Good morning, everyone. On behalf of the board of directors and management team, I welcome you to the annual general and special meeting of the shareholders of Ivanhoe Mines Limited. My name is Peter Meredith, and I'm a Director of the company, and I will be chairing today's meeting. With me at the head table is Mary Vincelli, President, Compliance, and Corporate Secretary. Mary will act as recording secretary of today's meeting. Further, I would ask that Grant Miller and Alicia Mohammed from Broadridge act as scrutineers. Mary, would you please introduce our other colleagues joining us today?
Of course. I am pleased to advise that participating in the meeting today is Marna Cloete, President and Chief Executive Officer, David van Heerden, Chief Financial Officer, Alex Pickard, Executive Vice President, Corporate Development, and Investor Relations, Tommy Horton, Vice President, Investor Relations and Corporate Development, each of whom is joining us virtually, and Victor Gerchikov of Stikeman Elliott, our external counsel.
Thank you, Mary. Whether you're joining us today virtually using the Broadridge platform or joining us in person, we thank you for being shareholders and participating in our meeting. We will proceed with the formal business portion of the meeting first. Then we will have a period set aside for management's presentation on the company and its projects. You will then have the opportunity to submit questions. We'll do our best to answer them. If we don't get to your question today, you're welcome to contact Tommy Horton once the meeting is concluded. I will now ask Mary to explain certain administrative points that are key to this meeting.
Thank you, Peter. As this meeting is in a hybrid format, I would like to comment on the voting procedures and questions relating properly to matters of business before today's meeting. Only registered shareholders who held shares in their name as of April 30th, 2026, the record date of this meeting, or validly appointed proxy holders are entitled to vote at this meeting. If you logged in as a guest, you will not be able to vote in the virtual Broadridge platform. Shareholders and duly appointed proxy holders attending in person may ask questions with respect to motions before the meeting. To ask a question, please raise your hand. Questions from those shareholders and duly appointed proxy holders participating online can be asked using the Ask a Question box of the virtual interface. Those with us in person today can cast their votes by ballot on each motion.
You can only complete a ballot today if you are a duly appointed proxy holder, or if you are a registered shareholder who has not already returned a proxy form, or who wishes to change their vote. Broadridge provided ballots to registered shareholders and proxy holders upon registration for this meeting and prior to entering the meeting room. If you did not receive your ballot upon registration, please raise your hand. The vast majority of shareholders have chosen to submit their votes by proxy in advance of this meeting. If you are one of those shareholders and do not wish to change your vote, no further action is required from you for the duration of the meeting. Voting during this meeting can be conducted through the Broadridge platform or in person. Through the Broadridge platform, the polls will be open for all resolutions at the same time.
You will choose to vote on individual agenda items at the time they are presented, or you can cast your vote on all agenda items immediately or at any time before the polls are closed. Once discussion on all items of business has concluded, we will give you one additional minute to finish entering your votes, following which we will declare voting closed on all resolutions. We will confirm with the scrutineer whether sufficient votes have been cast in respect of all items of business that are presented today. There will be an opportunity to ask questions on each resolution in turn. We will address questions with respect to individual agenda items in turn while such items are formally brought before the meeting, and we'll address more general questions during the question-and-answer session following the completion of the formal part of the meeting.
Questions in respect of a motion can be submitted by any shareholder or validly appointed proxy holder using the Ask a Question box on the virtual platform. Please note that there will be a slight delay in the publication of the communications received. When submitting questions, please identify whether it is related to a motion being considered as part of the formal business of the meeting or whether it is general in nature. Please also indicate your name, which entity you represent, if any, and confirm that you are a shareholder or a validly appointed proxy holder. Again, we will address questions directly related to a particular motion at the appropriate time of the meeting and save general questions until after the formal business has been completed. Questions with common themes may be grouped together for efficiency.
The final results of the meeting will be filed on SEDAR+ by no later than tomorrow, June 19th, and will also be available on our website. Thank you for your time, Peter will now begin the formal portion of the meeting.
I now table proof that the mailing of the notice calling this meeting, the form of proxy, and the Management Proxy Circular, as well as the audited consolidated financial statements, Auditors Report, and Management's Discussion and Analysis, each for the financial year ending December 31st, 2025 to those shareholders that requested them, has been completed in accordance with the company's articles and in accordance with applicable securities law. I direct that a copy of this confirmation of mailing be kept by the secretary with the records of this meeting. I move now, unless specifically requested, that the reading of the notice calling this meeting be dispensed with. May I have a seconder?
