Good morning, everyone, and welcome to the Amaroq Q2 and H1 2026 results presentation. My name is Edward Westropp. I am the Corporate Development Strategy Officer for Amaroq. This morning we will follow the usual course. Eldur will take you through the highlights for the period, operationally and strategically. Ellert will take you through the financials. Then we will follow up with some Q&A from the line. So if you have any questions, please follow the usual form on the webcast portal and we will endeavor to try and answer all your questions. So, without further ado, let us thrust straight into it. Eldur. Thanks, Ed. Morning, everybody. Thanks all for being here. I can see there are a lot of viewers online and questions already coming in. Now, to begin with, I just want to say how absolutely pleased we are with the result of the quarter. This has been mainly due to hard work of all of the individuals involved, in terms of planning, people, getting the things done. The results are that we have done already 9,000 oz for H1 this year, upper end of that guidance, 7000 oz-1000 oz. We continue to have a much higher grade than we planned in the beginning of the year, approximately 20 g per ton. The revenue is now starting to pick up, CAD 56 million. Phase 2 is already in operation. I am pleased to be able to tell you that during all of June when we were commissioning, that commissioning went really well. In July, we are reaching already neat 90% recovery and phase 1 and phase 2 processing plant is operating literally hånd i hånd in a way that we want to see it. Part of that is that you have already seen that we have a new oxide RCF on a better terms. This is a testament not only to the liquidity we have now to move other projects as well as increase our liquidity position, but it is also a testament of the financial strength of the company, which we will go into in two minutes with Ellert. Now, we are running now the largest exploration and development program in the history of the company. We started the exploration at Ilua in June. We finished that via drilling three different areas in Ilua, a rare earth element, a pegmatite zone, which we are very interested in that large rare earth play in Greenland. So all in all, we are really, really pleased with the quarter and a lot of the work that you cannot see here on the highlights has also gone into making sure that we will deliver on our guidance this year, which we are confident on. Again, I want to thank the team and everybody else for their hard work and effort so far. Post-period highlights. We are in an active season, so the first one to mention here is the Naalakk drilling. I will go into more detail on the Naalakk drilling in a minute, but what you are seeing here is that once we are underground, and are able to utilize the underground infrastructure, I mean, the tunnels to drill into the deposit, this drilling is now on a 20 m spacing. This has never been drilled so dense ever. Out of the 27 holes, we could already see 23 of them are visible gold. We are getting average grade of 42.8 g per ton, which is absolutely fantastic. This drilling is to confirm, when we are mining, we mine on the east and we mine on the west. So this is to confirm all of the eastern block, which is now the double the grade we anticipated originally. So absolute high-grade area. These levels are from 800 up to 860 and constitute about all of 2026 and 2027 into 2028 of resources. Now we have been focusing on those resources but in the [Nalunaq] file where we updated the resource statement alongside the main listing on the 31st, that did not take into account any of the underground drilling this year whatsoever. Now that we are drilling every month, defining more and more, the focus is to, on the one hand, increase the resources, but also confirm the grade. We have done more than 100 bags of flotation bags. We are already above approximately 90% recovery of total recovery. So I am really pleased to be able to tell the market that this is just going like clockwork, as I mentioned earlier, and we will be continuing operating the plant as is. Naalakk and Minturn, we started drilling there, and Naalakk is a gold area that we drilled last year. I will speak to that in more detail later on. Minturn is an IOCG, which is iron oxide copper gold deposit high up in north Greenland, which we are now already drilling. I mentioned earlier we went on the main market on July 31. This was an important milestone for the company. I want to emphasize that we have been working on how liquidity, how access to the company through the capital market is best secured. When we were on free market, we were distributing liquidity over three markets, Canada, AIM and Iceland. We delisted from Canada to focus to get as much liquidity on one market, which we are now focused is to be on the London market. Iceland has a strong investor base, a long-term investor base, but it is a more shallower market. So all of our focus is now to increase and build up liquidity on the main market in London. This was important date for us to get on July 31, it is actually in the middle of our summer holiday here in Iceland, but this gives us the opportunity to be admitted to indexes prior to 1st of September. We will focus on not only indexes in the FTSE or FTSE 250, but more importantly also in the Gold junior index like GDXJ, where we need to uphold a certain liquidity over a period of two quarters. In addition to that, we finalized the Gardaq JV funding. That is with our funding partner, GCAM, where we funded in total approximately CAD 10 million to fund both the Ilua and Minturn drilling program. I thought I would take this opportunity here after six months to give you a little bit of insight into our strategic objectives for what we are starting to name a three-mine focus for Amaroq. Effectively, we have three operating mines being built. Each of these mines have the opportunity to grow in both resources and in production. If we start with