Hello, everyone, and welcome to Endomines' first quarter results webcast. My name is Anni Turpeinen, I'm the Chief Communications Officer here at Endomines.

With me today we have our CEO, Kari Vyhtinen, and our CFO, Minna Karttunen. Our agenda today is that first Kari will start by sharing the exciting results for the first quarter.

He will also give you an update on our exploration work. After Kari's part, Minna will continue with giving you a deeper look into the financials.

After Minna's part, Kari will come back to the stage with giving you the update on our strategy and our future plans. As always, we will have questions and answers session right after the presentations.

Please feel free to send your questions via chat during the presentations, and please remember to type your questions in English. I think we can start now.

Let's enjoy the great results.

Thank you, Anni. Q1 '26, it was a fantastic quarter for Endomines.

Not only did we achieve record financial result, but we also achieved several significant strategic milestones that I will describe later. If you look at the financial highlights of Q1, our revenue growth was really remarkable, 77%.

Revenue increased to €18.5 million. The group EBITDA grew by 139% to €8.8 million.

Then the EBIT almost tripled to €7.3 million. The net result was €7.1 million.

It grew by 390%. It was almost in the same level as the whole net result last year.

The EPS was €0.6 per share. We had a very strong operational cash flow, €8.7 million.

Also the balance sheet got stronger, and our net gearing dropped to 6.8%. Really remarkable record result for Endomines.

I'm very pleased about the result. We also achieved several significant strategic milestones.

In January, we lodged the strategic project status application to European Union, and this is related to the tungsten production in Southern Gold Line what we are permitting at the moment. Then also in the Southern Gold Line, we launched the environmental impact assessment program to authorities in February.

This includes to increase the gold production to 70,000 to 100,000 ounces and take the tungsten and molybdenum into production around 2030. Then we completed the divestment of three of our assets in the USA.

We divested Friday, Deadwood, and Buffalo Gulch, and that was also completed in February. Then we signed also letter of intent regarding the tungsten corporation.

Here the purpose is that we work together to ensure that the tungsten product that we will produce is something that is suitable for the market. I think both parties aim to have offtake agreement, but this is non-binding letter of intent.

It's still early days, but very significant milestone. What I'm really pleased about, we also got this Most Inspiring Workplaces in Finland award after we did the employee satisfaction survey.

Very happy that our people like to work with Endomines, and that's something that we really need to achieve our ambitious goals. We also did a lot of successful recruitments, and I'm extremely pleased that we have a now team that can take the next growth leap forward.

I really want to thank the whole Endomines team for the excellent result and excellent work that was done during the Q1 '26. Thank you.

If we go back to the basics, Endomines is a gold production company and gold exploration company, and we operate in the Karelian Gold Line in Eastern Finland. It's an Archean greenstone belt, very similar greenstone belt than the world's biggest gold production areas, for example, Kalgoorlie in Australia, Abitibi in Canada, and so on.

If you have been looking at the news, there was also a big transaction in Lapland, and that's also on a greenstone belt where Agnico Eagle acquired assets of three companies on a greenstone belt. These are very prospective places for gold production and also gold exploration.

The Karelian Gold Line, it's 40-kilometer-long belt. Our production facilities, they are in a place called Pampalo.

There we have an underground mine, open-pit mine, and processing plant. We produce a gold concentrate that we sell to Boliden in in Finland.

Then the exploration, it focuses on on the Southern Gold Line and Northern Gold Line. The Southern Gold Line, we are permitting to be in production around 2030, and that will raise our production to 70,000 to 100,000 ounces, which is approximately 5 times more than in '25.

Then at the same time, we aim to start tungsten and molybdenum production. Part of our strategy is to increase production volumes each year, and we have done it successfully since we changed the strategy in '22.

We have almost doubled, like if you look at the annual figures first, we have almost doubled the production from '22 to 20 '25. If you look at the quarterly production, this year Q1 was a record production, the production increased by almost 10% compared to '25 and over 30% compared to previous quarter.

