Thank you for standing by, and welcome to the Ramelius Resources quarterly teleconference. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Mark Zeptner, Managing Director. Please go ahead.
Thank you, Darcy. Good morning, everyone, and thank you for taking the time to dial into the Ramelius conference call. The call today will cover the June 2024 quarterly results, together with our FY 20 25 guidance. So in addition to the two ASX announcements we made this morning, we have released a presentation that we will largely speak to during this call. All documents have been uploaded on the platform, and it will also be available on our website. I'm happy to say today, I'm joined for the first time by Darren Millman, who commenced as CFO in May. Darren will provide some detail on the financials after I run through the highlights in the operations. As usual, there will be an opportunity for listeners to ask questions at the end.
So for those who have downloaded the presentation, or have it handy, there is a little bit to get through. I will be initially speaking to slide three. Our quarterly gold production was just over 82,000 oz, for quarter four, at an all-in sustaining cost of AUD 1,362 an ounce, which was at the higher end of our production guidance and lower end of cost guidance. In April of this year, we upgraded our annual guidance for FY 2024 to 285,000 oz-295,000 oz at an all-in sustaining cost of AUD 1,550-AUD 1,650 an ounce.
Pleasingly, the record annual production that we delivered for FY 2024 of 293,033 oz at an all-in sustaining cost of AUD 1,583 was within our stated guidance, again, at the higher end of production and the lower end of cost. Ramelius's underlying free cash flow for the quarter was AUD 137.3 million, breaking the record we set in the recent March quarter. Once again, a stellar performance by our operations. To date, it's been a remarkable year for Ramelius in many regards, but what has really set us apart has been our ability to generate underlying free cash flow, which, for FY 2024, totaled AUD 315 million with AUD 263 million coming in the second half alone.
Obviously, these results would not have been able to be achieved without our operational teams on the ground. And once again, high praise must go to them for all the hard work they put in to safely deliver this production result. On safety, a safe workplace is paramount to the success of Ramelius, and the continued downward trend in our TRIFR is evidence of the importance we place on this. Lastly, on safety, during the quarter, Ramelius achieved 12 months without an LTI. Once again, a testament to our team and our contractors' commitment to safety. During the quarter, two significant milestones were achieved to ensure Ramelius delivers on our 10-year mine plan at our Mt. Magnet Hub.
Firstly, the receipt of key mining proposal approval from DMIRS for the Cue project, and secondly, the updated mineral resource estimate for our Eridanus project, consisting of 21 million tons at 1.7 grams per ton for 1.2 million oz. I'll speak more to both of these shortly. Firstly, though, to FY 2025 guidance, we are expecting another strong earnings year and cash flow year, ahead. Production is expected to be between 270,000 and 300,000 oz at an all-in sustaining cost of AUD 1,500-AUD 1,700 an ounce. Mount Magnet will make up the lion's share, with gold production between 230,000 and 250,000 oz, and what we believe is a sector-leading all-in sustaining cost of between AUD 1,300 and AUD 1,500 an ounce.
This guidance at the midpoint represents a significant 50% increase on FY 2024 and is the result of expected improved grades and tonnages from Penny, along with the positive impact of higher-grade open-pit ore from Q. Production will be weighted to the second half of the financial year, with grades further improving at Penny and the short period of Cue ramp-up being completed in the first half of the financial year. At Edna May, we expect to contribute 40,000-50,000 oz, which will be weighted more towards the first half of the financial year. Production will be sourced from existing stockpiles across the hub, and is greater than initially expected, due to the prevailing gold price, unlocking value in our lower-grade stockpiles. Darren will discuss cost and capital guidance for FY 2025.
From a corporate perspective, as I suspect everyone is aware, Ramelius purchased an initial stake in Spartan Resources in late June and subsequently increased its interest in July to the point where we are now holding approximately 18% of Spartan's ordinary shares on issue. We also renewed and upsized our revolving credit facility to AUD 175 million. This facility remains available in full and allows for added financial flexibility. On the project evaluation front, during the quarter, Ramelius evaluated the potential Stage 3 cutback development at Edna May. It was determined that the project economics are not sufficient to warrant the investment of approximately AUD 300 million, which consists mainly of pre-production mining, but also the relocation of ancillary processing infrastructure, a new tails dam, and an upgraded pumping system.