Nalunaq, our focus point there is to focus on four different sections. On the geology side, our short-term focus, as I mentioned earlier, is to drill underground as close to where we are mining to establish what we call reserves. This will give us better opportunity to guide next year and the following years. We really started this underground very late last year, once we have established the infrastructure underground drilling. Underground drilling was never done in Nalunaq by our predecessors, so we are doing that and we are learning a lot. We are learning structurally how the thick of the ore body keeps a high-grade pocket, and well, most of it is high-grade, as you can see. So we are seeing much more understanding there. While we are doing this, in the medium and long-term target is that we are defining and building up exploration tunnels to go deeper and access more years of development or I should say, production, meaning to be able to drill out 2028, 2029, 2030. I will show you that in a picture in the next slide. Furthermore, we are looking to do exploration tunnels into areas such as the Target Block 75 and South Block. This is in anticipation to start increasing production in Nalunaq. So we need the mine to deliver that. On the mining end, we are focused on reaching a nameplate capacity. That is all about getting the development meters per day into a systematic approach to have the people, the equipment, the maintenance program and so on, all in good shape. This is progressing really well. In the medium long-term, we will then push more development meters and more throughput to be able to access new ore zone and to drill up more resources. For our investors, what is key is to grow the resources, both reserves and resources, as well as growing the production. On the plant side, the short-term is to reach that nameplate capacity of 27 days or 300 tons per day. Medium and long-term, so call it next year, on an annual basis, we want to be producing 100,000 tons of ore through that plant. What we have already started to do is to do studies on increasing the plant throughput to 450 tons per day and beyond. There are two ways to do that. On the one hand is to install another mill next to the current mill as well as flotation cells. But we are also looking into what is called an optical ore sorting technology, which will allow us to sort the ore that goes through the plant to only take that ore rather than any waste material or effectively bring a more high-grade ore through it, which will have the same effect. On the permitting side in Nalunaq, all permits are in place for our current operation. For the medium long-term, we are looking to build up more efficiency around the dry-stack tailings facility, put that in place, as well as increase throughput and so on. But overall, this has given us this kind of a strategic objective you see here in front of you, has given us a game plan for the next two mines which we are going to take on. Nalunaq here you can see the kind of key areas that we are developing. I want to draw your attention to the green bit on the slide there. You can see where you have numbers 792 all the way to 874. This is what we have already drilled, and this is where the drilling results are coming from, which we reported on the middle of July. We are currently starting to drill on the other side to the west, where you see 8- 10 exploration drift in the start of that drilling. That will drill from the same, 790 all the way to 875. This will constitute roughly for all of 2026, 2027, and into 2028. We will have secured that. Mind you, that area there on the east or close to where you see the number 792 to 811, this is where we have an average grade of 42 g per ton. Then you see below there, mineral resources shown. That's the target block. Over time, we will start putting exploration drift underneath there and start drilling that. The exploration 810 exploration drift, as you can see, it goes directly under the area. We are mining at 800 level right now. The mountain goes all the way to 1,350, and this outcrop we've been sampling this year all the way to the top of the mountain. These are years’ worth of production, as well as we have 75 m above the main vein there. This exploration drift, every 100 m, we are then be able to drill. After we've done exploration drift for 100 m, which we're expecting to have done before end of the year, we can then start drilling into the area in 2028, 2029, and 2030. We have a new mine, based on an old mine called Maarmorilik. Maarmorilik, or previously known as Black Angel, is something we've been evaluating now for this whole year. We have hired WSP, which is a world-known engineering firm, to do an updated mineral resource estimate and preliminary economic assessment on the current resource and the potential future resource for the Maarmorilik area. On the geological side, we currently have already 4.4 million tons. Previous operators, they looked to develop a mine directly where the old Black Angel Mine was, where you take up the high-grade pillars and you mine that for maybe two years. This would have been equivalent of maybe up to 1 million tons. However, there are 4.4 million tons. We have changed it around to focus on the whole Maarmorilik area. When the glacier has been retreating, there's a lot of resources coming to surface, and we already have known resources were drilled in six different areas, and there are a lot more areas coming to surface. The scale there is much, much, much larger. The idea here is that we will do a string of, we will follow the tons we have and follow each of these resources to develop a mining activity on the 4.4 million tons or up to a 5 million ton or even larger, and then grow the resources to fit in the redevelopment area of the mine. On the mining front, we are very much focused on the same mining rate that PolyMet and TAC mined from the mine previously. This was about 700,000 tons on an annual basis. We are doing all laser scanning