Tectonic Metals Inc. (TETOF) Earnings Call Transcript & Summary

Welcome to our fireside chat with the architects of Tectonic Metals, Co-Founders, Eira Thomas and Tony Reda. I'm your host, Yolande Lougheed, Investor Relations Manager for Tectonic Metals and a massive fan of today's featured guest. Eira Thomas is a true titan of the natural resources sector, a woman whose name has become synonymous with some of the most significant mineral discoveries of the last three decades. Eira first captured the industry's attention when she led the team that discovered the world-class Diavik diamond mine in the Northwest Territories, earning her the enviable title Queen of Diamonds. Since then, her career has been a master class in value creation from Stornoway to Lucara Diamond where she oversaw the recovery of some of the largest, most historic diamonds ever found. But Eira's success extends beyond diamonds. She was also a key architect in the Kaminak Gold success story, helping to drive its acquisition by Goldcorp for over $0.5 billion and cementing her reputation as a powerhouse in the gold space. Today, she is bringing that discovery DNA to Tectonic Metals with the announcement as her appointment as Chair of the Board of Directors, working alongside her long-time colleague, our President and CEO, Tony Reda, who also played a key role in the success of Kaminak Gold. Eira and Tony, thank you so much for joining me today.

Thank you, Yolande. And first of all, it's just -- it's great to be here and have the opportunity to kind of have a fireside chat with you and Tony and talk about the exciting future that is Tectonic.

Tony, I have a feeling you'll want to jump in here and say a few words. Welcome to Eira, though she was your Co-Founder and has been a strategic adviser of Tectonic. This is an exciting day with her appointment as Chair of the Board.

Well, thank you for that. And it is -- it always has been an honor to work alongside Eira. She's been a mentor of mine, and she's always played a critical role in Tectonic, to the business model, to the acquisitions, to the strategy behind the company. Today is a day where we actually formalized that with the appointment of her as Chair, and I'm extremely excited to work more intimately with her and the trajectory that Tectonic has in front of it.

Very good. Eira, we may not have a long history of working together, but I do remember meeting you at an event in London about six years ago. And your passion for the hunt, the pure business of exploration was absolutely contagious. And Tony, I see that same fire in you. You have an absolute obsessive focus on both geology and creating shareholder value. So, on that note, let's move on to some questions for both of you.

You have been part of the 1% of the 1%, a team that has actually taken a project from a raw discovery to exit. Eira, how does the potential of the Flat Gold project compared to, say, the early days of Kaminak or even Diavik? And what are the signs you're watching for that would signal we're on the path to something district scale?

I think Flat really is at a very exciting point, and I think this could be an important inflection for Tectonic. So super excited to see where we can go with this. But certainly, it has all the earmarks of a discovery that could be world-class in size and nature. And I think that Tony has put all the right ingredients together to be able to take this thing right through full-scale assessment, feasibility and ultimately, our goal would be, I think, to get it into production. So excited to be joining at this particular moment in the company's history.

Very, very good. Yes, definitely an exciting time for you to be joining the team -- well, joining in a different capacity. Following on that question, obviously, you're putting all of your hard-earned wisdom to work from the past successes. Are there any specific elements of the playbook from past wins you're applying or you'd like to apply to Tectonic? And maybe what's different this time around?

No, I think that if I've learned anything over my long career, it's really been about getting the right skill sets and experience around the table. And I think that's critically important as you advance projects and of course, skill sets change. So I think having had kind of the experience of going through the transition from early stage to more advanced evaluation work is hopefully going to be really valuable for Tectonic as we transition there ourselves. But getting the right people involved is something that I've always really focused on in my career. And I think that's exactly what Tony is focused on right now. So if I can support him in that chapter and making sure that we have exactly who we need involved in the company through this next phase, that's certainly going to be an important element of the support that I provide. But I'm also equally excited about the exploration upside. Let's not forget about that. As much as we are starting to really galvanize around flats and what it could be, this is a company that has a huge portfolio of projects. And we've lived through such a challenging period where there really has -- it's been so difficult for early-stage explorers to find the capital they need to progress their projects. And so I think we want to continue to remind the market that this is not a one-trick pony. There's a lot of depth to the portfolio. And I think with the kind of momentum that Tectonic has been building, that's going to allow us to raise additional funds to be able to go after some of those other exciting exploration targets as well.

