Atalaya Mining Plc

Good day, ladies and gentlemen, and welcome to the Atalaya Mining 2025 annual results. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session through the phone lines, and instructions will follow at that time. I would like to remind all participants that this call is being recorded. I will now hand over to the CEO of Atalaya Mining, Alberto Lavandera, to open the presentation. Please go ahead.

Hello, everybody. Hello, everyone. Good morning. We are pleased to report our financial result for 25, which was a good year overall. I have with me Cesar Sanchez, CFO of the company, and I'm going to go direct to the presentation. During the last year, we produced 51,000 tons of copper, which was just in the high range of our guidance, improved guidance, and that was produced at a cash cost of around $240 per pound, and with all interesting cost of $290, which were both better than we had guided. This resulted in quite strong financial results, including a beta of 180 million euros, and a free cash flow of over 100 million euros. We ended up the year with 122 million euros in net cash on the balance sheet, and I should note that this does not include the money that we raised in the late January 26. As a result of this good performance, our board has posted a final dividend of 6.5 cents of euro. per share, which I will discuss a little bit later in the presentation. At the corporate level, we had some changes in the leadership of the retinto, including a new general manager. And I should also remind everybody that we were added to the FTSE 250 index following the re-domiciliation of to Spain earlier this year. Since then our liquidity has improved a lot and this is something that we had been promising and finally we delivered. I will provide some updates of our projects later in the presentation and I will also provide a little bit of some details of impairment that we recognize in our LX project. And I should also remind that we strengthened our board with the addition of a new non-executive director with Mike Armitage. That followed the addition of Henny Foll and Cori von Faleth earlier in the year. Looking at some sustainability highlights, I think We are showing here some key numbers. We take this quite seriously. It's part of our operating philosophy. I think one of the key highlights that everybody sees when we arrive to our mindset as Retinto is how good relations, very good relations that we have with our communities around Retinto, with most of our workforce. coming from the area with 12 years with operation with absolutely minimum incidents. And I think it's something that we are really very proud of. Some of the numbers shown there that show that our injury frequency rate in 25 have been slightly higher than previous year. Something we are focusing, even if this means some of these incidents are very low, let's say, severity, of very low severity, but the reality is that it's something that we take very seriously at the company at the board level. Beyond that, we continue to work to be more efficient in the use of our water, something that normally is scarce in the south part of Spain, although this year we had a lot. And also the use of electricity and power, which have been consistently lowering through several initiatives in the last year, besides the fact of installing an important solar plant that you can see in the background of this picture. Going directly into the operational results of the last quarter, we had announced these results in the previous January. The mill performed very well. Remember that this mill was designed for 15 million tons per year, has been running at over 16 million tons per year. But the grades were lower than the previous quarter, as expected, because we were pre-stripping in the high rate of some initials. So we were only mining the Cerro Colorado. Cerro Colorado has lower grades, but it's very clean ore, so we offset some of these lower grades with better recovery due to treating this ore from Cerro Colorado. Even so, with this slightly lower predictive recovery due to the good copper prices and the good cost control, the results of the four quarters were very solid. We had a bid of €41 million, we had free cash flow of €47 million, and that includes also some changes in working capital. Profits were also similar to the previous year, but it included an impairment of €24 million related to ELEX. This impairment, I have to point out, that's related to the loans that Atalaya has been giving to Laín, which Lain continues to own and owns the intellectual property and operates the plant. The plant works well, the plant continues to work well, but the company had given loans in excess to 55 million euros to develop this in these last 10 years, and the board decided to be prudent to impair, have a non-cash impairment of some of these loans until the plant was operating totally well due to the potential limitations of a scale. So as I said, we continue to believe that this is going to be something that's going to have a positive impact in Atalaya and specifically and in the Parrot Belt in general, but it's simply due to prudent reasons, accounted reasons, we prefer to to have this partial impairment of our loans to lay. We finalized the year with fantastic cash position with working capital surplus over 94 million euros and that's again before the placement that we made in late January. If we look at the All 25, the whole year of 25, we can see that our production was just over 51,000 tons, slightly better than previous year. Our plant continues to perform very well, setting a new record of throughput, 16.6 million tons, which is basically a 10% improvement over the main capacity. and we had overall better rates than previous year, even if the recovery was slightly lower when in the first part of the year, we were processing some of the oxidized material that was at higher rate, but oxidized from the . So overall, a very good year, which translated in the next slide in a very good results for the whole year, with EBITDA of 180 million euros, free cash flow of over 100 million euros, which was excellent results. And the profits is still 85 million euros after the impairment of 25 that I have just mentioned, 24 that I have just mentioned before. So it means that if it wasn't this, we would have tripled the profits of previous year and also tripled the EBITDA of previous year. Looking at the cash cost breakdown, we normally give a quite detailed breakdown of mining processing GNAs and offsite costs. The performance was strong in 2025. Actually, the performance both in cash cost, site cost costs, and all in sustained cost was better than the guidance. in the last quarter was 262 and 307 respectively, and the whole year were 240 and 290 in all in-sustaining costs. The good performance was due to several reasons. The input costs in the mining, processing, and GNAs were quite constant, so the only variation was basically the better production. So we have kept inflation, side inflation, quite under control. We had some positive, very positive, by-product credits in the higher silver prices because we produce over 1 million ounces, approximately, of silver. So that has been a very good contribution to our off-site costs. And we also benefited from the falling TCs And we also were able to sell some spot sales, spot lots, even with negative, very negative treatment charges. So both the silver and the very low treatment charges resulted in basically negative offsite costs, which improved our hauling sustainable costs. In the negative side, we had higher stripping, capitalized stripping at Terra Colorado, which had an impact on all interesting costs. And also we had a small improvement in the euro versus the U.S. dollar, which has some unfavorable impacts in these U.S.