Hochschild Mining plc (HOC) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen, and welcome to the Hochschild Mining plc interim results investor presentation. [Operator Instructions] Before we begin, we would like to submit the following poll. And as usual, your participation would be most grateful. And I'd now like to hand over to Ignacio Bustamante. Good afternoon, sir.

Thank you very much. Good afternoon. My name is Ignacio Bustamante, CEO of Hochschild Mining. And with me is Eduardo Noriega, our CFO; and also Charlie Gordon from our London Office, Head of Investor Relations. So we can please move to the first slide, Charlie? So firstly, we define ourselves as a growing gold producer in the Americas. We have underground gold and silver mines in Peru and Argentina. We have also a very important gold project in construction in Brazil, our Mara Rosa project, and we have several growth options across the Americas, being the most important ones, our Snip project in British Columbia in Canada and our Volcan project in Chile. As a reference, this year, the guidance that we have for the market is that we are going to be producing between 360,000 and 375,000 gold equivalent ounces with an all-in sustaining cash cost of between $1,330 and $1,370 million and our metal split is roughly 54% gold and 46% silver. So we're also a very important silver producer. Next slide, please. We just released this morning our financial results for the first half of the year, and the key highlights are revenues of about $348 million, EBITDA of $131 million, EPS of $0.01 per share, cash balance at $204 million, and we have also declared an interim dividend of $0.0195 per share for a total of $10 million. Regarding our operations, our production was 166,000 ounces of gold, and we are on track to achieve our full year production target of between 360,000 and 375,000 ounces. Regarding all-in sustaining cash costs, we are at $1,371 and we also remain on track to achieve our guidance of between $1,330 and $1,370. This, of course, is something that is very positive and make us very proud because in a very challenging environment, we have been able to maintain both our production and our cost guidance. Also that's something that will be -- is remarkable. In terms of exploration and business development, Mara Rosa, our project in Brazil, is on schedule. Last week, we have received our key construction permit, and now we have started all the critical path construction work that we have planned for the year. So it's looking very good and on track to be completed on time and on budget. The prefeasibility study is also moving along very well, and we are targeting to complete it by the end of this year, by the end of 2022. And one of our assets in Peru, Pallancata, is delivering very exciting medium-term drilling results. So we're also very encouraged by that as well. So those are the key highlights from today's presentation. If we move to the next slide, please. This is basically our growth strategy. We want to continue growing the business, and we have 4 pillars in which we are planning on growing the business. First 1 is brownfield, then we have development projects, strategic alliances and M&A and greenfield. On brownfield, we have our flagship asset, which is Inmaculada in Peru. It has a lot of geological potential. We have been adding resources and increasing the life of mine materially in the past few years. We believe that we are [ going ] in a position that we can continue doing that going forward. So we view that as an asset for the next decades. We also have our other asset in Peru, Pallancata, that has some short-term challenges, but the medium term is looking very encouraging, and our San Jose in Argentina that we also have lots of geological potential that we're going to continue to capture over time. Our development projects, as I mentioned, the most important development projects is our Mara Rosa project in Brazil. It's a project that we completed the acquisition earlier this year on April 1, and we already have all the critical permits and we have started construction, and we expect to have it ready to begin production in the first half of 2024. On strategic alliances, we are advancing Snip, our project in British Columbia, to pre-feasibility at the end of the year, and we are also very encouraged with that, and we'll talk about that in more detail later. And also M&A and greenfield is an important part of our strategy, with the goal of adding further projects in the Americas through either M&A or greenfield work. Moving to the next slide, please, Charlie. So on Inmaculada. Inmaculada, as I mentioned, is our most important asset. It has been in operation since 2015, has [ met ] the production guidance every year. We are working on the modified environmental impact statement that would allow us to have the permits to produce for the next 20 years. And we have a very large regional package that is still pending to be explored. If we move to the next slide, you're going to see in the map there the areas in green and light blue on the center. Those are areas where we have been focusing the most in the past, that last year, for instance, only last year alone, we managed to find 850,000 oil equivalent ounces with very good grades coming from only 3 veins, which are Angela North, Angela Connection and Juliana South. We have a 2022 drilling program, subject to permits, that will focus on trying to get more ounces on that area, but also look for other areas more to the west and to the north of the deposit that we expect to drill. And we have high expectations in terms of its geological potential. Moving to the next slide. We have our other 2 operations, which are Pallancata in Peru and San Jose in Argentina. Pallancata is 100% owned by us. We have a strategy of adding economic ounces close to current operations. As I mentioned, the short life of mine is looking challenging with production from the current mine, but we have many options that we are going to be -- continue evaluating during the year with the goal of trying to extend the short life of mine as much as we can. Outside of the permitted area, which is our resources more for the medium to long term, we have all this area that we have identified already with veins from Laura-Demian, Royropata, Miriam and Marco, particularly Royropata and Marco, that are looking really, really strong, and we believe are going to give us very attractive resources for the long term, for the medium to long term in Pallancata. And hopefully, we're going to be in a position to quantify those before the year ends. Regarding San Jose in Argentina, we own 51% of the asset. It's an asset that has been with us since 2007 and in our view has still plenty of potential to continue delivering us and increasing its life of mine. We have a very interesting drill program in place for 2022 that we are in the process of executing. And we have also other targets outside of the deposit, but in the same province, in the Santa Cruz province in Argentina, that has plenty of potential that we are also in the process of evaluating, the most important 1 being