Very good. Tony, would you like to touch on the same question?

You can't really put a price tag on experience. And I -- with Kaminak Gold Corporation, that was my first formal foray into the exploration space. So I was a rocky and I was able to watch a project go from never been drilled before to 5 million ounces. Eira and I raising over $165 million, bringing on key shareholders, building out the team and then ultimately transacting with Goldcorp. So it can be done as a first timer. But as a second timer, it has a little bit of a different flavor. And your immaturity in the space, for example, you can get excited. But what crystallizes excitement is knowing when something is real or it's tangible. Like I actually can do this. We've done this before. And so even on a project, when you look at a project, and we've reviewed dozens, if not close to 100 projects throughout my career. And it's like kissing a frog before you find that print. And once you find that print, okay, you kind of know what to look for. I use this analogy, how do you identify Connor McDavid or Wayne Gretzky or Tom Brady at the age of 15. Once you've done it once, you kind of know what to look for. And I think what gets me excited is the actual -- like this asset is real, it's tangible. It has what it takes to become a Tier 1 mining opportunity. And so we're taking our experience, and I think that's the key and say, okay, not what do we just do in the past, but is there something we want to do perhaps different that is more efficient, better. Flat, for example, we did metallurgy before we even drilled the property. We used historical drill core. That's something that I haven't done in the past. Our partnership with Doyon Limited, they're a shareholder. They're also the landowner.

And Tony, I think a lot of it is around understanding what you need to derisk a project early. I mean I think one big learning for me over my career as a geologist, I always thought the toughest piece was actually making that discovery. And that is a tough piece. It isn't easy to find a Tier 1 or make a Tier 1 discovery. But how you shepherd that discovery through to advanced development and ultimately into production is really critical. And I think, Tony, that's kind of what you're talking about there. It's about how do you kind of look at all the kind of the risks that are in front of you and which ones are critical risks that you got to tackle early and which ones you can look at a little bit later. And it's really about being very, very focused and disciplined with how you spend that capital and making sure you're answering all the right questions as early as you can to allow you to galvanize that shareholder value because it's very easy to spend a lot of money and not create value. And I think your focus, Tony, on things like metallurgy as step one as opposed to going around a systematic drilling campaign, for example, I think was really smart and makes a lot of sense.

Well, thank you. I appreciate that. It's also that I have a team that I can rely upon and ask questions. And the job of the Board, as you know, better than anyone, is to provide guidance to validate the strategy, to provide input on the strategy to make sure this vehicle stays in its lane. And I've been fortunate to have people around me that have made discoveries that have raised money, that have built projects, have turned projects into mines and permitted mines. And so that metallurgical concept, yes, it was my idea, but it was validated by the Board, and that's just one concept when we put together a program and like, okay, this is a program, but tell me, okay, what's the objective? Where are we going with this thing? And that's truly again, also something from the past that I've been able to bring forward being on other boards and watching how they operate and say, okay, is there a way to make this Board best-in-class. And that -- I would also add that Tier 1 mining opportunity, it's not a marketing term. It can be construed as a marketing term, and it has been by a lot of GM mining companies. But I wouldn't say something like that unless I truly believe that this has that potential. Can I say definitively pounding my fist on the table? Well, no, I can't. But I can say, hand on my heart, I believe this has the opportunity. So we've classified it. And whether the market knows it or not, we've set the stage. This is where we're going. This is what we're out here to demonstrate. And whether it's communication with our shareholders, to the market or to the Board, that's what we've classified this opportunity as. That's a pretty high bar, and we're obviously up for the challenge. But I wanted to highlight that it takes that experience again to say, you know what, this has the hallmarks for that.

It's a little -- I can use a sports analogy. I guess it's a little bit like winning the Super Bowl for the first time and then winning it for consecutive times. Obviously, Eira, you've won a few with a few discoveries. And what's the most exciting part of that process? Is it that like I need to know like what moment, is it where -- is it this part where it's -- you kind of feel like you're on to something? Or is it the moment you see the diamond?

