Good day, everyone, and welcome to our True North Copper webinar today associated with the share placement that we have underway at the moment. Joining me today, we have Paul Frederiks, our CFO; Mark Longbottom, our Head of ESG and Approvals, who will be hosting Q&A at the end; and also Jasmine from our comms and IR team. As I said, exciting times for True North Copper as we continue to deliver growth across Mount Oxide and develop the Cloncurry Copper Project. What we will go through today is just a number of key slides, which just gives an overview of who we are, what is True North Copper, where is the value that we see and that we are working on delivering, and also just touch on our key projects. Ultimately, for us, we have great projects in a great part of Australia.
We know where we are headed, we just have to do the work, do the drilling, do the studies, and put it out to the market. Please note the disclaimer page. With True North Copper, I appreciate everyone on the call is a shareholder and I appreciate your support. For us, just to re-orientate, we do have two key projects up in the Mount Isa region, being the Cloncurry Copper Project to the east near Cloncurry, and then our flagship Mount Oxide Project up to the north, right next to 29Metals' Capricorn Copper. For us, we have a great team of experience with people who have done this before, so delivering growth and development across the likes of Adriatic Metals, OZ Minerals, and Evolution and Larvotto.
Really good quality people who are actually doing great work, and hopefully people have seen that through our momentum and our activities through the course of the year. Zooming in to our projects a little bit more that we touched on, it is a very active area for copper in Australia, as people are aware. For us, we have just really tried to hone in on where are our key projects. One of the things to keep in mind for this region, if you have a look at Capricorn Copper, Mount Isa, the Eva Copper Project is being built, the Rocklands plant is looking to restart. Ernest Henry is underutilized. AIC Mines is expanding. There is lots of processing plant capacity in the region. What we are seeing now with the M&A activity is it is really about ore sources and ore feed to be able to feed into that infrastructure.
That puts True North Copper in a great place just in terms of our land holdings and our project status around Cloncurry. Flamingo, right next to the Eva Copper Project. Then with Mount Oxide, our flagship, up there next to 29Metals. So great projects, great ground, and great to see the activity happening in the copper space, and the momentum of copper in the market at the moment as well. From those contexts, what we do talk about is our value proposition and where we are at. If we have a look at the likes of the Carnaby deals or the Hammer deals that are progressing at the moment, where we are relative to those projects. That shows us the runway and the opportunity that we have to do.
For us, it is really around doing the drilling, doing the studies, and building up that trust and that momentum and the understanding of our story, similar to what Carnaby has done over the last few years. For us, we have got similar resources, potentially better exploration projects and discoveries, in my opinion, which are not actually included in this chart at the moment. For us, it is around continuing to do the work, doing the drilling, systematically growing our resources, building up the credibility and confidence of our portfolio for Cloncurry, and making sure we explain and show the value to shareholders and to others in the region as well. It is a great opportunity and a great time for us to actually take the step forward into the end of 2026 and then into 2027.
As I touched on as well, we have had 6 to 9 to 12 months now of good, strong, solid delivery. One of the things we like to say in True North Copper is we want to earn trust through our actions. For us, the last three quarters have really looked to build that confidence, credibility, and reputation. We have delivered across what we have said at Mount Oxide, and we are continuing to deliver and grow and drill up there. Cloncurry is continuing to progress, building up a strong PFS story towards the end of the year. The same for our regional portfolio, where we have looked to rationalize and divest and allow us to focus on Cloncurry and the Mount Oxide Project as well.
For us, it is a great opportunity to just keep delivering, keep doing what we say. Then what we see is that people will jump on board the story when they see fit to as well. On that note, I will hand across to Paul, who will just give us an overview of our corporate summary, and also the SPP that is underway at the moment. Over to you, Paul.
Thank you, Andrew, and good morning, everybody. The slide you are looking at there shows the current shares on issue. Tranche 1 of our placement has been completed. The current issued share capital right now is 188 million shares. If we have a shareholder meeting in October, a date to be determined, and Tranche 2 is approved by shareholders, that share capital will go up to around 205 million shares. The market cap is, as of today, AUD 69.7 million. The cash number there is AUD 7.1 million at the end of June. We have obviously consumed a bit of that. Then the money Tranche 1 that got deposited last Friday is AUD 11.4 million. So, we have money in the bank now, plus that AUD 11.4 million.