of the old previous mine workings, people tunnels, and we are working towards a new mineral resource estimate and PEA, preliminary economic assessment. On the processing plant, we are leveraging off a previously operated plant that was on site, which produced 60% flotation concentrates, 60% zinc-lead-silver, and obviously germanium and gallium. We have previously had metallurgical test work and a lot of data on the ore, which is very clean and good ore. Effectively, this is also leveraging of what we have already done. On the permit design, we will follow the same permit process with Nalunaq. Same camp, same redevelopment of tunnels, same roads, same dry stack tailing, everything the same, which is going to work really well for us. We are really hopeful and know that this will be a very good project. This is most likely a redevelopment time of three years, but obviously we will update the market on our update in Amaroq and our PEA this year. We feel that this will be a very value creative whole company. Here you can see on the Maarmorilik side how it looks. Maarmorilik camp, this is where the old processing plant, where the current camp is, where the harbor is, where all of the infrastructure already is. What they did previously was to build a cable car from this area 800 m high up to the, what you see, pillar resources. We do not want to do that because we never operated a cable car. What we are going to do is that we are going to go back to our own strategy. We are going to redevelop the N2 ore tunnel, which is a 9 km tunnel from the Maarmorilik camp to the N2 ore body. I was in this tunnel fairly recently. These tunnels are in good shape, so we will redevelop them. We will then come to surface through a new portal and build a road for approximately 5 km-7 km, going first to the Aak zone, which is an ore body of 500,000 tons, then to the Glacier zone, which is 1.7 million tons. Then we will go to the area where you see the new portal, and from there we will go to Deep Ice zone, where we already have 7 m over 40% zinc-lead-silver and the old Black Angel mine. We will turn this completely around, do something we feel very comfortable about doing, redeveloping tunnels, doing roads, and actually accessing all of the 4.4 million ton ore body. What is important here in each of these spots here, you are probably missing 10 other spots of outcrop, and we are now doing sampling of all of these different areas that are outcropping. Each of these area, the outcrop has only been drilled, maybe down 200 m. Nothing has been drilled at strike where the outcrop is then extending or at depth. This is, again, another Nalunaq where we start with the resource and we grow the resource while the redevelopment area is to increase the economic value for the company. Really interesting and exciting project that we are taking on here. Last but not least, it is Naalakk. Naalakk, you can think of that as obviously our main focus there. If we go back a second, we drilled 4.5 km last year after drilling two holes the year before that. We got this unbelievable thickness of 9 m, very high grade on surface, and only down to 70 m depth. We are doing similar program this year to drill both infill and step out drilling to hopefully declare our initial maiden mineral resource. Once that is in place, we then can assess how we could potentially mine this to begin with. The mining will be open pit, a small open pit on surface, most likely. We have to be guided by the drilling as well as underground mining once we develop that. What is important that we are already assessing how we put up a simple harbor and a road or a track towards the deposit, which is only 1.5 km. What that will give us is the opportunity to start shaping out what we call a bulk sample, where we do not have to process that on-site, but we can actually move that to Nalunaq. Not all ore is amenable to any kind of a processing plant, and we do not know that yet if the Naalakk ore will be amenable to the Nalunaq processing plant. We are doing studies now on the outcrop, on the ore in Naalakk to see if the ore can be used or processed in the Nalunaq plant. If it can be, it would be a huge impact for us because you can imagine we do not then have to build, in the beginning, a processing plant in Naalakk. We only have to set up a camp, road, and two mining equipment, which we feel very comfortable doing. I just want to remind you, it is about 70%- 80% of our cost in Naalakk was to build that plant. That is the biggest impact on the cost structure from a project like this. With Naalakk, you can see how we can grow the knowledge of the resource and the scale of the resource by setting a road and harbor in place. It will eliminate the helicopter. It will allow us to have a camp that will extend the season, and we can potentially start generating cash flow from this asset. Here you can see the distances from Naalakk over to Nalunaq. What is important here is that in mining, there is nothing faster than bringing material onto a sea. Trucking or handling around trucking or trains and so on is something that is complex and expensive. Being able to bring this on sea and being so close to shore is very, very beneficial. Naalakk is certainly in a different location to Nalunaq in terms of weather, in terms of ice, and so on. But overall, and the same thing applies with Malme Lake, but overall, Suliaq, our service company, which we mentioned earlier, will have the ability to give us access to any area that we want to operate in. Sorry, I am going to hand over to Ellert here to run through the financials of the quarter. Now looking at the income statement, you can see the transformation in the business between years. Our revenue reached CAD 56.2 million in the first half, compared with just CAD 3.4 million in the same period last year, reflecting the successful ramp-up of Nalunaq and sales of 8,610 oz at an average realized gold price of $ 4,696 per ounce. in Q2 alone, we generated CAD 37.3 million in revenue