Welcome all to today's Q1 2025 operation results. I'm joined today by Dave Jackson, our CFO, and also by Bruce Mowat, our Head of Exploration and Geology. Turning to slide three, I have to say we're very pleased with the results of Q1. We had a very strong set of operating results in both Syama and Mako, and we made good progress around the rest of the group on exploration. Some of the key statistics that you can see on page three is that we poured roughly 75,000 ounces of gold at an AISC of $1,708. We generated a substantial amount of cash, just about $75 million, and we increased our net cash position by $34 million to a balance today of about $100 million.
Look, what all this means is that we are firmly on track to meet our guidance for the year, which you can see on the page. In addition, we've lowered our safety metrics with a TRIFR of 1.86 from 2.11 at the beginning of the year. Finally, we announced on March 11th an updated resource and reserves for the business, and our total resources are sitting at around 11 million ounces. Most importantly, we're able to replenish all of our reserves in 2024 from the past. Moving to page four, just wanted to remind the group our key investment highlights and why we're so excited about the Resolute story. First and foremost, we're a multi-asset gold producer with just under 300,000 ounces of gold production, very much looking to enter a third geography at the right time.
We have a very high quality of growth potential across the business. Like I said, Syama has well over 10 million ounces of resource, and we believe that at some stage can be an asset that produces close to 400,000 or 500,000 ounces in the right environment. Mako is making very strong progress with regards to extending its operations in Senegal. Further on in the presentation, we'll talk a little bit about the exploration success that we're having in the satellite deposits. We have a very robust balance sheet. Like I said, we have over $100 million of net cash, and with our existing bank lines, about $185 million of, call it liquidity for either growth projects or any M&A opportunities that may arise. As we look forward, we anticipate that we will continually generate very strong cash flow.
What that means is that when we look at our valuation metrics today, we believe that we're a very compelling proposition to our shareholders, because we're trading at very, call it anemic, valuation metrics relative to our peers. Moving to page five, we actually released our 2024 sustainability report this past Tuesday, so I thought it would be helpful to highlight a few key points from that report. Look, we continue to be very proud of our activities in both Mali and Senegal. As you can see on this page, we are a very strong economic contributor to both those countries. With almost $800 million of value contributed, we're spending a considerable amount of money in procurement and as well in community investments. Our total employment of nationals is sitting at 96%, and also in 2024, we're able to maintain our ISO certifications across the board.
We're also making progress with rating agencies. For example, with MSCI, we've increased our rating from A to AAA. Feeling very positive and proud of the commitments we're making on ESG, and you can read the report, which is located on our website. Moving to page six and to dive a bit into the asset performance, let's start first with Syama. As you can see on the page, Syama produced just, just over 48,000 ounces of gold in Q1 at an AISC of $1,835 and CapEx at $23.8 million. The AISC is a bit higher than we anticipated, and you can see that on the right side, the average grade produced for sulfides was at 2.35 grams per ton.
Probably the one negative impact in the business in Q1 is that we had some supply disruptions from our explosives, which meant we did a little bit less mining than we anticipated in the underground, which meant we had to process more stockpiles than we had anticipated, which therefore reduced the overall grade. That has been completely resolved at this stage, and we firmly remain on track for full year guidance for our sulfide operation to be between 150,000-160,000 ounces. Additionally, on the sulfide plant operation, we had 96% utilization and recoveries of 77%. When looking at the oxide operation, that performed extremely well. We had utilization of about 98% on the plant with recoveries around 84%.
You can see that when we look at the total business for Syama, we remain firmly, like I said, on track to deliver the ounces for the year of about 200,000 ounces. Moving to page seven, I wanted to give you an update on how we're progressing with the government in Mali around moving to the 2023 code, as well as cleaning up all the open issues that we may have with the government. This year, we've engaged with the government very productively and professionally and actually very proactively. Look, at this stage, I can sincerely say that we have no issues with the government, and we have seen a change in sentiment from how they reacted with us last year to today.
We're at the early stages of discussions, though, and the key activity that we need to do is to work with the government, like I said, in implementation of the 2023 code. The problem is the government is still consumed with our colleagues in Mali, and so we're still somewhat on standby with the government to fully implement the code. Discussions have started, and at this point, they remain, like I said, very positive and professional, and we are cautiously optimistic that we'll be able to repair the challenges that we have from 2024. Moving to page eight, when looking at the other progress in Mali, I'm very pleased to say that the Syama Sulphide Conversion Project remains very much on track and on budget. We had some key activities in Q1, which is highlighted on the page.
