Battle Mountain Gold Posts Small First Quarter Loss, But Continues Strong Operating Performance.Business Editors HOUSTON--(BUSINESS WIRE)--May 1, 2000 Battle Mountain Gold Company (NYSE NYSE See: New York Stock Exchange :BMG BMG Bundesministerium für Gesundheit (Germand: Federal Ministry for Health) BMG Be My Girl BMG Blue Man Group BMG Bertelsmann Music Group BMG Be My Guest BMG Browning Machine Gun BMG Bulk Metallic Glass )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. ) today reported a first quarter consolidated net loss of $3.5 million, or 2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The first quarter loss compares with a net loss of $14.5 million, or 6 cents per share, in the same period last year. BMG President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , John A. Keyes Keyes is a common surname. It may refer to several notable people:
ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. are better than forecast and position the Company to achieve its production and cash cost forecasts for the year. The average realized gold price increased slightly to $290 per ounce, compared with $286 in the first quarter of last year. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses increased to $5.5 million for the quarter as a result of improving gold prices and production. The Company's cash position was $62.2 million at the end of the first quarter, including $40 million in restricted cash related to the Company's loan facility, which will be applied against BMG's long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. in 2003. During the quarter, the Company made additional debt repayments under the loan facility of $10 million, necessitated by a decline in the value of the Company's investment in the securities of Lihir Gold Limited. Keyes noted that the Company continues to make solid strides forward, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the continuing difficult gold price environment. In addition to the increased production and lower cash operating costs operating costs npl → gastos mpl operacionales achieved during the quarter, the Company: -- Identified opportunities to significantly improve the economics and expand the production of its Phoenix project. -- Continued to demonstrate the viability of the Llallagua bio-oxidation project. -- Concluded a new milling agreement at Holloway Holloway may refer to: Place names:
-- Received additional encouragement from its exploration work at Holloway and Casposo. Operations In Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , the Golden Giant mine The Golden Giant Mine was an underground gold mine in the Hemlo mining camp in Canada, located north of Lake Superior, midway between Sault Ste. Marie and Thunder Bay, Ontario near the town of Marathon. performed well during the quarter and is expected to be on target for the year. Block 5 production is underway and shaft shaft (shaft) a long slender part, such as the diaphysis of a long bone. shaft n. 1. An elongated rodlike structure, such as the midsection of a long bone. 2. deepening deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. Noun 1. deepening - a process of becoming deeper and more profound operations are scheduled for completion in mid 2000. The 88%-owned Kori Kollo mine in Bolivia Bolivia (bōlĭv`ēə, Span. bōlē`vyä), officially Republic of Bolivia, republic (2005 est. pop. 8,858,000), 424,162 sq mi (1,098,581 sq km), W South America. also continued to have good performance with production slightly ahead of plan. Cash operating costs for the period were lower than target. Opportunities to improve productivity and to treat a portion of the Kori Kollo ore by bio-oxidation to enhance recoveries have been identified and are being pursued. The 84.65%-owned Holloway mine performed better than plan with both higher throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. and higher grades. On March 14, Holloway completed 1 million hours worked without a lost time injury. In early April, a revised custom milling agreement was concluded with Barrick Gold Barrick Gold Corporation TSX: ABX NYSE: ABX is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units (RBU's) located in Australia, Africa, North America and South America. Corporation. The new 10-year contract addresses Holloway's long term milling issues and is expected to lower operating costs about $15 per ounce. The mill is being expanded, on an equal shared-cost basis, to a capacity of 1.1 million tons per year, sufficient to allow all of Holloway's targeted production to be processed at the facility. The expansion is expected to be completed by year end. BMG's 50% joint venture interest in the Vera/Nancy mine at the Pajingo complex in Queensland Queensland, state (1991 pop. 2,477,152), 667,000 sq mi (1,727,200 sq km), NE Australia. Brisbane is the capital; other important cities are Gold Coast, Toowoomba, Townsville, Rockhampton, Cairns, and Ipswich. , Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , performed slightly below plan, but is expected to be on target for the year. Development At the Phoenix development project