wine that I think someone might win if they found a business card under their serviette, but we'll address that at the end, that's from this district. But as you go further west, it's more marginal rainfall, larger land holding, pretty pragmatic farmers. But it's a very good area from exploration and plenty of activity taking place. There has been a 15 million ounce gold equivalent resource inventory discovery at Bode Kaiser. There's been $10 million resource growth recently at Cal. The SPUR project is a really good new emerging discovery made by Waratah, where a couple of years ago it was a sub-$10 million market cap. Now it's over $200 million with plenty of rigs drilling out, a really emerging discovery. So the majors are active in this region. Cadia, North Park's changed hands over the last couple of years. The inferred value for those deals was about $18 billion. Up in the northern part of the Cobar district, you've got CSA. That changed hands last year, $1.6 billion cash with Harmony entering the district. In terms of expiration, you've had a number of earning deals with majors partnering with juniors that has unlocked potentially over $400 million Aussie dollars worth of expiration activity. So while this part of the world is probably not so well known in the US, it certainly is a hive of activity. So back to Kincora, 48 million shares outstanding. As important as that being a low number, it's who they're held by. Reporting insiders, board and management own about 25% of the company. As mentioned at the intro, Rick Rule and Jeff Phillips came on and led a financing last year. That investor group accounts for about 20% of the register. When we were explaining our business model, the pivot and the roadmap at Rick and Jeff's election, we did that financing with a 12-month hold. It got quality investors into the book, but it also gave us the right lead time to execute on what Rick often says, what are your unanswered questions? And the unanswered questions and the strategy were really driven by ramping up exploration and doing further deals. And I'll run through each project briefly to explain that. In terms of the cash, again, sort of a pretty good position. Just this week, we received the next tranche of the Mongolian divestment, three and a half million US, which is about five million Aussie, five million Canadian which brings our cash balance well over double digits with another five million US expected before the end of the year the technical committee with the orange backgrounds led by John Holliday John's on our board and he's chair of the technical committee he's one of the foremost experts in New South Wales porphyries he's best known for originating and leading the discovery phases at Kadia he's still based in the district and very hands-on. He's supported by Peter Lehman, our VP of Exploration. Peter's probably best known for the Ricoh Dick discovery in Pakistan, a very significant copper gold system owned by Barrick today. Peter's also was involved with a number of other epithermal and porphyry discoveries with BHP and then he was with Panos before the Chinese acquired that. So two guys that know what to do and quite often it's sort of like sporting success. You see repeat offenders. They know what to do along the course of the journey and while the odds aren't in your favour, they seem to have repeat success. I joined the technical committee from the financing side just trying to make sure we've got the right corporate strategy and spending the appropriate amount of money. As touched on, we've got 25% of the register here. James Durant represents our second largest shareholder. He's Managing Director from an ASX Explorer, so he understands the industry very well. Luke Murray is Chief Operating Officer for the Bloomfield Group. Bloomfield have got a couple of operational mines in New South Wales, and they're our larger shareholder. I should mention Cameron McRae, very hands-on, non-executive chair, 28 years at Rio, built four construction projects in three different continents. The last role was in Mongolia for the Ouyatorga project where Cameron saw over $6 billion worth of investment in getting the open pit into production and commencing the underground development which will support that being the world's fifth biggest copper mine for probably the next 100 years. So a very strong, I guess, skill set across the board, primarily exploration but also up the value curve. in terms of the advisory board thank you Kerry for the intro before there's a few familiar faces that you've probably seen this week Jeff Phillips Brent Cook Michelle this advisory board was formed after we did that financing with Rick and Jeff to really argument the team and also build up our presence into the North American capital markets where jewelers stood on the ASX the TSX about half our shares are on both markets and liquidity is probably better on the TSX fee on the North American side but a key element of that has been the advisory board in terms of helping us not only with strategy but also with the capital markets. So the portfolio, I'll briefly run through each of these projects but you've got partners there, Anglo Gold Ashanti, Fleet Space, atom ionics another partner that we have not at any specific project that i should mention but across the whole portfolio is geomorphic ai it's a new ai group that's helping us with reviews both of existing projects but also new opportunities one thing about this business model that it is scalable so we're also looking at new project opportunities as you can probably expect we've got a number of projects here that we've got listed as discussions ongoing we want to pursue that management fee model getting some other big names in some of those have been our flagship assets where we've invested significant time and capital and i'll briefly run through those so condoblin we're sole funding this exploration ourselves here's a very good feel for the terrain that we're operating in pretty much agricultural and very good existing infrastructure the cobar Superbasin is one that is known for the high-grade deposits. As touched on before, Harmony entered the district with a $1.6 billion cash acquisition. You've then seen Arius do a deal with Peel Mining. Arius's mill is Tritton up in the