Good day, ladies and gentlemen, and welcome to the Atalaya Mining 2025 Annual Results. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session through the phone lines, and instructions will follow at that time. I would like to remind all participants that this call is being recorded. I will now hand over to the CEO of Atalaya Mining, Alberto Lavandeira, to open the presentation. Please go ahead. Hello, everybody. Hello, everyone. Good morning. We are pleased to report our financial results for 2025, which was a good year overall. I have with me César Sánchez, CFO of the company, and I'm going to go directly to the presentation. During the last year, we produced 51,000 tons of copper, which was just in the high range of our guidance, improved guidance. That was produced at a cash cost of around $2.40 per pound and with all-in sustaining cost of $2.90, which were both better than we guided. This resulted in quite strong financial results, including an EBITDA of EUR 180 million and a free cash flow of over EUR 100 million. We ended the year with EUR 122 million in net cash on the balance sheet. I should remind or should note that this does not include the money that we raised in the late January 2026. As a result of this good performance, our board has posted a final dividend of EUR 0.065 per share, which I will discuss a little bit later in the presentation. At the corporate level, we had some changes in the leadership under Riotinto, including a new general manager. I should also remind everybody that we were added to the FTSE 250 index, following the re-domiciliation to Spain earlier this year. Since then, our liquidity has improved a lot, and this is something that we had been promising and finally we delivered. I will provide some updates of our projects later in the presentation, and I will also provide a little bit of some details of impairment that we recognize in our E-LIX project. I should also remind that we strengthened our board with addition of a new non-executive director with Mike Armitage. That followed the addition of Hennie Faul and Corey Fontalex earlier in the year. Looking at some sustainability highlights, I think we are showing here some key numbers as we take this quite seriously as part of our operating philosophy. I think one of the key highlights that everybody sees when we arrive to our mine site at Riotinto is how good relations, very good relations that we have with our communities around Riotinto, with most of our workforce coming from the area with 12 years with operation of, with absolutely minimum incidents. I think it's something that we are really very proud of. Some of the numbers shown there that show that our injury frequency rate in 2025 have been slightly higher than previous year. Something we are focusing, even if this means some of these incidents are very low, let's say, severity, of very low severity. The reality is that's something that we take very seriously at the company at the board level. Beyond that, we continue to work to be more efficient in the use of our water, something that normally is scarce in the south part of Spain, although this year we had a lot. Also the use of electricity and power, which has been consistently lowering through several initiatives in the last year. Besides the fact of installing an important solar plant that you can see in the background of this picture. Going directly into the operational results of the last quarter. We had announced these results previously in January. The mill performed very well. Remember that this mill was designed for 15 million tons per year, has been running at over 16 million tons per year. But the grades were lower than the previous quarter, as expected, because we were pre-stripping in the higher grade. We were pre-stripping in the high grade of San Dionisio, so we were only mining the Cerro Colorado. Cerro Colorado has lower grades, but it's very clean ore, so we offset some of this lower grades with better recovery due to treating this ore from Cerro Colorado. Even so, with this slightly lower predicted recovery due to the good copper prices and the good cost control, the financial results of the fourth quarter were very solid. We had an EBITDA of EUR 41 million. We have free cash flow of EUR 47 million. That includes also some changes in working capital. Profits were also similar to the previous year, but it included an impairment of EUR 24 million related to E-LIX. This impairment, I have to point out that is related to the loans that Atalaya has been giving to Lain, which Lain continues to own and owns the intellectual property and operates the plant. The plant works well. The plant continues to work well, but the company had given loans in excess of EUR 55 million to develop this in this last 10 years, and the board decided it would be prudent to impair, have a non-cash impairment of some of these loans, until the plant was operating totally well, due to potential limitations of a scale. As I say, we continue to believe that this is going