I mean, gosh, let's not jinx ourselves here. I think there's so much hard work at every stage of the assessment. And what's equally important in these opportunities is you've got to know as well you're trying to answer so many different questions, which will ultimately determine whether or not the project that you have in hand is going to be economically viable. So that is a long exercise. It is a long game, and you've got to have patience and you've also got to be really disciplined about it. At the end of the day, there will be many projects. And Tony, there have been many projects that we have looked at collectively, which started out looking interesting and at the end of the day, had to be set aside because they didn't tick enough boxes to kind of warrant that further investment of time and energy. And so I think where Tectonic is at right now in the portfolio as they've identified, although there's some very prospective projects that have yet to really be properly evaluated, Flat has risen to the top of the heap right now because it has size and scale, it has the gold tenor. It has all the earmarks of what Tony is referring to as a Tier 1 deposit. So it necessarily kind of demands kind of our interest and attention. And I think obviously, when you get to the moment that you finish off that final feasibility study and you run through the economics and you've got a project that passes muster, that's a super exciting moment. But I think it's all the little steps along the way that are equally as important, whether it's kind of going through that first resource, that's a super exciting moment for a project, which then determines all the next steps, whether it's putting together that deal with Doyon, which was a pivotal deal, which is a transformational deal and something unique in Alaska in this sector and having that kind of partnership and support was a critical step in the development of this whole concept. So I think all those pieces are exciting moments. And I think you have to love all of it if you're going to get involved in this business because there's not always a big victory at the end. You have to be, I think, really determined and you've got to be committed and you've got to be patient. And you got to really love what you do. And I think that's really evident from the team of people that Tony has put together at Tectonic. You see a group that is excited about what they're doing in Alaska in the field, but also back in the office and around the Board table. I really feel there's great kind of energy and good synergy between all the people that are involved in the company. I think that's absolutely critical if you're going to be successful. And so that was a very long-winded answer, Yolande. I don't think I really answered it. But for me, there isn't necessarily one aha moment, you need a bunch of them. And the important thing is just getting on that path.

I would also like to add that to elaborate a bit on your question a bit further and also kind of what Eira said. And Eira knows this because we work day-to-day. I was the Vice President -- one of the Vice Presidents, Eira was the CEO of Kaminak. And Eira I distinctly recall the moment where we brought in Electrum, Tom Kaplan, Ross Beaty, Lukas Lundin and a fund out in Europe owning about 19% of the company. And even with all that horsepower and our belief, our share price was not doing so great. And what I'm highlighting is that although we may sound optimistic, and yes, we believe this to be a Tier 1 opportunity, it isn't just a straight line like the side of the ski hill, sometimes there's the other side of the mountain as well. And so you sometimes have to question, okay, am I drinking too much of the Kool-Aid? What am I missing? What's the market missing? So there are these small little wins. But ultimately, over the trajectory of time, it does go like this, but there are moments where the junior mining sector can really humble you and make you question what you believe in and your integrity on the project, your belief in the project and the potential of the project. And so it's -- that's the junior mining sector. So there are wins that we've demonstrated so far, and there are -- the next stage will be the resource. And then if that meets our criteria, then it ratchets up to the first economic engineering study. And then there's the community and then there's more metallurgical test work. So each one is a little bit of a -- well, is a hurdle with kind of you're holding your breath, oh my gosh, hope that metallurgy works out. Oh my gosh, I hope the PEA is robust. What happened? And then the gold price is another factor and then capital markets, the broader markets. So it's not all like we're skipping across to the finish line. Hands up in the air, raising Poseidon trophy. It's pretty much we've just cobbled our way to the finish line, we did it.

No, it's true. It's not an easy game. I remember, Tony, when you -- we sold Kaminak and you were thinking about what you wanted to do. And I was looking at more advanced opportunities and you said, I think I really want to get back into the early-stage exploration. I said, okay, are you really sure that's what you want to do because it's a long road. It's super exciting and the potential upside is huge. But it is a long road, and it's going to require a huge commitment of time and a big effort. But I think ultimately, Tony had the exploration bug early from even his early years at Kaminak, he spent a lot of time there, but I think he got that bug early. And I think to be able to take all of those learnings from that first experience and turn that and invest it into a new opportunity that was Tony's idea and his concept and he's leading the charge, I think it was something you just had to do.

Yes. Yes. I've mentioned this before. I think it was on an interview with Rick Rule, but my model in life is to do everything twice, the first time to do it and the second time to do it better. So we'll see if that comes to fruition. But I would also just highlight back that exploration but and highlight something that you've done in your career, and I've done in my career. And correct me if I'm wrong, was Diavek or Aber, the company that owned Diavek, was that your first formal experience in the exploration space. Because you were geologist -- you are a geologist. Was that -- you did a couple of small fields, but is that your first formal entry into the corporate world?

