Good afternoon, and welcome to the ACG Metals Limited investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Just simply type in your questions and press send. Before we begin, I'd like to submit the following poll. I'd like to hand over to the management team. Artem, good afternoon, sir. Hello. Thank you for finding time to speak to us. We are pleased to present last year results, which we are happy with. Before we go into the financials, let me make a couple of overall comments. Today presenting, Patrick Henze, who is our Chief Financial Officer, and me, Chair and the CEO of the company. What is ACG? It is an 18-month-old company that have already generated quite significant cash flows last year with our $76 million. We are traded on the main board of the London Stock Exchange. We have $200 million bonds outstanding, but the net debt is quite manageable at $55 million, which indicates that we are producing and generating very significant cash flows. Last year, we did just under 40,000 ounces of gold equivalent. This year is a transitional year for us. We are producing gold and silver doré for the first half of the year, moving to the production of copper concentrate and zinc concentrate from the middle of the year as we complete our sulfide project, building a flotation plant, which you have seen on a picture of that on a first slide. The average target price between our four brokers is about GBP 21. Our NAV per share is just shy of GBP 40. There are plenty of upside opportunities. We pride ourselves on focusing on health and safety first. This continues to be our overall objective of operating our Gediktepe Mine in Turkey with excellent health and safety record. Last year was a busy year for us. We started with raising $200 million in bonds to finance the sulfide expansion project. We have streamlined and simplified the balance sheet, reducing the number of outstanding warrants by 70%. We have appointed four brokers who are now producing good quality research on the company, and that resulted in increased liquidity in shares, as we've seen throughout the year. A very good performance in all of our securities. We don't need to have that specifically mentioned here, but obviously, if you look at our share price, you'll see that it has grown 250% over the last year. The warrants increased 800% and our bonds are trading at 109%. We have an obligation to our investors to continue to perform, and as Patrick will show you through our financial results, that's what we do. Maybe just to remind everyone about the asset that we have. Our first asset is in the western side of Turkey. It's a classic VMS deposit. We have been producing gold and silver from the oxide cap of the deposit. In the middle of this year, we are moving to the sulfide part of the ore body to produce roughly 20,000 tons-25,000 tons of copper equivalent over the life of mine, which is initially 11 years, but we expect this to double and triple as we go deeper into this high-grade ore body. The grade is 2.3%+, which is very good in today's world, as the world is running out of high-grade copper deposits. Moving on to the operations again, to remind ourselves what we have in the ground. We have essentially three types of ore. Oxide is from where we've been producing gold and silver doré through a simple heap leach and Merrill-Crowe facility. This year, we plan to produce about 17,500 gold equivalent ounces from the remainder of oxide ore, which we have mined last year, meaning no mining cost for that part of the business this year, meaning higher margins, lower costs. In the main ore body of our deposit is sulfide. We are finishing a flotation facility to produce copper concentrate and zinc concentrate, and that is a backbone of the mine. In the meantime, one other thing we have done last year, we have developed the process to produce all the four metals that we have in our deposit, copper, gold, zinc, and silver, from so-called enriched ore, which, when we acquired the asset, was classified as waste. We have over 3 million ton of that waste, which is a high-grade ore, and we will be significantly increasing our production of all the metals by utilizing this so-called waste. The number one priority for us this year is to bring the sulfide project online. We are on track to do that in the middle of the year, aiming for July. This is a very conventional flotation facility that will produce copper concentrate and zinc concentrate. As you can see on these couple of pictures, we are well advanced on the project. We are on budget and on track to start production in the middle of the year. Enriched ore, as I mentioned, is a project that increases our revenues very significantly for a small, just under $40 million investment. We get over $300 million of free cash flow at consensus pricing. At current spot, that will be even higher. As you can see on a small graph on the right bottom of the slide, with enriched ore project, our production in the next four and a half years go to over 40,000 tons of copper equivalent. Patrick, over to you. Yeah, thanks, Artem. Looking at the financials in 2025, a couple of highlights for the start. We had a revenue of $136 million, an adjusted EBITDA of $76 million, which means a 56% EBITDA margin for the year. Just to remind everybody, our realized gold price was about $3,300 last year. We had an operating cash flow of $65 million that we could report. I just want to put this a bit into perspective versus the net debt that we have at the moment. We're basically looking at a business that generated more operating cash flow than it had net debt, and this is during a construction phase of the sulfide project. If we just recap on the operations, we obviously exceeded our guidance, and just to remind that in the beginning of the year we started with a guidance of 30,000 ounces-34,000 ounces of gold equivalent ounces. We then upgraded this in Q3 to 36,000 ounces-38,000 ounces, and then ultimately finished the year with 39,000 ounces, even exceeding that guidance. I think the best part of it is that we were really able to cost control the asset. Our C1 costs were actually 18% reduced and our AISC costs were at about $1,250 per