the Ciclon project. Moving to the next slide, please. Talking about our Mara Rosa project in Brazil. It's a very high-quality development asset in Brazil. It's located in the Goias state, which is right in the center of Brazil, right next to Brasilia. It's a very mining-friendly jurisdiction. We have about 80% of the detailed engineering complete and construction is already underway. The project economics are very robust, as you can see in that table, and we are targeting production in the first half of 2024. We're also evaluating different opportunities to optimize our exploration targets and also all the project-related and operational-related opportunities to capture them and improve furthermore the project economics. And as you can see there in the Reserves & Resources table, we have roughly 900,000 ounces of gold with roughly a 1.2 gram of gold per tonne grade. So it's a very attractive deposit. Also with lots of geological potential. The main targets that we have now are Pastinho, Campos Verdes, Morro Redondo, Filo Zorongo and we have already started our brownfield plans to try to develop new resources in those areas. So we are expecting also very positive results coming from brownfield in Mara Rosa in the upcoming months. Next slide, please. So on August 10 of 2022, so last week, we obtained the final site clearance permit that has allowed us also to start already the processing plant earthworks and civil works, the mine pre-stripping and the construction of the water reservoir. The current -- the project assistance is currently at 9%. As I mentioned, detailed engineering is 80% complete. The long lead time equipment has already been purchased, such as ball mills and filters. The 3-stage crusher from Metsos is also being delivered to site shortly. The construction earthworks has already begun. The mine pre-stripping is close to beginning. We're just finalizing the contracts. So we should start soon with that. And the project power line construction is already ongoing. So it's moving along as planned, and we are very excited and enthusiastic about this project. If we move to next slide, this is a project that is also very important to Hochschild. To put it in perspective, we had the reserves that Hochschild had at the end of 2021. So with the addition of the Mara Rosa reserves, we are now going to be increasing our reserve base by about 56%. In terms of production, when we take into account our production guidance for the year, this is going to represent an increase of 27% in our production and the all-in sustaining cash cost [ at uca we see ] is significantly lower than we have as an average for the company in 2022. So that should also allow us to materially improve our average cost position. So in summary, very excited with this product that we believe is going to be 1 of our most important assets going forward, with plenty of opportunities to continue growing in resources as well. On the Snip project, the project that we have, gold project that we have in British Columbia. This is also looking really, really attractive, although it's in an earlier development stage. So it's a past-producing gold property, the Golden Triangle in British Columbia, where many other projects and operations are already there. It's a very friendly mining jurisdiction. It's located in Tahltan Land, Tahltan Nation land. For about 10 years in the '90s it produced about 1.1 million ounces with a very high grade of [ 27.5 ] grams per tonne. Hochschild exercised the option to start earning-in 60% in October of last year from Skeena Resources. And in order to be able to complete the earning, we need to spend about CAD 100 million over 3 years with a possibility of extending into a fourth year with a minimum investment of CAD 7.5 million per annum. So we're in very good shape with that expenditure. And we do believe that the project will be very attractive and that we're going to continue progressing forward in the coming years. You can see in the Reserves & Resources table that we have roughly combined between indicated and inferred resources, about 1.6 million ounces of gold with an average grade of about 10.4 grams. So a lot of ounces with very high grade. So this is looking very positive. The next one, please? So the drilling campaign commenced this year, or continued. And as you can see in the table that we have shown you in the previous slide, this already represents an increase of 3x -- more than 3x of the indicated resources and an increase of about 2x our inferred resources. So we've already seen all the benefits of the drilling campaign and the remodeling. We have a new drilling campaign in place this year to try to convert the -- not to convert, but basically to try to confirm the research and resources that we already have in order to be able to complete a pre-feasibility by the end of the year. That drilling has been completed. We have already received all results, and we're in the process of updating our model. We have also started a campaign to identify potential resources. We have already completed 4 out of the 5 drill holes and we're also expecting for results on the remaining drillhole to be completed to try to further understand and guide the market, the upside that we see from a geological standpoint in this deposit. The pre-feasibility is underway. We have already had some important achievements in Q2. We have completed the metallurgical test work. We have evaluated the ARD potential with samples, we have already completed a flowsheet trade-off study. And for Q3, we are expecting to complete the processing plant design to update our resource model and to complete the TSF and the waste storage facility designs. We have a total budget for the year of USD 19 million, which is significantly above the minimum of CAD 7.5 million that I just mentioned. And there has been an increase in this budget, mostly because the project is looking very positive. So we want to advance it as much as we can. And we are moving into 2022 [ things ] that were initially contemplated for 2023, the most important being the Environmental Baseline study. Also we want to try to accelerate the timing as much as we can. And we are fully engaged with the Tahltan First Nation as well as with the provincial government. Moving to the next slide, please. We also have a very important and large project in Chile called Volcan. Volcan is going to be part of a company of a new entity that is going to be Tiernan Gold, 100% owned by Hochschild, but we want to have it as a separate identity in order to look for different strategic alternatives with more freedom. It's a very large asset located in the Maricunga Belt in Chile, a very important area for mining in Chile as well, with several projects and operations there with significant infrastructure to support the potential operation there. It has the potential to be a large-scale mine. We acquired it 10 years ago, always with the goal of it being a long-term asset for the company. By that time, we had anticipated a production -- or the previous owners had anticipated a production of 4.3 million ounces over 15 years. It's a very large resource