BluMetric Environmental Inc. (BLM) Earnings Call Transcript & Summary

Good afternoon, everyone, and welcome to this Annual Meeting of the Shareholders of BluMetric Environmental Inc. My name is Scott MacFabe, I'm the CEO and a Director of BluMetric Environmental. The meeting is in-person today but we're also joined by many of our shareholders who are joining by conference call and teams today. We all encourage shareholders to vote on proxy in advance of the meeting because only those shareholders and proxy holders who are at the meeting in-person can vote during the meeting. Shareholders joining us by conference call or by teams cannot vote during this meeting. I'd like now to introduce past year's Directors of BluMetric for joining us in person and/or via phone. Ian Mor McDonald, Ian Murray McDonald, Wanda Richardson, Dr. David Rudolph. Also present and/or on the phone are Dan Hilton, BluMetric's Chief Financial Officer and Corporate Secretary. So welcome, Dan. [indiscernible] our partner with MNP LLP Chartered, Roxanne Parsaud and Josette Koffyberg of Computershare and [ Charlebois, ] legal counsel of Fasken. Those who've registered to participate on the teams platform can who follow along with the presentation. And who are participating by phone, a copy of the presentation will be posted to our website after the meeting. Before the presentation begins, I'll ask Corporate Secretary to read the customary caution with respect to forward-looking statements. Dan?

Thank you, Scott. While the information contained herein is believed to be accurate and reliable, BluMetric Environmental Inc. and its predecessor companies and their respective agents, advisers, directors, officers and bodies and shareholders make no representations or warranties expressed or implied as to the accuracy or completeness of such information and expressly disclaim any and all liability that may be based on such information or errors or emissions thereof. The forward-looking statements contained herein, the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts involve important risks and uncertainties that could significantly affect anticipated results in the future. And accordingly, such results may vary materially from those expressed in any forward-looking statements made by or on behalf of BluMetric. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in this presentation. Please refer to the company's management discussion and analysis posted at www.sedarplus.ca for a complete list of the company's risks and uncertainties. BluMetric Environmental undertakes no obligation to update forward-looking statements and circumstances or management's estimates or opinions should change, except as required by applicable securities laws. For more information, please refer to the company's documentation posted at [ www.sedarplus.ca. ]

Thank you, Dan. I'll now call the order of this meeting of the shareholders of BluMetric. At today's meeting, holders of common shares are entitled to be present in-person or by proxy and vote. I'll be acting as Chair of the meeting, and Dan Hilton will act as Corporate Secretary. Roxanne Parsaud and Josette Koffyberg of Computershare are appointed as our scrutineers for this meeting. I now have a statutory declaration of Computershare Investor Services Inc., our transfer agent, certifying the due mailing of the meeting materials. I directed a copy of the statutory declaration and copies of those documents to be kept by the Corporate Secretary as part of the records of the meeting. I'm advised by Corporate Secretary that there is a quorum present. As notice has been duly provided and a quorum of shareholders is present. I declare the meeting to be regularly called and properly constituted for the transaction of business. The Canada Business Corporations Act and the bylaws of the corporation entitled any shareholder or proxy holder present in-person or at the meeting to request a vote by ballot rather than a show of hands. I will ask the Corporate Secretary to read the scrutineer's report on attendance and voting by proxy. Dan?

Apologies for doing this from my phone, Computershare [indiscernible] canceled this morning that they just e-mailed you with [indiscernible]. So in terms of going into minutes, we've 3 shareholders in person representing 737,472 shares. We have 62 shareholders by proxy representing 12,114,386 shares. We have 65 total shareholders representing [ 12,851,858 ] shares. Total shares issued and outstanding for the company as at the record date of 29,475,682 shares, which means that the percentage of outstanding shares represented at the today's meeting was 43.6%. Thank you.

Thank you, Dan. A copy of the financial statements of the corporation for the year ended September 30, 2023, were delivered to those who requested a copy. Copies of the financial statements in our MD&A as well as the auditor's report on the financial statements are available on sedarplus.ca. Are there any questions on the financial statements? Hearing none. Down to formal matters. Certain shareholders and proxy holders have volunteered to move and second resolutions where required. While this procedure will facilitate the handling of formal matters, that should not discourage any shareholder from speaking on any matter before this meeting. Please indicate if you have a question, and once I recognize you, please give your name and state whether you are shareholder or proxy holder. Hearing none. We'll move to the election of directors. First item of business is to proceed with the election of directors for the ensuing year or until their successors are elected or appointed.

