Hello and welcome to Hochschild Mining's Interim Results Investor Presentation. Today we are joined by Eduardo Landin, CEO, Eduardo Noriega, CFO, and Charles Gordon, Head of Investor Relations. Questions are encouraged throughout this webinar and can be submitted via the Q&A box situated in the panel on the right-hand side of your screen. I will now hand over to Eduardo Landin to begin.
Welcome to our conference to present the H1 results. I would like to start going to page number three, please, where it is key H1 2025 takeaways. During H1, we have been able to produce 161,000 ounces of gold, which is 6% up compared with 2024. Our revenues have been $520 million. Our adjusted EBITDA went up 27% up to $225 million. Only sustained cash cost has been up also to $1,914 per ounce, and we will explain why during this presentation. Our cash position on the 30th of June, it was $110 million, and our net debt, it was $202 million. We have an interim dividend announced of $5.1 million, and the good news about Mara Rosa is that the plan has restarted. Going into the H2 2025, Mara Rosa reorganization is progressing really well. Management transition is complete. The new Head of Brazil is appointed.
Ediney is a very well-qualified mining professional with a lot of experience, especially in the area of Goiás. The Royropata MEIA is advancing. We are now preparing the papers to be presented to the government. Monte do Carmo, we continue with engineering. We continue trying to monetize the non-core assets. Remember that we define between core assets and non-core assets. Our revised production guidance for 2025 is going to be between 291,000 and 319,000 ounces of gold equivalent. We continue with very strong ESG metrics that I will present during the presentation. If we go to page number four of the presentation, we have our performance in ESG. I have to say that we are very pleased with the safety results. As you can see, our frequency rate is 1.08, which is very close to one. It's a very good rate.
We are the first mining company to achieve PMD level two in two of our operations in San José and Inmaculada. Our environmental performance is close to record time. You can see our EcoScore, our water consumption, and the waste recycling rate has improved from the past year. We have also improved our total local workforce up to 66%, which is very good, creating jobs in the area where we have the influence. We have improved and increased the local procurement in order to make businesses around our communities. We have signed the UN Global Compact, and we have been included on the FTSE for Good Index series. Now, I pass the presentation to Eduardo Noriega, our CFO. We can go to page number six. Thank you.
Thank you, Eduardo, and good morning, everybody. Our financial results in the first half of the year were very strong, with stronger production and higher prices. Our revenue was at $520 million, higher than what we had in 2024. Our net profit was $60.1 million, also better than the number recorded in 2024. Our adjusted EBITDA was also strong at $224.5 million. As I said, production was stronger, mainly due to the incremental production from Mara Rosa in 2025. Gold prices were 28% higher, and silver prices were 25% higher than last year. Our cost of sales increased, mainly associated with the higher production volume. We also had net inflation in Argentina, and the higher gold and silver prices had an impact on royalties, worker profit sharing, and other elements of the cost. That's another reason for our cost increase in 2025.
Selling expenses were higher, mainly due to the incremental cost of Mara Rosa, the incremental production for Mara Rosa. Under other expenses net, we recorded an adjustment to the mine closure provision in mainly two projects that are not producing, Ares and Sipán. That explains $11.5 million. Also in Argentina, recorded in other income, the FX benefit or the FX program that the Argentine government had for exporters was stopped in April. As a result of that, we had lower other income by $5.4 million. Net interests were also higher, mainly associated with lower gains in excess cash invested in Argentina, $3.4 million, lower capitalization of interest expenses, and these two effects were offset by lower average debt and lower interest rates. In terms of FX losses, we recorded $1.5 million of a loss in H1 2025, but that number was lower than the loss recorded in 2024 by $3.1 million.
In terms of income tax, our effective income tax rate was 39%, but this number includes the special mining tax and royalties in Peru for $10.7 million. Excluding this effect, the effective income tax rate would be 29%. Finally, under exceptional items, we recorded a reversal of the impairment of Volcán, and that represented $30.8 million of exceptional items in 2025. On the following page, page seven of the presentation, the balance sheet evolution, we can see here the strong cash generation capacity of our assets with Inmaculada at $132 million, San José at $25 million, Mara Rosa break-even due to the operational challenges with $2 million. We used $17 million in exploration budget and $27 million of admin and corporate expenses. We paid $15 million in taxes. We executed our mine closure plans and paid for care and maintenance expenses by $12 million. Net interest paid were $9 million.