What is important here is to is actually to look at the quarterly figures, and we acquired the business activities of our underground subcontractor in September last year, and that affected our production during Q3 and Q4. We can we can see clearly that there was a lower level of production during Q3 and Q4.

Now in Q1, it it really shows that this was the right move, and we can actually increase the production levels, and our production has been a lot more steady than ever before. We are we are very pleased about the progress in in the production side.

On the gold market, the war in Iran has affected the gold market. One of the key factors here is that the forecast for interest rate cuts, that that has been delayed, and there there there is a lot of forecasting that the interest rates might rise.

Then there there has been some profit-taking also from gold to other investments as there is more risks in the market. How how we see the gold market is that the basic fundamentals, they support gold price.

There is a lot of geopolitical uncertainty. There is a lot of central bank buying.

China has been buying gold, Poland has been buying gold, for example. The BRICS nations especially, they want to decrease the dependency on the US dollar.

There is a lot of global debt. A lot of the countries are struggling with high levels of debt.

Finland, for example, is one of the examples here. Then there is a lot of uncertainty in in the USA and with the Trump administration.

It's very difficult to predict what is the future. Therefore, we we see that the there are strong fundamentals in place that support gold.

Our forecast is that next 3, 4 months, the gold will trade at current levels. However, we expect that we can see gold moving towards the $5,000 level late later this year.

The Q1 average price was $4,879, very strong, record price for gold. Currently the gold is trading at $4,700, quite close to the average price of Q1.

We had a record production, there was a record record gold price, so that resulted in a record revenue growth of 77%. Here is also the annual graphs, it shows that we have steadily increased the revenue, and then this quarterly revenue, as we had some production difficulties during H2 last year, there is a very significant jump on the quarterly revenue now in Q1, very significant change.

That also can be seen directly also on the EBITDA. Like we have increased the EBITDA steadily on an annual basis, but now due to the difficulties we had last year on the production side or the lower volumes, now there is a huge jump to to the current €8.8 million and 48%, close to 48% of the revenue level.

Excellent financial results, and Minna will share more details on the on the results. Sustainability program, sustainability is the most important item for for us.

On on the environmental side, the most important item is the water. We are doing a lot of actions to ensure that the water that is released from the mine site is as clean or cleaner as the water in the nature.

This is what we have as a target when we design the expansions and when we take new production areas into production. On the climate side, we want to have fossil-free gold production by 2035, that's the key key target.

Biodiversity, ongoing restorations of sites, we we we do the restoration when some part of the mine is ended so that there is no big backlog after after the mining is ended in some some part. Very important, and take care of the nature, nature values in in general.

Then the personnel, safe and pleasant place to work is the is the key message. We we had a quarter without any lost-time accidents, very pleased about that.

We got this reward, Most Inspiring Workplaces in Finland, which I'm also very pleased about. Things are going to the right direction.

Community, we keep a lot of community sessions, talk with the local people, talk with the with the town so that we share our plans and take take the feedback which we can then incorporate into our future plans. For example, last week we had two information sessions near the mine site.

Then the good governance, so that we have ethical practices and then everybody knows what or those ethical practices are so that we we always do things in a right way, very important. We want to be proud of the work that we do.

Exploration, very exciting. Just a little little bit background here.

We have we have a multistage approach, which means that we have activities on different phases. Usually when we when we go to the new area, we start with geophysics, we use drones, for example, and measure magnetic or electromagnetic anomalies, and that gives us information that maybe here is something that should be more investigated.

Then we have people who go go to the field and just take soil samples, and here you can get indications that in this area there is a little bit more gold and we should continue doing more detailed investigations. Outcrop mapping, in Finland there is approximately 3%, there there are outcrops, we go to the outcrops and take samples and then analyze if there is any any gold in in the outcrops.

For example, the Ukko deposit was discovered from an outcrop, it's even it sounds very simple, it's it's effective method. Then when we know from these three early stage activities, when we know that this area is potential, then we take the base of till machine and and this goes through the soil, it goes to the top of the bedrock, takes a sample, and if there is gold, then there is gold somewhere in the bedrock.

