Good morning, ladies and gentlemen. Welcome to the Adriatic Metals PLC investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish those responses where it is appropriate to do so. Before we begin, we would just like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to the team from Adriatic Metals PLC. Klara, good morning. Good morning. Welcome, everybody, and thank you for taking the time to dial in to the Adriatic Q4 Quarterly Activities Report webinar. I'm just going to draw your attention briefly to the disclaimer that you can read at your leisure. We are going to start the presentation today with a short presentation from Laura Tyler, Managing Director and CEO, and Michael Horner, CFO. The presentation will be followed by a question-and-answer session, and those questions that will be pre-submitted and also questions that will be submitted throughout the presentation. I can see it'll show you on the right-hand side there's a tab where you can pre-submit your questions. This presentation is being recorded today and will be available on the Adriatic Metals website and on the IMC platform. I'll now hand over to Laura. Thank you, Klara, and good morning to everybody that's joining us from the U.K., and good evening to those from Australia and further afar. Thank you for taking the time to join us for this webinar today. The last time I hosted such a call was back in September for the trading and operations update, and a lot has happened since then. Today's call will be focused on the announcement we made earlier today regarding the performance of Adriatic in the last quarter of 2024 and providing guidance for 2025. The transition from exploration to development and now to production at the Vareš Silver Project has seen a number of successes as well as challenges along the way. Over the past quarter, we've doubled down on safe working practices, increased the focus on hazard reporting, and started to really look at how we shift that safety culture. The number of hazard reports is climbing, and the Lost-Time Injury Frequency Rate has steadily decreased. It's going to take time, as these things always do, but our safety metrics are moving in the right direction and will not let up on making sure that every person gets home safely every day. On production, I'm pleased to report that the fourth quarter saw a significant increase in production and concentrate sales as we continue to ramp up. Our Q4 Silver Equivalent output was almost two and a half times higher than Q3 at 934,000 ounces and resulted in sales receipts worth approximately $27 million. The quarter also saw us deal with extraordinary weather conditions. First in October with the severe floods and rainfall that, as we previously reported, caused significant damage to the rail network. Then in late December, we had a one and a half meter snowfall in 36 hours that basically impeded us mining at full capacity as we had to pause all transfer while we reopened access on haul roads and reestablished power and communications. Though the tough conditions continued into early January, we now have overcome those issues, and the weather has warmed slightly, which is a bonus. I'm pleased to report that we're back on track with the ramp-up process and with commercial production that requires a 21-day run to be reached, will be reached in Q1. In the quarter, we strengthened our balance sheet by executing a concentrate prepayment with Trafigura, one of our offtake partners, and we deferred the first debt payment with Orion. Mike will take you through the detail of those shortly. Just to start, we'll focus on the operational performance of Vareš during the quarter. We mined 73,000 tons of ore in quarter four with almost 48,000 tons of ore milled. The head grades were great, as you can see on the table. Next slide, Klara, thanks. The head grades were great, and recovery steadily increased month on month. The concentrate grades met our customer requirements, so we're all payable and demonstrated our ability to produce a quality product. That's reflected by the fact that Trafigura were prepared to go into a prepayment agreement with us. Guidance for 2024 was based around mined tons, and the weather impacts in October and December impacted material moved, resulting in 146,000 tons of ore mined. With the slowdown in milled rates in December due to weather and higher fines in the crusher feed, which we'll get into later, the stockpile at the end of the year ended up sitting at about 61,000 tons of ore. On the mine development side, a total of 675 meters of underground development was achieved in Q4, which was a decrease compared to Q3 as the development rates fell below the 300 meters per month that we set as a run rate target in October and December with the weather disruptions I've noted previously, plus a temporary shortage of some development consumables in October. It was a disappointing finish to the year in December. In total, there were three kilometers of underground development completed at the Rupice Mine in 2024, which is basically double the rate that we achieved in 2023, where we managed 1.5 kilometers. We've kept the priority development headings moving forward. Stoping production is now operating on two levels with two stopes active. That's been in place since early December, and we're now ready to start development of our first secondary stope, which is scheduled to go into production in February. Ground condition understanding continues to improve, and we've commissioned the underground Mono Pumps, primary vent fans, and CAF placement techniques are improving with an additional