ounce, which is at an increase in gold price, especially in the fourth quarter, then a super attractive margin that we generated in the business. Ultimately, that resulted in us having a very clear balance sheet and a still very healthy net debt position by the end of the year. Again, this is really simplified on the cash metrics of the net debt composition. Obviously, there's a lot of accounting, et cetera, in the balance sheet that we basically take out here, but this is the clear cash picture of our current balance sheet. If we then dive into the P&L a little bit more, just wanted to highlight a few things. Obviously, the revenue we discussed, we're looking at cost of sales of $57 million, which means there's about a 60% gross profit margin, obviously driven by higher commodity prices versus 2024, but also the cost discipline that I just mentioned. We had fair value adjustments of about -$82 million, and that's non-cash. It's a pure accounting metric, but it comes for a good reason because our warrant prices, as Artem mentioned, increased from $0.38-$4.37. Right now, the warrants are even trading above $5. Obviously, the good performance in our quoted instruments basically led to this fair value adjustment. Again, it's a non-cash, just accounting measure. The same applies for the copper. Thankfully, we obviously see increasing copper prices right when we need them. By mid-year, we're going to start producing copper. Copper prices increased quite a bit from 2024-2025 and even now. We still have, from the acquisition period, a copper price bonus payment that is equal to about 10% of the additional incremental cash flow if we meet some hurdles on the copper price. That basically also had to be revalued, leading to another fair value adjustment. Again, non-cash, pure accounting metric. Looking quickly at the balance sheet, I think the most important thing to note is probably that our balance sheet is now about $500 million, so $0.5 billion big. Obviously, the sulfide construction assets, plus the bond that we raised, increases that significantly. We also accrued for the next bond coupon payment that we had to do in January 2026, obviously done. That is more in the short term. As you know, we raised $15 million for the SART project for the enriched ore project. We did a warrant buyback in the beginning of the year, as Artem already alluded to. In terms of cash flow, important to note is that in the cash flows here, there's already a bit of an advance payment also for some of the sulfide spend we had in 2026. We actually have, under the EPC in 2025, spent about $58 million. We also had already advanced for equipment pieces, et cetera, about $23 million. Overall, we are basically fully on schedule and on budget with the payments by the end of the year, and obviously also to date. Regarding the financing, I think obviously the $200 million Nordic bond we talked about already a bit. I think when it comes to our net debt position, people are asking why that's lower than expected. It comes down to three reasons, mainly. On the one hand side, we had better than expected prices. If I look back at the bond presentation in beginning of 2025, we had basically a $2,500 gold price in there. It comes also down to the cost discipline in the AISC, but there's one other aspect that we have not talked about at all with the market, and that is basically that we were able to manage our cash positions very efficiently. We are in Turkey, and Turkey, given it has a higher inflation than other countries, but it also has a lira, Turkish lira, that is depreciating, so the inflation is kind of set off. What it also means is that in country, you get attractive interest rates. We have the benefit now that we have a big spend program on the CapEx. We're spending $146 million in country. We raise that in dollars, but it also means that I can optimize between the dollar income plus the oxide revenue that we generate in the business and actually the spend in the Turkish lira on the ground. What we did is actually did really look at how can we optimize the cash position and what can we do with it, and ultimately that led with a lot of support from a strong team we have, and I want to especially mention Graham and Victor, who've done a great job in trying to optimize also the spend on the ground and how we can manage the project. That resulted ultimately that we had a fixed income, basically a finance income of $23.7 million, finance expenses of $32.1 million. That includes $2 million-$3 million, a few million on the sponsor loans that we had originally from the acquisition time, plus the original acquisition loan. If you look at the attributable net interest for the Nordic bond, that was about $6.3 million. If you just translate that, it's a bit illustrative, but ultimately translating this to our $200 million Nordic bond means that we had an effective interest rate of 3.15% on our cost of capital. We also had a few questions from investors regarding our potential impact that we see from the current situation in Iran. I think we just wanted to emphasize today that there was a good article from The Economist with very fundamental and good reliable sources that put basically Turkey as one of the least impacted countries in the region. I think we can just confirm that, because first of all, we have a mining contractor with a fixed-year contract. There is a bit of inflationary adjustments, 2%, 3%, that they could realize, but it's not going to impact us a lot. It's one of the three largest mining contractors in-country, very big company. Their exposure to the oil price is also mitigated by their strong balance sheet. When we look at in the processing and the administrative costs, it's all grid-connected where we are, very good infrastructure. We don't have any exposure there for diesel generators, et cetera. In going forward and looking forward, when we have a flotation plant, we obviously need sulfur and sulfuric acid substitutes. There we can say that Turkey is a net exporter of sulfur and sulfuric acid, hence we can source all of this in-country, and we have already secured most of that that we need for this year. Concluding, I would just maybe