Champion Iron Limited (CIA) Earnings Call Transcript & Summary

Gentlemen, my name is Michael O'Keeffe, and I'm Executive Chairman of Champion Iron Limited, and I will be serving as the Chair of today's meeting. It's now 8 a.m. in Sydney and 6 p.m. in Montréal. I welcome you to the 2020 Annual General Meeting of the company. I'm advised that we have a quorum being 2 registered shareholders. And as such, I now declare the Annual General Meeting open. It's interesting times that we have as we have our management and directors spread between Canada and Australia, but they're times we have to live with. Joining me today via the Lumi webcast are the directors, including Mr. David Cataford, our Chief Executive Officer; Mr. Andrew Love, who's in Australia, our Lead Director; Mr. Gary Lawler; Mr. Wayne Wouters, who's in Canada; and Ms. Michelle Cormier; as well as Ms. Louise Grondin, who is a Director Nominee. Other members of the management also joining me are: Steve Boucratie, Vice President, General Counsel and Corporate Secretary; Mr. Michael Marcotte, Vice President, Investor Relations; Ms. Natacha Garoute, who is the Chief Financial Officer; Mr. Pradip Devalia, Company Secretary, Australia; and Alexandre Belleau, Chief Operating Officer; and Jorge Estepa, Chief Corporate Secretary. [ Mr. Henry Kazar ], a partner of Ernst & Young, the company's auditors, is also present at the meeting, take questions for you, if you have any in relation to the conduct of the audit, the preparation and content of the auditor's report, the accounting policies adopted by the company for preparation of the financial statements and the auditor's independence in relation to the conduct of the audit. It's my pleasure to welcome everyone to our first Shareholders' Meeting to be held exclusively online this year. Considering the concerns regarding COVID-19 outbreak, Champion has opted for a virtual-only Annual General Meeting in order to reduce the risk of infection. This virtual-only format also permits us to comply with public health authorities' directives and restrictions regarding the physical gatherings. Although we are disappointed that we can't see each of you today, our thoughts are with you, your families and the communities you serve, and we thank you for your patience in navigating through this unprecedented situation. In making the decision to move to a virtual meeting, it was paramount to ensure that shareholders' rights were protected. In line with the current industrial determinations on the Australian Corporations Act, we've ensured that this meeting offers registered shareholders and duly appointed and registered proxy holders the same opportunities to participate in past in-person meetings. I now ask Steve Boucratie, our Vice President, General Counsel and Corporate Secretary, to briefly explain certain formalities regarding the conduct of this meeting. Mr. Boucratie will then deal with the formal business of the meeting as outlined in the meeting materials that all of you received, including voting on resolutions, on my behalf. Just before I pass over to Steve, I just really like to pass on my thanks to management and the appreciation of the job they've done during the COVID crisis. And look, it's been very, very difficult as everyone can understand. But from this, we benefit from being able to operate, work with the government and maintain the situation, which David will talk to you more about, but also put the company into a very good situation with what they've been able to do with production, and we've been able to take advantage of these very high iron ore prices and putting your company in a fantastic situation. So Steve, I'll pass to you now for the formal proceedings and then looking forward to hearing from David, and I'm sure all the other shareholders are, on what's been happening in operations.

