Hecla Mining Company (HL) Earnings Call Transcript & Summary

Ladies and gentlemen, welcome to the Annual Shareholders Meeting for Hecla Mining Company. I will now turn you over to the Chairman of the Board, Mr. Ted Crumley.

Good morning, ladies and gentlemen. I'm Ted Crumley, Chairman of the Board of Directors of Hecla Mining Company. On behalf of the directors and the management of Hecla Mining, I welcome you to our 2021 Annual Shareholders' meeting. At this time, I call the meeting to order. At Hecla, safety is a core value. We start each meeting at Hecla with a safety share. I think it's appropriate for us to provide our shareholders and guests participating in this meeting a safety share at this time. By meeting virtually today, we are providing access and participation, but more importantly, keeping the participants safe during the COVID-19 pandemic. This is an example of considering safety in all aspects of our business, safety in all situations. The Annual Shareholders Meeting is being held pursuant to the bylaws of the company and written notice to all shareholders. We are pleased to hold our Annual Shareholder Meeting this way and an aim to increase access and participation and keep everyone safe. We anticipate holding future annual meetings in person like we have in past years. Shareholders may submit questions at any time during this meeting in the field provided on the virtual meeting screen, and they will be answered after Mr. Baker's presentation. Please review the rules of conduct and procedures posted on the virtual meeting screen. After introducing the directors in attendance and dealing with a few procedural matters, we will take up the items to be acted upon today. I would first like to take this opportunity to introduce the current directors not standing for reelection, who are in attendance today. These directors' terms will be ending of the 2022 Annual Meeting. First is Terry Rogers, Terry served as Senior Vice President and Chief Operating Officer of Chemical Corporation till his retirement in June 2007. He is the former President of Kumtor Operating Company. Terry has over 30 years of experience in the mining industry and holds a Chartered Director designation from The Directors College. He has served as a Director of Hecla for 14 years. Charles Stanley. Chuck is the managing member of the Cutthroat Energy. He served as Chairman, President and Chief Executive Officer of QEP Corporation Resources until his retirement in January 2019. He is a former Chief Operating Officer and Director of Questar Corporation. Chuck is a geologist with an extensive background in natural resources. He has over 35 years' experience in the natural gas industry, and Chuck has served as a Director of Hecla for 14 years. I'm Ted Crumley. I retired from OfficeMax Corporation 16 years ago, where I served as Executive Vice President and Chief Financial Officer as well as Senior Vice President. I worked over 30 years in various positions, including Senior Vice President and Chief Financial Officer with Boise Cascade, a forest products company, and I have been on the Board of Hecla for 26 years and have served as Chairman for the past 15. The directors with terms ending at the 2023 Annual Meeting include Phil Baker. Phil has served as Hecla's CEO and CEO for the past 18 years and President for 20 years. He has served on the Board of other publicly held mining and natural resource companies and holds legal and accounting degrees. Phil has over 35 years of experience in the mining industry and has served 20 years as a Director of Hecla Mining. George Johnson. George served as Senior Vice President of Operations for B2Gold Corporation until his retirement in May of 2015. He currently serves as a director of B2Gold Corporation. He is a mining engineer and has held executive positions with other mining companies over the years. George has 45 years of foreign and domestic experience in underground and open pit mine construction operation and has served as a Director of Hecla for 5 years. And Alice Wong. Alice, our newest Director, was appointed to the Board in February of 2021. Alice serves as Senior Vice President and Chief Corporate Officer of Cameco's Corporation. She has previously served as Cameco's Vice President of Safety, Health, Environment, Quality and Regulatory Relations. Alice is a Board member of SaskEnergy Corporation as well as a member of the Mining Association of Canada, the Canadian Nuclear Association and Saskatchewan Mining Association. She has over 30 years of experience in senior leadership roles. She obtained her corporate directors designation from the ICD Rotman Director's Education Program. We welcome Alice to Hecla's Board. George Nethercutt. George is retiring from Hecla's Board. He did not stand for reelection for a 3-year term at this annual meeting. He has 15 years, he's been a Board member and with 40 years of political experience in natural resources, mining legislation, environmental policy. George has served Hecla and our shareholders with distinction. On behalf of the Board, we want to thank George for his service, especially his wise counsel, and we wish he and his wife, Mary Beth, the very best in the future. Also attending the meeting today, Steven O'Donnell, Bethany Pashel, Julian Carmona of BDO USA LLP, our independent auditors. The inspectors of election today appointed for this meeting are Broadridge Financial Solutions; Tami Whitman, Hecla's Assistant Corporate Secretary; and Jeanne DuPont, Hecla's Senior Communications Coordinator. I will now ask our secretary, Michael White, to provide the information on the mailing of the proxy materials, the record date and the quorum. Michael?

