I would now like to hand the conference over to Mr. Justin Werner, Managing Director. Please go ahead.
Thank you, and thank you everyone for your attendance on today's call for the Nickel Industries full year 2022 results. I'm pleased to report an extremely strong year for Nickel Industries and the investment in our RKEF lines, you can see is being reflected in the results for 2022. Records across all fronts. Our group EBITDA of $339 million, record gross profit, $294 million. Record operating profit of $257 million, and record profit after tax of $209 million. Remembering this is a company that's only recently been listed a little over four years. Four years ago, we had zero nickel metal production.
Last year, our nickel metal production was 7,079 tons, a significant increase on the 45,000 tons for 2021. Our attributable nickel production or a portion of that, 55,993, and record RKEF EBITDA of US $299 million. Pleasingly, the Hengjaya mine has really stepped up in 2022 and will continue to do so in 2023, and is now becoming a significant contributor to the cash flow of the business. We had record mine production of 6.79 million wet metric tons.
record mine EBITDA of $53.9 million, and we upgraded the JORC resource, to 300 million dry metric tons at 1.22% nickel, or 3.7 million tons of contained nickel metal, with still exploration upside remaining on top of that. Finally for our mine, very pleased to report that we were awarded a Green PROPER Rating, one of only two mines in Indonesia, nickel mines that have received that prestigious award. It's really acknowledgment of the responsible and sustainable mining that's being undertaken. We've just announced another final dividend of AUD 0.02 per share, so bringing our full year dividend to AUD 0.04 per share, in line with our 2021 dividend.
we've been able to maintain a good dividend whilst we continue to grow the company, I'll talk a little bit later on about the company's growth moving forward. What we see is this exciting transition now into the battery metal space. On the financial side, there was a US $212 million equity raise that was completed during 2022, and $225 million of senior secured notes, and that was used predominantly to fund the Oracle Nickel acquisition.
Oracle is performing very, very well, performing at well over 130% of nameplate and making significantly stronger margins than our older RKEF lines, which is RNI, as HNI is now producing nickel matte. We still have a very strong balance sheet, and then I'll talk about that on another slide. On the corporate front, as I mentioned, we completed the acquisition of 70% in the Oracle Nickel Project, which is now in the process of ramping up. Three of the four lines are now commissioned, and we expect that to hit full run rate at end of second quarter of this year. We announced the acquisition of the Siduarsi Nickel-Cobalt Project, a large Contract of Work with very good limonite and saprolite resource potential.
We continue to drill that out and probably second half of this year, we'll come out with a maiden JORC resource for that project. On the sustainability front, we've released our maiden sustainability report, which was very well received. We also announced an MoU for two solar projects, comprising or totaling USD 440 megawatt peak of solar capacity. Finally, there was a change of name to Nickel Industries, to sort of more reflect the industrial nature of the company.
I should just finally mention, we also welcome to the board Chris Shepherd, who is joining us as CFO, brings a wealth of experience, particularly in the battery metal space, and also Xiang Binghe, who is the chairman of Eternal Tsingshan, who run all of the Indonesian operations for Tsingshan. We have two of the most senior people under the chairman sitting on the Nickel Industries board, and so I think that speaks to the strong relationship and what we can expect moving forward. Could we please move to page three of the PDF presentation? Okay, sorry. The next slide. In terms of the financial snapshot, you can see here RKEF sales revenue, significant increase, 88%, to $1.2 billion.
Gross profit, 35.5% increase to $294 million. You can see across all of the metrics, operating profit up to $259 million, up again another in excess of 30%. Profit after tax of $209 million. I mentioned pleasingly the EBITDA from mine operations. You can see they have significant increase, up 145%. From $22 million last year to $53.9 million this year. We will continue to ramp the mine up, and so we expect to see not only the mine EBITDA continue to grow, but also that RKEF EBITDA continue to grow.
We're yet to see any contribution from Oracle Nickel. We expect to start seeing that in the second quarter of this year. We did also make the switch to nickel matte during the year. Two of our lines, which is HNI, were converted to the production of nickel matte. That's proven to be very successful and we've seen very, very strong margins there, almost $7,000 a ton. We...