In Q1, we spent about $8.4 million, which is in line with our planned spend for 2025. We're roughly about 40% complete with the overall project. As you can see in the bullet points on the far left, some of the key activities that were completed in Q1 with regards to all procurement was basically been awarded. Earth and civil works are near completed. The structural installations are pretty much on track, and you can see to the right that we're making good progress in both the ball mill, and we anticipate that the CIL circuit will be ready for commissioning at the end of Q2. Now moving on to page nine and talking about Mako. Similar to Syama, very pleased with the performance at Mako in Q1. We actually didn't have any issues to report. We were very much on track, on budget with operations across the business.
Again, the CapEx spend is de minimis this year as we're starting to ramp down operations and moving to stockpile processing. The mill utilization was effectively at 100% with 92% recoveries, grades at about 1.78 grams per ton. As we look to Mako for the full year, we remain very much on track for guidance of producing between 80,000-90,000 ounces and very pleased with the performance of the site. Moving to page 10, the other key activity in Senegal that we want to talk about is the activities that we're doing with regards to extending the Mako operations in Senegal. We see that coming from two fronts. One of them is the development of the Tomboronkoto asset, and the other is Bantaco, which I'll talk about in the coming slides.
With regards to Tomboronkoto, as you may recall, last year we announced a maiden resource of 377,000 ounces at 1.7 grams per ton. We think that's going to get much bigger, especially at today's gold price environment. The efforts in Q1 for Tomboronkoto was to complete sterilization drilling, which you can see on the right side of the page, as well as continue to progress the technical studies required to get the permits required in order to move the village as well as develop the deposits, which, as you can see on the graph on the bottom left, all remain on track. We remain cautiously optimistic that we can develop Tomboronkoto towards the back end of 2027. We remain committed to this timeline as we believe the deposit is extremely economical and provides substantial value to shareholders for some time.
Look, there are other interesting areas in Senegal, but I'll talk about that in the coming slides. Moving to page 12, another key activity in Q1 was the release of our updated resource and reserve statement for 2024, which was published, like I said, on March 11th. Very pleased with this announcement because obviously you can see that we were able to replenish our reserves in 2024. Today our reserves are sitting at 4.4 million ounces. In addition, our resource is sitting up to 11 million ounces, with notably the inclusion of Tomboronkoto and Mansala, our key asset in Guinea, which you can see in the bottom left, the resource additions of 377,000 ounces for Tomboronkoto and with Mansala of 357,000 ounces. What this tells for us is that we have great potential across the business with regards to growth and expansion.
Exploration is a key growth area for our business, and I will anticipate to do more in the future because we think that's the best way to create value for our shareholders. Moving to page 13, one of the key areas of excitement for us in Q1 was Bantaco. Bantaco is a satellite deposit or potential deposit which sits next to Tomboronkoto . You can see on the map on the right that the Bantaco deposit is effectively comprised of five zones: Bantaco West, Sikasso, Bantaco Central, Bantaco Main, and Bantaco South. We have done drilling at Bantaco West, Main, and South with planned drilling at Central and Sikasso. The deposit sits roughly 20 km from Mako. In 2024, we started drilling actually around June, July with a couple of rigs, one to two in the year, the year of two rigs.
Because of the success that we've had and the need to extend the Mako operations, we've ramped up the rigs substantially with nine rigs at this stage. Very excited about the results that we've had to date. Within this presentation, I want to walk you through next steps, as well as describe to you our thinking around the overall timeline for development of the Bantaco project. Moving to page 14, you'll see some specific data around Bantaco West, which was one of the first areas that we drilled in 2024 and in early 2025. The very best drill result that we have at this stage is 8 meters at 2.02 grams per ton from 33 meters. I think very confidently we believe that there's quite a lot of gold in this area.
The reason we focused on Bantaco West is that you can see it is the closest to the Mako operation. Most importantly, Bantaco has very little, call it, community complications. There is no village. We are close to the main road, and the development of Bantaco should move fairly quickly. Actually, if all the stars align, there is a good chance that Bantaco will be mined before Tomboronkoto . Quite pleased with what we are seeing at Bantaco West, and you can see that we are going to continue to drill. The one key point here is that, this is why I have Bruce next to me, the deposit continues at strike and at depth. What is complicating life for us is that we keep finding gold across the whole area, which is a good problem to have.
