AGM 2021

Jun 1, 2021

Hello, and welcome to the Annual Meeting of Stockholders of West Elm Gold Mines. Please note that today's meeting is being recorded. During the meeting, we will have a question and answer session. You may submit a written question at any time by clicking on the message icon at the top of your screen. Please note that your registered name will be pronounced along with your questions during the Q and A session following the formal portion of the meeting. Guests will not be able to submit questions. Please also note that all participants are in a listen only mode. If you experience technical difficulties during the meeting, please click on the support link on the broadcast screen. It is now my pleasure to turn today's meeting over to Mr. Warrley Justin. Sir, the floor is yours. Thank you, operator. Good morning, ladies and gentlemen. Welcome to the 2021 West The Gold Mines Annual General Meeting of Shareholders. My name is Warrick Morley Jefsen, and I am the Chair of the Board of Wesdome Gold Mines. And I will preside as Chair of this Annual General Meeting of Shareholders in accordance with the company's bylaws. Joining me on the call this morning are Bill Washington, the Independent Director and Chair of the Compensation and Human Resource Committee Duncan Middlemiss, President and CEO Marc Andre Pelletier, Chief Operating Officer Scott Gilbert, Chief Financial Officer Mark Shawn, Vice President of Exploration Heather Laxton, the Chief Governance Officer and Lindsay Dunlop, Vice President of Investor Relations. On behalf of the Board and management of West Elm, we wish to thank all of our shareholders for their continued support as the company navigates through what are certainly unprecedented times. While we had hoped to host our 2021 Annual General Meeting in person, Health and safety are always our top priority. So it's for this reason that we have once again opted to The Annual General Meeting as a hybrid meeting today and we thank you all for your understanding and patience. We greatly appreciate everyone taking time to virtually join us this morning. Today's agenda will consist of the formal business of the meeting, followed by a presentation by Duncan Middlemas, President and Chief Executive Officer, and we will conclude with a question and answer period. I now call this meeting to order. I now appoint Heather Laxton, Chief Governance Officer and Corporate Secretary of the company, to act as secretary of the meeting, As this meeting will be held virtually by way of live webcast, I would like to ask the secretary to set out a few rules for the orderly conduct of this meeting. Thank you, Mr. Chair. For the purposes of the meeting today, voting on all matters will be conducted by electronic ballot. Registered shareholders And duly appointed proxy holders will be asked to vote on each business item. The polls will be open throughout the formal business of the meeting And votes can be cast using the virtual interface. Questions may be submitted by any registered shareholder or duly appointed proxy holder using the instant messaging service of the virtual interface and will be addressed during the question period at the end of the meeting. The notice calling this Annual General Meeting of Shareholders was dated April 19, 2021, and was mailed to shareholders along with the company's management information circular and the form of proxy on April 27, 2021. During the course of this meeting, Reference may be made from time to time to matters discussed in the management information circular. If any shareholders are unclear as to the meaning of certain terms, Please refer to the management information circular, which is available through the virtual interface for this meeting, as well as on the company's website and on SEDAR. Finally, pursuant to Section 910 of the bylaws of the company, quorum for the transaction of business at a meeting of shareholders is 2 individuals present in person, Each being a shareholder entitled to vote at the meeting or a duly appointed proxy or proxy holder for an absent shareholder that is entitled to vote, holding or representing in the aggregate Not less than 10% of the issued shares of the company enjoying voting rights at the meeting. All right. I think Morvick has Dropped off there. I will continue on until he reconnects. Thank you, Madam Secretary. I request that you please table and attach To the minutes of this meeting, the proof of mailing indicating that the notice of Annual General Meeting, the management information circular and the form of proxy were properly mailed shareholders. We will now proceed with the formal business of today's meeting. Appointment of scrutineer. For the purpose of this meeting, I appoint the company's transfer agent, Computershare Trust Company of Canada, to its representatives as scrutineer For the meeting to report on the number of shareholders present in person or by proxy for the purposes of the establishment of a quorum, to tabulate the votes and to report to the Secretary on the foregoing. Quorum and meeting regularly constituted. Madam Secretary, I understand the scrutineers' preliminary report has now been provided. Yes, it has Mr. Milnes. Thank you. The scrutineers preliminary report shows that there are present at this meeting, 225 shareholders In person or represented by proxy, representing an aggregate of 82,475,962 common shares For total representation in person or by proxy of 59.05 percent of the issued and outstanding common shares of the company. Mr. Chair, have you returned to the meeting? Further to that, Madam Secretary, I ask