Peter, this is Tommy. I second the motion.
Thank you, Tommy. I declare the motion carried. I've been advised by the scrutineer, based upon their attendance report, that there is a quorum present at this meeting, being at least two persons present who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 25% of the issued shares entitled to vote at this meeting. I now call on Mary to read the scrutineer's report on attendance.
We are pleased to report that there are 8,687 shareholders holding 1,254,620,230 Class A Common Shares represented in person or by proxy at this meeting. This represents 87.96% of the 1,426,272,214 issued and outstanding Class A Common Shares entitled to vote at this meeting.
Thank you, Mary. I ask Mary to append this final scrutineer's report as a schedule to the minutes of this meeting. I declare that this meeting is now regularly called and properly constituted for the transaction of business. Voting is now open for those registered shareholders or duly appointed proxy holders who have logged in with their control number or appointee identification number on the Broadridge platform. The first matter of business is the presentation of the audited consolidated financial statements of the company and the auditor's report thereon for the financial year ended December 31st, 2025, copies of which have been mailed to all shareholders who have requested to receive them in accordance with the requirements of applicable Canadian securities law.
The financial statements have been reviewed and approved by the company's audit committee and the board of directors, unless specifically objected to at this meeting, will be taken as read. I will now pause to allow Mary to check if there's any online questions on this item.
Peter, there are no questions on this item.
Since there is no discussion regarding the audited financial statements or auditor's report, I shall consider them taken as read and submitted to the meeting. The next item of business is to set the number of directors for the ensuing year. I now move to set the number of directors of the company at 11 for the ensuing year. May I have a seconder?
Peter, this is Bill Trenaman. I second the motion.
I will now allow Mary to check whether or not there's any online questions on this item.
Peter, there are no questions on this item. If you are a registered shareholder or a proxy holder who is using the Broadridge platform to vote on this matter, you may do so now. If you wish to submit a ballot in the meeting room, please raise your hand and the scrutineers will collect the ballot. If you have previously voted on this matter and do not wish to change your vote, no further action is required. We will pause briefly to allow for voting.
We will now proceed with the election of directors. I will ask Mary to explain this item.
As set out on page nine of the management proxy circular of the company, management has nominated the following 11 individuals to hold office as directors of the company until close of business of the next annual general meeting of the company, or until their successors are elected or appointed. Robert M. Friedland, Weibao Hao, Tadeu Carneiro, Martie Janse van Rensburg, Peter G. Meredith, Phumzile Mlambo-Ngcuka, Kgalema Motlanthe, Iman Naguib, Delphine Traoré, Chun James Wang, and Xianwen Wu. To be passed, the resolutions to elect each director require the approval of a simple majority of the votes cast at this meeting. As set out in the company's majority voting policy, each director who receives a greater number of votes withheld than for must submit their resignation promptly after the meeting for consideration by the company's nominating and corporate governance committee.
The board of directors will determine, based on the recommendation of such committee, whether or not to accept such director's offer to resign. Pursuant to the advanced notice provisions contained in Section 14.12 of the company's articles, only individuals nominated in accordance with the procedures set out in the advanced notice provision are eligible for election as directors of the company. Such procedures include providing timely notice of such nomination.
As no notice of such nominations were received by the company in accordance with the advance notice provision, there are no further nominations, and I declare nominations are closed. I move that the management nominees, as presented, be elected directors of the company to hold office until the close of business at the next annual general meeting or until their successors are elected or appointed. May I have a seconder?
Peter, this is Tommy, and I second the motion.
Thank you. In accordance with the company's majority voting policy, we will now vote individually for each of the director nominees. I will pause now to allow Mary to check whether there's any online questions.
Peter, there are no questions on this item.
Thank you.
If you are a registered shareholder or a proxy holder who is using the Broadridge platform to vote on this matter, you may do so now. If you wish to submit a ballot in the meeting room, please raise your hand and the scrutineers will collect the ballot. If you have previously voted on this matter and do not wish to change your vote, no further action is required. We will pause briefly to allow for voting.
Thank you. We will now move to the next matter. Time for shareholders to appoint the auditors of the company to hold office for the ensuing year and to authorize the directors to fix their remuneration. I move that PricewaterhouseCoopers Inc. Chartered Accountants be reappointed the auditors of the company to hold office for the ensuing year, and that the directors be authorized to fix their remuneration. May I have a seconder?