The financial commitment required, combined with the heightened technical risk inherent in relocating ancillary processing infrastructure and the need for increased pumping capacity at depths that was identified during the recent underground mining phase, has resulted in the decision to place the site on care and maintenance once processing of existing stockpiles is completed in the March 2025 quarter. At the appropriate time, and where possible, existing Edna May staff will be offered roles at alternate locations within the company, or redundancy packages will be offered. This process has commenced, and the number of redundancies is expected to be relatively few. If we can move on to slide four, I would just like to draw your attention to the table on the left. This breaks down the source of quarterly ounces.
In FY 2025, we expect similar representation of sources in Q1 and Q2, but as we move to the second half of the financial year, we see Cue replacing the blue components from the Edna May hub, as operations wind down there and Cue transitions into full production. On to slide five, which references the group's quarterly production statistics. Here, I would, I would like to highlight the mine and milling grades, along with gold production in the periods Q3 and Q4 in FY 2024, in the charts at the bottom. You can clearly see the step up in these periods, which we expect to continue, for FY 2025. On to slide six, we show the operating highlights at Mount Magnet for the quarter and the full year.
Production from our Mount Magnet hub increased 6% quarter-on-quarter, which is attributable to increased production from Eridanus on improved grades. Offsetting this, in part, was a lower grade from Penny in the quarter, which I know was still in excess of 10 grams per tonne. These relatively lower grades were not unexpected and relate simply to mining sequence, and the nature of the ore body. Most importantly, the ore body is performing in line with ore reserves, and Penny grades are expected to increase in FY 2025, notably in the second half, but more on FY 2025 guidance shortly. As expected, production for the quarter came mainly from Mount Magnet, which made up just under 50,000 oz of the group's production.
In terms of open pit mining at Mount Magnet, continued focus was on the Eridanus and Brown Hill open pits, which both had lower strip ratios and higher grades in the preceding quarter, resulting in a 12% increase in contained gold mined to almost 35,000 oz. The mining of both these pits is expected to be completed in the September 2024 quarter, before the open pit fleet is fully relocated to Q. On underground mining front at Mount Magnet, mining at St. George and Water Tank Hill concluded in the quarter, with the sole focus at Mount Magnet now being at the Galaxy Mine. Tonnes and grade mined across the three underground operations was in line with the previous March quarter.
During the quarter, key government approvals were received, as mentioned earlier, for the Cue project, and shortly thereafter, on the back of compelling returns that we've shown in our studies, we commenced mining at that project. With pre-strip and development activities already underway at Q, for its first ore is expected through the Mount Magnet mill in the December quarter. During this short period of development at Q, mill feed at Mount Magnet will be maintained with the significant Eridanus stockpiles we have on hand at Magnet, which at 30 June, totaled more than three million tonnes. Mining at Penny continued as expected in the quarter, with development down to the 1,234 level. Staking performance continued to be optimal, and minimal dilution was encountered.
Haul roads to Mount Magnet continued to be maintained at a high level, enabling largely uninterrupted haulage, totaling some 56,000 tonnes for the quarter, through the first part of winter. On the project development front, Eridanus and Galaxy underground continued to be the focus areas at Mount Magnet. Resource development drilling targeting shallow, high-grade veining below the current pit at Eridanus produced some excellent results, including 14 meters at 6.2, and 20 meters at 14.5. These results did not form part of the previously updated mineral resource estimate that we released on the thirteenth of May. As I mentioned earlier, it was 1.2 million oz, which was up 64% on the June 2023 mineral resource.
The latest mineral resource at Edna May, together with continued drilling success, has resulted in the commissioning of studies on both underground and open pit options. In parallel to this, a mill upgrade is now under evaluation. Both studies, or all studies, are expected to be completed by December this year. To be clear, these studies have not been incorporated as yet into the existing 10-year Mount Magnet mine plan. Separately, at Galaxy, ongoing mine development has now reached the six ore drive, sixth ore drive, and the new Mars decline is developing further at depth. Underground diamond drilling, targeting the Mars and Saturn ore bodies, was completed during the quarter, with the results, including 4.4 meters at 16-... 5.7 meters at 10, and 14.59 meters at 6.7.