Yes, it really would have been, because at the time, I just finished my university grad. I worked field jobs for a couple of summers for large companies like Noranda and Urangesellschaft, and so I've done field work, but working for Aber, I mean it was a special experience because obviously, as you know, Tony, my father founded that company. But the reason that I was really brought in at that time is the company had no money. So there was really no employees. So I was like cheap labor. My dad said, well, you're a geologist now, so you're going to have to come help on this. And by the way, I don't have anyone else in the office. Can you answer phone calls and do the faxing and send out the news releases as well. So it was like complete trial by fire on junior mining because we'd stake this land package with the last money in the treasury and then had to figure out how to finance it. And like a lot of early-stage plays, we thought we were super smart in jumping on this bandwagon, Chuck Fipke had made this big discovery. The whole world is going to recognize this amazing opportunity, and there's going to be this massive staking rush, and we're going to be the first to the party. Well, we were the first to the party, but then there wasn't a massive staking rush. It was like a very tough 1.5 years to convince the rest of the world that this was not just a how street promote. And we ended up having to do a deal with Rio Tinto to bring credibility to what we were trying to do at Diavik. And that wasn't -- people look back at it now and say, well, that was easy and straightforward, but it really wasn't. It was a long haul as well. And that was an amazing training round because, yes, I started -- I did the field work, but I also got the opportunity really to liaise with shareholders and really understand what it meant to be as a public reporting issuer and then eventually was able to kind of serve on the Board of Directors there as well. So it was remarkable. 16 years, I watched the company go from a market cap of a few million dollars to over $1 billion and go through the effort of exploration and discovery and ultimately building a mine. So, I feel very, very fortunate to have had that early in my career. And even my dad said to me, you should pinch yourself because many geologists spend their entire career and never get that opportunity. And to have that experience so early in your career is very unusual. So I always remember that, and I do feel incredibly privileged to have had that experience because I think it has shaped everything that I've done since. And just like your experience at Kaminak, Tony, is shaping what's happening with Tectonic right now and how you want to do things differently, how you want to build on those successes and those experiences to do it better.

Yes. That's kind of what my -- the point I was getting at was I wanted to pull that out of you, but also to highlight that, that exploration bug that we get, what solidifies that bug is the belief that you can actually do it. And a lot of people think you're crazy, but you need conviction, you need belief. And watching the Kaminak story, the Coffee Gold project go from never drilled before to discovery on the first hole to resource to growing the resource to the next level to 3 million to 5 million ounces, that PEA, that feasibility. So you're like, wow, we actually did it. I remember that moment with that first drill, and I know you have a story, too, where you had drill core from the first hole ever drilled on the Coffee Gold project, 17 grams over 15 meters. And I was just like -- I won't use politically correct language, but I was like, wow, we actually did it. And it just like just let that hit for a bit. And it was like -- we didn't have -- before I talk about the assays there, but we actually didn't have assays, but we had an inclination that we hit gold. And once it happens, it's kind of -- it's not anticlimactic. It's like, wow, and then it's like, okay, so what now? And going through that process was my university. I did like just like you, ironically, and I didn't know it at the time, but I was able to witness the transformation of a project from prospective ground to actually proven gold endowment and then something that could be mined economically through that feasibility study, but also watching the market, watching the market, the shareholder base transform. It's pretty remarkable because -- and I had the exact same experience with a few colleagues of mine, some of them older that were on the -- sorry, the Kaminak Advisory Board and the Kaminak Board itself, where they're like we've never actually gone from grassroots to this. We've jumped in at the discovery stage or there's a lot of companies or mining entrepreneurs or Hall of Famers that won't even touch exploration. They want to come in, they buy perhaps old assets that have a historical resource on it, transform it in that sense. But this is a completely different skill set and fortitude that requires someone to say, hey, let's do it. And I think the fact that we've actually done it and you've done it with Diavik and actually continued on with Harry Winston, correct me if I'm wrong, that bought Aber and then was there on the Board of Harry Winston and watch it actually -- you're going to -- it's pretty cool because I didn't get the opportunity at Kaminak to watch it go into production or the possibility of it going into production, I should say, it's not in production yet. But you actually witnessed your discovery transformed to the point where it actually produced a diamond. You actually -- not only you held a diamond, but you actually wear those diamonds, too. And I do know the famous story, and I'm going to get you to comment here when you had the drill core that was drilled that actually had -- we talk about BG, but that drill core actually had a nice little diamond sitting in the core, which obviously confirmed you hit something.

