Gruvaktiebolaget Viscaria

Welcome to Direkt Studios. Today we will talk with Vizcaria and see over the whole 2024 in their closing statement. We are very happy to have Jörgen Olsson, CEO of Enda från Kiruna with us. Welcome!

Thank you very much Erik.

You have had a very eventful year, Q4. What are the highlights?

It is difficult to name any highlights. I will try to do that later in my presentation, Erik. But it has not only been an eventful quarter, it has actually been an extremely eventful year, which I hope can be summarized in a structured way here today.

And we are very happy to meet not only you, but a large part of your team. So warmly welcome!

Thank you very much Erik. I jump right into our presentation. With me here today you will meet Thomas Nommark, our infrastructure and logistics manager. You have heard him before. You will also meet Ross Armstrong, who you have also heard before. Ross is also our new geological manager since February 1st this year. And finally, he will free our CFO and also present. As most of you know what we are, we are a slow and persistent group, which has been going on for five years since May 2020 with this project. We have invested about one and a half billion and we also took in a shareholder loan in the fall of 2015, at 315 million SEK, which I will come to. So we are a well-capitalized company that has invested incredible money in this project. We will get to that later. Both Q4 and the whole 2024 has been an incredibly intense year and I think it is in its place with a little repetition of everything that has happened. The year before last started with four weeks of negotiations between Marko Miljödomstolen, which was quickly born out of the fact that we got a positive environmental judgment on May 6th. The day after, on May 7th, we announced that we would change the name of the company from Coppersong Resources to Gru, the stock company in Skaria. We did that to mark that we have now actually got our position. We want to leave the flag of prospecting behind us. There is absolutely nothing wrong with prospecting, you will hear that later today. That is the future. We are so much more than just a prospecting company, we are now actually a Gru development company on the way to becoming a Gru company. So that's why the name change and the name change to Skaria is also to honor the old company that is called Skaria AB, which operated the -gru-drift between 1983 and 1996. And Skaria itself came from the flower, the Alpine, which grows on copper-rich land. Then in the summer we did a new emmision of 440 million SEK, which was born with a share loan, a little later in the autumn with 315 million SEK. A little later in the autumn we had the fantastic news when we told that we could get Mark Johnson, who was nominated for the board. Mark, with over 40 years of experience from the copper-gru industry, he is the leader of the American Free Port McMorran, one of the world's largest copper-gru producers. He is nominated to be selected for the board on May 8th here in Kiruna. But due to his network, expertise and experience, the board chose in the autumn to adjunct him with the immediate impact. We have already had Mark twice in Kiruna and he contributes a lot with our work forward. Not least important in the validation work of our salary study, which I will also comment on a little later. An incredibly high activity in everything we do up here, and Thomas will tell you about that shortly. And then of course we had fantastic new results from our prospecting, which we published both on September 24th and which we followed up with in our Q3. And Ross will be putting out the text there today. Our salary study and an ongoing resource update have now chosen to publish on May 8th, as we said earlier at the end of April. We do this on May 8th, we are in collaboration with our Q1 report. We will offer extensive questions as well. An FS report is a quality report, many numbers, a lot of technology. It is good to be able to have a live update with that, so we will do that on May 8th. Now, well, I stand here and promise to say a lot that a lot is happening. Thomas, it's time for you to tell us a little about what is happening.

Thank you, Jörg. I will start by showing the first image, which is an illustration of our planned industrial and mining area, with the facilities and functions that will be built there. As you remember, we started last year with stage one of the industrial area. It was supported by our business management, which we had from the Ministry of Environment, to start building our water treatment and start to empty the pit. During the period of August, even October, we started with the ground work. We built the oil field for the water treatment, we built a path, we built some storage areas so we could receive incoming building materials, a surface for the entrepreneur's establishment, and we crossed 170,000 tons of building material from our mine. We did a lot of other things, such as replacing the building of the electricity and that part. Under the assumption that the environmental condition will be improved, we plan to start with stage two. There is a lot of ground work that needs to be done, as you can see in the images, the construction of the mining plant, the mining system, the electricity, the roads, the protective layer and so on. We need to close our pit area and make sure that we have a protective layer that is working. If we go to the water treatment, VTP 1000, it is a suggestion to empty the pit and start the pit break, because we can't release any water from the pit to the recipient without cleaning it. It was the Swedish construction company SSEA that signed the contract to build the building itself in October 2024. SSEA is not new here in Kiruna, but they have built Kiruna's new high school here in the new center, which was built one and a half years ago. We are responsible for the purchase and implementation of all this process equipment, all these tanks, all these processes, as you can see in the image at the bottom. We do this together with the Finnish specialist company on the cleaning of the gravel water, TELIS Udden VC. In this project, it is also included that the first parts of the pump chain are built below 300 meters deep, so that we empty the pit through the borehole. Planned for the drift day for this water treatment plant and pump chain, it is until autumn now, and it is estimated that it will take about a year to empty the whole pit, below 700 meters deep. I will now show a short film that shows our work with building our water treatment plant and how it has looked so far.