As I said, it's been a very successful transition. The ability for us to switch between Class I and Class II, you know, we're one of the only listed nickel producers that has that ability to be able to move into the production of either Class I or Class II, where we see, you know, stronger margins may exist in either one of those markets. We could please move to slide 4. The balance sheet still very, very robust. I mentioned we completed the issuance of $225 million senior secured notes at 10% coupon, three-year term, two-year non-call. As of 31 December, cash of $144 million, debt of $559 million, net debt of $415 million.
Still very conservatively geared given the very strong cash flows the company generated for 2022, that will significantly grow in 2023. We will maintain that very responsible balance sheet and funding moving forward. If we could just move to the next slide, please. I mentioned the RKEF operations. You can see there we Angel Nickel 29,887, and that's not for a full year of production. That's operating at 138% of nameplate capacity. You can see the differential in margins there between Angel and our older Ranger Nickel lines. Ranger Nickel last quarter was operating at an EBITDA of about $2,600.
Angel Nickel was operating at an EBITDA of about $4,500. I mentioned the move to nickel matte. Hengjaya Nickel was converted to the production of nickel matte, and its margins in December were $5,950. Combined, the nickel matte, combined with the newer generation RKEF lines being Angel and Oracle, we're seeing very, very strong margins. Despite what we experienced in 2022 was significant cost pressures, particularly from thermal and coking coal, as well as a period of depressed NPI prices as China was still in lockdown and, you know, has now moved out. We're seeing an improvement and strengthening in NPI prices. It speaks to the robustness of the business throughout the whole commodity cycle.
That even when we had significant cost pressures, we had record low NPI prices, we were still able to produce very strong margins, and that's a benefit of sitting right at the very bottom end of the cost curve. If we just move to the next slide, please. If you look at the chart at the bottom there, you can see the contribution over the year in light blue there from Angel Nickel in March, June, September, December. You can see there, in December 2022 in the light green at the far right there, 747 tons co-contribution from Oracle Nickel. That will continue to grow and that bar will look basically identical to the bar next to it, which is the light blue bar, which is the Angel Nickel production.
There's still a significant amount of production that hasn't been translated into EBITDA yet. That will come on in 2023. As I said, margins are stable at the moment. They're very strong from Angel. We expect similar margins from Oracle. We're seeing very strong margins from our nickel matte from HNI. We also expect to have our IUI issued or our sales license for Oracle, we expect to start seeing sales in the second quarter of this year. We'll see that contribution to our EBITDA coming very soon. If we could just move to the next slide, please. Another record year for the Hengjaya mine. I mentioned 6.8 million tons of ore mined.
2.7 million tons of saprolite sold and 844,000 tons of limonite sold. Pleasingly, limonite, which was previously treated as overburden, and the cost is now making a very strong margin in excess of $10 a ton. Our saprolite business continues to make strong margins of, you know, close to $20 a ton. We are in the process of completing a haul road between our mine and the IMIP. Once that haul road is completed, our target will then be to get towards, you know, 10 million wet metric tons per annum of all sales mix of limonite and saprolite.
Using the $10-$20 margin, you can start to see that the Hengjaya Mine really is becoming a material contributor to the EBITDA of our business. If we could just move to the next slide, please. I mentioned in the opening the awarding of Green PROPER Rating for the Hengjaya Mine. We're extremely proud of receipt of this award. We are one of only two nickel companies in Indonesia to receive this, the other being PT Vale INCO. The mine really has become a showpiece for sustainable and responsible mining.
We've had numerous Western OEM and EV makers, including Tesla, come and visit the mine to see, you know, what a good nickel laterite mining operation can look like in Indonesia, as numerous customers take more of an interest in upstream and, you know, the source of ore for the production of nickel metal for particularly for the battery market. If we could just move to the next slide, please. I mentioned we released our or upgraded our JORC resource to 300 million dry metric tons at 1.22% or 3.7 million tons of contained nickel metal. You can see where we sit amongst the known global nickel resources. Places us firmly amongst the top 10.
There is still upside to that to that resource and we will continue to drill that out this year and hopefully add more tons to that current number. We're also looking to grow that base from 3.7 via acquisitions such as projects as the Siduarsi project. Our aim will be to sit on the world's largest known global nickel resources. We're working very hard on identifying suitable acquisitions so that we can continue to grow that resource base as it becomes more and more important in the future to ensure that we, you know, we have the long-term security of supply.