Resource definition drilling of the Satin BIF began in the March quarter, with assays expected to start feeding through this quarter. I think I might have mentioned previously, but we have completed dewatering of the Satin pit above, allowing for development to commence within the Satin ore body itself. That should be seen on that long section pretty clearly. At Q, a program of diamond core RC and air core drilling was completed at the end of the reporting period. The program comprised resource definition, infill extension and some geotechnical drilling of the proposed mining areas. And there are a number of them called Break of Day, Numbers, Leviticus, Waratah, and the Amarillo open pits, as well as some deeper drilling at the Break of Day underground.
Slide seven, I have included a slide on Eridanus, just to highlight, that the previously mentioned mine plan only includes 280,000 oz, at the midpoint, which is the underground option. And in the short term, our highest priority here is to deliver, you know, a low-cost, high-value return to shareholders from this project, as we work through the studies previously discussed. Last slide for me, slide eight. We show operating highlights at Edna May for the quarter and for the full year. At Edna May, production was down 19%, which is the result of the completion of mining at the Edna May Underground in May.
Now, given where we were 12 months ago at the underground operation, with significant underground water flows encountered, it's been a great effort by the team at Edna May to extract just under 30,000 oz from the underground, across FY 2024. During the quarter, also, open pit mining operations concluded at Symes, and haulage to Edna May from the Marda, Tampia, and Symes satellite sites totaled just over 450,000 tons, which was pretty similar to the prior quarter. We do still have significant stockpiles remaining across the hub, which at 30 June totaled 488,000 tons at 1.6 grams per ton.
In addition to this, remains almost one million tons of lower-grade material, which at current gold prices will generate notable cash flows for the business in the coming year. As always, only touched on a few exploration highlights there. You can find more of the detail within the quarterly report itself. That covers the highlights and the operations from me. I'll now hand over to Darren.
Thank you, Mark, and it's a pleasure to be here with all you today, with this being my first quarterly call. Just wanted to initially acknowledge the great work Ben Ringrose, our GM of Finance, has done in the CFO chair, and looking forward to working with him and the executive team to add further value to all stakeholders. I will be initially speaking to slide nine. On slide nine, we show financial highlights for the quarter and the full year. The June 2024 quarter has been another strong quarter for Ramelius, with cash generation a clear highlight. The operations generated cash flow of AUD 162.8 million in the quarter, which after growth, capital and exploration spend, resulting in an underlying free cash flow of AUD 137.3 million, building on our record-breaking March quarter.
This underlying free cash flow, which is essentially everything except our corporate activity, represents 49% of revenue for the quarter. After our initial investment in Spartan in the quarter of AUD 87.7 million, and payment of stamp duty on the Musgrave acquisition of AUD 10.1 million, our closing cash and gold was AUD 446.6 million. A 10% increase on March, and a 65% increase on June 2023. During the quarter, we sold 85,737 oz at an average realized price of 3,243 per ounce, which included a mix of spot and committed forward sales. This resulted in total sales revenue for the quarter of AUD 278.1 million.
The all-in sustaining cost for the quarter was $136 per ounce, which is comparable to the prior quarter. Higher costs at Edna May were offset by the lower all-in sustaining cost at Mt. Magnet. The resulting all-in sustaining margin, which is realized price, realized gold price, less the all-in sustaining cost, was an impressive 58%, which is slightly higher than the March 2024 quarter. At Mt. Magnet, the all-in sustaining cost was just under $1,000 per ounce, representing a further 5% reduction on the prior quarter. This was achieved on the back of lower strip ratio mining and higher grades at Eridanus.
