Saudi Arabian Mining Company (Maaden) ($1211)

Good afternoon, ladies and gentlemen. Welcome to Maaden Earnings Call for the Fourth Quarter and Full Year 2025 results. Thank you for joining us. My name is Abdulaziz AlNaim. [Operator Instructions] Once the call has been concluded the presentation and all relevant material will be available on our website. Please refer to our disclaimer in the second slide, which applies to all disclosures made in today's presentation. Kindly note that all discussed figures in this presentation are in U.S. dollar unless otherwise stated. I'm joined today by our CEO, Bob Wilt; our new CFO, Gilberto Antoniazzi and who joined us in the 1st of March of 2025 and our acting CFO, Saulat Sultan. As usual, we will open the floor for your questions at the end of the presentation. This chat function however, is open, please post your question during the call. We hope to go through as much as possible in today's presentation. However, if you have any follow-up questions, please e-mail them to us. With that, let me hand it over to Bob.

Thank you, Abdulaziz. Before I get into the year, I would like to personally officially welcome Gilberto to Maaden as our new CFO, and he actually joined just this week, not 2025. We have been keeping him in hiding for a year. He brings more than 30 years of global finance expertise across lithium, agrochemicals, automotive and manufacturing sectors and it's going to be a great addition to our team in the next phase of our growth. So, welcome, Gilberto. And I'd also like to take this opportunity to thank Saulat, who has done an excellent job over the last few quarters in an acting capacity. He will continue in his role as SVP of Corporate Finance and Group Treasury. Now I would like to address the ongoing developments in the region before we move into the analyst call. Rest assured, we are monitoring the situation closely and working with all relevant government authorities. This is a fluid situation, and we'll be making any relevant business updates as and when required. First and foremost, that is focused on ensuring that our people are safe and our operations are running smoothly. We have brought together the ethos of the new modern brand, our ambitious strategy to truly instill a team modern environment. This means bringing our values to life and embedding them meaningful in everything we do as we create a world champion. We want our people to feel it, strive for it and understand how each of them individually contributes to our success. That is never more important than the time such as this. So now let's look back at the success of 2025. We recorded the highest ever DAP production. We added 7.8 million ounces of gold resources to our books. Phos 3 Phase 1 is delivering at pace, on time and on budget. We kicked off our Ar Rjum gold mine project and recently secured the final investment decision for our aluminum recycling project. We secured gas allocation for Phosphate 4, one of our next growth projects in current feasibility study. We also announced a binding term sheet to establish a joint venture with MP Materials out of the U.S. to build and operate a rare earth refinery here in Saudi Arabia. Partnerships were and will continue to be a driver for our growth with the end of the year announcement of a joint venture with Australia's Hancock Prospecting to further accelerate our exploration efforts. Also in 2025, we became the first Middle Eastern company to join the International Council of Metals and Mining, ICMM, demonstrating our commitment to holding ourselves accountable to the highest international standards on all fronts. For our foundational business, 2025 was a solid year. As mentioned, we achieved record DAP production levels. We produced just under 1 million tonnes of aluminum. However, we believe there is further upside in gold and operational value to be unlocked. Last year, our exploration program added 7.8 million ounces of gold reserves. The Central Arabian Gold region delivered 4.7 million ounces of these resources. Wadi Al Jaww delivered a maiden 3.1 million ounce resource. And in total, the gold business now has 26 million ounces of resources and 11 million ounces of reserves. The heart of our operations in the Central Arabian Gold region is Mansourah-Massarah. Mansourah-Massarah comprises of two open pits with a shared processing facility. Our exploration efforts in Mansourah indicate that the ore body remains open on multiple fronts. We are now building an exploration decline to further study that ore body and define it. The same decline will be used for the eventual underground mine. At the same time, we are studying the opportunity to scale the existing processing plant in order to fully realize the value of the various resources we have in this region. With the success of our exploration program in 2025, we're scaling this further for the year ahead. We expect to spend up to USD 400 million in 2026 with an increased focus on copper. We have identified an area of interest of over 160,000 square kilometers and are targeting 980,000 meters of drilling in 2026. About half of our budget will be focused across the Central Arabian Gold region and the Shayban belt. In addition, through our partnerships with Ivanhoe Electric, Barrick and Hancock Prospecting, we can increase the scale of which Ma'aden is exploring and discovering. Project delivery is also progressing across all three business units. Phosphate is expected to see an additional 4.5 million tonnes of capacity within the next five years. That's equivalent to about 75% growth compared to our nameplate capacity today. Similarly, aluminum is progressing studies on two capital projects that will more than double their annual capacity, adding approximately 1.6 million tonnes by 2031. Finally, at Golden and Base Metals, we have an ambition of achieving 1 million ounces of gold produced annually by 2030. With the scale of our capital growth program, we are ensuring that Maaden is building a sustainable business for the future. We have partnered with Hatch, a leading global EPCM provider as our project delivery partner across all of our capital projects. Core pillar of this partnership is the combined commitment to develop capabilities, skills and a future workforce. This brings together hands-on project delivery with expert technical collaboration, ultimately to build a sustainable industry that fuels the industrial future of the Kingdom. This partnership will ensure we can scale up faster, install best practice and upskill our teams. We will strengthen our in-house project teams capabilities, add headcount quickly and transfer skills to a growing national workforce. Throughout 2025, Phosphate 3 Phase 1 tracked on time and on budget with completion and commissioning expected towards the end of this year. What the team here has achieved here is an example of the level, scale and pace of work we expect to deliver at Ma'aden, especially as we increase the number of projects in the coming three to five years. Second project underway is the Ar Rjum Gold Mine located in the Central Arabian gold region. The mine is expected to produce 3.6 million ounces over its 12-year life and will be a key part of us achieving our ambition of annual production of 1 million ounces by 2030. With all permits in place, early work has included the completion of an extensive site fencing to ensure native wildlife is protected. And the teams have placed orders for long lead items with deliveries expected in the second half. We recently secured FID for our aluminum recycling project. This project ensures efficient low-carbon production to meet growing local demand. We have secured 50% of the scrap requirement through a unique regional supply agreement with key collectors so far. This asset is expected to produce 200,000 tonnes of billets and slabs each for a total production of 400,000 tonnes annually. Initial construction works will begin early this year and production is expected to start in late 2028. We posted strong financials in '25. Our revenue increased 19% to over $10 billion, and our EBITDA grew 30% to over $4 billion. The business generated $4.3 billion of EBITDA, up 30% over last year. Our run rate sustaining free cash flow ex working capital also grew by 30% over last year. This is a new metric for us, and Saulat will take you through the details, but it shows the robust cash generation of our underlying business. Our balance sheet further improved with our net debt-to-EBITDA declining to 1.3x versus 1.7 last year. If I look at our business this year versus last year, it's also notable to see how our gold business has increased its contribution. So now I'll pass it over to Saulat to take you through the financials in detail.