You might recall that one of the purposes of the placement was to pay Perilya at 31 December this year, and that's that line, non-interest-bearing debt, AUD 7.5 million. A component of the proceeds will go to pay that, and then once that's paid, we'll have no bank debt and we'll have no non-bank debt. The restricted cash at the bottom is bank- backed guarantees for our environmental bonds. We do earn interest on that money, and we obviously pay a bank guarantee fee on that money. On the right-hand column, you'll see the list of major shareholders. Tembo Capital have participated in the placement, but they participate in Tranche 2, so their equitable holding will rise to about 21% once shareholders hopefully approve Tranche 2's placement. Glencore, and all the others there, will marginally go down when the new share capital on Tranche 2 is issued.
I think that's that for that slide, Jasmine. This slide is a summary of the key SPP terms. As you should know by now, the offer price is AUD 0.37, the same as what the Tranche 1 and Tranche 2 placements were made at. We're hoping to raise AUD 2 million from the SPP. The board has the right to scale that back, but equally, it has the right to accept oversubscriptions if there's huge demand. The application prices, in the SPP booklet, there's a number of banners there ranging from AUD 1,000 - AUD 30,000. Just to highlight there that this is at a discount of 40% to the five-day [inaudible] prior to announcement of the offer. The offer opened two days ago, and it closes on the 10th of September. Allotments are now coming in.
If you have any concerns about instructions, feel free to reach out to one of us, but payment can be made by BPAY or by EFT. The use of funds is as explained in the announcement we made on the 17th of August, and that's just repeated there. That's it.
Thank you, Paul. Appreciate that overview and summary, and also good for us as well in the, I guess, last capital raise, in 2025. There was feedback from shareholders that they would have liked an SPP, so it's good for us now to actually follow through on that request and be offering it now. The other one to call out here is just that Perilya payment is good to see that one being addressed. That has been some feedback we received the last couple of months, is just what's the capital approach to dealing with that overhang. Now, that we've actually got that, I guess, resolved, it really allows us to have the runway and the path forward to keep growing and keep delivering across our portfolio and really just focus on the drilling, the exploration, and then the project development as well. Thank you, Paul.
Going into a little bit more detail, we'll now just go through some of our projects and some of the updates we've provided over the last few months. Just to give people, I guess, an overview of where we're at, but also where are we heading into the next 12 to 18 months. For us, over the last six months, we've really been focused on these three strategic platforms. And how we've explained that is that 60%-70% of our time, money, and attention has really been into growing Mount Oxide as the, I guess, the biggest blue sky opportunity for resource growth and exploration success in our portfolio. And that's really building on the Vero resource that we have and also the Aquila discovery that we made just over 12 months ago. It's come a long way in 12 months.
Around 30%-odd of our time, money, and attention has been around developing the Cloncurry Copper Project. And for us, that's around reflecting and learning from the past and making sure that we have a robust, right-sized, and credible PFS project that we can then take through into development options in 2027. The main one there is just do the work, do the metallurgy, build up our confidence in technical success and economic success. And then the remaining 5% or 10% is really on our regional portfolio. We do have ground near Ernest Henry and the like, and you never want to give up the dream of an Ernest Henry. But for us, it's mainly focusing on the biggest value levers for True North Copper, being growing Mount Oxide and developing the Cloncurry Copper Project.
Looking in at the Mount Oxide Project, what we see, what myself, Paul Cronin, Tembo, one of our largest shareholders over many years see, is that potential in the Mount Oxide Project to build a significant, sizable, and sustainable copper resource and development project. And what we say is that we want to grow Mount Oxide towards the 50 million ton-60 million ton resource, just like Capricorn Copper next door. And as you go through it, you'll see we're kind of on the same fault zones, the same structures, and the same mineralization. And what we're starting to see is that potential is now starting to get delivered. Just to call out in the chat is if people do have any questions, please do use the Q&A tab up the top there. Put those in and then we'll be able to get to those towards the end of the presentation.
Some questions have been sent through prior, so thank you for that. Any others, please put it there and I will remind people towards the end of the presentation as well. Touching on Mount Oxide, a great project and great potential, and it's really one that has been sitting there sleeping for 20 or 30 years without much modern exploration and boots on the ground. And effectively what we've got in that part of the world is it's all hosted by a big fault zone. So there's a big fault. We put geophysics and soil geochemistry over the top of it, and wherever there's a hotspot is where we want to drill a hole. And that led to the Aquila discovery last year.