-denominated costs. We normally provide a benchmark of our all interesting costs with our copper price. producing peers. Our performance in 25 was in line. We can see that we are comparatively favorable. And the only point I would like to show here is that the industry is seeing more and more the 350 level around all entertainment costs as being quite common in the industry. And I know normally Some companies provide only C1 costs, but at the end you have to provide only sustained costs. As a result of this good financial performance and good balance sheet, and even knowing that there's going to be a significant amount of investments in this next few years, Atalaya's board has proposed a final dividend of another 6.5 cents per share. As a final dividend, this dividend is obviously going to need to be approved in the AGM of the company in June. And together with the interim dividend that we paid in October, the total dividend of 25 is going to be 10.9 cents per share. This compares with 6.4 that we had in 2024, so it's a significant increase. It also shows that since we started the dividend payment five years ago, the company has paid over 94 million euros of dividends, which was more than it had raised. the money raised from the markets in all this operating history before January, January 26. Going forward to the guidance, how does 26 look? We have already provided the guidance back in January. Since then, we have had some things that have changed slightly. Our perception is that we had a huge rainfall events including flooding in the last weeks of January and the first part of February where we the region received water more water from rains heavy rains than the whole previous year this has some some effect in the access in the federal corral the pit that we could not access And so we expect to have the first quarter production slightly lower than planned. But we expect also, we will be treating some of the marginal materials. But we expect that this grade will be improving in the course of 2026. With all that said, 2026 is still going to be expected to be between 50 and 54,000 tons of copper. And in addition to that, we expect to produce around 1 million ounces of silver, which is always quite interesting. The guidance, we are keeping the guidance of $260 to $290 per pound in the site costs, and $310 to $340 per pound in all the sustaining costs. Compared to 2025, the mining rates will be slightly higher than 2026. Sorry, 125. And the euro, we also expected to strengthen a little versus the US dollar. All these things that are happening in the Middle East can change from what our expectations were in the beginning of the year. Normally, inflation is well under control in the past year, but this war in the Middle East could drive up costs, so something that we will be monitoring closely. Obviously, the effect of this war, one should look at the effect on energy. In that sense, our energy cost is electricity, which is an important part of our cost. It's quite stable because we have First, our solar plant, and secondly, we have our long-term PPA, which covers a good portion of our costs. We are not very exposed to the markets of gas, and also in Spain, there's a huge production of electricity from wind and solar, plus a lot of hydraulic production due to the heavy rains in the first part of the year. We do have something that we will be watching carefully, which is the diesel price. Diesel price has an influence in the mining rates, and obviously this can translate, the diesel price maintains high levels, can translate the mining costs as you can expect. Regarding CAPEX, we expect similar levels to D5. Most of the CAPEX is associated with this. It's an issue of stripping, and they need to move a road to be able to access some of the better grades that are in that area. In addition to that, we will be preparing a ramp to Masalberde, a good deposit that's located south. southwest of Rio Tinto, around 35 kilometers away. Of course, this is still subject to board approval, but we expect that will be started later this year. We also have some investment to continue with our Telensdam expansion, and of course, we will keep investing in exploration, which is quite important for our future, both in Spain, in the south, in Tauro, and also abroad. I would like to mention a small, in a second, our equity offering in January 36, where we finalized an equity offering that raised £130 million. This really strengthened our balance sheet and provided us with confidence to advance all the projects. This is not only for TOTO, which we will still be finalizing the funding package once we get the the final approvals and but it will also allow us to make some small acquisitions it will also allow us to go ahead with all this this this capital price that we are going in addition to total which are basically driving our growth obviously the main one is to to accelerate the press tripping at some initial that you can see here In the second part of 25, you can see how we started moving the waste in the left part of the picture, and the idea is to access the battery rates that are in the center of the picture. As we move to 26, we will be increasing this high-grade ore, and that's one of the reasons why the production guidance is weighted towards the second half of the year. At Masa Volverde, this is around the polymetallic deposits. We now have all the land that we need to build the portal and to access, and we have had some discussions with the contractors to finalize the final award to try to control inflation, and basically we are in the final stages of that. Subject to board approval, once these discussions are finalized, we will be started the construction. The idea there is to continue drilling this red zone, which is the high grade of copper, where we will start mining initially with grades over 2% copper. Another important point is to remind people is that we have most of our resources and reserves are uh open pit bull uh ferro colorado around 160 million tons at the rate of our slightly less than 0.4 copper it means that if we didn't do anything we would be mining during 10 years but we do have a significant amount of polymetallic material that has copper lead sink with better copper rates uh basically triple than what we have more than triple than what we have but they do contain also some zinc. It means that we need to build a polymetallic circuit. That's part of the use of procedure. We're going to be using it for the race that we completed in January. Building the circuit basically means installing some equipment in line with our existing installation in such a way that provides flexibility to be able to treat both type of materials and be able to treat this polymetallic ores with higher rate as we go through without waiting until the very end of the mine life. We continue also to to drill San Antonio deposit, which is located immediately to the east of Rio Tinto. We continue to drill at Massa Valverde. It's focused in the high-grade copper zone. And also, we are doing some early works, which requires some capex in the Aptoro, where we are very close to get the permits, we believe. is basically completed and we are ready to start buying some equipment with the last discussions being held with suppliers. Actually, Toro, as you know, is the value driver of this company. It's very low capital intensity. It has, it will have, it will have all interesting costs that will be around 50 cents lower than Rio Tinto. And this is something that we are really very keen to develop. And I was in total actually this week, and it looks like the final reports that are ready, that need to be ready before issuing the environmental impact statement are progressing very fast. And we continue to believe that we are going to get the environmental impact statement during the early part of the second quarter. With this, it's clear that our growth targets are going to be very clear in order to get us to a production growth of around 100,000 tons of copper equivalent. Most of them are brownfield. Most of them are in Spain. All of them are in Spain. And very important is that we have right now a balance sheet of around $300 million. euros uh which is basically of net cash which should should with together with the debt that we are going to be raising for total should allow us to to develop this as projects and growth pipeline in a short time frame and there are more details in our presentation whoever needs them but i think i'm going to stop here and open it to q a and Yeah, I would pass this to the operator.