Thank you, Bob, and welcome aboard Gilberto. During the fourth quarter of 2025, revenue increased by 7% year-over-year, reaching over $2.8 billion, driven by our strong operating performance and favorable market conditions. EBITDA rose 30% year-on-year to $1.3 billion in Q4. Excluding the impact of one-off items, EBITDA increased 23%. As we continue to invest in our strategic growth initiatives and look to add additional resources via exploration, it's also important to point out the true underlying cash generation capabilities of our business, which Bob was alluding to. We believe the run rate sustaining free cash flow metric provides a good measure of cash flow generation potential for the business and is a good proxy for discretionary cash flow that could be used to return capital to shareholders via dividends or deployed in other value-accretive ways if we were not investing in strategic growth as part of our capital allocation framework. Our sustaining run rate free cash flow came in at a strong $1.3 billion for the quarter. Despite high commodity prices impacting working capital metrics, our efficiency focus resulted in cash conversion cycle improving significantly from 58 days at the end of 2024 to 49 days at the end of 2025. In terms of EBITDA breakdown by business, Q4 2025 also saw a more balanced contribution across our portfolio. 2025 was characterized by supportive pricing across our portfolio, reinforcing the strength of margins diversified commodity exposure. That prices remained robust in 2025. During Q3, the phosphate business benefited from favorable market dynamics in key agricultural markets, including in India and was also supported by continued lack of export from China. For aluminum prices, the year was more dynamic. Prices softened in the first half amid trade uncertainty and macro concerns, also driven by tariff-related developments. However, sentiment improved in the second half as trade uncertainty settled, rate cuts were implemented and the overall commodity complex rerated driven by strong demand. Gold was the strongest performer in our portfolio in terms of pricing benefit. Gold prices increased significantly throughout the year, reflecting ongoing geopolitical uncertainty and investor positioning towards safe haven assets. Overall, commodity tailwinds in 2025 provided a supportive earnings environment, and our operating performance allowed us to capture these favorable market conditions. Here, we lay out the EBITDA bridge from full year 2024 to full year 2025. Our robust EBITDA growth was driven by stronger sales volumes in phosphate and aluminum, further supported by overall higher pricing across the business. Higher volumes and stronger prices more than offset increased raw materials and volume-related costs and increased exploration spending. The main driver of raw material increases related to the prices of molten sulfur. Our share of profit from JVs increased by $275 million, driven by a $200 million bargain purchase gain related to our investment in Alba and our first year -- first full year of inclusion of Alba's results into our financials. One-off items amounted to $183 million, the largest underlying component of which related to insurance proceeds that Maaden received in the aluminum business in the prior year. Overall, EBITDA improved 30% for the full year. Excluding the impact of one-off items, EBITDA actually increased by 34%. Here, we lay out in more detail our walk of our 2025 EBITDA to our sustaining free cash flow metric, which represents the cash generation capability of our business if we were not investing in our strategic growth. This measure is a proxy for the cash flow that could be used to return capital to shareholders via dividends or deployed in other value-accretive ways. The main adjustments we make to exclude growth-related items such as growth CapEx and exploration spending, which represent usage of cash flow in the current period to create shareholder value in future periods. We include sustaining CapEx in the metric, which was approximately $800 million in 2025. In addition, we removed the impact of change in working capital, which is impacted by the higher commodity price environment. As shown here, the business generated almost $3 billion of sustaining run rate free cash flow, excluding the impact of change in working capital and was up 30% versus 2024. This was driven by strong operating performance and a favorable commodity price environment. In 2025, we continue to strengthen the balance sheet and diversify our funding sources. Despite making significant strategic investments such as our acquisition of a 20% stake in Alba and continued spending on Phos 3 Phase 1, our net debt to-EBITDA declined to 1.3x at the end of 2025 compared to 1.7x at the end of 2024. We also made significant debt repayments, including an early payment of $600 