Yes, thank you very much for having me here at the 15th International Investment Forum. Many of the viewers will know Deutsche Rohstoff, but I will give you the full overview of where we stand, how our financials have been performing in the first quarter of this year and last year, and what our plans are for this year. I will talk about our oil and gas business, but I will also talk about the tungsten side of Deutsche Rohstoff, because obviously I know that especially the audience here is very well aware that we are one of the largest shareholders in a very successful tungsten mining business. I'll obviously also touch on that today. Just to get started, for everyone that does not know us, Deutsche Rohstoff is a German company. We're listed in Germany and Frankfurt, but our core business is in the U.S., and that core business is oil and gas production. We do produce oil and gas in the heart of America, in Wyoming and Colorado mainly. We've been actively growing the company here over the past 13 years since we have been a U.S. oil and gas entity. As of last year, we've kind of broken through the EUR 200 million revenue mark and have been producing 14,000-15,000 barrels of oil equivalent per day, which still lets us be a rather small oil company. On the other hand, we've certainly reached quite a significant scale in order to be able to continue our growth and be very diversified across different basins and across a lot of different oil wells of which we operate more than 100 ourselves. We drill them ourselves. We have our own operating staff in the US. Then there are some oil wells that we operate together with partners in the U.S. By doing so, we have built up a very significant reserve, an underground reserve of 54 million barrels of oil equivalent, which is all the barrels that are still in the ground that we are going to continue lifting in the coming years. Our last year production was around 5 million barrels of oil equivalent. The proven probable oil reserves that we still have in the ground as it stands today, and this is a number that we have managed to constantly grow over the previous years, would still be enough to deliver at these kinds of revenue and earnings figures for the next 10 years. Obviously, our vision is to continue to move the company ahead here. Also, as I mentioned, tungsten has become a more significant part of our portfolio. It used to be very significant because we used to own a tungsten mine in Australia, and we have become, in 2014, a larger shareholder in Almonty Industries, which is the West's most successful tungsten operating company. We have always been a shareholder. We've continued to support the company with investments over the past 10 years and some loans. That investment and the work of the Almonty management here has really started to pay off in terms of just capital market perception in the past year or so, where the market has finally woken up and understood that essentially 100% of tungsten comes from not the most trivial locations, being China, Russia, North Korea, Bolivia, Rwanda, et cetera. There is one tungsten mining company that not only has a tungsten mine in Portugal that has been operating for 100 years plus, but they also are building the largest tungsten mine outside of China. In times of a higher relevance of critical materials and a higher relevance of mining and supply chains, Almonty has received a lot of attention here. You can see that the share price has tripled. For Deutsche Rohstoff, that means that as of today, the market value, the stock value plus the bonds that we hold of Almonty roughly make up EUR 14 per share just for our company, which is roughly EUR 70 million. That is why, as I am headlining it here, this is now a very significant part of our portfolio. We are very happy to be part of that journey. I will talk more to that in just a little bit here. On the revenue side, EUR 59 million revenue here in the first quarter. I am just giving you an overview of what we achieved in the first quarter of 2025. EBITDA, again, a little bit better than last year, EUR 43 million, and a net profit of EUR 12.5 million, which is slightly behind last year. Yeah, that is also due to, to some extent, currency losses. Just the euro has been strengthening a little bit. We are definitely, in general, doing better if the U.S. dollar is somewhat stronger. We have also had a little bit higher depletion and depreciation here just due to the higher capital intensity of our business in the last year and a half. Overall, I think our quarterly numbers have shown again that we are planning to continue what we did in 2024. Our equity has also grown EUR 239 million. That would be roughly representative of EUR 48 per share. At the moment, we are trading at roughly EUR 34-EUR 35 per share. Our financials kind of reflect the journey I mentioned earlier that we have seen here in the last five years. We've grown to EUR 230 million in revenue and EUR 168 million in EBITDA. How have we done that? Mainly through capital investment into our oil and gas business. 