Thank you so much. And we will now begin the conference line set questions. To ask a question on the phone line, please press star 1 to raise your hand and join the queue. To withdraw your question, press the star 1 again. When called upon to ask your questions, please ensure you unmute your device and pick up the device handset to ensure optimum quality. Again, that is star 1 to ask a question. And the first question comes from the line of Laura Chan of RBC Capital Markets. Please go ahead.

Hello, Berto. Hello.

Could you please repeat, because I could not, I only heard part of the question. Sorry about that.

Sorry, can you hear me better now?

Yeah, much better, please. Thank you, thank you. Thanks.

Sorry about that. Yeah, Chris, do you mind walking me through the assumptions embedded in your 2026 cost guidance? What kind of silver prices are you using, electricity prices are you assuming, etc.?

Vanessa, do you know exactly what is the silver price we use? In electricity, we are using... the market price of around 80 for that part that's not hedged, 80 euros per kilowatt hour. But remember that we have a solar plant that provides around 20% of our electricity, and we have around 40% of our electricity hedged at 52, 54 euros per kilowatt hour. So I think the average would probably be 60, something like that, expected. And until now, we have been okay. Even we have already covered most of the electrical costs already for this first and second quarter, totally covered at low prices. And the silver bipolar crates, I don't know what the price. I don't remember right now. I should, but I don't know. Tasso, do you know what's the electricity cost? Sorry, the silver price that we use in our projections for electricity costs?