In the first year of actually doing exploration and doing what True North Copper was set up to do, we have been able to have pretty significant discovery. We believe it was the highest grade, best discovery of 2025 for copper in Australia, which is great. This year is around extending it, growing our understanding and starting to see where it can go from here. The other one that we will touch on is that there is that Vero resource, and that was one that was drilled out by Perilya about 2010. It has got a lot of drilling, a lot of test work, a lot of study work on it, and is, I guess, a starter development opportunity as well. We have got Vero, we are on to Aquila, and we have four or five other high priority targets to keep tracking down, keep hunting for more.
Looking at Aquila and where we have come from just over 12 months ago, from a discovery hole, last year, we were able to drill it to about 1 km along strike. This year, we have done geophysics to actually extend it further along strike, and now we just have to confirm that with drilling. That geophysics and drilling is now showing it is about 1.8 km along strike, with drilling and assays pending. They will be starting to come out in the next couple of weeks, which is great. We have also seen that that geophysics and the drilling from last year line up almost one for one. It actually helps our confidence in extensions, but also making additional discoveries along strike towards Vero as well. The key for us as well, as we have said, is to extend it this year, north and south, but also at depth.
These are the results that were released a couple of weeks ago now, showing that we have gone from about 200 m depth. Now, we are stepping it down to about 300 m below surface. What we would be doing later in the year is continue to extend and infill and start to make those systematic step outs at depth and also along strike as well. The big one for us to also talk about is sometimes people just look for the high-grade hits. What we are seeing is, in my mind, actually even more important, we are seeing broad mineralized zones, which is important for development thinking because it has got broad mineralization with high-grade shoots within it. It is really a good combination of what we are finding in terms of exploration success, but where does our development thinking start to go in future as well?
The other bits of the puzzle we are putting together is just how is Aquila and Mount Oxide shaping up? As we have got on this screen here, and it is just to put things in comparison, we have the Vero resource, 15 million tons, 1.5% copper, 220,000 tons of copper in the ground. There is a good, solid starter resource there already. As you can see from this screen, it is a couple of hundred meters deep, 150 m along strike, and effectively one structure with a high-grade core at the bottom. What we are starting to see at Aquila is the structural information in some of our drilling is showing that it is starting to be potentially 300 m- 400 m along true width, with multiple high-grade shoots within that broad mineralized zone, and then that high-grade core as well.
I think for us, it is really a geological model at the moment, and for us it is to put the pieces of the puzzle together to be able to prove that and show that to ourselves and to the market as well. It just puts the size and scale and the potential of this new Aquila discovery in perspective compared to what we already know at Vero, and continue to learn and grow from there. The other one we talked to is Capricorn Copper earlier, and that 65- odd million ton resource that they have there at 1.8% copper. That is a mine that is mined for 20 or 30 years, around 20,000 tons- 25,000 tons of copper. I think the other thing to realize here is everything that Capricorn Copper is is within a 2-km strike zone.
That 2 km is not too dissimilar from our 1.8 km here at Aquila. That kind of gives us the analog that we are talking about. What they have found next door is once you get onto those high-grade structures, they tend to go down the fault zone at depth. I think Capricorn Copper have some of their structures start near surface and then head up to 1 km-1.5 km down plunge as well. A great analog for us to look at, but also for us to start to learn from and see where is the potential growing for Aquila in terms of what is Aquila, but what else is there along strike here at Mount Oxide as well.
For us, we really are just starting to test the potential of the Mount Oxide Project from Vero into Aquila and into those extra discovery and exploration targets we have got in front of us as well. An exciting time as we come into the end of the year and into 2027. We have touched on Vero briefly, and it probably has not had much airplay in the last year or two. It is good to just remind ourselves of what that resource is and what our development thinking is. As I said, 15 million ton resource, 1.5% copper. Perilya did a lot of studies on it back in around 2010. It gives us a good starting point for our own development thinking.