100% of our revenue as of today comes from the oil and gas production in the U.S. We have made significant progress in growing the company and additional development, additional oil wells. In the last two years, we have had years of very high CapEx, roughly EUR 150-EUR 180 million of CapEx per year. That is just in the nature of the oil and gas business. You do need to invest in order to replace your reserves and grow your company. Obviously, our goal here also is to drill our way further into free cash flow, where we have had some very significant free cash flow years in the last two years. The investment has been more important. That has also been important for us as a company because we have managed to establish more and more of a production plateau, which allows us to be very stable and kind of continuously grow and not be so vulnerable by individual wells or individual small changes in the cycles. What you can also see here is our share price has definitely developed positively here. What has also developed quite nicely is our dividends. We will propose to the AGM this year a dividend of EUR 2 per share, which reflects roughly a 5.7% dividend yield. I've read somewhere here recently that that puts us in the top 10 companies in Germany in terms of dividend yield. On top of that, we are also buying back shares. We did buy back shares for roughly EUR 4 million last year. We are currently buying back shares. I think this is definitely a very promising proposal for shareholders. Not only do we have a very good outlook, a very valuable tungsten asset in our portfolio that's probably a little bit overlooked, and also a continuous and rising dividend here. I think a very attractive hypothesis. Also, our share price has performed well. It's obviously not performed like Nvidia, but we are an oil and gas company. If you look at our peer group, which I think is probably the fair peer group to look at, we have very much outperformed that peer group here in the last five to six years, if you look on the left-hand side, but also in the last 12 months plus, if you look on the right-hand side. Our share price has risen 7%, 5%-7%. If you look to January 2025, sorry, sorry, I mean January 2025, in this year. At the same time, obviously, with the significant crash in oil prices here in the last month, everybody else in our peer group, the large caps, WETI itself, obviously, and the small caps have come down quite a bit. Also in terms of oil price, what I think is maybe interesting to highlight here is, yes, the oil price is relatively low today. We are at roughly $63. That is pretty much in line with the last 10-year average, which is a period in time over which we have managed to actually grow our business quite successfully. We are not totally worried. We are actually quite optimistic that, A, prices have quite a bit of upside. Even if they do not, we can manage this because I think we are moderately levered. I think we are in a good position to take advantage of whatever may happen here. Nonetheless, as an oil and gas company, you obviously hope that oil prices go up because that will increase your margins. On the operations side, many of you know where we are active is Wyoming and Colorado. The outline of Germany roughly shows you the size of these oil fields here. If you zoom in, it always looks like a lot of sushi sticks on a map. What we are actually looking at here is all of our acreage in Wyoming, which is the most significant running room that we have. All of those light blue sticks are oil wells that we can potentially drill in the future. All of the red sticks are permitted wells. If we are investing, according to our guidance, roughly EUR 100 million last year, we are only doing that on this little red square here and on that little red square on the other side. What does that mean? We have a lot of running room. We are only drilling 10 wells as it stands right now with these lower oil prices this year. That means roughly an investment of EUR 100 million. We are doing a lot of things with that. Not only are we investing and trying to maintain our production profile, we are also testing further the acreage that we own on the western side of the Powder River Basin here with three Niobrara wells and three Mowry wells, a well density that we have not drilled on this side of the basin here. On top of that, especially northern the Mowry, where we have only drilled one well so far, the Niobrara wells, as I call them, that is a formation that we are drilling into. They have been kind of the bread and butter of our development. On this Chinook pad here, we are drilling four wells into that formation. Yeah, we are further delineating our acreage here and hopefully getting closer to developing the rest of the potential that we have here, for which we have quite a bit of time at this kind of CapEx pace, if you want to call it that. What's been very important, we've managed to increase the amount of oil that we are producing in the first 12 months. These first 12 months are always very important from every oil well. At the same time, between 2023 and this year, we've been managing to keep the capital and get the cost per oil well down. If everything goes well this year, we are hopefully producing more than 150,000 barrels of oil per well from all of the wells that we're bringing in production in the first 12 months. If it all goes well, we are hopefully producing or drilling these oil wells for less than $10 million as it comes to the Niobrara wells here, which is the majority of our