at the Battle Mountain Complex in Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). , the Company announced in mid April that it expects to significantly improve the economics and expand production. The project is now expected to have lower cash costs and a greater return on investment than previously envisioned because of the higher milling rate achievable with the increasing reserve base. The Final Feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. , originally scheduled for completion at the end of the first quarter of 2000 is now expected to be completed in the second quarter of 2000. The extra time will allow work to be completed which targets a number of improvements. Predicated on a $300 gold price, which was used to demonstrate the robustness of the project, and estimated capital expenditures of $189 million, improvements in the new 30,000 ton per day (tpd) target scenario include: -- Increasing the milling rate by 40% to 30,000 tpd -- Increasing production to average 385,000 oz/yr over 13 years -- Improving pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta internal rate of return to over 18% and reducing pay back to about 5 years -- Lowering cash operating costs to below $175 per ounce -- Incorporating sulfidization, acidification acidification a technology used by processors to preserve foods by adding acids (such as acetic, citric, phosphoric, propionic and lactic acid) and thereby reduce the risk of growth of harmful bacteria. , recirculation Noun 1. recirculation - circulation again circulation - the spread or transmission of something (as news or money) to a wider group or area and thickening thick·en·ing n. 1. The act or process of making or becoming thick. 2. Material used to thicken: stir in a thickening of flour and water. 3. A thickened part. , or "SART SART 1 Sexual assault response team, see there 2 Society for Assisted Reproductive Technology A voluntary organization dedicated to improving the quality and delivery of assisted reproduction 3 Standard acid reflux test, see there " technology to increase average mill recovery of gold to 84.5%, reduce cyanide cyanide (sī`ənīd'), chemical compound containing the cyano group, -CN. Cyanides are salts or esters of hydrogen cyanide (hydrocyanic acid, HCN) formed by replacing the hydrogen with a metal (e.g., sodium or potassium) or a radical (e.g. consumption and improve copper recovery -- Increasing reserves and resources to at least 6.2 million ounces, with upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar -- Reducing the strip-ratio to 2.1:1 -- Doubling the net asset value Keyes noted that the Phoenix project clearly stands out as one of the best undeveloped gold projects in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . He added that the Company has identified, and will begin exploring, a number of potential financing options which it believes can help overcome financing hurdles for the project created by the current low gold price environment. Project commissioning is envisioned late in the first quarter of 2002, assuming timely completion of permitting and construction activities. In other development activity in Bolivia, work is advancing on the year-long 200,000-ton pilot plant test of the Llallagua bio-oxidation heap leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. project adjacent to Kori Kollo. A total of 21,500 tons of bio-oxidized ore was processed through the mill circuit in January and February. Recovery for the material processed during the first quarter ranged between 65% and 70%, compared with original recoveries of between 18% and 39% prior to bio-oxidation. Additional resource drilling at Llallagua was completed during the first quarter, as was project scoping work, and mine planning efforts began during March. The project is expected to have low development costs using the existing Kori Kollo infrastructure. Exploration Positive exploration developments for the first quarter include significant drill results from the Holloway area in Canada, Copper Basin in Nevada, Casposo in Argentina, and Llallagua in Bolivia. Exploration in Canada during the quarter focused on the Holloway area. Surface drilling continued on the Blacktop deposit near the Holloway mine, where work to date has indicated a resource of at least 500,000 ounces of gold, with upside potential. There is sufficient drill data on a portion of this mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. to outline a mineable resource of 445,000 tons, grading 0.225 opt, or approximately 100,000 ounces which would be in the proven and probable reserve category once access to this area is obtained. On the Teddy Bear teddy bear cuddly commodity named after President Theodore Roosevelt. [Am. Hist.: Frank, 46] See : Cuteness property surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the Holloway mine, exploration drilling was initiated to evaluate three "satellite reserve" opportunities within 1,650 feet of the underground workings. The opportunities lie within the 500 XP Lightning zone, the Contact zone and the Lightning zone. Results are pending. Collectively, additional