Winter work for us, it is completely natural up here in Kiruna. Hi, my name is Peter Fredriksson and I work as project manager at SSEA in Kiruna. The project we have now in Skaria is a water treatment plant called VTP 1000. Our main task as an entrepreneur here started on November 11. The work we started with here was of course to cover the surface and get started with the work of the base. After that, it has been formed and it has been lured and we have come quite far in the base work. To facilitate the winter work that we are going to do, a planning is required before we start. We simply try to let the surface lie untouched, we isolate the ground there, so that it can then continue on an untouched surface. This preparatory work makes the construction work can continue throughout the winter period without stopping production. It is largely in every project we carry out that has some dignity with a little longer construction time. This is something we feel safe with.

The project is a project that has been in the works since the beginning of the year. You got an insight into how the water treatment plant is built during the winter in Kiruna. If you look at this picture, it also includes drilling four holes down to 300 meters deep and lowering so-called drilling hole pumps. Which will pump up the water to the water treatment plant. This is the Kiruna company Orfields, who are specialists in this type of drilling that we have initiated. The diameter of these holes is 380 mm. The drill crown is the one you see up to the left. To the right is the drilling itself, and the drilling shaft is down to the left and right. The work is going on right now and we have drilled three holes. What has also happened is that we have put up a large geotent at 1800 m2. It is for the storage of all the drilling shafts that come from the prospecting. The drilling shaft was 60,000 meters deep during 2024 and something similar will be drilled during 2025. We need the space to be able to store these. As you can see, it has started to fill up. One thing we are proud of and unique about is that we took a decision to only use fossil fuel in our mining area. We know that we are the only mining company in Sweden that uses HVO to 100%. If we look at the consumption during 2024, it was at 177,000 liters. This means a saving for the climate and the environment for the world on 500 tons of reduced CO2. We want to contribute to a more sustainable future and a reduced impact on our drilling. That is why we do it. On the picture you can see the tank station we have in the mining area. If we go further to energy supply, which is also an important part of the infrastructure, we have taken over four of these wind power plants. There are six wind power plants that have been there since 2001. We have taken over four of them and put them in the company Viscaria Wind AB. The last two will be taken over during the year. The energy they produce corresponds to about 10 gigawatt hours per year. This is a welcome addition to us at Viscaria for our mining. Then we have the discussion with Vattenfall for the technical solution. The real energy supply is up to 50 megawatt to deliver it. There we are in the final stage of being in agreement. But as I said, we can first make the connection when our environmental conditions have been low. But this is also the case with the power supply from Vattenfall. The power comes from the water power supply. So it is also a step towards a more sustainable future and low climate impact from our energy supply. As for the railway and the transport, we have an agreement with the traffic authority. They work with the project of the trade and construction of the technical house and the new digital signal security system ERTMS. The timetable for this is that the changes from the main railway to our train station will be connected on week 24, 2026. This is the fixed time that has to be applied in two years in advance. So this plan is still there. We will get a connection in 2026. The train station and the loading hall, as you can see in the picture, where the copper concentrate and the concentrate will be stored before it is loaded on the train. We will build that in our own record. My last picture for this presentation is an illustration of what we call Viskara Village. So entrepreneurial modules with office, changing clothes, a restroom and so on. The companies that will help us build up our facilities will use this during the construction period. We have also submitted a building request to the Krona municipality, which we are waiting for an answer. This will be established in stages. Some of these buildings will be in place by the summer, while the remaining will be in place by the summer. The idea is that when the construction phase is over, the locals will be taken over by the production people. Those who will run our facilities, both the construction and the mining. We have tried to make it a bit nicer to get a good trade and a good job at our work place. With these words, I will leave it to the next speaker, Ross Armstrong, who will talk about geology and what we have on the ground. Thank