Then we take the drilling machine, analyze the drill core, and then make the resource estimate. The resource estimate always comes from the drilling, and the and then the resource explains that how much gold we know that there is in the ground that can be mined at later stage.

In our pipeline we have we have several stages, like there are a lot of potential places in the Southern Southern Gold Line and Northern Gold Line and also near Pampalo. If you look at the pipeline, the most closest one to production is the Southern Southern Gold Line, so that that is in the permitting phase, and and we are doing a lot of drilling, drilling, and plan to take it to production around 2030.

Then the Northern Gold Line will follow two to three years later. Then after that, we have some other active places that we are doing early stage exploration that we can we can take into production at later stage.

This gives the growth pipeline towards the future. It has been very successful.

We started the exploration in '23, and now we we updated the resource this March. We gave the resource based on last year's activities, and and we got to the level of approximately 620,000 ounces, which is 3 times more than what it was when we when when we started in '23.

What what makes the year this year very exciting is the fact that we will we are planning to drill, and we are drilling 50,000 meters this year, which is almost as much as as the last three years together. It's a very significant volume.

If I think about back what kind of results we have received during the last three years, it's really exciting times and cannot wait to get these results from this year's drilling because there is currently three machines drilling and a lot of activities. The key targets for what what we had last year and what we have this year are Ukko on the Southern Gold Line and Kartitsa on the Northern Gold Line.

Kartitsa will have less attention as we need more information on the permitting side in in the south. Then in the south we will also go to Kuittila, and Kuittila, Korvilansuo area.

There, one of the key targets is actually the tungsten. This is like the first time in the company's history that we will go after really tungsten in in our drill drilling planning.

Those those results we those those will be done during this late spring, early summer. Like when we look what what has happened during the Q1, we we published in the Northern Gold Line Kartitsa, we published the first resource estimate, that was 124,000 ounces.

That was done in in March. Now after the Q1, in April, we published actually drilling results, which are more south from from from the resource area.

These these were actually really good drilling results, which clearly show that the Kartitsa mineralization continues south from from the resource area. These results we will we will use to update the next resource late this year or early early next year.

Kartitsa is very promising. We are we have identified that it's approximately 1.5 kilometers long.

However, it's open to north and south and also at at depth. There are a lot of potential for large-scale deposit.

If you look at the area on a larger scale even, there there are other similar potential areas near this one. Kartitsa will remain as a focus area for Endomines.

Then Ukko, this is a banded iron formation type of deposit, the first one in Finland, which means that the gold is associated with iron. A lot of big gold deposits in the world, they are similar BIF type of deposits.

What makes it unique is that the iron you can actually see in the magnetic and electromagnetic maps, as as here in the picture, and the iron formation in this area is is really huge. It's approximately 7 kilometers long and very wide.

When we discovered the Ukko 1 approximately one year ago, it was in the northern tip. This is an area that we have continued to drill, and then we have done some selective drilling in the other parts of Ukko.

We plan to publish these in mid-May, it's it's very, very, very close. We actually have one result that we are still waiting, and then we will publish the the next Ukko Ukko results hopefully in a few days.

Now I will give the floor to Minna.

All right, thank you, Kari. Good afternoon, everyone.

My name is Minna Karttunen, and CFO with Endomines since beginning of February this year. It's of course a big pleasure to be able to publish a result like this, like we have now in the first quarter.

It's also our first quarterly report, like in the past the company has published results only twice a year, half-year results and full-year results, and now we are moving to quarterly reporting from now on. Let's have a closer look at the numbers.

Like said many times already, it was a record-breaking year-on-year revenue growth, 77% for the first quarter. That was of course due to two two factors.

It was the increase in production. Gold production in the first quarter was 4,955 ounces.

That is nearly 10% up from a previous year and over 30% up quarter-on-quarter, from Q4 '25. Average gold price during this time was €4,879, and it's an amazing 70% higher than in a year before and 42.4% higher than last year on an average for the full year.

Then profitability-wise, our EBITDA was €8.8 million, and in euro terms, that's actually over 50% of our previous full year's total EBITDA. Our EBITDA margin was 47.5%, and Pampalo production segment actually did even better, the EBITDA for that segment was €11.6 million with a margin of 62.9%.