loader arriving soon to speed this up further. We expect to have paste backfill available in quarter four 2025. The process plant is now operating 24/7. The DCS installation has come along, and now all dosing is controlled through the necessary feedback loops rather than by hand. Recoveries have steadily improved, and without the break in ore supply caused by the extreme conditions, the plant would have achieved the 21-day runtime we needed for commercial production. At the crusher, we experienced higher percentages of wet fine material in the feed that exceeded the design parameters, resulting in a stickier ore than we were expecting. This has been resolved by the installation of a mobile screen at the ROM ahead of the crusher. And since installing the new screen over the holiday period, the crusher is operating at a rate of about 40,000 tons per month and will install a permanent solution in quarter two. As noted earlier, we continue to have a really healthy ore stockpile built up to support our ramp-up with around 60,000 tons at good grades sitting on the ROM pad at year-end. So just to touch on a couple of the infrastructure pieces that we talked about previously, the rehabilitation of the railway line linking Vareš to the port was damaged by the storms in October. It will be completed imminently. You can see a nice little picture there of the bridge that I took on the way down to Mostar the other day, and that helped to fast-track. We'd like to thank the Federation of Bosnia and Herzegovina Railways, who've helped to fast-track the repair of the line, and we're expecting to head back to the rail, which will lower transport costs in quarter one. As previously reported, Adriatic received all permits for phase one of the Veovaca tailings facility from the Federal Ministry of Energy, Mining, and Industry in late October, and I'm pleased to confirm construction is now well advanced with completion scheduled for the coming weeks, and first tailings disposal still expected to be delivered in Q1 2025. The snowy weather slowed down some of the installation, but we do not expect tailings storage facility capacity to limit any production rates. I'm sure we'll get into that in the questions. I'm going to hand over to Mike, who will provide some color on the financials for the quarter. Yeah, great. Thanks, Laura. Good morning, probably good afternoon, and good evening to everyone who's joined us. And yeah, turning to the financials, the key story here is really that we hit a major milestone in the quarter, our first real material sort of couple of months of sales, capping off a really big year for Adriatic as we successfully made the transition from developer to producer and made about $30 million of revenue. So that was really great. We even generated a small profit at the operating level. And if you kind of look quarter- over- quarter, we were pretty close to break even despite our production only being at 25% of capacity in Q4. As Laura mentioned, we also closed the $25 million concentrate prepay agreement with Trafigura. This deal is great, really sort of bolsters our cash position and also includes some really competitive offtake terms. So we are taking advantage of the really tight concentrate market, which is another good tailwind as we ramp up to full production. End of the quarter in 2024 with $21 million of cash and about $3 million in finished concentrate. If you compare that to the end of Q3, we were basically at $24 million cash. So really, quarter- over- quarter, we were basically break even. So again, that's sort of great news. Current cash balance is $46 million, which again, you can kind of do the simple math. After closing the $25 million with Trafigura, we've again been cash flow neutral through January, even despite sort of some of these delays that we had at the end of Q4. So that's really positive. Strong cash balance and being really cash flow neutral for four months now does put us in a good position going forward. And we've got our first debt repayment to Orion of about $19 million due at the end of Q1, and we have sort of ample headroom to hit that. And with that, I'll just hand things right back to Laura to go through the production guidance for 2025. Thanks, Mike. So as Mike says, we'll just pop through the production guidance for 2025 that we've provided today. We've also included an outlook for 2026 and the current life of mine average, which is approximately an 18-year mine life that we're currently scheduling to. So we're targeting in 2025, 625,000-675,000 tons of ore milled, which will give us between 12 million-13 million ounces of silver equivalent for the 2025 year. We expect to hit commercial production. As previously stated, this is 75% of nominal plant throughput sustained over a 21-day continuous period during this first quarter of 2025. We've provided numbers for each half. Given this is a plant ramp-up year, production is obviously heavily weighted towards the second half, and we get to nameplate in quarter four, nameplate capacity in quarter four. As you can see from the forecast shown on this slide, we're also expecting a good set of grades coming through in half two 2025 and into 2026 compared to the life of mine average. And that's looking at the silver equivalent figures. So FY25 will effectively be a full production year based on metal produced. For 2026, our forecast is to reach full nameplate for the year, 800 to 850 of ore milled. As we work through the detail of the 2025 and 2026 production profiles, the need to ramp up the mill and get to that steady state, we've chosen to balance the production