you. This is an exciting announcement from the geology team here in Viskara, bringing more exploration news. In September 2024, last year, we announced the first exploration results from our campaign last year. Where with just a handful of scout drill holes, we managed to prove the extension of the existing D and B zones down to 1.2 kilometre depth. On top of that, we presented the discovery of a new copper rich horizon, the ABBA zone. These were just the initial findings, however, as since then, this has given us the motivation and the good feeling to kick on. We have ramped up with the drilling efforts in order to continue assessing the exploration potential at depth with good speed. That brings us to today, where we have a number of exciting drilling results to share with you today. Three from the D zone, five from the ABBA zone and two from the B zone. And we'll look through these results zone by zone, and I'll try to guide you through the key points from each. But please bear with me. It's a lot of numbers. It's a lot of details. So I would highly recommend that you also digest these numbers a bit further by revisiting the presentation and also reading the accompanying table one. Both of these will be uploaded to our website this morning. But let's get right into it, starting with the D zone. What we see here on the screen is a longitudinal section. So this shows the ore body in length. As mentioned, we have three new drilling intersections in the D zone. The highlight of which is VDD24099B, which is located here. In 99B, we intersected 38.6 meters at .23% copper and .7% iron. And within this wider intersection was a higher grade interval of 13.5 meters and an average grade of .8% copper. And this really validates our findings from September last year as well. In the top, you might remember this hole, 055G. And in both of these holes, we've really outlined a thick, high grade copper chute that extends deeper and deeper beneath the D zone. Another important aspect to mention in the D zone is the added value of the magnetite. If we take, for example, this intersection, 125, which is located here, I've also highlighted the intersection at the side of the slide. So in hole 125, we drilled 9.2 meters, an average grade of .54% copper and .65% iron. Another way of looking at these metal contents is through a copper equivalent. So over the same interval, 9.2 meters, the copper equivalent was over 2%. And so this nicely illustrates the added value of the iron as an equivalent amount of copper. The main takeaway from these latest results from the D zone is that we've outlined a thick body of magnetite. And within that, there are high grade portions of copper that exist both on the vertical and horizontal dimensions. Now for our new discovery, the ABBA zone. And what we see here on this longitudinal section is the A zone in the foreground and the new drilling results from the ABBA behind. Because as a reminder, the ABBA zone sits between the A zone and the B zone. So you see here a lot of drilling results. Since the discovery hole, we've now completed nine drill holes. And out of those nine drill holes, every single one of them has hit the mineralization. So that's a 100% success rate. In terms of highlights of all these intersections, we can look at hole 116, which is located here. In 116, we drilled 30.2 meters above 1% copper. And again, within this interval was a higher grade core of 10 meters at .13% copper. So really impressive values alone, but especially when you consider the location of these findings, just 200 meters beneath the existing A zone infrastructure. So we see a really good potential here to incorporate the ABBA zone into the future mine plan. Of course, after more drilling and more exploration is carried out. You might remember as well hole 115, which is positioned here. This was really in the spotlight in September during our previous exploration update, just due to the sheer length of the intersection. And now we have the assay results back, an intersection of almost 400 meters at .4% copper. So really that's a first in Viscarius history. Nothing we've really seen before. And the sheer extent of this metal enrichment across a thick part of the stratigraphy really gives us the sense that we're tapping into the true huge scale of the Viscarius system that we've not seen before. So key takeaways from the ABBA zone, I would say, are consistency and success in our drilling results and a clear showcase that we can effectively develop the exploration potential from a single discovery drill hole. That's now with all these drill holes completed over 550 meters along strike that we've managed to prove the mineralization extends. And as previously mentioned, we haven't found the edge of this. The ABBA zone remains completely open. Now, finally, the B zone. In the B zone or this deep part of the B zone, we have a total of three drill holes, two of which are new for presentation today. And these results are equally as impressive in their own right. In fact, this deep part of the B zone, this is where we're finding the highest copper grades of all of our exploration target areas. We see here in hole 115, 13 meters at .35% copper. In hole 116, 13 meters at .94% copper. And you'll recognize the idea of these drill holes as you saw them on the previous slide as well. These are actually long drill holes designed to pass through the A zone, the ABBA zone and the B zone all in one. So that's a lot of bang for your buck in terms of drilling meters for the number of intersections in return. I would say the takeaway from the B zone is not just the grade, however, it's also the exploration space that's been opened up. We can see where these deep drilling intersections have been made. This is 500 meters down-dip of the existing B zone resource. And so this is an obvious and completely natural target for us as we continue our exploration drilling. And just like our other target areas, the B zone also remains open at depth and a long strike. Now to bring this all together and put these fantastic results into context. Here we're not seeing a longitudinal section, but rather a cross section of the entire Viscaria deposit. So basically a slice through all of the ore bodies. In the dark orange color, we see the existing mineral resources as of our 2022 mineral resource estimate. The A zone here, the B zone and the D zone. And above we see noted the average copper grade associated with each of these ore bodies. However, if we look deeper on some of the highlight drill holes from our exploration campaign, we can see that we're really finding a totally new potential, a high grading direction for the deposit as we go deeper. In the A zone, 10 meters over 2%. Beneath the B zone, 13 meters at .35% copper. And beneath the D zone, 13.5 meters at .8% copper plus the magnetite. These latest findings really show that we're beginning to unravel the true potential at Viscaria. High grade copper at depth that can support a deeper underground mining operation beyond the initially planned life of mine period. So that was a lot of fantastic results already, but the drilling hasn't stopped there. We've continued with full speed into the new year and we already have further intersections to show. On the left you see the latest hit in the ABBA zone and on the right the latest hit from the D zone. And this drill core has already been logged by the geology team here, some of whom you can see working behind me here in the core shed. And this drill core has been sent for analysis already, so we're expecting the results back within Q1. So that's already some more exciting news to follow up on in the near future. But finally, let's finish by looking ahead. Currently we have six drilling rigs in operation and we're expected to drill a total of 10,000 meters through the duration of Q1 2025. Of these 10,000 meters, the bulk majority will be drilled in the D zone, the B zone and the ABBA zone, where we're utilizing directional drilling in order to assure accuracy and efficiency when drilling at these kind of depths. Additionally, these exciting exploration results are expected to feed directly into a new mineral resource estimate, which will be released in conjunction with the feasibility study for the project. And this is super exciting for us because really this marks the first step in developing these discoveries into impactful and meaningful tons that we hope sometime down the line will be fed through our very own processing plant, which of course that's the ultimate goal for us through exploration. So of course today we've been focused mainly on the Viscaria mining area. We have also been continuing to implement our grand Viscaria strategy as well. Already we have geophysical studies and drilling underway in some of our exploration permit areas, which you see on the map to the right here. And this is something we will continue to do to assess the mineral potential in the surrounding region as well as at depth within the Viscaria area. So that's it for me today. A lot of exciting results and a new mineral resource estimate to look forward to in the future. So thank you and on that note I pass back over to Jörgen.