Not only that we are involved in that supply and so that we can ensure that similar to the Hengjaya Mine, it's mined in a sustainable and responsible way. If we could just move to the next slide, please. Just quickly, quarter by quarter, highlights early in March, we completed a $212 million capital raising to fund the acquisition of Oracle. We acquired initial 10%. Both Angel and Oracle had secured material tax concessions, 10 years of 0% tax, plus a further two years of about 12%. In the June quarter, we changed our name to Nickel Industries, which as said at the opening, we felt more reflective of the nature of business.
Angel Nickel received its commercial sales license, which as I mentioned, Oracle Nickel should receive also in the 2Q of this year. We then continued to increase our interest in Oracle Nickel. We announced the acquisition of the Siduarsi Nickel-Cobalt Project, and we released our Maiden Sustainability Report. We look forward again to releasing our 2022 Maiden Sustainability Report in the coming weeks, a lot more good work has been done over the course of the year. In the September quarter, we signed a term sheet for a 200 megawatt peak solar project.
What we find attractive about the solar project is obviously not only the reduction in carbon intensity, but also the fact that the power purchase agreement is for a 20-25 year life at a fixed price without any inflation escalation. We see that attractive from the perspective of our power costs will be potentially fixed for that 20-year period and remove some of the volatility that we saw, particularly last year in coal prices and power prices. During that quarter, we also increased our ownership in Oracle to 70%. We signed a strategic cooperation agreement with QMB New Energy, who has a HPAL plant that's commissioning within IMIP, for the construction of a slurry plant to supply significant volumes of limonite to that HPAL plant.
We upgraded the JORC resource, which I've just been over. Finally, in the December quarter for last year, we switched from the production of NPI to nickel matte at Hengjaya Nickel. As I said, that's proven very successful given the very strong margins, almost $6,000 a ton for December quarter. We're seeing margins that are in excess of that already for the first month of 2023. So, you know, we expect to see very strong continued margins from the nickel matte side of the business. I mentioned the new director appointments of Chris and Bingh e, and we warmly welcome them, and they will bring a, they bring a wealth of experience and insight to the board. The awarding of Green PROPER Rating on...
Which I will now discuss on the next slide. If you could just move through to the next slide, please. This really is a transformative transaction. There's a number of elements to it, but what it will see is Nickel Industries transitioning, and we commenced that already at the end of last year, from purely a Class II NPI producer to a diversified producer of Class II and Class I nickel products, but also a diversified suite of Class I nickel products. So that being nickel matte, MHP, and then nickel cathode or nickel sulfate in the future. That will see us change our production mix somewhat from over the coming years to about two-thirds of our production being that Class I battery nickel metal.
That's really, you know, a part of the nickel market that we see, a lot of upside and a lot of growth. Just going through the various elements of that agreement. The first was to acquire a 10% interest in the Huayou Nickel Cobalt HPAL project. That project was built in a little over 18 months during the pandemic, has the world's fastest build, lowest CapEx, fastest ramp up, and lowest operating costs, along with one of the lowest carbon intensities to less than 10 ton of carbon or ton of nickel. It really is a showpiece of what a successful HPAL plant can look like.
We're delighted to be able to acquire a 10% interest in that because we believe that what it will do is provide a see-through for NIC investors to come to site, touch, feel, see what a successfully operating HPAL looks like. The margins that are very strong, you know, we've seen months of up to $10,000 a ton, the very low capital intensity. There really is now, I think, the next wave of growth in Indonesian nickel will come through these, through these HPAL plants. This acquisition also gives us access, importantly, to 6,000 tons of MHP, which we can market.
That will allow us to be able to start and foster relationships with third party EV and OEMs with a view to potentially bringing them in to the much larger HPAL project which was announced. That again, will come with a CapEx guarantee. I can't stress how important that CapEx guarantee is, particularly if you look across the nickel and lithium space in Australia. There's been significant CapEx blowouts that have been reported recently by many listed companies, some in the order of, you know, two-three times magnitude. That future HPAL project with that CapEx guarantee, nameplate guarantee, ramp up is about as risk-free as you'll see for an HPAL project.
It's also the same team effectively that built the Huayou Nickel Cobalt project. We're obviously delighted to be able to secure that team to build the next generation of HPAL projects in partnership with Tsingshan. We also increased our stake in Oracle Nickel to 80% for $75 million in cash. That aligns our interests across all of our RKEF at 80%. That $75 million valuation for 10% that was the same valuation that we initially invested in over a year ago. I think it again reflects the very strong relationship that we have with Tsingshan and the value-accretive deals that we're able to do with them.
