Amaroq Ltd.

All right, good morning, everyone, and welcome to Amarok Minerals Q3 2024 results presentation. On this call with me today, you've got Eldar Olafsson, Amarok CEO, and Elit Arnasan, CFO. The presenters will walk through the presentation, and then after the call, we're happy to address any questions you might have. You should be able to submit written questions using the Q&A panel, and you should be able to submit these at any time during the call. So I hope that answers any questions, and I will hand over to Erlef Arnason to open the call.

Thank you, Alfie. Good morning, everybody. It's a pleasure to be with you all here. I will be walking through this relatively short presentation together with Erlef Arnason, our CFO, today. And I'll kind of give you a little bit of background, but then we'll go into the actual quarter and give some feedback to also what is happening going forward with the company. So I'll start here. Actually, on this first picture, what you can see here is our new processing plant that has been built and enclosed and is effectively ready. So I will just go on through here. Right. Just as I started here. So we have now followed our strategy for the past few years. with these four sectors, which is development, mining, exploration, logistics, servicing, and energy. We've now built our first mine. Ninety-eight, nine percent of our focus has been to build the Nalnak mine. So the processing plant, phase one, is ready. It's being tested. The mining is has been ongoing since May, and we've been stockpiling ore, and we've been ramping up development and mining, which we'll go through a little bit later in the presentation. The focus here with this asset is to not only mine and ramp up production, but also grow the resources within Nanomag. And for the past two years, we've been drilling on the surface, and now we're also drilling underground, which opens up a whole new possibility for the company where we can be drilling all year round and expanding the resources and then start building up what we call reserve. So this is a very exciting moment for the company where we're getting into the stage where we always wanted to be. The focus is then to produce gold, generate cash flow, grow the resources, and then we focus on exploration. And we have twofold exploration. In the exploration, we are obviously trying to find world-class deposit, scalable potential deposit that has an impact on demand supply in the world. That's the purpose. And we have twofold. On the one hand, we have the gold, which we own 100%. And they are assets that can be more near-term production assets. And I want to highlight especially Nanog that we drilled this year, but also Vagar and other satellite deposits around Nanog. Now that we've built the plant, we then have the opportunity while we are exploring and developing the next few assets, actually start using that plant and the potential scalability of the plant because we can scale that up. to process more ore and build up more resources. And that has a huge impact on the growth of the company and cash flow generation, immediate cash flow generation and growth of the company. And we have the strategic minerals where we drilled three different sites this year. We are effectively carried there with our great friends and partner, JECA. We're in a partnership or joint venture with them. They put in, in 2022, $30 million Canadian dollars, and we're in our second year of a program there. looking for copper and nickel predominantly. Logistics and servicing. We are in Greenland. We have to take care of all of our logistics and servicing because this industry doesn't exist in Greenland. This has meant that we had to acquire servicing assets such as drill rigs, mining equipment, all of these different things, and manage it, maintain it directly ourselves. And the reason why we have to acquire it is that other service providers, when they come to Greenland, they try to amortize their equipment sometimes over one year or even less. But as we can do that over a much longer period, and therefore we can lower our cost, which we are doing both in development mining and exploration. So what we are effectively doing is we're moving all of these assets that we had to buy to lower our cost into a separate vehicle where we actually start leasing this asset into these two companies. And why are we doing that? Well, there has been a huge demand and a lot of... discussion with other operators of Greenland where they ask, you know, can we also borrow your equipment? Can you also provide something for us? And that's something we see as an opportunity we can do and to actually lower costs for everybody. Last but not least, and we'll go through it in a minute, is energy. We also have to build our own power plant. We have a power plant for approximately 3.5 megawatts in Nalana up to date. We also have to run our equipment. And we measured all of our power, and more importantly, we measured all of the diesel we're using. In the valley of Nalnag, you have a small river, a very simple small-scale hydro, which we have already advanced with a project that we will have a feasibility study on that in Q1 next quarter. And the main purpose there is that by generating about up to a megawatt of electricity from hydro mainly, we can save two million Canadian dollars annually in cost by not purchasing that diesel that is then provided. So you can see with this strategy, what we have done maybe for the first time is that we quantified all of these different aspects. So if we are not owning our own equipment, we need to bring them in. It's very high cost for us, and therefore we rather buy it ourselves, amortize it over a longer period of time, and we rent it directly to us rather than having it rented from someone else who takes too much of a charge. Renewable energy, we're trying to find ways to make the profit of Nanolac higher by reducing the diesel amount that we have to purchase every year. So this all covers on the whole overall strategy for the company. And this all happens because we've unlocked and built the first project. A background of Greenland, and I think this is important because in different markets it's important to understand what Greenland is. Greenland is