We're trying a different format. The conclusion we reached was if the person at the stand is standing, then everyone should be obliged to stand as well. I didn't realize it would be so crowded, though. There are seats, so please do take some seats if you can. The tables are not meant for only two people, so please stay at the tables. You don't have to sit with your friends. Mingle as much as possible, but do get yourself a cup of coffee and something to eat as well. Are we ready to begin? Good morning, gentlemen and ladies. I am Peter Marrone, the Chairman and Chief Executive Officer of Allied Gold Corporation. I'm pleased to welcome you to this annual and special meeting of shareholders of the company.
The meeting is being webcast, live by audio, and will be available on our website at alliedgold.com following the meeting for those who are interested. The presentation portion of the meeting will also be available on our website. With the consent of those present, I will act as Chairman of the meeting. I now officially call the meeting to order and appoint Sofia Tsakos, our Chief Legal Officer and Corporate Secretary, to act as Secretary of the meeting, and Computershare Investor Services through its representatives to act as scrutineers for the meeting. May I ask if everyone present has registered with the scrutineers? If not, I would ask that you please kindly do so now.
Before we proceed, I would like to advise that subsequent to the completion of the formal business, an update on the recent activities and future plans of Allied will be given. Questions regarding the operations and financial status of the company should be deferred to the end of the formal business portion of this meeting. The company uses notice and access to deliver the meeting materials to shareholders. I have been advised that notice and access notification was mailed on April 7th to shareholders of record as of March 28th. The declaration with respect to that mailing will be retained in the corporate records of the company. The meeting materials, including the notice and access notification, the notice of meeting, the form of proxy, and the management information circular, were made available on our website, alliedgold.com, and under the company's profile on SEDAR+ at www.cedarplus.ca.
I do not propose to read the notice of meeting. Based on the preliminary scrutineers report, proxies were received from the holders of a sufficient number of common shares to constitute a quorum. I therefore declare that a quorum is present and the meeting is properly constituted for the transaction of business. The final report on attendance will be retained with the records of the company. I would like to take a moment to comment on the voting procedure at today's meeting. Only registered shareholders that held shares in their name at the close of business on March 28 or their validly appointed proxy holders are entitled to vote at this meeting. If you have already voted or sent in a proxy, there is no need to vote at the meeting unless you would like to change your vote.
Voting will proceed by way of a show of hands, except for the election of each of the company's directors, which will proceed by way of a ballot in accordance with the company's majority voting policy. Now, as the first order of business, I now place before the meeting the financial statements of the company. And that's for the year ended December 31, 2024, together with the report of the auditors on those financial statements. The financial statements and the auditor's report have been provided to shareholders in accordance with the notice and access procedures under our applicable law. I do not propose, as I mentioned, to read them at this meeting. You can obtain a copy of our financial statements on our website. Our next item of business is the election of directors of the company.
As a result of the company's majority voting policy, as I mentioned, shareholders are asked to vote for the election of each individual director by way of a ballot. If you are a registered shareholder or proxy holder, you should have received a ballot on checking in with the scrutineers as you walked into the meeting. If you did not receive a ballot, please raise your hand and the scrutineers will bring one for you. The general bylaws of the company provide for an advanced notice requirement, and that's for the nomination of directors in certain circumstances. The company did not receive notice of any director nominations in connection with the meeting within the prescribed time periods. We did not receive any nominations.
Accordingly, the only persons eligible to be nominated at this meeting for the election to the board of directors are the 10 nominees proposed in the management information circular. Perhaps by show of hands, if you can identify yourselves, John Beardsworth. Thank you, John. John Begeman. Pierre Chenard could not be with us, but Pierre Chenard. Justin Dib also could not be with us, but Justin Dib. Dick Graf, Richard Graf. Myself. Daniel Racine. Jane Sadowski. Dino Titaro. And Umar Togoyeni. Thank you, Umar. I now move for the nominations of each of the 10 individuals named as directors of the company for the ensuing year or until the successors are appointed. Will someone please second that motion?
I second the motion.
Thank you, Sofia. At this time, each registered shareholder or proxy holder is required to vote for the election of each director by ballot either direct or direct that a poll be taken. If you are a registered shareholder or proxy holder, you should have, as I mentioned, received a ballot from the scrutineers. Each shareholder or proxy nominee should record their vote in respect of the election of each director nominee by marking the appropriate box beside each director nominee's name and by signing and printing your name on the ballot. My apologies for the formality. I am required to go through this level of detail. It should be self-evident. There's a box, there's a name. You check the box that you'd like to check.
