(figures are in US$ except where stated)
Higher gold and copper production with increased shareholder returns1
- Operating and financial performance supports 100% increase in total dividends for FY23
- Statutory profit2 and Underlying profit3 of $778 million
- Free cash flow3 of $404 million
- Fully franked final dividend of US 20 cents per share, bringing total FY23 dividends to US 55 cents per share
- Safety and sustainability
- Learnings shared across the business following the tragic fatality at Brucejack and serious injury at Cadia; Improved annual TRIFR4 of 2.97
- Transition to electric vehicles continues with Brucejack truck loading fleet now fully battery electric and activities to procure and onboard trials of high technology readiness fleet progressing at Cadia and Brucejack
- First renewable power generated from the Rye Park Wind Farm in July 2023, with early supply commencing under Cadia's Power Purchase Agreement
- Newcrest Sustainability Fund driving social investments with contribution to eight major projects and two emergency response projects approved
- Quality organic gold and copper growth portfolio
- Initial Newcrest Mineral Resources and Ore Reserves estimates for Brucejack separately announced today drive an increase in Group gold Mineral Resources and Ore Reserves5
- FY23 key milestones included Cadia PC1-2 and Lihir Phase 14A Feasibility Studies approved to execution, and signing of the Wafi-Golpu Framework Memorandum of Understanding (MOU)
- Established growth pipeline continues to progress, with the Brucejack transformation program realising multiple value opportunities and Red Chris Feasibility Study on track for completion in H2 CY236
- Binding agreement executed with Newmont to acquire 100% of the issued shares of Newcrest7
- Transaction expected to establish a clear global leader in gold production by combining two of the world's largest producers, with a significant and growing exposure to copper
- Newcrest Board unanimously recommends shareholders vote in favour of the transaction in the absence of a Superior Proposal8, and subject to the Independent Expert concluding and continuing to conclude that the transaction is in the best interests of Newcrest shareholders
- Newcrest expects to pay a franked special pre-completion dividend of US$1.10 per Newcrest share9
- Scheme Meeting expected to be held in October 2023 with implementation targeted for November 202310
Melbourne, Australia--(Newsfile Corp. - August 10, 2023) - Newcrest (ASX: NCM) (TSX: NCM) (PNGX: NCM) Interim Chief Executive Officer, Sherry Duhe, said, "In FY23 we produced 2.1 million ounces of gold and 133 thousand tonnes of copper, with a significantly improved free cash flow of $404 million and Statutory and Underlying profit of $778 million. Our balance sheet remains in excellent shape, sitting comfortably within all our financial policy targets as we continued to invest in our organic portfolio of value generating projects.
"On the safety front, our injury rates decreased by 26% compared to last year, however, we were deeply saddened by the tragic fatality at our Brucejack mine in October and a serious injury at Cadia in June. These incidents are felt deeply and a stark reminder that safety must remain our first and fundamental priority. Following extensive safety reviews across our sites, we continue to share our learnings across the business to help prevent fatalities and life-changing injuries going forward.
"FY23 has been a transformational year for Newcrest. We made significant progress against our growth strategy with key study milestones achieved at Cadia and Lihir, the signing of the Framework MOU at the world-class Wafi-Golpu copper-gold deposit, and continued success realised through the Brucejack transformation program. Following our strong exploration performance we significantly expanded the Exploration Target at East Ridge, highlighting the exciting opportunity for Red Chris as the Block Cave Feasibility Study continued to pursue a range of optimisation opportunities. Together with activities underway to maximise the value of Telfer and Havieron, our global gold and copper portfolio is very well placed for the future.
"In May we reached an agreement for Newmont to acquire 100% of the issued shares in Newcrest. If the transaction receives the necessary approvals and proceeds, the combined company will set a new benchmark in gold production with increased diversification across a premier portfolio of gold and copper assets, as well as additional flexibility in project sequencing and growth optionality. Our Board has unanimously recommended that shareholders vote in favour of the transaction which is targeted for implementation in November 2023. We are incredibly proud of the successful business our people have created, and the significant premium offered by Newmont to acquire our company is testament to their hard work and dedication over many years.
"We have been committed to building an empowered and inclusive culture while progressing our sustainability credentials and continued to fund a variety of projects through the Newcrest Sustainability Fund to support our local communities. We are also progressing multiple carbon reduction initiatives as part of our Group Net Zero Emissions Roadmap, investing in electric vehicles and other new technologies to support our transition to a low-carbon future.