part of the Nordics. Not only geologically, so you can see Greenland here on the picture, Norway, Sweden and Finland, it follows the same geological features where Greenland has the biggest growth potential. There is growth potential also with new technology and new ways to apply exploration in places, obviously especially in the north of Norway, Sweden and Finland. The legislation It's similar. Most of these legislations in these countries are either built on Danish legislation or similar legislation. So we're working within the same legislative framework. The legislation in Greenland is very clear. It's based on how you operate, how you develop your project through various different environmental impact assessments, social impact assessments, impact benefit agreements, how you get the license, how you operate. This is all then verified by various markets around the world who are now investors in Greenland. That can be the Australian market, the New York Stock Exchange, London Stock Exchange, and Toronto Stock Exchange. So make no mistake, this is one of, if not the best, jurisdictions to operate within, and that has been verified by all of these different markets and the legislation that the Nordic works in. And you can see that the interests by the U.S., obviously with the new president and the previous, well, the Biden administration in Greenland, as well as the European Union, of course, most importantly, Denmark is supplying a lot of investment and support to Greenland. To put this into perspective, Greenland has now, they are now building three airports at the same time in the country. Me, myself, I'm from Iceland. And I don't think we have built an airport for, well, a size of place for ever since probably 50, 60 years ago. It gives you an idea of airports, large hydropower opportunities. So the infrastructure and scale in Greenland is coming to a part to the Greenland, to the Nordic region. And exploration spend is going up, more and more operator. So it's gone up 350% since we started. Yes, this is on the... This is just starting in terms of a country. However, I would say we are the first metal mine. There is another mine called Lumina, who is a north-south mine, which we call an industrial miner, so these two mines. But in Finland and Sweden combined, they only have five operating gold mines. So the scale here is also quite dramatic, and it's interesting how the Nordics have this kind of a potential to grow very rapidly. Last but not least, I would say that in Greenland, where you have different to other jurisdictions, is that this exposure of the resources. So we can see the backdrop. We can see what we are drilling into. And that makes the time and the risk of developing this asset more favorable than many other locations. Make no mistakes. It's not easy to build resources. It's very challenging. There's a lot of different risks, et cetera, et cetera. We had to experience that and we've learned that. And therefore, as I would tell you as well, there are only a handful, I would argue, we are the only Arctic mine that is built in the Nordics and I think Europe. There is, I think, one other in Canada being built. But there are very few companies building mines currently today. So that is also an IP. I would also argue that our exploration team, has now done five different sites in gold and copper nickel during this season and the previous season. And we are one, if not the most active and strongest exploration team in Europe to date. This is very exciting for us when we're going into the next chapter of the company. So back to what we achieved in this quarter. We continue to progress nanoline mine into development, meaning we've been mining, and the process plant construction is effectively ready to start receiving ore. The first gold production is imminent, and as you saw this morning, if you have managed to look into your inbox or had time in your market, we signed an off-take agreement with Oromet and Metalore. They will buy all of the gold at market from Amarok, and then the gold bars will be that we sell. We will effectively sell a brick out of the plant, and then these bars will be refined in Switzerland. So this agreement is a good testament to our team, Ellert and his finance team, and the site team of understanding how we actually, which I won't go in detail due to security matters, but we will effectively have a very smooth transition from delivering the gold and then sell it once it has gone through the, from site all the way to Switzerland. The company also has a stronger balance sheet. The current convertible loan notes were converted this quarter. We have completed all of our expiration season. To put this into perspective, when we start our expiration season, we do this usually around mid-June. And we then are working as long as up to maybe mid-October. So the whole focus of the team is to drill, drill, drill, finish the program, get everything on time, on budget. And as a testament to the team, they did this ahead of schedule. We did more drilling than we anticipated on the lower budget. Our costs in Greenland are still higher than in Canada and Norway, but they are coming rapidly down. And then we see that with more ownership of what we do, because time is money in Greenland, the lower the cost is. And our aim is in the next few years is to get to the same cost center as we would have in Nordics or in Arctic Canada. The site QP, QP is a qualified person. He visited the site. He needs to basically – it's an individual who will then do a measured resource estimate. So currently our measured resource estimate is 320,000 ounces at 28 gram per ton. This individual was on site. He's done the work, being on site, checked all of the – all of the procedures of how we do our work and then he has been modeling the resource and then once the results will come in from our drilling both on surface and underground as well as the results from last year we will then be ready to update our measured resource estimate in Q1 next year. That means how much larger hopefully, is the reason from where it is today at the time when we will update, which has a direct impact on the MPV of the company. I'm going to move over to Ellert now, if you can kindly run us through these slides.