development. As I mentioned, if we can do that, we can achieve a lot of things. We will produce more oil. We have lower costs. We can reduce our depletion or depreciation. Also, we are significantly improving or protecting our economics. Our base case, historically, meaning 12 months ago, has been we drill an oil well for $11 million. It produces 500,000 barrels. That roughly generates a 30% rate of return. Today, prices are lower. At $60, if we can drill that oil well for $9 million and it produces 500,000 barrels, we are still going to generate a 30% rate of return. We have been very resilient here. have managed to immediately react and also, in general, also to get our costs down. That means we can protect our margins even in lower oil price environments, which is very important. Now, with that, I will turn over to tungsten and our investment in Almonty Industries. As I have mentioned in the beginning, we own roughly 11% of Almonty Industries, which puts us in the group of the largest shareholders here. The largest shareholder is the Austrian Plansee Group, a company, a very large manufacturing group that has been processing and purchasing material from Almonty Industries here. The CEO himself is also one of the largest shareholders. Very strong support here from us as a long-term shareholder, management itself, and also the off-taker group. This capital structure here of Almonty, you can see it. There's roughly 280 million shares outstanding with a market cap as of today of $700 million Canadian dollars. Definitely a lot higher market cap than we used to see here two, three years ago. As I mentioned, I think the market has kind of woken up to some realities. We have, yeah, at the courtesy of Almonty, borrowed a few slides here. I mean, you can see one of the key themes here, and I'll touch on Almonty in a second, meaning they have moved their headquarters to the US. Why is that? They're a Canada and Australia-listed company. As you can see here, the U.S. supply chain, obviously, is a topic of the day. The defense industry is a topic of the day. The U.S. has a very significant dependence on Chinese imports, which make up a very large part of it. The other imports into the U.S. come from Bolivia, small imports from Europe, Canada, and other places. The U.S. is a very large consumer of tungsten, especially obviously for the defense industry. What Almonty has to offer is a lot of things that are very relevant in this setup. Almonty is basically producing one of the, if not the most critical commodity that there is. I think by many public agencies, it has been labeled as that, right? There is zero primary tungsten in the U.S. Almonty has relocated from Canada to the U.S. It is definitely also now seen as a defense stock. I mean, defense and tech demand are driving the industry of tungsten, absolutely. Because I think off-taker saw that a long time ago, Almonty was able to negotiate a strong floor price for its product and also by now has made some very interesting off-take agreements with U.S. defense applications and corporations. All of that, there's really a lot of things coming together. It's a critical material. The mine of Almonty is being built right now or has been built. Mining has started. The processing plant has been built. In the third quarter of this year, the ramp-up of the plant, which is currently commissioning and being completed, is going to happen. Almonty, as I mentioned in the very beginning, is operating a mine in Portugal. Not only is that a very great and historical mine, it's also a mine that has been operated for many, many, many decades or more than 100 years and has a lot of multi-generational miners and experience in there, which will help to further develop the Sangdong mine and help overcome a lot of the usual hiccups that some junior mining companies that do not have a Panache Carrier in their portfolio usually face. With Sangdong in South Korea, Almonty is building the largest and highest-grade deposit outside of China. Next to going to produce more of the most critical commodity, they also have probably the world's best tungsten deposit in their portfolio. All of those factors combined make it a very attractive capital market story and strategy. As I mentioned, they have relocated from Canada to the United States. The company has published that it is also reviewing a Nasdaq listing, which would obviously create another listing for the company outside of Canada and Australia. Really a global footprint, not only in terms of operations, but potentially also in terms of the capital markets strategy and therefore, obviously, the awareness to the company. Share price has tripled. Overall, there has been a lot of very attractive strategic partnerships that the company has managed to achieve here. There are a few impressions here also that you can see. This is a picture from February 2025 in the valley of Sangdong in South Korea, where the mine is being built. With the mine, obviously, you always need also a processing facility. This processing facility here will be the processing facility to produce APT, which is tungsten concentrate, which is the typical product that is going to be produced by Almonty. One topic that I have not even touched on as of now is molybdenum. Underneath the subsurface ore