Good afternoon, ladies and gentlemen, and welcome to the Atalaya Mining plc Q2 results presentation. Throughout this 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 click Q&A, type in your question, and press send. The company may not be in a position to answer every question received during the meeting itself. However, we'll respond to all questions submitted today, where appropriate to do so. These responses will be available via Investor Meet Company dashboard, and you'll be notified once they're ready for your review. I'd also like to remind you this presentation is being recorded. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Alberto Lavandeira, CEO, and César Sánchez, CFO of Atalaya Mining. Good afternoon. Thank you very much. Welcome, everybody, to this presentation. That's the first time we do, thanks to this technology. With me, I have César Sánchez, our CFO, which is somewhere down south of the mine, and Michael Rechsteiner, which is somewhere in London. I'm sitting in the north part of Spain, close to the Touro project that is stated. I am going to make a brief presentation of the company, assuming that some people that may be interested in this company are not shareholders and do not know the company. Sorry for those that know the company, at least I would like to have this short introduction. After that, we'll have some time for questions. I suppose everybody has the presentation in front of them or can access through the internet. In the first page, you will see what we are mining right now. It's in Spain. It's called Cerro Colorado. It's an open pit producing copper in the north part of Spain. We are located, in slide five, we are located very close to Sevilla, about one hour from Sevilla. We have another project about 20 minutes from Santiago de Compostela, the capital of Galicia in the north part of Spain. You won't find mine's assets so close to places where you can fly in from London and be there at the mine in less than one hour. We are a copper producer in a fantastic country with consistency. I would try to emphasize that. We almost always perform our targets. Some people say we are boring. Well, we like to be boring. Boring in investment is quite a good thing. Always no surprises, especially no bad surprises. We have a long life, strong pipeline of growth, and we have delivered before. Trust me, we will continue to be delivering. We will do that because we have a fantastic team, people that have built several mines in Spain and in Africa, and have done it before, and this has been the key to the success of this company. Just in the same page five, I'm going to ask you to point to the figure of market cap of the company. Enterprise value is around $550 million. That figure is important because we will see what is the type of cash that we are generating compared to this figure. Turning into the next page, which is six, you will see what are our assets. We have a producing mine with 700,000 tons of copper. We have another deposit besides it, which has around 800,000 tons of copper plus over 1 million tons of zinc. Then about 25 km from there, we have another 400,000 tons of copper and a similar amount of zinc. In our reserves, in our valuation, in our mine life, we only have the first 700,000 tons of copper, enough for 12 years. Trust me that this rest of these resources are not going to stay in the ground. The mine life is not going to be 12 years. It's going to be much more than that. In the north, it's around 700,000 tons of copper when you consider the copper prices as we are right now. If I pass to page seven briefly, it just shows a picture of what the installation of Riotinto looks like. There was nothing there four years ago. All that has been constructed from scratch. That shows you the capability. In that picture, you will see timeline. Timeline was, in 2015, we started with first production. I joined the company with my team in mid-2014. After, I would say, ages of permitting, we got that up and running in less than one year. One year later, we expanded the first time, and two years later, we expanded the second time. We tripled the production from that asset. If I turn to page eight, you will see how the growth of production of ore tons treated through our installations have grown from 2015, 2016, at the different stages of expansions. You will see there two important things. One is the consistency. We always deliver going upwards. Second, a figure that for some of you that are not familiar with it, which is a capital intensity, that the capital cost, the investment divided by the copper production. That is very important because it tells you how efficient you are with your capital. It may be low because you are in a fantastic location with very good infrastructure, like we are. It may be low because you care about the money, because you look at the best offers, because you don't give it to a turnkey contractor to do everything by themselves. Our cost of less than EUR 5,000 per ton is 1/3, at least, of what it costs to replace production. In other words, somebody could pay double our share price and say, "Look, I would like to pay for this company X million," and it will still be cheaper than building new production. This is like the price of, let's say, a house or an apartment in the center of London. When you see that it costs less than the bricks there, it's a good thing. These people are doing a good job. I think that picture of how we care of the CapEx and how consistent we are is essential to be able to invest in our company. What do we have besides Riotinto? Well, if you look at page nine, you will see a map. In that map, you will see some red