Yeah, thank you. Good morning, everyone. So the main change to note in our balance sheet and cash flow this quarter is due to continued ramp up and progress in construction of the process plant. This can be seen both on the balance sheet and cash flow side, with capital assets increasing by roughly 32 million Canadian. Also worth mentioning is that we increased our environmental escrow account in July by an additional 1 million Canadian, bringing that total up to 6.9. So if you just go to the next one, thank you. On the liquidity side, Cash balance is at 26 million at the end of the quarter. In the quarter, we drew on our construction loan facilities for an amount of 25 million Canadian to finalize phase one of the process plant construction. Aside from that, we have an undrawn cost overrun facility of 13 million Canadian, and the overrun facility nets up against trade payables for short-term liquidity of roughly 26 million Canadian at the end of the quarter. Due to continuing exploration activities and associated costs in our Gartac-JV partnership, where we have a 51% stake, our position there decreases by 4.8 million. And against that, our receivable balance towards Gartac increased. And just as a reminder, this receivable balance represents... allocated overhead and general administration costs to manage the exploration work programs, and the day-to-day activities of the joint venture. And this balance will, in the end, be converted to shares in GARDAC. And the GARDAC cash balance at the end of the quarter was $8 million Canadian for continued exploration activities in that JV. All right.

Thank you. I left. And it's an interesting point that Ellen mentioned, and I think we should also – it has been the focus of the company to become and develop a good operatorship within Greenland and elsewhere. That means to have the knowledge of building a mine, exploration program, and so on. And the belief of the company was that when you do that, then both capital and or project will come our way. And with Canada, there's a good testament of that. But what I left was explaining there about three million Canadian every year we get in in-kind for managing an exploration project. program every year. And we see this not only for Cardvac, but other opportunities as well as other projects in Greenland. This is something that we can continue using as a strategy to increase value for our shareholders. I'm going to start on the gold portfolio. I want to remind you all of the gold assets we own, we own 100%. To set the scene, here's the non-alloc mine. I will I'll make this very quick, but Nassau is the airport we fly into. There is another airport being built in Kokotok, which is the largest town in South Greenland. It's a 3,400-person town. And then Norsdalig is a town that is about 1,100 people who live there, 1,200 people who live there, only half an hour away from the mine. In total, there's about 6,000, 7,000 people who live in this area here in South Greenland. This, again, is a huge infrastructure project obviously going on. This has a 5G signal. There's a cable that comes into Kokotok from Iceland, actually, internet cable. And there is hydropower that was built by another Icelandic company called E-Stack that connects these two towns here. Overall, it's a good operating jurisdiction. And I also want to remind you that all of the meat product that we purchase in for our mine, we actually purchase from the farmers of South Greenland. Many of these farmers to the Icelanders on the call were most of the time trained in Iceland. So a lot of people here in South Greenland actually speaks Icelandic, which is very pleasing for us. But coming back to the project, so Nalnak mine is here. The most advanced exploration asset is Nanoc. I will go through that. We drilled that asset this year. And then Vagar and Eagle's Nest, we sampled those assets. We had drilled Vagar before. So in terms of development scenario, Narnak is soon to be producing and resource development. Narnak would effectively be the next one subject to results. And then Vagar and Eagle's Nest is something where we found gold on surface, but we're still developing the geological model for this. And I often mention this to everybody, geological model in oil and gas, geothermal energy, minerals, it's a key thing to understand that. Then physically you can build up resources and develop your deposits. This is the mine site. A few pictures here. We've actually added another wing here. So if you look at the camp, these are the new facilities. These are the older facilities that then will be slowly and gradually removed, and then we will build the recreational facilities here next summer and effectively build up a longer-term hotel, as we call it here on site. The mine, as you can see here, is in full operation. We've built up the harbor, built up a