Thank you, Mr. Chair. Because this is a new technology, instructions on how to ask questions and how to vote appear on your screen. As with any technology, unexpected glitches may occur. But our service providers for this platform at Lumi are very experienced at running this type of meeting and will help us out. We will conduct the votes on all resolutions before the meeting by poll. On a poll, every registered shareholder or duly appointed and registered proxy holder entitled to vote has one vote in respect of each ordinary shares entitled to be voted on the matter and held or represented by that registered shareholder or duly appointed and registered proxy holder. Since voting on each resolution is by poll, the Chair will be voting all undirected proxies that he is permitted to vote in favor of all resolutions before the meeting. Voting is now open and all registered shareholders and duly appointed and registered proxy holders should have the functionality and ability to cast vote at any time during the meeting until we declare voting closed. Thank you to those of you who have already voted. If you have already voted in advance of the meeting and do not wish to change your vote, then you do not need to do anything further at the meeting. For those who have not yet voted, we encourage you to vote now. If you choose to vote during this meeting, it only can be done through the virtual voting platform on the webcast. To vote, select the polling icon that will appear on the navigation bar at the top of the screen and tap the desired voting option. Your vote will be automatically submitted to Automic and TSX Trust Company, our scrutineers, after you click your choice and will be evidenced by a vote received message. Votes may be changed at any time after the time voting is closed. Once voting is declared closed, your votes will automatically be submitted. If you did not press either for, against or abstain as applicable when voting is open, your vote will not be recorded and you will be regarded as having abstained from voting. These instructions on how to vote at the meeting also appear on the landing screen in the Lumi webcast. Also registered shareholders and duly appointed and registered proxy holders can submit questions at any time during the meeting through the virtual platform of our webcast. We will address questions at a general Q&A session at the end of the formal part of the meeting, provided that only questions regarding procedural matters or questions directly related to the resolutions before the meeting may be addressed during the meeting. We will receive the questions and at the appropriate time, we'll read them and the names of the submitting shareholders or proxy holders aloud so that everyone may be aware of the question being considered. In the interest of efficiency, if we have a number of questions that are similar in topic, we will paraphrase, group the questions and mention that we have received similar questions. However, please note that due to time constraints, we may be unable to address all questions. This meeting has also been made accessible to and we also wish to welcome all guests who are not registered shareholders or holding proxies of registered shareholders. As a reminder, as with any in-person meeting, only registered shareholders and duly appointed and registered proxy holders are permitted to vote or ask questions at this meeting. I now would like to outline the format of today's meeting. First, I will deal with the formal business of the meeting as outlined in the meeting materials that all you received, including voting on resolutions. After we conclude the formal portion of the meeting, we will be pleased to answer questions you may have or respond to your comments regarding the matters addressed during the formal part of the meeting. Second, after the Q&A session -- after the Q&A period is conducted, Mr. David Cataford, our Chief Executive Officer, will provide a brief corporate update. Upon the request of the Chair, I will also act as secretary of the meeting. And Kieran Stefaniw of Automic and Oliver Keung of TSX Trust Company will act as scrutineers. The notice of meeting and the management information circular were dispatched to shareholders and placed on our website. The financial statements for the year ended March 31, 2020, and the annual report for the year ended March 31, 2020, which includes the remuneration report at Pages 46 to 68, have been filed with ASX and on SEDAR and placed on our website. If there is no objection, I propose that these materials be taken as read. The formal business of this meeting consists of: one, receiving and considering the company's financial report, together with the directors' report and auditor's report for the financial year ended March 31, 2020; two, adopting the remuneration report as set out in the annual report of the company for the financial year ended March 31, 2020; three, electing 8 directors under 8 separate resolutions; and four, approving an increase in the annual remuneration of the non-executive directors. To expedite the formal part of the meeting, I will briefly describe or discuss each resolution in a sequential order in which they appear in the notice of meeting. I do not propose to read aloud the text of each resolution. These are contained in the notice of meeting, which had been taken as read. While this procedure will facilitate the handling of the formal resolutions, registered shareholders or duly appointed and registered proxy holders may raise comments or question on any resolution before the meeting by typing in your comment or question in the message section of the webcast. We will read the question aloud, together with the name of the person who asked the question during the Q&A session, at the end of the meeting. Before we proceed with the formal resolutions of the meeting, it is appropriate for me to advise that under Australian Corporations Act, the company is obliged to lay before this