Thank you, Ted, and good morning. I have an affidavit of mailing from Broadridge Financial Solutions certifying as to the giving of notice of this meeting and to send to shareholders of record as of March 22, 2021, the notice of Internet availability of proxy material, all of which Broadridge commenced distributing to shareholders on April 5, 2021. The Board of Directors has set March 22, 2021, as the record date for this shareholders' meeting. We have a list of shareholders as of the record date available on virtual meeting web portal. A duplicate list has been on file at the company's corporate offices in Coeur d'Alene, Idaho for the last 10 days and was available for inspection by any shareholder at any time during usual business hours. I've been advised by the inspectors of election that as of the record date of March 22, 2021, there were outstanding and entitled to vote a total of 535,333,950 shares of common stock. I've also been informed by the inspectors of election that there were over 380 million shares of stock represented by proxy or approximately 71% of all of the shares entitled to vote at this meeting. The shares so represented exceed 50% of the total shares entitled to vote at this meeting and thus, constitute a quorum.

Thank you, Michael. On the basis of the report of the secretary and the inspectors of election, I find that proper notice has been given and a quorum is present. Accordingly, this meeting has been properly convened. Now the order of business for today, we have 4 matters to be voted upon: the election of 2 directors, ratification of the appointment of BDO USA as the company's independent registered public accounting firm for 2021, an advisory vote on executive compensation and an amendment to the Hecla Mining Company key employee deferred compensation plan. Information involving these 4 matters is set forth in detail in the proxy statement. All Hecla shareholders are entitled to vote at this meeting have the ability to do so online. If you are a shareholder entitled to vote and not yet voted or if you want to change your previously cast vote, please do so via the web portal used to access this meeting. Please remember that if you've already voted by proxy, it is not necessary to vote again. After voting has been completed on all matters on the agenda, we will close the polls and the inspectors of election will provide the secretary with the preliminary report. The first matter, I would like to take the opportunity to introduce the directors that are up for reelection, who are in attendance today. Stephen Ralbovsky, Steve was a partner with Pricewaterhousecoopers for 27 years until his retirement in June 2014. He has an extensive background as a certified public accountant, where he specialized in the mining industry with an emphasis on global mining tax and royalty policy. He is the Founder and Principal of Wolf Sky Consulting, a tax consulting firm. Steve has over 39 years of experience in taxation, auditing and accounting and has served as a Director of Hecla for 5 years. Catherine Boggs, Cassie has served as General Counsel of Resource Capital Funds until our retirement in February 2019. She had previously served as Senior Vice President, Corporate Development of Barrick Gold Corporation. She is a past Board member and President of the Rocky Mountain Mineral Law Foundation. She has worth 38 years of experience as an attorney, having practiced launch several U.S. and overseas jurisdictions. And she has served as a Director of Hecla for the past 4 years. If elected, their terms will expire in 2024 or until their respective successors are elected. No other nominations were received prior to the deadline established by the company's bylaws therefore, no additional nominations may be made at this meeting, and I declare the nominations to be closed. The second matter coming before the meeting is the ratification of appointment of BDO USA LLP as Hecla's independent auditors for 2021. The Board of Directors recommends the ratification of the appointment of BDO to serve as the company's independent registered public accounting firm and audit the company's financial statements for the calendar year ended December 31, 2021. The third matter today is an advisory vote on executive compensation. This proposal asks shareholders to approve an advisory resolution on the calendar year 2020 compensation of the named executive officers, all as described in our proxy statement. This proposal is advisory, although nonbinding, the vote will provide information to our compensation committee and to the Board of Directors regarding investor sentiment about our executive compensation philosophy, policies and practices, which our compensation committee and Board of Directors will be able to consider when making future executive compensation decisions. The final proposal is the approval of an amendment to the Hecla Mining Company key employee deferred compensation plan. This proposal asks the shareholders to approve an amendment to the company's key employee deferred comp plan to add an additional 1.5 million shares to the plan. I will now here, we'd like to introduce our company's President and CEO, Mr. Baker. As a reminder, questions regarding any of the company's business will be answered at the end of Mr. Baker's presentation. Phil?

