Gruvaktiebolaget Viscaria

Warmly welcome everybody to Viscaria's quarterly report for the second quarter 2026 up here in Kiruna. And as usual we welcome you to our core shed where actually everything starts as you know and Ross will tell you more about that later on. Viscaria continues to deliver according to plan and activities are now higher than ever across all work streams. We are continuing to build our organization. We are adding additional contractors and we now have some approximately 200 people that are logging into the site every day, seven days a week and more people for every month will then come in. We connected ourselves to the main railway on June 17 which was an important event and we will inaugurate the entire rail yard the Leverjärvi rail yard on October 14 this year that means that we can also after that date starting to get the equipment via train and not only just trucks after that We are continuing with the commissioning of the water treatment plant in a successful way and Charlotte will give you much more detailed information about that. And after the period as well we contracted Sandvik for underground production equipment which is an important statement that we're now just about ready to start our production. Ross will talk a lot about the continued successful drill results which proves that this deposit continues to increase in both tonnage and grades in a very fast pace We had a very well attended Captain Marcus Day, an AGM up here in Kiruna on May the 7th with some 250 guests and shareholders which was very well received. Then of course we concluded a very successful oversubscribed direct share issue of some 1.7 billion Swedish krona where we also took the opportunity to convert all outstanding shareholders loan of a bit less than 700 million Swedish krona The total size of the issue was then 2.4 billion Swedish kronor. We are extremely happy with the continued support from basically all our institution shareholders and also the largest private shareholders where many of them took the opportunity to increase their shareholding. and at the same time we're also very pleased to welcome our new second largest shareholder the French infrastructure fund Infravia supported by the French state an experienced fund investing in mining and metals that has been scrutinized as well for a long time and now have entered our cap table and we're very pleased with that And lastly, we are in the final stage of concluding then our debt financing of approximately 5 billion Swedish krona. We're pushing that a bit from September, as we have previously announced, a bit into October. There's no red flags that is behind this push, it's just that it's a complex project financing, but a completely standard format. So the mandated leader ranges Socken and ING are now in the final stage of deciding of the bank consortium, the syndication consortium that will participate. So that means that another four to six banks are then included in all these arrangements. and we also then are then negotiating with two governmental bodies to receive credit guarantees for part of the amount and that is the Finnish state via Finvera and the German state OIL-RMS. via Ölhermes. And the reason for the credit guarantees is of course that we are buying so much equipment from Finland that the Finnish state is supporting and we are exporting part of the copper concentrate to Germany which the German state is supporting. So again Charlotte, Ross and Frida will talk in detail about all activities that are happening both during the quarter and activities that will come. I will take the opportunity to share with you a few slides just about why we care so much about details and tidiness of our site. So as you have heard before, we care about the design of our buildings, the color scheme of our buildings and has nothing to do that we want to do a fancy site. This is about caring and quality. We care about details. When you care about details, your organization notices that. This is to prevent accidents and support quality. It shows that you are not just pushing the product into production at any cost. You do it at the site that is nice to come to every day. our main office which many of you have seen when you have attended here at Captain Marcus days before we are now doing this nice little park which is will be a very welcoming face every morning when you come to work and that gives comes with that you come to work with a bit of smile at your face we have also constructed the Viscaria village so this is the overnight the facilities, the accommodations for the building constructors during the two year period that we now are left to build our site. So this is not for future production mine workers, this is only for the construction workers during the construction period. We have 132 overnight rooms here and since we work in 7-7 shift that means that we give opportunity for overnight facilities for 264 people that we then release the burden of the Kiruna municipality to have them for hotel rooms or that they buy apartments or houses for the contractors. We have them now here on site as well. so after two years the red buildings here will either be converted to contractor offices or will be moved away but the field here in between where the football field and barbecue places outdoor sauna outdoor gym that will be forever for our workers for recreation mornings lunch breaks afternoons or evenings and the brown house there down at the end of the picture that will also be there forever because that is the change facilities and also lunchrooms and so on for the daily production workers that comes into site to work in the mine on a daily basis. and we are also then next year do a nice visitor center just outside the main gate where we can receive guests have security reviews information you can have see films about the site and production and so on and this will also give a very nice welcoming feeling when you come to our site to be super proud of all this work as well that we do. But over then to details about what's happening in the site and I start with welcoming Charlotte to the stage. Thank you.