The final element of that agreement is two option payments. One which is the option for the HPAL, which I've just been through, that will produce nickel sulfate or nickel cathode. We'll go further down the value chain and capture more of the margin that would be otherwise realized if we were just producing an MHP. A option to invest and construct in a low-grade to high-grade nickel mat converter of about 50,000 ton capacity per annum. We've obviously seen the strong margins there. Really, the only bottleneck to producing more nickel mat is that converter capacity. Finally, we completed a $471 million capital raise.
There was a $185 million fully underwritten institutional placement that was very well received. The bids into the book were very strong. I think it was a strong endorsement of the company's strategy with Project Dawn. We're also going through the final stages awaiting further approval and then shareholder approval for a conditional placement of NIC shares to Shanghai Decent. Which will bring their ownership in NIC up to around 28%. We see this as very good. I think it reflects the strength of the relationship.
Coming back again, we've been able to successfully grow very rapidly in the Class II NPI space, as everyone's witnessed through HNI, RNI, ANI, and ONI. Through the very strong relationship that we have with Tsingshan, we'll now look to replicate that in the production of Class I nickel. As I said, that will again come with CapEx guarantees. It will undoubtedly come with Tsingshan's execution, expertise, and speed and ability to ramp up. We're very much looking forward to that. That concludes the presentation. Looking in summary, 2022, as you've seen from all of the production and financial metrics, very, very strong year. Significant increase on 2021.
We expect more of the same in 2023, as we've seen a recovery and strengthening in our margins, as we see Oracle Nickel ramping up, and we're yet to see the contribution from that. We now look forward to, as I said, diversifying our nickel production, as we strive to become the world's largest diversified listed nickel producer of Class I and Class II nickel. The move into the Class I nickel will go towards materially reducing our carbon footprint. We will continue to look to grow our resource base and as I said, you know, 3.7 million tons of contained nickel metal is not a small number, but we have much larger ambitions to continue to grow that significantly.
Of course, as we've done, we will continue to fund these things, in a responsible manner. Obviously look to retain our dividend with a view to growing it at the appropriate time if we see the strength of cash flows that we believe we will see in the future. With that concludes the presentation. Thank you, everyone. Happy to turn over to Q&A.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Adam Baker from Macquarie. Please go ahead.
Hey, good day, Justin and team. Just on Hengjaya, appreciate you got the whole road under construction, have it coming online second half of this year. Just wondering what is happening with the jetty operating at 3.5 million tons per annum. When that whole road comes online, is that jetty gonna shut down or is there potential upside to, you know, getting a 13.5 million ton per annum run rate to IMIP?
Yeah. Thanks, Adam. We will continue to still operate the jetty. The 10 million wet metric tons is a target for the haul road only currently. One of the things that we will need to do is we will obviously need to just seek and every year we basically submit a plan to the government for what our intended production volumes will be. We'll obviously look to significantly increase that. To answer your question, we are looking at 10 million tons coming down the haul road purely and with the opportunity to supplement that, you know, with additional tons coming through the jetty.
At those sort of numbers, that makes us the largest ore supplier to the IMIP.
Yeah, great. You've obviously got quite a bit of limonite built up on site there. Is that something you can bring across straight away or is that something you gotta kinda drip-feed across? Moving forward to the mid to long term, the breakdown between saprolite and limonite, is that around 40% saprolite to 60% limonite or how should we be thinking about that in the mid to long term? Thanks.
Yeah, the breakdown for the haul road for that 10 million tons that I mentioned, we'll be looking at about 6.5 million limonite, 3.5 million saprolite. About those numbers that you've mentioned there in terms of split.
Yeah, sure. Awesome. The RKAB approval, is there anything getting held up on that end? When can we expect to see that come through? Then I guess when you get that approval, you go straight to the shareholder vote to the conditional placement. Is that right?
Correct. Yeah. We don't expect any hurdles. I mean, we've done this before. That is imminent. Once we have that we'll go to shareholder approval. The independent expert report is basically done.
Cool. I'll hand it on. Thanks.
Thanks, Adam.
Thank you. Your next question comes from David Coates from Bell Potter Securities. Please go ahead.