from 5,640 oz sold. G&A costs increased as expected as we continued to build the organization and progressed the main market listing in Q2, which carries with it some one-off costs, while exploration spend increased as the 2026 field season commenced. That revenue growth is now translating into profitability. The H1 gross profit was CAD 34.9 million, compared with a small gross loss in the prior year period, while operating profit increased to CAD 15.1 million, and net income reached CAD 13.6 million, an improvement of almost CAD 24 million compared to H1 2025. Can we get the balance sheet up there, please? There we are. On the balance sheet, total assets increased from CAD 354 million at year-end to CAD 426 million at the end of June, which continues to be driven primarily by continued investment in Nalunaq, i.e., the processing plant, mine development, and infrastructure, as well as higher inventory levels. Inventory increased to CAD 38.8 million, including CAD 24.4 million of metals inventory reflecting higher production levels as operations continue to ramp up. The shift you see there from current assets to investment in the joint venture reflects the conversion of Amaroq's receivable from Gardaq into equity in Gardaq in accordance with the existing management agreement, which has since been renewed. On the liability side, the increase in loan balances reflects the expanded revolving credit facility completed in Q2 with Landsbankinn and Gunvor. We have now drawn down on CAD 57 million of the CAD 70 million facility. The increase in current liabilities primarily reflects deferred revenue relating to a shipment in progress at period end, for which partial payment had already been received and which was subsequently delivered and sold in full in July. Even after the investment program we have been conducting over the last 18 months, we have continued to retain a strong equity ratio, which stands at 69%, which gives us substantial financial flexibility moving forward. Gardaq's cash balance as at 30th of June was quite low, as you can see, but that was recorded just prior to the recapitalization after quarter end and announced in July, which included an injection of approximately CAD 6.5 million to fund the current field season. In the first half of 2026, operating activities generated CAD 20.4 million of cash flow, compared to the first half of 2025, where operating activities consumed CAD 13.4 million of cash. That's a swing over CAD 33 million and represents a significant milestone for us. The main operational cash flow adjustments relate to the buildup of inventory as production increased, offset by the deferred revenue. Even with that working capital investment, we continue to generate strong operating cash flow. In the first half of the year, we've continued in investment mode with CAD 44 million invested during the period, primarily in the ongoing construction and optimization of the Nalunaq processing plant, investment in mining equipment as we took over mining operations from our contractor, in the beginning of this year, and the completion of the flotation circuit, which has been mentioned here before. Financing cash in close of CAD 30 million reflect the expanded facility agreement. As a result, from a liquidity perspective, we ended the period with CAD 28.5 million of cash and access to a further CAD 18.5 million of undrawn facilities. Together that represents approximately CAD 47 million of available liquidity at quarter end, which provides a strong base to continue executing on operational and growth plans. With that, I'll hand back over to Eldur. Thank you, Ellert. Yes, I think just to kind of give you a quick outlook of next few steps here. As you can see, Nalunaq now is in that mode where we are delivering a lot more tonnes on a higher grade, and we continue the ramp up effectively right now because we're running on a 90% recovery already, which is really exciting for the company. As you can see from how the financial have changed in terms of liquidity and others, this is really exciting for the company and in plan where we are. On Maarmorilik, we have a new approach here on an old mine, which is using the strength of Amaroq how we want to approach things, and we look forward to update you on the progress of the mineral resource estimate and the preliminary economic assessment for that project. For Gardaq, we're drilling really high impactful iron oxide copper gold because of the Minturn, and then the rare earths pegmatites that we're drilling in Ilua have only been drilled, and we look forward to update the market on that. These are both assets which we are going for drilling and assessment of something that could potentially be very large. That's what the purpose of Gardaq is for. In Suliaq, we did continue to develop our asset register in Suliaq. As Ellert mentioned, we have mining equipment, various different sorts of equipment for the organization. In end of June, we acquired one of few or the only icebreaker available to the North Atlantic effectively used to be owned by the Danish Navy. We are very pleased because we have been looking at that acquisition for the past, I want to say, eight years, and this will seriously strengthen our capability in operating in various different regions in Greenland. On Nalunaq, the resource drilling is underway with the focus on making resource as well as then setting up the company for a bulk sample, which will then hopefully become available for the Nalunaq plant, subject to the result from the SGS mass sample study. There is a lot coming into the market in the next few months. We will continue updating on production. We are on guidance, and I am really pleased to be in a position where we are delivering quarter by quarter. Over to you. Thanks, Eldur. Thanks very much. A busy time. We will just take some questions from the line here. We have got a few questions, and I will just run through them as they come. Can you provide some additional detail about your