highlight that we have a very strong operating cash performance in 2025. It makes us very robust and resilient for the ramp-up phase in 2026. We have a few non-cash IFRS adjustments, which are all for good reasons. Basically, the increase in our securities that we have traded and the increase in copper is a very positive for the business, and that we have to do some accounting adjustments for this is a side effect. Most importantly is that we really maintain discipline on the cost side and we have a really healthy net debt ratio for the business that we're having. We actually managed to reduce our cost of capital significantly by efficient cash management. Thank you. Thank you, Patrick. Basically, it's good to have a German CFO who takes care about the cost management. What we're planning for this year is a mixture of production of gold and start of production of copper concentrate and zinc concentrate. Essentially from oxide, we will be producing about 17,500 ounces of gold equivalent, which translates to 4,600 tons-5,000 tons of copper equivalent. From sulfide, starting in July, we aim to produce between 15,000 ounces- 17,000 ounces of copper equivalent production. Our cost guidance at this stage remains unchanged, $2.4-$2.6, which is pretty good given the fact that this is a transitional year. What lies ahead in terms of the key catalysts for the business in 2026? First of all, it is delivery on our operating guidance. We will be publishing our operating results for the first quarter. I'll reserve my comments, but I'm sure it'll be great to see that RNS coming up in the middle of this month. We're on track and on budget to start production from the sulfide project. Those are the key operational deliveries. I'm pretty sure Patrick will do more to optimize our capital structure. With the first ability for us to repay the bond will be in the beginning of next year, and we'll certainly look to optimize the cost on that. Even though, as Patrick mentioned, given the high interest we earned in Turkish banks, our effective net interest rate is just over 3%. Still, we will look to reduce the headline coupon. We see significant increase in trading, which is great that enable us to qualify into the first index, micro cap index. As we move forward, we expect to be included in other indexes, and obviously that drives the passive flows into the shares. Consensus between the analysts is over GBP 21 per share. As I said, our NAV per share is just below GBP 40 at consensus, and at spot it's GBP 46. There is plenty of upside without any further M&A. As always, we do work on a number of things. Let me pause here. I see some questions online already, so let me start answering those. Patrick, let me deal with the first two questions, and maybe you can deal with the third one so far. The first question is, with your strong cash flow generation, how do you look to prioritize capital between projects, debt reduction, and shareholder returns? Well, it's all driven by the shareholder returns, so we optimize our capital and our cash flows to increase the shareholder returns to the maximum. We are also both shareholders, so we have a strong alignment with our shareholder base. As I mentioned, we will look to refinance our bonds next year. We are fully funded for our existing projects. We do not need any further capital on the basis. If we have additional projects, then we can look to the best way to finance it. At this stage, we are fully funded. Yes, once we refinance the Nordic bonds outstanding, we will be able to pay the dividend, and we will establish a dividend policy in line or better versus our London-listed peers. Second question is, with the M&A strategy, what criteria needs to be met and how do you manage valuation metrics? Well, I would say the following. While people in the sector were worried about volatility, newfound volatility in the copper prices, I was pleased with that because in any M&A discussion, when the commodity go in only in one direction upwards, it's difficult to have M&A discussions. Now it is slightly different. We never going to overpay for an acquisition. One other thing we did last year, or I should say, did not do. After many months of discussions, we decided not to proceed with acquisition of Anglo Asian. You've seen our announcement at the end of last year. Given the relative valuation of those companies, of our company and their company in the past, we are very disciplined with our approach. We've been blessed with a terrific first deal. I'm not saying that every other deal will be like that. Certainly we are very much focused on transactions that create significant shareholder value, and we will not be overpaying for anything that we're looking to acquire. Yeah, maybe I'll look at the third question. It's a more technical question, but basically, as the sulfide plant is approaching commissioning and flotation circuits will be critical, I think the question is more targeted towards is the full design and everything complete, or is there still optimization to be done? I would say that obviously the detailed engineering you do as you go during construction, but most importantly, everything is finalized. In the slide that Artem showed earlier, you can see that we are already through every equipment purchase. Design work is done. Everything is basically ready for assembly. We are in a very late stage of the project already, which means that there is no further design or flow sheet update required, right? It's been optimized over more than two years prior to the final design. We basically have everything in place that we need. What we obviously will see then is further optimization. You look back at our feasibility study and recovery rates and whatever you see there is obviously been optimized with the plant that we are building now, and I think there will be some optimizations once we are in full production. Thank you. The next question is with the shift to copper, how should we view this and the catalyst to monitor the delivery of production this year? Well, the catalysts are on the slide that you see in front of you now. The key ones, you will see our Q1 operating results in the middle of the month. That