Thanks, Ted. It's good to have another annual meeting, I just wish it was in person. As Ted said, we plan to have our future meetings in person again, and we look forward to that time to meet with you. One of the disadvantages of meeting this way is we're not able to really introduce the management team, but I can assure you that the management team is completely committed to the success of Hecla. And again, when we meet next time, you'll have a chance to meet them and speak to them. This annual meeting presentation is going to be a bit different than others. What we've decided to do this time is to focus on the sustainability of Hecla, and really to do it in 2 ways. One is what people think of as sustainability. And we put out a report to deal with those issues about a week ago. And then what I view as an additional element of sustainability, which is exploration and adding to our reserve position, and we put out a press release yesterday talking about that. And so this presentation is entitled Hecla sustainable company. And if you look to the right of that title, you'll see a logo. And on that logo, you see 130 years. And really by definition, Hecla is a sustainable company. To be in existence for 130 years, you have to do things right. You have to do things right in the environment. You have to do things right with your employees. And you've also got to explore and have success at adding reserves. And I'm going to talk about all those things. Hecla as a 130 year old company is the oldest precious metals company in North America. The second oldest is probably Newmont, and they're just a little more than 100 years old. And so we really are this unusual sustainable company. If you go to the next slide, I am going to make forward-looking statements, and they are subject to the cautions found in our 10-K, 10-Q and what's on this slide. So let me go to the first part. You can go to the next slide. We've entitled this section, small footprint, large benefit. And that's -- we're just repeating the name of our sustainability report. And I would encourage you to go to our website and look at this report. It's about a 56-page report. It's full of information about every aspect of sustainability of your company. So go to the next slide. First thing I'm going to start with is that image that you see there is not photo-shopped. It might look like it's photo-shopped, but it's only because it's been blown up. It was taken off of an iPhone as one of our employees was driving around. And that big horn sheep was literally standing there above our head frame at the Lucky Friday mine. I included this picture because I think it just demonstrates how in tune we are with the environment that we're in, that you'd have a big horned sheep show up there. And why is that? One of the main reasons is because of how small of a footprint that we have. We only impact 3,900 acres. That's actually smaller than one large open pit mine. So the footprint we have is just remarkably small. And it's not just the geographic area, but it's also the energy use that we have. The amount of energy we use in a year is the same amount of energy it takes to make 1,800 bitcoins. The amount of greenhouse gas emission that we have is the same amount that 9,500 cars. And yet, we produce close to 40 million silver equivalent ounces. We have more than 2,300 families that are our employees and contractors that work for us. We're in 3 different communities where we're the largest employer in those communities. Just dramatic the impact that we have despite having that small footprint. And you also see it in water use. We -- for every ounce of silver that we produce, silver equivalent ounce, we consume 63 gallons of water. The average person consumes 100 gallons of water every day. And we're also -- the small footprint also impacts safety. Our safety record, we're in an industry that is actually very, very safe, and you have a company that's among the best in safety. So if you go to the next slide. So people have a perception that the mining industry is an unsafe industry. Well, if you look at the major industries, 10 years ago, that would have been a true statement. We would have been near the bottom of the list of the major industries as far as safety. But now today, we are actually the safest industry among all major industries in the United States. And if you go to the next slide, what you'll see is that the -- while the industry is safe, we're among the safest of companies within that industry. The average all-in incident rate for our industry is 2.4. We're half of that at 1.22. Go ahead and go to the next slide. Actually go back for a second. Let me just mention something about COVID. Go back for just a second. Can you go back? Yes, there we go. Our -- we've had excellent control of exposure to COVID at our mines. Part of the reason for that was early on when COVID was identified, we took action right away. One of the things we did at our Greens Creek mine, which is our largest mine in Alaska, we actually required employees to be in quarantine before they were able to come to the property. And when I say that, we rented a hotel, we put people in that hotel and they were there for a week before they were able to go to site. And today, we now have an 80% vaccination rate at Greens Creek. Now go to the next slide. So it's not just safety, but it's also the environment where we have this small footprint. And as I mentioned, the amount of greenhouse gas emission that we have is the same as 9,500 cars, quite remarkable how small of an impact that we have on greenhouse gas emissions. And people measure it a couple of ways. One of the ways they measure it is by just looking at how much energy that you use. And what you can see is we have a goal of 220 kilowatt hours consumed per ton milled. And we've actually already met that goal in 2020. But the goal and the focus on greenhouse gas emission, we think is the wrong measure. We think -- because we're doing very well, but we think that's the wrong measure. What we think you really should look at is how much greenhouse gas mission