resources in all of these areas currently total approximately 750,000 ounces. All of these zones are potential satellite ore bodies that could be accessed via underground from the Holloway mine and will be the focus of exploration work this year at Holloway. Aside from the Phoenix development work, exploration drilling at the Battle Mountain Complex during the first quarter of 2000 focused on the Copper Basin area 7 miles to the north of Phoenix. Follow-up follow-up, n the process of monitoring the progress of a patient after a period of active treatment. follow-up subsequent. follow-up plan drilling at the Surprise area at Copper Basin continued to generate excellent results. Step-out holes expanded the wide intercepts of high-grade High-grade Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. oxide oxide, chemical compound containing oxygen and one other chemical element. Oxides are widely and abundantly distributed in nature. Water is the oxide of hydrogen. Silicon dioxide is the major component of sand and quartz. gold mineralization overlying overlying suffocation of piglets by the sow. The piglets may be weak from illness or malnutrition, the sow may be clumsy or ill, the pen may be inadequate in size or poorly designed so that piglets cannot escape. copper ore. Some of this mineralization occurs at depths of only 25-50 ft. beneath the bedrock surface. A six hole program in February and early March extended the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zones to the west and southwest. Assays include 0.096 opt gold over 65 ft and 0.09 opt gold over 90 ft. Significant copper intersections were also returned, including 0.43% Cu over 95 ft. and 1% CU over 40 ft. Follow-up drilling is under way. In Argentina, work focused on the Casposo project, where a 12-hole 7,500 foot program was completed in the Kamila, Mercado For the hispanic surname "Mercado", please see de Mercado. Mercado first originated in Spain. In English it means 'market'. Is the last name of the 'Great' Fifa Soccer player Eswold. and Cerro Norte zones. Significant results include: 0.479 opt Au and 7.58 opt Ag/30.5 ft; 0.242 opt Au and 2.87 opt Ag/34.5 ft; 0.041 opt Au and 17.28 opt Ag/26 ft; and 0.028 opt Au and 7.39 opt Ag/23 ft. Further drilling is under way with excellent potential to expand this resource. Other The Company has revised the financial statement presentation of its former interest in Niugini Mining Limited (NML (language) nML - A specification language for instruction sets, based on attribute grammars, for back-end generators. ["The nML Machine Description Formalism", M. Freericks <mfx@cs.tu-berlin.de> TR TU Berlin, FB20, Bericht 1991/15]. ), which was merged with Lihir Gold Ltd. in February 2000. The revisions have no impact on annual net income, earnings per share or total net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. , and no ultimate impact on the Company's March 31, 2000, cash balance. As of December 31, 1998, the Company resolved that it would dispose of dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. NML and therefore deconsolidated the subsidiary from its financial statements. However, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with provisions of Statement of Financial Accounting Standards No. 94, the Company will now present NML in its 1998 and 1999 financial statements on a consolidated basis. The Company's net interest in NML was previously recorded as an asset held for sale of $108.3 million and $61.7 million in the Company's December 31, 1998, and 1999 balance sheets, respectively. As a result of the revisions, it will now be recorded in those periods primarily as cash of $49.6 million and $54.7 million, investments in Lihir of $149.3 million and $68.4 million, and minority interest of $89.6 million and $59.1 million, respectively. In addition, net income for the quarter ended December 31, 1999, will be increased by $6.6 million and net income for the quarter ended September 30, 1999, will be reduced by a corresponding amount, reflecting the reversal of the market value gain recorded in the third quarter of 1999 associated with the NML investment. BMG intends to amend the appropriate filings with the Securities and Exchange Commission by mid-May 2000. Keyes concluded that ultimately, these changes have no impact on the economics or value of BMG and have no effect on the March 31, 2000, results of operations, balance sheet, shareholders equity, or cash position of the Company. The United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Operating, exploration and financial data, and other statements in this document, are based on information that the Company believes reasonable, but involve significant uncertainties as to future gold prices, costs, ore grades Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly , mining and processing conditions and regulatory and permitting matters. Actual results and timetables could vary significantly from the estimates presented. Also refer to the cautionary statement contained in the Company's Forms 10-K and 10-Q for the most recent reporting periods.