[indiscernible] to nominate the following persons: David Rudolph, Ian Mor McDonald, Wanda Richardson, Ian Murray McDonald and Scott MacFabe. I already [indiscernible] moved as the persons who have been nominated for election of directors are elected directors of the corporation for the ensuing year or until their successors are elected or appointed.

Thank you, [indiscernible]. I, Dan Hilton, second the motion.

I now put the motion to the meeting, and many of you have voted by proxy, for those present in person, all those in favor of the motion, please signify by raising your hand. [Voting]

Right? Any contrary. [Voting]

None seen. I declare those nominated have been elected as directors of the corporation for the ensuing year or until the successors are elected or appointed. The second item of business is the appointment of the auditors.

I, [ Rich Schmidt ] move that MNP LLP Chartered Accountants be appointed auditors of the corporation at the remuneration to be fixed by the Board of Directors. The Board of Directors being hereby authorized to fix such remuneration.

Thank you, Rich.

I, Dan Hilton, second the motion.

Thank you, Dan. Second, again, many of you have who voted by proxy, for those present in person, all those in favor of the motion, please signified by raising your hand. [Voting]

Contrary, if any? [Voting]

I declare the motion carried. This concludes the formal business of the meeting as there are no further business that we brought forward meeting. I declare the formal meeting to be concluded and we'll now provide my CEO report.