of the mine and the mill, given the size of the stockpile at the start of the year, the size of the stockpile if we did mine at 800,000 tons, and management of the balance sheet and how we make sure we don't carry too much WIP on the balance sheet, so those have all kind of fed into. I'm sure there'll be plenty of questions, and we're happy to deal with those, but I'm going to hand over to Mike. We'll just take you through the cost guidance. Yeah, so we've also given cost guidance, which is really the first time for Adriatic. And to summarize in this table here, basically the easy way to think about it is it aligns pretty well with our 2024 spend. So it's that same typical kind of run rate of $10 million-$12 million a month sort of all in. Obviously, the big difference being 2024 was still a big CapEx year, whereas now all of that has transitioned to sort of OpEx. Probably the only one I want to spend a bit of time on is the project capital of $20 million. That's very much sort of a one-off figure for 2025. These are mainly projects that we had from the original CapEx that we still need to kind of finish off. Some examples being the paste backfill plant, so that was obviously a little bit delayed during the original project construction. That's about $7 million, and we can kind of get probably details in the Q&A. Tarmacking the haul road, some winterization work that we want to invest in, obviously given some of the issues that we faced in December, really just making the operation more resilient for the long term. So all of these are really sort of high ROI investments that we do need to finish. But the good thing is they'll be sort of done, and for 2026, that number will kind of roll off. And really the figure to focus on is that sustaining capital of $5 million, which is that's really what we need to keep the operation going each year, and that figure is much lower. If you sort of add some of those buckets together, you're looking at an all-in sustaining cost of $120 million. Then if you go back to the production guidance and we're looking at somewhere between 12 million-13 million ounces silver equivalent, you're in that sort of $9-$10 an ounce silver equivalent all-in sustaining costs, which is really competitive, well within the first quartile of the cost curve. That's without us even being at full run rate for the year, which you can obviously see in the guidance. I mean, I think that's pretty impressive given there's been some pretty rampant cost inflation across the mining industry over the last four to five years, especially since we put out our feasibility study and started construction. Obviously, while costs have definitely come up a bit, metal prices are also, they've come up as well. So they're up kind of an average of 10% versus the DFS. And so we are still looking at 70% EBITDA margins at full run rate, which is pretty much bang on what we saw in the feasibility study. So I think that's quite positive. 2025 is our first real year of production, and sort of the main story for us is really generating positive free cash flow, deleveraging the balance sheet. We will be paying about $100 million of debt back this year. And if metal prices stay basically where they are today on a spot basis, we should be close to a net cash position on the balance sheet by the end of the year. And that was always one of the sort of main highlights of this project, a very quick payback to initial capital and a really high IRR. So now that we're actually in mining, we are seeing that continues to be true, and obviously, it's a really exciting story. And then just a small note on the bottom there, we've kind of brought you through Q4, what does 2025 look like? And expansion is really looking at the future, even beyond 2025. We are looking at organic growth opportunities in an expansion scenario at Vareš. So a study was completed in the quarter by Ausenco, basically looking at increasing plant capacity. And just to remind the audience, Ausenco were the engineers for our original plant design in the DFS, which, as you can see from the recoveries, has actually gone pretty well. So they're definitely the right people to be helping us look at expansions. Really, the two key highlights, we've shown that you can go from the current nameplate, which is about 800,000 tonnes per annum, to 1 million tonnes per annum. That's a 25% increase. We don't need any additional CapEx in order to do that. It's really just debottlenecking and some standard improvements that you kind of make in the back end of the plant. We could do that relatively quickly and at no additional cost, which is great news. Ausenco also looked at a scenario of increasing to 1.3 million tonnes per annum. This is obviously a much more material increase. It's about a 60% lift from current nameplate. That CapEx is coming at about $25 million, which is relatively quite low, and that's going to drive some really high IRR. So now that we know that we can increase the plant throughput quite materially, we'll start doing some studies around increasing the mine output to match the mill. We'll complete that work in 2025 and kind of keep the market updated. That's sort of an exciting story for the future. I think overall, I mean, to sort of bring those three things together, it's a quarter of good progress, obviously some challenges, which are not ideal, but we're sort of back on track, solid looking 2025 in terms of contained metal guidance, and a pretty bright future beyond that, looking at sort of expansions, increased throughput, and driving value. Yeah, I think with that, I'll hand things back to