BATTLE MOUNTAIN GOLD COMPANY
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three months ended
March 31
US$ millions, except per share amounts 2000 1999
(as
revised)
Sales $ 62.5 $ 53.8
Costs and expenses
Production costs 39.4 35.9
Depreciation, depletion and amortization 17.5 14.4
Exploration, evaluation & other lease costs, net 3.6 3.9
General and administrative expenses 3.3 3.4
Total costs and expenses 63.8 57.6
Operating Loss (1.3) (3.8)
Interest expense (3.8) (3.7)
Interest income 1.1 1.6
Equity in losses of and impairment charge to Lihir -- (12.2)
Foreign currency exchange gain, net 0.5 3.1
Other income, net 0.3 0.5
Loss Before Income Taxes (3.2) (14.5)
Income tax benefit 0.9 2.1
Mining tax benefit (expense) 0.7 (0.2)
Net Loss (1.6) (12.6)
Preferred dividends 1.9 1.9
Net Loss to Common Shares $ (3.5) $ (14.5)
======== =======
Loss per Common Share - Basic and Diluted $ (.02) $ (.06)
======== ========
Average Common Shares Outstanding for
Basic and Diluted Loss per Share Purposes 229.9 229.8
BATTLE MOUNTAIN GOLD COMPANY
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
March 31, December 31,
2000 1999
(as revised)
US$ millions
ASSETS
Current assets
Cash and cash equivalents $ 21.5 $ 91.0
Accounts and notes receivable, net 11.8 13.2
Product inventories 10.7 8.7
Materials and supplies, net,
at average cost 21.7 22.4
Marketable equity securities 43.9 --
Other current assets 9.8 7.9
Total current assets 119.4 143.2
Investments
Investment in Lihir -- 68.4
Other investments 12.1 10.6
Total investments 12.1 79.0
Restricted cash 40.7 40.0
Property, plant and equipment, net 288.7 299.6
Other assets 4.7 6.7
Total Assets $ 465.6 $ 568.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt $ 7.5 $ 2.6
Debt due upon disposal of
assets held for sale 30.0 30.0
Accounts payable 14.4 16.0
Income and mining taxes payable 14.6 16.7
Other current liabilities 17.3 23.6
Total current liabilities 83.8 88.9
Long-term debt 161.9 176.8
Deferred income and mining taxes 63.0 64.5
Other liabilities 54.7 54.5
Total Liabilities 363.4 384.7
Minority interest 5.7 65.1
Shareholders' equity 96.5 118.7
Total Liabilities and Shareholders' Equity $ 465.6 $ 568.5
BATTLE MOUNTAIN GOLD COMPANY
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
Three months ended
March 31
US$ millions 2000 1999
(as
revised)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (1.6) $ (12.6)
Adjustments to reconcile net loss to net
cash flows from operating activities:
Depreciation, depletion and amortization 17.5 14.4
Deferred income and mining taxes (1.7) (2.9)
Equity in losses of and impairment
charge to Lihir -- 12.2
Foreign currency exchange gain, net (0.5) (3.1)
Change in working capital accounts, net (8.0) (4.4)
Other, net (0.2) (0.5)
Net Cash Flows Provided by Operating Activities 5.5 3.1
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (9.5) (9.3)
Crown Butte liquidating dividend
to minority shareholders -- (11.0)
Effects on cash of the Niugini Mining
and Lihir merger (54.7) --
Other, net (0.5) 0.2
Net Cash Flows Used in Investing Activities (64.7) (20.1)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments (10.0) (11.6)
Decrease in short-term borrowings -- (14.9)
Cash dividend payments (1.9) (1.9)
Other, net (0.8) 0.1
Net Cash Flows Used in Financing Activities (12.7) (28.3)
Effect of Exchange Rate Changes on Cash 2.4 1.4
Net Decrease in Cash and Cash Equivalents (69.5) (43.9)
Cash and cash equivalents at beginning of period 91.0 197.2
Cash and Cash Equivalents at End of Period $ 21.5 $ 153.3