that you please attach a copy of the scrutineers' final report on the attendance to the minutes of this meeting. I therefore now declare that a quorum is present and that this meeting is properly constituted for the transaction of business for which it was called. As stated in the notice of the meeting, there are 3 proposals To be voted on today, today being the reappointment of Grant Thornton LLP as independent auditors of the company for the fiscal year ending December 31, 2021 the election of the directors of the company for the ensuing year and the advisory votes to approve the Board's approach to executive compensation. Each of the above proposals is discussed in detail in the management information circular. As mentioned by the secretary, voting today will be conducted by way of electronic ballot. At this time, the polls will be opened and will remain open throughout the formal business of the meeting. In order to expedite the formal business of the meeting, we have arranged for certain shareholders to make and second the formal motion at the appropriate time. I now place before the meeting The audited consolidated financial statements of the company for the financial year ended December 31, 2020, together with the auditors' report thereon. It is not proposed to ask the shareholders to approve the financial statements, But management of the company would be pleased to answer any relevant questions concerning the financial statements following the meeting. The next item of business is the appointment of the auditors of the company for the ensuing year and to authorize the directors of the company to fix the remuneration of the auditors. On the recommendation of the audit committee, The Board of Directors of the company has approved, subject to shareholder confirmation, the reappointment of Grant Thornton LLP to serve as auditors of the company until the next annual meeting of shareholders and to authorize the directors to fix the auditors' remuneration. I will ask for a motion to approve these matters. I so move. I second the motion. You have heard the motion has moved and seconded. Unless there are questions, I will move to the next item of business. The next item of business is the election of directors of the company to hold office until the next annual meeting of shareholders of Westone or until their successors are elected or appointed. The management information circular, which was mailed to shareholders, contains the names of 7 nominees. The process of voting will be on an individual basis. Shareholders can vote for or withhold from voting on an election of individual directors. The company's bylaws require advanced notice to the company of nominations of directors for election at an annual meeting of shareholders of not less than 30 days prior to the date of the annual meeting. Since no nominations were received by the company, only the nominees set out in the management information circular are eligible for election. For sake of convenience, I now place the nomination for election as directors The following 7 individuals Charles Main Duncan Middlemiss Nadine Miller Warwick Morley Jepsen, Ryan Skanderbeg, Edithomey and Bill Washington. I now request the motion that the individual so nominated be elected as directors of the company, to hold office until the next annual meeting of shareholders Who until their successors are elected or appointed, subject to the company's articles and bylaws. I so move. I second the motion. Thank you. Unless there are any questions, I will move on to the last item of business. The final method to be dealt with is consideration of an advisory note to support the Board's approach to executive compensation as disclosed in the company's management information circuit. I will ask for a motion On the non binding resolution as set forth on Page 12 of the management information circular. I so move. I second the motion. Thank you. Unless there are any questions, We will proceed with the final business of the meeting. As mentioned, voting today will be conducted by electronic ballot. All registered shareholders and duly appointed policyholders We are properly logged in with their control numbers or username and wish to vote or ask to do so now. Once electronic balloting closes, the voting page will disappear from your screen And your votes will automatically be submitted. We will now pause to allow registered Shareholders and duly appointed proxy holders approximately one more minute to complete the electronic ballots. Thank you for everyone for your patience. Mr. Chair, I have been advised by the scrutineers that the ballots and Proxies deposited for the meeting have been voted in favor of each of the resolutions as follows: the appointment of Grant Thornton, Pete, as the auditors of the company has been approved and the Board of Directors of the company has been authorized to fix their remuneration. Each of the semi nominees have been elected as directors of the company to serve until the next annual meeting of shareholders or until their successors are elected or appointed. And on an advisory basis, the company's shareholders accept the approach to executive compensation disclosed in the company's management information circular dated April 19, 2021. The results of the voting will be announced in a press release and filed on SEDAR in accordance with the policies of the TSX. One moment please. The Chairman has stepped away. I can continue. Thank you, Madam Secretary. I ask that the results of the pool be included with the minutes of this meeting. As the formal business of the meeting of shareholders