Klara, and we can get to the Q&A. Thanks, Mike. Thanks, Laura. First question is, obviously, we had the severe snowfall in December, but a question is, what are the other contributing factors to sort of poor development and production rates? So in December, yes, we had the snowfall that came through. It really hit hard. It knocked out the mine for probably about five or six days. So that was the predominant in order to be able to dig everything back in, get the crews back in and working, pump out the mine. We had to slow down some of the mine pumping as we dealt with some of the water flow on surface. So that was the predominant impact on the development rates in December. Overall, from a production perspective, we saw the slowdown in material going through to the mill. As we noted, we had the issues with sticky ore in the crusher. So that caused a slowdown in some of that ore transfer. So that kind of knocked the actual production or the kind of like the output figures that we were expecting for December. It was those two things really, that wet weather that we saw at the beginning or the wet, sticky ore that we saw at sort of mid-December. And as we were solving that, we were hit by the snowfall. So it was those combinations basically of the two pieces. The snowfall in December, we had about 250,000 people in the region without power. Our comms went down. So there was a lot of issues that we dealt with in those five days, which impacted on us getting back up to speed as quickly as we wanted to. Well, we've learned from that. This is where we've just got to work through that. We've done a whole bunch of winterization, and we weren't expecting to get a meter and a half in 36 hours, and we have to get better. And so we're looking at what's the lessons from that. We've got the lessons learned pack, and we've got a kind of unassigned portion of capital that is for winterization work that we know that we're going to have to do through this 2025 year so that we don't have the same issues in 2026. Great. And another question is, considering Veovaca, the tailings storage facility, has suffered a slight delay, how likely will there be an impact on tailings disposal? As I said, it's something obviously that we monitor, like what's the capacity that we have ahead of us based on comparing it with production rates and what we're seeing of tailings production. We're not expecting to see an impact as we transfer from the temporary tailings facility, which we're still depositing material into the Veovaca tailings facility. So we are keeping an eye on it, but at this point, we don't see any cause for alarm or expectation that we wouldn't be able to maintain production rates. Great. Next question is, at the plant, do we expect there to be any bottlenecks at the plant that can impact on forthcoming production? The crusher is part of the plant throughput, which is where we've seen the bottleneck that slowed us down in December as we were kind of pushing for ramp up out through the mills. As we look forwards, we haven't fully stress tested at the full production rate. That's what we'll be doing. We'll be kind of starting to stress test the mill. We haven't seen, or the processing plant, yet any major issues. We've done a few repairs at the kind of tailings production out of the plant. They've all been resolved as we've kind of worked through making sure we've got the right materials in the filters. We've worked through most of the things that we think could be a major kind of bottleneck actually within the plant. But the one that we're keeping a tight eye on is the crusher and how that is working with the new screen that we've put in because that is the area where we did see a kind of within the value chain, the bottleneck appear early in, well, mid-December. And maybe just to add to that, so if you kind of think about we haven't broken out sort of things like crusher, tonnage rates, and whatnot, but in December, when the snow started and we started having these issues with kind of the fine wet material, we were only getting 500 ton per day through the crusher. And that's obviously what led to basically the mill running out of feed. But if you fast forward to January, we've been doing about 1,500 ton per day on average through the new screen and the crusher circuit for three weeks now. So that's pretty good consistent production. They've hit about 2,000 ton per day a couple of times in that period. And the plant's now running at, I mean, just yesterday was at 80% capacity. So I think in terms of bottlenecks, it's like we've kind of hit them. I guess that's kind of the story of Q4, bring in the screen, react to it, and that kind of shows the resiliency of sort of bringing a solution. Now the stats have been looking pretty good through January. I think that sets us up well for Q1. Thank you. And we were asking again, can we provide any color on how production is going in January so far? As we said, we had a few of the kind of initial issues that we'd had around power. They kind of continued to give us a few bumps in early January. But now we're back on track. The mining rate, so development rate is where we need it to be. We're pushing ahead now to put in our first secondary stope that will come into production in February, which will be a test of our backfill placement. And so basically, we're on track back up to the rates that we need. We did have a difficult kind of first week or so, 10 days in January with some of the power issues, but we've bounced back from that now. As Mike said, the plant has been going well. We do have a stockpile, 60,000-ton stockpile