smaller harbor here. So all of this is operation. This is our explosive facilities. So we keep explosives there for a minimum of a quarter each time. We might actually expand that. This is the plant. This is actually, this plant is fully enclosed. This part here is the phase two area of the plant where you see my mouse. So this, all of the civils, all of the work that has to come in here has come. The steel for this part is coming in before end of November. Then we'll resurrect that. Most of the, well, all of the phase, piping, electric, is effectively done for phase one and the generators and so on. And so that is all in order. And we have a lab also on site. The lab turnout is supposed to be within 48 hours from the time we actually mine and then bring to site. So all of this is in good order and we are operating that from a day-to-day basis. Currently, we have about 107 people on site. There are more of a contractor now towards the end of the project. This means electrical contractor piping and various different things. This will then reduce to about 90 people on site in January. We will still be finalizing some of the phase two projects. And overall, we will have in the operation there are in between 75 to 85 people once this is in full operation. Forty-three percent of the personnel currently are Greenlandic, but that ratio will go up once we are in more of a steady state focus. We are investing a lot in various different initiatives in Greenland projects. such as we would do here in Iceland, so there could be music or there could be handball teams, there could be various different initiatives, CoC, which is a young generation. The key focus here for us is, of course, to do good and work with the community there. But more importantly, you can also look at it in the way that the more of the community that participate in our mind, the less will be our cost in the long term. Because it costs us a fair bit of money to move a person in and out like we're doing with the Canadians and all the Europeans who are coming on site working for us. But it has an economical benefit also to participate in those kind of investments. Lost time integer five, these are mainly, we are starting to get a little bit of icing, so there are some slipperies on. These are all very, very minor, but we track all of those different health and safety metrics, so you will see that on every single quarter, and the total work hours is about 130,000 hours. Permitting is effectively ready. We are waiting for impact benefit agreement, which we are planning to have signed and delivered before end of the year. Most of the work and initiatives in the impact benefit agreement we've actually been working on for the past two years. So that is in good order. Contract and procurement is finished. Engineering is finished. Construction for the phase one is effectively finished. Mining, kind of note there, we started mining in May. We did kind of a trial mining process with our T-CEN contract up until July. We wanted the mining to be quicker and a ramp up more. So we started as early as in July to then bring on our own technical mining team and our own personnel. So from end of August, we have now 15 of our own personal mining together with T-CEN. This has resulted in that the development rate doubled during September and October. We still want that mining development rate to go even further up, so we are also adding in more equipment. And the company is preparing itself also to take over the mining in the full once the thesis agreement has finished to kind of operate the mine on an ongoing basis. So that is happening ongoing. And then the team will then make sure that the cost is lower than efficiency is more, using then T-SEN and these kind of contract mining for other development within Nalagmine and or with other assets that we have in our portfolio. So we try to build it up in that kind of a setup. As for a dashboard for you to look at our operation, We're effectively ramping up production this quarter until end of next quarter from 130 tons per day all the way to 300 tons per day. So this is the tons that go through the plant. Recovery of the gold is the next point that I want to focus on. So we're estimating in the beginning when you start running your plant, you kind of – you want to get all of the screws and bolts to operate. So we started relatively low, but the phase one design should give you about 70% recovery from shaking the gold up. And then we ramp that up to 90%. So 94% of the gold should be retrieved from each ton by end of next year. So this is the kind of a ramp up period. Our grade we're estimating within that is 12 to 16 gram per ton. The reason for this change, for this gap in between is that we are allowing ourselves to be very careful how we distribute the grades from the current resource grade, which is 28 