base. It has about 9 million ounces with about 0.7 grams per tonne of gold. And we have been working on the program for the year with a new CEO in place, Greg McCunn, who we hired at the end of last year, who is leading all our efforts there. And we are in the process of completing the technical work to optimize the business case to -- we're trying to have a PEA, preliminary economic assessment ready by the end of the year and discuss the key economics of the project. And decide on next steps in terms of the strategy that we're going to follow with this important project. Next slide, please. So we have very disciplined capital allocation criteria in place. First of all, we have very focused investments. So we're investing only in those things that are really important for the growth strategy of the company that I described at the beginning. So we have, for instance, allocated an important part of our brownfield out of our budget in brownfield, which in our view, is the most important and the best -- the investment in which we can obtain the best returns, because we already have those operations are already fully permitted fully invested, and we can increase the life of mine or improve the quality of our resources. The impact of that is going to be really material in our balance sheet. And in addition to that, investing in building the growth of the company, and the most important capital uses for that is going to be to put Mara Rosa into operation by 2024. We have a very strong balance sheet. We have a very low net debt even after the Amarillo purchase that costed us about $120 million. We have no near-term debt maturities, as you can see in the chart over there or the debt repayment schedule. And we have very strong credit lines and relationships with local banks in place that should allow us to have all the strength that we need to continue growing the business. [ As we need ] flexibility even in more complex times, we have a history of returning capital through dividends. We just announced a dividend of $10 million. We are maintaining our cost and production guidance despite inflation, despite all external challenges, which is something that is not that common this year in our industry. And we are able to react in terms of silver hedges, for instance, in a time where Pallancata needed to have the financial stability to continue finding additional resources, that has allowed us to continue drilling and continue operating the business as well. So if we move to the next slide, Charlie, I think that the -- we can give you some views on sustainability here. Sustainability is very important for us. Actually, we just released yesterday, our 2021 Sustainability Report. The team has done a fantastic job in putting that document together. It's on our website. So I would really encourage you to take a look at that and let us know if you have any comments or feedback. Sustainability is a very important part in the strategy of the company, basically based on 4 pillars: safety, environment, people and culture and communities. In terms of safety, our frequency ratio remains close to our historical lows at 1.28, also a similar thing with our Accident Severity Index. And we are basically working on making sure that our safety culture plan has a top priority in terms of training for all our people. Basically, this looks to enhance the safety culture in all our workforce to make sure that every decision that is made takes into account safety. In terms of environment, we have our own Eco score that measures our performance compared to other units and compared to how we evolve over time. We have finished the half of the year with 5.35 out of 6, which is a very good score. And we're working on many different initiatives. The most important 1 has been developing the current strategy to [ be in ] at 0 and also on our environmental culture transformation plan, similar to the safety culture transformation plan. On people and culture, we continue working on ways in which we can promote diversity in all our operations and units through all many different proprietary programs. We continue working on improving the workforce from local communities. Right now we're at a very good number of 15% but want to continue improving that. Regarding communities, we continue working with them. Last year, we invested about $5.4 million in direct investment in those communities, and through the provision of goods and services another almost $17 million. We want to continue in looking at ways in which we can engage with them and developing a more -- or a stronger and longer-term relationship. We're working on other initiatives that are, for instance, on activity we have provided with a free Internet to about 13 communities surrounding our mines, education scholarships and health programs as well. So a very important part of our sustainability focus as well. Moving to the next slide, please. So regarding valuation catalysts, we believe that the stock right now is significantly undervalued. And you can see that, for instance, in this -- with these couple of metrics. In terms of EV to EBITDA, we're at 1.5x to EBITDA when our gold peers are at 3.7 and our silver peers are at 7x. And in terms of price to NAV, we're at 0.7x compared to our gold peers at 0.8 and our silver peers at 1.2x. I believe that there are very important milestones that we are going to be seeing -- valuation catalysts that we're going to be targeting in the upcoming weeks and months, that should be a very important catalyst for an appreciation of the stock. One is that the decision on the Inmaculada EIA. The other 1 is the development of the Snip project, also the Mara Rosa project that is moving along very well on schedule, on time and on budget. So that should also be another valuation catalysts. We expect to continue seeing solid cash flows from Inmaculada. We are going to continue investing in brownfield in all our mines, so that should also be a value -- a very important value catalyst. And that is the case for Inmaculada, for Pallancata, in the medium term for San Jose as well, and also for Mara Rosa and Snip. We're going to continue looking at opportunities for M&A and greenfield in the Americas. And of course medium-term production increase, medium-term cost reduction and further capital return potential. So if we go to the final slide, as a summary. We believe that with the actions that the company has taken, we have really transformed the business, with many growth options advanced, Inmaculada cash flow underpinned with extensive brownfield opportunities. The Mara Rosa construction commenced and is on time and on budget and is looking very attractive, and it's going to be a fantastic addition to our portfolio. The Snip pre-feasibility study is underway and expected to be completed before the year ends. We're going to continue with our M&As and greenfield focus. We have a very robust balance sheet that is going to allow us to deliver on our growth plans. And as I mentioned in the last slide, a highly compelling valuation. So this finishes the presentation. So that -- let's go to any questions that you may have.