meeting the last audited financial statement and report for the fiscal year ended March 31, 2020. The tabled copy of the audited financial statements and reports, including directors' report and the auditor's report, are available for inspection at the hyperlink provided on the Lumi meeting platform. The reports are tabled but are not the subject of a resolution. However, we will be pleased to receive any comments or questions concerning the financial statements or the reports, which we will address at the general Q&A session at the end of the formal part of the meeting. Questions may also be asked of the auditors in relation to the conduct of the audit, the preparation and content of the auditor's report, the accounting policies adopted by the company for the preparation of the financial statements and the auditor's independence in relation to the conduct of the audit. The second item of business is a Corporations Act requirement to consider a nonbinding or advisory vote on Champion's remuneration report as set out in the annual report for the financial year ended March 31, 2020. The tabled copy of the annual report is available for inspection at the hyperlink provided on the meeting platform and on the company's website. The remuneration report can be found at Pages 46 through 68 of the annual report. With the consent of the meeting, the reading of such report will be dispensed with. I would like to remind shareholders that the vote on this resolution is advisory only and does not bind the company or its directors. Acknowledging that each director has a personal interest in his or her remuneration from the company, as described in the remuneration report, the directors unanimously recommend the adoption of the remuneration report. The third item of business, as contained in resolutions 2 through 9 in the notice of meeting, is the election of directors for the current year. Under the company's constitution, for such time as the company shares are listed for trading on the TSX, all directors must retire annually and may offer themselves for reelection at the Annual General Meeting. Each of the directors was appointed at the last Annual General Meeting, except for Ms. Louise Grondin, who is proposed to be appointed for the first time at this meeting. The notice of meeting and related materials contain the names and details of the proposed nominees to the Board of Directors, who are: Mr. Michael O'Keeffe, Mr. Gary Lawler, Mr. Andrew Love, Ms. Michelle Cormier, Mr. Wayne Wouters, Mr. Jyothish George, Mr. David Cataford and Ms. Louise Grondin. The directors recommend that shareholders vote in favor of resolutions 2 through 9 to appoint the respective nominees as directors of the company, except that each director does not make any recommendation as to how shareholders should vote on the resolutions relating to his or her appointment. The fourth item of business is the approval of the annual non-executive directors' remuneration. Some explanatory materials in relation to this resolution is set out in the explanatory statement, which forms part of the notice of meeting. In brief, pursuant to the company's constitution and the ASX listing rules, the maximum aggregate annual remuneration payable by the company to its non-executive directors is determined by shareholders in a general meeting and may not be increased without the prior approval of shareholders. The current maximum aggregate annual remuneration payable to Champion's non-executive directors is AUD 750,000, which was the amount approved by shareholders at the Annual General Meeting held on August 18, 2017. It is proposed to increase this cap from AUD 750,000 to CAD 1 million per annum. The amount of the increase is approximately AUD 300,500. The proposed increase is intended to ensure that the company has the ability to retain and adequately compensate non-executive directors over the coming years and to allow the company to appoint additional non-executive directors if that is considered appropriate in the future. The company has no intention to increase non-executive director's individual remuneration with respect to its financial year 2021. In addition, the proposal to increase the cap on the maximum aggregate remuneration payable to non-executive directors from AUD 750,000 to CAD 1 million should not be taken as implying that the full amount will be used. The CAD 1 million is a maximum annual limit, and it should not be assumed that the fee will necessarily be increased to that maximum level. As each of the non-executive directors have a personal interest in resolution 10, it is not appropriate for them to make any recommendation as to how shareholders should vote this resolution. As previously mentioned, voting today will be conducted by poll. The poll has been opened since the beginning of the meeting. And at this point, all registered shareholders and duly appointed and registered proxy holders, who have properly logged in with their control numbers and wish to vote, should make their way to the vote tab on the webcast platform. There, you will be able to see on the screen all the resolutions before the meeting. The voting will remain open for an additional 1 minute, and you can also take this time to indicate if any other business that any other shareholder or proxy holder present wishes to bring to the attention of the meeting. Once the poll closes, the voting page will disappear and your votes will automatically be submitted. So we will pause for 1 minute to give you time to vote. [Voting]

As no proposal for other business, I now declare the poll closed. We will proceed to the Q&A session while the scrutineers tally the results of the poll on each resolution. As there are no questions, I will now hand over to Mr. Jorge Estepa, our Assistant Corporate Secretary, to provide the voting results on each resolution that was before this meeting. So we will have to wait a few minutes to get the final tally. We will get back to you in a few minutes.