Standard disclaimer is shown in advance of my conversation. Let's jump right in. I thought this year would be a great opportunity for us to reflect a little back on our history -- recent history and what's brought us to where we are today in order to have a great future we have. We have a strong foundation and this organization built on our people. We have financial resilience as a result of that diligence, and we have strategic growth initiatives we'd like to discuss today. When I first came to the organization, it was very clear to me the opportunity and the great privilege for us to be the CEO of BluMetric based on a long-standing history of excellence. Foundation of BluMetric is on the basis of the people who were created BluMetric leading [indiscernible] organization, recognize Roger Woelle, BluMetric CEO and [indiscernible]. Reverse takeover that occurred had vision that we hope to advance and improve upon it. And with that vision comes responsibility. That responsibility included a mandate that I took on when I came here to work as diligently and as hard as I could with leadership and our people to bring this firm, a firm, solid financial foundation on which we can build. And a lot of hard work. It's been almost 6 years, a little over 6 years of hard work. It may sound boring. It may sound just like spadework but it's paid off. Where we sit today is an [indiscernible] position and positioned to grow. So let me share a little bit about that journey and the people who shared it with us. Building on a strong foundation. This is not a start-up. This organization has been in business for over 40 years. The foundation started in 1976. The top consultants in our industry forming an organization that's always been known as top-tier consultants in the environmental business, and we still are, and we improve on. We've added the ability to work with our clean tech business, focus and improve it, listen to our clients, listen to our markets, adjust, expand and grow while we focus. We're in an excellent position today. We'll talk about our people. A lot of investors or curious investors ask us, what's your secret sauce in the organization that you lead? It's our people. Our people get it done. Our people develop new technologies. They listen to their market, they listen to their clients. They come up with creative solutions and they put them in motion. That creativity starts and ends with our people. So to say that we are proud of our people and our accomplishments is an understatement. We intend to produce the gravity to bring the best of the best of this organization to continue to execute on the excellence that we're known for. Our people are collegial. We have one bottom line. We all work together for one cause, and that's produced a profitable outcome for our shareholders and the organization as a whole. We're hard working. We sell them saying, "No, I work with people through the organization, depending on the challenge, they always look forward to the opportunity to work hard and deliver what we're deliverable". And that's been a case. How do you define dedication? It's the [ hurry ] call on a Friday afternoon at 5:00 when a client has some disaster or some issue that they need to resolve, and our people are on a plane at 6:00 to go resolve it. That's a common occurrence within this organization. We've support of our technology that we've sold or support of our clients who have an issue that needs to be resolved by their trusted advisers. Experts. We are experts in our field. We are considered a water expert, if [indiscernible] the water expert by the Department of National Defense in Canada. You don't just get to become that. You have to work to that. You have to earn that. You have to be recognized by the clients for that. It's not something you can do stake. The combination between how we're organized, how hard we work, how dedicated our people and the expertise that we bring together to provide those solutions are new technologies. That is our super sauce. And that is what makes us successful. That's the metric. But also as important, we are one of one. In our industry, I would dare anyone to find an organization that is equally represented in gender as we are. We are 50-50 or 49%, 51% women and men's in this organization. In the STEM business and the technical business that we're in, that is rare. Sadly, too many of the organizations that do what we do are too much like me. They need to look like our clients. They need to look like the people who deserve the opportunities to get into this industry and thrive. And so we're delighted to say that in our organization, we are half women and half men. So how does that manifest itself? Well, I picked out a couple we picked out a couple of marquee projects that we can talk about that demonstrate the kind of creativity and dedication and quality of work that represent BluMetric. When I first came to the firm, we had many technologies, but we had a few that we were very well known for. That was our marquee. That was our cachet with clients. That's what we were known in terms for of our reputation. And just such a client, as the DND as they supported the impacts related to diesel impacts to water supply, [indiscernible] or just that. We call that -- and I don't know it's well known. But in the [indiscernible] all energy is generated by diesel generation. So the vast storage, bulk storage of diesel. Unfortunately, it got co-mingled by a release that impacted the tap water of the complete city. And as a result, the contingency system had to be put in place in order to understand the problem, correct it and then reinstate the system. So a contingency system was our system. Land force has moved up there with 2 of our land-based systems. Our ROWPUs as we call them, set them up next to the ocean, and with our support, produced all the clean water for [indiscernible] for approximately 3 months. We also stand buying the event, hopefully not but it becomes needed again. But that was the first deployment of its kind of our ROWPUs systems that far north for that long operation. The impression had been of industry and others was that our systems only work in one planet. Well, the innovation of our people stepped up, developed a clean water -- [indiscernible] it to provide the DND, so they operate successfully in temperatures as low as minus 30 minus 40c, which is incredible. Anyone who's worked in water and does that [indiscernible] understand the challenges involved. But that was a marquee opportunity for us to demonstrate not only the value of our technology but also the agility and the dedication of our people to come up with a solution to operate our systems anywhere. If you can operate a water system in a [indiscernible], I'm pretty sure you can figure out how to make it work [indiscernible]. That's called client-focused innovation. That's our research and development. We have people on the ground that work with our clients that listen who are dedicated to understanding our clients' needs, adjusting whatever it is that they need with our expertise in delivering on our promises. On our next slide, please. Wildfire season. A lot of our work is north of 60, as they say. And the field season is short. So we scrambled to be in the field and support our clients to do whatever it is that they need us to do to accomplish their goals. The last year, as everyone move through, wildfire stood in the way of us actually getting access to sites, transportation. There were others who put their hand up and put up a white flag. Our team sat over a weekend and worked with agile experts to find ways to get our people where they needed to go safely of most importance to the locations around the wildfires in the north and achieve our clients' objectives. I will add also that the client added to our list because we were one of very few, if any, who could actually get it done. Another challenge there, of course, a lot of our consultants or our people are in places are being evacuated by the wildfires. So what does that mean? It means we don't give up. It means that we