At Edna May, the all-in sustaining cost was 1,870 AUD per ounce, representing an 11% increase on our prior quarter, with lower milled head grades following the completion of operation at the Edna May Underground. As we have noted in past quarters, the Edna May all-in sustaining cost includes AUD 453 per ounce non-cash charge for the drawdown of existing stockpiles across the hub. Ignoring this, the all-in sustaining cost for the Edna May would have been approximately AUD 1,400 per ounce. For the 2024 financial year, gold sales totaled 293,966 oz at an average realized gold price of AUD 2,995 per ounce, an all-in sustaining cost of AUD 1,583 per ounce.
resulting in gold sales revenue of AUD 880 million, and an all-in sustaining margin of over AUD 400 million or 47%. A total of AUD 22.3 million was reinvested in mine development, resource definition, and exploration in the quarter, which focused on the Galaxy underground, Eridanus open pit at Mount Magnet, the Cue Gold project, and Rebecca and Roe Gold projects. Our gross capital investment for the year was 49.6 million, which is the upper end of our guidance of AUD 45 million-AUD 50 million, and reflective early commencement of the development at Cue in the June quarter. Exploration and resource definition spend for the financial year 2024 totaled AUD 42.2 million. We are guiding to an increased level of exploration and resource definition spend of AUD 40 million-AUD 50 million in financial year 2025.
The closing cash and gold position of AUD 446.6 million, which, coupled with our new AUD 170 million new debt facility, leaves us with over AUD 600 million in available liquidity. It is not only our cash and gold that points to a strong balance sheet, but also our working capital position with sizable stockpiles on hand. On slide 10 and 11, now shows a breakdown of free cash flow metrics in 2024 and historically. Ramelius operations generated AUD 315 million in free cash flow in the financial year 2024.
I would highlight the financial year 2024 production was 293,033 oz, with an all-in sustaining cost of AUD 1,583 per ounce, with FY 2025, FY 2025 guidance production, with an all-in sustaining midpoint at 285,000 oz and an all-in sustaining cost of AUD 1,600, respectively. These similar levels of production and cost profile will result in continued cash build in FY 2025, together with an elevated gold price and reducing hedge book. On Slide 12, we show FY 2025 guidance for gold production and all-in sustaining cost. Our all-in sustaining guidance for FY 2025 is AUD 1,500-AUD 1,700 per ounce.
At Mount Magnet, the all-in sustaining cost is estimated to be between $1,300 and $1,500 an ounce, which is comparable to both the 10-year plan released in March 2024 and FY 2024. The all-in sustaining cost includes an allowance for plant and gold room upgrades to accommodate the higher grades expected, a preventative maintenance program to secure plant structural integrity, and power studies and infrastructure as we look to partially transition to new renewable power sources. With the production of Mount Magnet being weighted to the second half of the financial year, we're expecting the all-in sustaining cost to be lower in the second half compared to the first half. At Edna May, the all-in sustaining cost is expected to be at the higher AUD 2,500 -AUD 2,700 per ounce, which is reflective of the lower grade in FY 2025.
While it is acknowledged this is higher cost operation, it is important also to note that the all-in sustaining cost reflects a non-cash component of approximately $500 per ounce, reflecting the drawdown of existing stockpiles. At Edna May, as previously mentioned by Mark, all stockpiles are on surface, with no mining required, only haulage, so therefore, very low technical risk to deliver these oz. Gross capital for financial year 2025 is expected to be AUD 20-AUD 30 million and relates to the infrastructure and development of Q. The gross capital is notably less than the 10-year Mount Magnet mine plan, as the mine plan includes an allowance for the development of the Eridanus underground mine. We continue to receive very encouraging drill results for Eridanus, which continues to support an attractive underground and open pit options.
Further studies are continuing to determine the most economic project, with results targeted for December 2024. With that, I'll now pass back to Mark.
Thanks, Darren. On the last slide, here we have summarized our key focus areas for FY 2025. The first to continuing to improve our safety performance and deliver FY 2025 guidance, which fits nicely in line with one of our core company values. You know, we deliver, and we do it safely. Next, we need to be developing the Q, which we've already got a running start on, delivering first ore to Mount Magnet as planned in the December 2024 quarter. As we've mentioned a number of times, completing the Eridanus underground and open pit studies in parallel with the Mount Magnet processing facility upgrade by the end of the year.
Delivering an updated mineral resource for Roe, out at Roe Rebecca, next month, and a combined Rebecca Roe pre-feasibility study now in the December 2024 quarter. And finally, increasing our exploration drill programs at our portfolio of projects. So with that, that's the end of the presentation. If we could now open the line up to questions, please, Darcy.
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 Andrew Bowler of Macquarie. Please go ahead.