Okay. Thanks, Steve. I'm Jorge Estepa, Assistant Corporate Secretary. I'm here with the reporting of the ballot poll results. So for item number 1 -- resolution number 1, we have 226,936,921 votes for; voting against, we have 52,050,614; abstaining, we had 603,569 votes for. In total, there was 279,591,104 votes. By percentages, for was 81.17%; against, 18.62%; abstaining was 0.22%. On resolution 2, which was the appointment of Mr. O'Keeffe, we had 303,303,302, representing 91.18%; voting against, 28,739,319, which is a 8.64 percentage; and abstaining, 602,969, representing 0.18%. On item 3, which is the appointment -- resolution 3 is the appointment of Mr. Gary Lawler, we have 331,028,237 votes for, representing 99.51% of the votes; voting against, we had 1,012,384, representing 0.3%; and abstaining, 604,969, which represents 0.18% of the votes. On resolution 4, which is the appointment of Andrew J. Love, we have 330,993,662 votes for, representing 99.5% of the votes; against, we had 1,046,959 votes, which represents 0.31% of the votes; and abstaining, 604,969, 0.18 percentage. On resolution 5, which is the appointment of Ms. Michelle Cormier, we have 328,475,977 votes for, which represents a percentage of 98.75%; voting against, we had 3,566,644, which equates to 1.07% of the votes; and abstaining, there were 602,969, which again is 0.18%. On resolution 6, which is the appointment of Mr. Wayne Wouters, we had 332,020,891 votes for, which is a 99.81 percentage of the total; voting against, 10,230, which doesn't even round up to 0.10%; and abstaining, we had 614,469, which again relates to a 0.18 percentage of the votes. On resolution number 7, which is the appointment of Mr. Jyothish George, we have 331,064,735 votes for, which is a representation of 99.52% of the total; voting against, we had 977,886, which is 0.29% of the total votes; and abstaining, 602,969, which is 0.18%. On resolution 8, which is the appointment of David Cataford as a director, we had 331,099,645 votes for, which equates to 99.54% of the votes; against, we had 940,976, which is a 0.28 percentage of the total; and abstaining, we had 604,969, which again is 0.18 percentage of the total. On resolution number 9, we had the appointment of Ms. Louise Grondin. Votes for, we have 278,748,108, which is -- equates to a 99.7% of the total votes; voting against, there is -- sorry, 238,122, which is 0.09% of the total; and abstaining, we had 604,874, which is 0.22% of the total. Sorry. And the last resolution, which is pertaining to the non-executive directors' remuneration, votes for, we had 278,748 -- sorry, 278,748,108, which equates to 99.7% of the total votes; voting against, we had 238,122, which equates to 0.09%; and abstaining, we had 604,874 votes, which equates to 0.22% of the total votes. So that's the report of all the 10 resolutions, which are conducted by poll. I'll now flip you back to Steve for some other comments.

Thank you, Jorge. I declare each of the resolutions considered at today's meeting in respect of those matters as carried. The exact number of votes cast in respect of each matter will be publicly disseminated and announced, including on the ASX, filed on SEDAR and made available on our website as soon as possible after the conclusion of the meeting. As there is no further business, that ends the meeting, which I now declare closed. I would like to take this opportunity to thank our shareholders for their continued support over the past year as well as our employees for their commitment and their diligence. And we look forward to reporting our ongoing progress during the upcoming year. As we wrap up this formal portion of the meeting, once again, I wish to thank everyone for their attendance today. Also, I would like to remind everyone that we have planned to provide a corporate update following the formal part of the meeting. And our Chief Executive Officer, Mr. David Cataford, will now begin the presentation.