Peter, this is Tommy, and I second the motion.
Thank you, Tommy. We'll now pause to allow Mary to check on whether there's any online questions on this item.
Peter, I confirm there are no questions on this item. If you are a registered shareholder or a proxy holder who is using the Broadridge platform to vote on this matter, you may do so now. If you wish to submit a ballot in the meeting room, please raise your hand and the scrutineers will collect the ballot. If you have previously voted on this matter and do not wish to change your vote, no further action is required. We will pause briefly to allow for voting and for the scrutineers to pick up any ballots. I'm advised by the scrutineers that based on the preliminary tabulation of votes received, all resolutions have been approved by the required number of votes cast at the meeting. I declare that the motions are carried and hereby approved.
Thank you. The next item of business is to consider, and if deemed advisable, approve, with or without variation, an ordinary resolution, the full text of which is set forth on page 11 of the company's management proxy circular, approving proposed amendments to the company's amended and restated Employees and Director Equity Incentive Plan. We will dispense with the reading of the resolution unless specifically requested by a shareholder. Hearing none, I now move that the ordinary resolution to amend the amended and restated Employees and Director Equity Incentive Plan as described in the management proxy circular be approved. May I have a seconder?
Peter, this is Tommy. I second the motion.
Thank you. I will now pause to allow Mary to check on any online questions.
Peter, I confirm that there are no questions on this item.
Thank you, Mary. If you're a shareholder or proxy holder who is using the Broadridge platform to vote on this matter, you may do so now. If you wish to submit a ballot in the meeting room, please raise your hand and the scrutineers will collect the ballot. If you have previously voted on this matter and do not wish to change your vote, no further action is required. We will pause briefly to allow for voting and the scrutineers to pick up any ballots. Thank you. Is there any other business that anyone wishes to bring to the attention of this meeting? Mary, would you please check online if there's anything to be brought forward to this meeting?
Peter, there is no other business to be brought forward.
As there is no further business to be brought forward to this meeting, I will ask for a motion that this meeting be terminated.
Peter, this is Tommy. I move that this meeting be terminated.
Thank you, Tommy. I declare the motion carried. This concludes the formal portion of our meeting. I would like to thank our shareholders for participating in today's meeting. We will now begin a brief management presentation that will provide an overview of the company's development over the past year and upcoming catalysts. The question-and-answer session will follow immediately thereafter. This presentation will contain some forward-looking statements. The forward-looking statements disclaimer is currently on your screen, where it will remain until the presentation begins.
Thank you, Peter. This is Marna Cloete, broadcasting out of Johannesburg. If we can move into the presentation. It's my pleasure to present our 2025 annual highlights to you, and in the background, you can see the smelter at Kamoa-Kakula at work producing anodes. If we go to the first slide, our executive summary. We produced just over 380,000 tons of copper at Kamoa-Kakula during 2025, and over 200,000 tons of zinc was produced at Kipushi. We also started producing at Platreef, and we are in the process of expanding our facilities to phase II this year. In 2025, we earned $578 million of adjust, and $228 million in net profit in Ivanhoe Mines. We also produced our first anodes at the end of last year in the fourth quarter.
It was really a milestone year as the smelter, one of the largest projects in Africa, came online. We move over to the next slide. Safety is at the heart of everything we do, and we had a 69% reduction in our group-wide total recordable injury frequency rate since 2021. That was despite our workforce increasing by 155% to over 31,000 employees, which I think was a significant achievement. We also had zero fatalities in 2025. On the screen in front of you can see our statistics trending down year on year. I will now start with our overview of Kamoa-Kakula, and there you see the very impressive smelter that started operating in the fourth quarter of last year, the year that we are reporting on. The ramping up of our concentrative throughput.
We are busy implementing our turnaround strategy to get Kamoa-Kakula back to 500,000 tons of copper per annum from 2028 onwards. Our mining rates at Kamoa-Kakula are set to increase to about 700,000 tons per month from the second half of this year. At Kakula, we're busy with peripheral development during 2026. That sets the stage for our increased mining rates in 2027 when we start stoping. Our guidance for 2026 is between 290,000 tons and 330,000 tons, and our guidance for 2027 is between 380,000 tons and 420,000 tons of copper. We also provide on the next slide a delivery milestone map. We've released an updated reserve statement earlier in 2026 in March.