do you have for what you sell. So if you look at the next slide, it looks at how much greenhouse gas emission we have on a per ounce basis, per ton. And what you can see is we are extraordinarily low amount of greenhouse gas emission for the silver or the gold equivalent that we produce. We're almost 3.0 to 4.0x what our peers are. If you go to the next slide. The reason for that is the quality of our ore bodies. This is a slide that we use in our normal Investor Relations presentations, and we focus on it for economic reasons. But in this case, I'm focusing on it on -- for the greenhouse gas emissions. And we produce so little greenhouse gas emissions per ounce that we produce because the grade of our ore bodies is so high. You can see the 2 red boxes. You can see the little yellow diamond, you can see that we're roughly twice the grade of any of these other large silver mines. Next slide. So that's really the -- what I'll say is the cost that we have, where we're generating this greenhouse gas emission we're using water. But what's the benefit that we get from the metals that we produce? The first is we produce the metals that America needs. And I'll talk more about it in a moment, but silver, copper, zinc, lead, gold are all important metals for the modern world that we live in. Secondly, we embrace the families that work for us. When you think about the social benefit that you have, one of the things that a company needs to do is to provide good paying jobs that allow people to really have a sustainable life. And we do that. And not only do we do that, but we also provide benefits that often you don't see. We have among the best health care, and we even provide retirement benefits for all of our U.S. employees. We have a pension plan as well as 401(k) plans. We also develop innovations in how we operate. We're a leader in dry stack tailings. We're a leader in applying automation to our mines. We support the communities that we're in. And we do it not just with taxes and not just with the jobs that we provide, but we also do it with engagement, with First Nations and Native Americans. We do it through our charitable foundation. All of that supports the communities that we're in. And then finally, we improved the environment. I'm going to show you a slide in a minute that shows the Troy tailings facility and the change that we've made there. So go to the next slide. So we produce the metals that we need. And it's interesting, as we have this energy transformation, some people have called it -- called copper, the new oil. Silver is a key element for copper to be effective because of its conductivity. And as you look at the policies and one of the policies is the Biden Administration's Build Back Better. What you what you see is that the -- in order to have that be successful, we need to have materials produced here at home. And we certainly do that with the silver and the gold and the lead and the zinc that we produce. It's critical that these metals that we produce are made here at home where we're going to be in the same situation as we've been in the past, we're relying on foreign sources for our energy future. And Hecla is the largest silver producer in the U.S., and we have the third largest undeveloped copper deposit in the U.S. So go to the next slide. I was asked what does Hecla do. And one of the answers that I've given people is that Hecla changes people's lives. And why do I say that? I say that because of the jobs that we give, these long-term jobs, these jobs that have more than a living wage, these jobs that have benefits, these jobs that help support the communities that we're in. These jobs are part of the $0.5 billion that we spend at our -- primarily at the 3 small communities that we're in. And for every job that we have, there's another job and maybe 2 jobs that are created in those communities. So there's over 3,000 additional jobs. And we provide the support for communities. We do it in good times, and we do it in bad through our foundation and through the sort of contributions that we made with COVID -- during the COVID-19, multiple support for the communities, over $300,000 worth of support, and lots of that have gone through First Nations and Native American organizations. Go to the next slide. So the sort of benefit that we provide to society is really innovation. And these are innovations that help our mines and, in fact, help society. So I'll talk a little bit about the dry stack tailings. And without going into too much detail, just know that it's considered best practice and Hecla has been a leader in the development and the use of the dry stack tailings method. We also have been part of an industry that has actually improved the air quality for everyone. And the reason I say that is the EPA Regional Administrator came to me one day and said, your industry is the industry that tested the Tier 4 engines that we use in our -- we now use in our buses and other public transportation and diesel engines that have made the air quality significantly better than it would have been with the previous Tier 3 engines. So it's -- the mining industry does more than what people realize. So go to the next slide. And we focus on providing good quality, environmental stewardship from the time we're involved with the property till the time it closes. And what you see here is an image of a tailings facility that we didn't even build. We bought a company in 2015. And in 2017, what that tailings facility looked like is that image that you see at the top, what it looks like today is the image that you see in 2020. So Hecla, when you think about environmental sustainability, we're a leader in our industry. We're a leader, not just in our industry but in our society. Now let's go to the next slide because we're going to change gears and focus on geologic sustainability. We're going to focus on going from acquisition to discovery to resource to reserve. And what you see on this slide is an image of a discovery that was made on an acquisition that we made in 2017, and this discovery was made last year, and it's called