stain in the center, which is called Proyecto Riotinto. That's where we are. Left, south, which is west south, is Masa Valverde, 29 km, and to the right, an area dashed with green. Those are our mineral rights. In red, the stars, arrows are existing deposits. That's the Pyrite Belt. It's full of deposits. West of us, that's left in the picture, you will see Aguas Teñidas, Magdalena, Sotiel. Those are mines being managed and operated by Mubadala and Trafigura. Right now, they're on sale, by the way, for a price tag of $1.5 billion-$2 billion. They have a center hub where they transport the ore from the two other mines, south and west, to a central mine in Aguas Teñidas. We are going to do exactly the same thing. Our future expansion does not need new installations. We already have set the foundations for that further expansion of whatever we find in the concessions that are shown in green. That's the key of our pipeline. Why I insist so much on a pipeline. That's in page 10. I insist so much because investing in a mining company requires long life, because that means optionality. It means you will have lots of years where you will still enjoy some good prices. Remember, for those of you that are not familiar with our company, when we came here in 2015, the mine life was 12 years. We have been producing six years, and the mine life of Riotinto is still 12 years. By doing that, by extending the mine life and expanding exploration like we did, we now are enjoying still lots of years of good prices. It's very important that the mine life is long, because that's the essential sustainability of a mining company. That's what we show on page 10. We have Riotinto producing in the right side. We have Touro getting permits with the feasibility study completed. Something called E-LIX, which is basically a system to add value to other assets. Further to the left, we have in permit an MPA, what we call Masa Valverde, San Dionisio, and San Antonio. Which are additional deposits which are going to pass through the same stages that we went through with Riotinto. Further to the left, we have Masa Valverde, Majadales, which a new discovery, and the whole concessions of what we call Riotinto East. It's essential that the mine life goes beyond 15 years, 20 years, the maximum possible. That will give you time to find more and to create value to the shareholders. We love copper, and all these concessions contain mainly copper. If we go to page 11, you will see why we love copper. I'm not sure how familiar you are with copper, and excuse me if I state the obvious, but copper has only one way to go. Up. The reason is, look at where the supply coming from. Peru, political problems. Chile, they're going to implement a huge tax. Zambia, Congo. I lived there seven years, one of the most unstable places in the world. Permitting is getting more difficult all over the place, not only in Spain, in the U.S., in Chile. There are no new discoveries because companies have not invested in the last year when the prices were low. At the end, what it means that bringing new mines in production is very difficult. Just takes time. On the other hand, we have politicians saying, "Hey, we need to have more copper because we want clean energies. We want green energies." At the end, we want more copper. We need to get a stimulus. We need to do something to fight the COVID. We need to do investments. If you do investments, you need electricity. You need electricity, you need copper. Everybody likes to live in towns require more copper. Electric vehicles. Where the hell are we going to get the copper for the motors and the grids to load them? We have a lower supply, higher demand globally, and that means the copper price will have to go up significantly in order to maintain production and also to incentivize new projects coming on stream. Before getting into the results itself, which is the main purpose of this call, and before getting into questions, let me show you on page 12 where we are versus others. First, I will show you on page 12 how we are in size, but especially what the market is telling us, the consensus of what the EBITDA should be in this year. They are saying that we are going to have a base and consensus of $200 million. Remember that figure I told you in the first slides. It was our enterprise value is $550 million. We're going to have an EBITDA just shy of little bit more than 2x EBITDA. The free cash flow, they are saying we are going to have around $93 million. That means the ratios, if we go to next page 13. The ratios of enterprise value versus EBITDA is 2.7x, and the free cash flow yield is 17%. Compared to what other peers have in our universe, like Ero Copper, Taseko, Central Asia, Copper Mountain, all of them much higher than us. That's based on consensus. The reality is that the results have been much better than that. If I summarize what we have been doing in the first part of 2001 before letting César go through the results, I would say that during the 1st half of the year, we continued performing, consistent in good copper prices and with very good controls of costs. If you look at our expenditures, they have been very consistent and similar to the previous quarter. As a result of that, with higher copper price, more cash flow, and of course, our net cash position continues to grow. We continue to deliver. That's the important thing. We have additional reserves. We highlighted what we have in San Dionisio. We are already reducing the costs by installing water thickeners, by installing a solar plant. What are we doing in the future? Finalizing all these reports that are needed to give full value to the reserves