We also completed the Kakula box cut, and we completed the commissioning of Project 95, which was a project that we started to increase our recoveries at our first and second plant next to Kakula. We're very close to the completion of the Kansoko Sud box cut. We embarked on a large solar facility for 60 MW of constant power. That will be commissioned imminently. We should receive our power within the next couple of days, the first power from the solar project within the next couple of days. We are planning to produce updated geological and geotechnical models by the end of this year, whereafter we will release an optimized five-year feasibility study, early 2027, at the end of the first quarter.
A big milestone for us will be achieving the commencement of stoping at Kakula, earmarked for the first half of 2027. To get back to our annualized milling rate at 17 million tons, which would put us on the roadmap to produce a steady-state 500,000 tons of copper from 2028 onwards. On the next slide, we look at our cash cost guidance for 2026 and 2027. For 2026, we are guiding to $2.60-$3 per pound of copper produced, and in 2027, $2.10-$2.50. Our medium target is at $2 from 2028 onwards as our production reaches steady state and our smelter efficiencies will be fully realized. We are also planning to embark on further cost optimization initiatives to get these numbers even sharper.
On the next slide, as I mentioned earlier, we started the smelter at Kamoa-Kakula in November of 2025, and there you get a picture of the anodes that's being produced. We are currently operating at 60% capacity, but the smelter has the capacity to produce 500 tons per annum at the smelter. It's by far the largest smelter in Africa and a project that was also executed by our project team on time and on budget. On the next slide, we're ramping up to 700,000 tons of sulfuric acid production. That's a byproduct in our smelter. In the first quarter of 2026, with everything that was happening geopolitically, the sulfuric acid prices was already far in excess of what we originally planned in our study, which was $150 per ton.
We realized $467 per ton in the first quarter, our average July contract price came out at $840 per ton. A very good byproduct credit that we are getting with the operation of the smelter. There's a very active market in the Central African Copper Belt for sulfuric acid in excess of 8 million tons. The smelter at Kamoa-Kakula was a no-brainer investment if you just look at the savings that we are realizing as a result of the smelter coming into effect. There was total savings of $0.70 per pound in logistic charges, the sulfuric acid byproduct credit, and the treatment charges, that more than offset the running cost of the smelter that came in at $0.26 per pound.
As I mentioned earlier in the presentation, we were very excited with the first two modules of 30 MW each of a dedicated solar facility that's got constant battery energy storage. We are in the process of commissioning the first 30 MW module, we should receive the first 5 MW within the next couple of days. We are also looking at expanding this project even further and placing two additional 30 mw modules within the next couple of months. Staying in Congo, if we move over to our Kipushi mine on the next slide, you can see a nice aerial overview of Kipushi, the Kipushi mine in the town of Kipushi. At Kipushi, specifically in the first quarter of this year, we had record production of 65,000 tons of zinc At an average grade of 37%, which is unheard of.
Our concentrator had multiple records achieved in the first quarter, including in excess or close to 23,000 tonnes of zinc in January, and recoveries averaged over 90%. We are also in the process of putting out a tender for 10 MW of constant solar power, similar to what we did at Kamoa-Kakula. If we move over to the next slide, zinc's been performing very well, trading at three-year highs, where we're realizing above $1.60 per pound of zinc. Our production guidance for 2026 at Kipushi is set between 240,000 and 290,000 tonnes of zinc in concentrate. Our cash cost guidance for Kipushi ranges between $0.85 and $0.95 per pound of payable zinc. Moving to South Africa, where I am broadcasting from. What you see in the background there is our precious metals mine, Platreef, in Mokopane, South Africa. A quick overview.
We started producing towards the end of last year at our phase I mine, but this is really a proof of concept mine. The big milestones this year was for us to get shaft three up and running, and we managed to commission shaft three at the end of the first quarter. shaft three will increase our hoisting capacity fivefold to 5 million tonnes per annum, and that will enable us to complete our phase II ramp up, where we will be able to produce close to 500,000 ounces of PGMs. If we move over to the next slide, this is just a timeline and key milestone map for Platreef. We've commenced for the earthworks at phase II, that really entails building an additional concentrator on surface. As I mentioned, we've already commissioned shaft three.