grams, which is obviously much, much higher. That's the average resource grade, due to the fact that we are kind of working our way to minimize what we call dilution. It's actually how we – do the mining underground. So taking as much of only the white quartz rather than any of the black rock. So this is something that we allow ourselves to be quite careful how we automate. In any case, this grade is obviously fantastic and one of the highest kind of a grade you can run. And we operate that on that basis. So we kind of are focusing on the linear production grade update. And then we are working off all in cost of between 5 to 6 million Canadian annually, sorry, monthly, which basically splits into mining, corporate, processing, site indirect, and so on. So these are the things that we will be tracking and following. As for the resources, we sit at 320. We have an exploration target at 2 million. We then have, if you remember, found another vein called 75, which we are also mining. We think that The potential size of that rain could be as large as this main rain, which you're seeing here. So we're waiting for our resource estimation to get all of the results we got this year. But the idea here is just so you can understand this, as much of this ounces here, sorry, this ounces here go into the resource statement. That's our target. And then, therefore, when we are drilling, We're not only adding resources for the sake of it, we're also adding value, and then we start building up reserves, which is effectively your one or two year ahead of you how you mine the resources. This is all in good order. All of the sustaining capital we're looking to be 5% to 10%, so this basically is ongoing current resource drilling, and we will be be able to do that underground all year round from now on. This is what we drilled this year. So this is our current resources. This surrounds the current mine. And we've been drilling last year above the line here. This year we drilled above the line and we sampled the outcrop. This is more than one kilometer. So this is the two million, the light yellow. This is the, the, So we're going higher up in the deposit and effectively adding, if we're successful, we feel very comfortable about our geological model and how we follow the vein. NANOC is an asset that we drilled this year to give you a little bit of a background. NANOC was a deposit. If you think of a deposit, our deposit, both in NALNAC and in NANOC, we have a wide portion, so completely wide vein, and there are black rocks on the one hand and black rocks on the other. The gold mainly sits within this wide portion. So Nanog in 1997 was discovered by a helicopter flying over it and a company called Goldcorp, which is a world-known company, owned the license there. And there was only 300 meters of an outcrop that they could see because the glacier was so close and covering this vein. Due to various different reasons back in 2000 when gold price fell and so on, Goldcorp basically relinquished its license and the kind of legislation at that time was different than it is today. So we picked this license up in the midst of a low bull price and have been doing work on Nano for the past three to four years. The work we have been doing is that we now, because the glacier is free, we have one kilometer on a flat surface, a vein coming to surface. So we know it's there and it's dipping. So it goes vertical into the ground. The highest grade samples we have already confirmed are 175 gram per ton over a vein that is ranging from one to two meter in thickness. So this is, you know, very high grade, very similar to NALAC. And when we did our geophysical survey, that is to see into the ground, we can see how the vein is dipping into the ground. So Nanog is short distance from Nanog. So it basically sits at the fjord, so next to the fjord. So you can effectively drill, and then when you start mining this, you have the potential to do a bulk sample or move material from Nanog, subject to the fact that it has the great profile that we think, on sea and move it to the Nanog gold mine. In the nanolike processing plant, right now it is designed 300 ton per day, but it has the potential to increase that throughput. We've already designed it and everything is ready to 450 ton for about $2 million. You only have to add a small mill and some flotation cells. This we did with the view that we can see these resources on surface and how we could potentially grow the resources through that. So in Nanog, we drilled this year two holes at depth, and we are waiting for results. We're waiting to see the core soon enough, and we're very excited to see it because if at depth that this continues and is high-grade mineralized, we will be wanting to fast-track this development to actually complement Nanog as soon as possible because this can add value quite