I have been advised by the scrutineers that based on the votes represented by proxy at this meeting, a sufficient number of votes have been cast for each of the directors nominated. I therefore declare each of John Beardsworth, John Begeman, Pierre Chenard, Justin Dib, Richard Graf, Peter Marrone, Daniel Racine, Jane Sadowski, Dino Titaro, and Umar Togoyeni to be duly elected as directors of the company to hold office until the close of the next annual meeting of our shareholders or until the successors are duly elected or appointed. Rather than hold up the business of this meeting for the final tabulation of votes cast, I direct that the results of the poll for the election of the directors be included with the minutes of this meeting and filed on SEDAR+.
I will say that based on the proxies that we received, and it is significantly more in percentage of the company shares outstanding than last year, overwhelmingly there is support for the election of our directors well in excess of 95%. The next item of business is the appointment of auditors for the company for the ensuing year. I move for the appointment of KPMG LLP Chartered Professional Accountants as auditors of the company until the close of the next annual meeting of shareholders. Can someone second that motion?
I'll second the motion.
Thank you very much. All in favor, please signify by raising your hands. Anyone opposed? The motion is carried. You are professional accountants and you're ours. Thank you for that. The motion to appoint KPMG LLP Chartered Accountants as the auditors of the company until the close of business of the next annual meeting of shareholders has been carried. The next item of business is a special item. It requires a special resolution to approve an amendment to the company's articles to provide that the common shares be consolidated on the basis of one post-consolidation common share for a number of pre-consolidation common shares, which will be determined by the board of directors, but within a range of whole numbers between two and four of the outstanding pre-consolidation common shares.
The exact ratio to be set within the consolidation range that I've just given by the board, which will be determined following this meeting. Any fractional and post-consolidation common shares that are arising from that share consolidation will be deemed to have been tendered by registered owners of the company, the full text of which is in Appendix B of the management information circular. For those of you who are familiar with what we wrote in the circular, this consolidation is something that we consider necessary to meet the minimum trading requirement, share price trading requirement for the New York Stock Exchange, which is something that we believe is in the best interest of shareholders and we are pursuing. I will say now in advance that we are now on track to be listed on the New York Stock Exchange.
We've become a seasoned and senior company as of the middle of June. I move that the approval of the share consolidation resolution. Will someone please second that motion?
I second the motion.
Thank you very much, Denise. All in favor, please signify by raising your hands. Is anyone opposed? The motion is approved. The consolidation has been carried. Now, as all of the formal business of this meeting has been concluded, I move to conclude the meeting. Will someone please second that motion?
I second the motion.
Thank you very much, Andre. All in favor, please signify by raising your hands. Anyone is opposed? The motion is carried. That concludes the formal business of the meeting. Thank you for that. I'd like to take a short pause of just a few seconds as we set up our corporate presentation. I promised in our quarterly conference call this morning that it would be brief, hopefully insightful, certainly highlight the quality of the assets of the company in which we're all invested. To begin, let me say something that I said on that call and I wholeheartedly believe. This is a people business. It is about management. I did not introduce the management in the formal part of the business, but they are in this room. I would encourage all shareholders to meet with them, to ask them questions.
It is a management that is fit for purpose for this company, but it is a company that has designs on becoming significantly larger, significantly better than we already are. We could not do that without the quality of management that is there. Thank you to the management for all your hard work. I encourage all shareholders to speak with that management. Now, as we move into the formal part of the business, I had a challenge last night. I was considering, other than the management point that I just made, what is it that distinguishes this company and makes it unique, makes it great, and gives it the prospect of becoming even greater? Something occurred to me. We are a mid-tier gold producer. As a mid-tier gold producer, we have a large and increasing mineral inventory and production platform.
Perhaps if we can advance the slide to the presentation. Thank you. We are progressing to generate high margins and strong cash flow. We are increasing our production, optimizing our assets. Production increased year- over- year by 4% last year. It is expected to increase again this year by roughly 8%. We expect it to increase by a whopping 50% by next year. That is just the production part. That does not describe the rest. The rest is the cash flow and the EBITDA. Because all of these new ounces are coming in at higher margin, the result of that is that the 50% increase in production is a starting point because the increase in EBITDA and in cash flow is a multiple of that 50%. We estimate certainly at present gold prices that it could be between three times and five times the EBITDA and cash flow.