We paid $12 million of dividends, $10 million to Hochschild shareholders and $2 million to our minority partners in San José, our mine in Argentina, Maduan Mining, $2 million. We had temporary change in working capital, mainly associated with trade payables and inventories of $29 million. Finally, on the last three columns of this chart, we used $16 million on Monte do Carmo, $3 million in Royrop ata project, and we made a capital in... We participated in the equity raise of Aclara with $5 million. With that, our ending balance for the period was $110 million. On the following page, page number eight on cost drivers, when comparing our cost to the 2025 cost versus the 2024 cost, we can see, as expected, Inmaculada's earnings per tonne cost was $1,335.
This cost, as planned, was higher than the H1 2024 number, mainly due to higher volumes produced and the impact of higher prices in workers profit sharing. In San José, the costs were also higher, mainly due to higher prices impacting royalties, selling expenses, the elimination of the FX export benefit that I explained before. We also saw net inflation in Argentina, particularly in the labor market. We were mining lower grades in 2024 and 2025 versus 2024. In Mara Rosa, our only sustaining cost reflects the challenges that we were already explained and we are in the process of resolving. We adjusted our guidance in Mara Rosa and also included these external impacts in Argentina to adjust the guidance in San José as well.
In Inmaculada, when comparing the full-year earnings per tonne cost, the impact from higher prices impacting workers profit sharing and inflation is being offset by efficiencies and savings. We're maintaining our guidance and the operation is performing very well. In San José, when looking at the revised guidance versus the previous one, our higher prices are impacting royalty selling expenses by $90 per ounce approximately. The elimination of the export tax spend of the FX export benefit represents like $61 per ounce, and also inflation represents $36 per ounce of incremental cost. These effects are being partially offset by cost efficiencies, especially at the mine level.
In Mara Rosa, the all-in sustaining cost that we are providing as new guidance includes $18 million of incremental CapEx for initiatives to resolve the operational challenges, including the thickener, as well as there were $6 million of extra costs, mainly in Q1, associated with the efforts of the operation at that time to resolve the filtering and maintenance issues resulting from the challenges and the rainy season. If we go to page nine, where we have the capital expenditures, as I said before, we're maintaining our CapEx guidance for both Inmaculada and San José. In the case of Mara Rosa, we are reflecting in the new guidance the $18 million, between $18 and $20 million pre-implemental CapEx to resolve the Mara Rosa challenges. This includes the thickener.
On the following page, page number 10 of the presentation, the balance sheet of the company remains very strong, with cash of $110 million, net debt of $202 million, which represents an improvement versus the $216 million that we recorded as of December 2024. Our net debt to EBITDA also improved to 0.43 versus 0.5 recorded in December 2024. We still have $180 million of undrawn debt from the $300 million facility that we have with relationship banks, at very good terms, as you can see in the presentation. Another positive news from the company is that we restored our dividends with the full-year 2024 results. Following the dividend policy that we communicated to the market, we're now announcing an interim dividend of $0.01 per share, which represents $5.1 million total cost.
I also would like to mention in this slide that we decided to roll forward 21,000 ounces of gold that we had, that we hedged of production that was hedged in the second half of 2025, and we rolled it forward to 2028. With that, I return the presentation to Eduardo Landin.
Thank you, Eduardo. Thank you for presenting the results. In this part of the presentation, I'm going to go through the strategy and also I'm going to present the operations, this H1. If we can go to page 12, you can see there our strategy that we continue believing that delivering, I mean delivered growth and profitability. We have the first pillar, which is brownfield. Brownfield is the way to generate long-term value, to discover new ounces, extending the life of mine of our existing assets, and also extending the life of mine of our existing projects.
Of course, we are focused on minable resources because we want every single resource that we found, we would like to go through the plants. In terms of the operational efficiency, we have on-site leadership. We like to be at the sites. We have lean philosophy across the company. We try to find cost efficiencies, and I will give you some samples. We have demonstrated that we have the capacity to develop projects. On ESG, as I mentioned at the beginning of the presentation, we have a world-class safety performance. We are very focused on water management. We have a new community approach, and we didn't have any blockages or any problem with the communities in Peru for the past two years. We are managing our talent the way that people be happy working with us. We have set the ESG KPIs for 2030. We have very strong corporate values.