that we started the year with. So we're using some of that material and putting that through. And the mine is ramping up to or re-ramping up, should I say, back into full production. So all material is coming to surface at the required rate. Next question is, compared to the previous guidance, which only included mined ore and grade, should we expect the mining and throughput rate to be at the same level? And does this imply lower grades than the previous mining guidance? I'm going to kind of answer yes and no to that. Yes, we're going to balance the mine production with the mill production. We ran all the schedules to work through what is the right how can we achieve 800. We had all of the schedules out in front of us. Then we looked at the line that said stockpile size, and we actually don't have enough ground to put the amount of stockpile that we were going to have on the ground. What's the right rate that we should be running at? We look at what the mill can actually take and get some balance in there. Then that means that we don't have material sitting on stockpiles potentially for up to two years before it could be fed. And we manage our balance sheet better because some of the variable costs of mining don't get spent because we don't have to move that material to surface. So it actually gives us a more robust plan going forward. So we will be balancing mine and milled. The mine is a little bit ahead of milled, but within that forecast range that we have provided. On the grades, you can see that 2025 looks to produce 12 million-13 million silver equivalent ounces, which is ahead of 2026, which is balanced with 2026, but ahead of the life of mine average. So the grades have not actually, we're not seeing that the grades are reducing. And we are continuing to do the grade control drilling, which is giving us a really good kind of view on the grades, particularly through 2025. And as we build that into our reserve models, then that will then flow through into 2026 and beyond. It's a robust ore body, and the grades are holding up quite nicely. So we're not expecting to see lower grades, and 2025 should be a good year. Can you break down the $8 million investment spend in the quarter? And is this expected to fall or be maintained in subsequent quarters in 2025? Yeah. So again, there is kind of an ongoing sort of CapEx that we've been doing, well, really for the past almost three years now, which is incredible. So that kind of continues. And that sort of value, again, we've broken out the costs for next year, so about $20 million or rather this year, sorry. Time flies. $20 million of project capital and $5 million of sort of sustaining capital. So if you think about that as sort of, yeah, less than $8 million a quarter, it's sort of in the, yeah, six to seven -ish range. So I guess, again, that is kind of a similar amount that we'll kind of see as a pretty typical run rate. So a lot of our costs, it really is, if you look at 2024, we spent about $145 million-$150 million. It's sort of the same sort of run rate in 2025, so. Recoveries, how are the recoveries to the relevant concentrates going? What do you see the remaining challenges are there? So the recoveries, as we've shown for quarter four, are the recoveries that are going to the other saleable recoveries, basically. So what's going to the necessary con? We are still continuing to see some lead reporting to the zinc concentrate and some zinc reporting to the lead concentrate in higher percentages than we would like. We've only really put 73,000 tons through the processing plant. This will get resolved through 2025. We're continuing to work on what is causing that. So we've had some additional met testing completed, seen a little bit of oxidation of material that might be impacting that. So there is ongoing work. But the recoveries that you can see on those production metrics for quarter four are all great recoveries. I think all of the precious metals are coming through ahead of where we expected them to be at this stage or ahead of some of the DFS final figures. And then lead and zinc, they're a little bit lower than we would like, but the actual total recoveries are sort of 10%- 15% higher. And so we're just going to manage those recoveries going forwards. Mike, I don't know if there was anything you wanted to add on that? Yeah, exactly. I mean, you made the point. So in that table, we're only talking about recoveries to payable concentrates. If you look at lead and zinc, the total recovery to both is actually in the mid-80s for both. So it's not as though we're losing those metals to tailings. They're just not quite yet in the right concentrate, which is good. Usually, a lot of these startup operations, the metallurgy is sort of a huge challenge, whereas we're really in the 80%-90% range for all of our core metals. So I think that's really encouraging. And again, silver, gold, copper, and antimony, they're actually ahead of where we would think. So that's positive. And honestly, all those metals are worth more than lead and zinc. So I'll kind of take it. On balance, this is almost we're quite happy where we are. I'll also note that if you look at that table, every quarter, we've had improvement in recoveries. So sequentially, quarter- over- quarter, even though the lead and zinc are still a little bit lower than where we want them to be, they are getting better. And in Q4, both the zinc and lead recoveries are higher than the full year 2024. So clearly, we're making progress. As Laura mentioned, we've only milled 76,000 tons. That's basically only one month's worth of production. So