to be something that is going to have a positive impact in Atalaya and specifically and in the Pyrite Belt in general. This is simply due to prudent reasons, accounting reasons we prefer to have this partial impairment of our loans to Lain. We finalized the year with fantastic cash position, with working capital surplus over EUR 94 million, and that's again before the placement that we made in late January. If we look at the whole 2025, the whole year of 2025, we can see that our production was just over 51,000 tons. It's slightly better than previous year. Our plant continued to perform very well, setting a new record of throughput, 16.6 million tons, which is basically a 10% improvement over nameplate capacity. We had overall better grades than previous year even if the recoveries were slightly lower when in the first part of the year we were processing some of the oxidized material that was at higher rate, but oxidized from the San Dionisio deposit. Overall, a very good year, which translated in the next slide in very good results for the whole year, with EBITDA of EUR 180 million, free cash flow of over EUR 100 million, which was excellent results, and the profits is still EUR 85 million after the impairment of 2025 that Javier mentioned, 2024 that Javier mentioned before. It means that if it wasn't this, we would have tripled the profits of previous year and also tripled the EBITDA of previous year. Looking at the cash cost breakdown, we normally give a quite detailed breakdown of mining, processing, G&As, and off-site costs. The performance was strong during 2025. Actually, the performance both in cash cost, site cash costs and all-in sustaining cost was better than the guidance. In the last quarter was $2.62 and $3.07 respectively. The whole year were $2.40 and $2.90 in all-in sustaining costs. The good performance was due to several reasons. The input costs in the mining, processing, and in G&As were quite constant, so the only variation was basically the better production. We have kept inflation, site inflation quite under control. We had some positive, very positive by-product credits in the higher silver prices because we produce over 1 million ounces, approximately, of silver. That has been a very good contribution to our off-site costs. We also benefited from the fall in TCs and also were able to sell some spot sales, some spot lots even with negative, very negative treatment charges. Both the silver and the very low treatment charges resulted in basically negative off-site costs, which improved our all-in sustaining costs. In the negative side, we had higher capitalized stripping at Cerro Colorado, which had an impact on all-in sustaining costs. We also had a small improvement in the euro versus the US dollar, which has some unfavorable impacts in these US-denominated costs. We normally provide a benchmark of our all-in sustaining costs with our copper-producing peers. Our performance in 2025 was in line. We can see that we are comparing favorably. The only point I would like to show here is that the industry is seeing more and more the GBP 3.50 level around all-in sustaining costs as being quite common in the industry. I know normally some companies provide only C1 costs, but in the end, you have to provide all-in sustaining costs. As a result of this good financial performance and good balance sheet and even knowing that there's going to be a significant amount of investments in these next few years. Atalaya's board has proposed a final dividend of another $0.065 per share as a final dividend. This dividend is obviously going to need to be approved in the AGM of the company in June. Together with the interim dividend that we paid in October, the total dividend for 2025 is going to be EUR 0.109 per share. This compares with EUR 0.064 that we had in 2024, so it's a significant increase. It also shows that since we started the dividend payment five years ago, the company has paid over EUR 94 million of dividends, which was more than the money it raised from the markets in all this operating history before January 2026. Going forward to the guidance, how does 2026 look? We have already provided the guidance back in January. Since then, we have had some things that had changed slightly. Our perception is that we had huge rainfall events, including flooding, in the last weeks of January and the first part of February, the region received more water from heavy rains than the whole previous year. This had some effect in accessing the Cerro Colorado pit that we could not access. We expect to have the first quarter production slightly lower than planned. We expect also first quarter would be treating some of the marginal materials. We expect that these grades will be improving in the course of 2026. With all that said, 2026 is still going to be expected to be between 15,000 to 54,000 tons of copper. In addition to that, we expect to produce around 1 million ounces of silver, which is always quite interesting. The guidance, we are keeping the guidance