"Finally, we are very pleased to announce a final dividend of 20 cents per share today, which exceeds the minimum payout targeted by our dividend policy and brings our total dividends for the 2023 financial year to 55 cents per share. This is equal to the highest total annual dividend Newcrest has ever determined, reflecting our ongoing commitment to providing strong shareholder returns," said Ms Duhe.
Summary of Operating and Financial Results
| For the 12 months ended 30 June | |||||||||
| Endnote | UoM | 2023 | 2022 | Change | Change % | ||||
| TRIFR | 4,11 | mhrs | 2.97 | 4.01 | (1.04) | (26%) | |||
| Group production - gold | 12 | oz | 2,105,068 | 1,956,182 | 148,886 | 8% | |||
| Group production - copper | t | 133,149 | 120,650 | 12,499 | 10% | ||||
| Revenue | $m | 4,508 | 4,207 | 301 | 7% | ||||
| EBITDA | 3 | $m | 2,063 | 2,054 | 9 | 0% | |||
| Statutory & Underlying profit | 2,3 | $m | 778 | 872 | (94) | (11%) | |||
| Cash flow from operating activities | $m | 1,605 | 1,680 | (75) | (4%) | ||||
| Free cash flow before M&A activity | 3 | $m | 447 | 229 | 218 | 95% | |||
| Free cash flow* | 3 | $m | 404 | (868) | 1,272 | >100% | |||
| All-In Sustaining Cost | 3,12,13,14 | $/oz | 1,093 | 1,043 | 50 | 5% | |||
| All-In Sustaining Cost margin | 15 | $/oz | 680 | 732 | (52) | (7%) | |||
| Realised gold price | 16 | $/oz | 1,797 | 1,797 | - | - | |||
| Realised copper price | 16 | $/lb | 3.76 | 4.36 | (0.60) | (14%) | |||
| Earnings per share (basic) | US$ cents | 87.0 | 103.4 | (16.4) | (16%) | ||||
| Earnings per share (diluted) | US$ cents | 86.8 | 103.1 | (16.3) | (16%) | ||||
| Dividends paid per share | US$ cents | 55.0 | 47.5 | 7.5 | 16% | ||||
| Net debt | $m | 1,459 | 1,325 | 134 | 10% | ||||
| Leverage ratio | 3 | times | 0.7 | 0.6 | 0.1 | 17% | |||
| Gearing | % | 11.1 | 10.2 | 0.9 | 9% | ||||
* Free cash flow in the prior period includes the payment for the acquisition of Pretium Resources Inc. (Pretium) of $1,084 million (net of cash acquired).
Refer to the Company's "ASX Appendix 4E and Financial Report" released on 11 August 2023, and the Operating and Financial Review in particular, for more detail on the Company's financial results.
FY23 Final Dividend of US 20 cents per share & suspension of Dividend Reinvestment Plan
Newcrest looks to pay ordinary dividends that are sustainable over time having regard to its cash flow generation, reinvestment options in the business and external growth opportunities, financial policy metrics and balance sheet strength. Newcrest targets a total annual dividend payout of 30-60% of free cash flow generated for the financial year, with the annual total dividends being at least US 15 cents per share on a full year basis. Acknowledging the cyclical nature of the industry, Newcrest has a flexible dividend policy that allows it to balance cash returns to shareholders and investment in the business, with the intention of maximising long-term shareholder value.
Consistent with Newcrest's commitment to disciplined capital management, the Board has determined that a final fully franked dividend of US 20 cents per share will be paid on Monday, 18 September 2023, demonstrating Newcrest's commitment to providing strong shareholder returns. The record date for entitlement is Monday, 21 August 2023.
The financial impact of the FY23 final dividend amounting to $179 million has not been recognised in the Consolidated Financial Statements for the year. The Dividend Reinvestment Plan (DRP) will not apply to the final dividend as the Newcrest Board has determined to suspend the DRP with effect from 11 August 2023.
Summary of Full Year Financial Results
Statutory profit and Underlying profit were both $778 million in the Current Period.
Underlying profit of $778 million was $94 million lower than the prior period, primarily due to a lower realised copper price, higher depreciation, higher operating costs (including the impact of inflationary pressures which were in line with expectations), a decrease in Newcrest's share of profits from its associates and an increase in finance costs with a higher level of debt and higher interest rates in the current period.