Thank you. Morning, Justin. Thanks for the presentation this morning. Great set of results. Couple of questions. Firstly, just on the sales license from Oracle. I think you just mentioned that will be granted for the June quarter. Is that right? If so, will we see those production from the March, the current quarter, held over until then, you know, as a result of that?
Yeah. Look, Coatesy, our best case we may see it end of March, but my feeling is it may not be issued until the second quarter. There may be a pleasant surprise for this quarter, but I don't think it'll be any material volume. I would be forecasting on seeing sales coming in the, in the second quarter. I certainly wouldn't be putting any down for this quarter. As I said, there may be a pleasant surprise, but given that we're dealing with government bureaucrats, I think it's safer to look at the second quarter.
Okay. Perfect. No, thanks for that. Secondly, the Green Award for the Hengjaya Mine. The mine's sort of, you know, a step removed upstream, I guess, you might say from, you know, the OEMs, you know, where they come in as direct customers. How important is that? You know, you mentioned a visit to the site. How important is that in the whole kind of, EV supply chain strategy? Or how much weight does that, does that carry?
Yeah. Look, I think it's probably the most critical element of what is the biggest concern. You know, I think the HPALs have now proven themselves, particularly with HNC, and that carbon intensity, you know, that's one of the lowest globally. I should add that how they're able to achieve that is they have the world's largest sulfuric acid plant, which generates a significant amount of heat in the production of sulfuric acid. Therefore, that allows a lot of the power to be generated simply through that reaction. The power requirements are very low. They are using dry stack tailings, which is, you know, that's best in breed for tailings management. I think, you know, the tailings element of HPAL production has also been answered.
Now it's really, you know, what is the source of the ore. Obviously, given the nature of the mining operations, large areas of land are disturbed. It's important that these areas are rehabilitated properly and also, you know, mined properly so that you don't see runoff of laterite into rivers and local villages and things like that. Look, very important. As I said, we are very proud of the fact that our mine is a showpiece and, you know, we're getting a lot of recognition, not just the Green PROPER. We've won a raft of awards in 2022 for various initiatives and our operations, including Best Mine Site Rehabilitation from the Forestry Department.
Nice one. Thanks very much. Just, finally, you mentioned maiden resource for Siduarsi. I didn't quite catch the timing on that one. Later this year?
Yeah. Around the middle of this year.
Excellent. Okay. Look, thanks very much, Justin. Cheers.
Thanks, Coatesy.
Thank you. Once again, if you wish to ask a question, please press star one and wait for your name to be announced. Your next question comes from Matt Greene from Credit Suisse. Please go ahead.
Hi. Good morning, Justin. Just to follow on from the Oracle sales license, is this just a regulatory timing? Cause if I recall, you mentioned the plant's operating well above 130% of capacity. You don't have to see anything from an operational standpoint. This is just a regulatory process.
That's correct. If you look, sorry, that's Angel that's operating at 138% of nameplate. If you look back at the Angel trajectory, very similar to Oracle. You know, first line's commissioning in end of 2021, ramped up in the first quarter of 2022, and then was awarded its IUI in the second quarter of 2022. This is basically following the same trajectory. Yeah, look, it is just a procedural matter. You know, there's almost 100 RKEF lines in operation across the two parks that all received the license.
Basically, all you need to receive it is to have completed all of the construction because it is linked to the importing of equipment, that all of the equipment has now been imported into the country. The application has been made. Yeah, purely procedural. Been done many times before. We don't see any issues with that being issued. As I said, most likely second quarter.
Sounds great. Thanks for clarifying. Sorry on the certainty there on the Angel. And then just, I guess more longer term, you mentioned going NHP, and you've got the potential option to go to nickel sulfate. Do you have a sense of what the conversion cost is? You know, you mentioned you wanna capture more of that margin, but going all the way to that battery-grade sulfate, do you have a sense as to what that will cost on a dollar per pound basis?
No. Look, we haven't gone that far down. In fact, we're not looking to, you know, commence the project earliest end of this year, most probably beginning of 2024. One of the reasons is that obviously a feasibility study will be undertaken. We will be the first to go further downstream and produce nickel cathode and nickel sulfate. At this point, I can't tell you what those anticipated numbers are. Certainly if you look at the payabilities, nickel cathode attracts basically 100% of the LME price. Nickel sulfate trades between sort of premium to deficit.