of $2.60 to 2.90 per pound in the C1 costs and $3.10 to 3.14 per pound in all-in sustaining costs. Comparing to 2025, the mining rates will be slightly higher than 2026. Sorry, than 2025. The euro we also expect it to strengthen a little bit to 2025 versus the US dollar, although all these things that have happened in the Middle East can change from what our expectations were in the beginning of the year. Normally, inflation is well under control in the past year, but this war in the Middle East could drive up costs, so something that we will be monitoring closely. Obviously, the effect of this war, one should look at the effect on energy. In that sense, our energy cost is electricity, which is an important part of our cost, is quite stable because we have, first, our solar plant, and second, we have our long-term PPA, which covers a good portion of our costs. We are not very exposed to the markets of gas and also in Spain, there's a huge production of electricity from wind and solar, plus a lot of hydraulic production due to the heavy rains in the first part of the year. We do have something that we'll be watching carefully, which is the diesel price. Diesel price has an influence in the mining rates and obviously, this can translate it. The diesel price maintains high levels, can translate in the mining costs as you can expect. Regarding CapEx, we expect similar levels to 2025. Most of the CapEx is associated with San Dionisio stripping and the need to move a road to be able to access some of the better grades that are in that area. In addition to that, we will be preparing a ramp to Basin Alberdi, a good deposit that's located southwest of Riotinto, around 25 km away. Of course, this is still subject to board approval, but we expect that will be starting later this year. We also have some investment to continue with our tailings dam expansion. Of course, we will keep investing in exploration, which is quite important for our future, both in Spain, in the south, in Touro, and also abroad. I would like to mention, in a second, our equity offering in January 2026, where we finalized an equity offering that raised u nder GBP 130 million. This really strengthened our balance sheet and provide us good confidence to advance all the projects. This is not only for Touro, which we will still be finalizing the funding package once we get the final approvals but it will also allow us to make some small acquisitions. It will also allow us to go ahead with all this capital projects that we are going in addition to Touro, which are basically driving our growth. Obviously, the main one is to accelerate the pre-stripping at San Dionisio that you can see here. In the second part of 2025, you can see how we started moving the waste in the left part of the picture, and the idea is to access the better grades that are in the center of the picture. As we move to 2026, we'll be increasing this high-grade ore, and that's why. That's one of the reasons why the production guidance is weighted towards second half of the year. At Masa Valverde, this underground polymetallic deposits, we now have all the land that we need to build a portal and to access, and we have had some discussions with the contractors to finalize the final award to try to control inflation. Basically we're in the final stages of that. Subject to board approval, once this discussions are finalized, we will be starting the construction. The idea there is to continue drilling this red zone, which is the high grade of copper where we will start mining initially with grades over 2% copper. Another important point is to remind people that we have most of our sources and reserves are open-pit-able. Cerro Colorado, around 160 million tons at a rate of slightly less than 0.4% copper. It means that if we didn't do anything, we would be mining for 10 years at Cerro Colorado only. We do have a significant amount of polymetallic material that has copper, lead, zinc with better copper grades. Basically more than triple than what we have at our existing Cerro Colorado, but they also contain some zinc. It means that we need to build a polymetallic circuit. That's part of the use of proceeds. We're going to be using it for the raise that we completed in January. Building the circuit basically means installing some equipment in line with our existing installation in such a way that provides flexibility to be able to treat both type of materials and be able to treat this polymetallic ores with higher rate as we go through without waiting until the very end of the mine life. We continue also to drill San Dionisio deposit which is located immediately to the east of Riotinto. We continue to drill at Masa Valverde is focused in the high-grade copper zone. Also we are doing some early works which require some CapEx in the Touro, where we are very close to get the permits, we believe. The engineering is basically completed, and we are ready to start buying some equipment with the last discussions being held with suppliers. Actually