These impacts were partially offset by the addition of Brucejack, a higher contribution of low cost Cadia production, the favourable impact on costs (including depreciation) from the weakening of the Australian dollar and Canadian dollar against the US dollar, favourable fair value adjustments recognised on Newcrest's investment in the Fruta del Norte finance facilities, a lower income tax expense as a result of the Company's decreased profitability in the current period, and higher molybdenum revenue from increased sales volumes.
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Refer to the Company's "ASX Appendix 4E and Financial Report" released on 11 August 2023, and the Operating and Financial Review in particular, for more detail on the Company's financial results.
FY24 Guidance17,18
Newcrest provides the following guidance for FY24, subject to market and operating conditions.
Newcrest has determined, in consideration of the binding agreement entered into with Newmont Corporation on 15 May 2023 and the upcoming Scheme vote (expected to be held in October 2023), that guidance for the 12 months ending 30 June 2024 will be provided on a Group level basis. The Company has followed its standard Group budget reporting process in preparing this guidance range based on Newcrest continuing on a standalone basis.
If the Scheme of Arrangement with Newmont is approved by shareholders and the other conditions precedent are satisfied or waived, Newmont will assume management control of Newcrest and the Group level guidance set out below will not apply.
Guidance for the 12 months ending 30 June 2024
| Group(a) | |
| Production | |
| Gold - koz | 2,000 - 2,300 |
| Copper - kt | 120 - 140 |
| All-In-Sustaining Cost (AISC) | |
| AISC - $M Includes sustaining capital expenditure | 2,200 - 2,600 |
| Capital Expenditure ($M) | |
| Sustaining capital expenditure Includes production stripping (sustaining) and sustaining capital | 560 - 640 |
| Non-sustaining capital expenditure Includes production stripping (non-sustaining) and major projects | 610 - 735 |
| Exploration and Depreciation ($M) | |
| Exploration expenditure | 130 - 150 |
| Depreciation and amortisation (includes depreciation of production stripping) | 820 - 870 |
(a) Group gold production and AISC includes Newcrest's 32% attributable share of Fruta del Norte through its 32% equity interest in Lundin Gold Inc. For H1 of FY24, Newcrest has derived its guidance range for Fruta del Norte by taking the mid-point of Lundin Gold's CY23 guidance range of 425koz to 475koz for gold production and $870/oz to $940/oz for AISC. For H2 of FY24, Newcrest has derived its guidance range for Fruta del Norte by taking the mid-point of Lundin Gold's CY24 guidance range of 450koz to 500koz for gold production and $780/oz to $850/oz for AISC. The mid-points for both calendar years were then divided by two and multiplied by Newcrest's 32% attributable interest. Lundin Gold's guidance ranges were sourced from their website (www.lundingold.com).
Creating a safe & sustainable business
Safety
In October 2022, a tragic fatality involving a contractor occurred at Newcrest's Brucejack mine in British Columbia. During the suspension of operations, Newcrest completed an extensive safety review across all activities at Brucejack to identify major hazards and corresponding critical controls, establishing additional control verification mechanisms to monitor those critical controls. These learnings have been shared across Newcrest's global operations to help prevent fatalities and life-changing injuries going forward. The New South Wales Resources Regulator is investigating two safety incidents at Cadia. These are in response to a serious injury that occurred to a team member from one of Cadia's contracting partners in June 2023, and a separate incident resulting in serious injuries to a team member that occurred in October 2021. Newcrest remains committed to learning from these devastating incidents to ensure that safety remains at the forefront of every activity across the business.
In FY23, Newcrest reported a Total Recordable Injury Frequency Rate (TRIFR) of 2.97 per million hours worked which was lower than the prior period. In the current period Red Chris achieved its lowest TRIFR on record and Lihir delivered two consecutive quarters (March and June 2023) with zero recordable injuries, with the March 2023 quarter being the first quarter with zero recordable injuries in ten years.