significantly for us. But it's a result spending, so we will look at the market on that once those results are in-house. In strategic minerals, we have defined three geological-focused targets for us. We have basically built a full copper belt and understanding of what this copper belt consists of. I know these are going to be technical questions, technical explanation, but I'll try to make it simple. So the copper belt that we have starts here in Joshua and ends here in Johan Dahlen. And it's a porphyry copper belt. Porphyry is what you find in the Andes in South America and so on. So you need a certain element of geology to have a porphyry. The reason why this was not looked at before in Greenland is that the age of this rock is older than in the Andes. This is Archean. But what we have already confirmed is the following. Joshua is the scarp. We had drilled Target West last year, and we found a porphyry. And then on surface in Johan Daland and Target North, we have seen epithermal. This is what you need in a big porphyry system. To test this, we sampled Johan Daland this year. We drilled target north into an epithermal. We drilled, obviously, target west last year and found copper and molybdenum. And we drilled Joshua copper this year. All of these results are pending to the market and are quite exciting for us to show. In the more epithermal part, you have the potential to have copper gold, whereas in the kind of a more porphyry and scarron part, you're more into just pure copper. Second program is nickel-copper play in Stendalen, Lichtenau, and so on. So Stendalen, again, we drilled that last year. We found copper-nickel in high tenure inside the sulfide. The sulfides were disseminated. That means that there are not many sulfides, but still very thick intersection. This means... that you have all of the conditions to have a deposit of a large-scale deposit like you have in Borsig Bay in Valle. It might take you many, many years to find it and where it's centered, where the massive sulfates are, but you have all of the checks in the Borsig that it is there. More importantly, by doing this work in Stentheim, we have identified Lichtenau and a few other projects who have the same characteristics that was unknown. So the geological model is quite well known. Now it's about finding economical resources. In Stendalen this year, we drilled about four kilometers with three rigs. So we're excited to see what the results are. But mind you, these things can take time. And that's also how we have identified our risk here. So we sold down Forty nine percent of this company kept 51 percent. Then we run all of the operation, all of the geological team and everything. So we are effectively carried. And this is more longer term, but there has the potential to have large scale resources. So on the gold side next year, we're going to continue increasing, focusing on increasing Nalumak resources. That is the closest to cash flow for us, closest to direct value for the company. Subject to results from NANOC, we will then go, if NANOCs are positive results, we will then want to assess and look at how quickly and possibly we can go to resource drilling in NANOC and relatively quickly start doing bulk sample from there to increase throughput in NALANAC. Then we will continue with a smaller exploration for the satellite deposit. We are trying to build up a large gold camp in this region. That's the focus. On the strategic minerals, we will continue all of our copper, nickel, and rare earth exploration work. But you can see from this year's season, we have done resampling of 75N. We drilled through 75N and Nalunag. We've done outcrop of Nalunag sampling with mountaineers. We drilled Nanog, as I've mentioned before, on surface. We have done surface sampling on the Canova satellite deposit in Ecolnest and Bager. We have done a very large drilling program in Stendalen and downhole geophysics to try to find where the bodies exactly sit within Stendalen. Target North we drilled, which is an epithermal, and then we drilled also in the Joshua Copper project, as well as sampling on surface what we see as interesting potential copper plays. So this is all now coming to the market in the next few weeks and months ahead. So that's going to be quite exciting for us. And mind you as well, this is not something that is valued in, currently, which is fine. This is an addition to what we have already as from kind of our main value driver, which is Nullnack. I will quickly on servicing just to kind of give you a little bit of a background here is that the drill rigs, we own them ourselves now. This has meant that When we're doing the drilling in Nalunag and or elsewhere, we're doing it on a lower cost and we have been doing it, we have been operating it in a more efficient manner because we have to run our maintenance shops in