Touro, as you know, is the value driver of this company. It's a very low capital intensity. It will have all-in sustaining costs that will be around EUR 0.50 lower than Riotinto. This is something that we are really very keen to develop. I was in Touro actually this week, and it looks like the final reports that need to be ready before issuing the environmental impact statement are progressing very fast. We continue to believe that we are going to get the environmental impact statement during the early part of the second quarter. With this, it's clear that our growth targets are going to be very clear in order to get us to a production growth of around 100,000 tons of copper equivalent. Most of them are brownfield. Most of them are in Spain. All of them are in Spain. Very important is that we have right now a balance sheet of around EUR 300 million, which is basically of net cash, which should together with the debt that we are going to be raising for Touro should allow us to develop this projects and growth pipeline in a short timeframe. There are more details in our presentation if whoever needs them, but I think I'm going to stop here and open it to Q&A. Yeah, I will pass this to the operator. Thank you so much, and we will now begin the conference line to take questions. To ask a question on the phone line, please press star one to raise your hand and join the queue. To withdraw your question, press star one again. When called upon to ask your questions, please ensure you unmute your device and pick up the device handset to ensure optimum quality. Again, that is star one to ask a question. The first question comes from the line of Laura Chan of RBC Capital Markets. Please go ahead. Hello. Hello. This guidance, what kind of silver price are you using, electricity price, et cetera? Could you please repeat because I could not. I only heard part of the question. Sorry about that. Sorry. Can you hear me better now? Oh, perfect. Yeah, much better. Please. Thank you. Thank you. Thanks. Sorry about that. Yeah... [crosstalk] Yeah. Do you mind walking me through the assumptions embedded in your 2026 cost guidance? What kind of silver prices are you using, electricity prices are you assuming, et cetera? César Sánchez, do you know exactly what is the silver price we use? In electricity, we are using the market price of around EUR 80 for that part that's not hedged. EUR 80/kWh. Remember that we have a solar plant that provides around 20% of our electricity, and we have around 40% of our electricity hedged at EUR 52 to 54/kWh. I think the average could probably be 60%, something like that, expected. Until now we have been okay. We have already covered most of the electrical costs for this first and second quarter, totally covered at low prices. The silver by-products, I don't know what the price. I don't remember right now. I should, but I don't know. César Sánchez, do you know what's the silver price that we use in our projections for all-in sustaining costs? I'll check and I'll come back to you. Okay. Yeah, no worries. Just one more from me. Just on Touro. Do you know what the exact... [crosstalk] Normally I would say it's around 75%, but... [crosstalk] Okay... [crosstalk] In Touro, excuse me again. Yeah. Sorry. Yeah. Yeah. Just one more from me. Just on Touro. What's the exact hold-up in the permitting? Is there any kind of concern on the kind of water quality surrounding the project? What's the best estimate of project kickoff at the moment? Look, we are pushing the local authorities saying that we want, we need to start moving topsoil in the summer of this year. We don't want to be removing topsoil in the middle of the rainy season. It looks like they are happy with that, though, that timeframe. What's holding this right now is the water report. Not a permit, it's a water report. Normally, before preparing the environmental impact statement, all the bodies of the administration and all kinds of institutes that are participating provide a report. All these reports have been received and are positive, except one, which is the water report that has not been recei ved, but is not positive. We have had lots of meetings with them, and it's all quite positive. Almost when they were about to give the final report, somebody came asking us to make a small modeling of or something with the rivers, which was not asked before in two years, which was kind of a surprise to us. We have completed that, and I think they will be producing this report in the following weeks. I have to say that when we had prepared an environmental impact statement five years ago, in a project where we failed, the water report was positive. I don't see any reason why it shouldn't be positive right now. Actually, we don't expect that. The question is more bureaucracy and the fact that the technicians have to complete the reports, and they have to be independent and it's very difficult to push them. I don't expect that. The best estimate that I have is to have the environmental impact statement