work as a team, it means we enjoy the challenge but we even more so enjoy the solution and executing on our promises. So ours is a business of contingencies, not excuses. And that is a great example where we took everything that was shut down in the third quarter of last year, and it showed in our books and pushed it right into the fourth quarter and we doubled down and delivered. That's a BluMetric solution. [indiscernible] treatment plan, talk a little bit about that. But this is an interesting project. We report to a very large consulting company. They work with us, and we're good [indiscernible] partners. We'd like to say that off. We have a team of highly specialized experts who work with whoever we need to deliver the solutions that are necessary. And for joint mind, we're on, I believe, our third year or 5-year assignment that we operate and improve upon the existing water treatment system at the closed line and produce acceptable discharge to the local environment as it passes through our treatment system. We hired local people as many as we can. We train them up, and we treat them well. They become part of the team immediately. Again, that's all part of BluMetric way. And we're happy to report that the client is excited about having us back. We continue to break records in terms of how much water we actually run through their systems as we optimize and constantly improve upon it. And so I wouldn't say a perfect example in the [indiscernible] where it's very hard to find resources. It's very hard to actually come in and get it done. We have local people there as well that really are our experts in terms of how to get it done, where to go and where to get what you need. But I really -- a great outcome of that is finding opportunities to reach within the community, especially our aboriginal community and let them up. Give them opportunities to train, give them opportunities to learn, motivate, come back and bring others to the forefront to be, in many cases, first in their communities. And we have many of those cases within the organization, and it's a delightful outcome but is part of our culture. It's inclusion, it's elevation and its delivery of what we do best. Pumped Storage Hydroelectric Facility in [indiscernible] Ontario. This is an interesting one. And then the concept here is to pump water to a higher elevation in a lake and to let it drain when necessary to produce to turn a turbine to generate electricity, almost like an enormous battery. Those are the projects we showing off. It's not everybody you can retain to go live in the field and understand in 3 dimensions, the natural environment to the level that we can to be confident that you can design and execute a project like that. But that's our team. We have people who have been deployed for a very similar level of detail in our sciences and engineering for the development and production of the Bruce Nuclear facility, similar environment, similar geology, similar level of detail, not stock and trade consulting. This is top-tier consultant. So we're delighted to be part of this project and provide value that way. But this is new ways to generate electricity. This is new ways to produce clean energy. And so we're delighted to be part of that project, and it is ongoing. So next, I want to talk about our financial resilience. 6 years ago, we were in a bit of a pickup but we are still ready to go, working with the team, taking a look at our priorities, working with a plan, hard work after 6 years, we're in the best place since we have ever been financially. We have resilience, and I'll explain what that means in the details of the number. But today, we've come a long way, and we deserve to do what we deserve to do next to grow [indiscernible]. So we'll talk about our balance sheet. From balance sheet. Why is it well positioned to fund growth? We're sitting essentially debt-free. By the end of the year, I think we might have a couple of hundred thousand dollars left for residual liabilities we were paying off through those 5 years. We're dedicated to staying in the black. We produce our own property, we fund our own projects, we fund our own initiatives. We don't want to dilute our shareholders value. And as a result, we can take a look today and say, we have over $11 million worth of working capital to fund our growth with times now. So you can say that in our space. You can say that they're essentially debt free. You can say they're self-funded. You can say they stayed in the black and plan to stay that way. But that's how we're trained and continue to operate. We'll talk about our revenues. I hear a lot about our revenues. I understand it may seem a little boring if you just look at the bar charts but last year was still a record year for revenue in the company at $35.1 million. What does it represent? If you just look at a bar on a bar chart, it doesn't tell the story. We have to understand here is for the last 6 years, we have stopped doing things, and we replaced it with others. We have groomed and improved our book of business and our clientele, and we have stopped producing technology that was not viable or have a need or [indiscernible] future. And so as they're taking away, you need to replace. And that's the focus. That focus has produced an organization that's ready to grow. With the change out an improvement in the book of business, has taken a long time. That doesn't happen overnight. But what it doesn't show up on here is huge drops when you have to say no to something and you wish you could still show that revenue but you know that revenue is not going to be productive or produce profit or have a future. It's hard to replace but we work very hard to make that happen, and we have invested in our sales aspect of the business, and we'll continue to do to improve it. And that brings us to how do we end up. By the end of last year, we ended with a record sales year of $51 million, never achieved until now. That's in our backlog and that's there to build on as we move forward in this fiscal year. So is it working? I would say, yes, it's working very well. Is it showing up on our top line yet? Not yet. But the goal is to make that happen prudently. The other aspect of this is we have talked about M&A. We're not adverse to mergers and acquisitions, but they have to make sense. We're not interested in investing in something to show a temporary increase in our top line to satisfy the curiosity of some investors that would say that, that has to happen immediately. We have said no more than once because the outcome of our due diligence is showing that it's not going to produce a better outcome for the candidate that we would be working with or further the [indiscernible], but most importantly, our shareholders. It's not that we haven't accomplished anything. We have had to say no more than we've had to say possibly. But we have a pipeline building that we'll talk about that next. These are the financial highlights. Talked about $35.1 million of our top line, working capital of $11 million. I'll never understand why our market cap is lower than our working capital, but it is. We have a gross profit, gross margins of $8 million and margins of 22%. I have to make a little statement about our margins because I've also heard a lot, rightly so from investors who compare us to others in our industry. 