Thank you so much Jörgen. So I will now give you an update on where we are with the project and execution of the project and overall the project is proceeding really well. We are actually on our most critical construction project, the processing plant. We're a little bit ahead of schedule which will give us a big advantage now when we're moving into the winter months. other than that we have a strong focus on time planning in the project a quality of the designs that we receive every day and also on safety of course which is a top priority for us all across sites we're also doing the final detailed designs within the project and adding to that the last big contracts for COPEX investments and that will secure us to do a safe and successful restart of the Viscaria mine Looking at the processing plant, as I said, the project is going as planned and we're currently ahead of schedule. The engineering and construction activities has intensified a lot during the quarter and it's more and more contractors coming in helping to construct this building. Metso is also undertaking the detailed design of the process equipment that will be inside the processing plant based on the basic engineering that they completed in December last year. We're also doing continued process optimization work, including further metallurgical studies just to be fully ready when we're actually starting up this processing plant in 2028. And as we go, we're also building up, scaling up the operational organization. The picture you see here, that's taken from yesterday. It's moving fast in the project. Adding to that, this is a time-lapse movie showing the progress in this construction over the last three weeks. The building is erected quite fast because everyone knows what to do. It's tidy and with a strong focus on safety. So we're not only constructing the building, we're also doing the concrete foundations for the heavy equipment such as the mills and also the foundations for the building. So looking into the mine we've done 300 meters of underground rehabilitation as of now and it's going well according to expected actually a little bit faster than expected so we're doing roughly 25 meters per day and this picture is taken also yesterday from inside the of the mine entrance. We have started the open pit operations so now we're blasting material that we use for our tailings construction and we also have some ore that we have started to stockpile on the ROM pad. As Jörgen mentioned we have selected Sandvik for the underground mining fleet, we're happy with that and they're also going to help with maintenance service of the equipment and of course automation. We're also doing optimizations of the mine plan and one improvement that we've done lately is that we're going to start the development to the upper part of the D-zone before taking the lower part just so we can start in a month by doing that and also another positive from doing that is that we decouple the mine plan and progress from the dewatering rate and not by saying that the Water treatment is going as planned, but this is an optimization that we wanted to do and it has a lot of benefits. So looking on the infrastructure and logistics side, the Leverjärvi rail yard, our rail yard station so to say, was connected to Malmbanan on 17th of June, which was an important milestone for us. It's not easy to get those slots and we signed up to have this slot the 20th of April 2023. So that just shows how well we planned for doing this and how we actually executed everything in order to be able to do it this exact date. The railway yard is well in construction and the concentrate storage building, adding to that, inauguration will be held mid-October and the Norvik infrastructure for the boat shipment is also well in progress, power to site and site infrastructure. Looking at the tailings facility, it's in full construction as well. You see the picture here. And we're also building the clarification pond and the outlet from the clarification pond that will take water into the processing plant. And a positive here is that we are blasting our material from the open pits and we're not only using that for the support benches, we also do our fine filters, the darker filters in the picture and the coarse filters. So it's a really good COPX profile of our tailings facility. So going to the VTP 1000, we're well in commissioning now and the picture you see here is the water that we discharged to the recipient and so we're now treating the water of metals, uranium and sulphate and everything's going as expected and we meet the permit limits so we're discharging to recipient according to plan. So now the focus is to ramp up of this discharge amounts to reach 1000. We are soon there and we are operated training ongoing. So super important to learn how to run this facility in a good and efficient way. And we have our drinking facility completed and approved by the authorities so we can support the site with drinking water as well. So here's a picture zooming out a bit, the pipeline that's going from the VTP-1000 and the outlet to the recipient that's zoomed in on the picture to the left. And here's also a picture from the inside, tidy and clean, and the desulfate treatment step in the middle, that was the last thing we added that was completed in mid-June. And Viscaria Village, as Jörgen mentioned, it's nearing commissioning. Our first guest will arrive the 24th of August, which we are very happy about, which will give our contractors a nice place to stay and rest when they're not working. And the official inauguration will be in September. So it's 132 rooms and 264 residents that we can take. So very close to taking that into operations. And lastly, from my end, the project schedule, no changes. The sulphate treatment was in place in time, the exact date, and then we could start the dewatering of the mine, and that will continue as we go. Underground rehabilitation, we're just continuing doing that as we dewater. Open pit operations ongoing as planned. and underground mining we will actually start in a month when we start with this drive and development to the upper part of the D-zone. Power installation will be completed in 27, rail yard October this year and the tailings area and clarification pond will be completed later this year and looking at the processing plant it will be weatherproof and all the foundations will be completed in November this year and then we're moving over to installation of process equipment which will be done during 27 and then we do commissioning as we go ramp up and then have our first sellable contract the first half year of 28. And with that I will hand over to Ross for the latest from expiration.