I'll check and I'll come back to you.

Okay, yeah, don't worry. It's just one more from me. It's just on Toro.

Do you know what the exact... Normally, I would say it's around 75, but... Okay, okay.

Sorry.

Yeah, just one more from me. It's just on Toro. What's the exact holdup in the permitting? Is there any kind of concern on the kind of water quality surrounding the project? What's the best estimate of project kickoff at the moment?

Look, we are pushing the local authorities saying that we want, we need to start moving topsoil in the project. summer of this year. We don't want to be removing topsoil in the middle of the rainy season. And it looks like they are happy with that time frame. What's holding this right now is the water report, not a permit, it's a water report. Normally, before preparing the environmental tax statement, all the bodies of the administration and all kinds of of of institutes that are participating provide a report all these reports have been they have been received and are positive except one which is the water report that has not been received not positive we have had a lot of meetings with them and it's called quite positive but almost when they were out to give the final report somebody came with having a asking us to make a small mobilization of or something with the rivers, which was not asked before in two years, which was kind of a surprise to us. We have completed that, and I think they will be producing this report in the following weeks. I have to say that when we had prepared an environmental impact statement five years ago, the water in a project where we failed, the water report was positive, so I don't see any reason why it should be positive. Actually, we don't expect that. The question is more bureaucracy and the fact that the technicians have to complete the reports and they have to be independent and it's very difficult to push them. But I don't expect that. The best estimators that I have is is to have the environmental impact statement after Easter, and be able to break ground in June, July. Breaking ground meaning removing the topsoil, geotechnical work in the dam area, preparing offices, and of course, once we receive... the environmental impact statement the positive we will order the equipment especially specifically the mill and the gyro crusher the other rotation and filters and tanks are not that critical but those we we have already the informal approval from the board or from the investment committee of the board that we will be able to commit to those, knowing that once you get the environmental impact statement, the project is basically done, ready.

And sorry, just to come back, so the silver price used for the guidance is around 50? No, it's about 50.

Yeah. Okay, thanks so much, guys. I'll leave it to someone else.

And your next question comes from the line of Daniel Radcliffe of Global Mining Research. Please go ahead.

Hi. Good morning, Alberto. It's David here. Could you please maybe talk in broad terms to the mid-term capital outlook for Rio Tinto as we still really don't have a plan here to go off of. So primarily in terms of what we should think about for stripping going into 27, 28, ongoing spending on tailings. Does it kind of stay at the current rate? And then the ramp and associated development at Massa. Thank you.

Yeah. The stripping, it would be similar to this year's. It depends on if we advance or not. As you see, either we put it in the operating costs or we put it in the in the only sustained cost, so it will not have any specific effect. The strip rate is around 2 to 1, and that will continue to be 2 to 1 in Cerro Colorado. And overall, in San Domingo, it's around 4.5 to 1. So I think the average, if I remember well, was like 2.5 to 1. And I think if you model that roughly in general, that would be okay. Ongoing spending in tailings, in the next three years it will be similar to the levels of this year, because we are using downstream and central line method, which means that we continuously have to be raising. Having said that, I say that in three years, because we are with the permitting of a new tailings bond, which will require much lower capital investment, and I will have enough capacity for the next 10 years. And this work is ongoing with all the work being completed by Knight Peacehold and dialogue with administration and so on. So this is something that's ongoing. We don't mention that normally because it's something that needs some time, and we are always uncertain of how long. how these things go. Normally this thing will be say two years, it takes two years for permitting. We are allowing for three years. Having said that, having said that, we have enough space in our current tailings policy, we wanted to continue for another ten years. But the other site, which is located west, directly downstream of the existing tailings pond, is much better from the shape, point of view, and with a very small barrier, very small embankment, we can hold off a lot of tailips. Regarding investments in Massa Valverde, depending on the rate of development, but normally you have around 30 to 50 million euros, depends on when you want to stop, which means the ramp itself plus three races, including one of them, escape way, a pump station, which is not very big because there's no water, but you need it, some ventilation, and offices. Offices and change room and whatever on the surface, not really, not much. Equipment, everything is going to be subcontracted out to local contractors. Yeah, that's the main thing. If you want to get also a little bit more about other CAPEX initiatives. Total, to put simple numbers, we have around $300 million, which would be weighted towards second half of this year and the whole next year. So you can say 25% this year, 60% next year, and another 15%, whatever, in maybe 27, the remnants. And then the polymetallic circuit, the capex that we are seeing right now is around 88 million euros, or let's say $90 million or $100 million. We are optimizing that to reduce it a little bit, and it will be basically built during 27. The late part of this year will already be some work, but most of it will be 27. Expiration, we normally keep our budget between 8 and 10 million. It depends, obviously, on the results. If we get some good results, we will improve that. We will increase that. But right now, normally, this is what we have.