BATTLE MOUNTAIN GOLD COMPANY
SUPPLEMENTAL INFORMATION - (Unaudited) (a)
(Data reflects BMG attributable interests, except as noted)
(US$, ounces in thousands)
Three months ended
March 31
2000 1999
GOLDEN GIANT
Gold ounces recovered 89 78
Silver ounces recovered 7 3
Cost per Gold Ounce Produced
Cash production costs $ 149 $ 167
Depreciation, depletion and amortization 68 64
Reclamation and mine closure costs 6 4
Total production costs $ 223 $ 235
KORI KOLLO (88% Interest)
Gold ounces recovered 62 64
Silver ounces recovered 132 201
Cost per Gold Ounce Produced (b)
Cash production costs $ 201 $ 189
Depreciation, depletion and amortization 89 85
Reclamation and mine closure costs 5 11
Total production costs $ 295 $ 285
HOLLOWAY (84.65% Interest)
Gold ounces recovered 23 20
Cost per Gold Ounce Produced
Cash production costs $ 209 $ 206
Depreciation, depletion and amortization 135 126
Reclamation and mine closure costs 3 2
Total production costs $ 347 $ 334
VERA/NANCY (50% Interest)
Gold ounces recovered 25 14
Silver ounces recovered 19 12
Cost per Gold Ounce Produced
Cash production costs $ 121 $ 116
Depreciation, depletion and amortization 51 31
Reclamation and mine closure costs 3 1
Total production costs $ 175 $ 148
AGGREGATE DATA
Gold ounces recovered 199 176
Average price per gold ounce realized $ 290 $ 286
Silver ounces recovered 158 216
Average price per silver ounce realized $ 5.09 $ 5.26
Weighted Average Cost per Gold Ounce Produced
Cash production costs $ 168 $ 175
Depreciation, depletion and amortization 80 76
Reclamation and mine closure costs 5 6
Total production costs $ 253 $ 257
BATTLE MOUNTAIN GOLD COMPANY
SUPPLEMENTAL INFORMATION - (Unaudited) (a)
(Data reflects BMG attributable interests, except as noted)
(US$, ounces in thousands)
Three months ended
March 31
2000 1999
AGGREGATE DATA (cont.)
Gold ounces recovered - 100% 207 185
Gold ounces sold - 100% 212 186
Gold ounces sold - BMG share 203 177
Silver ounces recovered - 100% 176 244
Silver ounces sold - 100% 171 245
Silver ounces sold - BMG share 154 217
(a) Cash production costs are presented in accordance with guidelines
established by The Gold Institute. In addition to mining, milling
and plant level general and administrative expenses, cash
production costs include royalties, freight, smelting costs and
allowances and production taxes. Credits for by-product silver
and copper are offset against these cash production costs.
(b) Royalties paid to the Bolivian government for the Kori Kollo mine
are treated as income tax for per ounce cost calculations and are
therefore not included in these cost calculations.
DERIVATIVES OUTSTANDING
At April 30, 2000 Total
or
2000 2001 2002 2003 2004 Average
Call options
Ounces 98 140 140 140 18 536
Average price per ounce $ 354 $ 359 $ 359 $ 359 $ 375 $ 359
Put options
Ounces 98 140 140 140 18 536
Average price per ounce $ 297 $ 298 $ 298 $ 298 $ 305 $ 298
Forwards
Ounces 25 38 38 38 2 141
Average price per ounce $ 315 $ 317 $ 317 $ 317 $ 326 $ 317
The put options are the minimum price Battle Mountain will
receive, while the call options, having a higher price, allow
participation in a rising gold market. All ounces sold through
the forwards will be at the stated prices. There are no margin
requirements or lease rate exposure on the above derivatives. The
above ounces represent between 9% and 24% of production each
period through the first quarter of 2004, if fully exercised.
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