That does make this company unique because it's very rare to see a mid-tier gold producer that has that. There is something more. That something more is that as a mid-tier gold producer, I can't think of one that is underpinned by two tier one assets. That is really important to highlight. Tier one here is not just that it's generational, that we have many ounces in inventory. It's not just the number of ounces of production, but it's the cash flow that these assets generate. We are in three prolific areas for precious metals mining or prospective areas for precious metals mining. We have a large inventory of ounces. We have a large production platform of already close to 400,000 ounces per year that increases significantly and provides a multiple to that increase for our EBITDA and cash flow.
We're underpinned by Sadiola and Kurmuk that are two tier one assets. I can't think of a company that has that type of an underpinning, certainly not one that is a mid-tier gold producer. Sadiola is generational. With more than 10 million ounces in inventory as resources, already over 7 million of that is proven and probable reserves. We increased production from roughly 200,000 ounces this year, about 180,000 ounces last year. That production increases between 300,000-400,000 ounces at much lower costs. Kurmuk, the opposite end of the African continent, is expected to produce close to 300,000 ounces of production. I think that's a starting point.
As we increase the mineral inventory with already 2.7 million ounces of reserves, 3.6 million ounces of resources, we can see this as an asset that will become higher in production than the 240,000-300,000 ounces that we've presently forecast. More ounces in inventory, extending mine life, then bringing some of that forward. Just as importantly, our all-in sustaining costs are expected to be $950 per ounce. That means that this is a big cash machine. It's a big fat cash cow. The underpinning of this company is these two assets. While I won't dismiss the importance of the other assets in the company, I do want to highlight that that does distinguish us from any of the other companies that are in our industry. As we move into the assets, let's begin with Kurmuk.
As I mentioned, for next year, our production, we begin production now 13 months from now. We're already starting mining. We expect to be at substantial mechanical completion by the end of this year. For the partial year next year, we'll produce 175,000 ounces. We will average 290,000 ounces for a handful of years after that. We're targeting 15 years of mine life, again generational, with a life of mine production of initially 240,000 ounces. I believe that that will increase at an all-in sustaining cost that is below $950 per ounce. We're advancing the development of this project in Ethiopia. Construction and mining are progressing on plan with our schedule and on budget. We're on track to start production, as I mentioned, now 13 months from now. We have significant exploration upside and more to come on that.
We expect to generate strong transformational cash flows at start in the second quarter of next year. Let's move to Sadiola, that other underpinning of a tier one asset. We are presently producing about 200,000-230,000 ounces per year. The average production when we have completed the second phase expansion, we are now in the first phase that we complete at the end of this year. That sustains us to that 200,000-230,000 ounces. With that second phase expansion, the production of this mine goes to an excess of 300,000 ounces per year. We are forecasting all-in sustaining costs of below $1,200 per ounce. That is even with the full load of the high mining royalties that exist in the country of Mali. We are on track to complete phase one by the end of this year, by the fourth quarter. We are making new oxide discoveries.
That's like hot knife through butter through the current plant, through the modified plant, and through the new plant of the second phase. We're optimizing our expansion strategies. Again, we see significant growth in cash flow to take a 300,000 ounce per year mine to 400,000 ounces per year, $1,200 all-in costs. You pick what is your gold price assumption. Certainly, if we look at the current gold price, that's a $2,000 margin. Even someone that does not have a calculator can do the math on what $2,000 means on 300,000 ounces per year. Those are big margins, big EBITDA, big cash flow. I don't want to dismiss the importance of Côte d'Ivoire. Côte d'Ivoire is bread and butter. Every company should have a bread and butter type asset. Agboville and Bonikro are roughly 17-20 kilometers apart. We have an access road between the two.
We're treating it as a complex. We're actually looking to see if we can combine the three licenses into one of the licenses. The objective being to not only treat it administratively as a complex, but operationally, procedurally as a complex. As individual mines, they're kind of small, 90,000 to 100,000 ounces per year. Combined as a complex, it's 180,000 ounces per year. This is the place where we have to spend exploration dollars, and this is where we're going to find new discoveries. These are our shortest life mines, but we have a plan to increase that mine life significantly. Our strategic objective is 10 years at 180,000 ounces per year. I'm asked a question, which is, what does it mean, 180,000 ounces per year to 10 years by comparison to what we have today? Here's what it does.