after Easter and be able to break ground in June, July. Breaking ground, meaning removing the topsoil, geotechnical work in the dam area, preparing offices. Of course, once we receive the environmental impact statement, the positive, we will order the equipment, specifically the mill and the gyratory crusher. The other rotation and filters and tanks are not that critical, but those, we have already the informal approval from the board or from investment committee of the board that we will be able to commit to those, knowing that once you get the environmental impact statement, the project is basically done, ready. Sorry, just to come back... [crosstalk] Okay. The silver price used for the guidance is around 50%. No. It's much more conservative. Okay. Yeah. Okay. Thanks so much, guys. I'll leave it to someone else. Your next question comes from the line of David Radclyffe of Global Mining Research. Please go ahead. Hi. Good morning, Alberto. It's David here. Could you please maybe talk in broad terms to the mid-term CapEx outlook for Riotinto, as we still really don't have a plan here to go off of. Primarily in terms of what we should think about for stripping going into 2027, 2028, ongoing spending on tailings. Does it kind of stay at the current rates? Then the ramp and associated development at Masa Valverde. Thank you. Yeah. The stripping, it would be similar to these years. Depends on if we advance or not. As you see, either we put it in the operating costs or we put it in the all-in sustaining cost, so it will not have any specific effect. The strip ratio is around 2x to 1x, and that will continue to be 2x to 1x in Cerro Colorado. Overall, in San Dionisio, it's around 4.5x to 1x. I think the average, if I remember well, was like 2.5x to 1x. I think if you model that roughly in general, that would be okay. Ongoing spending in tailings in the next three years, it will be similar to the levels of this year because we are using downstream and centerline method, which means that we continuously had to be raising. Having said that, I said up till three years because we are with the permitting of a new tailings pond, which will require much lower capital investment, and that will have enough capacity for the next 10 years. This work is ongoing with all the work being completed by Knight Piésold and dialogue with the administration and so on. This is something that's ongoing. We don't mention that normally because it's something that needs some time, and we are always uncertain of how these things go. Normally, this thing will, we say two years. It takes two years for permitting. We are allowing for three years. Having said that, we have enough space in our current tailings policy. We wanted to continue for another 10 years. The other site, which is located west directly downstream of the existing tailings pond, is much better from the shape point of view and with a very small barrier, very small embankment. We can hold off a lot of tailings. Regarding investments in Masa Valverde, depending on the rate of development, but normally you will have around EUR 30 to 50 million, depends on when you want to stop, which means the ramp itself plus three raises, including one of them escape way, a pump station, which is not very big because there's no water, but you need it, some ventilation and offices. Offices and change room or whatever on surface, not really, not much. Equipment, everything is going to be subcontracted out to local contractors. Yeah, that's the main thing. If you want to get also a little bit more about other CapEx initiatives. Total, to put simple numbers, we have around $300 million, which would be weighted towards second half of this year and the whole next year. You could say 25% this year, 60% next year and another 15% or whatever in maybe 2027, the remnants. Then the polymetallic circuit, the CapEx that we are seeing right now is around EUR 88 million or let's say $90 million or $100 million. We are optimizing that to reduce it a little bit, and it will be basically built during 2027. The late part of this year will already be some work, but most of it will be 2027. Exploration, we normally keep our budget between EUR 8 million and EUR 10 million. Depends obviously on the results. If we get some good results, we will improve that. We will increase that. Right now... [crosstalk] Okay. Normally, this is what we have. Okay. Thank you. If I could just have a follow-up. Maybe just on your comments around E-LIX and the impairment there. I think it seems like you were saying that the impairment was more related to what you thought the scale of the operation could be rather than you thought it would be still commercial. I'm just wondering if you could expand on that and how the smaller scale actually works for you. And I guess why the decision wasn't just to write it all off and then, you know, when and if it obviously works, you could then write it back like you did with some other things. Exactly. This is exactly the approach that was taken by the