Nalunag and all of this can be actually centralized there. Mining equipment, we are currently renting it on an 18% yield from T-Cent. This is something we want to focus on acquiring over time ourselves and then ideally more be using the servicing vehicle for more opportunities. Maritime service equipment, if we can't get things in and out of Greenland logistically, this can be food, energy, anything, then you can't operate. And this is a country that is not necessarily easy to operate in. So you have to run these things yourself. And then things like surface equipment, operating equipment is something we want to be able to use. So over time, by putting this into a separate structure, you can have different kind of financing around this, asset-backed financing. And then more importantly, there is a huge demand within the mining community and the infrastructure community in Greenland to use equipment and have a party who understand how to bring in equipment for these opportunities. So this can also be developed in that. But I want to stress, we have to have this. If we don't have this, you can't be successful doing the work you're doing in Greenland. So this is certainly a support business to what we're doing. If you don't have this, you can run into a huge problem because you need to be controlling your destiny and how you operate because time costs money in Greenland more than anywhere else. Last but not least is the energy. So we have talked about energy with the market and renewable energy, and we want to make it very clear is that what we are looking at are simple applications, inexpensive, simple applications. But why are we looking at it? Process plant, in the beginning, it will take about two megawatts. It has to use diesel for that. If we can reduce that, we reduce our costs. And we look at this river that you see here on the bottom of there. It sits next to a road that we have built. It has a 70-meter drop. Effectively, we can put a pipe from that initial drop all the way down to the end of that road and put power turbine, which are four generators. So these are as rudimental and simple application we can build to increase, reduce energy dependency from diesel, but more importantly, save cost. In mining, we are looking again this also comes into the mining equipment how can we go into applying more and more battery equipment those kind of equipment don't In our size of equipment, they don't exist. But over time, companies like Epiroc and Suntix are developing those. That reduces ventilation underground by using battery-run equipment. It reduces energy costs. We try to build this into our five-year plan, how we replace these things. Having a battery, for example, a windmill can then charge that. And we have a 38% uptime of a windmill. Again, we're looking at something where this Arctic condition is more and can reduce energy costs. And the same thing with component infrastructure. It runs on low voltage, solar cells, small windmill with a diesel-generated backup can be of great use as well as in component services. Just to kind of quantify this for people, the hydropower project that we have, in South Greenland. It's a 6 million Canadian. It saves about 2 million Canadian annually. That's it, right? So that's no bigger. And is running that project for us in the group. And there are various different opportunities, lending opportunities here in Iceland and with the European development to get all of that funded relatively easily with those kind of . I've gone on and on. Nalanak, we're starting our first goal. We're very excited about that. This has been a 10-year journey for us. We're commissioning and ramping up slowly and gradually. We're increasing our focus next year is to increase input resources and reserve for years ahead. And then a commissioning phase two, which we bought all of the equipment, we've done the design. It's effectively just people cost to get that in state and then have a steady state operation from then on. The numbers on that dashboard I showed you, you can easily put them together and run your own numbers on your gold price and your grade profile and so on. And you can see that this can have a very interesting economical benefit for the company. As for expiration results, they will be coming out now gradually. The more of a support longer-term businesses that is there within the kind of a five-year strategy of services and energy, we'll do quarterly update how we're advancing that. But this is no rush for us, but we just want to make sure that you understand that this is a core to our strategy and how we actually operate within the AMROC way of doing things in Greenland. I think this is roughly where we are at. I don't think we have more slides, so we are effectively ready for questions, and hopefully we can give you some answers if there are any. Thank you.