and resources at San Dionisio, Planes and San Antonio. We have started the three NI 43-101 technical reports in all of them, which as soon as they are available, will be given to the market. Of course, we continue to like what we have in Touro, and we are doing big effort in Touro. I am a strong believer that we will get the permits of Touro this time. I may pass it to César to speak a little bit about the financial results and economic results that are shown on pages 16 and 17. César, do you want to go? Thank you, Alberto. Hello, everyone. On page 16, we have a summary of the H1 2021 production results. We also have some historical production metrics since we started the operation in Q1 2016 for the ore throughput, for the copper recoveries, and for the copper production. As you will see, since we started, we have been consistent in our production. As you can see in the trends, in the metrics on the graph on the right-hand side. We have been producing steadily since the beginning of 2000, with sustained growth. We have done two plant expansion from 5 million tons per annum in 2016 to 9.5 million tons per annum, and then to 15 million tons per annum to get to the sustained 28,300 tons of copper production in H1 2021. We also deliver copper production. We have delivered since we beginning with no exemptions, not even when we were in the transactions when we were expanding the plant. As Alberto mentioned, it's almost boring to keep the production levels very quite steady. In terms of guidance, you have on the bottom the guidance that we have released at the beginning of the year, which remain unchanged. Given the production level during the H1 2021, we expect to be towards the end of the productions and therefore towards the lower end of cost. Again, we are being conservative. We still keep an eye on COVID, for example. On slide 17. That's on the next slide. If someone can just click for the next slide, please. Thank you. On the next slide, we have a summary of the financial results of Atalaya for H1 2021. We had two continuous quarter delivering production, as I mentioned. Good production levels together with high copper prices means high revenues, which amounted to EUR 197.1 million. Atalaya has a high leverage to copper price, if you are bullish on copper price, as we are, in the future, revenues level will continue or even increase the levels that we have in the first half of 2021. Good revenues followed by good cost control policy means better EBITDA, which amounted to EUR 99.4 million for the six months, and a net profit of EUR 66 million. On the cash flows, we have generated EUR 71 million in operation cash flow. As we don't have to invest much annually to run the plans, we have a good level of free cash flow amounted to EUR 53.1 million. It's a representation of a good level of cash generating ratio from EBITDA. As you can see, the impact of the cash generated by Atalaya on the bottom right graph, where we have the net cash, that position of the company since Q1 2016, showing a negative working capital of around EUR 40 million, which increased to a negative working capital of above EUR 50 million in Q4 2016, Q2 2017. You can also see the improvement due to the equity raise that we did in December 2017, where we raised GBP 31 million and then progressively improving all the way through to get to a positive net cash position of EUR 37.8 million as of 30th June 2021. If you see the cash generated by Atalaya in Q1 and Q2, you will easily get to expected cash balance at the end of the year, as we're building up cash at a very high speed. In summary, the main metrics for the balance sheet are on the bottom left, where we have cash of EUR 92.9 million and continue growing. We have EUR 55 million in borrowings that will be repaid over the next three years up to December 2024. By the way, these borrowings are unsecured and have an average rate of 2%. These give us a net cash position of EUR 37.8 million and a working capital surplus of EUR 90.9 million, as I already noted. In slide 18, we have. César, in slide 18, I think most of the targets here, where we mention our priorities, are related to questions that have come, I think it may be better that we answer them because people are asking about E-LIX, are asking about when are we most signing to the U.K. and all these things. Maybe I can summarize here and get into the questions directly, because we have some very interesting questions and we may get much more. In summary, in 2001, let me summarize one thing. I forgot to say that if you look at, as César has mentioned, the cash generation of EUR 53 million in one half, which means annualize of EUR 100 million, which is roughly $120 million, is 20% higher, the reality, than what the consensus is believing. Those numbers based on consensus, actually the reality for the first six months are low. What are our plans for 2021? Well, to continue. To continue production and probably go to the high end of the guidance, to continue to get growth options. Capital returns, we are going to get to that because lots of questions about dividends and capital returns, and I'm sure this will be decided this year. Near term, continue growing. Continue growing, continue delivering. At a corporate level, to get to the U.K., to pass to the main board if possible, and also to improve liquidity. We have been working on that for a long time, slowly we are improving that liquidity. Long term, we would like to have a couple assets. Of course, the best one would be in Spain, with Touro, but if not, we'll find it in any other place. That's more or less, in a nutshell, without getting into the details, because I would love