Thank you very much, Charlotte, and good morning to everybody watching. It's very exciting to be back with another exploration update from the team here at Viscaria. Stepping back, we're really starting to see the different parts of this geological story come together, and that's a theme that I want to carry through today's presentation. Our standout result from this quarter comes from the D zone, where drill hole 25013E, which was drilled 800 meters outside of the existing resource boundary, intersected 10 meters at 2.2% copper, which is more than twice the current average grade of the deposit. Elsewhere in the B zone, drilling is continuing to find high-grade extensions to the mineralization and also define an exceptionally thick package of mineralized rock. And finally, our reflection seismic survey is now underway on site, which is allowing us to test the system at an entirely different scale than ever before. But first, let's focus on that standard result from the D zone. So this image we see here, I think it's one that we're all starting to become a bit familiar with. What we see is the D-zone resource color contoured according to grade by thickness. So where we have the hotter colors, that's where we have the thicker and higher grade parts of the deposit. Over the past year, we've been progressively stepping out in our drilling further from the resource. During the last quarter, we presented the results from hole 24036, which was our first major step out hole, 400 meters from the resource, and this returned an intersection of 14.3 meters at 1% copper. And the results from this is what encouraged us to go even further. Last quarter, we also presented 25013E, which intersected copper-iron mineralization 800 meters from the resource. at that time we didn't have the assay results but now we do 10.2 meters at 2.2% copper and 32% iron this is just a fantastic result But what comes with this result is two important messages. Firstly, the scale. So with this drill hole, we've opened up a significant corridor between the intersection and the current resource. And that's a corridor that has great potential for further resource growth through continued drilling. And in fact, we're already starting to test this space with two active drill rigs in the field. And so we're hoping to have results to share very shortly from there. And on top of the scale, another important message here is, of course, the grade. So as we're moving further away from the resource, from the known mineralization, it's very important that we're seeing that the mineralization is not weakening. We're not finding lower grade. In fact, quite the opposite, more than double the grade of the current resource. On top of these two important messages, we also see a very interesting mineralogical observation as well. In this area, we're seeing an increased proportion of boronite coupled with hematite alteration. Now it's quite early doors, but in similar copper systems, this type of observation, boronite with hematite, it can indicate that you're vectoring towards a higher grade part of the system. So of course this is a very interesting thing that we're going to follow along and try to find in the next drill holes as well. But let's have a look at the drill core to try and connect this headline intersection to the geology. So what we see here is photos of the drill core overlaid by the individual assay results. What I really like about this result is the consistency of the grade. So as you can see, there's not just one narrow but super high-grade vein that's carrying the intersection. Rather, what we see is several consecutive samples, 2% copper, and several actually around the 3% mark as well. So this is genuinely high-grade mineralization in an area that we believe has great potential for resource growth, and at a later stage, future mining expansion as well. But importantly, this exploration campaign is continuing to deliver great results, not only from one zone. We can also take a look at the B zone as well. So again, a familiar image. This is the B zone resource, again, color contoured by grade thickness. And we can see in the southwest portion of the deposit, on the left-hand side of this image, there's a gap in the resource. And that was previously untested until basically the last year, where we started to fill that gap. First, the first result we had was drill hole 25013B, which returned a whopping 76 meters at around 1% copper. Then in the last quarter, we presented hole 13D, which again, this confirmed a really thick package of mineralized rock with several stacked high-grade intervals above 1% copper as well. And that brings us to today where we have two new drilling results to share with you. We just looked at drill hole 25013E in the D zone, but this same hole had great success drilling in the B zone as well, returning at an intersection of 20.6 meters at 1.13% copper and providing an extremely important link between that shallow part of the resource and the deeper drilling that we've completed. And then finally, we have drill hole 13F as well, which has also confirmed this really broad mineralized package. A total intersection of 270 meters at half a percent of copper with several higher grade sections within that, including 14.3 meters at above 1% copper. But importantly, the key message from the B-Zone drilling here, it's not about any one individual result. It's the repetition, the continuity. Here we're seeing geological ingrained continuity beyond the resource. And from the project perspective, this is really important. It's real near mine exploration. So these are results adjacent to existing resources and adjacent to the planned mining infrastructure as well. Now, this is quite a technical slide, but I think it's really important to show how the different pieces of the puzzle are starting to come together. On this image, we're seeing a plan view, so a map of the Viscaria deposit looking down. And in the backdrop to that is magnetotelluric geophysical data. What we see in the data is this red trend, the strong conductivity, and this comes from the graphitic rocks in the A zone and the C zone. And if we follow this strong conductivity signal towards the southwest part of the deposit, you can see that there's this major break cutting across the formations. And the geology that we observed in that break tells us exactly why this is the case. In this area, the original black carbon rich rocks have been completely bleached and altered by the hydrothermal fluids, losing that formational conductivity. And in the same area, we see an abundance of these cross cutting feeder style veins as well. So we think it's no coincidence that along that same trend, that's exactly where we've made a lot of our recent discoveries. First the ABBA zone, then B-zone deep, the first high grades in the C-zone, and now today this 800m strike extension in the D-zone, 10m at 2.2%. All of this is to say that the geological and geophysical evidence is all pointing towards a major feeder corridor in this part of the deposit. So today, of course, we've been focused a bit on the near mine drilling results. But with the reflection seismic survey underway on site, we can now start to look far beyond the drill bit. As we learn more about the Viscaria deposit, we start to ask ourselves bigger questions about the architecture and the depth extent of the deposit. And with seismics, we can start to answer a lot of those questions. This is part of a project, a collaboration with Uppsala University and BitsimNow. And you can see on this map, it's quite an ambitious scope to the work that's planned. Not only do we plan to cover the entire mine site with seismic profiles, but we also plan to do some profiles in the city as well. And that's in order to chase the down dip reflections southeastward from the deposit. But the work is now underway, so let's take a quick look to see how this actually works in practice. So we have here the seismic source, this vibrator truck, and it systematically works along each of these profiles, lowering this base plate and generating seismic waves, which reflect back from different geological features in the subsurface, and they're recorded by thousands of receivers that we have over the area. But of course, the really interesting part is when we get the results back, and we can start to see how this fits in with the overall picture. So finally, to try and tie this together and look ahead to the future, what we see on this chart is the growth of Viscaria's mineral resources through time. From 3 million tons when the mine closed in the late 90s, up to 108 million tons, which were defined in 2025. As you see today, all of the near mine drilling results are pointing towards continued resource growth. What's really important is that as we move closer to production, we need to acknowledge that exploration is about much more than just adding tonnage. Our near mine exploration campaign is really targeting areas that have the great potential to add scale, flexibility in the scheduling and optionality to the future mining operation. In other words, we're drilling in areas that can make a big difference. We have four active drill rigs working in the area and our planned resource update is for Q1 2027. So until then we will continue to keep compiling all the data and to confirm geological continuity in all these exploration spaces. The key message today though is that we're not just accumulating single drill results. This is all becoming part of a comprehensive understanding of the Viscaria mineral system and where the greatest value might sit. Drill hole after drill hole, quarter after quarter, we're really starting to put together this geological story. So thank you very much for listening. On that note, I will hand the word to Frida.