We are in the process of completing the shaft two sinking, we completed its shaft two pre-sink. We've awarded the contracts for the long lead items for the construction works that we need to do. We're planning to do our first pour of concrete in August. Our steel will arrive on site in October, and the delivery of our major mechanical equipment should take place in January of next year. The shaft two mine sink commences shortly after in the first quarter of 2027, and we should have our concentrator for phase II complete towards the third quarter of 2027 and start with the commissioning of that concentrator towards the end of 2027, whereafter Platreef will become a meaningful producer. If we look at the map of Platreef and the execution plan, you can see we're basically sitting here between 2026 and 2027.
As I mentioned, shaft three was one of our key milestones. We will complete that phase II concentrator, the next steps for us to get to phase III will be the construction of two additional concentrators of 3.3 million tonnes per annum each, as well as completing shaft two. Our shafts are slightly out of sequence, we completed shaft three ahead of shaft two. If we move over to the next slide, just to give our audience a taste for where the basket is currently trading. When we did our feasibility study in 2025, we realized a basket of just over $1,300 per ounce, now we're sitting at over $2,100. That's an increase of 61% or $860 per ounce. A very favorable movement in precious metals.
Last but not least, back to the DRC, where we are embarking on a very large-scale exploration project right adjacent to Kamoa-Kakula. You can see there the drill bits are turning because we do believe in providing our investors with return through the drill bit. Just a quick overview of what we've done in 2025. Our mineral resource expanded our Makoko District Corridor to at least 30 km in length and between 1.7 km and 5.8 km in width. We increased our mineral resource significantly, we've got over 48 million tonnes of copper discovered by our Ivanhoe geologists since 2008. That's over two times the global annual mine production. Our geologists are really keeping themselves busy. If we quickly look at our work program for 2026 on the next slide, planning to do about 96,000 m of drilling.
We will have three focus areas in the Makoko District. We're testing the southern extension around Kitoko. We will complete infill drilling between Makoko West and Makoko Central, we will be testing the eastern extension of Makoko Central. We plan to update our Western Forelands mineral resource this year. Going to be a bit non-committal on months here, but hopefully we'll get it out by July. On the next slide, last but not least, we are running extensive exploration programs in Angola, Zambia, as well as in Kazakhstan. Some of it's still early stage, but we are embarking on smaller scale drill programs and looking forward to exciting results from our geologist team across the globe. With that as a quick overview of our business, I will now ask Tommy to open the floor for Q&A. Thank you, Tommy.
Thank you, Marna. Yes. As Marna mentions, my name is Tommy Horton. I'm Vice President of Investor Relations and Corporate Development based in London, United Kingdom, and I'm pleased to host today's question-and-answer session. With us today to address your questions are Marna Cloete, our President and Chief Executive Officer, who you've just heard from, as well as David van Heerden, our Chief Financial Officer, and Alex Pickard, our Executive Vice President for Corporate Development Investor Relations. Since we have a limited amount of time for today's meetings, we may not have sufficient time to answer all questions. If you do submit a question to us, we will endeavor to get back to you if we are unable to answer it in today's meeting. First and foremost, we'll proceed with any questions that we have in the room.
For those participants in the room, it is microphoned from the ceiling and on the table. For those asking questions, you'll be heard by all of those, obviously, in the room and those dialing in. Once we've completed the questions in the room, we'll then proceed online. If there is anyone in the room that wishes to ask a question, please raise your hand.
Yes.
I'm not sure if I understood what was on the screen, I thought I heard that the blister smelter was refining everything except 15% of production. That means there's only 15% that's being shipped as concentrate rather than as anode cathode. Is that a correct understanding?
Maybe I can just correct that. The smelter is currently ramped up to 60% of its capacity. It's got a capacity of 500,000 tons. We are currently running all our concentrates through the smelter unless they are off-spec. If our concentrates are off-spec, those concentrates will get exported as concentrate, but we mainly only sell anode. All production for 2026 will be anode unless it's off-spec concentrate.
That'll continue for a couple of years then? Everything will be refined at up to 99% or whatever it is?
That's correct. Yes. Forever, because it's much more cost efficient. You reduce your logistics charges by more than half by producing anode instead of exporting concentrate. You also pay additional taxes for exporting concentrate. You are incentivized to smelt your product at your smelter. This is a dedicated smelter for this mine. We use the smelter for all production from this mine.
Just one follow-up. I didn't see, maybe I missed it, but there was nothing on the Lobito railway transportation. Is there an update on that?