to get as more time to reply to the very interesting questions that we have received. That sounds fantastic. So- We'll move on to those. Alberto Lavandeira, César Sánchez, thank you very much indeed for the presentation. As Alberto Lavandeira said, ladies and gentlemen, do please continue to submit your questions using the Q&A tab situated on the right-hand corner of your screen. Just click Q&A, type in your question and press send. Just while the team take a few moments to review those investor questions submitted already, I'd like to remind you that a recording of the presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard on the Investor Meet Company platform. I'd also like to remind you that your feedback is important to the company. Immediately after the presentation has ended, you will be redirected for the opportunity to provide feedback in order that the management team can better understand your views and expectations. Alberto, César, as Alberto, you said, we did receive a number of pre-submitted questions along with having questions submitted during today's event. Perhaps we can start with the pre-submitted. If I may, I'll just read out the first one, and we can work through them. The first one reads as follows: What are the criteria around paying a dividend to shareholders, and what time frames are you considering? Okay. Yes. We have discussed this at the board level the last time, yesterday actually. Of course, the common sense tells us that without having a formal decision done, so I cannot announce a formal decision, obviously, this platform. Just think that we'll end up the year with over $150 million if things go correctly. We have two shareholders sitting at the board with hold 44% of shares. They are not going to leave that money there sitting down just for the sake of sitting down. We don't have any special need. Even if we got permits for Touro, you have seen, all of you, how frugal we are with construction, with capital expenditures. We do not overspend, and we have not issued lots of shares to dilute. This attitude is not going to change. The money will be returned to the shareholders starting, I would say, this year. I cannot say specifically when, because it would be insider information, but certainly the common sense tells you that we are not going to be sitting there. Remember, that is only the second quarter that we have cash in our balance sheet, but things are growing extremely fast as we have seen in slide 8-17. Fantastic. Expected some time this year. As amount, also not a specific number approved, but the logic tells you that looking at what the market is doing, between 30%-50% of the free cash flow available normally is returned to the shareholders. What I mean available is that's not going to be needed next year. That's the normal dividend. We believe that dividends should be sustainable, not extraordinary dividends. If the year continues as it's going or things go up or even copper price continues to go up, there's no reason why an extraordinary uptick of the dividends could be given as an extraordinary dividend at the end of the year or starting of the next year. Alberto, thank you very much indeed. The next question we have here is, what other expansion plans are Atalaya currently considering for its existing assets around Riotinto? Is there anything you can do to improve the grade? Look, I think both are linked, both of these points. We are limited. We are limited by water and power as Rio Tinto itself. Remember, this project was going to be 9 million tons per year. We are in 16 million tons per year. It's not much more than we can do with our existing installations. How can we expand? Well, we expand by bringing in higher value materials, higher grades, and zinc. If you look at the grades of San Dionisio deposit, they contain around 0.7% copper and around similar grades, slightly higher or 1% of zinc. By substituting some of the tons that go into the mill from Cerro Colorado, by a few tons coming from San Dionisio, will improve the grade by producing more copper and produce a by-product of zinc, which means it will be a by-product, so basically, this is like a copper equivalent will be higher. It means with the same installation, we are going to be producing more. Not treating more tons, but treating more tons with quality. That's the closest expansion that we see in Riotinto, bringing in San Dionisio. San Dionisio open pit is around 150 million tons. Sorry, 52 million tons. San Antonio is around nine. We have 50% more tons with higher grade around existing pit. The logical thing to be mining this at the same time and improve the grade. Fantastic. Thank you, Alberto. Next question we have here is, what are your plans for the E-LIX System and how will this technology benefit Atalaya? ELEX, I think it's a fantastic system that I think it will be almost a change in the world. We had the luxury of being able to participate in the development. I will tell you first what I want. It doesn't mean it's going to happen because we have to agree with the owners and also agree with our board to do it. I would love to build a demonstration plant, not a pilot plant like we have right now, which is quite big, but a real plant, to treat some tons basically to take out the teething problems, because this is a new system. I would like to have this up and running next year with a very modest investment, like we do things, and to demonstrate that we can do it. We have looked at the numbers, the numbers look good. What is the benefit that can bring to Atalaya? The benefit is that this is a system that leaches copper and zinc very well, very fast, and is able to produce