of the company has now been completed, I will ask for a motion to terminate the meeting. I so move. I second the motion. Thank you. As there is no other business coming before this meeting, I declare the meeting terminated. Everyone, this concludes the meeting. You may now disconnect. No. I would No. We have a presentation that I would like to give. Sorry about that. Yes. Not a problem. So, Mr. Wasser, can you may continue? Yes. Thank you. Great. So, 1st and foremost, I'd like to extend this opportunity My sincere thanks to the Board of Directors for their continued support, and I'd also like to recognize the Weststone team for their tremendous efforts and express my thanks. As the ongoing COVID-nineteen pandemic continues to present challenges in 2021, each and every member of the team has demonstrated patience, I will now give a presentation, which is available on the web lumiagm.com website, which you've entered through the westone.com portal. And I will It's a self navigating presentation. So there are arrows on the left and right side of the presentation on the right side of the screen. So I will announce the slides as I go through them. So of course, we have the cautionary statements. Throughout this presentation, I will be making forward looking statements through Slide 3. Today, we have management also joining us on the call. We're joined today by Marc Andre Calcay, our Chief Operating Officer Michael Michaud, our Vice President of Exploration Scott Gilbert, our Chief Financial Officer Raj Gill, our Vice President of Corporate Development Lindsay Dunlop, our Vice President of Investor Relations Stacey Kimmett, our Vice President of Human Resources and Heather Laxton, our Chief Governance Officer and Corporate Secretary. Also the directors, one more time, we've got Warwick Morley Jepsen, our Chairman Charles Main Nadine Miller, Brian Skanderbeg, Didi Thome and Bill Washington. Slide number 4, the West Elm value proposition. West Elm is very well positioned In terms of jurisdictions, I think that Ontario and Quebec could hardly be better in terms of locating assets. The vast assets that we have are certainly of high grade nature. The Eagle River mine located in Ontario Has an average reserve grade of almost 14 grams. The high grade mineralization that we've been able to Discover at the West at the Kiena mine certainly is a testament to the high grade nature of that mine. So the company is very blessed with high grade mineralization and high torque to gold price, I would say. Very low risk profile. I mean, we have a fully funded low CapEx restart at Kiena. Last week, we announced that the positive PFS study and subsequent to that, the Board of Directors go ahead decision to restart Kiena mine. This is huge for the company in terms of becoming that mid tier gold producer that we've been talking about for the past couple of years. And with the addition of Kiena coming on and getting up to over 100,000 ounces in a fairly short term, We feel that this company would be very well positioned to be producing 200,000 to 250,000 ounces in probably a matter of 3 years. We are debt free. We have good liquidity, currently about $63,000,000 in the bank. We have a $45,000,000 credit line. So we do have adequate liquidity to invest into Kiena in order to do the restart. Additionally, the Eagle River mine is free cash flowing. And management. I think that really turning around challenged assets is certainly one of the mantras of this management team. We've done it before. We'd like to do it again. And on the right side of that slide, you can see our share price performance really starting to take off From about May 2018, as things started to get derisked at the Kiena mine with more discovery, the Eagle mine turnaround in terms of operational performance, we've been able to get the Eagle mine up to almost 100,000 ounces of Anglo production, really twice that of where it was Off to Slide 5, you can see our highlights and achievements over the last 12 months. It's been a busy year, there's no doubt, With COVID, of course, impacting things, I look at this and I'm almost in awe as to what we've been able to complete. Done the technical study to begin things off at Kiena, the PEA. We've added certainly the I'm the ESG Director and Corporate Development Department. Our Q2 results highlighted strong free cash flow In a great gold price environment, there's no doubt about that. Exploration drilling at Eagle confirmed the down plunge extension of the Falcon zone to the mine The number 7 zone, we were added to the TSX-thirty for a second consecutive year. Tiena resource update, which was then really the embarkation point for our PFS study. And so having made our 2020 production results within guidance, we are able to continue funding Tina, Eagle River reserves increased net of depletion, which is another, I'd say, great testament to the fact that Even during COVID, we were able to drill enough meters in order to Figure out the ore body and add to the reserves. We've recently divested of Moss Lake And maintained upside potential there. I think that that's a very important aspect. And just 2 weeks ago, we announced The continuation of the footwall zone expanding, we now have 300 meters along plunge of this footwall zone, which is located Approximately 50 meters into the footwall of the A Zone. This is a huge, I'd say, Advent for us. We are in the process of drilling it. We've got 7 drills underground in order to understand it, but really And that takeaway here is additional ounces per vertical meter at Kiena. Seems quite likely. We look forward to the