In terms of the discipline capital allocation to our balance sheet, we can find our organic growth. We are committed to debt repayment. We are committed also with investors on capital return, the reason why we have this new dividend policy. If we decide to go and acquire an M&A asset, it should be value-accretive to make sure that it's profitable at low prices, basically. If we go into page 13, our Inmaculada asset, you know that it's in Ayacucho, a very high, 4,700 meters above sea level. It's an operation that has been operating very well for 10 years. During H1 2025, it produced 106,000 ounces of gold equivalent, which is above the market guidance. It's on track to meet the guidance between, I mean, around 200,000 to 210,000 ounces.
As you also know, we have a very large regional land package, and we believe that as well as we did in 2024, we'll be able to increase the inferred resources in 2025. If we go to page number 14, you can see there the evolution of the brownfield strategy. In 2024, as I said, we add 1 million ounces of gold equivalent. We believe that this year, with the 35,000 meters drill, we will be able to add something around 500,000 ounces of gold equivalent. If we go to the next page, we have our Royrop ata project. Probably this is the most important project that we have today in Hochschild. It's also located very close to Inmaculada in Ayacucho. It's our old underground pancata operation that operates between 2007 and 2023.
Today, what happened in the past two years is that we have had very important resources, amount of resources in the Royrop ata zone. I mean, this project is going to use the select land which is ready to start production. Very good news is that we were able to close the easements with the communities in 2024, which is probably the most difficult and the main step towards getting the permits. Today, we are working with our consultants, with Stansted and Ausenco, in order to create the documents based on all the studies that we have done during 2024 and at the beginning of 2025 to file the modification and environmental application in August 2026. We believe that in a year, from August 2026 until July 2027, we should get the permit, the environmental permit. Pallancata has increased their resources big time.
Today, since we have those grades and the width of the banks, we believe that we have a very, very powerful operation that will start producing between 2028 and 2029. On the next page, page 16, you can see the evolution of the brownfield exploration. In 2024, as I said, we add 1.3 million ounces of gold equivalent in different banks. In 2025, we have continued doing some infiltrating to make sure that we convert the inferred resources into measured indicated and also discovering new possible banks around Marco Bay. Going to page 17, we have Mara Rosa. Mara Rosa is an open pit mine in Goiás State. It has produced close to 7,000 ounces in H1 2025. As you know, we found important issues together with the heavy rainy season at Mara Rosa in May 2025. Immediately, we took control of the situation. We reorganized the country, the management, everything.
I am very proud to say that in three months, we have been able to turn around the situation. Of course, results are going to be slower than we would like, but we believe that we are on the right track to make sure that 2026 is going to be a good year for Mara Rosa going forward. The filtering issues, that was the main issue in terms of mechanical problems, has been resolved in two of the filters. Based on this situation, we have reduced our production guidance to between 35,000 and 45,000 ounces for a full year. We know that it's low, but we are sure that this is the way to make sure that we solve all the problems, yeah, and we turn around this asset that we believe is still a very good asset for the company that can bring a lot of value at current prices.
You know, and we know that we have now the right people and the right things to do for now. Let me explain what we have done in three months. I would like to congratulate the team because they have done a fantastic job in three months. If we are going to the main improvements in the mine, we have improved the mine movement, the haulage distance, the haulage speed, the loading fleet availability. At the plant, we review all the maintenance, I mean, preventive maintenance for the crushing and the milling area. Now it's totally ready to reach this area of the plant, between 7,000 and 8,000 tons per day. In terms of the organization, we have a new Head of Brazil. We have a new Mine Manager. We have a new governance structure, which is the principles to make sure that everything is going to be run correctly.
In terms of the filtering, which is an issue, and I have to say that it's an issue in every single mine operation that has dry stack, we have been able to repair two of the main filters. We have four filters in total. These two filters are working steadily, and they are reaching the humidity that we need in order to do dry stack. We brought the manufacturer experts at the site to assist with the filtering operations. As I said, we restart two of the four filters. The second two is going to be starting in October while we finish the repairs. Also, we have been able to solve the situation of the space that we need in order to put the tails in place, compact it, and ready to receive the next rainy season.