metal directly. This has the potential, especially, to be able to treat complex sulfides with copper, zinc, and lead that are combined, intermingled, they're combined, and in this way, you get better recovery. The benefit comes from better recoveries and lower costs. What we insisted a lot when we financed this, the owner of this technology, was to have the exclusivity in the Iberian Pyrite Belt because this can be applied for lots of the deposits that are available in the Iberian Pyrite Belt that always have a combination of copper, lead, zinc in the ores. Which often, if you want to separate them with differential flotation, you lose some of them. For example, just to give you an idea. If you do differential flotation to recover copper and zinc, you get 75% copper and another 75% zinc. If you produce a bulk flotation and you treat with the system, you can get 90% of each. From the same tons to the mill, you get more metal. That's the beauty of this system. It basically dissolves out the copper and the zinc. Fantastic, Alberto. Yeah. Next one we've got here is around Touro. What is the current situation at Touro? Can you describe the new development plans you're submitting? Look, Touro got stopped due to a negative environmental impact declaration, although the main reason was political. There were some anti-mining groups making a lot of noise, and in a moment where there were local elections, and the government decided to say, look, that there is a risk of lots of noise. Everybody had seen this disaster of Brumadinho tailings in Brazil with the videos of that wall of mud going down and killing 200 people, and this was sent all over the net. At the end, they decided, look, there's too much risk, we don't want to approve this in the middle of election. What things have changed? Well, there's no election until three years. First thing. Second thing, the party that was opposing the project, which was the very left-wing party, called Podemos in Spain, disappeared from the local parliament. They had 15 seats from 75, and now they have 0. The third thing is that we have now a group, a kind of very large group promoting the mining. If I went to the page of Touro where this is shown, you will see that there is a group of demonstrators that actually they're not opposing the mine. They are saying, "Yes, we want the mine." That's shown in slide 31. That's people making the same noise that in the past the anti-mining groups did. Now they're making the noise, "We want the mine." We have polls saying we want the mine. They are asking us to push ahead and promote the mine. That's from the demand side. From our side, what we have done to change the mind of the local government is, if you think the water on top of the tailings was a problem for it breaks, because if it breaks, it can create a disaster. What we will do is remove the water on top of the tailings. Our tailings will be plastic-lined. It will not be without water because it rains a lot, but we'll have a system of pumping where the water will be pumped out to a mined-out pit under the level of the rock. Which means under the level of the ground. Which means if there is no water on top of the tailings, it's impossible you create a mud rush in the event of failure. Although that is impossible to fail because this is constructed with a rock wall, same like you construct a water dam. What we have done is change the product, make it safer, and have now a proactive people saying that they want the product, and the people that are anti-product, they have basically disappeared. We are quite hopeful, although you never know with politicians. Technically, this project has no issue at all to be permitted. Thank you, Alberto. It takes time. Always. Thank you. The next question we've got here, which I remember is on your final slide there. The company's been considering a main market listing for a while. What's your current thinking? Would you consider a dual listing in Spain? Look, well, listing in Spain, we have not considered, to be honest. I mean, people have asked us, but there's no tradition in Spain for mining companies, although Berkeley was there for a while. It's funny because we have probably around 25% of our shareholders or 20% are Spanish funds. Cobas, Magallanes, Urquijo, Sabadell, Solventis, Trea AM. I could name lots of them, some of them with 2% or 3% and one of them with 9%. All of these Spanish funds that I have, all of them visited the mine, all of them have been on site, so they have seen how we control and how we do things. All of them are investors already through AIM. I don't think we are looking at Madrid. Yes, we would love to be in the main listing, in the main board. Liquidity has improved, which is a key point. One of the first things we are doing is re-domiciling the company from Cyprus, which is only one office with one person and a half right now, sending that to London to be seen as a London company. This, as you well know, is a heritage of the old times of Inmet Mining, where the founder, Harry Anagnostaras-Adams, was a Cypriotic Australian, and they decided to stay there for probably tax reasons or whatever. We are doing all the steps to be set in London. Perfect. Thank you so much. We've got another question here. Are you looking at overseas copper interests, or are you focused on being a Spanish European pure play? Well, actually, we are looking. If you look at my history, when I say mine, it is also my team, of course. With several mines, we started in gold mining in Spain, El Valle-Boinás, which is now 25 years later, still mining. It is in Orvana. We did another mine in the top part of Spain, nickel and copper. Another mine