[Operator Instructions] Ignacio. Thank you very much indeed for updating investors this afternoon. Ladies and gentlemen, please do continue to submit your questions. Just wanted the company to take a few moments to review those questions submitted already. I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A will be available on your investment company dashboard. And we'll notify you when that's ready for your review. Charles, as you can see, we've had a number of questions from investors today, and thank you to everybody for your engagement this afternoon. And please do, as I said earlier, continue to submit your questions just on that Q&A tab, type in your question press Send. But if I may, Charles, -- if I could hand back to you to read out the questions from investors, and then I'll pick up from you at the end.

Yes. Thank you, Mark. Let's start with the first question, which really comes from 2 separate questions which are pretty similar, to be honest: which project do we feel offers the biggest upside for the company? So which project in our pipeline is the most exciting, and what other opportunities are there beyond that as well?

Yes. Thank you, Charlie. I do believe that there's not a single 1 that offers the highest. I believe that we have a very good mix that offers many different alternatives, many different exciting projects. Of course Inmaculada's potential is huge and is our most important asset. It represents 70-or-so percent of our valuation and continues looking amazing from a geological standpoint. So I believe that the brownfield work that we continue doing at Inmaculada going to be a future source of value creation that will be very important for the company. Even though the market currently values or assigns no value to Pallancata because of the short term life of mine, I do believe that also the medium- to long-term potential that we are seeing in the new areas in Pallancata that are very close to the current operation, that are going to use the same plant, are going to be basically using the same mine infrastructure as well. So investment is going to be minimal, and it's looking very, very exciting. It does not only in terms of ounces, total ounces, but also in terms of the thickness of the veins and in terms of the grades of the veins. So that's something that, in our view, it looks like a very, very attractive project and opportunity. Mara Rosa is going to be fantastic as well, not only because of the very good fundamentals of the business in terms of production, in terms of costs, in terms of geological potential, which are looking good. So we believe that this project has a lot of potential to be larger and longer than we had initially anticipated. But also, it is opening up a door in a country that we believe is going to continue giving us many, many opportunities to continue growing. And we're very excited by our first incursion in Brazil, and we believe that we're going to be there for a long time, not only with Mara Rosa, but also with many other projects there. And finally, Snip, even though Snip is very long term, I believe that it also opens up the possibility, or a door, in a new country with a fantastic jurisdiction such as Canada. We believe that, that project, once it gets into proper dimension, has the potential also to grow, has the potential to deliver us very strong production in a fantastic jurisdiction with very solid cash flow generation with very good all-in sustaining cash cost. So I believe that more and more medium to long term, but this project is also, represents also a fantastic opportunity for the company.