as we have another couple of good quarters from here, we do think that those will just naturally get better, debottlenecking, learning a bit more about the system. But actually, I think this is definitely a bright spot for the asset so far. It's always challenging to know exactly how it's going to work and to kind of build a new greenfield plant from scratch. But I think it's a huge credit to the team and also to the ore body that it is actually pretty decent to recover, and we're getting good values and concentrates. What is the capital allocation of $20 million for 2025? Yeah. So I touched on one. So the paste backfill plant, that again was part of the original design, but kind of was pushed back and delayed by various things. And that is now part of our 2025 plan. And it really is critical to the operation. So it is part of our long-term sort of assumptions. At doing paste backfill, there's all sorts of benefits, way faster backfilling time. Sort of from a health and safety perspective, really everything, it's just a lot more efficient. It's going to be lower OpEx. It's going to be a really high ROI project. So $7 million is going to that. Finishing, paving or tarmac or sealing, it depends what country you come from, the verb, the haul road. So that's not fully complete yet, but we do want to do that. So again, from an OpEx perspective, from a dust control perspective, from a health and safety perspective, we're going to put about $4 million-$5 million into finishing the haul road project this year. And then there's just a bunch of other things like some critical spares that we didn't kind of get in the original project CapEx that we now that we're in cash flow and we do have the ability to kind of pay for some of these things, those are in there. And then again, Laura's touched on it, but winterization. So obviously, we had issues with the crusher. We brought in a temporary mobile screen. We want to make that part of the fixed plant kind of permanently because obviously, going from 500 ton per day with wet material to 1,500 ton per day is pretty great. So we are going to spend some money on that as well. So it's a mix of things, but all of them are basically pretty key and critical to the project. And they're really going to help us kind of get to that full throughput, so. Regarding exploration, how challenging do you think it will be to obtain the permits to the northwest of Rupice? So we've got a working group set up, which is basically kind of a multidisciplinary team, to look at how we work through getting that concession that we need across on the Kakanj side of the border. It's a different municipality to where we kind of are currently mining. And with the elections that have just gone through, there's a new city council that they were all formed in December. So now, as we kind of come out of all of the various religious celebrations through December and January, they're basically now opening up for work and for consultation. So we're working our way through that. We've carried out additional surveys within the municipality to understand their concerns, what they're seeing, what they're hearing, and so that we make sure that we can kind of we're providing the councillors who make the decision on providing the concession, we can provide them with the right information and provide additional clarity on what we're working on. There has always been a challenge around the different watersheds that we work within. Many of you will have seen there's pieces that hit the news around our exploitation license. In 2021, there was a challenge from Vodokom Kakanj, which is the water authority that supplies water to the people of Kakanj and that region, challenging whether FMERI, the Federal Ministry of Energy, Mining and Industry, had fully considered all of the potential impacts on water. That was basically between the federal government and Vodokom Kakanj. We were kind of like bystanders in that because they were challenging whether the Federal Ministry had made the right decision in giving us the license. So our license was never annulled, but it did sort of demonstrate how we continue to need to engage around kind of water. We've taken all of that on board. We worked with FMERI, who asked for some additional information from us on kind of like from the baselining and all the measurements we've been doing. We could clearly demonstrate that the Rupice Mine does not have any influence on the water in the Kakanj watershed. And so the license was basically just reaffirmed. It was never annulled or cancelled or any of those various pieces out there. But it does talk to how we need to continue to engage with the different services suppliers, the communities, and the municipality of Kakanj in order to be able to get that concession license. It's a little bit complex, but at the end of the day, we just need to make sure that we are engaging with the right people in the right way, and there is a strong process that we go through. So we're just working our way through that, and we fully expect to be able to get that concession in 2025. Sort of on that as well, is there any further problems with NGOs or environmental groups in regards to the water issues or just mining in general? So less so on mining in general. Water is probably where the NGOs are focused on most. And I had a conversation on this with the Federal Minister for Environment this week. Just she was interested to understand how we are managing our environmental output. And we've just had two large-scale reviews from the Environment Department, neither of which found any issues with any