board. Let's be prudent. In a year that we have good operational results, I think it's better to be prudent. The main reason is that the system works, and we're happy how it works. When we started this, the idea was to treat copper concentrates, and obviously, copper concentrates are not economic due to the very low treatment charges that are in the market and is likely to be there for a while. We switched to extracting. The plant itself, basically changing the operating conditions, can switch to removing zinc from copper-zinc concentrates or other type of concentrates, but specifically those. Obviously, the margin of removing zinc from copper is much lower. Although the technology works, it's we have some doubts because the payback of our loans will be as part of the margin, and we believe it's going to be taking a long time. We decided to just impair it. This is the main reason. Now, there are other, I mean, the plant itself works, and it works continuously and works successfully with quite complex materials. For example, it's able to treat materials with very high antimony, very high arsenic, it can also extract some of the silver and gold containing very complex concentrates, and this is something that we are evaluating. We will continue to using that plant. Initially this year, the plan is to treat it, removing some zinc from an area where we have, we can produce copper concentrates of around 12% copper and 10% zinc, so which are not very commercial, but if you remove the zinc, then you can sell the copper. Also by the way, it also removes quite a lot of the silver, getting good payment terms. While we are interested in this, we decided to impair. If later we need to do additional financing with Lain, we will probably have to evaluate how we do it. Not really all with loans because it's basically too much for the size of our company. Remember we have invested over EUR 55 million. Okay. It's a long 10 years, but we are not a huge company. It's a lot of merit. Yeah. We are not a huge company. It has a lot of potential. Brilliant. Thank you very much. I'll pass it on. Before we move on to the next question, a reminder, if you would like to join the queue, to press star one now. Your next question comes from the line of Alexander Pearce at BMO. Please go ahead. Great. Thanks, Alberto. You touched on some of the cost impacts already, but I was just wondering if you could give us a bit of an overview of what you're seeing in diesel prices and how sensitive your costs are to diesel going forward. Yeah, it's a very good question, Alex. We consume, just to give you very rough numbers and easy to calculate for you, we consume roughly 30 million liters. The contractor consumes 30 million liters per year last year. If you divide that by just easy numbers, 50 million tons roughly, it means that you consume 30 by 50.6 liters per ton of material. It doesn't matter if it's waste or ore. At a price of normally the price was around EUR 0.8 per liter, EUR 0.7 to 0.9, the increase is passed to us. We have a formula. Basically, it's neutral for us, but neutral for the contractor, obviously, with a benchmark. If there was an increase of 30% of the cost of diesel during the whole year, it could be. Imagine it was 30%, just to make easy numbers, it was $30 million in diesel. A 30% increase would mean $9 million. Yeah, it's an important number if it was to continue the whole year. Explosives are also something that has some influence, but explosives we consume around 0.7 kilos per cubic meter, and the price is roughly also around EUR 1 per kilo. It has an influence, but much, much, much lower. The price can go up a little bit more or less. In theory, the fertilizer ammonia that's used for the explosives is not coming from that area. As you know, the suppliers is coming from Norway and Spain. As you know, the suppliers will always take the advantage and the skews of higher TTF prices or gas prices to lift the benchmark and sell you at higher prices. For example, Spain does not import almost any gas from Qatar or Middle East or whatever, zero. The prices immediately went up like you can expect. That's the fact. Thank you... [crosstalk] Those are the two points. Diesel is the one that has more influence. Thank you. Your next question comes from the line of Richard Hatch at Berenberg. Your line is open. Yes. Thanks. Morning. Few questions. Firstly, just on the issues in first quarter that you're seeing, can you give us a kind of steer as to what kind of volumes you're thinking about for the first quarter? Should that be more like a 10,000-ton production quarter or is that too pessimistic? First one. Well, it's only left 15 days to go. I have to check how much we are going to be producing. I know we are behind around 2,000 tons of copper. That's what I know. I think we can recover it, but that's more or less what we know. Okay. Thanks. The second one, sorry to make you just go over this again, but just on the permits at Touro, I mean, this is a key catalyst for the stock and