Then by the way, I will mention here for our analysts especially, because we are starting the quarterly reporting now, you do not have the comparison numbers, but I've tried to add these previous year's quarterly numbers now in this presentation in these graphs for your use, I hope that will be of help going forward. Some of the key numbers you will have the '25 quarterly numbers here in the presentation.

Looking at the operating expenses side, what yields the EBITDA for us, we had a change in ore inventory that improved our EBITDA by €1.4 million. €6.4 million was spent on materials, goods, and services, that's an increase about 30% compared to previous year same time.

Employee expenses increased mainly due to increase in number of employees, the total spend on people was €2 million, and that entails an increase of 31% year-on-year, quite significant increase there. Other operating expenses were €2.8 million.

Unfortunately, these were inflated by approximately €1.1 million of non-recurring costs, of which €0.9 million were fees and other entries related to closing of the sale of three gold deposits in the USA, and then there were other non-recurring items of around €200,000, and these occurred at the parent company. Then also to note, it's good to note that the mining mineral tax will increase for this year quite significantly from previous year, and now we have recorded €0.5 million, €500,000 for the first quarter, whereas last year in the same time it was less than €100,000.

This mining mineral tax is actually recorded in the other operating expenses, it is affecting our EBITDA. Talking about the operating expenses, we can get to cash cost.

There is good to mention here that for the current year we have changed a little bit of the calculation method since last year, we have removed the changes of inventory in these numbers. This has not been an issue before because we haven't really had inventories, but now we have accumulated some and we wanted to provide a number that actually not fluctuating with the changes in inventory, there is a small change in the calculation for this year.

For Q1, cash cost was €1,481 per ounce, and that's an increase of about 20% versus previous year at the same time, but only an increase of about 3% versus last year's average for the full year. The increase in cash cost now was particularly affected by a lower gold grade of the ore, especially in the underground mine, and then the higher price of electricity.

These two items together accounted for 93% of the increase in the cash costs, it mostly covered by these two items. I wanted to also mention the electricity price here, which is nearly 90% higher this year than it was a year before, there you can see the prices we pay in Pampalo for the electricity or did pay for Q1.

Net result, €7.1 million, like Kari already mentioned, it's nearly at the same level as we did for the full year last year alone. Margin was 38.8%.

We had net financial expenses of around €300,000. Expenses were reduced by foreign exchange rate gains of about €200,000, and our interest expenses for the quarter were about half a million euros.

As mentioned, the group earnings per share, the basic number increased to €0.60 per share compared to €0.10 the year before. Also happy to share the balance sheet and cash flow items.

I don't know, for some funny reason, it's always been important for me this total of the balance sheet. Now when we passed the €100 million threshold, it somehow significant for me.

The total assets and the total balance sheet was €100.2 million. Our cash position was good, we had cash €9.4 million compared to €3.9 million at the year-end.

Total interest-bearing debt, there was no big change there, it was €13.8 million, of which long-term was €10.4 million, short-term €3.5 million, and then net debt was only €4.4 million, and this is of course thanks to the high cash number, and also because of that net gearing decreased to 6.8% versus 17.4% at the year-end, and our equity ratio was 64.9%. Cash flow also improved, net cash flow from operations were €8.7 million.

Investing cash flow was €3 million, but there is good to note that that includes the first installment of positive €1.9 million for the sold deposits in Idaho, the cash we received, and net cash flow from financing was about €100,000. The investment cash flow, that was mainly associated with Pampalo mine and then the Ukkolanvaara exploration drilling.

Thank you.

Thank you, Minna. Excellent result.

Then we go to our strategy. We have five key points in our strategy: The Pampalo production is the center for our production and activities, and we aim to increase the production volumes each year.

The cash flow that we make from the production we invest into exploration activities, and that drives the long-term growth. Then critical minerals, they are part of our strategy.

We see that tungsten and also molybdenum, they are going to be important part of the operations when we go a few years into the future. Financial stability, we want to separate us from junior mining companies that continuously raise money for the activities.