One, as it improves the costs, we expect to be closer to $1,400-$1,500 per ounce all-in sustaining costs. The other is that by increasing that mine life, that 180,000 ounces per year, the value creation is about $2 per share. I have to imagine that everybody in this room that looks at the share price, that looks at that screen with the share price, wants to see another $2 per share. Why not? These two other assets are tier one and transformational. This is important as well. We are focusing our effort on that asset. Combined then, what does it mean? We expect to produce 375,000-400,000 ounces per year. We expect to increase that to 600,000 ounces per year. That increases again with the second phase expansion that completes at Sadiola.
More importantly, and perhaps if we can go to that slide in the presentation, we're a bit behind here. More importantly, with the increase in production by 50% next year, we expect EBITDA to increase by a multiple of that I said before, between three times and five times the existing EBITDA that we're generating this year and that we generated last year. Let me highlight a little bit. Since we're here for a shareholder meeting of what happened last year, we delivered our first quarter results for those who did not participate on the call this morning. We had quarterly production that aligned with our expectations, roughly 84,000 ounces per quarter. All-in sustaining costs that again were in line with our budget and with our forecasts. We've been very clear that this year we expect about 55% of our production in the second half of the year.
We expect a very strong fourth quarter. We complete pre-stripping at our mines in Côte d’Ivoire. We get into higher grade areas. The expansion of Sadiola is completed, which means that we get better production at better costs. We continue our optimizations of our operations. Our growth projects are progressing. Our cash balance is strong and getting stronger with cash flows. We have positive exploration results. I do not want to underestimate the importance of leadership here. We have completed a further leadership transition. We have a new Chief Exploration Officer that has impressive familiarity with Africa and West Africa in particular, is familiar with our Kurmuk project. Indeed, when our management took this company public, he conducted our exploration due diligence. We are looking to professionalize the management of the company. I am happy to say that we have succeeded in that.
That also applies at an operational level where we have changed general managers, mine managers, fit for purpose to what we need in the organization. We have engaged in several strategic initiatives. I mentioned New York. We've meaningfully improved liquidity and market float. We have several strategic arrangements relating to Sadiola. We continue, even in a jurisdiction that's a bit more challenging, the country of Mali, to have active engagements with the government on many fronts. How can we participate in joint ventures with some of the assets that they own, including close to where Sadiola is? What can we do by way of power where there's variability in the power grid? What can we do to sponsor a power solution in the country that also benefits Sadiola? We couldn't have had that strong first quarter without a very strong 2024.
In 2024, we had a 4% increase in production to 358,000 ounces. That was underpinned by, again, a strong fourth quarter of almost 100,000 ounces. We expect more than that in the fourth quarter of this year. Costs trended down. Adjusted EBITDA was $186 million. Again, pay attention. The eyes on the prize. The prize here is Kurmuk. When Kurmuk is in production, that EBITDA of $186 million, and that was at a lower gold price than where we are at today, should be a multiple as a result of Kurmuk alone. We are advancing that transformational project and others. We have made further leadership enhancements through last year, including our Chief Operations Officer. I encourage you to speak to Johan to see what plans he has for the further optimizations and improvements of our assets. We have entered into several strategic arrangements and initiatives.
One of which that I want to highlight is we were the first company in the country of Mali to enter into a protocol agreement with the state. We looked at it and said, what do we have to do to comply with a new mining law, to create relationship, determine how we improve our transparency and engagement? I believe that that has borne significant fruit. We want to be best in class. We want to be best in country. Our guidance for this year then, we expect 375,000-400,000 ounces, a large exploration budget. Frankly, we'll probably be increasing that exploration budget. I'm already getting pressure from our exploration team that $20 million gets us to a good result, but we're going to get to a great result by the end of the year. We want more money for exploration.
Show us the results, and we'll provide that additional funding. We have lots of exploration opportunity in the company. Our cash costs are expected to be below $1,620 per ounce and our all-in sustaining costs below $1,790 per ounce. On expansionary capital for roughly $350 million, with a large cash balance as of the end of the first quarter, we're covering the nut on capital. The result of all of that is that we expect this to be a significant year for the company. We will get to that point where Kurmuk is just around the corner, where the first phase of expansion of Sadiola is complete, and then that prize becomes ours. Milestones this year, the New York Stock Exchange listing. I don't want to spend too much time on that, but it is important. We're a senior company. We deserve senior treatment.