resource and reserve statement At the end of the year. And of course, the Kiena mine restart, which I think is quite a milestone for this company in order to Continue along the path to building a mid tier producer. Off to Slide number 6, we look at the asset base and We see Ontario and Quebec here again Eagle River. This is the mine that's been going for over 25 years now, which is funding the entire company. Cash flow positive, been able to invest into the Kiena project significantly really since 2016. The guidance currently is 92,000 to 105,000 ounces. We see that the all in sustaining guidance is US980 dollars to $10.90 an ounce. Again, our reserves are around 580,000 ounces at 13 point 4 grams, and we have good resources in which to continue the growth of reserves. Over at Kiena, again, We're on a restart. We do expect to have production in the Q3. Very high grade nature of the A Zone And what we're discovering in the footwall. So certainly, we do see growth here. Just declared reserves based on the PFS, we have over 600,000 ounces of Reserves at 11.9 grams. We also have good measured and indicated resources in and around the mine and inferred resources along the property. So We've got a very good inventory of ounces, which to convert into future reserves. Montlake project, I just mentioned that we have divested of that. The company is receiving about $12,500,000 of cash. We're also going to be a 30% shareholder of the successor company, Goldshore Resources, and participate in the upside, Additionally, a 1% NSR. So the company is certainly, I'd say, participating in the long term success of Moss Lake Project. And so we look forward to the success of Goldshore. On to Slide 7, our ESG strength. ESG is something that certainly with the addition of our Director of Sustainability and Environment, we've been able to really take this and move it ahead. Quite frankly, the company has had pretty good performance over the past couple of years, and now we've really got A venue to discuss it and bring it to the shareholders. We have just added to our Web Our 2020 sustainability report. So if you get on to westome.com, you'll be able to view that. It's quite a good document and we'll Really add a lot of information for those. Additionally, we were added to the Globe and Mail 21 board game survey, we're ranked the top 20 highest ranked companies in the materials industry group. I think that that's quite a significant advent for us. Socially, we definitely participate in the communities from which we are located. Community support for Kiena Restart, we have 86% of the staff based locally. COVID protocols at both mines and Operations, we haven't had one case of COVID. We've been very fortunate. We obviously have been doing something right with the protocols and now With the vaccinations that are coming out now, we feel that we'll be able to take this forward and be able to continue our performance. On to Slide 8, responsible mining. There's a great picture of the crew At Takedina, socially distancing. We're currently implementing the Mining Association of Canada's Towards Sustainable Mining Program, Which enhances our efforts at both sites. As I mentioned before, we've prioritized local employment and procurement. Throughout the pandemic, we've been engaging and supporting our local communities and indigenous groups, donated over $130,000 in 2020 to support programs It's on health, education and the environment. We're off to Eagle Mine, the next slide, and then following that, the next Slide. So we've got the Eagle River overview, Slide number 10. You've got a nice regional map, I'd say, of the Micho Bichu Greenstone Belt. When I look at this belt, I really marvel at how underexplored it is and just really I think that perhaps So not just us, but others are really just getting going here. CHEMLO was one of the last major finds in Canada with probably 30,000,000 ounces, and that was really And we're looking at this prospective ground here and we see the property that we're on and Just how underexplored it's been and now that people are really starting to invest in the ground around them, Things are starting to really, I would say, get a lot more interesting in terms of gold discovery. We've been able Discover high grade parallel lenses that weren't previously known about at our own mine at Eagle River. The high grade 303 lens has just been a real Bonus for the company in terms of high grades and above average widths in order to generate cash flow. We do have an aggressive underground and surface exploration program planned for actually both sites. We have $16,000,000 Earmarked for Eagle River and $16,000,000 earmarked for Kiena, by far the largest exploration program that this company has ever seen. 2020 production, just over 90,000 ounces. Free cash flow of $29,000,000 despite the COVID challenges that we had. Off to Slide 11. We've got the Eagle River asset summary. You can see the property which we're most In tune with right now in terms of exploration is the Eagle River Mine property. It's a good 20 kilometer belt on a very perspective ground, shear zones Within Amapic Volcanics, the mining method here is a long hole and we do have an open pit, which is now depleted up at Mishi. The processing facility, the mill is capable of doing 1200 tonnes per day. On the softer Mishi rock, it's Good for about 8 50 tonnes per day on the Eagle River material. When we look at the existing Mine that we have on Slide number 12, we've always been talking about operational improvements. And so really the mill is at 8.50 tonnes a day for capacity for Eagle