What we can see here is that there is that potential for an open pit that transitions into an underground to actually start to think about what development looks like for Mount Oxide as well. For us, it is a great position to be in for a company of our size and direction, is having something that is there as a development opportunity in a resource, plus Aquila, plus those extra targets for us to keep testing. Touching on Mount Oxide, and as I said, that is the flagship and where we are really focused at the moment, and we definitely get a lot of positive feedback around the potential there, and that is why Tembo Capital, Paul, myself, really see that upside opportunity for Mount Oxide. Touching now on the Cloncurry Copper Project, that is our near-term development opportunity.
The main one we've been doing there is not rushing into production like some have done in the past in that region. Our main one is to do the work, do the drilling, do the metallurgy, do the geotech, build up a robust PFS, make sure it's right-sized for the infrastructure in the area, and make sure it's economically sound. The intent there is to release and finish that PFS and potential reserve late 2026, probably November, December. Then from that, late this year, early next year, have the options to evaluate on JVs, divestment, consolidation. What's our options to best recognize value from that project? But also for us is we have more upside, which we're starting to find through this year.
What we've found is we will deliver the PFS and reserve, but we've also got upside at Wallace North, the high-grade hits we've been having there, a t the Mongoose-Taipan acquisition that we've recently done. And also now at the Wynberg Gold/ Copper Project that we've released just recently as well. Touching on Mongoose, as you can see on the screen here, we acquired the Mongoose side of one resource earlier this year. And our work now is to just prove that up, to actually do one integrated resource model instead of two, to look at the integration opportunities for where some extra drilling that has been done that's not yet in the resource, and what can we do to increase value at Mongoose-Taipan.
The same at Wallace North, is we had 25 m at 4% copper equivalent, and that's half gold, half copper, so great to have gold at those grades in the portfolio. And there's upside to increase the value and the potential of Wallace North. And then at the Wynberg Gold/ Copper Project is seeing that what was previously a gold resource actually has a pathway into the Cloncurry Copper Project due to copper in the resource that was previously not reported. The main one to close out on Cloncurry is that we do have great ground. And as I say there, is we have the four to five old pits and resources on mining leases. So in our mind, it's one of the nearest term production opportunities or new production opportunities in the Cloncurry region.
We have great ground holding for short, medium, and long-term potential around Cloncurry, which is a great pipeline to have. Closing out on our regional portfolio. As I said, we've got some pretty good ground, but it's not been the main focus. We'll keep chipping away at that. Things such as Salebury towards Ernest Henry or Chumvale/ Marimo next to Rocklands give us opportunities near existing infrastructure. And we'll continue to divest projects which are non-core, and let people actually have a crack at discovery and exploration, such as Bundarra and Prairie Creek, which we've moved on, but also retained exposure to the upside as well. So for us, the main thing with our regional portfolio is for a junior of our size, we do have heaps of ground, but how do we focus on Cloncurry and then our flagship Mount Oxide Project as well?
Touching on the value opportunity and where we are at, but where we are heading is really around doing the work. For us, we have that runway from where we are to do the drilling, to do the assays, get it out to market for Mount Oxide and show that blue-sky growth potential. Then the same for Cloncurry, is to continue to develop that robust and right-sized PFS that we can naturally look to see the value from Cloncurry into 2027 and beyond. We have also been making great discoveries. As I said, Aquila, in terms of our resources to our market cap, not actually in this chart here that we are showing. So there is actually upside resources and exploration discoveries being made, which further add to our value proposition moving forward.
As I said, the best thing we can do is know where we are headed and then do the work. We are going to continue to do the drilling, continue to do the assays and put them out to market. We have got more from Mount Oxide coming over the next few weeks, as we said, and then into the end of the year. Then from that is continue to develop the Cloncurry Copper Project as well. For us, it is really earning trust through our actions, earning market momentum and engagement through our results, and continuing to just do what we say as well. On that note, I will start to close it off and a reminder for people to put any questions into the Q&A. True North Copper, we have got a great team, we have got great backing, and we know where we are headed.
Grow Mount Oxide, develop Cloncurry, and make discoveries in our regional portfolio. Thank you very much for your time. Appreciate your support and potential investment into the SPP. I will now hand over to Mark Longbottom for any Q&A.
Well, thanks, Andrew. G ot some questions coming through. I might start with a question that was emailed through yesterday. One of them is, Andrew, I am sure you had a number of opportunities available before joining True North Copper. What was it about TNC that made you choose to come on board?