Thank you for that, Ross. Then I will go through the financial performance in summary for Q2 2026. If we start with the income statement, we have a big portion of capitalized expenses related to exploration assets. It's 127 million. We have an operating profit of minus 24 million and we have the net profit of minus 41 million. It's a little bit higher negative result than previous year, mainly due to the interest expenses referring to the shareholder loans. We have a positive cash flow for the period, 346 million, and that's included the first out of two tranches from the directed share issue. If we then look at the balance sheet, we have an increasing in the post of exploration and evaluation assets, it's almost 2.1 billion. Of course we have a large increasing in the ongoing development, it's almost 1.6 billion, mainly due to the ramp up of the construction activities ongoing. We have a cash and cash equivalent of 1.3 billion and our equity is now 3.8 billion at the end of quarter 2, 26. We have definitely further strengthened our financial position during this oversubscribed new share issue, which adding 1.7 billion in cash to our company. We also got in Infravia as a new second largest shareholder and the tranche two of the share issue was completed after quarter end and added in that all of our shareholder loan of 681 million was fully converted into shares which means that we actually are now debt free except for a really small portion from Norrlandsfonden. So this means that the total equity raise was 2.4 billion. And when we now have executed the equity raise, we are working towards the debt financing of approximately 5 billion Swedish krona. We are well underway there and aiming for a financial close in October this year. This is fully aligned with our plans and according to the financial requirements. And including in the financing requirements, we of course have different kinds of margins in our calculation. In all of our capex, we have a continuous opposed of a range between 10 to 15%. And on top of that, we have this cost of run facility, which is approximately 800 million Swedish kronor, which is also included. If we then turn to the market upside, we see here some sensitivity analysis of our earnings. In the first row you can see our business case is based on an average copper price during the whole life of mine of 11,700. That will give us an EBIT of 1.6 billion during our steady-state years, which is 2029 until 2036. If you then will use the spot price of today, approximately 14,250 USD per ton, you see that we have a significant increase of EBIT. Over 40%, it will raise up to 2.2 billion instead. and if you use the bullish forecast of 20 000 USD per ton you can see that the EBIT goes up more than 100% actually up to 3.6 billion during these years if all the other parameters stay the same. The key message here is really to see that all of these different kind of copper price scenarios is fully reasonable due to the market conditions, the availability of the supply and also the long lead time for the possibility to increase capacity on the mining side. And this slide also shows our business case, but from the cash flow perspective. You see the first year, 2026 to 2028, we are in this capex and investment phase but already 2029 we turn cash flow positive and if you follow the line in the diagram you see that we become cash flow positive in the accumulated already 2032 and we have an overall payback in approximately four years So if I then try to summarize really shortly from the financing perspective, we have strengthened the equity base materially. We have removed all of our shareholder loans. We maintain a really strong cash position during this last directed issue. And we are now heading towards financing close on the debt side in October this year. So by that, I leave the word back to Jørgen again.