Sustainability
Newcrest continued to progress its Net Zero by 2050 goal during the current period with the scoping and planning of key trials and studies to implement the Group Net Zero Emissions Roadmap continuing. Fleet electrification remains a key focus across the business, with the underground truck loaders at Brucejack now fully battery electric, the battery electric load haul dump scoop trial continuing at Brucejack and planning for other electric vehicle trials ongoing at Cadia. The Telfer / Havieron renewables concept study is nearing completion and the Lihir FY23 power technology assessment workplan was completed during the current period, with several options selected for further assessment.
In July 2023, the first renewable power was generated from the Rye Park Wind Farm, with early supply commencing under Cadia's Power Purchase Agreement (PPA) with Tilt Renewables. As previously announced, Newcrest has a 15-year renewable PPA to secure a significant portion of Cadia's future projected energy requirements from 2024. The wind farm is expected to be fully operational in mid-20246.
Newcrest launched a A$10 million Newcrest Sustainability Fund in July 2022 to support programs that contribute to the resilience of communities across Newcrest's geographic areas of interest and support the United Nations Sustainable Development Goals. Contribution to eight major projects and two emergency response projects were approved during the current period with a focus across health, education, biodiversity, reduction in inequalities and economic growth outcomes.
Operations
Cadia
Cadia delivered a strong operating and financial performance for the current period, with gold and copper production increasing following completion of the SAG mill motor replacement and upgrade in the prior period, and the ongoing benefits of recovery improvement projects with the commissioning of the two-stage plant expansion project completed. This was partially offset by lower gold head grade which was in line with expectations.
Construction of the underground materials handling system for PC2-3 was finalised and first ore was delivered to the mill in the March 2023 quarter. This was a significant milestone for Cadia's next panel cave, with activity now focused on mine development.
In November 2022, the Newcrest Board approved progression of the Cadia PC1-2 Feasibility Study to Execution, marking a key strategic milestone to maintain Cadia's gold and copper production profile for decades to come. The Feasibility Study demonstrated strong financial returns with an optimised mine footprint substantially increasing expected ore mined across the life of the project. Key development activities for PC1-2 remain on track with development metres increasing in the June 2023 quarter. First ore production is expected in FY266,19.
During the June 2023 quarter, the NSW Environment Protection Authority (EPA) issued Cadia with variations to its Environment Protection Licence, a Prevention Notice and Notices to Provide Information regarding the management of dust emissions and other air pollutants from the tailings storage facilities and ventilation rises. The licence variations largely formalised the actions Cadia had developed in consultation with the EPA and were already undertaking across a range of measures.
Cadia received a letter from the EPA in June 2023 requiring it to immediately comply with specific statutory requirements and licence conditions relating to a ventilation rise. Adjustments were implemented underground, including a reduction in mining rates, modifications to the ventilation circuit and the installation of additional dust sprays and spray curtains.
Four dust filtration units are currently in place, with commissioning of the remaining three units expected to be progressively completed in the December 2023 quarter. No material impacts to production are expected6, with mill feed supplemented by surface stockpiles until that time.
Cadia continues to work openly and transparently with the EPA and the local community to meet its statutory obligations in a way that is aligned with Newcrest values.
A New South Wales Legislative Council Committee has commenced an inquiry into current and potential community impacts of the gold, silver, lead and zinc mining industries in the state. Newcrest will provide a submission to the committee.
Lihir
Lihir's operating and financial performance in the current period was below expectations driven by lower feed grade reflecting a higher proportion of low grade expit material being processed in the second half, following extreme rainfall which limited pit access and caused materials handling issues at the crushers. Mill throughput was significantly constrained in the first half due to drought conditions which limited raw water supply to the plant, together with several unplanned downtime events impacting mill availability. Despite the weather events, ore mined increased by 57% compared to the prior period reflecting the progression of stripping into higher grade ore.
In January 2023, the Newcrest Board approved the Lihir Phase 14A Feasibility Study, endorsing the project into full implementation. Phase 14A is another step forward in realising the full potential of Lihir with the cutback expected to deliver additional high grade gold production over the next four years. Lihir is on track to deliver high grade ore from Phase 14A in FY246.
Newcrest continues to assess a range of options to unlock additional high grade mineralisation outside the current Ore Reserve with the potential to extend the elevated production profile beyond FY31. Work to assess the application of steep wall technologies in the northern and eastern extents of the Kapit orebody, including a lower cost and simpler seepage barrier design is on track for completion in CY236.
Telfer
Gold production at Telfer was lower in the current period, driven by lower mill throughput and lower head grade, with a higher proportion of stockpile material processed.