Also, in order to prevent the effect of the rainy season, we are planning to install a roof area around the filtering plant to make sure that we have the space, the dry space, to make sure that we manage the tails during the next rainy season. I believe that we have done a very good job. Yeah. We are making sure that we do everything that is needed to make sure that the site is going to be producing the way we designed at the beginning when we acquired this asset. Something additional is that we decided to install a new signer, a tail signer. It's already purchased. It's already, I mean, the engineering related to this thickener, the integration with the plant is ongoing today with Ausenco. We believe that we'll be able to install this thickener and be part of the production in H1 2026.
I mean, we're aiming to do it in Q1 2026, but of course, it depends on the delivery time of the equipment. That's the reason we state that it will be during H1. I have to say that our aim, yeah, is to improve and to increase production during 2026 as much as possible because it's the way to get the best possible cost. You know, that's our main objective for Mara Rosa, to get the maximum production and also to get the best possible cost. On the next page, on page 19, you can see the open pit that today is organized, is dry. We have been pushing back the pit. On the next photograph, you can see the filtering plant already working. You can see on the next picture the dry stack, the material totally dry and ready to be compacted.
You can see the tailing after the filtering process totally dry with that light gray color that represents that the humidity is very low. You have a picture there of the thickener that we're going to install. It's a 37-meter thickener to make sure that we have the percentage of solid that is needed to be, I mean, for the tails to be filtered and reach between 7,000 and 8,000 tons per day. You have on the last picture the filtration area roofs that we are going to install before the rainy season starting, let's say, in October, November 2025. In terms of exploration, if we go into page number 20, you can see that the potential of Mara Rosa is huge. We believe that from now until 2030, we can add another million ounces of gold equivalent.
We have a lot of, I mean, we have been drilling, and we have very good intercepts on the extension of Posé. We have some drills in Espeti that, I mean, shows that the mineralization is there. We will continue working on this plan to make sure that adding resources extends the life of mine of Mara Rosa and makes this project much more profitable. Going to Argentina, Argentina I have to say that production-wise is doing quite well. It's an old mine. It's been producing from 2007. Today, we are carrying mining on the main borders, and as you probably know, the uncertainty is there for grades. Sometimes we get lower grades than we expect. We continue working on trying to discover new resources to make sure that we bring life of mine to these assets. In 2025, we have implemented some efficiency projects.
Let me say that in the month of July, the mine has been able to nearly 2,000 tons of mining output. The plan, remember that we expanded the plan last year, is running at 2,100 tons per day. We are trying to increase the mine throughput in order to dilute the fixed cost that, of course, is affected by what Eduardo Noriega explained by these external factors that we are trying to compensate with efficiencies. We believe that we have a good chance that from October onwards, after the elections in Argentina, the Milei's government could devalue the currency because at the end of the day, the country needs to be much more competitive in terms of salaries in dollars. Going to San José exploration potential, we continue trying to bring, as I said, resources to the mine area, but also we have extended our exploration activities to the region.
From now until December, we'll try to drill two new projects called Celestina and Martes 13 to try to see if we could bring new potential and new opportunities in Argentina for us. We believe that Argentina is on the right track with the measures that the government has taken in the past months. We are trying to bet on creating new businesses in Argentina from now on. In terms of the valuation opportunity, it is the normal market reaction since we have the Mara Rosa issues, as I said, that we are already on the right path to solve them. That has affected our valuation, but we believe that today, if we compare our valuation with our peers, we are still low and we are still a very good opportunity for investors.
As a conclusion, we continue being a company that is totally focused on our core business and delivering profitable growth. As I presented, we have a world-class ESG performance. We took control of the Mara Rosa situation, and we have done many, many things in three months, and we're on the right way, on the right path. The management transition is complete. Inmaculada is outperforming, as it has been doing for the past 10 years. Monte do Carmo, we continue believing that it's a very important project for us. It's going to be our second operation in Brazil, and we would make sure that through engineering, doing all the engineering by the book, we make sure that we develop a project that will be very powerful for the company.
Our brownfield program continues, and as I said at the beginning of the presentation, it's one of our pillars to grow, to extend the life of mine of our existing sites. Royrop ata continues to be the best possible mine that Hochschild could wish in the future. We have many good resources with very good width, very good grades, with a silver content, which is very high, probably one of the highest today in the world. It's a project that can deliver more than 100,000 ounces from 2028, 2029. We have in place a very disciplined capital allocation strategy, and we have demonstrated that with the balance that Eduardo Noriega has presented. Also, the interim dividend has been announced with that $5.1 million. That's the summary of our H1 results. What I want to say finally is that we are in the right track.