Thank you very much, Elder. And just as a reminder to everyone on the call, if you'd like to submit a question, please send in a written question via the Q&A tab. We'll just pause for a moment to allow any questions to come in. I've got a question in from Ewan Lowe at Premier Liberum. Ewan's asked, will Oromet be processing the flotation concentrates, or will another party do this?

Yes, so... Yeah, sorry, Elliot, you go ahead.

That's fine. So Oromet is the off-taker, which will buy the gold and the concentrate as well, but... They won't be processing it. It will be processed in Switzerland at the Matelor refinery. But we're still finalizing who will do the processing of the concentrate when that kicks in after phase one is complete.

And we've got a question in from David Tate regarding sort of funding availability.

Yes, so as for funding availability, we obviously have built in both additional availability of lending. We are now receiving cash flow from Landsbankia and from our own offensive. So, yes, we have all of the things we need for the current operation in Nalnek. As we say and have said before, if there are growth opportunities for the company, we never say no to will we ever raise again, but the whole focus here is to try to build this on organic growth if we can.

And we've had another question in. Can you ask for Sorry. How do you see the 2026 cash flow for anonymous?

So we haven't given guidance, but if you look at the dashboard, you can look at, you can use these three parameters. So you have, we are looking to be at 300 ton per day, 94% recovery, and then you can either use 12 gram or 16 gram. If you use 12 gram, that should mean 40,000 ounces annually. If you use 16 gram, that's 50,000 ounces. You then say that times the current gold price, and that should give you somewhere around 130 million US dollar for that year. And then you run your all-in cost, which is 5 to 6 million Canadian, call it 50 million U.S. on an annual basis. So that's kind of a – and you can have different view on coal price. You can have different view on our capability of ramping up. But that's the task that we're working on. So that makes sense.

Thanks very much, Ard. And one more question from your lab. I mean, from which refinery in the U.K. are you partnering with?

So that will be a battery refinery that will refine and make coins and other things of that nature that we can then sell to locals.

Can I just on that, because it's quite interesting, one of the One of the aspects there with the local government in Greenland was interesting that there are jewellery manufacturers in Greenland, a few of them, who are interested to see, and also a lot of interested the Greenlandic people to see, you know, can we buy the first gold that has been produced in Greenland and so on. So what we've done with BATS is that you effectively can build up a site where you can order a gold from the Nalanak mine, jewelry-grade gold, and or bars. And it's a very good service that we can have directly with them. And therefore, part of this gold is being moved there because of the ease of providing the product that not only Greenlanders, but it could be Danish jewelers, possibly Icelandic jewelers, and or UK jewelers who could be using that. And I think there is a value there to tell you that there are ETFs, there are funds who are focusing on a single origin gold, meaning you can understand where the gold is coming from, how was it produced, what was the, for example, carbon impact of that gold. What's the legislation you're operating in? And that's important for everything from a central bank who are now buying gold quite frequently and or phone makers, Apple, who use gold in their application and or jewelry in general. So this part is also that we take quite seriously is that we can actually deliver the same product. We're not estimating any higher prices, but you probably rather want to buy gold from a place where you can – understand fully how it has been made and how it has been developed to the market.

Thank you. And we've got a question from Tim Huff at Canaccord. What is your rough grade profiling in the first few quarters of production within your guidance range of 12 to 16 grades per term?

I would say we are most likely on the upper end on that, but we will give more once we have produced our first goal. We'll give more guidance on kind of how we are initially starting our grade, but we are effectively with lower throughput. You can run the plant with a higher grade, and once you have more throughput, you can justify a lower grade because your fixed costs are always the same. So we will be able to utilize that to our advantage. And I want to remind everybody we have been stockpiling somewhere between 5,000 to 10,000 tons of material outside of the plant in three different piles, a high-grade pile, mid-grade, and low-grade, so we can also mix the grade into the plant.

Thank you, Aldo, and thank you, Elliot, and thanks very much, everyone, for your questions. If you do have further questions post the call, please do send these in to the IR team, and the team can address these over email. I'll hand back to Aldo to close the call.

Thank you very much, everybody, and stay tuned for reports and results. Thanks for the support and the interest. And on behalf of the Amberg team and side team, we are very excited to continue bringing you our results and updates from all of our different programs, and more importantly, our first gold, which we are focusing on having this quarter. Thank you. Thank you.