Hey, Mark and Darren. Just to follow up, following up on your commentary around the capital guidance for FY 2025. You did mention that, you know, you, you're targeting a study to be released in December for Eridanus. Can we take that to mean that there will be an update to the capital guidance number along with that study? Because, you know, to me, it seems, you know, either all underground versus open pit, and there will be some capital for either option.
That's correct, Andrew.
No, thanks. And also, Edna May as well. Granted, you know, you've told us today that stage three, very, very unlikely. Now, just looking at sort of next steps beyond closure, is it your intention to potentially start a sale process on Edna May? And I guess, you know, also just ask you just a question about the sort of lower grade stockpiles, one million tons at 0.82 grams. I assume that is, you know, directly surrounding Edna May, and there's no other stockpiles even lower grade than that that might make a bit of cash if gold stays elevated over the next sort of nine months or so.
Thanks, Andrew. I'll answer the second question first. No, the stockpiles are largely on the satellite sites. And my understanding is that that is all of the low-grade material. There's not really. You know, the next step from that is essentially waste. So we're gonna haul in everything that, you know, has got some elements of gold and can deliver a cash flow return, rather than, you know, worst case, if they didn't make money, we'd have to be rehabbing those stockpiles, but we'll bring them into the mill, and we'll make money. In terms of Edna May itself, you know, first step is care and maintenance. We believe we have better capital returns elsewhere within the company, particularly Mount Magnet, you know, and also Rebecca, Roe.
So, a potential sale is one of the options we'll consider, but it's not something we're gonna jump to straight away. We'll look to put that on care and maintenance. I think I've always said that that'll be mined at some stage. We just have better options within the business at the moment.
No, all right. That's all for me. Thanks, gents.
Thanks, Andrew.
Thank you. Your next question comes from Paul Kaner from Ord Minnett. Please go ahead.
Yes. Hi, James. Thanks for taking my question. Maybe just further to Andrew's question on those study updates at the end of the year. Just on Magnet and that potential mill expansion, I guess, what do you need to see from Eridanus or any other deposits to justify an expansion? I mean, there's probably gonna be some enhancements done regardless, but do you need to go ahead with the open pit cutback to justify expansion of the throughput?
Yeah, good question. Thanks, Paul. Yeah, you're spot on. The mill expansion is primarily related to the open pit option. I think the current pit shell producing 12 million tons at 1.5 grams, with already a +10-year plan, in our mind, in the first instance anyway, it makes sense to potentially take the mill from two million tons to something like three million tons to bring in that additional open pit material. If the underground option proves to be more attractive, and I think in the first instance, it'll be bigger than the 280,000 oz that's in the current mine plan, it may not precipitate a mill upgrade.
Our initial view on the mill upgrade is that it won't be exorbitant, given that it previously ran at a higher rate. It's configured for a higher rate, and it's really just a few new key pieces of infrastructure to bring that higher rate about.
Yeah, that's great. Good.
I hope I answered your question. Thanks, Paul.
Thank you. Your next question comes from Paul Lichtenstein from RBC. Please go ahead.
Good day, Mark and Darren. Just a few. Maybe this is best for Darren. Just a little bit around the tax expectations for next year. You sort of guided to AUD 80 million-AUD 100 million. Could you just run through a few of the key assumptions for that? Is that a gold price, especially maybe around gold price?
Yeah, I think we've got using about AUD 3,250 for our gold price internal budget assumption. So that's the basis of that number. And yeah, that's just sort of due to have paid in the third quarter of 2025.
Thank you. Just and a little bit on Penny. Was there a little bit more development material that was mined this quarter than expected?
Look, I think so, and it also depends where you are in the ore body. The most important thing is that it's performing to the reserve, so it's higher grade in the center of the ore body, and as you get to the flanks, like I know there was some development out on the northern end, and as you get out towards the ends of the ore body, you have some lower grade material. And the reality is you can have grades that can range from three grams to 25 grams, and it just depends, you know, where you're mining in the quarter. So, the fact that it was lower and still above 10 grams, there's no, there's no issues in our mine.
No, you're sort of crying over spilled milk there. It's exceptional grade anyway. Thank you.
Exactly. Thanks.
Thank you. Once again, if you wish to ask a question, please press star one on your telephone keypad. Your next question comes from Adrian Rauso, from The West Australian. Please go ahead.