In November 2022, the Newcrest Board approved the West Dome Stage 8 cutback at Telfer. The cutback underpins continuity of operations at Telfer, with the mine expected to continue operations into early FY256. First ore production in West Dome Stage 8 was achieved during the December 2022 quarter with mining rates in the cutback performing above expectations during the current period.
Brucejack
The financial and operating performance at Brucejack during the current period was impacted by the temporary suspension of operations following the tragic fatality in October 2022. All mining and processing activities returned to full capacity in early December 2022, although gold production in the second half of FY23 was lower than expectations driven by lower gold head grade.
Newcrest continued to successfully advance the three-phase transformation program during the period with a range of initiatives well progressed. Brucejack remains on track to deliver the expected synergy benefits of C$20-$30 million (US$16-$24 million) per annum20, with over 50% of the benefits delivered in FY23.
The debottlenecking Pre-Feasibility Study (PFS) to further investigate the potential to increase process plant capacity by up to 30%21 is progressing well. The processing plant permit amendment application has been lodged with the regulator and the PFS is expected to be completed in the December 2023 quarter6. The ore sorting project is also progressing following positive preliminary results in the initial bench scale trials, with the concept study now complete and detailed design on a trial installation and procurement of long-lead items well advanced.
The extensive drilling program undertaken continued to confirm the potential for resource growth at the Valley of the Kings (VOK) deposit and surrounding area. Further positive results were returned in the 1080 Hbx Zone, HBX domain, and Golden Marmot during the year. The surface exploration program also commenced in the June 2023 quarter with three drill rigs in operation targeting opportunities around the VOK.
Newcrest released its initial Mineral Resource and Ore Reserve statement for Brucejack today, representing 3.7Moz Probable Gold Ore Reserves, 8.2Moz Indicated Gold Mineral Resources and 4.0Moz of Inferred Gold Mineral Resources5. Overall, Newcrest Group gold Ore Reserves increased by 5% to 64Moz, Measured and Indicated Mineral Resources increased by 4% to 130Moz and Inferred Mineral Resources increased by 20% to 25Moz compared to the prior period5. For further information see release titled "Annual Mineral Resources and Ore Reserves Statement - as at 30 June 2023" dated 11 August 2023 which is available on www.asx.com.au under the code "NCM" and on Newcrest's SEDAR profile.
Red Chris
FY23 was an investment year for Red Chris as the stripping program continued in the open pit and the Block Cave Feasibility Study progressed to unlock value. Gold production was lower compared to the prior period primarily due to lower recoveries, with lower copper production driven by lower grade. In addition, unit costs were higher driven by the upfront cost of embedding business improvement initiatives and a lower realised copper price.
Newcrest continued development of the Red Chris exploration decline which has now advanced well over three kilometres, with the installation of the first ventilation rise largely complete. The Feasibility Study remains on track for completion in the second half of CY236 as optimisation opportunities continue to be assessed to unlock further value. Newcrest is reviewing various options to offset any inflationary cost pressures on future capital expenditure and operating costs.
In March 2023, Newcrest released an expanded Exploration Target22 for East Ridge, confirming the substantial discovery near existing infrastructure and indicating potential to support additional block caves at Red Chris. Work is underway to update the Red Chris Mineral Resources estimate to include East Ridge in CY23, which will provide further clarity on the size and scale of this prospect. Newcrest continued its drilling campaign at Red Chris during the year with drilling intersecting a new higher grade zone of mineralisation east of the East Ridge Exploration Target, which has the potential to become the fifth porphyry centre along the Red Chris porphyry corridor.
Wafi-Golpu
On 6 April 2023, Newcrest and its Wafi-Golpu Joint Venture (WGJV) partner Harmony Gold signed a Framework MOU with the Independent State of Papua New Guinea. The MOU represents a substantial step forward in progressing towards the signing of a Mining Development Contract for Wafi-Golpu and confirms the parties' intent to proceed with the project, subject to finalising the permitting process and approvals of both the Newcrest and Harmony Gold Boards.
Following the signing of the Framework MOU, Newcrest and Harmony Gold have continued to engage in detailed negotiations with the PNG Government on the terms of a Mining Development Contract, which is a pre-requisite for the granting of a Special Mining Lease. The parties are actively working together to progress these as quickly as possible.