Thank you, Steve. I'd like to personally thank every shareholder that is here on the line. We had an absolutely fantastic year. If we look at our current results here on Slide 3, just to make sure everyone is viewing the same slide. The results that we have generated in our fiscal year 2020 are absolutely fantastic. This is the first full year that we had following our commercial production and already have we set a significant amount of records during this first year. If we switch to the next slide, Slide 4. Our focus has always been on safety and to safely produce high-grade iron ore. In the past year, we've implemented a significant amount of procedures and trained all of our employees and new employees at site. And we continuously train our contractors and keep working in tandem with our contractors to keep them safe also at site during the past year. We also had a significant amount of measures that were put in place following the COVID-19 situation, which allowed us to stay open during the lockdown here that we had in Québec. Most of the mines were obligated to shut down this year. Only 3 mines were allowed to stay open. And thanks to the effort of all of our team to implement safe measures and our work to be able to convince the different authorities and the local communities that we could continue to operate in a safe way, we were granted the permission to stay in operation. So this also testifies the fact that health and safety has always been a main focus for us and continues to be a main focus and was greatly demonstrated during the beginning of the COVID-19 situation. On the next slide, our focus is also on sustainability. Since the acquisition of Bloom Lake, our focus has always been on sustainability, even when we started -- when we acquired the site before the operation started, we were investing over $1.5 million per month to keep the site safe and to implement different measures on the environment at Bloom Lake. ESG is also part of our DNA. And our workers have suggested and implemented many projects in fiscal year 2020, one being the fact that we started testing a new compound to be able to reduce nitrogen oxide emissions from our blasts. This is not something that is legislated here in Canada, but it's something that we have proactively started with our team to be able to be ready when this legislation does actually come into force. We also worked on different projects like wood distribution with the nearby communities. And these were all measures that were implemented and suggested by our workers. We also delivered our first ESG report, which is a significant achievement in this first year of commercial production. This report not only aligns us with the industry standards, but it also aligns us with the UN Global Goals, which is something that we're very proud of and looking forward to continue working on in the following years. On the next slide, Slide 6. We're very proud of the positive impact that we have on the families, the businesses and the local communities around Bloom Lake. We're already one of the largest employers of First Nations in the area, and we take great care of the land on which we operate. 95% of the water at Bloom Lake is either reused or recycled wastewater, which is a significant achievement. And secondly, even if the law does not obligate us to, we revegetated over 22 hectares of land this year to be able to: one, reduce dust at site; but also to be able to show that once we have finished using a portion of the land, we already start revegetating it for the future. Next slide, Slide 7. Our second year of operations is really going to be remembered as a milestone year for Champion. If we go back on all the different achievements that we had through this year, well, first, we announced the deal to acquire 100% of QIO. So we are now 100% owners of the asset and also complete refinancing of our previous debt structure. We delivered a feasibility study to expand Bloom Lake from 7.4 million tonnes to 15 million tonnes per year. We allocated a budget of $68 million to be able to advance all of the seasonal work and the riskiest work that was associated to our expansion. We managed to ship our 10 millionth tonne through the new berth in Sept-Îles. And we also closed the acquisition of QIO and the refinancing. We announced our intention to redomicile to Canada, which we had to cancel due to COVID-19 circumstances. But we're currently reevaluating now with the company. We had to ramp down the operations due to COVID-19 containment directives. And we since then restarted the work on our Phase 2 project and reallocated an extra $30 million to advance the business. On the next slide, Slide 8. This is a very, very impressive slide. When we look at where we were at the end of fiscal year 2019 and where we are today, it's absolutely impressive to see that we've not only doubled our cash position, so we've generated close to $150 million. But at the same time, we deployed close to $58 million in our expansion on the Phase 2. We invested $30 million to accelerate some tailings work that