22% is low, approximately 10% to 15% lower than anybody else who we compare us to. So at [ the end sum ], we did a deep dive on all of our projects, but we also did a deep dive on the convention that our competitors are using to calculate gross margins. And what was the conclusion? We had to restate. The way our competition or comparables for calculating gross margins are now how we are calculating gross margins, and it is a lift of approximately 10% to 13% -- 10% to 12%. So now reporting going forward is in line with industry standards and in line with our Q1 results. If you look at our revenue breakdown by market, you'll see that the dominant market is still commercial industrial, that's possible consulting. Some would say, historically, the basis of the business for consulting, government strong, military, that's our underrated investment, and that's Cleantech. That's where Cleantech lives in our military market. And then mining after that. Cleantech sits at about 15% -- or sat at 15% of our revenue at the end of 2023. Our strategic goal is to invest in and grow Cleantech until it represents half of our total revenue, while not decreasing our revenue from the professional services side of the business. If you look at our pipeline today in terms of work that we have coming in, work that we're pursuing, it should manifest itself in that way. Our investments in growing cleaning tech and our investments in selling Cleantech and our water technologies that the clients really long know us for is there. We'll go to what is mission-ready water. You may have heard some of that in our press releases and so on. Really, it talks about the evolution and building upon the shoulders of our historical technologies, be it in a boat or be it on land, whether it's a ROWPU or an SROD as we call them, these are very large systems that are meant to support very large crews or field missions that require the military to movement. They're tried and true. They're military grade. They're highly depended upon and they never you down. The next move is turning that into an agile solution. And so you saw we have a teaming agreement we won with Rheinmetall, a little over $12 million in ASUWPS units, which are agile water systems that are going to be trailer full, something that you could get to a site, get to a location and operate nearly immediately without the need of the military to get you there and out. Although the military sees this as a key component of improving their agility to be able to execute mission. So as you move from the left, that's our classic field service ROWPU system. The next is finding a way to make it even more agile. And we have a relationship with a military business where we're putting these on racks and making them even more mobile. And so this is a defense contractor that has come up with a way to be able to have rack and rail systems to be able to configure, reconfigure, improve upon or maintain systems within the military. And so we're working with them to make sure that we can execute on that. The third picture is really about the size of what we expect the ASUWPS units to look like, something you can pull behind a typical vehicle or truck, get in and out where it needs to be, support a decent-sized mission. But the value in that solution is that it really speaks to not just land based or shipboard. It also talks about humanitarian and disaster relief and First Nations applications, a much broader application, a much broader market, all with deep need. And so we're already pursuing opportunities in those markets or in those asks by our clients, and we see great enthusiasm as we move through the production of our first unit. That should be supplied to Rheinmetall for their review and the federal government this summer. Once assessed and approved, we then start into our first tranche of 5 units at the start of the next fiscal year, in the fall to early next year, calendar year. So that's all out there and ready to go. The last bullet -- or the last picture is we have had much interest in even more affordability and even more agility. And so we're evaluating key relationships and other potential technologies available who either want to partner with or be part of BluMetric when it comes to this scale. The 2 brief case systems where you can go in, you have ultrafiltration, you have necessary filtration, reverse osmosis and be able to produce on a very small but extremely agile scale, they want it. The other part of this is we also do wastewater. We just finished up [ Papua ] city. We were told that our unit with a membrane bioreactor was market ready and it is. It's ready to go. That is a containerized system that is agile and ready to be deployed wherever it needs to be in order to manage mobile wastewater issues. And so we see that as another opportunity. We look at it as a business stream where we can start looking at build and recurring revenue by renting these units out. So we're very curious and we are responding to client interest to be able to do that with our Cleantech. These can be contingency systems. When the grid is down, everything else has failed, you can turn on our system. It's portable. It has its own power source. Instantly, you're producing portable water. Instantly, you can produce some way to manage your wastewater if you have to prolong it. We're primed for market expansion. Here's where our offices are located. See the stars. But you also see the circles there. That represents the number of projects that we're working on in various areas within the country. But it's all Canada. Right now, it's all Canada. And there's nothing wrong with that. If you don't get it right at home, you have very little business doing it elsewhere, but we're getting it right at home. Time to take it elsewhere. Next slide. What do we plan to do? We're one team with one purpose, and we need to assemble it to wherever our clients need. We're prime for growth. How are we going to do that outside of Canada? We have been pursued by, as a team member, by large organizations outside of the country to support NATO nations who see the value in what we do and have a demand for it. We don't need brick-and-mortar in Germany. We don't need brick-and-mortar in the U.K, but we need someone who has it, who has established relationships and who sees the value of the need for our technology or for our professional services and that is ongoing and developing as we speak. Rheinmetall is a first, but most definitely not a last. The nice thing about being in the position that we're in, we are being pursued. We are not pursuing those relationships. And so our cache in the market is now global. We are in demand, and our clients see the need to take us places where we'd like to go that they have the reputation. Our reputation has got us to where they are and should be able to be in the hands of their clients at the ready. So that's enhancing our mission-ready water. Taking what we have, we've got a focus. We have resilient technology that's ready to go and deploy. Our fabrication facility out in [indiscernible] is booming. If you walk in there, you'll see a lot of activity going on where we're pushing very hard to produce what we need to get it out the door, onto the next one. We may have to expand again. We doubled our footprint about a year ago. We may have to again, as demand dictates. We're always looking for a way to expand the range of our services and our technologies on the basis of client demand not just our personal preferences. We definitely see the need to make sure that we respond to that. We say markets are in need of partners, that's where we really can safely operate. That's a given. Manager of robust pipeline of strategic opportunities, we're selling them. Reality is, in our business over the years, we have not been great at selling. Certain highlights within the organization, we have been. But if there's a way to improve that and we are investing in it, that will be a key part of our growth in the future as well, making sure that we are not that best kept secret, that everybody understands who [ preserves ] and continue the story of the BluMetric and how we can help them solve their problems. With that, I'd like to thank you. I'd like to thank everybody in the room. I'd like to thank all the investors who continue to believe in BluMetric, are excited about our future, are willing to continue to invest in our future, and our goal is to help you realize the value and the benefit of that relationship. So thank you for your patience to this point. We feel that we're right at the precipice for growing. And I will say that we're all excited and we're all rowing in the same direction to accomplish that goal. So with that, thank you so much. Now if there's any questions from the floor, I'd be happy to take them.