Thanks, Ignacio. The next question is on supply chains. Has there been any disruption to supply chains impacting our operational performance at all?

Yes. The short answer is no. Nothing that has impacted our production. We have seen some cost increases, okay, that are -- no, that we have seen across the entire industry, and that has impacted some of our costs in our operations. However, we have also seen some positives based on cost optimization measures that we have taken, that have allowed us to basically offset those challenges that we have seen, or those impacts from the supply chain consequences. So the short answer is that there have been impacts, but we have been able to offset, and that's why we are in a position that we have maintained our guidance for both production and costs, while that is not necessarily the case in the rest of the industry.

Thank you. The next question is, would we consider share buybacks?

Yes. That's something that is always on the table. I would say at this point in time, we are more focused on developing the current projects and opportunities that we have internally, and we believe that at some point, sooner rather than later, the market should capture that and the price of our stock should start reflecting all the value catalysts that I just went through. Of course, if that were to happen, that's something that we definitely would consider. But at this point in time, we believe that, that's something that should get corrected in the relatively short term.

Thanks very much. The next question is on our view on where commodity prices are going.

Yes. I believe that -- this is a personal view. I believe that all the conditions for strong and hopefully stronger gold and silver prices are there, are in place. From a demand standpoint, the biggest driver for gold and also silver continues to be investment demand. And I believe that all the inflation concerns around the world and all the turmoil that we're seeing now from a geopolitical standpoint in many places, play very strongly to that. On top of that, silver has a lot of industrial applications in electronics, in medicine, in biotechnology, et cetera that continue picking up. So I believe the demand for silver is also going to be strong from an investment value and from an industrial value as well. And in addition to that, we are seeing that the supply side is also getting very complicated. It's getting harder to mine in certain geographies of the world. Permits are taking longer, [ combine site ] investing in finding new resources and it's becoming harder and harder to find high-quality resources as well. So I believe also that the supply is going to suffer. So in my view, the medium to long-term potential of gold and silver are both very strong -- both from the supply and the demand sides.

When do we expect the drilling to be completed at Snip?

Yes. So the drilling for the, for proving and doing all the test work, the twin holes and the infill drilling that we're required to do to complete a PFS has already been completed. We have actually already received yesterday, all the results, and we're in the process of building the model to include all those results. So that is done. What we are doing now is we are finishing the potential drilling campaign. That's to find more resources that are not or that will not be in the initial prefeasibility study, to try to understand how much can this resource grow. And we have already completed 4 out of those 5 drill holes. We are starting this week the remaining one. And based on that information is that we're going to be deciding on the upcoming drilling campaigns. But most likely, we will continue drilling Snip with goal of continue raising even more the resources.

Thank you very much. The next question, there's a couple here really on the same subject, but given where the silver price is at the moment, can you comment on whether Pallancata should be put on care and maintenance?

Yes. So Pallancata, as I mentioned earlier, Pallancata has 2 strategies. Pallancata has a short-term strategy and a long -- medium-to-long-term strategy. On the short-term strategy is we are focusing on the area that is currently permitted, and we are looking for a different alternative from a geological standpoint that could allow us to continue producing Pallancata in the short to medium term to catch up and match with the medium- to long-term strategy, okay? So we have evaluated certain areas this year, still not obtaining the resources that we would [ expect ], but we do have some encouraging areas that we are currently drilling that we need to evaluate and there are [ fair value ] targets that could allow us to continue extending the production of Pallancata. The way it stands is Pallancata should be operating until early 2023, okay? But we're not giving a guidance yet on 2023, since we still want to continue testing the remaining value targets that we have in place. So that is for the short term. For the long term, Pallancata is looking very exciting. It's probably 1 of the most exciting findings that we're seeing so far in the year, and it will be very, very attractive. We're going to be updating the market later in the year in terms of what we see there exactly. But it's looking good. So medium to long term, I would say Pallancata is looking very good. Short term is a challenge. And that's why we put these hedges in place, because we wanted to make sure that when the silver price was up, we wanted to not maximize the cash flow generation or minimize the loss of Pallancata, so that we give time to our geological team to continue evaluating these targets. I would say if we have not been in a position to find the right targets by end of this year or early 2023, we will evaluate putting it under care and maintenance. But there's some time before we have to make that decision to continue testing the current targets.