Thank you Charlotte, Ross and Frida for your presentations. Viscaria is uniquely positioned for a successful mine opening and first delivery of copper in 2028. We are blessed with a fantastic deposit and site and as you can hear with significant growth quarter by quarter. I think it's important when I say this to underline that our exploration drilling is not the kind of an exploration company's exploration drilling. Our exploration drilling is carefully planned together with our mine planning team. So we know that these resources that we aim to increase can easily be converted to reserves and successful economical mining. We are not an exploration company that are pitching for a sell side. This is a mine company where we focus on economical mining and increase of the economical mining parts of the deposit. We have an extremely supportive cap table as well, which supports the success of this project. And then not at least, we have a great management team and board. And this fantastic picture is our entire board and most part of our management team Tuesday this week when we held the board meeting for the second quarter. It's a great atmosphere, I can guarantee you that, and you can see that in the picture. So with this picture still on the screen, I would like to welcome Charlotte Faringen to support me in the Q&A session today. Thank you, Charlotte.

Thank you, Jörgen. So, fantastic to hear about all the progress on site. You have many parallel processes. Which one would you say is the most crucial right now?

I mean, it's definitely the construction of the processing plant. As you know, this is our single largest capital expenditure, almost 3 billion Swedish krona. A lot of people, contractors, firms involved in this, logistics to get all the material in the right day and the right time to get everything to click. But as I said before, we have a fantastic, well-structured organization. We're super pleased with our different contractors, Nordic and Metso that is heavily involved, but also other subcontractors in the construction of that. But that is the largest challenge just now.

And you also seem to be a bit ahead of plan on that. But if I'm reading you rightly, you're also a bit behind schedule on dewatering, are you? And does that affect your plan?

No, it does not affect the time plan. Commissioning has taken longer time than we thought in the beginning and you know that the main reason was that we found sulphates deeper down in the old mine water and we had to add an additional water treatment cleaning process. but as you heard from Charlotte technique is working we're holding all the levels for the permits and it's going very well now but Charlotte also pointed out that we have optimized the mine planning so we will now start to mine in the shallow part of the D-zone earlier than before which will support the or coming up early from that part. So the dewatering is mainly to go down in the A-zone, but now when we go directly into the D-zone, then the dewatering is kind of decoupled from the time plan and the mine planning.

So you're not dependent on that anymore? No. That sounds good. And also there is a lot going on outside of this area. You have been talking to Narvik Hamm. How is that going?

It's going very well, and you know that for some years back, we signed a memorandum of understanding with Norwex Harbour, and we're now in full construction with subcontractors also for the offloading facility and the ship loader at the quay in Norwex Harbour. So that is also according to plan, and we'll be ready then in the beginning of 2028, well in time of our first delivery down to Norwex in April 2028 with the copper concentrate.

So going over to the finances and the debt financing, you have a bit of news here because you have raised from 4.8 to about 5 billion and you're also pushing it into October. Can you tell us the background?