million at our Wa'ad Al Shamal asset and a $900 million repayment of our MPC sukuk facility. We also diversified our funding sources by executing our inaugural international debt capital markets issuance in February of 2025, which was extremely well received. Post period, we raised $1 billion additional in international sukuk format in January 2026. This is a clear demonstration of the confidence investors have in our business, specifically as the issuance was 70% distributed to investors outside the GCC. We continue to optimize our group capital structure by also repaying a facility in our aluminum business of $300 million in Q4. And post period, we refinanced our alumina business by repaying approximately $400 million of outstanding debt and refinancing the balance with a six-year bullet maturity, which replaced an amortizing facility. Overall, these actions have led to a meaningful improvement in our debt maturity profile and increased the weighted average life of our debt by approximately 2 years to 6.5 years, including our post-period financing activity. We remain committed to a prudent financial framework supported by a strong balance sheet, low leverage, ample liquidity and a strong investment-grade credit ratings. As a result, we are well positioned from a credit profile perspective to support the execution of our growth strategy. Moving to the businesses. Let's begin with phosphate. We had a very strong quarter and achieved our best year ever in DAP production. While Q4 2025 ammonia production was impacted by the unplanned shutdown at one of our plants, the plant did resume operations in mid-January. From a pricing perspective, DAP prices remained strong, both on a quarterly and a full year basis. Ammonia prices increased during Q4 2025, partially as a result of multiple supply disruptions in the industry. Revenue was flat during the quarter as the increase in DAP volumes and product prices was offset by lower ammonia sales volumes. For the full year, revenue increased 17%, driven by higher DAP sales volumes and higher DAP prices, offsetting lower ammonia volumes and prices. Molten sulfur prices have increased materially year-over-year. Together with the ammonia shutdown, the increase in sulfur prices offset the positive debt production and debt pricing in the fourth quarter, impacting the business' margins and led to a small decline in Q4 EBITDA. Full year EBITDA increased by 21%, given the improved volume and pricing. Turning our attention to the aluminum BU. In 2025, we continue to achieve strong operating performance in the aluminum business. During the fourth quarter, aluminum shipments increased 5%, while for the full year, shipments increased by 3%. From a pricing perspective, realized prices increased for aluminum by 6% on the quarter and 8% for the year. Alumina prices materially decreased over both the year and the quarter. Looking at the full year 2025, revenue increased 9%, principally driven by higher aluminum prices with Q4 revenues impacted by lower alumina prices. As part of our continuous effort to improve financial disclosure, we are also sharing unit costs in the aluminum business. Unit costs in our alumina business increased principally as a result of higher caustic soda and gas pricing. Unit costs for aluminum improved 15% on the quarter as a result of lower alumina prices, but were up 1% on the year and principally due to increased energy prices. In 2026, there are no increases in our natural gas prices, which drives our power prices. Excluding our JVs and the investment in Alba as well as the one-offs, for the full year, EBITDA improved 18%, but experienced a 16% decrease for the quarter, again, due to the alumina price halving over the quarterly comparison period. Full year and Q4 EBITDA was positively impacted by a $200 million bargain purchase gain related to our acquisition of Alba stake and the impact of the inclusion of full year of Alba results into our financials. Moving to our Base Metals and New Minerals business unit. EBITDA for both the full year as well as Q4 2025 increased significantly, driven mainly by stronger gold prices. However, production was slightly down in 2025, driven mainly by our efforts to improve our understanding of underlying ore body at Massarah North. We continue to remain focused on maximizing long-term value from our resource base. We have also improved the disclosure for our gold business, and there are additional details provided in the backup to the earnings presentation, including historical ASIC numbers as well as the underlying drivers to the presented AISC information. For the full year, ASIC increased by 4% to $1,291 per ounce, driven principally by increased maintenance spending, especially notable in Q4 related to fuel costs and G&A expenses. I'll now hand it back to Bob to take us through the outlook and conclude the presentation.