Good?

For sure. [ Ted Flander ]?

Think he's gone. This is a message from [ undersigned 12 ] shareholders to the Board and to shareholders at today's AGM. So thank you for the continued opportunity to address the BluMetric Board of Directors and all shareholders present, both in person and virtually. This will be the eighth AGM that a group of shareholders, all of whom are current employees of BluMetric, will provide a formal message to the Board. There are a few key points that we wish to make. Firstly, the 2022, 2023 financial results were acceptable. Despite the poor results of Q3, they were offset by the good results in Q4. Significant effort from all members of BluMetric contributed to the [ bid ] showing in Q4. BluMetric's stock price is similar to this time last year and has been slowly improving. We anticipate this trend will continue based on the strong leadership and direction from the senior management, the focus on employee retention and support from the Board. The continuation of the incentive compensation program, despite the reduction in size of the program due to the lower profit margin, is appreciated by [indiscernible]. This contributes to employee recognition and appreciates -- and appreciation by senior management. We have experienced a change in our senior management with the arrival of Dan Hilton, our CFO, and we sincerely welcome him to the team. Dan brings strength, new perspectives, and access to alternate approaches and opportunities in markets and operations based on his past experience in industry and government. He's providing continuing support [indiscernible] with a consistent approach and positive forward thinking, forward-looking "engagement". BluMetric is an exemplary company with a strong employee gender equity as Scott stated hovering at 50-50 in diversity. The 2024 International Women's Day BluMetric virtual and in-person symposium and subsequent lunch was the beginning of what we expect for continuing the conversation and action. Past turnover continues to be a challenge, but over the last year, significant efforts from HR and outside improvement, have provided us with stellar new employees are noticeable. There's been a reduction in staff turnover. We still have challenges to meet client needs and the continued focus on both retention and recruiting is needed for staff to complement stabilization to position ourselves for growth and for mid-team leaders to rise to fulfill some of the gaps where we address senior [indiscernible]. We very much appreciated the BluMetric Summit in April 2023. This provides the opportunity to meet face to face as a group of professional colleagues, something we had not done in over 10 years within the states [indiscernible]. We recognize that the health and safety refresh in December 2023 was needed and expect further company-wide initiatives to ensure that employees [ can full ] and full health and safety remains a top priority for the organization. Given the significant number of new employees over the pandemic period, there was an increased risk of incident [ management ]. It is important to refresh and enhance the safety culture within BluMetric. We understand it is up to each of us who are able. And finally, and very important to us, we appreciate and confirm Ian Murray McDonald as our employee shareholder Board representative for the next year. And this is signed by myself, [ Olivia Rantham, Steve Santen, Andrea Jenny, [indiscernible] Shard, Dan Bisberg, Dave Roper, Jose [indiscernible] Penning, Elaine Ingham, Rich Sid, Ronald Devay, Rob Hillinger and Rod Summer ]. Thank you, for the [indiscernible].

If there's any doubt, there needn't be. We love Ian too. His advice and his encouragement and edification are deeply valued by the Board and especially me as CEO. So I believe -- are there any other questions that we need to hear? If not, call this meeting to an end. Thank you.