of our environmental impact. So we'll continue to engage with the communities with the right information. But I do expect to see continued NGO activity. We continue to work to counter some of the claims that they're making, some of which are probably more extreme than I would have expected. But it's part of the landscape globally. This isn't special to the Balkan region. It is part of the wider landscape. As we go forward this year, renewing environmental licenses, I fully expect for people to give us valid questions that we will seek to respond to and engage with over the course of the year. Great. Can you say anything about the rarer critical minerals found, germanium, antimony, and what work metallurgy may need to be done to process them? Yeah, that's a fun one. Germanium, no, sort of not in a high enough concentration for us. But antimony, yes, which is a critical sort of raw material in the EU. We don't actually break out sort of individual grades or recoveries on that. But the feed grade has been about 2%, sorry, 0.2%. Recoveries have been actually pretty positive, sort of in the 85%-90% range, mostly into the lead concentrate. And actually, it's not something we've kind of given disclosure on, but we're now getting paid for it on some of our contracts. So in particular, on the Trafigura, like the new lead and zinc offtake agreements that we signed, we are getting pretty decent payability to spot price on antimony. And obviously, yeah, it's a critical raw material in the EU. I was looking up some stats. The EU imports 1,000 tons of antimony a year, which is obviously very small. But Adriatic, we produce 1,000 tons of antimony a year. So I guess a nice headline is we now produce enough to cover off the entire European Union's imports, which they all get from outside the EU. So I think that's positive. But yeah, I guess it's kind of early days for us. So we haven't been looking at maybe increasing that, increasing recoveries, or recovering other kind of critical metals. But it is part of what we'll look to. Once we're in kind of steady state, some of those more nice-to-have sort of things. But yeah, good question. Again, on the offtakes, what can you say about your TC, RC rates, and payables, especially under the new contract versus previous ones? Yeah. There's a fire alarm. That's annoying. So basically, obviously, people will see in the market that treatment charges have gone basically negative on a spot basis, sort of globally for both lead and zinc concentrate. We are on benchmark for those that we've signed offtake agreements for. So that's 100% of the zinc, and it was 75% of the lead. With the new Trafigura offtakes, we are basically getting $0 per ton treatment charges. So not quite as good as spot, but a huge improvement compared to where benchmark was. So zinc benchmark was $165 last year and in the mid-200s the year before that. And then lead was in the 50-to-70 range. And now we're kind of getting $0 for a pretty material bit of our production. So that is a big part of the bottom line. And that does help with those costs that we've got into in terms of offsite costs. So yeah, not kind of getting like 100% spot, but we're 80% of the way there, which is really encouraging. And that's a really great tailwind for the company for this year. Any comment on the level of mercury in your sellable concentrates? Yeah, sure. So that's one of our, sadly, not a critical raw material, or maybe it is somewhere, but they are penalties for us, and they are elevated. So that's the kind of main penalty element that we have as a company. Obviously, with these super high-grade polymetallics, you get a lot of the good stuff, but you usually get a lot of the bad stuff as well. Mercury is elevated, and it's a key reason why we are primarily selling, for example, zinc into the European market. So luckily for us, the ore bodies in Europe, and luckily for us, the European smelters are really good at dealing with elevated mercury, mostly because of regional geology. So the Balkans and the Iberian Pyrite Belt in Spain and Portugal, they're kind of always quite high in mercury. So it's nothing unusual. We are continuing to sell our concentrates into the market, and there's kind of no issue there. We just pay like, I don't know, it's like 4% or 5% of the total value sort of as a penalty. But it's something that's totally manageable. And actually, I guess a nice positive thing is that in the initial lead concentrate, the mercury has been coming in a little bit lower than we would have expected. So that's a boost to us, but it's too early to say whether that's a long-term trend or what we can do. But I guess the summary is, yes, we have high mercury. It's above sort of penalty limits, but it's not impacting our ability to place the concentrate or generate revenue. Just to reiterate regarding production, are the reported numbers and guidance for 2025 and beyond in terms of payable metals? Yeah. Sorry. So the contained metals, so each of those kind of four rows, silver, gold, zinc, and lead, those are into payable concentrates. So that's on a recovered basis in a concentrate that you will get paid for. So if you've got 25-30,000 tons of zinc, that's only in the zinc concentrate, and that's post-recovery, so. Great. Can you provide an update on Serbia, please? So Serbia is an area that obviously we've had exploration interest in. We're currently just completing a review on the deposits in Serbia and how we should be thinking about those. So at this point, I'm not going to provide any external comment until we've gone and taken it through the Growth Committee