Thanks, Saulat. I would like to reiterate my point at the beginning of the call. We are currently operating within a very fluid situation across the region, which we are monitoring closely. That said, we provide a range of guidance pre-February 28, 2026. This will be reviewed and monitored in line with the situation. The upper end of our phosphate guidance reflects the possibility that we could start seeing commissioning production from Phos 3 Phase 1 this year, but it will depend on the final completion timing for the project. We're scaling the business and with what we're increasing our investment in growth projects. And with that, we're increasing our investment in growth projects. We expect $3.4 billion of our total CapEx of the $4.2 billion to be related to growth. In addition to the Phosphate 3 Phase 1, which we expect to start commissioning this year, Ar Rjum and our new recycling project account for the majority of our growth CapEx spending. A portion of our growth CapEx is related to technology and project studies for future projects. And as discussed, we will ramp up our exploration program further this year. We expect to spend up to $400 million on exploration efforts in '26. In addition, project delivery, the deployment of technology and the focus on the development of our people and our talent pipeline all remain ongoing 2026 priorities. With that, I'll pass it over to Abdulaziz for the Q&A session.

Thank you, Bob. Thank you, Saulat, for this presentation. Now we'll open the floor for questions. I see a couple of hands. I see Jason from Bank of America. Jason, you are muted, please unmute yourself and ask your question. Jason, you need to unmute yourself and ask your question, please. We'll go to Ravi, Ravi you're muted. Please ask your question. Unmute yourself and ask your question.

So I appreciate the guidance is on a pre-February 2026 basis. But looking forward, where do you see the main potential pinch points if the current situation continues? I'm especially kind of interested on the logistics side. Is there going to be sufficient raw material inventory for your businesses, especially the alumina business and also in terms of outbound logistics of DAP, et cetera, do you think you are sufficiently well covered from alternative sources of logistics perspective, especially through the Red Sea?

Listen, guys, I will answer this one time and one time only. Rest assured, we are monitoring the situation closely and working with all relevant government authorities. It's a fluid situation, and we will be updating you with all relevant business updates as and when required.

Thank you, Bob. Moving on to Faisal. Faisal Al Azmeh, you're unmuted. Please unmute yourself and ask your question.

I just want to ask a question about the recent comments that you've made kind of like for long-term growth. I recall, Bob, there was a conference back in the first quarter, and I think back in January, I think, and you've mentioned that you're looking at a sizable amount of spending over the next decade. Maybe if you can just shed some color on how to think about medium-term growth versus long-term growth. I know you've outlined a few projects today, but just so we can kind of understand some of those comments and how does that play into that in the long term?