Havieron
During the current period, Newcrest celebrated the two kilometre milestone for the Havieron exploration decline. Various workstreams to support the development of the Feasibility Study continue to progress with several value enhancing options underway with the aim of maximising value and de-risking the project.
The growth drilling program focused on testing the lower portions of the Crescent Zone and the Eastern Breccia was completed during the current period.
Corporate
Newcrest enters into binding scheme implementation deed with Newmont
In May 2023, Newcrest entered into a binding SID with Newmont in relation to a proposal for Newmont to acquire 100% of the issued shares in Newcrest by way of a scheme of arrangement (Newmont Transaction).
Under the terms of the Newmont Transaction, Newcrest shareholders will be entitled to receive 0.400 Newmont shares for each Newcrest share held on the scheme record date. In addition, Newcrest expects to pay a franked special dividend of US$1.10 per Newcrest share prior to implementation of the scheme, subject to the scheme becoming effective9.
The Newcrest Board unanimously recommends that shareholders vote in favour of the Newmont Transaction in the absence of a Superior Proposal (as defined in the SID), and subject to the Independent Expert concluding and continuing to conclude that the Newmont Transaction is in the best interest of shareholders.
The scheme of arrangement is subject to a number of conditions, including approval by Newcrest shareholders at a Scheme Meeting which is expected to be held in October 2023. If the Newmont Transaction is approved by Newcrest shareholders and the other conditions precedent are satisfied or waived, implementation of the Newmont Transaction is targeted to occur in November 202310.
Lundin Gold updates
Newcrest acquired the gold prepay credit facility, together with a stream facility and an offtake agreement in respect of Lundin Gold Inc's (Lundin Gold) Fruta del Norte mine for $460 million in April 2020.
In January 2023, Newcrest received early repayment of the gold prepay credit facility in the amount of $173 million (net of withholding taxes) from Lundin Gold. The stream facility and the offtake agreement have continued in place following the repayment of the gold prepay credit facility.
With the early repayment from Lundin Gold, Newcrest has received $480 million (net of withholding taxes) from these financing facilities since their acquisition, including cash flows of $325 million (net of withholding taxes) from the gold prepay credit facility.
Newcrest also received total dividends of US$30 million in the current period relating to its 32% equity interest in Lundin Gold.
Dividend Dates, Currency & Suspension of Dividend Reinvestment Plan
The Newcrest Board has determined that a final fully franked dividend of US 20 cents per share is to be paid on 18 September 2023. The key dates in relation to the final dividend are set out in the table below.
| Action | Date |
| Ex-Dividend Date | 18 August 2023 |
| Record Date and Currency Conversion Date | 21 August 2023 |
| Election Date - final date to elect to receive foreign currency | 22 August 2023 |
| Payment Date | 18 September 2023 |
Payment Currencies
The currencies in which dividend payments will be made are included in the table below:
| Currency to be paid | Shareholders |
| Australian dollars | All shareholders who will not be paid US dollars, PNG kina or NZ dollars in accordance with the circumstances set out below. |
| US dollars | Shareholders who:
|
| Papua New Guinea kina | Shareholders:
|
| NZ dollars | Shareholders who have nominated a NZ dollar bank account domiciled in New Zealand by 5:00pm (AEST) on 22 August 2023, being the Election Date. |
Payments made in Australian dollars, Papua New Guinea kina and New Zealand dollars will be converted from US dollars at the prevailing exchange rate on 21 August 2023, being the Record Date and Currency Conversion Date.
Mandatory Direct Credit of dividends applies to shareholders with a registered address in Australia, Papua New Guinea or New Zealand. Those shareholders are unable to receive their dividend by way of cheque.
Suspension of Dividend Reinvestment Plan
The Dividend Reinvestment Plan (DRP) will not apply to the final dividend as the Newcrest Board has determined to suspend the DRP with effect from 11 August 2023.
Full Year Financial Results Call
We invite you to join our investor webcast from Melbourne at 9.30am on Friday, 11 August 2023. Please register prior to this broadcast on the Newcrest website.
http://www.newcrest.com/investors/reports/financial/
Should you be unable to join us, the webcast can be viewed on our website following the live presentation.
Forward Looking Statements
This document includes forward looking statements and forward looking information within the meaning of securities laws of applicable jurisdictions, including within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements contained in this communication to be covered by the safe