Moving to page 15, here's a bit more details on Bantaco South. As you can see, there's some very good drilling sections as well that we've highlighted for you, with probably one of the best ones being 30 meters at 2.26 grams per ton from 77 meters. This came from a diamond drill. The Bantaco South, though, does have quite a lot of artisanals, which is a good sign because you can see from the map just to the right is another license, which is not ours. One of the complications with Bantaco South and Bantaco Main is that the deposit likely will flow into a neighboring license, which means that we'll have to work with them on some sort of joint venture agreement should we decide to mine Bantaco South and Bantaco Main.
That's why we're prioritizing Bantaco West at this stage, because it's pretty much free and clear of any hindrances, and we believe that we can actually get it into production quite quickly, which would give us a bit more time to develop Tomboronkoto and Krekoto in the event that the government became difficult with us in the permitting process for the movement of the village. Like I said, overall, very pleased with how things are moving along at Bantaco, and we view that to be a strong success in Q1 and provides almost near certainty that the Mako mine will continue beyond 2027.
Finally, moving to page 16, when looking at our other exploration activities, we continue to explore in Mali, and I'd say quite, quite happily we've actually had some good success with some oxide drilling, whereby we think we can probably get another 20,000 ounces of oxide material into the mine plan for partially this year and most likely next year. We're focusing activities at Zekere, Tabakoroni, North Splay , and Djigui, which you can see on the map to the right, that these were all relatively close to the Syama operation. Like I said, we'll provide additional flexibility and optionality into 2026 as we ramp up the SSCP project and move more towards a sulfide operation. What this highlights, and again, what to reiterate for the entire business, is that Syama, with its 80 kilometers of strike, creates lots of opportunities and potential for growth.
Today, we're still very much focused on maintaining the existing production profile of around 210,000 ounces at an attractive AISC cost. With this type of land package and the size of the deposit, we do see growth opportunities. We are underway in developing technical studies to exploit those growth opportunities. I'm targeting by the end of this year, we'll provide a bit more meat on the bone for what those look like and what the capital cost will be. At this stage, we won't be investing more into Mali because of the political environment, but we are going to continue to develop the potential because we think that can create substantial value to our shareholders. Finally, we've done quite a bit of work in Cote d'Ivoire. It's a jurisdiction that we are very excited about. We like Cote d'Ivoire an awful lot.
We think that it could actually provide as the next jurisdiction for us. We did some substantial drilling, like I said, in Diabo , and we are planning to provide an exploration update in Q2, both on Diabo as well as the Mali oxide potential in order to put a bit more meat on the bone, like I said, for these two other areas, which we think is going to be really important to the business. With that, I'll turn it over to Dave for the financial results.
Thank you, Chris. I'll be walking you through the key financial results for the quarter, which we are excited to share with you. We ended the quarter strong and in line with expectations, with gold production of 75,497 ounces. Of these ounces, 64,322 were sold at an average realized gold price of $2,840 per ounce.
It's important to note all gold's being sold at spot prices as we are currently unhedged. The difference between gold produced and sold of 11,175 ounces was due to the timing of shipments and gold sales, but were sold shortly after the end of the quarter. For context, at today's gold prices, that's equivalent to approximately $36 million of revenue. Q1 cash and bullion increased from $101 million at 31 December 2024 to $122 million as at March 31st, 2025. This was made up of $50 million of cash and $72 million of bullion, which was monetized shortly after the end of the period. Our net cash increased by $34 million for the quarter, which ended in a $100.3 million net cash position, further highlighting our strong cash generation. On the cost side, group all-in sustaining cost of $1,708 per ounce was an increase from Q4 2024.
This is due to the expected lower production levels at the sulfide operations, along with the higher royalty rates in the current gold price environment. We expect all-in sustaining costs to come down in Q2 on the back of increased production before increasing slightly in H2 as Mako transitions to processing stockpiles. We remain on track for our full year group cost guidance of $1,650-$1,750 per ounce. Resolute continues to maintain its financial flexibility through implementation of additional banking facilities and working capital initiatives. In Q1, local overdraft facilities were increased to $85 million, providing available liquidity of over $186 million at the end of Q1. I would now like to run you through some of the detail of the financial results and getting to our ending cash and bullion position of $122 million at quarter end, which has been presented in the waterfall chart on slide 18.