We want to have the money from the cash flows and then also have financial packages that support the growth. Then sustainability, that's the backbone of the business.

Our long-term targets is to increase the gold resource to 1.5 to 2 million ounces by end of 2030. We are currently at 620,000, it's approximately 3 times.

Take the annual gold production to 70,000 to 100,000 ounces around 2030, and that if we compare to last year's full-year figures, then it's approximately 5 times. Then at the same time when the gold production level is increased, we will also take tungsten and molybdenum into production, and then have a fossil-free gold production by 2035.

How do we get there is through this exploration activities that we increase the resources continuously, and we have now done it three years. If we look at the data from the past three years, we have identified that when we drill 10,000 meters, we get approximately 100,000 ounces of resource growth.

For example, in Kartitsa in the Northern Gold Line, we drilled 11,000 meters and we got 124,000 ounces resource, like that was the first resource that we defined. We have used this data to estimate that if you want to get from 620,000 to 1.5 to 2 million, we need to drill approximately 120,000 meters exploration drilling.

This year we are doing the largest campaign in the company history, we are drilling 50,000 meters of pure exploration, and then there will be approximately 20,000 meters of additional drilling, which is related to the production sites, Pampalo underground and also Hosko underground. Then after this year, we will define the drilling volumes for '27 to '29.

That's the plan to get to the 1.5 to 2 million ounces level. Then once we have the higher resource, we can take the big jump to 70,000 to 100,000 ounces production level.

Before that, we will increase the production in Pampalo each year, like this year the guidance is to increase by 10% to 20%. The plant has capacity of approximately 25,000 ounces, maybe with some minor debottlenecking we can get closer to 30, but 25,000 is something that we are very comfortable of.

We plan to increase it each year by increasing the production from the mines, and then when the Southern Gold Line comes to production, then there will be the big step change to closer to 100,000 ounces. However, this is not the end story, our plan is to then after that take the next area into production and the next area, and we see that the following steps will come faster.

As we started from zero and the permitting takes a long time, but now we can actually start the next phases when the Southern Gold Line permitting is still ongoing, then we can have a continuous flow of operations coming to line in the future years. We are planning a next generation production site, and just to give a little bit more details on the plans that we have around 2030, we are permitting and designing a gold production facility which has two phases.

We are permitting both phases now, and the phase one is that we take the production to 85,000 to 90,000, which includes 25,000 from Pampalo and then 60,000 to 65,000 from Southern Gold Line, and the total would be 85,000 to 90,000. Then we are designing the phase two, which will double the Southern Gold Line production, and then the total production would be closer to 150,000 ounces.

Then the phase one will include also the tungsten and molybdenum production, and in the tungsten we are estimating 1,000 tonnes per year and in molybdenum 600 tonnes per year. It's a very exciting project.

It has been going well, and very happy, very pleased about the progress that we have achieved. If you look at the time schedule, we launched the environmental impact assessment program for the project in February, and we will continue the permitting.

Now it goes to the report phase, permit phase, and then we estimate to get the permit late '28, and then go as quickly as we can go to the building and commissioning phase and start the gold production. The permitting includes both phase one and phase two, and it includes all those four deposits, there is Kuittila, Korvilansuo, Muurinsuo, Ukkolanvaara, those are all included into the permitting.

We are also applying the critical project status from European Union, which can positively affect the permitting schedule, and that's for the tungsten, but there is also gold associated in the application. If you look at the tungsten and molybdenum, when we made the strategic decision to focus on tungsten and molybdenum, nobody could predict what happens to the tungsten price.

It has in the last 2 and 1/2 years, it has almost tenfold it. The price is really high, and this is due to the fact that tungsten is used in the defense industry, in the drilling industry, for example, and so on, and there is very high demand.

Currently in the European Union, there is a shortage of tungsten. Over 80% of the global supply, it comes from China, it's a very good time to look tungsten production, and we are very pleased that we actually did include it into the strategy in the last update.

We estimate that Kuittila can provide approximately 0.5% to 1.5% of the global supply. There are a lot of indications in the base of till samples that there is a wide areas with tungsten, and this spring and summer this is the first time that we will actually go and drill purely tungsten.