Thank you. Our growth strategy is predicated on our existing resource base and what we discover. And that includes a resource base of 45 years of phosphate resources that we can develop. We will be developing two additional phosphate projects here in the next five years. Aluminum, we've got similar lifespan of our bauxite reserves. We've got the natural advantage of logistics, power and ports to build our aluminum business. So you've seen we announced the recycling project. We are in the study phase of another two potline smelter before the end of the decade. In gold, we've talked about Ar Rjum, Mansourah Deeps is next. And then I think predicated on our success with exploration efforts, the development of the rare earth value chain with MP Materials. So those are the next five years that we have in serious study phase now. And depending on our exploration success and how fast we want to continue to develop the phosphate and aluminum businesses, depending on market conditions, capital allocation, we could see continued growth -- significant growth post 2030. So we've got a very clear near-term focus on those identified projects that are either in construction, early works or advanced studies and then great optionality to continue growing at the same pace beyond.

Thank you, Bob. [ Syed Akhtar ], please ask your question, you are unmuted.

Yes. First of all, congratulations for this outstanding result in 2025 to the management. I have a question regarding the performance of the company during 2025. As all of us know that the growth in the company was mainly because of the increase in the prices of commodities. However, on volume basis year-over-year, we haven't seen any noticeable increase in the volumetric growth other than gold segment. So how do you see -- how does the management see that the company will continue to show the -- or maintain or sustain the current performance given the prices of commodities, assuming it will not come down, but it will stabilize at the current levels. And what would be the company's standing in terms of cost? Because in past, it was a margin like gold was -- the costing of the gold was in first quartile and these sort of things. So how do you see the company going forward with same level of pricing in the next 5 to 10 years?

Well, I'll refer you back to the presentation on our results. I mean we set record DAP production last year, continue to exceed prior year performance in DAP. Aluminum had a second best year ever. So very, very solid performance there. I would agree with you on gold. We have some upside on understanding the ore body in the Mansourah-Massarah, and we'll continue to sweat that asset and push that mine. But I think it's -- I'm very happy with the production output of the phosphate and aluminum businesses year-on-year and relative to historical performance. Both are in the lowest quartile on the cost curve. Both will remain there. When you talk about our technology focus, that is where the emphasis is right now, debottlenecking pit-to-port operations, digitizing, automating, taking costs out where we can, improving throughputs and efficiencies. So we've got great cost positions in phosphate and aluminum, and we want -- and we intend to stay there in the lowest quartile. Gold, I can let Saulat give you some more color offline. On the AISC, the movement we're seeing. We do have several legacy assets, short-lived, small unit that do hamper our overall, but the base of our operations, Mansourah-Massarah as well as Ad Duwayhi, we're very happy with the performance on the cost side. But we will continue to invest in exploration. We will continue to invest in study costs. We will continue to invest in growing capability for a future mining champion. So the cost structure is all the cost increases associated with the growth and the execution of our strategy, we're offsetting by efficiency through technology.

Thank you, Bob. Going back to Jason. Jason, you are unmuted, if you like, and have chance to ask your question.

Can you hear me this time?

Yes, go ahead.

Fantastic. Well, look, first on the disclosure, I just wanted to thank you for the increased disclosure in the gold business. And maybe just a question or a comment for Gilberto. So, Gilberto, as you come in and you start to take a look at the business and reporting, I would love it if you consider continuing to increase the disclosure, particularly in the gold business. It's been a bit of a struggle to model this one based on what's been disclosed in the past. So thank you for the increased disclosure, but we want more.

Jason, I never heard that from analysts before in my life, I think. Of course, we're going to provide as much disclosure as we possibly can to help you guys better assess the value of this company.

Okay. That's great. Second question was just on partnerships. Bob, you kind of alluded to the partnerships and sort of leveraging other people's capabilities, maybe leveraging other people's balance sheet. I'm just wondering, do you feel like you have all the partnerships that you need? And any partnerships where you feel like you maybe need to be using them a little bit more than you are doing today?

So, I think, I'll answer the second part first. So I think our partnerships, Hancock is just getting off the ground. So we'll see. But as far as Barrick and Ivanhoe, really pleased with the dedication to the Kingdom and to Maaden, the amount of talent and resources they're devoting. I think you've seen some of the drill results from Ivanhoe Electric. A lot of exciting prospects they're working on with us. I do believe there's room for more partners in our exploration portfolio, at least one. We've got a vast portfolio of exploration licenses that we want to get through quickly. You'll probably see an announcement in the next quarter, got an upcoming partnership that's been previously discussed. So we think there's more room for at least one, maybe two more on the exploration side. And then we continue to talk to folks that are interested on the development side. Once we start bringing these resources beyond inferred into feasibility studies, I do believe that the capability that is evident across some of the sector, we can help the Kingdom develop faster by bringing them to bear, and we have those conversations all the time. So it's -- we've done it with Alcoa. We've done it with Mosaic in phosphate. We'll do it with somebody else in copper.