It's a great point. I probably should have mentioned my background is mining engineer geo, rounded out with an MBA in economics. I loved what I did over the last 10, 15 years, mainly that was growing OZ Minerals. I was with OZ Minerals from AUD 3 billion to about a AUD 10 billion company, and delivered all of their growth projects across Prominent Hill, Carrapateena, Brazil, and also West Musgrave. I actually like taking challenging projects and resources. How do you rewire them and actually show value that others haven't been able to find or show before? That's kind of what I enjoyed and did quite well at OZ. That was probably the same for True North Copper. I did have a few other opportunities for COO or CEO roles. I probably didn't like the projects, and I didn't like the backing.
A couple of my CEO mates said, with your first crack at a CEO role, get good projects that you technically believe in, have good backing and a good register, and then see where you can add value. I saw that True North Copper was probably undervalued, probably not properly set up in terms of its strategy and direction, and that's where I can add value, and that's what we've been doing over the last six to nine months since I joined. Just refining, cleaning up where we're at and how we focus, but also how we communicate that to the market. Now, we've started to see that, I guess, reputation of True North Copper refresh and reset in the last few months, which is great for where we're heading, but it's taken 6, 9, 12 months of, I guess, work to get there.
But we're now set up for the next phase.
Great. Thanks, Andrew. Another question that came through via email, which you did touch on during the presentation, but be worth revisiting. Following the AUD 18 million placement and the SPP, what key operational and development milestones does the company expect to reach before needing to raise further significant equity?
That's a good question, and appreciate that this is one we'll have to keep working through as a junior mining company. The main one to call out is that AUD 7.5 million payment for Mount Oxide. For us, that kind of clears the last obligation for Mount Oxide and allows us to have that runway a clean slate into 2027. That does take a fair bit of the money. The next one is really to continue to focus on Mount Oxide. The results and what we've been working on the last few months is really around growing and extending Aquila, which has really been quite exciting to see the potential of where it's heading. Later in the year, we'll start to move towards infill at Aquila and testing some, I guess, near resource extensions at Vero as well.
Kind of, I guess, a bit more confidence in the drilling and the infill. Then into next year, we'll be starting to think about resource definition infill drilling, RC and diamond drilling into early to mid-2027. We haven't released when we're doing a maiden resource for Aquila, but that's one we're starting to think about. Now, we're getting the size of the prize. The other one for us is later this year, we will be delivering the PFS and reserve for the Cloncurry Copper Project in November, December. Then looking at that final investment decision and upside opportunities in the early part of 2027. So they are some of the key milestones, is drilling and assay is still to come from Aquila. We'll be looking to continue drilling and start infill drilling at Aquila later in the year.
Later this year is Cloncurry Copper Project PFS and reserve, and then upside and optimization into 2027.
Great. Thanks, Andrew. I do have a question there about the resources getting converted into reserves, which I think you've just answered. But a subsequent question there would be for Mount Oxide. With the cobalt grade quoted, do you expect it converted into a revenue stream?
I think we have one of the highest grade cobalt associated with copper resources in Australia, which is exciting, and cobalt's obviously a good critical mineral. We're currently doing some test work on cobalt, because at the moment you don't normally get it out through a flotation plant, such as Capricorn Copper or Mount Isa and the like, and it's lost to the smelter, so we don't really get value for it at the moment. The test work we're doing now is how can we actually look to leach or extract cobalt as a revenue stream. That might be a bolt-on to a processing plant. We can see what a potential value or monetization path is for cobalt, which doesn't really exist in that part of Mount Isa at the moment.
If we had that, it would definitely add a lot more to Mount Oxide in terms of its copper equivalent add, because it's some pretty valuable stuff.
Great. Thanks, Andrew. I'll combine two questions here. How many meters of drilling are planned for the remainder of the year? How will that drilling be split between Mount Oxide and CCP?
That's a great question. We're currently just reviewing and refining our plan, so it probably will change a little bit. We're looking at between 6,000 and 8,000 RC drill meters is our main focus, and it's probably going to be two thirds to three quarters at Mount Oxide, and then about the remainder to Cloncurry. Really for me, it's following up on Wallace North. We see the potential for Wallace North is very similar to Jericho next door. Jericho, as they got into it, has grown over time, and it's ended up being a bunch of high-grade lenses stacked next to each other. We think there's that same potential there at Mount Oxide from what we've released this year, and 25 m at 4% copper equivalent is pretty exciting anywhere, but particularly around Cloncurry. So that's where Wallace North drilling will really focus.