We are going to the areas that we know that there isn't going to be so much gold, but there will be tungsten, so that's very exciting to see what those results will be like. As mentioned, we applied for the strategic project status from European Union in January.

We see that the tungsten offers a great opportunity for industrial partnerships, financing, and so on. We can have a partnership that actually finances the production facilities and then gets the offtake, and we get a portion of the offtake.

We see that there are a lot of opportunities with tungsten and really look forward to going forward. We also signed the non-binding letter of intent with the Austrian company for the tungsten cooperation so that we can design the facilities in a way that meets the market requirements, and that's something that we are going to really put high emphasis on.

So, '26 after Q1, after record quarter, we are well positioned for growth. Our guidance is that the production will grow 10% to 20% this year.

The Q1 production was a record production, we are well on track to achieve our guidance. Like mentioned, we had €8.7 million operational cash flow, we can invest into exploration.

We have the highest and largest exploration campaign in company's history, we are drilling 50,000 meters and looking forward to the results. Then we have a new streamlined structure in the USA.

Three of the assets were sold, and those assets actually, they had the highest operating cost. Now we have a streamlined structure, but we also have more time to focus on Finland, so that's very important.

Then the global trends, they support gold market. All the basic fundamentals, they support that the gold price levels will stay on a high level.

We believe that that's going to be the future. Then the Southern Gold Line development project, it's moving to the next phase.

We launched the environmental impact assessment program, now it's going to the next phases in permitting, and the design is currently going really well. Lastly, but not least, is the fact that we have organization which is ready for the next growth leap.

Like when you are in a growth company that grows as much as we do, it's all about the people. Like if you manage to recruit good people, then you can achieve great things, and I'm extremely pleased of the organization that we have today.

We are ready for the next phase in Endomines' golden journey. Thank you.

Thank you, Kari and Minna, for the presentations and the great results. It's now time to start or move on to the Q&A session.

We have had again a big bunch of questions here in the chat. Thank you, every one of them.

Let's start right away. The first question is concerning our plans with tungsten.

What kind of plans do you have to start the tungsten production in Ilomantsi, and what's the role of Wolfram Bergbau & Hütten?

Yes, our plan is that the tungsten is, when you look at the Southern Gold Line, there is, for example, the Kuittila gold deposit, and then the tungsten is not often associated with the gold, it's on the side rock. When you mine the gold, you actually have to mine the area where the tungsten is also present.

Then there are this lot of indications that it is on a wider area. Our plan is that when we increase the production level to 70,000 to 100,000 ounces, we will build a separate factory for tungsten.

Then we will take most likely a partner, like our goal would be that the partner will finance the investment and then they would get the offtake, and of course we would still financially benefit from selling the offtake so it would be just this kind of close cooperation where part of the profits when the plant is running goes to the partner that they can invest on the tungsten production facilities. This letter of intent that we signed, we really feel that the product should stay in Europe, and it's Austrian company, part of the Sandvik Group, we signed a letter of intent so that we can work together to ensure that the product that we sell is a good quality, and they have a lot of experience on a tungsten production, they can help us with what kind of equipment we need and how we should design the tungsten production factory.

The purpose is to work closely on a design phase, and then hopefully move to the phase that we are partners on the when the production starts.

Let's stay with this topic. When is Endomines expecting answer to the strategic project application, and is it expected to be accepted?

That's a good question. Like there is no clear timeline.

We are expecting that we get the answer later this year. For us, the answer will not change the project decision, like we are planning to go ahead even if we don't get the status.

However, we see that if we get the status, it's beneficial on a permitting side and also to increase the importance for the project and on a European scale. Yes, it's difficult to evaluate if we get it or not.

I think we have a very good chance to get it, and now in Europe, in general, I think the countries have really woken up that we need local production. We cannot trust to get the minerals from China or other countries.

Then

we have a question about silver and Montana. This is going to be a long one.

Sotkamo Silver achieved a strong EBITDA margin of 52% in the first quarter with the silver grade of 70 grams per tonne. At your Montana projects, silver grades of over 400 grams per tonne have been reported alongside gold.