River. And really the mine has come a long way. From 2016, the annual production was less than 400 tonnes per day. We're now up to a point where we're approaching 6 50 tonnes a day, and that's really been A benefit of having exploration success and attacking it like that. You can see here the Falcon zone off To the west or the left hand side of the page, we discovered from surface drilling a couple of years ago. We're now at a point where we're Silling along ore in the Falcon zone. This, we believe, will be able to drive our daily production higher so that we can match mill capacity in the shorter term. We think that we're able to do that next year and the following year, start to approach that 8 50 tonnes a day. The reserve grade that we have at 850 tons a day, this mine is 120,000 ounce producers. So very exciting. Definitely keeping a strong exploration focus in order to bring home new Resources and hence reserves. Off to the Slide 13, we have high grade. What you In the center of that slide, I mean 51.3 grams over 1.8 meters of core length and 18 sorry, yes, 19.6 over 12.5 meters of core length. So there's certainly higher grades here. There's certainly Some better widths than what we've experienced at the mine. So there's really, I'd say, a lot of upside here. I think the fact that we do have mineralization outside of the mine diorite out in the volcanics Really opens up 20 kilometers of strike length here along the shear zone. So I think that this is a really exciting aspect of what we have. The 303 lens I mentioned before, it's just been fantastic. The high grade nature of it, the above average width, it just keeps going and going. Most of Our lenses are open at depth also. So currently, we've got reserves defined down to about 1400 meters. Current mine workings are just above, I'd say, the 1200 meter level. We have a ramp that goes down to 1200 and a shaft that goes down to 600 meters. So we trucked up the material over to the shaft and then skip at the surface. Looking at the Slide 14, which is the surface and regional potential, what you see on the left hand side of the screen is the mine diorite. You See the shear zones flowing through there. So the 8 Zone is really what the mine survived on for over 20 years. The Parallel Zones, Very newer to the game, I would say. So the 300 Zone and the 7 Zone, very high grade. We are continuing to look That mineralization throughout the diorite, but we now know with the discovery of the Falcon Zone, the potential that we have in the surrounding volcanics. When you look at the nice surface regional map, just to the right of it, what you see in the gold dots there are no one gold occurrences They really just haven't been properly followed up. So we have a lot of potential along our land position here, and which we are Definitely talking through, I'd say, scientific exploration, helicopter drills. The focus, of course, is to try to expand and around the mine first and foremost. But as we know, we've got some very good Prospective geology that needs to be certainly assessed outside of that. Next slide over to the Kiena restart and then off to Slide 16. When I look at This regional map here of really the Abitibi, I've been on myself with the number of ounces that have been produced here. And It's the same situation that we find often that an old mine is not dead, you just haven't found it all yet. And that certainly describes Kiena. Kiena was a very good mine. It was a good producer, 1,750,000 ounces produced at a head grade of 4.5 grams. And so now all of this sudden, here we are with reserves approaching 12 grams and resources up around 17 grams, 18 grams. This is exciting. Things have seemed to really turned over at depth here below 1,000 meters. Mineralization style has changed. As I say, it's become a quality situation and not a quantity situation. But I think that that really describes what's going on here. Again, the key to mine is sitting there fully permitted. We've got good infrastructure. Recently did a bulk sample in In the Q4, the mill works fantastic, 98.2 percent recovery. The reconciliation indicated that we actually are getting 6% more gold for that area within the block model. So I think really exciting times for West Elm. Again, our pathway to getting into production, we feel that strongly that we'll be in production in the Q3 of this year. So certainly on the right path. Current guidance for that is 15,000 to 25,000 ounces. However, we will reassess based on how Quickly, the restart gets going. On to the pre feasibility study, Slide 17. Again, we just published the results of this and have a restart decision coming from the Board. After tax, net present value of 3 $67,000,000 average annual gold production 84,000 ounces. However, in 3 years, we're up over 100,000 ounces per year. We've always viewed this as a base case. The situation we were faced with, especially during the height of the pandemic in Quebec is, Yes, we were shut down by the government for over 2 months. It was difficult to get drilling done. We all of a sudden, instead of continuing on the path that we had sort of envisioned where we To expand out the current resources, maximize the measured and indicated, we just were not able to do that. All of a sudden, we just had to focus Almost entirely on converting the inferred portion of the A Zone into measured and indicated. I'd have to say that that was very successful. We essentially did all of that and added another 100,000 ounces of inferred within the A Zone. So I think that really as we march towards another resource update and a reserve update at the end of