the Green Racer Sinter at the Midas property. And what a sinter is, is basically a geyser like old faithful that you would see at Yellowstone. The thing that's unusual about this sinter is there was 0.5 gram of gold in it. And it indicated that this epithermal system that's going to be below one of these geyser systems or could be below one of these geysers system would potentially be mineralized. And it's just an incredible sort of discovery that we've made as we announced in our press release yesterday. And we would anticipate before the end of this year that we'll have a resource there. So we're going to go from acquisition in 2017 to discovery in 2020 to a resource in 2021. If you go to the next slide. This is -- this isn't unusual for Hecla. What this slide looks at is the reserve growth that we've had, I guess, over the last 13 years. And basically, we've added almost 0.25 billion ounces of silver reserves since 2008, none of those have been from acquisition, it's all been from exploration. It's all been from us identifying new mineralization. So what's happening at Midas, what's happening at our property -- various properties that I'll talk about is what we have been doing for some time. So it's that sustainability that we have done geologically. So if you go to the next slide, this slide shows the various properties that we have, and I only will talk about 4 of the properties. I'll talk about Casa in Québec, Greens Creek in Alaska, San Sebastian in Mexico, and I'll start with Midas in Nevada, next slide. So Midas is a property that was in a company that we acquired in 2017. This is a property that has a 100-year history, started producing gold in 1907, but you didn't have modern exploration until the 1990s. And in 1994, a discovery was made that turned into what you see on the left part of the slide, Colorado Grande. And they started mining there in 1997 and then in 2002, Newmont acquired the company that owned this asset. And Newmont mined 2.5 million ounces -- Newmont and that previous company mined 2.5 million ounces. And in 2014, they sold this as they were selling systems that were epithermal deposits. They -- it was that the deposit type that they no longer had a priority for. So this was sold in 2014, and we were able to acquire that company in 2017. And we now have that discovery where you see the Green Racer Sinter. You might ask, well, why hasn't this been discovered before? And basically, it's because the focus was on the Colorado Grande. And because that area that you see in red, was not available, was not permitted to do exploration. So we have this whole new area of exploration, and it's going to be built off the discovery that we've made at Green Racer Sinter. So if you go to the next slide, at Green Racer, there's been a couple of different drill results that we've had, but the one that caught my attention is one in the red box there at the bottom, 5 ounce per ton gold over 20 feet -- 13 feet true width. That's the highest grade drill hole I've seen in my career for a company that I've worked for. And when you look at drill results in North America over the last year, this is probably the third or fourth best drill hole in the industry over that period of time. So an amazing discovery, and we're -- we've just started with the exploration there. And if you'll go to the next slide, it is part of an exploration program that will go from top to bottom, about 3.25 miles, realize that the Colorado Grande ore body that was -- that produced 2.5 million ounces is about a mile in length. So there's certainly room to have something that looks similar to what's been mined here at Midas. So look, we're going to switch gears and move to San Sebastian. Here is a property that we have had 20 years of exploration, we've had 10 years of mining and we're discovering now completely new deposits that we didn't know existed. You can see the San Sebastian mine area. That's where all the mining has happened with just a small exception down by where the Andrea Vein is. And yet we've -- despite being there, because of the amount of cover, it is exploration that has been very successful at finding these new veins. And if you go to the next slide, we'll focus in on one of them, the El Bronco Vein. And the only thing I'll mention here is that in the 20 years we've been exploring, we have never seen before the combination of grades and width that we see here. So if you look at the intercept that's to the left, you'll see that it's over 17 feet. And if you look at the intercept that's in the middle of the page at the bottom, you'll see that's over 28 feet, both roughly 16, 17 ounces -- or one's 10, one's 16 ounces per tonne. Remarkable, something we haven't seen before. We still have a lot to learn with what's happening at San Sebastian. If you then go to the next slide, we'll move to Greens Creek. Greens Creek is over 30 years now that we have been exploring and have been adding reserves, and we're still doing that. That's notwithstanding that we've produced 322 million ounces of silver, 2.7 million ounces of gold and all that zinc and lead. Pretty remarkable for this mine, this ore body, to produce so much metal. Remember, Midas produced 2.5 million ounces, this has produced 2.7 million ounces of gold and more to come. We're exploring in the Gallagher, and we're extending the ore bodies in these other areas with the definition drilling. And then the last property I'll mention is Casa Berardi. We acquired it in 2013, but exploration there is still new. We've had positive drilling results in the West, principal and East mine areas. There's more to learn more to do here. I think you can expect this to be part of the geologic sustainability of Hecla. So if you go to the last slide, I'll just finish up by saying Hecla really defines sustainability. We -- and we do it with this small footprint and large benefit to society to the communities that we're in, to the employees that we have. And we're doing this all while adding new metal from the exploration that we do. So I think now, if there's any time left, we can take any questions.