Yes. I mean, but it's exactly the same when you -- when you first did the -- you guys drilled the discovery hole at Kaminak, and just to be clear, I joined later. It was Tony and the team of the day that made that discovery and then I joined as it was advancing towards its first resource. But for me, when we hit that discovery hole, unlike gold where you tend to have certain geological characteristics with diamonds, it's a little trickier because diamonds occur in such low concentrations, the likelihood of seeing one in the core is extremely low. And so the fact that, that first hole, we had a 2-carat diamond poking out of the drill core. We didn't know what it meant. We didn't know how to translate that into potential grade, but we knew it was significant that it was visible. And we found two other diamonds visible on the core in that hole as well. And so it really was an exciting moment. That was definitely one of those eureka moments when you know you're finally on to something. And by the way, that was after almost three years of drilling kimberlite after kimberlite that basically had very few or no diamonds. So that we were at the point where we were really writing -- going to write the project off. So it just highlights the patience and perseverance that's required in exploration. The odds are against you. So you really have to be a treasure hunter to want to do this.

I love that part of the story, though. That's the part you don't often hear. You hear the glory of the end of it, but that where you're on your last breath or your last dollar, and you still have that belief that you need to keep going, that there's something there. And then to have that proven right, that has to be, yes, a wonderful, a wonderful feeling after a very -- yes, hard few years.

Yes. No, absolutely.

So to switch gears a little bit. I just want to touch on your experience with Suncor. So you've been in the room for some of Canada's significant energy decisions, having served on the Board of Suncor for 17 years. I was at the center of the global energy transition and ESG conversation. How did your time in big energy change your perspective on how a junior like Tectonic should approach its social license, environmental stewardship, things of that nature?

My time at Suncor, I think has played such a critical role in how I think about my own businesses. I feel sometimes that I should have paid them rather than them paying me because of the experience that I gained. Listen, for me, Suncor was an amazing experience, and it was a real privilege to serve on one of Canada's largest energy boards, and it taught me an awful lot about governance. It taught me a lot about ESG. It taught me a lot about strategy. And because the oil sands resource is 100 years plus, you really got to think about where you're going with that business, not just for the next 5 years or even the next 10 years. You're thinking out 20 years and 50 years into the future. And with mining, we don't have typically as long a horizon as that, we're typically thinking shorter term. But the critical pieces to mining success are the same. You've got to have community engagement. You've got to have support of all your local kind of stakeholders and your indigenous partners. And you've got to be thinking about how you can do this in the most responsible, efficient way possible while still returning a lot of value to your shareholders. So that was an amazing kind of training ground for me and certainly try to take a lot of little nuggets from that Suncor experience where they are relevant and applicable and put them towards kind of some of the mining companies that I'm now involved in. And I think the caliber of the people that are involved in the energy space and just the kind of quality of the -- also the Board members who typically come from all walks of life that have tremendous experience globally is something that I really learned a lot from as well. And of course, as Tectonic is focused in Alaska, I think there's a lot of relevant experience and hopefully, I can bring to bear there as well.

Tony, I'll turn it to you. So, Eira brings that 30,000-foot view from boards like Suncor and Lucara. How you take those high-level principles of capital discipline and ESG excellence and translate that into the day-to-day grind of running, say, like an 18,000-meter drill program in the middle of the Alaska interior.