body, which you can see here on the bottom right-hand side of Almonty, which roughly has the dimensions you can see here in comparison to the Eiffel Tower or the World Trade Center, one in New York. Underneath that ore body, there is also a molybdenum ore body, which is one of the highest-grade and most attractive molybdenum ore bodies in the world. There has actually already been an off-take signed with a large South Korean corporation for the molybdenum that is going to be produced from this ore body in the future. It is not only a tungsten story. It is also a molybdenum story. For now, the tungsten mine is being built. The tungsten is going to be mined, yeah, from now on and with a life of mine, which is very unusual, for more than 50 years. Oftentimes, mining companies have the problem that in 5-10 years or so, the ore body will be mined out. They have to find another deposit, build another mine. This ore body here is so large and has such high grade that it will allow Almonty to mine for many, many decades. I think that is also part of the story that the capital market has been waking up to. Furthermore, Almonty is also looking at the downstream side here. As I mentioned, a tungsten concentrate usually is the product that tungsten mines are producing. Almonty is also looking at producing tungsten oxide here in the future and build a further downstream plan for that, which makes the story even more appealing and which will allow Almonty to capture additional margins beyond the margins in the tungsten space that can be captured as of today. The tungsten price also, I mean, just probably reflecting the criticality of the metal here, has continued to rise. As of today, a ton of tungsten would roughly cost $41,000. If you compare that to, for example, copper, which usually hovers between $8,000-$10,000 or around the $8,000-$9,000 per ton mark, you can already tell that tungsten has four to five times the value of a ton of copper and just is a very critical material. With that, I'll make a hard cut and come back to the Deutsche Rohstoff Ausschuss. I mean, I've obviously talked about our general business. I think what we are planning in the oil and gas business, we want to continuously grow the business here. Also, what we have, a little jewel there in our portfolio with Almonty. Our 2025 guidance here, we had to revise that downward a little bit as oil prices had come down from $75 to $60. I think the really positive message here is oil prices have come down by 20%. What has our guidance done? Our guidance in terms of revenue has come down by 5%. In terms of EBITDA, it has come down by 7%. I think that demonstrates the resilience that we have built up as a company. We have a very stable production. We have a significant hedge book. We are producing not only oil, roughly 20% of our revenue, also our gas and natural gas liquids. Overall, our new guidance is in the range, basically come down by roughly EUR 10 million on the basis of an old guidance, 25 from EUR 200 million. A very stable guidance compared to a 20% drop in oil prices, which obviously is something that we have dealt with in the past as an oil company. We have seen that prices have come down a little bit now. I think we're pretty optimistic that they will come back up again. We do see that there is a lot of demand. Obviously, there's a lot of geopolitical uncertainty also. At the same time, if they do not come down, I think I've shown you already, we've managed to get our cost per oil well down from EUR 11 million to EUR 9 million. If prices continue to be low or even go lower, I think we are relatively optimistic that also, as has usually happened in the US in the oil and gas industry, the service prices are going to come down as well. Maybe we can capture additional cost reductions here. If you then look at the $70 oil price world, which we are also not light years away from, I mean, oil prices are $63 as of today. A $3 gas price, our EBITDA range already increases again to $125 million-$145 million. Overall, I think we are in good shape. I think we're well positioned for whatever may come. We also see that there is a very fundamental strong oil demand that we are going to continue to see here probably over the coming decades. At the same time, we also see what happens in the U.S. The industry is always very quick to react. The so-called oil rig count has been coming down. Service companies have been approaching us. We have been able to negotiate cost reductions. There are always also positives in a more grim outlook for oil prices. Yeah, it feels a little bit like all the negative news has been priced into oil prices here and probably also into our share price. Therefore, we remain optimistic and obviously hope that you continue to follow us on our journey. With that, I think I will close and leave it to five and a half minutes of questions. Thank you very much. I think I am giving it back to Julian. All right. Thank you very much, Jean-Philippe, for the presentation. Very interesting, both on the oil side, both on the tungsten. We do not have Almonty presenting this time at the IAF. I think you did a great job for them for actually to tell us more about the investment and how well it is going. Please, when you want to ask questions, please write them in the Q&A. The jurors