We would like you, as investors, to give us some time, you know, to make sure that we finish this job and we bring Mara Rosa on track, as we defined at the beginning when we acquired this asset. Thank you very much.
Thank you all. We have had a number of questions pre-submitted and submitted live. As a reminder, if you would like to ask a question, please type them into the Q&A box situated on the right-hand side of your screen. I would now like to hand over to Charles Gordon, who will facilitate the Q&A.
Thanks very much. The first question is, given the great resources additions in 2024 at Royrop ata, along with the existing plant capacity of 3,000 tons per day, should we be expecting a significant increase to the initial 100,000 gold equivalent ounce production estimate?
Thank you, Charlie. I believe that it's true that that 100,000 ounces we projected with the last resource. Today, that we have increased the resources, probably 100,000 ounces would be on the lowest end of the production. I could say that today we think that we could go up to 150.
Thank you very much. The next question is, do you have any spare processing capacity that could be used if you found new deposits nearby?
That question I think is related to every single site. Normally what we do is that we count with the capacity in the sites. If we found new resources, normally we put it at the back, and depending on the grades, we establish if we pass through those resources before the ones we have or we wait until it's the time to produce the resources.
Thank you very much. The next question is, how are you working with local communities near your mines, and are you seeing strong support for your projects?
Communities, they are very strong. I mean, we do a lot of management on communities in Peru. Talking about Argentina and Brazil, we have community relation management, but of course, those places are much more developed than Peru. In Peru, we have a very intensive management in the communities. We focus ourselves on health, on education, on trying to develop new businesses for them, and also to give them some employment.
Thank you very much. The next question is, aside from Monte do Carmo and Royrop ata, what other projects or acquisitions are you considering to secure production growth in the future?
We have established in our strategy that the main pillar of our growth is brownfield. Today, we count with Inmaculada with a long life of mine. We also have San José with three or four years life of mine, and we have Mara Rosa with nearly 10. From 2028 onwards, we'll have Monte do Carmo with another 10 years, and we'll have Royrop ata with another 10 years from 2028. At the company, we have an M&A area that continues exploring opportunities, as we acquired Monte do Carmo in the past. If we find something that is an opportunity and we make a deal, of course, we will pursue that opportunity. Today, I have to say that we don't have any opportunity that we have decided to go ahead.
We believe that with Monte do Carmo and Royrop ata having the possibility to increase the production by 60%, our basket is quite full.
Thank you very much. The next question is, the interim dividend of $0.01 per share is modest. Should we expect more progressive dividend as cash flow strengthens, or are you more likely to reinvest in growth projects?
I would like to pass this question to Eduardo Noriega.
Thank you. The dividend that we declare, the $0.01 dividend, is aligned with our dividend policy, the one we launched last year, which considers a $10 million minimum or base dividend for the year, and a final calculation of between 20% and 30% of our attributable free cash flow. With stronger prices and the strong production that the company has, dividends should increase aligned with that.
Thank you. The next one is, are you looking at producing other metals like copper or zinc to diversify?
For the moment, we define ourselves as a precious metal producer. As I said on the question before, we are very focused on our existing sites and also on the new two projects. I would not close the door to find a deposit that would include, for example, gold and copper, but today it's not part of our plans.
Okay, thank you. The next question. AI within the mining industry is becoming more important. How are you using this technology?
Thank you, Charlie and Eduardo. We're using AI in different fronts. A couple of them I would like to mention is one is to define exploration targets in our operations. We're conducting currently a specific plan in San José, Argentina. We also use AI to analyze the data that we have in order to provide support to our teams, like reviewing contracts, analyzing data, providing templates that have been used in the past for specific situations, and even reviewing our budgeting, or the actuals versus budget information, pulling data from SAP, our ERP system. Yes, we are exploring AI in different fronts, and we think that will be more heavily used in the future.
Thank you. Given the operational difficulties at Mara Rosa, what lessons have been learned that you're applying to Monte do Carmo to reduce risk?