We believe the liquidity will significantly improve. There is a universe of investors that I think will want to invest in our company when we make it easier by listing on the New York Stock Exchange. We have the Kurmuk exploration and reserve and resource update in the third quarter. We are updating Ume and Côte d’Ivoire that begins to show how we get to that 10 years that is now strategic. We want to take the word strategic out. We will complete the Sadiola phase one expansion by the end of this year. For those of you who are interested, we have an analyst and investor site tour of Kurmuk in the fourth quarter. We are planning the end of November, early December. Again, the eye on the prize. We are now 13 months away from the start of our operations at Kurmuk, and we are already starting mining this month.
We will have stockpile at surface and open up the pits beginning now and through to the end of the year. In the last slide of this presentation, I want to give you the words that go with the slide, but then several people have asked me, what do the pictures represent? We have world-class assets. We have growth-driven optimizations, expansions, and exploration. I've talked about the phased expansion of Sadiola, the optimizations and what exploration will do to Côte d'Ivoire, and the development of what exploration will do at Kurmuk. We expect net asset value to increase, EBITDA to increase, and the share price and the valuation of this company to be more reflective of the value of the company and to also increase, and I believe, increase dramatically. We're hiding in plain sight. We're that lion. We're not prey. We are the lion here.
We want to demonstrate that we have the heart, the integrity, the strength of a lion-type company. We're a wolf in sheep's clothing. We want to be able to demonstrate that while we appear to be within the band of every other company, we can distinguish ourselves and we are distinguishing ourselves and we'll continue to do that. Whichever of the two pictures you prefer, but I hope I leave you with this image. We are better than what we currently show, and we will demonstrate that over the course of the next year and into the years to follow. Ladies and gentlemen, that's our formal presentation. Let me open it up to questions.
Yes. It seems like this whole cycle is very different than 20 years ago. Valuations look like they're a lot higher. I was saying that this cycle seems very different from last cycle.
You're in the position where you were there last cycle. Yamana was growing. At that time, you were leading Yamana, and it was growing pretty aggressively through M&A. Valuations were seemingly a lot higher. Why do you think this cycle is so different than the last cycle in that investors aren't willing to pay up for the cash flow?
Let me make two, maybe three observations. One is, the second time around, you learn to be more patient. With Yamana, you're referring to Yamana the last cycle. There was an element of impatience. Why is the share price not reflecting the value of the company? Then suddenly it does. Then it continues to do that. We've learned to be patient. That ties into the second point.
The second point is that money flows, the money flows have changed, in my view, this cycle by comparison to last cycle. The size and scale of resource funds, which are the usual investors in our sector, is smaller than it was. Some have been decimated. Some have left the industry. I'm beginning to see that there are signs of new money coming in. I've talked about the Middle East. The Middle East has been interested in gold for quite some time, but now they're becoming interested in precious metals mining company. I think we're going through a transition. As we complete ourselves through that transition, I think we'll begin to see that money flow coming into the business and valuations will catch up. It will look as if the valuations are weak until they're not. That leads to my third point.
That third point is, what happens when it does? I describe it as a Niagara Falls volume of water through a garden hose. Because the amount of money that comes in for an industry that is as small as ours, the market capitalization of the entire precious metals mining industry cannot be more than $400 billion, maybe $500 billion. I am not current. Maybe you are or others in the audience are. Some of the technology companies are five times that, maybe more than five times that, the entire industry. You can imagine when that money flow starts to come in, it will be this volume of investing that the industry is too small to tolerate, and that will increase valuations very significantly. That is what I saw in the last cycle. That is what I believe we will see in this cycle.
Thanks, Brian.
If I could just follow up on the money flows, you're one of the few companies that have highlighted potential index flows, benchmark flows into the name as a company has seasoned and has trading more volume. They eventually get added to some of these benchmarks. I assume when you refer to these benchmarks in your press releases, GDXJ, GDX, and the S&P TSX Composite as well. Are there other indices that you could be added to, especially if you listed on the New York Stock Exchange?
It is a bit obscure, but I think there's the ARCA, MSCI. And the larger one gets, the more you qualify for inclusion. The more trading liquidity, the more one qualifies for inclusion. Look, we want to be sensitive to active shareholders and have encouraging dialogue with active shareholders.