We generated a healthy $75.4 million cash flow from operating activities. This is driven by the favorable gold price environment, as well as the ongoing cost reductions across our operations. We continued our drive to optimize operational efficiencies aimed at reducing cost of operations across the business. Our CapEx spend, inclusive of $3.1 million of exploration, was $28 million for the quarter. This is made up of $12.5 million sustaining capital at both Syama and Mako, while $12.4 million related to non-sustaining capital at Syama, which includes $8.4 million spent on the SSCP. CapEx spend was as expected for the quarter, and we remain on track for our 2025 CapEx guidance of between $109 million and $126 million for the year. The VAT outflow for Q1 was $13.8 million combined for both Mali and Senegal.
VAT is a source of cash leakage for us, but we continue to engage with local governments to settle these amounts and remain positive with the interactions we've had regarding these balances. The working capital outflow of $12.7 million was solely attributable to a $9.8 million decrease in accounts payable and a $2.9 million increase in prepaid expenses. These are due to the timing of supplier payments, which were settled in the normal course of business. As stated last year, we are continuing to monetize working capital via a number of initiatives with a focus on reducing inventory levels across the business. Given the work we are doing, we expect working capital to return to a positive cash inflow position by year-end.
Given our strong cash flow, we are looking at various avenues of deploying our cash balances to create shareholder growth, including potential share buybacks or other accretive growth opportunities. With this, I'll move on to the next slide to give a brief reminder of the other value opportunities we have at Resolute, which may create significant value for us. Starting with our investment at Loncor, Resolute owns a 20% shareholding in the TSX-listed company, which equates to approximately CAD 20 million given the current market cap of the company. The mine is in the same neighborhood in the Democratic Republic of Congo as Barrick's Kibali Mine, and we are excited about the geology, with one of the key deposits having just under 1.9 million ounces of indicated resource. Moving on to Ravenswood, which is a previously owned mine located in Queensland, Australia, which Resolute sold back in March 2020.
You'll recall that we received AUD 100 million from the sale to date, which was made up of a AUD 50 million upfront cash payment and a AUD 50 million gold price contingent promissory note. In addition to the payments received, we are due future payments in relation to the vendor financing promissory note, which is currently valued at approximately AUD 67 million, which includes both principal and accrued interest. In addition to this, we are due payment of the upside sharing note of up to AUD 150 million upon completion of any sale. A sales process is currently underway with a potential completion in 2025. If this sale was to complete, it would also trigger the repayment of the vendor financing promissory note.
In summary, we are in a very solid financial position given the strong Q1 results and are very excited about the growth potential of the business. With that, I'll hand it back to Chris.
Thank you, Dave, for that. Look, turning to page 20 and in conclusion, like I said, very excited about what happened in the first quarter of this year, and we think it's going to be the pathway forward. Like I said, we're very much on track for full year production and cost guidance, as well as CapEx. We maintain a very strong cash flow profile and liquidity profile, which we're very pleased about. We will continue to generate cash throughout the year. We're making progress with the Malian government, as well as trying to maintain very productive discussions with the Senegalese government.
We believe that we have very compelling valuation metrics for our shareholders, and we are committed to growth, both organically and inorganically, obviously in order to create value for shareholders. Finally, look, we are committed to creating value for our shareholders through the growth. If growth does not make sense, we will absolutely use our excess cash at the right time to give that cash back to shareholders. We just have to be a bit cautious about the timing for that development. The world's a bit complicated at this stage. Like I said, I am very excited about the business moving forward. With that, we will turn it over for questions. Thank you very much.
Thank you. We will now begin the question and answer session. To ask a question, you may press Star then one on your telephone keypad.
If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press Star then two. Your first question comes from Justin Chan from Sprott Capital Partners. Please go ahead.
Hi guys, thanks for hosting the call and for asking Q1. My first one's just on Tomboronkoto. Could you walk us through maybe specifically specific to relocation what the, I guess you've got a pretty long bar there on the bar chart. I'm just curious like when you get kind of approval on the plan and what the steps are between now and then.
Sure, thanks Justin, thanks for that. Good to talk to you again.