Well, I think it starts whether or not like -- it has to be part of your DNA. I think -- and that's where the upbringing, whether at Kaminak, but just being surrounded by people that adhere or have that ESG in their DNA like Eira, like Allison, one of our directors as well and a long-time director and also a VP of Sustainability for Kaminak. So having people around me to influence whether directly or indirectly, like learning through osmosis. And then also, there's -- if your belief is, as Eira highlighted, discovery is just one aspect. If your belief is that this project has the potential to become a mine, I think a lot of sometimes C-suite executives, also shareholders in the market, they're fixated on drill results. That's only one part of the package. It's like if we go back to the analogy of trying to win the Stanley Cup for Super Bowl, you can have your all-star, but you can't say, okay, let's get rid of the coach, let's get rid of all the coaches, the GM. Everyone plays a critical part in the success of forming a championship team and getting there. And the same thing can be said about geology. It's not just the geology of the drill results. If you truly believe that this is a mining opportunity, then you have to get your ducks in a row on every front possible from government to community to indigenous relationships or partnerships right, right through also the metallurgical front, the environmental front, all that has to get that. So, everything we do, whether it's small scale, so just like, okay, the 2025 drill program or playing or looking at the broader 30,000-foot level, you have to have people that subscribe to that philosophy or that approach and that's hence the current Tectonic Board, Eira, if I forget that step, they remind me the importance of doing that environmental baseline work, engaging community relations, all those kinds of things because they understand because they've gone through it, how important it is to play the long-term game if you actually want to put something in mine. If you actually just want to put out a great draw and get your share price from $0.50 to $2, okay, that's a different approach, and that's not what we necessarily subscribe to. That's what I would classify as the short game. So we have to make sure that whether at a conference or in the field that we always have that scope and that awareness to have that full body picture of what truly is important and meaningful to us. And we're not -- the Tectonic Board is not just Eira, I want to acknowledge all my Board members and also my strategic advisers, having access to someone's experience outside of mining -- for those that don't know, Suncor's market cap is like $75 billion currently. I believe it's back then when -- obviously, when oil and gas prices were much higher, it was even much higher. So, I'm not asking Eira, hey, how do I get my share price from $0.50 to $0.60? I can tap into what a blue-chip company does or I can tap into how do you take something from discovery through to production? How do you sign those socioeconomic agreements, those impact benefits agreements? How do you get this project permitted? And that's across the board. And so that's when -- again, I just want to emphasize just how honored I am to have my own personal encyclopedia of mining experience, public company experience, blue-chip experience, field experience, environment experience. And I think that's truly what you want with all the other aspiring CEOs out there. You want to surround yourself with people that have done it and have done it with integrity and have obviously have had success. And then you can tap into that experience to shape how we steer this company forward. And so it is truly an honor and a privilege to have a Board and our advisory Board that has seen multitude of mines have put things in production, and they really shaped the day-to-day operations of this company.

Very good. Well, I could go on with this conversation all day. But in the interest of time, is there anything I haven't covered that you want to touch on before we wrap up?

Yes. I haven't seen Eira's sweat yet.

I'm going to say one thing, which is really important, and Tony was kind of touched upon it is that he wanted to acknowledge his other Board members. I mean a key thing for me is the people that are involved in this company. And a big part of that, of course, is the Board itself. I mean to step into the role of Chair is a big responsibility. And I wouldn't be doing that if I didn't feel that I had a really solid Board to join into. And there's an amazing group of people that I've had the privilege of knowing most of them for many years now. So really admire them all, and they bring huge skills and knowledge that is going to be really beneficial to us in this next chapter as well.

Tony, any closing thoughts?

Yes. So I'm going to ask Eira, what do you think is the biggest challenge Tectonic has in front of it right now?

I think the biggest challenge is what I talked about earlier. We feel like getting to that discovery phase is once you're through that and maybe you've identified your first resource, you kind of -- you're on the path. But I think it's about stewardship, trying to really take that discovery through advanced assessment and evaluation and into development is -- can be a tricky road. So I think managing that, continuing to be very disciplined, continuing to go after those key risks, identifying the risks and then going after them. Tony, you touched on companies, a lot of junior companies sometimes earn the reputation of really just being stock promotes and wanting to get the stock up 20% or 50% or a double. At the end of the day, we're explorers. We want to find things and we want to find them and put them into production. And I think understanding all the key risks in front of us to be able to do that is really critical. So our biggest challenge is continuing to generate momentum in the market because we're a publicly traded company that recognizes the value that we are bringing through the work that we're undertaking so that we're able to raise the capital we need to ultimately advance this project quickly.

I meant that.

Very well said. Eira, Tony, thank you both. It is very exciting to have a team with your track record and experience and absolute passion for mineral exploration leading the charge here at Tectonic. We are still awaiting assay results for 103 holes at the Flat project. So stay tuned for further news, and we'll see you at the next update. Bye for now.

Thank you very much, Yolande.

Thank you. Thank you, Yolande.

Thank you, Tony.

Thank you, Eira.