Basically, what we have done in Mara Rosa is reviewing the construction phase and also the commissioning and the production phase. Of course, we will include all that lesson learned into the Monte do Carmo project. Just to give you an idea, today we have reviewed the detail engineering of the plant, and also I have studied some geomechanical studies to make sure that the pit design will be the right one. It's a very good point, and the company needs to implement all the lessons learned that we have found during the process in Mara Rosa.
Thank you very much. The next question is, are you investing more in exploration to grow reserves?
We have been investing like $35 million on exploration in 2024, and I believe that we are going to end up in 2025 with the same figure. With this amount of money, we are bringing in a very important amount of inferred resources. Probably next year, we will invest some money on inferred resources, on potential resources, but also to try to start converting an important amount of inferred resources into measured and indicated. As I said, the brownfield pillar means that we need to bring inferred resources, but also those resources have to be minable. The way to make sure that they are minable resources is to start converting them into measured and indicated, and finally into reserves.
Thank you. The next one is, are you reducing water and energy use at your mines?
Yes, of course. As you know, we have our ESG KPIs established until year 2030. Those figures have been approved by our Board of Directors and have been published in our final year results. To give you an idea, one of the KPIs that we monitor on a monthly basis is the water consumption at the plants and water consumption at the camps. We can see a trend of reduction every single month. In terms of energy, the amount of energy that you use at a mining plant is more or less the same. What we have done in the past few years is to try to replace fuel energy from renewable sources of energy. In 2027, I believe that 100% of the energy used at Hochschild Mining will be from renewable sources.
Thank you very much. Slightly as a follow-up, how invested are the management team in the ESG targets?
Part of our objectives are the ESG metrics. Today, I would say that we have more than 30% of our objectives related to safety, for sure, which is probably the most important KPI of ESG. We have also the EcoScore as part of our objectives that includes many ESG KPIs that we need to improve on a yearly basis.
Thank you very much. The next question is, Royrop ata is very high up in terms of altitude. Does this have any impact on the project workings, the way we manage the project?
No, not really. Peru has a lot of mining operations that are high altitude, above 4,000 meters. The people that work in these mining units or projects are used to high altitudes. Once you spend like a month at high altitude, your body gets used to this altitude, and there is no problem to operate. It's a normal operation in Peru.
Thank you very much. The next question, with the political climate being so difficult and the lack of stability, what are your own views?
I believe that question is referring to Peru. As you know, we'll have elections in April. At the moment, there are too many candidates. What I have to say is that Hochschild Mining has been operating mines in Peru for the past 65 years, and we have been able to work with any government. We wait for the best for the country. Of course, we will continue investing in Peru and working together with the next government.
Okay. The final question, with stronger revenues and reduced gearing, how are you prioritizing between debt repayments, dividends, and reinvestment in projects like Monte do Carmo?
Thank you, Charlie. We have a capital allocation policy in place since 2023, and in that, we prioritize first funding the organic growth of the company, which includes not only our brownfield exploration programs, but also the development of Monte do Carmo and Royrop ata in Brazil and Peru, respectively. Secondly, we are committed to reducing debt. In third place, we have capital returns and paying dividends. Both the debt reduction and dividend payments are elements of our policy that we have executed proactively in the last year. Fourth, we have M&A, which, as explained by Eduardo minutes ago, we are active at evaluating every possible opportunity and being very diligent and disciplined at identifying projects that offer good returns for our shareholders, including a rate of return of about 15% and good exploration potential.
When making decisions, we balance these three elements, and we are, as I said, executing in all of them in the priority explained.
Thank you very much. That's all the questions we have at the moment. If I could just hand back to Eduardo Landin for some closing remarks.
Thank you, Charlie. First, I would like to thank you all for being here in this presentation. I would also like to say that we have a situation in Mara Rosa that today we have a very clear path to solve. We expect to come back with a strong production at Mara Rosa in 2026. I have to say that Imaculada is doing really well, as we explained, and San José is accomplishing their production projections. We believe that we have these two opportunities in 2028, you know, that we are working on Monte do Carmo and Royrop ata. We believe, counting with those opportunities, that it will be like a 60% increase in production. The company, the look of the company in the future is very promising. Thank you very much.
Thank you for joining us today. That concludes Hochschild Mining's Interim Results Investor Presentation. Please take a moment to complete a short survey following this event. The recording of this presentation will be made available on Engage Invista. I hope you enjoyed today's webinar.