You're right, Tomboronkoto is complicated and takes time because as you can see on page 10, there's a village that we have to move. The first step that we have to do right now is to complete the ESIA. Once the ESIA is completed, we'll present that to the Minister of Mines to get effectively approval to move ahead with the ramp, which is the relocation of the road, sorry, the village. Then we can start proceeding with the technical studies for that process. Once we're done with that, we have to complete the PFS and then we have to submit for effectively a mining license across this deposit.
It takes time and look, I think in the previous results, which was at the end of January, I explained it was probably going to be close to $80 million-$100 million to do all the work, which is a combination of moving the road, moving the village, as well as upgrading the activities on site. That's effectively all the works that have to happen. There's quite a bit of work in regards to, like I said, technical studies for the actual development of moving the road, as well as upgrading the plant in addition to the village. If that makes sense.
Understood. The actual permits for it would be that permitting licensing page. I guess the target would be Q3 this year?
No, no, it will be more into next year probably.
With regards to it's the permitting licenses are going to take time. It's actually going to take a bit more time because there's multiple permits and licenses versus what you see on the graph.
I see. Okay, gotcha. Thanks. That's really helpful. And then just on, I guess, on the finance side of this quarter and tracking underlying cash flow, just a couple of questions. One was your cash and bullion, the bullion portion of that, that is at is that at book value or market value? I guess it would be a thousand or maybe yeah, just over a thousand dollars difference between the two. I'm just curious.
Hi Justin, Dave here. Yeah, it's at fair value. So it's priced at the spot price at quarter end.
Okay. All right. Gotcha. Okay. So there's no adjustment there. Okay, gotcha. Thanks.
On VAT, just a couple of questions. Is there any ability to offset with upcoming tax payments or is that outflow until things change, you know, pretty similar? Are there any business decisions you can make to reduce that amount on tractors, etc.?
Maybe Justin, I'll answer this one. On the latter, the answer is no. Look, VAT is what it is. We have to pay effectively 20% for most of our expenses incurred in both countries. The way we typically use VAT credits is to offset against future tax expenses. We have not received those mandates. We are making progress though. We think that we are going to get some quite quickly in Senegal within the next couple of weeks, which will help. Unfortunately, in Mali, it is going to take more time.
Based off the discussions that we've had in the past couple of months and again progress to working with the government on installation of the mining convention, they said, look, we'll give you those VATs in due course, but I, you know, I don't know when that will be, to be honest. I do expect that we're going to get a reversal of VAT in Senegal shortly, which will help.
Okay, gotcha. Thanks. All right. Thanks very much. I'll free up the line and rejoin if I have more questions later. Thank you very much.
Great. Thanks, Justin. Appreciate it.
Thank you. Once again, if you wish to ask a question, please press Star one on your telephone and wait for your name to be announced. Your next question comes from Richard Hatch from Berenberg. Dave, go ahead.
Thanks. Yeah, morning, Chris and team. Just three questions from me. The first one, just on capital returns. In the past, some companies have set like a cash target that they deemed kind of like a maximum cash target that they needed to have on their balance sheet and then would return excess capital above that to shareholders. Is that a consideration? If not, is there a timeframe to which you can give us for when we can perhaps expect to see capital returns in the absence of M&A? It's the first one.
Yeah, Richard. Maybe on the first part of the question on what is the appropriate cash level, I have rough numbers, but to be honest, it has not been socialized with the board because we know we're not there yet.
Look, the other consideration is cash requirements for the business in the coming, call it 24 months or so, with regards to the expansion of the Mako operations because, like I said, Tomboronkoto is going to require capital. What we do not want to do is give cash back and then have to raise cash if need be. I do anticipate though that we will probably be in a position by Q3 to give much more specific guidance on both timing as well as levels. I think by that point in time, we will have better visibility on how things are shaking out in Mali. We will have better visibility on how things are shaking out in Senegal, and we should also have better visibility on exploration results and future growth opportunities. That is how we are thinking about it.
Like I said in my statement, we will return cash to shareholders at the right time after we build a certain level of cash. We're not there yet, but we're not that far away yet, depending on what happens with the gold price these days, which is obviously benefiting us quite a bit from a cash perspective.