was initially planned in subsequent years, according to our feasibility study. And we also acquired the minority stake in QIO for $211 million. And with these 3 elements, we still managed to generate over $150 million while keeping our debt essentially flat. It's a fantastic achievement that we did in our first full year of commercial production. Turning to Slide 9. If we look at the industry overview, one of the elements that was very interesting in the last year was the fact that iron ore price was higher than what was initially expected if we go back a few years. And not only was iron ore sitting at around USD 106 per tonne, but we managed to achieve that index through our sales. Freight was slightly volatile but averaged around USD 18.55 per tonne. So if you look at our net realized price, we were circling around USD 90 per tonne. At our current operating costs, you could see that we generated significant margins, which we'll see in the following slides. If we turn to Slide 11. Well as we mentioned, fiscal year 2020 was a year of records. If we go back to our feasibility study, our nameplate capacity is 7.4 million tonnes per annum. And in just our first year of commercial production, we managed to surpass that by 500,000 tonnes, producing roughly around 7.9 million tonnes. Our costs were slightly higher. But this was in line with our strategy to be able to produce as many iron ore tonnes as we could during the elevated iron ore prices. Our costs are essentially half of what they were when we purchased the asset. And this, we now see, is sustainable as we've achieved this in our second year of production and will continue to improve on our costs in the future. On the next slide, in fiscal year 2019, if we go back, recovery was slightly below our initial target. We had achieved, following the startup of Bloom Lake, pretty much every single one of the metrics of our feasibility study, apart from the iron ore recovery. We really focused our first year on the product quality. We produce one of the highest quality iron ores in the world, and we wanted to make sure that we manage to get every single one of our cargoes in the first year on that high-grade quality. In fiscal year 2020, we stabilized that recovery, and we're now near the target of 83%. All this while our product quality has remained constant and we have not had a single penalty for contaminants with our sales. Your mine is also in a very -- is also very healthy as we're tracking with a higher strip ratio than our feasibility study. We're doing this to be able to prepare the Bloom Lake mine for the expansion, the Phase 2 project. If we turn to Slide 14. So all of these improvements in operations have led to a very strong financial year. We had an EBITDA of just shy of $350 million in our first full year of commercial production. We also now control 100% of Bloom Lake, which gives us the ability to fully benefit from the earnings from this -- from our current mine. If we go to Slide 15. As we mentioned earlier, cash costs were slightly higher in the past year to be able to maximize the production of high-grade iron ore. With the higher iron ore prices that we were seeing in the market, our cash operating margin was essentially flat compared to 2019 but allowed us to generate a significant amount of cash during the year. Next slide. Our balance sheet has rapidly improved. We're now net debt-free after only 2 years in operations. And we've also aligned ourselves with strong financial partners when we refinanced our debt and also continued working with the Caisse de dépôt in Québec. I'd still like to remind investors that we have a tax payment that is expected in September, which we were allowed to benefit from measures from the Québec government to report those taxes. But even with those tax payments, we could still see that your company is in a very strong financial position. Turning to Slide 18. As we mentioned earlier, we managed to structurally change the cash cost at Bloom Lake. This proven cash cost at Bloom Lake, with the improvements that were made, allow us to compete on the global cost curve. This has positioned Champion favorably on the cost curve, which makes our business sustainable in good and more difficult iron ore prices. One significant achievement that we managed to do in fiscal year 2019 -- at the end of fiscal year 2019, pretty much on 31st of March, we managed to produce a new product at Bloom Lake. We've always been focused on producing high-grade iron ore, but we've now managed to surpass that and produce DR-grade type material. This is iron ore at roughly around 68%, close to the maximum possible. And it also allows us to be able to service the electric arc furnaces, which we believe will take more and more of the steel-making position in the future. This proves that CIA can -- or Champion can transition with the steel industry going into the electric arc furnaces. There are very -- there aren't that many areas in the world that can produce this type of material. Apart from Brazil, only a few other countries can produce this. And Canada