Okay. And the next question is, what is the current COVID vaccine status of Hochschild employees, so the percentage of which are triple vaccinated?

Yes, it's very high. It's close to 100%. It depends a little bit on the jurisdictions. I think Peru are already very close or at 100%. In Argentina, we're a little bit below that. But I would say most likely, or an approximation, is very close to 100%.

Great. And then could we make a comment on the political situation in the countries we operate in, particularly Peru, and whether there are any [Technical Difficulty ] [ potential ] legislative threats or tax increases that could be introduced?

Sure. So as you probably have been following, the political situation in Peru has been complex. We had a lot of political turmoils in this first year of the presidency of Pedro Castillo, which is exemplified by the number of cabinet changes and prime minister that we have had in a very short period of time. So the political situation is complex. Although I would say regarding the mining sector, some of the initial concerns that were there, such as potentially closing mines or such as potentially raising taxes and that sort of thing, have not materialized. So I would say the perspectives (sic) [ prospects ] now are looking better than they looked some time ago. It's uncertain what is going to happen. Now the disapproval of the President is at very low levels. The disapprovals of the Congress is at very low levels. There is a lot of noise about a potential vacancy of the President, but still that's something that has not been decided. But I would say even though the political turmoil remains there, and most likely because of the lack of leadership, will continue being there, the reality is that the company continues operating. We have not -- or this has not impacted at all our production, has not impact at all our costs, not even on the tax level. We continue moving along with our projects and permits in Peru. So hopefully that situation gets resolved quickly, because that would definitely give more comfort to investors to continue investing in the country. In Argentina, the situation is also in a complex position. There has also been recently a change in the Minister of Economy. There are high expectations because initial measures that he has proposed look to be a right step -- a step in the right direction. But also, I would say that the biggest challenge that we have in Argentina is that the gap that continues remaining between high inflation and low devaluation that is eroding margins. So that something that is not sustainable, and hopefully, sooner rather than later, the government should correct that and should allow for higher devaluation to return competitivity to the exporters in the country. Brazil is also undergoing an electoral process, but also as, for instance, in Peru or in Chile, mining is very important and it's also very politically used. In the case of Brazil, it's an important activity, but it's not politically used. So we have seen periods in the history of Brazil with more socialist governments or more capitalist governments that -- but the changes to the mining industry have not been material. So mining is an industry that has been doing well both under different types of government. So in our view, we remain very calm no matter who the next President of Brazil is. We believe that they -- whoever gets elected, will continue promoting mining in the country and continue seeing the importance that this sector has for the country. And Canada, of course, that's more to say that very stable jurisdiction and very favorable to mining, and that has not changed.

That's great. Ignacio, Charles, thank you very much indeed, and I think you've addressed all the questions from investors this afternoon. And thank you once again to those that have engagement with us this afternoon. Ignacio and Charles want you to know that investor feedback is important to the company. And I'll shortly redirect investors on the call to give you their thoughts and their expectations. But I wondered before doing so, if I may, Ignacio, just ask you for a few closing comments, after which I'll redirect investors to give you their feedback.

Thank you very much. I mean I think we have covered pretty much everything in the presentation. There's nothing else from my side, other than remind you please to, if you have the time, to take a look at our sustainability report, we're very proud of that. It's in our website and was just published yesterday, and this has put a lot of effort to convey to all our stakeholders what we are doing on sustainability. So that's it. If you have any questions, please feel free to contact Charlie or Eduardo directly at our London office, and it was a pleasure to be with you this afternoon. Thank you.

That's great. Ignacio, Charles, Eduardo, thank you very much indeed for updating investors this afternoon. So I'll please ask investors not to close this session, as we'll now automatically redirect you for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of Hochschild Mining plc, I would like to thank you for attending today's presentation, and may I wish you all a very pleasant afternoon.