exploration plans at Nalunaq and explain the potential value of this asset? I think you have just been through the plans for it, but can you elaborate a little bit on the potential value uplift for it? Yeah. Okay. This is us. We are obviously guided by the process we have to take in terms of mineral resource assent, and then we have to overcome through our JORC compliant call to a preliminary economic assessment and PFS and so on. With that in mind, I am going to try to paint a picture how we see things. What we do know is that the central zone, in total, let me start again. In total, we have outcropping veining or structures on surface more than 6 km. We have effectively drilled 600 m of those 6 km. Of that 600 m, we only drilled down to 70 m depth on an 80 m- 120 m spacing. This year we are drilling in between that to understand the geometry of the ore body. Once you understand the geometry of the ore body, the grade and these things, you are then in a position to declare resources. What is important to us is that when we are doing this drilling, this drilling is fairly expensive for us because we have to use camp and helicopter, and we are doing it in a short period of time. A helicopter is maybe a third of the total cost, and it also has an impact on how long you can operate. For us to be able to build a road towards that deposit, it serves two purposes. It allows us to drill this deeper, further, and on a lower cost over a longer period every year. That gives you potential to grow the resources quite substantially quicker, which will have an impact on how the market will value this in terms of resources. The market will value these ounces higher, we expect, once we can produce revenue from these resources. When you have an outcrop of more than 1.5 m on surface over 600 m, we can literally scrape that resource up from surface, put it into small containers, 20 ft containers, put it on our Silver Rafnija ship and ship it over to Nalunaq and bring it over. We're doing the same thing with the concentrate, by the way, in Nalunaq. So we're used to these operational capabilities in Greenland. By doing that, then the discount on that NPV of that potential resource will be lowered, and it will do two things. It will allow us to drill it quicker, pretty good, and it will also start generating additional ore towards Nalunaq while we're growing this opportunity. Thanks, Eldur. Next question is regards to the main market listing and share price reaction since. I'll take that. Yeah, 31st of July confirmed the up-listing. Obviously, an interesting time to do it in the middle of most people's summer holidays, but very, very pleased to have got it done at that time. The feedback we've got from shareholders and potential future shareholders has been very positive. Share price reaction since then, we can't really comment on market reaction to that, but we clearly see it as a big potential value up-list for us and access to a much more liquid market and international investors. So very pleased to have got that done. Another question here is on grade. The grade seems exceptionally high. How confident are you that this grade is sustainable for future production at Nalunaq? We have always been confident in the grade in Nalunaq. Now, when we built this mine, we did not build this on the basis of having a full PFS, called a preliminary feasibility study. The main reason for that is that to be able to drill it and define this ore body, you need to do underground drilling and you need to do drifting, which is a high upfront cost. So we took the focus of developing this mine on the back of a preliminary economic assessment. Sorry, which means that you can only use inferred resources. So we studied previously how much a drilling grade became when it became a developing grade, and how much that developing grade became. And we saw a core factor in the previous operator mine. But wherever you were drilling, the grade usually was 60% higher. We're not saying that will be the case going forward, but we estimated that would have a potential to be continuously in Nalunaq. What we are learning more now is about the whole structure, the definition of things. So we very much are confident in the grade in the short term for 1.5- 2 years ahead of us. And with the exploration drive that we're putting in, we will see more and more drilling, which will deliver the same confidence, hopefully to you in the market. We are also sampling that outcrop of main vein from 800 m level all the way to 1350 m level. That is basically like a drill hole because we sampled the whole outcrop there on a meter-by-meter basis all the way to the top, and we got some brave Australian ex-army personnel to do that for us this year, which we are very pleased about. Thanks, Eldur. There is a couple of questions on AISC, but all in sustaining costs, and I think we will bunch them into one, Eldur, which is how will you maintain or lower the AISC, and what is the current AISC that we are running at at Nalunaq? On AISC, it is a few factors as we mature into a steady state operation. One of the biggest opportunities for us is to continue to reduce our reliance on contracted services. During the ramp-up phase, we have utilized contractors across areas such as drilling, construction, and also certain operational activities. Over time, we expect to bring more of those in-house. That should improve cost and control over operations. We also see benefits from greater purchasing power across the group, particularly through Suliaq, our services venture. That would allow us to consolidate procurement and achieve better pricing on key consumables and services. That is mostly it. We are continuing to focus on owning and controlling, or at least controlling critical equipment and logistics where it makes economic sense. The more control we have, the better positioned we are to control the cost. For the first half of the year, just going by the numbers, AISC per ounce is in and around $4,000. But in Q2, it