As I said, for Mount Oxide as our flagship, probably three quarters of the drilling up there into Aquila and starting to do those infills and follow those high-grade shoots. The remainder up there will be a bit of work on Vero and some targets near Vero as well. Sorry, Mark, you're on mute.
Yes, that would help. That's all the questions we have, Andrew.
Very good. Well, thank you very much for that. I will just pad out for one minute in case there are any other questions. I think someone called Harry has put up his hand, but I'm not sure. Harry, if you're able to type a comment in, because I'm not sure it's enabled for speaking. But I'll see what we can do.
Oh, there we go.
No, it's not enabled for speaking.
I will allow Mike. I'll just allow that for a second and see how it goes.
You're on mute, Harry.
I think we've allowed it, but it's not still working. Sorry, Harry. Is there a chance you can type it in the chat?
Or unmute your microphone, I think might be what's happening there.
Harry has sent me a question in the past, so I'm going to assume what he might be wanting to ask. T here we go. Question above from Harry. Sorry, Mark or Jasmine, Harry said his question is in the chat, if you can just check that one out for us, please.
It hasn't come through in the Q&A from my end. In the chat I can see that he said question above, but there's nothing there for me to read out. Sorry, Harry, I don't know what's happening.
What we'll do, Harry, we'll try and reach out to you after the call and organize, I guess, an answer to your question. Based on the past, sometimes if people have asked around Cloncurry Copper Project, I think the main one there is for us to do the PFS and the reserve later this year and then give ourselves those options to actually develop that into 2027. Mark, I think you said there was a question come through.
Yep, there is a question. How much does TNC need to build at CCH to process larger resource?
Good question. Thank you, Harry. Glad we got there. When True North Copper first started mining Cloncurry a couple of years ago, they probably got into it a little bit too quick and early and didn't really set it up for success, and it was probably a bit smaller scale. I think it was maybe looking to do 5,000 or 6,000 tons of copper at that point in time, which is somewhat subscale or sub-economic for the region. We generally say that you'd probably need to be similar to AIC Mines in the region, doing around that 10,000 tons- 12,000 tons of copper per annum. I guess without giving production targets or guidance out there, we're looking to, I guess, fully utilize processing plant capacity.
Instead of doing 500,000 or 1 million ton a year, how do we best utilize the infrastructure in the region where there's potential, I guess, throughput rates available now that weren't there a couple of years ago, so they're not so constrained. That allows us to just really optimize for the pits that we can potentially have and for that production profile. I think looking at some of the coverage that's out there is useful. I think they say it's like three years to five years of production and around 1 million tons- 1.5 million tons per annum. But that's not our numbers, that's just some research I have seen out there as well. That's kind of the work we haven't yet finished, so I can't give you those answers.
The main one for us is to make sure the work we are doing is technically credible and economically robust. That will allow us to make a fully informed decision, late this year, early next year on what are the next steps for the Cloncurry Copper Project.
Thanks, Andrew. I do have one more question that has come through, relating to Mount Oxide and Vero. Do we have any understanding of what the strip ratio may look like for the starter pit?
Yes, we do. I guess it is internal information at this moment, so we are keen to start getting some study information out there. Sorry, I cannot disclose it just at this point in time. The other one we are looking to do is just optimize, I guess, value through the open pit and that transition to the underground and where those high-grade zones are as well. So it is probably a little bit early for me to answer that. Apologies. The main one is to do good work and start to put out more information on Vero, which builds from the almost feasibility study that Perilya had done. So we have got a great technical foundation. How do we update that for modern understanding of the technical work, but also the modern copper prices and the like, which is quite exciting at the time as well.
Great. That is all.
Well, on that note, thank you very much everyone. Appreciate the support as, I guess, an existing shareholder, but also your interest and excitement in potentially participating in the share purchase plan. We really value that ongoing support and investment. Also, I think from what we've done, we know where we're headed, we know what work we need to do, and now we just have to keep on delivering. For us, we'll keep growing Mount Oxide, developing Cloncurry Copper Project and make discoveries in our regional portfolio. On that note, thank you very much. Have a great day.
Thanks for coming, everyone.
Thank you.
Cheers.
Thank you.