You may have seen that, as Huayou has now approached the LME with its own marketable product. Which we think is a positive for the LME because it will start to bring some more meaningful volumes and hopefully return it to a more meaningful market. Again, we don't have the actual numbers as yet. We will be undertaking the feasibility. There is certainly significant potential additional margin capture above producing MHP, which, you know, can range quite greatly in terms of payability, anywhere from 70%-85%, depending on the market. We would expect certainly cathode would get 100% and sulfate, premium or small discount to LME, depending on the market conditions.
Okay. Thanks. This, I guess, yeah, I mean, how are you thinking about, I mean, it sounds like it's just go to a sulfate or cathode. I guess in terms of going beyond that into the midstream, you know, in terms of precursor, active materials, I saw BASF and Eramet are investing a bit in a MHP plant in Indonesia. Are you getting signals from the government as to, you know, are they wanting to go that extra stage to precursor and, you know, see if you're gonna be the first mover in potentially producing battery-grade sulfates? I would suspect you'd be a key contender in getting involved in that next stage. Is there any sort of commentary you could provide on kinda how you see things panning out?
Well, look, it's a very good question. We are obviously looking for the first mover advantage in terms of sulfate and cathode and obviously a number of large battery producers have broken ground. Hyundai has broken ground on the first electric vehicle plant. We actually just returned from a few days in Shanghai with the chairman of Tsingshan who took us around. They now have their own battery plants in China, producing significant amounts of battery for EV market and also for home use inverters and those types of things for solar systems. It's certainly a strategy of Tsingshan. They're looking to diversify further downstream into the battery business. This is really the first sort of step for us.
Still quite a lot to do with the HPAL. You know, look, we will always look at opportunities if they're value accretive, and, you know, if we think they're where we should take the company. At this stage, the focus, the next focus really will be on just executing that nickel sulfate and nickel cathode strategy and then, you know, diversifying our production base into more of that Class II, sorry, Class I, nickel and cobalt space.
No, that's great. Thanks, Justin. Appreciate the answers.
No problem.
Thank you. Your next question comes from Lawrence Kennedy from Buxton. Please go ahead.
Yes, Justin. Just had a one a little bit away from the general topic, but Huayou, I think, is the recent company we have bought into, if I'm correct. They have an interest in the massive lithium project in the Democratic Republic of Congo. I think the exposure there is in excess of 200 million shares. It may go to 250. I think the average is about $0.78 through a listed company in Melbourne. The project has just been revoked. Has anyone been discussing if there were going to be major losses with Huayou? It's a little bit ahead of time, hasn't quite been resolved, but the DRC have revoked the project. Would there be losses perhaps handed down in the future if it does occur?
Yeah. Look, thanks, Lawrence. We were actually in Shanghai, as I mentioned, just two weeks ago, and the chairman of Huayou was there. I think similar to the short squeeze that Tsingshan encountered, you know, in March of last year, these are companies that have significant operations, you know, talking in the tens of billions, and very strong balance sheets and, you know, good support and actually support each other. Look, yeah, that, you know, as we all know, projects can be revoked from time to time, particularly in jurisdictions such as, you know, the Democratic Republic of Congo. Look, yeah, I wouldn't expect any material impact to Huayou's business.
And in fact, you know, the margins on this particular HPAL plant, as I mentioned, are in excess of $10,000 a ton. It is an interesting point that you raised that a lot of these Chinese companies, including Tsingshan, who has gone into a JV with Eramet in South America in lithium, are clearly building up not just supply of nickel and cobalt, but other battery metals. I think that indicates where they see, you know, the future heading in Indonesia, particularly in terms of development.
All right. Okay. Well, thank you. I take it that if the project is revoked or has been revoked, there's large exposure, so there may be write-ups, but thanks for your explanation.
All right. Thanks, Lawrence.
Thank you. There are no further questions at this time. I'll now hand back to Mr. Werner for closing remarks.
Look, thanks. Thank you again, everyone. Look, I think as I said, very, very strong 2022. We're looking forward to an even stronger 2023 as we continue to grow our nickel production, our EBITDA, our Class I nickel exposure. We look forward to reporting a strong set of results for the first quarter of 2023 in the coming weeks. Thank you everyone again for your time.
Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.