is one of the most stable jurisdictions where we can produce this type of material. Turning to the next slide, Slide 21. Well we're currently working on our Phase 2 project. As we mentioned at the beginning of the presentation, we've delivered last year feasibility study to be able to double the production at Bloom Lake. We initially approved a $68 million budget and then approved the second budget of $30 million in the past quarter. This brings us to roughly about $100 million approved capital of a $633 million project. We're diligently working on a construction plan now that focuses on a safe environment, including the new measures associated to the COVID situation. We do not see any potential increase in costs associated to the COVID because these can be compensated in the current environment in the market right now. We could see that certain equipment has been -- have seen cost reductions while the measures that we've put in place are pretty well-known now as we've been operating with these measures for the past few months. Next slide, Slide 20. We saw the advantage also during the COVID situation of our diversified customer base. We sell tonnes to many different customers around the world. Even in our fiscal year 2020, we started selling to 6 new customers. We sell around 30% of our tonnes into Japan, 11% into the Middle East. We could see that the Middle East tonnes have lowered during the COVID situation, but China has picked up the slack and has been buying all of the extra tonnes that we've been able to produce at Bloom Lake. We see that our product is in very high demand and that our customer base is also growing. And we also have the advantage now where we've sold DR-grade material to 2 different customers and get a significant amount of demand from other customers for this product. Next slide. Even if we sit with around 5 billion tonnes of resources at Bloom Lake, we still acquired some land right next to the Bloom Lake property in the past quarter. We increased our landholding around Bloom Lake to be able to look at potential expansions in the future or also to extend the life of Bloom Lake that currently sits at around 20 years. Next slide, Slide 23. So our focus for fiscal year 2021 is to continue on our focus on health and safety and also working on the different measures for the COVID-19 situation. Our goal is also to continue managing costs and also improving our operations. We're diligently advancing our Phase 2 project and continue to work on other project development. Next slide. Well none of this would have been possible if we did not have the great team that we currently have. We have an agile and a dedicated team that allows us to not only produce and to improve the operations when the times are good. But we also saw during the COVID-19 situation, when times were more difficult, that everybody adapted very quickly and allowed us to come out of the COVID situation up to now in a very positive way. On behalf of all the executives and the Board, I would like to thank each one of our employees for their dedication and all the work that they've done in the past year, and we're very proud to having such a fantastic team and looking forward to grow with them in the coming years. This concludes the presentation. I'd like to thank again each one of our shareholders for supporting us, and open the floor for potential questions if anybody has any questions for myself or anyone here from the company. So there's no questions. I'd like to pass on the mic to Michael O'Keeffe to be able to close the AGM.

Thank you, David, and thank you very much for that comprehensive wrap-up, and thank you for shareholders. But -- and look, it's -- hopefully, next year, we'll be in a position you can see our smiling faces and give you lots of updates on where we're going, but exciting times. And you only have to look at what's happening with various companies in the iron ore business and the profits they're making through this period. I see infrastructure spending going through the roof. I see the Swiss just announced a lot more tunneling in the U.K., billions of dollars. And I do see the governments around the world just to get through these times is to really stimulate a lot of infrastructure projects, which means steel, which means if we can produce, which we are very green, I think everyone loses sight of the fact sometimes that we're one of the greenest operators, not only because of what we've been able to do with power but also the other areas that we -- under our control of the product that we produce for the glass furnaces is much cleaner and greener for the world going forward. And also, we have that very high grade that David has talked about with low silica. So it all goes well for the future for your company. And I'm very excited about the time ahead for us. So we'd like to express our sincere gratitude to all the dedicated employees and our supportive shareholders. I wish everyone a good evening or a good day for those attending from Canada and Australia, and a wonderful year ahead. So thank you very much.