Yes. Lobito is up and running, but it's still ramping up to capacity. We are shipping some volume on Lobito, but not meaningful volumes as yet. They also had a flood earlier this year, so they had to do some reparation work to the railway. That's now been complete. I actually saw that coming through earlier this week. We should be able to start shipping some of our anodes on Lobito imminently again.
Going forward, what's the ramp up on that then?
We've reserved capacity on Lobito. We can go up to 220,000 tons, but we are currently only almost earmarking maximum 20% of our production to go through Lobito. That's sort of a separate project managed by separate people that it will expand over the next two years to carry much more volume. One of their biggest challenges is to introduce backhauls. With every export, they also want to bring in imports from Angola. They are developing that import route so that they make it commercially viable to run back and forth hauls on the Lobito corridor.
Okay. No actual prediction going forward on volumes?
No. Not on total volumes for Lobito. That will ramp up over time.
Okay. I'm just looking at the Kipushi 39%. What is the concentrate?
Sorry, what do you mean what is the concentrate?
The grade of mining 39%. What's the concentrate go out at?
The grade of concentrate is a little over 50%.
Over 50%. Yeah.
50%. Any plans to do something on that on-site to get it up?
The mine life of Kipushi is too short to justify the capital investment.
Thank you.
Any further questions?
No. Tommy, there are no further questions in the room.
Okay. Thank you, Tanya. We'll move on to a couple of questions we've got online. First question is regarding the relationship between the increase in sulfuric acid and diesel prices over the past three months, and how that would impact our cash cost guidance range that we issued earlier this year. Is there an offset between the two, and does it place any pressure on our guidance?
Yeah. Thank you, Tommy. I'll gladly take that one. When we reset our guidance or cash cost guidance for the year in early April, end March, at that point in time, we already had a bit of information around the instability around the Strait of Hormuz. As a result of that, we did build in an expected increase on the diesel cost into our guidance. I think that's one of the reasons why you would see for the first quarter of 2026 that we were actually still below our guidance range. Our guidance range did factor in a measure of temporarily higher diesel prices. Thankfully, we've now seen that come down, and it's expected to come down further for the rest of the year. We definitely still believe that our current guidance range is adequate and caters sufficiently for the increase in diesel cost.
As I think the question really notes, there is a very good offset in terms of the sulfuric acid sales and the price we get as a credit there. That's also factored into our cash cost guidance range.
Thanks, David. Staying with Kamoa-Kakula, what information will management be able to provide between now and the release of the updated feasibility study in March of next year on the advancement of that work and whether it's advancing on plan?
Thanks, Tommy. I think the plan would be for us to show detailed advance rates against the plan so that our investors can track where we are tracking towards in terms of the turnaround at Kakula in particular and establishing the accesses to the east so that we can access the high-grade zone and start stopping there towards the end of next year. Those advance rates will be a very good indicator to see that we are on track to deliver on our production, and then the associated cost that goes with that.
Thanks, Marna.
As I also mentioned, we will publish an optimized five-year feasibility study at the end of March of next year.
Okay. Thanks, Marna. Moving on to Platreef. At what point would the company have a final investment decision on the phase III expansion?
I think it's really about seeing how the market handles the phase I and phase II production. One of the bigger drivers for the phase III expansion will be around the downstream processing. If we have visibility on that closer to the time, we will advance to start with that construction work of the additional concentrate infrastructure.
Okay. The last question we have online is on the Western Forelands. What is the indicative development timeline that the company currently believes the Western Forelands can advance at? Is there a general production target that we're aiming for?
It's a bit too early to speculate around production targets because we need to do the work. We do have that updated mineral resource plan for mid this year. I would indicatfe to the three to five-year horizon, we're already doing work on-site to get ready for construction and early works and identifying early accesses into mining areas. We will see activities on site as early as end of this year, beginning of next year, and then potentially production, as I mentioned, in the medium term.
Okay. Thank you, Marna. Thank you, David. That's all we have time for questions today. Thank you to shareholders and guests who submitted your questions and for joining us in our meeting today. If we did not get around to addressing any of your questions, you are welcome to contact me after the meeting. My email address is tommyh@ivanhoemines.com, and you can contact me with your questions. The presentation materials that were used today are available on our website and are downloadable. I will now hand over to Peter for his closing remarks.
Thanks, Tommy. That concludes our meeting for today. I would like to thank everyone once again for participating in this meeting. Thank you very much for your time today, and stay well.
That concludes our meeting today. You may now disconnect.