the year, I think that our numbers are going to get a lot more robust What they currently are indicated in the PFS. Let me look quickly at the metrics on Slide of the pre feasibility, you can see that the tons mined, 1,600,000 tons at 11.9 grams, almost 600 1,000 ounces of sale of gold. Again, this is Bay's case. We do believe that this will be enhanced. We have a lot of Faith in our exploration success here at Kiena. The footwall, of course, being certainly one of the more exciting discoveries in the last year. So definitely getting down to it, you can see that the after tax NPV again $367,000,000 Our long term gold price that we used is US1600 dollars an ounce. There's certainly some upside there. Obviously, we're enjoying US1900 dollars an ounce now. Production profile just to the right of that. What you can see there, costs are quite reasonable. We've got all in sustaining costs, U. S. Per ounce of $6.76 And again, I feel that this is a base case, which can be enhanced. Looking at our exploration effort here, and this is really what I was talking about when I so we're on Slide 19 now. We've got to precede the zone of transition and that's just been such a it's around 1,000 meters of depth. Everything above that historically in the mine was of lower grade. It was brecciated. It was associated with sulfides. As I mentioned before, Kiena was a $4,500,000 mine. So all of a sudden, we discovered the A zones. Things really seem to change Significantly at depth here. So 1,000 meters below, it becomes a quartz vein with high grade nugget to go open it. We also see this sort of changeover in other zones that were existing such as the VC1 zone, which we've been able to Got a couple of holes in the mineralization has changed to that high grade quartz vein. You can see a hit there, 36.4 grams over 6.3 meters. The B zone, we're still looking for some nice mineable widths there. However, it's the same type of mineralization below that 1,000 meters. So We certainly do have lots of things to assess. And again, we've got $16,000,000 earmarked for The Kiena Deep A Zone and the new footwall intercepts. I can only tell you when Mike Michaud, our VP of Exploration, told us that we had I hit of almost 41 grams over 51 meters. I could honestly say that I almost fell off my chair. This is a really big, I'd say, benefit for Kiena mine right now. Of course, we're following up on that. This Football zone kind of exists between 1400 meters to 1700 meters. So we've got another sort of 300 meters of plunge. Very exciting. We're drilling it hard right now to try to understand what we have. I think what I really love about it from a mining sense is the fact that it's 50 meters into the footwall of the A Zones. So essentially, we're doing all this infrastructure ramp development to go access the A Zone And 50 meters away, there's another new parallel zone, which is starting to emerge. So very excited about that and the prospects of adding ounces per vertical meter. Next slide 21, upside from surface targets. We do have excess mill capacity. We know that we could do Some capital improvements at the Eagle River Mill, we could certainly get it to 1200 tonnes per day. Obviously, right now, the mine is not at that position to do that. However, exploration success is something we look for. The Kiena mine, Kiena had a it's got a 2,000 tonne per day mill The in place capacity and currently the PFS is indicating about 8 50 tonnes per day. However, I point out that With exploration success, I think we're going to be able to generate more mining phases and start to perhaps increase on that. Just the on the right hand side here, we've got a nice sort of geological map of the Kiena area itself. The most important aspect of this Area, I think, is the fact that the rocks are bending in between this Marbionite Fault and the Norbionite Fault. So through that corridor, And this is where the A Zone exists. We think that there is possibly other A Zones. It's certainly very prospective. We see that the mine, the mineralogy, the mineralization has really changed at about 1,000 meters. And we look forward to further probing and exploring that throughout the year. And I hope we'll be able to keep the excitement going with the exploration. That concludes my presentation. I think that's open up the sorry. So that would be it for me. Warwick, are you there? Yes, I am Duncan. Thank you very much. And ladies and gentlemen, I'm sure that you would agree with me The West Elm continues to pursue a very, very exciting future that has the potential to deliver increased value to its shareholders. Management have and continue to step up to the challenge under somewhat challenging And with that, I would like to open up the meeting to question to our question and answer session. Attendees who wish to ask a question may do so by using the instant message Feature at the virtual interface, you are asked to please indicate your name and confirm That you are a registered shareholder or a duly appointed proxy holder. We will now pause briefly to allow time Lindsay, over to you when you've received any questions. Mr. Chair, we have no questions today. Thank you very much, Lindsay. As there There does not appear to be any more questions or any questions at all. That concludes our meeting for today. But before I sign off, First of all, I'd like to apologize for the technical challenge that I've had on this phone call this meeting. Certainly, it was great to be with you all. And I would like to once again thank all our shareholders for their continued support. Thank you. Keep safe and have a wonderful day.