in Mauritania, which is now Kinross, in gold mine. Huge. We also bought 20% of a company in Peru, which is Mina Justa, which is now being started up production, basically one month ago. We also bought 18% of another company, Allegiance Mining, in Tasmania, for nickel. Then I moved to Congo seven years after we were bought by Lundin. There is no problem at all of going outside if we can add value. The places we are looking is places where we can add value, which I believe are South America and Central America because of the language. Language is important, so places like Peru, Ecuador, Chile, we have a certain advantage versus other Australian, British, Canadian companies. That's all. Yes, we are concentrating in base metals, mainly copper. I personally like also nickel, but copper is the main case for South America. We have also been looking in everything that moves in Spain and Portugal and also everything that has been available in Europe. What we do, and it's easier to say places where we are not going to go, which are most of the places of Asia, Africa, North America, because we wouldn't be able to compete with Canadians, which are fantastic, or Americans. Only the places where we can add some value. Thank you very much. Next one we have here reads as follows: "It looks like Liberty Metals is selling its position. Do you think this is an overhang to your share price?" The second part is, "How confident are you of attracting new institutional investors to take Liberty's stake? I'm sure it's an overhang. It's a pity they have been selling, and they resigned from the board specifically not to be insiders, and since then they have already sold around three million shares. I'm sure they'll continue. It is a pity because they continue to be changing the selling point, because we have had some brokers sending them offers for blocks. Yes, it's an overhang. Yes, they are selling. We don't know when. They are not selling through the three brokers that are, let's say, making them offers. I can tell you that I have confirmation that we have at least $50 million or $40 million of demand of shares from institutions if they wanted to sell. Hopefully one day this will be out. As soon as there is a block available, it's swallowed by an institution. Thank you. The next one we've got here is: "You're perceived to be a high-cost producer. Is this accurate or is there a difference with how you report your costs versus peers?" That's a very good point. It's a very good point. I always insist and compare with others. I say, "Look, just go and compare what others do from cash flows." I think the problem is, that we have is that other people, there's no standards for reporting. If I direct you to the page of the presentation that's in page 36, which I'm not sure if this is in euros per whatever. It's total cash cost plus sustaining CapEx in dollars per pound. I'm not sure if it's euro or the scale is right. Whatever it is, this is coming from Wood Mackenzie. We are there located in the center with costs just slightly higher than Freeport, but lower than Barrick, like Ero Copper, BHP, KGHM, CHM, the producers of Antofagasta, First Quantum. We are lower overall cost than all these people. That's the reason why you see that we, being how come that we are high cost producer and we produce at a high cash. The reason is that the way we report all-in cost is that we include everything, including D&A, including interest, including everything, while other people forget those costs. Another thing is that we have a contractor that mines for us. We don't have to buy equipment every year. We don't need to make huge capital investments in replacing the fleet. It would be like if a taxi driver said, "Look, my cost per mile, whatever it is 10." He's forgetting the price of the car that he has to change each two years. Same thing. People post their operating costs, then they forget that each year they had to put $50 million, $40 million to buy new diggers, new excavators and so on, and new trucks and so on. That's what happened with other peers. Yes, we are high cost. We are not low cost, for sure, because we have very low grade. We are quite efficient, and we have a quite good margin. The reality is that look at the cash flow yield. Maybe other people that have low cost, how come they have lower cash flow yield than us? Something's not matching. We are right in our reports, and we are honest, and we have very good yield. As you can see, we are giving almost 30% of cash flow a year. Alberto, thank you. We've probably got time for a few more questions, but if you just go through the Q&A tab. Yeah The questions there and just if you could read anything. Thank you. If you could just read them out, please, that would be great. Yes. I have a couple of interesting questions which we have not touched on. One is, "We are seeing cost inflation coming back across the mining industry." You reiterated your cost guidance for this year. Can you comment on the situation in Spain? Are you experiencing cost pressures at all? Is COVID having an impact on costs? Let me start by the back end. COVID is not having any impact. We are taking all kinds of measures. Important thing, different from us from other producers, we are not remote. Everybody goes back to sleep in their own house, and 80% of our workforce is living around the mine. In other places, they're going to camps in the middle of the Andes, in the middle of Indonesia, in the middle of the jungle. The camps is a perfect place for COVID. That's why you are seeing these outbreaks in Australia or in other producers, especially copper producers in Chile. COVID is not having an impact right