Okay, thank you. If I could just have a follow-up, maybe just on your comments around ELIX and the impairment there, I think it seems like you were saying that the impairment was more related to what you thought the scale of the operation could be rather than you thought it would be still commercial. So I'm just wondering if you could expand on that and how the smaller scale actually works for you. And I guess why the decision wasn't just to write it all off and then, you know, when and if it obviously works, you could then write it back like you did with some other things.

Exactly. This is exactly the approach that was taken by the board. Let's be prudent. And in a year that we have good operational results, I think it's better to be prudent. The main reason is that the system works, and we were happy how it works. But when we started this, the idea was to treat copper concentrates, and obviously copper concentrates are not economic. due to the very low treatment charges that are in the market. They are likely to be there for a while. So we switched to extracting, so the plant itself, basically changing the operating conditions, can switch to removing zinc from copper zinc concentrates or other type of concentrates, but specifically those. Obviously the The margin of removing zinc from copper is much lower, and although the technology works, we have some doubts because the payback of our loans will be as part of the margin, and we believe it's going to be taking a long time. We decided to just impair it. So this is the main reason. Now, there are other, I mean, the plant itself works and works continuously and works successfully with quite complex materials. So, for example, it's able to treat materials with very high antimony, very high arsenic. It can also extract some of the silver and gold containing very complex concentrates, and this is something that we are evaluating. So, we will continue to be using that plant initially this year. The plan is to treat it removing some zinc from an area where we can produce copper concentrates of around 12% copper and 10% zinc, which are not very commercial, but if you remove the zinc, then you can sell the copper. And also, by the way, it also removes quite a lot of the silver, getting good payment terms. So while we are interested in this, we decided that... that we decided to impair. And if later we need to do additional financing with Lain, we will probably have to evaluate how we do it. Not really all with loans, because it's basically too much for the size of our company. Remember, we have invested over 55 million euros. Okay, it's a long 10 years, but we are not a huge company. It's a lot of merit, but it has a lot of potential.

Brilliant. Thank you very much. I'll pass it on.

And before we move on to the next question, a reminder, if you would like to join the queue, to press star 1 now. And your next question comes from the line of Alexander Pierce of BMO. Please go ahead.

Great. Thanks, Alberto. So you touched on some of the cost impacts already, but I was just wondering if you could give us a bit of an overview of what you're seeing in diesel prices and how sensitive your costs are to diesel going forward. That's a very good question, Alex.

We consume, just to give you very rough numbers and easy to calculate for you, we consume roughly 30 million litres. The contractor consumes 30 million litres. per year last year so if you divide that by just easy numbers 50 million tons 50 million tons roughly it means that you consume 35 by 50.6 liters per ton of material it doesn't matter if it's waste or ore so at the price of normally the price was around 0.8 euros per liter, 0.7, 0.9, the increase is passed to us. We have a formula, basically, it's neutral for us, neutral for the contractor, obviously, with a benchmark. So if there was an increase of 30% of the cost of diesel during the whole year, yeah, it could be, imagine it was 30, just to make easy numbers, if it was $30 million in diesel, 30% increase would mean 9 million. So yeah, it's it's an important number if it was to continue the whole year The explosive is also something that has some influence But explosive is we consume around 0.7 kilos per cubic meter and the price is roughly also about one Euro per kilo so it has an influence but much much much lower the price can go up a little bit more or less and in theory the fertilizer ammonia that's used for the explosive is not coming from that area but as you know the suppliers is coming from norway and spain but as you know the suppliers will always take that advantage in this use of higher ptf prices the gas prices to lift the benchmark and sell you at higher prices for example spain does not import almost any gas from Qatar or Middle East or whatever, zero. But the prices immediately went up, like you can expect. Thank you. Those are the two points. This is the one that has more influence.