was down to $3,300, and we should see it on a full year basis that continues to go down as the denominator increases on a fixed cost base. For the year as a whole, using the mid-range of guidance, we should be at around $2,400 per ounce. Thanks, Ellert. Next, I'll bunch a couple of questions together. We've been asked this a couple of times. The U.S. continues to make noises about Greenland. Have we had any interest from U.S. investors or U.S. government investors, more specifically in Amaroq? Yeah. I would expect all serious mining companies in Greenland would have had dialogue or discussion with one or multiple U.S. agencies. Any discussion about potential investment is confidential. Thanks very much. When do we expect a maiden mineral resource? What we're hoping is that we will have a maiden mineral resource on the back of this year's drilling. Back of this year's drilling is based on we started drilling fairly recently, as we mentioned. Once we have all of the core, we need to shift the core out of Naalakk. We then need to shift that core over to Ireland for independent assay results. The reason why I can't answer you if this is going to be October or this is going to be January, has a lot to do with logistics. What we are trying to tell the market here, and this goes back into Suliaq, why Suliaq is so important, and what we mentioned is that to have full control of costs and the execution in Greenland, we need to control the logistics. The logistic is very much dependent on equipment. We enable sure that your supply land delivers that. We are getting better and better at it, and we are getting more and more control around Suliaq, and we are obviously pursuing that financing around Suliaq to have that in place. As for the mineral resource, I am very confident there will be a mineral resource on Naalakk. It is all determined on how much drilling you need to do, and we have to remember the geometry of ore body is into the ground and is in the 3D nature, so it can take time to get there. But we are very hopeful with this interim drilling that we will have our initial maiden resource this year. Super. Thanks, Eldur. Again, there is a couple of similar questions here, which I will pull together on costs and variability of costs. Previously, we said that we had diesel up to the midsummer. What are we seeing as the most sort of variable in our cost base at the moment, and has it been impacted by any of the geopolitics or inflationary pressures you have seen? No, diesel prices have been marginally higher than we budgeted for the year, whereas usage has been lower. So we are actually trending according to plan on diesel costs. So it has not affected us. I got it. So an operational one here, and again, there is two very similar ones which I will actually ask together, which is when will you start construction of the second ball mill, and what will this take production to? Can you also talk about the technology of around optical ore sorting and the cost of that? Yeah. There are certain things that when we go into the investment decision of increasing the plant through, we need to know that there will be ore that is available to get to that 450 tons per day. The mine needs to be ahead of the processing. It is also a fact that it takes time to design and acquire a ball mill. There are lead times, et cetera. When the investment decision is being taken on this, what we have to see if we need to have a clear idea that either Nalunaq has, in the short term, the potential to grow the resource production. Sorry, the production flow. That is more than one mining front, so more than only Mountain Block. It would have to be 75 in or Target Block, as an example. Or we could then be looking towards getting Nalunaq ore available in Nalunaq. That controls that decision. The decision on the actual ore sorting or the mill, when we designed the plant, we had space within the building to put the second 150 ton mill. Then we also have space in the building to have a flotation cell. If we were to bring in optical ore sorting, it would be a lower cost option. What we have now done is that we shipped out ore to a company who does optical ore sorting to test our ore to see if it is amenable. So there is an opportunity to do ore sorting, and there is an opportunity to increase the throughput with a plant by adding a mill, or potentially both. In addition to this, it is important also we have dry stack tailing facilities because we cannot fill the mine forever with tailings. That is a process that we built into our environmental impact assessment and are now starting a permitting process for to set up next to the plant at site. Thanks, Eldur. There is a quick question here on the Single Mine Origin status of Nalunaq and when it will be sold outside of Greenland. At the moment, just for everyone's background, we are able to sell our gold through the Single Mine Origin certification portal to retail. At the moment, it is only for Greenland, as that is part of our agreement with the Greenland government. We are currently discussing with them when we can then open it up to the rest of the world. We are hoping to have some more news on that before the end of the year, so that it can then go on general sale. It is all set up to do it on a platform with pricing, et cetera, already in place. So in terms of facility, it is there. We just need to get confirmation with the Greenland government we can sell it outside of Greenland. Next question is on. I will read it out to you. Please, can you confirm current mining or processing rates? Are you at the 300 ton per day level? For H2, what are you expecting in terms of grade and mining processing rates given the higher grades you have had in H1? Is there a trade-off between mining rates and grade? Yes. To start on the first question. Yes. When we operate the plant, we operate it on a 300 ton per day. What we do is we estimate a certain amount of day per month up until Q4, and we have already reached higher throughput. Think