Yeah, this is, I guess, being unhedged, it's a great help to that. Yeah, good work on being an unhedged producer in a period when hedge producers are generally not doing very well. The next two questions are on Syama and Mali. Just on the recovery rate for the sulfide circuit, I appreciate you've had to process stockpile, so that's probably lost you a couple of percentage points on the recoveries.
I know in the past we've talked about targets to try and take recoveries up to 80%. Is that still realistic and a fair target? Should we expect that to happen sort of in the coming quarters?
Yes, you have hit the nail on the head with regards to why the recoveries were at 77% because of the stockpile processing. Yes, we are trying to get back to 80%. We are actually doing some work internally to try and figure out how we can optimize the recovery circuit. I will not promise when that will be. It is a real opportunity for us, but hopefully by the end of the year we have figured this out.
Okay. The last one is just on this explosive situation in Q1.
Was that just a kind of a Mali kind of geopolitical sort of volatility sort of situation, or was there anything more to read into that? You know, can you just perhaps just give us a little bit more of an explanation on what went on there and why you're comfortable it's not going to impact you sort of in future quarters?
No, it actually had nothing to do, well, indirectly with Mali. Mali, like many other West African countries, are focusing on local content, which means that you have to supply explosives and other supplies from local content providers. That scared off effectively our main explosive supplier, which is Orica. Orica has pulled out of West Africa, where they're Burkina. They stopped being able to supply explosives.
This was started back in January, December of this year. We had to shift to new providers. There was a learning curve of how to use the new explosives, as well as to change how we charge the explosives. That created, unfortunately, a bit of a learning curve. Like I said, we had some downtime in the underground. Downtime is the wrong word to put it. We were not as efficient as we liked throughout effectively January, February. Like I said, we are learning from using a new provider. I think at this stage, we are back to a steady state.
Cool. Very clear. Thanks, Chris.
Thank you. Thanks, Richard.
Thank you. Once again, if you wish to ask a question on the telephone, please press Star one and wait for your name to be announced.
No further questions on the telephone at this time. I'd now like to hand over for any webcast questions.
Thanks. We've got a few questions over the webcast. First question, Chris, do you believe that Barrick needs to resolve their ongoing issues with the Mali government to significantly change market sentiment about Mali as this appears to be keeping Resolute stock price significantly suppressed?
Thank you for that. Look, it's really not my position to comment about other companies. I think obviously we focus on creating peace and stability in Mali. I think all of us in Mali, though, have a very different situation between ourselves, Barrick, Allied Gold, B2Gold, and others. I think what I can talk about is that we are moving very positively and productively with the government.
Obviously, you know, we'd like people to work together and get along, but you know, I'm not privy to the exact issues that Barrick has with the government, nor do I understand the government's positions with Barrick. Unfortunately, I can't really comment on that anymore.
Thank you. The next question is, Syama appears to imply royalties of 11% in line with the 2023 mining code. Has the code been enacted on all fronts or just affecting royalties at this stage?
Look, there was a couple parts of our old code that were not stabilized, and royalty is one of them. The royalty rates have moved to the new mining code, but there are other aspects of our operations that are still operating under the existing code.
It's a mixture of the two, but the main impact has been the royalty rates, which have increased, like you said, to 11%.
Thank you. Next question is, based on cash flow expectations, how do you weigh up asset opportunities and capital management?
Look, the way we think about this very simply is what is going to create value for our shareholders and be accretive. We think that we can create substantial value through exploration and developing a mine for our shareholders to obviously create geographic diversification. But you know, because of the gold price environment, we're building cash that quickly. At some point, it makes sense to return that cash to shareholders because we don't have anything else to spend on that's going to create more value than returning the cash to shareholders.
Look, it's a dynamic decision that we look at on a daily basis, and that's how we think about the business.
Thank you. Next question is, is Bantaco now becoming the preferred option to extend the life of Mako?
I wouldn't say it's the preferred option. It's probably the option that may come into fruition the fastest. We think there's very attractive gold both at Tomboronkoto and Bantaco, but Bantaco, as I think as I highlighted in the presentation, is a cleaner, simpler deposit or potential deposit. That's why it may come in faster, but we like both of them equally.
Thank you very much. We currently have no further questions from the webcast, so I'll hand over to you for any closing remarks. Nope.
Thank you all and appreciate the group for joining.
Like I said, we think we had a very successful first quarter and we're looking to continue throughout the year. Thank you very much.