Thank you. And your next question comes from the line of Richard Hatch at Barenburg. Your line is open.

Yes, thanks. Morning. A few questions. Firstly, just on the issues in Q1 that you're seeing, can you give us a kind of steer as to what kind of volumes you're thinking about for the first quarter? So should that be more like a 10,000 ton production quarter or is that too pessimistic, the first one?

Hmm. Well, it's only left 15 days to go. I have to check how much we are going to be producing. I know we are behind around, let me, we are behind around 2,000 tons of copper. That's what I know. And I think we can recover it, but that's more or less what we know.

Okay. Thanks. And the second one, sorry to make you just go over this again, but just on the permits for Turo, I mean, this is a key issue. the catalyst for the stock and perhaps one of the reasons why the shares are softer this morning so once you finally get that water report and the EIS is complete can you just talk us through the next final just what are the next key the permits or any other paperwork which needs to get approved before you can start moving the soil in the summer? Can you just be 100% clear on that? Yeah, perfect.

Not much permits. We remember this project has a strategic status. With the strategic status, once you get the approval of the mines department or industry department, you get all the projects. It means you don't, all the approvals, excuse me. It means you don't have a specific approval later to connect to the water, discharge water, access to land, urbanistic permits and all this, which you normally have in other projects. So what goes from getting this environmental permit to the approval of the project by the man's department? is basically first they need the positive environment back declaration, which is published in the official cassette. And after that, what they do is say, having received this thing and having checked that this company is financially capable, which is very clear and technically sound or whatever, which is some of the other conditions, I approve the project or we approve the project with the following conditions and the set of conditions. These conditions include the main thing that they have to add is the amount of the, because they also approved the restoration plan, the amount of bond or insurance policy that you have to put as a partial reclamation bond. Normally this procedure takes a little bit less than two months or two months. Actually it could be done, if they have it, it could be done in a matter of weeks. but we also assume in two months after that moment you basically are free to access the land you have automatic expropriation you can access roads you get the access to the water discharge you don't need to go ask for your ballistic license or anything like that so that's that's the period with in in some of the cases you can even start before that and you can start doing some things that do not even need the the approval from the mines department like for example setting offices uh getting some geotechnical work done things that are really like independent of the project itself and that only require the approval from the local council of the village but that local council which is normally done in in matter of days needs the environment impact assessment, positive environment impact assessment. If the council did not move, in any case, you have to wait until the Mines Department, which takes two months. And that's the one we are pushing. It's essential that we get this thing of the EIS positive environment impact declaration in, let's say, April. in order to be able to move ground late June, early July, which is still good enough to be able to clear all the topsoil and all those things for the plant site and get ready. It's not that it cannot be done in autumn, but it's better to do it in summer. Okay, that's clear. Thank you.

And then the last one is just, can I just ask, on the actual cash capex, it's a bit confusing with the numbers of them being moved around, non-sustaining capex, then there's numbers of waste tripping in the AIS. absolute steer on like absolute cash capex for 2026, like the number that we're going to see that comes up in the financial statements.

Thanks. I think that's the best thing, you take the wallet and you show it.

Sorry, you mean for 2025 or the guide? 26, 26, 26.

No, no, for 26, yeah.

So the stripping capex are we expecting for... The whole global capex that we have for 26, excluding Tauro.

It will be in the range of 80 million. Let me double-check that way.

Okay, thanks. Without considering this thing of the... a polymetallic circuit, and it depends on when we start and total. But the total of the polymetallic is 88 million euros first pass, we are optimizing that, and total is, as I said, is around 300. I would guess we will not spend more than 50 to 70 this year, because normally the first pass is not very... Well, maybe a little bit more, because we have to order equipment. We have a breakdown month by month, but I don't remember it right now.

Okay, yeah. It's just more to get an understanding of the absolute cash going out the door in 2026 on the cash flow statement. But if you can come back to us, that would be helpful.

Yeah, it's around 120 million, excluding Torah. And that's all the cash outflow that we're expecting. That's helpful. Thank you.

And there are no further questions on the conference line. I will now hand over to Alberto Lavandara, CEO, for closing remarks.

Thank you very much to everybody for attending this call. It's always a pleasure to speak with you, and we'll see you soon. Thanks a lot. Thanks for your support.