So first question I got with silver investment demand. We saw a substantial investment demand for silver in 2020. Do you see it heading -- where do you see it heading in light of gold's investment demand? Just realize that silver is a monetary metal. It's a metal that investors buy and for the same reasons that they buy gold. But it's really a more accessible metal because the price of the metal is so much less than gold. And for all the reasons that it has increased -- the demand has increased over the past 20 years dramatically, we would see that continuing. And it's all of the monetary policies and fiscal policies that cause the value of these metals to increase. So I would anticipate significant growth in investment demand. Let me just mention about industrial demand. And that's something that people maybe don't focus on. And as I mentioned when talking about sustainability, silver is a key, key element to our modern way of living, the ability to do this meeting virtually is in part because of the silver that's in all of the components that allow this to happen, and that's not decreasing. That's only increasing as people move from oil to renewables and renewables require silver. Just an electric vehicle with the battery technology, the amount of silver that's in that is about 1/3 more than the amount of silver in an internal combustion engine. And it's about 50 million ounces of silver that is consumed for that purpose. I think you can expect to see more electric vehicles, more battery-powered vehicles, and you can expect to see the demand for silver to grow pretty dramatically as a result of that. Currently, the market is about 1 billion ounces. We think, over the course of the coming 10 years, that market will probably be almost 1.2 billion ounces, almost all coming from this industrial demand. Does any of your resource discovery take place in the United States? Well, I think as I mentioned in the presentation, we're exploring in the 4 places I mentioned, but we're also exploring in lots of other places in the United States. I just would encourage you to go to our website. I think there, you can see all sorts of information about what we're doing from an exploration standpoint as well as our operations and the great performance that they're having. I think with that, Mr. Chairman, I'll turn the podium back over to you.

Thank you, Phil. Since everyone has had the opportunity to vote, the polls are now closed. Michael, would you report on the propositions voted on by the shareholders today.

As Ted had indicated, we have 4 propositions to be voted on today. I have a report from the inspectors of election -- a preliminary report, and the results are as follows: As to proposition number one, each of the nominees for Director received more than 97% of the votes cast in favor of their election. And each nominee has been elected as a director of the company to serve for a 3-year term that will expire in 2023. As to proposition 2, the ratification of the appointment of BDO as the company's independent registered public accounting firm for 2021, received more than 97% of the vote in favor, and the appointment has been ratified. And proposition 3, the resolution on an advisory basis for the compensation of our named executive officers for calendar year 2020, received more than 97% of the vote cast in favor of the proposal and has been approved. For proposition 4, the amendment to the key employee deferred compensation plan, it received more than 98% of the vote cast in favor of the proposal and has also been approved. We will file the final report of the inspectors election with the records of this meeting. We expect to report results of the voting on -- we will report the results of the voting on Form 8-K to be filed with the SEC within 4 business days of this meeting. Thank you.

Thank you, Michael. This concludes the Annual Shareholders' Meeting for Hecla Mining Company. I want to thank all of you for attending today's meeting and for your continued support of Hecla. The meeting is now terminated, and have a wonderful day.