What kind of vision do you have for your projects in Idaho?

That's a good question. Our plan is to most likely perform little bit of exploration in Montana later this year.

There is no clear decision as yet, but we are evaluating the option that we do small-scale exploration. We would like to understand the deposits a little bit more.

The silver is associated with US Grant, there is high gold grades and very high silver grades in US Grant, and there is also processing plant. It's not in the best condition, it would need investments before we take it to production.

Then there is also the Kearsarge, which is old potential gold deposit, we haven't decided if we do exploration, how do we divide, how much we go after the US Grant gold and silver, or do we look at the Kearsarge, because Kearsarge as a gold project is a higher volume than US Grant. However, US Grant now has this very high silver content, the evaluation is still ongoing.

We don't have a clear roadmap as yet.

Let's stay in the USA. Did the sale of those three three deposits in the US affect to the first quarter report's key numbers?

It did. As Minna mentioned, there was the €0.9 million one-off cost that affected our net result negatively.

Then on the cash flow side, there was the €1.9 million payment that we received.

Okay. Let's move on to the future production plans.

In 2030, gold production is expected to be 70,000 to 100,000 ounces per year, but how about until that? Can production proceed 20,000 ounces a year level, or is it maximum capacity before investments?

At Pampalo, we estimate that the maximum capacity currently is approximately 25,000 ounces. Maybe with some debottlenecking, we could go closer to 30.

We run the processing plant 8 days and then we have a 2 days shutdown continuously. It's like that, there is still just 20% capacity when you take all the days into production.

That's something that we are looking hopefully later this year. The bottleneck has been the mine production, and that's why we bought the activities of the underground subcontractor so that we can invest into the underground mine more easily and ensure that the team is big enough to increase the production levels.

The capacity is 25,000 without any activities, and then maybe with debottlenecking you can get closer to 30,000 ounces per annum.

Okay. Now we have a question about Power Mining.

How is the change from using the mining contractor to in-house operations working out?

It's working out really well, actually. That's the big change.

We had a good cooperation with Power Mining, I have no bad things to say about Power Mining. However, the companies have different strategies.

The mining was just a small part of Power Mining's operations, and for us, it's the only thing that we do, and we want to grow the mining. The Power Mining was looking at infra projects, for example, in other countries and also in Finland.

When we took over the production, we had difficulties to get it running properly, but then we identified, for example, some of the key equipment that needed fixing, and we actually bought some machines to ensure that we can increase the production. We hired more people.

It has gone really well. I'm really happy.

We also changed the organization a little bit, and now it's working really well. We got excellent people who are now running the mine, and I'm extremely pleased about the progress.

What about Hosko? What was Hosko's contribution to gold production?

That's a good question. I have to say I don't remember it exactly.

I think it's somewhere between 15% to 20%, that would be my guess, because the Hosko has been now going really well. We had last year some difficulties in getting to the stope area, when we were doing the decline phase, then it took a little bit longer what we estimated, but now it has been running really well, and this year looks really good.

It's somewhere there, 15% to 20%.

Next we have a question about dividends. Is it possible to pay even a symbolic dividend this year?

Everything is always possible, but that's something that will be decided later. Of course we have a fantastic result, and let's see what the future brings, let's see.

Everything is possible, but our focus is not to high dividends. It's to grow the company as quickly as we can, and that has been very, very, very successful.

Then lastly, we have a question about sustainability. Any progress in moving away from fossil fuels?

Yes, there is. Like we we will this year this year our our goal is to report report the actual KPIs every 6 months.

In in the Q1 and Q3 reports, we will have just a small section on sustainability quite general, but then in the in H1 and and then the full-year result, we will have published the full KPIs. This year, there will be a significant change in this CO2 emissions per ounce of gold produced, we have a lot of activities ongoing on that that field.

That was the last one. Thanks for the excellent questions, and thanks for joining us today.

I want to remind you that the presentation and the recording can be found on our website later today. Thanks again, and have a nice day.

Thank you.

Thank you.