Oh, hi, Mark and Darren. So yeah, Simon Lawson believes that Ramelius likely doesn't have the firepower anymore to take Spartan out. I mean, do you agree with that? And if not Spartan, where will the immediate growth come from in the business?
Thanks, Adrian. I won't comment on other people's opinion of our firepower. But I suppose it's probably pertinent to talk about the Spartan investment. And an opportunity did present itself for us to secure a strategic stake. Our technical team looked at publicly available information, and we thought it was a justifiable allocation of capital. Albeit Never Never is, you know, relatively new to find and it's relatively early stage development project. We were pleased to see that the recent mineral resource update validated our technical team's view and presented no surprises from our perspective on the size and the grade of the resource. So as a shareholder, we're, you know, we're pleased with our on-paper returns, but we recognize there's still a way to go to realize full value from that asset.
In terms—so I think in summary, while we'd like to have Never Never in our portfolio, we, we actually look at it as a nice to have rather than not a need to have. We've talked a lot on this call about our organic growth potential at Mount Magnet over and above what is a +10-year plan, as well as our Rebecca Gold project, east of Kalgoorlie. So we have a number of internal growth projects over and above, you know, M&A options. And we can debate how much firepower we have available to throw at those.
Excellent. Thanks, Mark.
Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Richard Hart, private investor. Please go ahead.
Oh, good morning, Mark and Darren, and thanks again for a brilliant result. As an investor, Ramelius just goes from strength to strength. And congratulations, Darren, on your first presentation. The query I have probably follows on from the Spartan question. As an investor and not completely aware of what happens with mergers, acquisitions, takeovers, it might sound naive, but the question is: With 18% of the holding, I know that won't give you rights about, maybe policy. Does it allow any influence on policy? For Spartan, that is.
Thanks, Richard. We're obviously a major shareholder. We obviously like, you know, what Simon and the team have done. You know, it's not often you see new, high-grade ore bodies discovered, so they've done a great job. And we're obliged, I think in the first instance, to sit and watch for a period of time. And I think we're encouraging Simon to keep doing what he's doing, keep growing and adding value. So, our influence at the moment is limited, and we'll watch him with a lot of interest and do our own work while he gets on with his work at Dalgaranga.
Thanks, Mark. That's sort of the answer I expected, and I'm sure Simon knows how valuable your input would be if he were to accept it.
You'd have to ask Simon that, Richard, but thanks for the question.
Thank you. Your next question comes from Jarrod Lucas from ABC News. Please go ahead.
G'day, Mark and team. Congrats on the quarter. I just wanted to clarify how many workers were at Edna May since underground mining finished up in May and those satellite operations. And of those, you mentioned that you'd keep redundancies light on. And just a second question, I remember back in 2017, when you bought Edna May, you paid the AUD 40 million up front, and then there was another contingency of potentially up to AUD 50 million in royalties to Evolution, if stage three went ahead. Is that what tipped the scales in terms of the project economics not quite stacking up?
Thanks, Jared. Last number I saw on the employees at Edna May is around 70. And obviously, they're mainly milling and some admin and haulage related. The operations team and the HR team have done a great job relocating to date people from our Tampia, Marda and Symes and some people from Edna May itself. So, as you know, as things wind down there, we will look to relocate elsewhere in the business and obviously look to minimize redundancies, but that's sort of the number that we're talking about as of today. In terms of what we paid for the Edna May asset back in 2017, which has been a good asset for us, you know, for like over seven years now, almost seven years. We paid the 40 upfront.
I believe we paid about another 15 or so in royalties, so it's cost us, 55. There is a balloon payment for Edna May Stage 3 of around AUD 20 million. And to be frank, 20 million is not gonna sway it one way or another. I think it's more the, the total investment compared to other options within our portfolio that, that has made... Well, it's been used as the basis of our decision rather than solely the balloon payment, as part of that original purchase.
Thanks, Mark. Appreciate it.
Thanks, Jared.
Thank you. There are no further questions at this time. I'll now hand back to Mr. Zeptner for closing remarks.
I think I've said enough today. The only thing I'll say is thanks for listening in this morning, and enjoy the rest of your day. Thank you.
Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.