perhaps one of the reasons why the shares are softer this morning. So, once you finally get that water report, and the EIS is complete, can you just talk us through the next final just what are the next key permits or any other paperwork which needs to get approved before you can start moving the topsoil in the summer? Can you just be 100% clear on that? Yeah. Perfect. Not much permits. If you remember this project, it has a strategic status. With the strategic status, once you get the approval of the mines department or industry department, you get all the approvals. It means you don't have a specific approval later to connect to the water, discharge water, access to land, urbanistic permits, and all this which you normally have in other projects. What goes from getting this environmental permit to the approval of the project by the mines department is basically first they need the positive Environmental Impact Declaration, which is published in the Official Gazette. After that, what they do is say, "having received this thing and having checked that this company is financially capable," which is very clear, "and technically sound or whatever," which is some of the other conditions, "I approve the project," or, "We approve the project with the following conditions," and they set the conditions. These conditions include, the main thing that they have to add is the amount b ecause they also approved the restoration plan, the amount of bond or insurance policy that you have to put as a partial in reclamation bond. Normally, this procedure takes a little bit less than two months or two months. Actually could be done, if they have it, they could be done in matter of weeks, but we also assume in two months. After that moment, you basically are free to access the land. You have automatic expropriation. You can access roads. You get the access to the water discharge. You don't need to go ask for the urbanistic license or anything like that. That's the period. In some of the cases, you can even start before that, and you can start doing some things that do not even need the approval from the mines department. Like for example, setting offices, getting some geotechnical work done, things that are really, like, independent of the project itself, and that only require the approval from the local council of the village. That local council, which is normally done in a matter of days, needs the environmental impact assessment, positive environmental impact assessment. If the council did not move, in any case, you have to wait until the mines department, which takes two months. That's the one we are pushing. It's essential that we get this thing of the EIS, positive Environmental Impact Declaration in, let's say, April, in order to be able to move around late May, late June, early July, which is still good enough to be able to clear all the topsoil and all these things for the plant site and get ready. It's not that it cannot be done in autumn, but it's better to do it in summer. Okay. That's clear. Thank you. Then the last one is just, can I just ask on the actual cash CapEx, it's a bit confusing with the numbers of them being moved around non-sustaining CapEx, then there's numbers, waste stripping in the OpEx & CapEx. Can you just give us a absolute steer on, like, absolute cash CapEx for 2026, like the number that we're gonna see that comes up in the financial statements? Thanks. I think, César, the best thing is you take the wallet and show it because. So-sorry... [crosstalk] Some, uh... [crosstalk] You mean for 2025 or the guidance for... [crosstalk] 2026. 2026. No. Yeah. Date for 2026. Yeah. Uh, also... [crosstalk] 2026. 2026. The The stripping CapEx are we expecting for... [crosstalk] Put the whole global CapEx that we have for 2026 excluding Touro. It will be in the range of EUR 80 million. Let me double check that way. Yeah. Okay. Thanks. Without considering this thing of the polymetallic circuit and depends on when we start in total. The total... [crosstalk] Okay. Of the polymetallic is EUR 88 million. First pass, we are optimizing that. Total is, as I said, around EUR 300 million. I would guess we will not spend more than EUR 50 to 70 million this year because normally the first part is not very. Well, maybe a little bit more because we have to order equipment. We have a breakdown month by month, but I don't remember it right now. Okay. Yeah. It's just more to get an understanding of the absolute cash going out the door in 2026 on the cash flow statement. If you can come back to us, that'd be helpful. Yeah. It's around EUR 100 million excluding Touro. That's all the cash outflow that we're expecting. Thank you. you. That's helpful. Okay. Thank you so much. There are no further questions on the conference line. I will now hand over to Alberto Lavandeira, CEO, for closing remarks. Thank you very much to everybody for attending this call. It's always a pleasure to speak with you, and we'll see you soon. Thanks a lot. Thank you... [crosstalk] Thanks for your support.