Can I just be a bit cheeky here. Maybe I have a third one, if that's okay.

Sure.

Yes. Just on permitting. I mean, elsewhere in the world, what we're seeing is that permitting is taking longer and longer. And what we're hearing from a lot of other companies is there's a problem with the government bureaucracies. Basically, the government bureaucracies are just not staffed up enough to get the permits through quickly enough. Could you talk a little bit about what your experience is in the Kingdom?

Yes. I think one of the competitive advantages Saudi Arabia has as a mining jurisdiction, the obvious ones are the logistics, the centrality, the ports, the infrastructure the low-cost energy. But I think the advent of the mining law in 2020, the cooperation with the Minister of Industry and Mineral Resources, the acceleration of the exploration and the mining permitting process. We say it takes 180 days where it takes the rest of the world 18 years. I don't know if either of those are accurate, but they're both directionally correct. The Kingdom wants to diversify its economy and mining is a cornerstone of that. So we've got full government support to accelerate that.

Thank you, Bob. We have a question from Anoop. Please ask your question. Yousef, please ask your question. Unmute yourself and ask your question, please.

Thank you so much for the presentation and the call. Just a quick one. Most of my questions have been answered. But just wondering, in the Aluminum segment, you guys had a pretty strong reduction in costs year-on-year. I think it was around 15% in the fourth quarter. Just wondering what were the main drivers of that? And how sustainable is that going forward?

Yes. I think the main driver was stronger performance in aluminum. And so while that is driving a big part of the improvement, we will continue to keep a focus on the cost side as well. And we can certainly go in more detail on the alumina side offline a separate conversation.

Thank you, Saulat. I think we'll take one more question, then we'll conclude. [ Rania ] please ask your question. And to sell on that question, please. Yes, go ahead.

Yes, perfect. Thank you so much for the presentation. Very comprehensive. Very comprehensive. Let's see if you can answer my question. I'm seeing as you pursue significant production expansion while targeting the carbon neutrality by 2030 or by 2050. Could you provide a bit more clarity on how absolute emissions, maybe water use, energy sourcing are expecting to evolve throughout maybe midterm to this goal and which technology or energy sources will play the largest role in supporting the transition? And maybe what part of outline CapEx is dedicated towards that? That would be good to understand.

Sorry, if you don't mind please repeating the question. Is your question about energy transition?

Yes. Sorry, I was very quick in asking that. Yes, as you pursue the production expansion and you're also targeting the carbon neutrality by 2050, a little bit more clarity on how absolute emissions, maybe water use given your main geography operations and energy sourcing, how they expect it to evolve, especially for like midterm, maybe 2030 and which technologies, energy sources will play the largest role in supporting the transition. And also, when you talked about CapEx today, I haven't really heard if there is any specific CapEx allocated towards your carbon neutrality.

Yes. Obviously, Saudi Arabia has natural advantages of sunlight and wind, and there's a huge build-out of renewables in the Kingdom. That will be connected to the grid, and we will take full advantage of that as part of the grid pricing. So we will not be necessarily building stand-alone power plants, but we'll be taking advantages of the renewable energies that the Kingdom is building. Further to that, our aluminum expansion, most of our aluminum products now, 70% have a domestic use. A lot of those will be going into data centers as the Kingdom builds out its AI data centers and computing capacity. So, from value chain from renewables in the Kingdom, all the way through data centers, we play an integral leg. Our sustainability strategy is really focused on water. We operate in a desert, obviously, so water reduction and water efficiency is huge for us. and then as well as waste to value, how to turn tailings and habitual problems for the industry into valuable into value for us. So we've got an in-depth sustainability strategy. I'd be glad to walk you through it, but it's comprehensive, not just focused on renewable energy.

Thank you so much. I would love that. I would love to get in touch with the investor department. I will do that after the call. Thanks so much.

Thank you. Thanks, Rania. With that, we're going to conclude our today's presentation. Thank you all for attending this call. All material will be shortly uploaded on our website and on Maaden IR. If you have any follow-up questions, please do not hesitate to share them via the e-mail [email protected]. With that, we will conclude today's call. Thank you, and have a good evening.