northern part of the belt. Peel's deposits there at a resource stage sit over 100 kilometres away and that again illustrates part of the logic of our strategy with condoblin that if you have good grade there's existing mills that are seeking to supplement their existing production profile so the district's long production a long milling capacity but short production condoblin sits down in the southern end of the belt we've consolidated this license which is a historical mining field there's a mill at Mineral Hill owned by Kingston, which is 45 kilometres away on a sealed road where most of the workforce comes from the Condoblin Township, that mill is looking for third-party ore. So the strategy for how we commercialise that is very different to a large porphyry project. So Condoblin, just a quick overview, historically mining was impacted by the water table and that obstacle has created the opportunity now it's easy exploration by modern standards times it we we think is an intrusion related system at depth but you've got some polymetallic mining operations all across the the project big geochemical footprint with coincident geophysics at the Meritilga discovery that was made the last commodity cycle by the junior that we've inherited and bought this project from. A good intersection there of four metres at 20 grams at shallow depths with a bit of base metals there and that's the low-hanging fruit that we think that we've got there is that you've got a lot of smoke here under very small limited cover and pretty cheap and effective exploration. Various different deposit styles from some of these mines that have had informal activities in the past this is what we our prize really is we think there's a larger intrusion driving this that can provide real scale in addition to the grade that we're seeing near surface but that last phase of exploration before the commodity cycle downturn by that junior had pretty good results at a number of different number of different prospects the reason for showing this is that these styles of systems are generally vertically extensive. You can see CSA's Harmony, the CSA mine owned by Harmony is multiple series of lenses that are vertically extensive. They're mining 3% copper down at 800 metres depth plus. Achilles is a good discovery made by Australian Gold and Copper recently. They followed up good grade near surface with that same thesis in mind that these quite often repeat in lenses and are vertically extensive that's what we're looking to do with the current drilling program that we've got at Meritilga these three sections are all on the same scale to put it into perspective and you can see some of that pretty favorable grade is just open down dip and a long strike and we're just on hole nine at the moment with that drilling program looking to step out over a sort of six seven hundred meter strike see if there's significant scale to this and if there is we've obviously we've got the funding on the balance sheet to follow this up. So the porphyry projects and this is drilling at our never tie south project that's currently ongoing again a really good example of the terrain that you're operating in predominantly wheat fields. Again just a really quick recap I think I sort of touched on this you've got a number of majors active in the region you've got a number of juniors with good exploration results and success it is proven to be a really fertile region that most of the global diversified majors copper majors gold majors have had to have a look and have to have a strategy of do we want to operate within this region and that's leading to mna at the producing asset perspective but also these deals with juniors and and that's important given the business model the hybrid prospect generator model that we're pursuing so the northern part of the juni narrow mine belt just putting this into perspective right up here we've got anglo gold ashanti funding that with that management fee it's 100 k's north south this potentially is one of the biggest land holdings that a junior has got in porphyry terrain anywhere globally to put this into perspective vicuña in the central andes you've got four discoveries across a 40 kilometer strike that's being valued by the market over 10 billion US dollars that are still at the discovery phase. It's a big big thing to say but what we're looking for here is multiple discoveries but you need the right partner with the right balance sheet. So far Anglo Gold Ashanti with its own exploration in this district historically it partnering with another explorer and with us has invested over 30 million dollars to date pursuing the strategy and validating the targets. Our results so far we've drilled 39 holes in total some up at Ningen we need to come back there and we're planning on doing that. Sorry I'll go back the other way just to put this into on the map. The Ningen license is this one right up to the north. We'll come back and do some drilling there later in the year but our focus of activity has been down here at what we call never tire south when we did the financing last year with rick and jeff our view we'd been drilling ning and we confirmed this general concept that these are macquarie arc rocks but since then we've been drilling down at never tire south and we're very excited what by what we're saying we think we are into a new province here with a number of new complexes being identified so at the immediate target scale again this is pretty broad space drilling you're seeing copper and gold grades that are suggestive that you close within if you use the cadia model within a hundred to a couple hundred meters away from the core of these systems given it's so sparsely drilled we're not yet knowing whether that's down dip east west but again having the deal structure with a committed partner is the key we're exploring further down to the south because where we've started may not be the best place to be there may be other complexes that should be higher priorities and it's trying to get that balance right. Again using the CADIA example and if I think there's presentations on most of the desks it's a bit hard I'm sure to see this but the the geochemistry is looking extremely favorable and maybe just touching on never tire south one more time we had