Thank you very much Ross. And as you can see, not least of this activity, you get energy in a very patient project, because that's what it is. I'm just going to make a few short comments before I let you in on Friday. But I know that there is a big question on our after-studio and I can promise you that the question is here internally as well. On the other hand, I have said several times that it is extremely important when you release such a post-studio, especially as a junior mining company, that it should be robust, it should be validated, it should be turned out, washed, second opinions, third opinions, fourth opinions. If you don't keep that pace, you don't have many shots on you, again as a junior mining company. There are both in our region, there are European and international FS reports out there that have never been financed. We are not going to end up there. That is why it is so important that we take this time to do these validations. Now we will release our FS report in connection with Q1 on May 18, as I mentioned earlier. We will do it live and have a good, extensive question time as well, so that people can really ask questions. In this picture you see one of the many jobs in the validation work. We had a workshop on the public sector from 27 to 29 January, 40 participants, copper mining experts from Australia, several from the US, Europe, our biggest shareholders were there. Again, to be able to play the devil's advocate, so what can go wrong, what are weaknesses, what are challenges, how can we mitigate these challenges. After a three-day workshop, there will be another amount of work flows. All this because when we present our report, it should be robust, it should be able to keep the measure in all aspects. We look forward to what Mike can tell you, which I think you do too. For you shareholders, you are of course welcome to the Q1s on the company's website. For you who are not shareholders, you will also have an expo on the same day before the company's meeting, so you are welcome to the Q1s. In connection with this, we will also release a very detailed resource update. The resource update will naturally be able to give a clear and clear picture of the size and extent of the resource, but also the assessment and potential in depth, and really show the strong conditions for Viscaria. With that Frida, I'm sorry, I had a timeline. The timeline is also important, there are not many changes here, there are some changes. We are of course waiting for the strength-building condition. We mentioned in Q3 that we expect to maintain a strength-building condition by the end of April. There is no guarantee for this, but it is our absolute expectation that it will be done, that we will get this, and that it will be a positive result, that we will deny the test result. A lot more activities will be started than those that Thomas has already mentioned, construction and other construction works, etc. We will continue in 2026, so that we can finish all the facilities in 2027. We will be able to deliver our first copper concentrate to customers, and this will be done with trains. Yes, Frida, finally. I will click your picture and then we can take the numbers.