at our board, and then we'll work through how we provide that information to the market. But Serbia has some interesting geology and has some interesting options over there. So we're continuing to look at what those options are and how it feeds into the future of Adriatic. Finally, on liquidity, do you believe that you'll have enough cash to get through 2025, or will you need to look at other options in terms of capital raises? Yeah. So I actually feel pretty decent. And to circle back to some of the slides, $46 million of cash today, now that we've closed the Trafigura prepayment. And we have been basically cash flow neutral for four months now. So I think that's kind of a good sort of track record, even though the plant has only been, again, running at kind of like 25% capacity. And we had our sort of challenges in October and December due to weather, which obviously came in with a bit of a lighter quarter. So if you think about that and you say, "Okay, but now we're doing 75%-80% capacity in the plant, the crusher is back up to running 1,500-plus tons per day." That's about a 40,000-ton-a-month sort of run rate, so kind of two-thirds to 70% of production. On that basis, we should be well ahead of just cash flow neutral or break-even. We should be positive free cash flow. So you think $46 million today, we've got to pay back about $18 million-$20 million a quarter for the next four quarters, but really we'll be cash flow positive. So from here, everything we're paying for should be out of cash flow, and we don't see the need for additional liquidity. So I think that Trafigura deal, that's kind of a big help to us. It's on really good terms. It's a lot cheaper than the Orion debt that was kind of on offer to us. So we obviously didn't draw that down, and we don't see the need to. So we actually feel pretty good. Almost $50 million of cash. It's not too bad, so. Great. Thank you. I'll hand back to Jake. Thank you very much. Hi, Klara. Just before we go, we might just cover off on Matthew's question just on the grade piece. It's quite a good story when we talk about the geology of the ore body. So Matthew's question was really looking at how do we kind of get a bit more explanation on the additional grades that we're seeing earlier on in the ore body. So just to touch on that, we've got some good grades sitting on our stockpile that have come through. We've started looking at a routine basis between F1, F2, and F3 breakdowns. F3, we can't do it. We don't have enough data yet through the mill to be able to put that into a clear to truly understand. But F1, which looks at basically recovery or basically looks at model to grade control model, we're seeing a really good correlation. We're seeing that the grades are holding up when we do the additional drilling. But we are also seeing when we look at the F2 figures, we're seeing that there looks like a little bit of an uplift. We don't know if this is consistent or this is just kind of like turning up in this particular part of the ore body. We need to do more data collection on that. But what we're seeing is some good grades that are coming out in some cases slightly higher than we had expected or we had scheduled from the resource and reserve models. Where we've seen that shift in geology from faulted to a fold, we've seen a thickening and an increasing in grade in that kind of the fold area. So that's where we believe we're getting a little bit of the extra grades coming through, and that's feeding through into the kind of the upfront or first few years or first sort of 12 months' worth of material going through the plant. So just that's why we are looking at higher production in 2025 because we're seeing those grades flowing through. But until we've run and can run enough data through the full model to F3, and then that will allow us to basically reconcile the whole model again. That's going to take a year or 18 months to work through that. Great. Technical answer. Just to close off, hopefully that's enough for Matthew. Thank you, Laura. Jake, we'll hand back over to you. Thank you. Perfect. Klara, Laura, Michael, thank you very much indeed for being so generous of your time then addressing all of those questions that came in from investors. But Laura, perhaps before really just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that would be great. Yeah. I want to thank everybody for their time and some great questions. As we noted earlier in Q4, we've had a Q4 that threw a few challenges at us, but the team continued to demonstrate resilience and the right attitude to solve and to improve and to build on where we are. We've got a great base from 2024 to deliver into 2025. Our guidance has been developed from first principles with an eye to the commitments we made in DFS and managing our balance sheet. So it's been a lot of work that's gone into that in the background. As I kind of just emphasized in the last answer there that I gave, the basis of every mine, of every great mine is its ore body. The Rupice ore body is world-class. And as we continue to collect the data, it remains a robust model that underpins everything that we're doing. I'm really proud of the team and where we are today. And I want to thank you all for coming along and listening to us as we talked you through Q4 and our future plans for 2025 and beyond. Thank you and have a great day. Laura, that's great. And thank you once again for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations? This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Adriatic Metals PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So.