Anglo Gold Ashanti's global exploration peer review take place this week they had a team of eight groups eight individuals come out to site do a review and I think it's pretty fair to say they walked away extremely excited and I think once we do our next quarterly JV meeting there'll be some further news on what that means going forward. Cowleast and again this is an early stage project but I've put it number two in the porphyry deck to try and illustrate that this portfolio approach, there's again a strategy for each project. Some of these things will take time but they're fundamentally important in terms of extracting value and like the Mongolia transaction that was just sitting in the portfolio then all of a sudden overnight you have 10 million US come out of nowhere and no one was expecting that. So these sort of things incubate in the background and while you've got the rigs turning on a couple of other projects it's really important to be advancing that portfolio with a clear strategy and the strategy here has been to expand the licence portfolio by 40%. We're able to pick up the ground immediately to the south of Cal East. We've done some ground gravity. We've got a deal with Atomionics, a new generation gravity provider that's going to come in at their cost and do a survey. We're in conversations with a number of major mining companies about the Cal East project because we're literally the other side of the lake from Lake Cal, which is Evolution Mining's largest producing asset with 14 million ounce gold equivalent resource inventory the Marsden discovery down to the south is one that John Holliday our technical director made it's got a post mineral thrust fault but evolution estimates that before that thrust fault cut off the bottom of the oil body that that was potentially eight to ten million ounces and five million tons of copper so really prospective location where there's just been very limited drilling on the Cowleys project. Wongarbon we got a co-operative funding grant, drilled the first ever hole into that last year. Technical success confirming these are Macquarie Arc Rocks. We did a deal with Fleet Space. Fleet is a space and mineral exploration company. They did a survey at Bode Kaiser. This is about 15 million ounce gold equivalent resource inventory. That survey supported our thesis that those structures that those all bodies sit on continue into our ground. So again that's an early stage project but you're trying to find a partner that's got something that gives you a competitive advantage that will help your exploration more than just getting the money to drill. Fairhome, this is an advanced exploration project. The last group to explore here was Kaizen Discovery, which is now Ivanhoe Electric, Robert Friedland's group. There's been about 60,000 metres of drilling here. We know there's a big mineral complex to the south and to the north. Immediately up to the north, you've got Newmont earning in with the junior um and and as touched on the gold corridor down at cal is 14 million ounces we have had an independent geologist that did a review for a major last year just complete a review for us identifying specific drill holes programs we've had then geomorphic ai come in and do a review and also critique the work that was done by that geologist we're now going through that process of looking to speak to major mining companies about getting a partner in there but also given we've got that 10 million us coming in do we do some sole funded exploration activities ourselves the geomorphic ai review and the independent geologist review also had some targets that continued into open ground and you can see this stripy ground up here we only in the last month pegged that ground and again this business model we're looking to make it more scalable our trundle project was really the reason for pivoting to the prospect generator model We've put $12 million of shareholder capital into Trundle. The last group that was earning into that project was High Powered Exploration, which is now, again, part of the Ivanhoe Electric Group. There's a 10-kilometre geochem anomaly from shallow drilling. There's been over 80,000 metres of drilling. Friedland's group did geophysics there. They drilled one target. They made a new discovery. We think it's a rifted-off part of North Parks. North Parks is the second biggest porphyry mine in Australia 24 million ounce gold equivalent resource inventory this project very similar to Fairhome really belongs in a major mining companies portfolio and that's the natural parties that we're speaking to at the moment similarly to Fairhome we've done that review process and now running a formal process to speak to potential asset level partners. Condumble, we had Earth AI doing exploration on this project. It sits south of Bodekais and north of Kadia and Cargo. This has a known mineral system to the north and to the south. Earth AI were not doing as much active exploration as what we like so we called this asset back. there's a number of really good targets we've again had geomorphic ai do a review and the independent geologist or review and there's a number of conversations that we're having with potential regional consolidation and other groups i'd expect to see some news on this project relatively soon so sort of why why wrap up let's look to wrap up here with the why invest slide I guess hybrid project generator, multiple shots on goal, predominantly funded by partners that bring technical expertise and new technology to the portfolio, driven by a team that's found big discoveries before and has that track record with skin in the game, equity ownership themselves. A portfolio approach, every project's got a strategy and some of those are long-term slow burn strategies. years some of those are really at the drill bit with two projects being drilled at the moment large-scale prize what we're looking for is something that would be global globally significant in the copper and gold space and a unique scenario where you've got expiration going on but a balance sheet increasing with the Mongolian transaction on track and quarterly cash positions to expected to increase during the year. So with that, I'll open up the floor if anyone's got any questions, but thank you for coming along.