We can't overlook the fact that there's a passive side to the investing public today that is there. It's large, and we need to be sensitive to it and respond to it. We're taking the steps to respond to it.
Thank you. There was a question here. Thanks for the presentation, Peter. Two questions, if I may. I'll ask them one at a time. First one, just on the royalty situation in Mali. Maybe it's been a tough place for a lot of companies. Maybe you could give us a chronology since you've been involved with Sadiola. What initially took place and how your relationship has been, what discussions were, and you kind of referred to it where you ended up.
Yes. I don't want to leave anyone with the impression that we support blunt force. That's never justified. We're new to this jurisdiction.
That means that we can look at it from this perspective. We do not have the history. That means that we do not have the emotion. I do not know if this is a good analogy, but it is a marital separation. When a marital separation occurs, there is animosity. There is history. It creates emotion. There is an element of that, I think, here. Before we got involved, before we took over the helm and invested, remember, we are shareholders in this company. In 2023, before the company went public, I think the Malian authorities were communicating a message, effectively or not effectively, we will agree and disagree. That message was, we need some help. We need to do something different in the mining industry because 30%-35% of our revenues, intergovernment coffers, comes from the precious metals mining industry.
They were communicating that there should be some change to the royalty structure, possibly ownership structure. I cannot say that that was effectively and well received. I cannot say that the mining industry reacted positively or negatively to that. I can say that if we had the benefit of hindsight, if we went back to late 2022, early 2023, when all of this was taking place before our involvement, would it have been different if everyone said, why do we not get into a room and discuss what should be done? Why do we not see from an industry point of view what we can tolerate by way of increases in royalties and value? What happens if different gold prices and have a more constructive discussion? That did not occur. I am not putting a blame on one side or the other.
Where were we then in the summer of 2024? We looked at it and said, we can afford not to look at this emotionally. We do not have this history. For us, it is about purely economics. It is about the commercial reality and conclusion. What are the royalties? What are you asking for? What can we get by way of derogations? What further improvements can we make to what was proposed then as a mining law that was soon to be enacted? We came to terms. We had a different philosophical view as well, which is, if we do all of these things, what happens next? We have demonstrated that we are sensitive to what is happening in the country. We are not going to willy-nilly give things away. What are the other opportunities in the country? We have one north of Sadiola that can deliver good value to Sadiola.
It's not owned by us. It's owned by the state. What type of discussion can we have? Can we have a better discussion on these things if we demonstrate that we're cooperative, transparent, and demonstrate that transparency? I think we're now beginning to see the impact of that, the positive impact of that. That's the difference as I see it.
Thank you. Second question. You mentioned you want to make Allied Gold a lot bigger than it is now. You have with Kurmuk and Sadiola plans to do it. Just not even involved in Africa two years. Do you see other right now, I'm sure you want your share price to go up before you did anything, and you want to do first things first.
Are you seeing more opportunities over the last year or two as you've been there longer in terms of what could unfold elsewhere in Africa over the next five or six years for Allied Gold?
I would ask you not to pigeonhole us into only Africa. Today, I see the opportunities in Africa. I think that the returns are better. As gold price goes higher, as we get more investing money coming in, the distinction between emerging markets and developed markets changes. You've seen this before. That means that we get less differences in multiples and in valuations. We've seen that through the cycles before. Being invested in African opportunities, but more broadly emerging market opportunities, is always better because the returns are better. Then the multiple compression or the multiple increase to catch up to the developed market multiples improves as well.
Let me conclude the answer to your question by saying the following. Again, I use the term, keep our eyes on the prize. Kurmuk is such a big prize. It's not just 600,000 ounces, then going to 800,000 ounces with a second phase expansion for Sadiola. It's what does it create, the cash flow that they generate. That's the prize here. The first of those prizes, literally around the corner, is Kurmuk. We would engage in corporate transactions today if it was something truly spectacular. Otherwise, keep your eyes on the prize. Today, I'd say that there's nothing that hits our fancies truly spectacular because that prize is too big.
Thank you.
Are there any other questions? I think not. Very good. Thank you very much for those questions.
Again, I encourage those that are here to ask management questions, not just myself, but others. There are refreshments in the other room. With that, ladies and gentlemen, that concludes our meeting for this year. Thank you.