will be one potential indication of how well we are performing operationally. Second major catalyst is obviously start of production from the flotation facility in the summer. Those are the key ones, so watch out for our operating updates, which we'll be providing on a quarterly basis. We also have a mailing list where we send construction updates on a monthly basis. Please indicate your interest and Mandy, our Investor Relations Manager, will include you in that mailing list. Next question. Remind us of your near- to medium-term M&A objectives and what capital structure you see as needing to support that. Perhaps we talk too much about M&A because nothing is done until it's done, and in my experience, you need to work on three to five deals to get one done. We are working on eight to 10, so we have potential of getting things progressed. I don't like to talk about things which are not done yet. What I do like to talk about is the quality and the value upside from our existing business with starting production of copper in the middle of this year, starting production from the enriched ore project. We'll see the cash flow generation double and triple in the very near term. We are still trading at 0.4x price-to-net asset value and 3x cash flow. There is a plenty of upside in existing business. We'd like to see that realized before we can consider using our shares for any M&A activity. Which brings me to the second point in regards to M&A objectives. At this stage, we're only looking to buy producing or near producing assets. It means we can utilize the debt to 70%, 80%, or even more percent of the acquisition price. Using the debt is a classic kind of private equity strategy, which ensures a high return on equity, and thus we plan to continue to do so. Fortunately, as I said, I have a very conservative CFO, so we're not going to take too much debt. Each transaction has to stand on its own in terms of financing. That's our core philosophy. The cash flows from Gediktepe will be used to optimize our capital structure, complete investments in Gediktepe projects and return money to shareholders via the dividends. The next project will have to be financed on its own, and given the fact that we're looking at producing assets, it is very likely to be financed with significant debt. Next question. Have you been able to attract any blue-chip equity institutions to register since you listed in London market 18 months ago? If so, which ones have invested during the time span? I suggest that you look at our shareholder register on Bloomberg. It already include some pretty good institutional investors. We have strong interest from others who are looking to participate as liquidity increases. The proof is in the pudding. We are blessed with a strong shareholder support and some great institutions that have joined us and more looking to join. Patrick, the next one is clearly yours. Yeah, I'll take the next two ones, and then probably we conclude. I go for what indices are you looking for inclusions throughout this year? Basically, the micro-cap index from the MSCI was the first good indication that our liquidity is improving. It comes also from obviously more institutions coming into the stock, more shares been traded on a daily basis, and that was a good indication that we are building a track record in the right direction. What I would say is that the logical next step for us would be the FTSE All-Share, which you need to have certain requirements, but we are meeting all of them at the moment. As and when that happens will be decided in the coming months, I would say. As soon as we hit a market cap of about $750 million, so GBP 500 million-GBP 600 million, then you also get into eligibility for the FTSE 250. That's a logical step up and there's a lot of sub-indices, et cetera, that will come and follow us or get into thinking about including us. I think that's a real big driver, right? Because these indices, these passive followings, they will drive liquidity, they will also increase the awareness, and they will also force basically these index holders to allocate capital to ACG, which means that the re-rating is also an automatic effect from that. Very positive, but to your question, the FTSE All-Share and the FTSE 250 would be the logical next steps. Artem, if you care, I'll take also the cash question. Can you add some color on how the cash position looks today and what the remaining CapEx on the sulfide expansion is? All we can say right now is that next week we'll publish the Q1 2026 results, the operating results. In there we will also have an update on the sulfide expansion, a bit more detailed, and we will also have the recent net debt position as by the end of Q1 now. It's important to reemphasize again that we're very much on budget for the sulfide expansion of $146 million project, and majority of that money has already been spent. We are in the last few months in assembly and commissioning and the start of production. The last question I'll take, and then we'll probably conclude this. The last question, are you planning on exploring for additional near-mine oxide deposits to provide ore for existing mine? Yes, we are very much in discussions with several possible sources of additional oxide ore. We have mined out all of our oxide ore. We are processing that in the first half of this year, again, meaning no mining costs on oxide this year. We're in discussions with several parties who have oxide deposits nearby from where we can take the ore, put it on our heap leach process to our Merrill-Crowe plant. Watch this space. Thank you very much, everyone. Really appreciate your attention and good questions. We have to conclude the presentation now. Please do follow up with us. The contact details are on the website if you need any further information. As Patrick mentioned, the next update for us will be operational results for Q1, which we'll publish next week. Thank you very much, everyone. Thank you, Artem and Patrick. Could I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations? On behalf of the management team of ACG Metals Limited, we would like to thank you for attending today's presentation. Good afternoon.