of it, you run it on a 300 ton per day for, I am going to say for 23 days a month, or to be in a full run rate, you would do it for 27 days a month. We do not run the plant for 240 because it is not our optimal throughput. We are running it at a 300 ton per day when we run the plant. Okay? That throughput is increasing every month, and the throughput was really good for July, for example. The plant is just operating brilliantly at the moment as per design. You are right on the grade and throughput. As an example, you will be able to see in H1 that we were running the same amount of tons in Q1 and Q2. There are several reasons for that. One reason, the first one is that during May we decided to stockpile ore ahead of running the flotation concentrates in June. This is number one, so we did not have to rehandle as much ore in and out of the mine, and we could do this because we were experiencing much higher grades, so we would reach our ounces target for sure. Secondly, on your throughput, for example, when we developed the sills, we have been doing double blasting in the sills. That means you first blast the waste and then you blast the ore. That slows you in production because you have to do two blasts, but you get more higher grades out by doing that. In an area where we are to the east in this high-grade area of 40, 50, 60 gram per ton, we have now started to do a single blast because, A, we do not lose any grade in that process, and B, we can actually still get such a high grade through the plant that it makes more sense for us. That is a kind of a typical example of trade-off between mining rates and grades. Thanks, Eldur. A quick one here. Black Angel, West Greenland Hub, and now Maarmorilik. Is that a bit confusing for investors? Possibly. Fair enough. I think what we have to think of is the following. In South Greenland, we run a South Greenland Hub. What we mean by that is that we leverage off the operation in Nalunaq, which is a producing operation. I say this with greatest respect to any other operator in Greenland. If you do not have an operating facility, it means you do not have warehouse, you do not have equipment shop. You do not have any of the things you need to have to be able to understand how to build things in Greenland. So that is our South Greenland Hub. Around Black Angel, which is our next producing mine, we have West Greenland Hub. Why are we changing the name from Black Angel to Maarmorilik? First and foremost, we are not only mining Black Angel, we are mining the whole Maarmorilik area. Maarmorilik means marble. This is a big marble area in the area. It also goes into explaining to people that we are building a Greenlandic legacy, and therefore our mines are going to be in Greenlandic names. So Nalunaq, Maarmorilik, and Naalakk. Thanks, Eldur. That is clear. Ellert, one for you here. Has management considered to capitalize exploration and evaluation expenses instead of expensing them in the period they occur? Yeah. That is a good question, and we have considered and continue to consider that for sure. We regularly review the appropriate accounting treatment of these expenditures and obviously assess it against the accounting standards and alongside our auditor. There is no change in our current approach at this time, but it remains under ongoing review as our assets progress, especially more mature exploration and development projects such as Naalakk and Maarmorilik. Thanks. Again, I am going to pull two or three questions into one here on Naalakk. The metallurgical testing that SGS is doing. One, can you explain a little about what that exactly is? And two, in your best estimate, what do you think the risks are of it not being able to be processed at Naalakk? What it is, effectively, we take a fairly large bulk sample from the outcrop in Naa, and we run it through a pilot plant or a very small pilot plant in these SGS facilities where we separate the gold from the material that the gold sits within. By separating it, we see what equipment will work for it and how amenable the eqalluipment in N would theoretically work for it. I do not want to give a percentage. We will have to wait for that, but I think those results will be imminently coming out to the market. Thanks, Eldur. The next question is from David Craigan. "For those investors who participated in the last equity raise, Amaroq share price, whilst it is up 26%, has lagged physical gold, which is up 29%, but underperformed the gold explorers ETF. How committed are you to ensuring that shareholders from the last fund raise in June 2025 get their due return before any subsequent equity raise occurs to fund future developments? It's a very good question. I think our last of these things, and management here is equally frustrated with performance. There are various bits and pieces that have impacted this. On one hand, since the last equity raise we did, we've had a very difficult market here in Iceland. The market in Iceland is small. It means that the impact of other companies impact us, which has not been in line with that. We can see that directly from the selling pressure we were experiencing in the company for the past year, and especially since June, from the mutual funds here in Iceland. The market in Iceland is important to us. It has been very supportive. It has long-term investors who will continue to be here, but these are the things that have an impact. Second thing that has been a big issue for us is to be listed on three markets. We got some criticism for delisting from Canada. Short-term kind of a thinking was that this could have an impact us around the time when there was interest from U.S. But that was not the case. It was an incorrect statement because the reason why we're not following the junior gold producers or GDXJ is because our liquidity was distributed over three markets, and we need one market to ideally have a liquidity over a certain amount to actually be eligible for the indices that follow this market. We