always have a lot of questions. Please write them right away so I have the time to read them to you. First off, Jean-Philippe, from Matt, what are your plans with Cerytech and where does Cerytech stand right now? Oh, Cerytech is a Düsseldorf listed company. It's essentially a small shell company, which used to be a company that was looking at the metals and mining space. We currently do not have any plans. The company is looking for potential target companies that can merge into it. It will probably only make up 0.001% of our business as of today. Yeah, that's pretty much all I can say at this point. Perfect. For all questions regarding, obviously, Almonty and start of production, double production, or so on, I will be skipping those questions as you are not Almonty. I would not like to have a different view on what Almonty's message is and also to make sure that you share only information that is publicly available. That being said, can you give us a bit of an idea why your U.S. oil asset has been actually very well performing, surely better than your peers of the research I conducted myself? How do you manage to be so good in what you do in the U.S.? Thank you very much. Yes, I think overall, if you look at our share price, it has outperformed the peer group. There is probably three different reasons for that. I mean, the first reason being that I think we are a growing oil company that has had a little bit of the downside in the past three to four years of being relatively low valued. I think similar to Almonty’s share price, I think the market in the last two years has also woken up a little bit to what we can do here. They have seen that Deutsche Rohstoff is not only a one-hit wonder with a great result in 2022. Because if you look at the way our revenue has been growing, right, I mean, people could have said in 2022, okay, well, they doubled their revenue. Maybe that happened because that was the year of Russia invading Ukraine and oil prices were high. In 2023 and 2024, we did actually show the market that we are not this one-hit wonder. That has helped. I think we have also made some good decisions in the U.S. in terms of where we are going to invest and when we are going to make acquisitions. I think there were a few good strategic decisions also that we have made. If you just look at the last few months here, our share price has again outperformed the peer group. I think the stability that we can provide is an important factor. We have a good hedge book. We're not as volatile as especially some of our small-cap peers that also have more of an option character sometimes because they are oftentimes more aggressively levered. We are less than one times net debt to EBITDA levered. Lastly, definitely, I'll admit and give it to Almonty that probably in the last few weeks here, the market has also seen a little bit that there is an asset here that as of today almost covers 35% or so of our share price, which we still feel it is not fully valued in. I mean, because I think our stock is still trading at a relatively low valuation compared to our US peer group and could even trade at this valuation if you just compare it to the peer group without an Almonty. Obviously, that may have helped a little bit. Thank you. On that, Jean-Philippe, if I can step in, is there any plan of increasing the share buyback program if the EUR 4 million gets emptied there? Because obviously, book value, as you said, peer value, other assets, and so on. What is your strategy on that on midterm? Yeah. I mean, first of all, this is the second time we are buying back shares. I think for now, we will basically go through this share buyback program. Will we increase that or continue it during the rest of the year? I think the only fair answer is we do not know as of now. We also do see that we are trading significantly below our book value. The question becomes from a capital allocation standpoint for a small oil company in a low oil price environment, how much money can you spend on buying back shares? There's also obviously the bond holders that we have. We want to have a stable financial setup, but we also see that. I think we definitely have an eye on share buybacks. At the same time, we also have a very strong eye on, yeah, financial stability. We also have, despite our kind of young age as a company being only 15 years listed or so, we've seen a lot of cycles. I think sometimes it's better to be prepared and not only see the bright side and think about that all day. If oil goes to $120, everybody's happy and everything is easy. They say high oil prices are the cure to all sins. We do not want to, yeah, have any sins. Therefore, we just want to be careful and want to monitor all of those factors. Definitely, yes, buying back more shares at a significantly discounted valuation is an option here. Perfect. Jean-Philippe, that's all the time we had. It's 9:00 A.M. here on Eastern Time in Canada. Thank you very much for your time, for the presentation. Obviously, best of luck to you guys. You keep a lean structure, lean capital expenses. It's really great to be able to follow your story, keep on helping with your success. We'll be happy to see you at the next IAF, maybe or the one after. Perfect. Thank you very much, everybody. Have a great rest of your day.