Thank you very much, Jörgen. Yes, but then I will go through the company's financial development in short, with focus on Q4, but also throughout 2024. I will start by summarizing the essential events for the last quarter. It is partly that the market display gained strength. We also received a message from the Land and Environment Board that they did not approve the test condition on the complaint. This has now been reported to the Supreme Court as the last instance. Then the election preparation was presented and Mark Johnson, who is the new board leader, will be presented to the annual vote. As Jörgen mentioned earlier, he has already joined the board. If we look a little closer at the financial figures, with focus on the results initially, we see our post for activated expenses for prospecting and valuation applications. There are 77 million in the quarter and 330 million in the whole year 2024. We see here that we have a higher cost costume, which is also a high number of active. All in all, we are actually approaching a rough start. If we look at the moving results, it is at minus 20 million per quarter and minus 53 million per year. If we look at the period results, the last row, it is 19 million minus per quarter and minus 48 million per year. What can be mentioned in the period results for 2024 is that we have a smaller description of a couple of investigation conditions that we have chosen not to extend. If we look at the cash flow, it is minus 153 million per quarter. Also quite a big difference if you compare with 86 million in the same period the previous year. It is also a lead in that we are now in the starting phase, not least on permanent water cleaning, which is the first step to be able to start the water drainage of the pit. If we look at the period cash flows, it is minus 35 million per year. This is due to the new emissions that were made in June, where we got a net increase of about 420 million. If we look at the balance sheet, it is again the large immaterial supply, which is both prospecting and valuation supplies, which now goes up to about 1.3 billion. To compare with about 900 million at the beginning of 2023. Here is the year's activated emissions, but also the first part of the emissions for the coming post-treatment, which is also according to the environmental law, about 60 million. In the post for ongoing new investments we have worked up to 165 million. Here too, of course, is the large part of the water cleaning, but it is also what Thomas talked about earlier, the connection to the Malmbanan in the form of changes, which we do together with the traffic authority and the associated number. If we look at liquid materials, we have a cash flow of 232 million at the end of the year. Then you have in mind that we entered the shareholder loan agreement, if it is under the quarter, but it has been implemented in January this year. And the own capital is about 1.6 billion, to compare with the 1.2 billion last year, and it is the new emissions that are the big difference. We do not have a number of debts because it is so small in balance, we have a couple of convertible debt letters, which is about 15 million. As it is said, we are very safe with the balance we have. Just as earlier, we go through a little more in detail in this post, which is our activated emissions for prospecting and valuation applications. We are ready to show that quarterly from 2021 to today. We have called in the absolute top, which was under Q2 and Q3 this year, where we have a large number of work in geology, drilling and analysis, so we mostly had nine drill rigs in the same time. And more of that work has been for the deep near drilling, to be so prepared and have done the work as well as we can to set an optimal deep plan. And that is a part of the FS work. If we look a little closer, individually, at Q4 2024, it is here, just as earlier, that the individual largest post is still drilling and analysis. During the quarter, we also made decisions on a new prospecting campaign, which is still ongoing, and it is linked to what you have heard Ross tell us earlier during the presentation. And then, in parallel with the FS, the first step of the ground start, we also work focused on what comes after that. And one of the reasons for that is to focus on prospecting and valuation. But it is not only geology that we work with, but of course we work on, within all other work, with the preliminary work that is to be done before the reopening. When it comes to the drilling, we work with process tests, flow schedule, everything to be able to build a drilling plant with as optimal and effective a drilling process as possible. Within the mine, we work with setting the detailed plans, make the mine design and have as good a start as possible linked to the mine planning. On the infrastructure side, we also do large jobs, linked to the project work, both for the mine site, stage 2, which is coming up, but also for the work that will be done with dams and also on the power side. We also design the mine, which we will build ourselves. It is the connection that is made with the traffic authority, but the rest is done by itself. We also have a lot of work to do, and a part of the activated expenses is of course the project administration. With that said, as a little repetition, we complete our FSS in connection with the release of the first part of the year report, in the beginning of May. This is the year that we will summarize when we leave the main thing to be in the prospecting phase and actually move on to the installation phase. With that, I will let Jörgen in again.