then have focused on being on the main markets. There has been an issue only being on the AIM market in London. It has hindrance for example, U.S. investors to participate in London. There is an issue on the market-making mechanism in the AIM market that has an impact on their willingness to invest in the market. Overall, the plumbing of the company and how we set up the company, we have a very good free float. There's no single large shareholder. Most of the 90% of the shareholding group is long only. Therefore, being on the main market with more than 80, I think 80% of the investors on the main market in metals in London are international investors. Being indexed is important for funds such as Danish pension funds and Icelandic pension funds and so on. All of these things that we've been doing has been to actually give us the opportunity to, A, follow the market better. The management focus is to deliver quarter by quarter. We've been doing that continuously ever since this time last year. We were very pleased with the progress so far. The hope is with the right quality plumbing as well as us delivering quarter by quarter, we will be able to deliver a lot more value. As for, because the question entails an equity raise, and I get this question over and over again. We will deliver value by delivering what we can control. We have available opportunity to go not only to equity market, but also to other markets such as bond markets and so on to develop other projects within our portfolio as well as we have cash flow from our current activities. Saying that, we will always reserve the right to use the equity market either to fast-track our progress or to bring the right set of investors to the company, but we have no intention to do so at the current levels of the company. Thanks, Eldur. Just a couple more questions. One, how big is the germanium and gallium resource and opportunity, and how are we going to commercialize it? It is a big source of revenue. The first thing I want to say is that with the zinc-lead silver concentrate, they have been, over a period of time, as we understand it, mostly controlled by what the smelters are willing to accept. Luckily for the Maarmorilik ore, it is a very clean ore, which is known to both European smelters as well as North American smelters since it was previously operated. Germanium and gallium was something that the smelters would commercialize themselves and was not part of payabilities previously. There is a change in the industry right now where miners have much more control of what they want to get out of each of these revenue stream, and we will be leveraging as much as possible on that. Germanium and gallium are a fair bit of part of the revenue, even though the main revenue streams are zinc, lead, and zinc and lead. We will do our utmost to get that revenue stream directed to the company in as much quantity as we can. Thanks, Eldur. I think it is worth just reiterating, the initial assays from the stockpiles gave quite a high level for germanium, gallium, with germanium at over 120 parts per million and similar for gallium, which are quite high. We will be doing further assaying and testing at Maarmorilik this year, as Eldar alluded to. We should get a little bit more data around the germanium going forward. But from what we see at the moment, from the stockpiles and from what we have assayed, there is very good grade there, as you would expect from Greenland. Okay, last question. Can you tell us something on how you are going to use the icebreaker? Is it going to be mainly for Amaroq? Are you going to use it for third parties? And how are you going to use it for Amaroq? Yeah. The intention with the Suliaq A/S as a service company, currently we own it 100%. The intention is to bring third-party investors to be able to service all mining operators in Greenland. The biggest challenge this year for exploration in Greenland has been availability of equipment. We knew this would be coming, and we said this to the market over and over again. That is because in the past year, maybe two, up to USD 1 billion has been raised for mining projects and oil and gas projects in Greenland. So any helicopter availability, people on the helicopter, logistics of goods and so on, is now very restricted. Luckily, we saw this coming, so we have had a lease on a supply ship. We have acquired an icebreaker. But to give you example, Minturn, our project there, we were four weeks behind schedule there. We are drilling now, and we are pleased to be there. But on one hand, it was not to do with weather alone. It had to do with when we could procure things and when we could be making sure it would be in Greenland. It had to do with the fact that when we were bringing the helicopter up from Air Greenland and Sermilik all the way up to North Greenland, we needed maintenance personnel, there were weather delays, et cetera. If we would have icebreaker this year, we would have sailed with the helicopter and all the other things all the way to the asset. We would have controlled completely the timeline and reduced the cost of the program, and executed more during the program. On top of that, when we will be operating Nalunaq, having an icebreaker that can go in and out gives security and operational security for our operation, as well as we experience in Nalunaq every year, pack ice season, where we have difficulties bringing goods and services to and from. So this is an essential feature for as a exploration and from a risk mitigation. We are in discussion with governmental agency of using this ship for other purposes than mining, as well as other mining operators in Greenland as well. Thanks, Eldur and Ellert. Thank you all for listening. That concludes our webcast this morning. If you have any further questions or you need more detail, please do not hesitate to drop me a line, and I can see if I can get back to you on them there. Thanks very much for listening, and have a good day. Thank you. Thank you.