now. About the inflation. So far, not much, but I expect it to be a little bit. Let me show you. The main components for our costs are energy, manpower, by that order. Energy, manpower, mining, of course, steel balls and liners, and then reagents, which are lime, the main one. Labor is not changing at all. Inflation is less than 1%. Energy, we have a fixed price so far until next year. Let's see what happens with next year. Right now, the daily average is very high in Spain. All the expectations are going to be low. The things that where we are seeing slightly higher prices demanded by suppliers is balls, steel balls, and chrome balls for the milling, and lime. Lime, as you know, is burning limestone, which creates CO2, and the rights of CO2 are a crazy thing in Europe. The prices are very high and everybody's demanding higher prices. We have overcome that by having lots of stocks from the past at fixed prices. In the case of lime, we are going to small suppliers that do not have to pay the CO2 rights. Basically we are keeping the big suppliers honest by buying through the small suppliers. Those are the places where we have seen higher prices. Higher prices like in the range of 1% or 2%, not talking about more than that. In these five or six years that we have been running, our costs per ton have been going down all the time. This year is basically the same as last year. Until now, we have been able to control the costs. In the future, if things continue, we'll see maybe up to 5% in some cases. There's another interesting question here that, "Can you please share your capital raise plans in relation to developing the Touro Mine?" Well, we won't have any issue of capital, I believe. We don't need to. If I go back to some slides. Let's show you in the slide. Let me show you history. Show you the history, and we don't plan because we always try not to dilute, and we have the cash, and we have been able to build this mine and these expansions with that cash. If we go back to slide 17. In the bottom part of that graph, as César showed, you will see that there was net negative cash during two periods. Those were the two periods with expansion. What does it mean? It means that we were able to build the mine without having positive working capital by using the cash flow from the mine, which at that time was just starting, and using contracts with suppliers to pay them later. As soon as we finished the first phase, you saw that immediately we start producing cash flow. In December 2017, we made the next placement to make the final expansion, immediately our negative cash position went down again during the expansion. Immediately, as soon as we finished expansion, we started producing cash again. What happened there? We had a CapEx of around EUR 90 million, and we only raised half of that. Which means if we don't need it, we will not use it. Right now, having more than EUR 100 million in the bank at the end of the year, we'll have. If things continue like they are, even if we get the permits at the end of this year, we will have enough cash to start building. Remember, we don't have any significant debt. We also financed the three expansions without debt. I don't see why we wouldn't do it again. The only reason I could see to issue some shares is to try to improve the liquidity. I would rather try to buy one of the existing blocks, for example, Liberty is an example, redistribute again, which achieves the same thing without diluting the shareholders. That's what I have here. There was a question about dividends, which I believe has been withdrawn because we had a reply for it. I'm happy to receive it, to answer any more questions if needed. Fantastic. Thank you, Alberto, for answering all the questions that we've had come through so far. If there are, of course, any other questions that do come in, you can review those, and we can put responses where appropriate to do so. These will be published on the Investor Meet Company platform. As we are drawing to the close of the meeting, perhaps if we don't get any further questions through, Alberto, if I may just ask just for a few final words just to wrap up before we redirect the attendees to give you some feedback, please. Well, yes. I would like to thank everybody. Thanks for those who are shareholders who have been shareholders for a while, for their patience. I am a shareholder myself. I believe in this company, and we have a great future. Our team is very proud of delivering. We will always like to do that. We are committed to the long-term success of this company, and that's all I can say. Normally, when we say we are going to be doing something, we'll do it. We don't like to promise. We're not promoters. At the end, the true value will prevail. I think there is a reason why maybe our share price is low, maybe because of the pressure of the selling, maybe because people didn't believe our numbers until now they're seeing them. Slowly, we're getting there. The main question here is that there is no liquidity. People try to buy stock. The stock is not available. Anyway, we will continue pushing and never give up. Thanks to all for your support, and especially for loyal shareholders who once in a while send us a message of support. Thanks a lot then. Thank you very much. Alberto, César, thank you for updating investors today. Could I please ask investors not to close the session as you'll be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few moments to complete and is greatly valued by the company. On behalf of the management team of Atalaya Mining plc, we'd like to thank you very much for attending today's presentation. That concludes today's session.