Thank you so much Frida. In summary, can we almost jump over after this extensive report? I think we leave the word to the studio and to you Erik, so we will ask some questions and answer here instead.

Thank you Jörgen and the team. I was going to start talking about my frustration that we will not see the FSS results already now, but that has been taken over by the hope and interest. I want to hear more about the Abba mine and can the market hope for more big mines in the future?

Absolutely, what Ross says here and how it is presented, if we take specifically the Abba zone as you mentioned Erik, we have now made nine holes in the Abba zone and it is fantastic to meet all nine, not one single black hole. Now you should also know that it is not like drilling on the Mofo, I should not say too much, because in each hole you do physical measurements, you try to have a probability when drilling with the same force, and we have seen that our prospecting campaign in the beginning of the fall has given us so much courage so that we continue to invest more than we had thought from the beginning in prospecting. It is also as Ross pointed out that the mine in the Abba B and D zone is so close to the old mining zone, a few hundred meters, so it is economically vulnerable, which is of course not only important but extremely relevant in the extension of this mine, how to break it out.

And for us who are generally not always patient, do we dare to book the tickets already now, you think, on May 8, or so that we understand the process, will the result come?

You should definitely do that, we would not have said this specific date now, if we had not been so sure that we are so far in the validation process, we know which jobs are left, we know what confirmative results we are waiting for, there are a lot of external experts, specialists, consulting firms that include this, so book tickets, it will be a nice day on May 18, a good expo and a good company atmosphere in the afternoon at four o

'clock. We are really looking forward to that, and it is an exciting journey, it has gone from prospecting to mining development companies, and if we talk about the journey to a finished mining company, what are the challenges in that journey?

We do not have the hours today to talk about the challenges, because they are uncountable. One thing to know is that it is incredibly unique to have a project from A to LÖ, from prospecting to finished mining. We have now got Mark Johnson with us in the management of Freeport McMorren, he has been involved in the industry for over 40 years, he has never been involved in the mining opening, it means that Freeport McMorren has not opened a mine for 40 years, they have grown powerfully over the last 40 years, but they have always taken something existing and built it up. So even when you talk to Mark and his colleagues in the management, this is kind of unique for us. First, you need to understand the complexity and the challenges to do this, it is all different than a project from A to LÖ, but there are many challenges here,

Evi. And to take it through these challenges, it is a lot about the team, I see that you still have 35 employees, but Mark Johnson, as you mentioned, is involved in the management, how come you wanted to have more Mark, what kind of experiences and contacts does he come with?

Freeport McMorren is one of the world's largest copper group producers, they usually compete with the Chilean state of Codelco, they are usually number one and number two, I think that Freeport McMorren is number one in the world in terms of producing copper, and they have undercooked copper cubes, day-break copper cubes in the USA, in South America, and one of the world's largest is Grassberg in Indonesia, which he participates in with the Indonesian state. So it is a self-evident that with the relevant experience that he has had with himself throughout his life, it will be a fantastic addition, not only in the validation work with the FS, but also from a general perspective. It is not only Mark that we get into the management, his network of experts is also important to us. You mentioned the team, Erik, we differ from many other mining development companies, that we set up a production team from the very beginning, we set up a mining chief five years ago without a mine in operation, we set up a mining chief four years ago without a mining work, we have a production staff that in turn has to decide how the equipment should look and how it should be ordered, so that they themselves can take over the responsibility in the operation, we do not have a project organization. Out of the 35 full-time employees, we have about 30 full-time engaged consultants, so we are a real staff force of 70 people, mostly constant, who work on this project, and that also starts for a good and reliable forwarding.

The progress has been several in the quarter, but if we look at the situation, you got the environmental support for just under two years, which is very strong, or fast, and most of the complaints have been settled after three months. I only see one left, and it is Gabna Samerby who is complaining about the highest number of seats, what can you tell us about that?