You got another one? Just give me a second so we don't worry.

Sam, lovely talk. Really enjoyed it. Can you tell me approximately what size market cap you need before the Australian institutional investors get interested?

Yeah, that's a pretty good question. We're probably on the cusps of that sort of threshold. Some of the smaller specialist resource funds look at this sort of 50 space. Generally, 100 plus is preferred. A factor of that also is liquidity as much as anything else. One of the pros of having a tight register with probably only 55% free float, the liquidity is an issue for some institutions but I guess what we're in the game for is discovery success and I think ultimately if the discoveries come that'll sort out the liquidity and also sort out the institutions.

You're all very quiet this morning. Anyone else? Any other questions?

Sam, when you go ahead and want to make a sales pitch to a prospective partner, What kind of information do you present to them? I mean, is there a single-hole drill or just geophysical? What kind of information when you pitch them?

Yeah, and different groups have different remits. So say Anglo-Gold Ashanti, that portfolio, we've got 100Ks north-south, that's really early-stage exploration. There's not many groups that would be interested in such a conceptual level. A lot of those licences have never been drilled before. the work that we've done today by far is more exploration than anyone's ever done across that portfolio but then you go to say Trundle where you've had 85 thousand meters of drilling you've had a lot of geophysics there's a lot of vectors straight there and that fits the remit for a lot of the majors probably a bit more naturally in terms if you've got you've got data there that you can really vector off and that's where these reviews that we've just done in terms of presenting targets, presenting work programs, presenting budgets, that also helps us frame the conversation of what a deal could look like. And I guess one thing that's really been good within this region for us for Trundle and for Fairhome is the success that Waratah has been having with the cargo spur discovery because that simile is a relatively mature asset where you had some good geology done and you had some geophysics and then you had a geological team that came in with a new concept and that new concept has led to this this huge exploration success that they're having and that's what Bode Kaiser and that's what I guess Cal is the traditional focus for a lot of groups was just the deeper copper porphyry model the high level epithermal gold system the warrock porphyry model really wasn't applied and then that's leading to a lot exploration success across the belt at the moment so ultimately the majors that we're pitching to predominantly looking to back the team one to operate and do the permitting the landholder access all that but it's it's the ip and it's the targets that um that fundamentally is what drives the value any other final questions yep congratulations on that cash position as you as you go through your drill target plan how long will that cash last that's that's a debate that we're having at the moment with the major shareholders the advisory board and the board we know how difficult it is to get cash and when you've got a balance sheet like what we we have you've got to be very frugal and focused with it do we solely focus on getting further partners in or are there some activities across some of these projects that we think we can add value to and there's no right or wrong it's what's the right thing at the right point in the market but we had a board meeting just last week and john our technical director very sort of sagely said look you could drill all the targets that have come out of these reviews and um on it on the projects that we've got and you'd still have double digit million cash position so it's a good

position to be in okay last question yeah good morning um do you is there a rule of thumb in the industry, not necessarily just with Kinkora, in terms of what your breakeven is for grams per tonne, because I saw somewhere on the presentation 0.1 grams per tonne, and in most cases it's 4, 7, many more in the double digits. So I'm just curious.

And again, each deposit sort of depends on strip ratios, overburden, all those great But for simplistic purposes, we're looking at sort of 0.6 gold equivalent from an open cut. And if you're looking for an underground operation, you need probably 1.2% equivalency. And if you've got the right dimensions, like these block caves that you can see with Cadia, for example, Cadia at the moment I think is only mining 0.6 grams a tonne gold and less than 0.4 copper. But because the infrastructure's already been paid off, it's just they're moving 36 million tonnes of rock and it's a money-making machine. It does. But I guess just from a very simplistic perspective, we sort of think of that 0.6 and 1.2 as rough rules of thumbs.

OK, Sam, in the interest of time, we're going to have to finish there. But you've got something that you want to give away.

Because we're Aussies. Did anyone find a business card under their survey?

Under their napkin. And if you haven't, look at the napkin next to you. There should be... And Sam, I think you've got a fair idea of where you put it. Gentleman here.

Forget it, guys.

Settle down. The one that asked the last question gets the prize. There we go.

So we've got a bottle of Aussie Pinot from near Kadia. So... Thank you so much. Thank you.

Thank you all for coming. and please come up and have a chat with Sam and ask some questions and enjoy the rest of the day. Thanks, everybody. Thank you.