Yeah, so the 5 billion amount is that we are borrowing the amount in US dollar and that has been the case since beginning. And of course we have a bit of fluctuation in the US dollar SEK rate. So the loan amount will be approximately 475 million US dollar, but then on top of that, which we talked about before, you are adding what is called cost overrun facility, a COF facility. And that is a cushion for the lending banks to say that, okay, we will add the loan amount with a certain amount in order to really be safeguarding to capture potential extra costs. The cost-over-run facility is not the only contingency amount. We have contingency amounts reserved for the remaining CAPEX. We have contingency amounts reserved in the sustaining CAPEX. But then also we have this COF. And the debt-financed COF facility will be approximately plus-minus 45 million USD. But that is an amount that will be decided very, very close to signing. så vi är på ungefär 475 miljoner i USD plus 45 miljoner i KF och sen i USD, så vi är på ungefär 5 miljoner i Sverige. Och när du får den 5 miljonerna, så har du i totalt just över 10 miljoner. Är projektet helt finansierat? Yes, and according also what I said in the first quarter now, we are so close to a realization, we are close to such a huge part of our supplier contracts, so we really feel that comfortable that we have our arms around this project, both in terms of timing and funding.

And in this process, I know that they are scrutinizing you every corner. What has been the biggest good feedback for you? What have you changed because of this scrutinization?

Well, if I first back one step, so everybody knows that I'm not a miner, I'm a banker. So I have really chosen to have a bank project financing instead of a bond financing. It's extremely much more tricky to get the bank project financing, but a much more stable financing for the future. You are definitely scrutinized into your underwear by the banks and that really helps you because they have found things that we have been able to then to optimize. scrutinization is always good to take in second opinions and third opinions are always good and that really makes the project so much more stable it's a painful process a cumbersome process it takes time as you all know we started this debt financing process in October last year but it's very well it's very good for the project and for the stability of the project so we are happy with that process and it has gone fine

Are you worried you'll have to push it beyond October?

No, we don't believe so. So now we are really pinpointing credit committee days for the different banks and also for the credit guarantee institutes. So everybody in this consortium are dedicated to deliver on this time plan and it's in everybody's interest that we keep the time plan as well.

Sounds good. So last quarter you talked very much about the copper price. Now it has risen even more during this last quarter. If we would see a setback in the copper price, how worried are you about your project?

I'm not worried at all because you can see in Frida's slide here that even at a way more lower price than today, 11,700, we have a very good profitability. and in the debt financing case we are calculating with a corporate price of 8600 USD and even at those levels we will support our debt two times i.e. interest and amortizations så det här är ett väldigt stabilt projekt, en anledning till det är förstås att vi är så oerhört bra ekvitaliserade framöver med nu 5,4 miljarder kronor, så vi är inte beroende av kronorpriset, men det är viktigt att säga som ni också såg i vårt Q1-rapport och i kapitän Marks presentationer har vi en fortspannende uttryck i förbruk av koppar i världen och en fortspannende uttryck så det är en väldigt fruktansvärt kommoditet att arbeta med och vi är rådgivande om kopparpriset framöver.

Låt oss sluta med några ord om den spännende utforskningen så hur säker är du på att din mineralisering är större än de tidigare grunderna?

Well, as I said in my final statement there, first of all, it's extremely important to underline that exploration programs in Viscaria are extremely carefully planned together with our mine planning team. We are not out there to show the overall potential for the whole Grand Viscaria. We are focusing on near mine exploration. That means that when we add new resources, they should be resources that easily can be converted to reserves, and in connection with that as well, show that the production planning for economical mining will be realistic in the near term. But on top of that, as we have told before, we have done geophysics, scout holes out there, so we know that this is an extremely prosperous deposit, where we only have drilled at the top of the iceberg, if you can say so. The exploitation concessions are still only just 2% of the entire exploration area, exploration concession area. So this will continue to be one of Europe's most thrilling growing copper deposits.

And we're now looking forward in six months, you're going to do a mineral resource update.

Yes.

And you have, you're talking about the midterm, you have a midterm target of 140 to 160. Are you aiming for any specific figure in six months?

We're aiming for to take significant steps towards our midterm goal already on February the 12th next year.

Good luck with that. Thank you. Any concluding remarks?

And no questions from the chat?

No, we've included them.

Okay, thank you. Thank you everybody for listening in today and I look forward to see you again at the Q3. And of course we have a lot of events happening now in the autumn with the inauguration of Viscaria Village, the inauguration of the rail yard and the continued construction which you will see on social media as well. So thanks again everybody for listening. See you soon again.