Exactly, Gabna Samerby complained about the high number of seats, and sent in its development complaint on December 27th, it is on our website, website and long, so it is not particularly difficult to take advantage of that. We have read this too, we have the highest respect for all the complaints, we think it is worth defending the principle, we want to be able to explain things that may go against us, so we are nothing against the democratic process. We expect in the meantime that this complaint will not be tested, and we are of course based on the complaint's content, which you can all read again on the website, and which is a public document. Based on the Highest Court's process calendar right now, as an external observer, I have the judgment that we should be able to get a message before the end of April, but we do not have all the facts from the Highest Court.

I got a viewer question on that, is there any place after the Highest Court, or is the environmental law complete when the Highest Court is complete?

The environmental law wins the power to store in the same minute as HD would potentially cancel the trial, there is no higher place, then it is done, then we have all the conditions in place.

Exciting, getting closer and closer. Thank you. During the quarter you received a loan of 315 million, how does the relationship look with the owners?

We are happy to have a fantastic, solid and loyal owner base, as you have understood through these continuous financing. We withdrew the loan during the first quarter of 315, and the four owners, Thomas von Koch, Jan Stolberg, SEB-Bestiftelsen and Santedal, also advocated an intention to convert the loan to the upcoming investment. On the other hand, we have a close dialogue with existing big shareholders, both private and institutions, and we receive a lot of questions from the institutional potential future investors, so we are very happy, but we think that there are very good, fun and interesting discussions, and as some institution said to me last week, Jörgen, we are writing Swedish history. It is very fun, it is a Swedish base industry project, and it will be Swedish history.

I am incredibly proud of the whole country when the mine starts, so it is a lot of work there. A question about the market. Last quarter you mentioned the copper price, you counted with a price of around 9000 dollars per ton, then the market was at 9500, we have come down a bit and are at 9000. How do you see the copper price in the future?

We have no crystal ball, but we have made the investments, I personally, family and friends, so a very big investment is family and friends to me. We have made a bet that we will get a strong copper price, we are very happy with 9000 dollars per ton, but we have not been able to believe that we dare to believe in a higher copper price as well, so we will see the copper price in the future. But since we started the project in 2020, we have shown databases, from Mindspan, from S&P, from Woodman, Kenzie, etc. and it is the same databases that everyone uses. And the demand will start to diverge from the demand that goes up much more than the demand from 2025. And we think that we are starting to see such trends in copper prices around the world, and the demand for after-sales versus the supply, the supply is almost constant, i.e. primary production in the world, but the demand increases. We believe that it is necessary to get a more peaceful situation in the world than the geopolitical situation, because the biggest demand in the world on minerals in general, not just copper, comes from the growth of the middle class. And as long as you fight, it doesn't get much growth on the ground. Growth is shelter for houses, gravel for asphalt, no infrastructure for infrastructure, developed infrastructure, more housing and everything around. But as late as this morning, we have a copper price of 9,400 dollars per ton, so we think it looks good.

And what we can add there, just as you were in, is that in our models, copper prices remain at 9,000 dollars per ton, but we follow the market, of course, and work in the model with sensitive analysis in different ways, so we have good control over how much it costs in one or the other direction. But even if we have 9,000 in the model, we expect a rise from there.

Thank you very much. And finally, you have, Jörgen, clearly a strong forward-looking group of friends who invest right now. Why should other investors buy what we should in the stock market?

We import over 50% of all copper we consume in Europe. And unfortunately, the trend is going in the wrong direction. According to all databases that we have not opened, we will import -60% of all copper we consume in Europe. In practice, this means that we steal copper from someone who needs it better. It is a joy to say that we want all this infrastructure that a modern society has here in Sweden, with roads, cars, schools, hospitals, pensions, TV studios, everything, and at the same time say that we should not break out copper. We need to break a tradition. We have 12 or 13 mines in operation in Sweden today. The mines take up .4% of Sweden's surface area. We are one of the world's richest mineral resources of different minerals up here in Scandinavia. And it is terrible of us that we have not been able to become more self-sufficient in Europe. It is time to end on that trend. It is one argument to take part in this. In our case, copper is 100 times more per tonne than iron. It is a valuable mineral. It is a profitable mineral. This will be a stable, fantastically profitable project that you will make money on, while being proud to participate in an increased self-reliance from copper production.

Jörgen, a strong conclusion to this interview and a strong conclusion to 2024 for Viskaria. Thank you for being here and thank you to all the viewers. And we will see you on May 8th.