Good morning, ladies and gentlemen, to a conference devoted to talking about the results of the KGHM Group for the third quarter of the first nine months of 2025. We have President Andrzej Szydło, Anna Siewier-Kozakiewicz with us, Mr. Zbigniew Bryja, Deputy Manager for Development, Piotr Krzyżewski, Deputy Board President for Industrial, and Mr. Laskowski, Deputy Board President for Investment and Investor Relations Director. The meeting is broadcasted online, and you will be able to send your questions during the conference and afterwards, and all the answers are going to be published either during the conference or afterwards. Now, Mr. President, over to you. Welcome, ladies and gentlemen, and apologies to the investors who are watching us from the Western Hemisphere. Apologies for the atypical time of the meeting, but due to the tight schedule, we needed to move the time of the conference a bit back. Due to also the tight schedule I mentioned, I will try to make it very brief today, not to get into the competence of further speakers today. To give you the bird's-eye view of our situation. I'll start with an anecdote, but yes, this slide and the trend that we have been seeing for many months about KGHM and influences its results, I think I can jokingly say that maybe LME, the copper prices on LME, should be in Polish złoty. Because what does this slide show us? 5% copper price in terms of USD year-on-year, so first nine months of 2024. The exchange rate between USD and PLN is -4% year-on-year, which gives us the stable results, unchanged results. The status quo is unchanged. If the stock market would be in Polish złoty, this chart would be much more predictable. Average copper price for nine months were at the level of $9,556 and PLN 36,257. We see a marked increase in terms of silver price, which is a very important product of KGHM. Let me remind you, we are the second top producer of silver in the world, and here we have 23% of increase in terms of PLN and 29% of increase in terms of dollars. Of course, that influences our results. However, this increase of copper prices in dollars happened by the end of the reporting period, and strengthening of PLN has been observed throughout 2024. Let me just remind you that at the end of last year, the dollar versus PLN was 4.08, 4.10. Next slide, please. In reference to the previous slide, we see a minus 1% in terms of Adjusted EBITDA in KGHM Group, and in KGHM Polska Miedź SA., we have - 1%, so almost the same year-on-year, of course. Judging by the fact that the copper prices remained unchanged, and in the first half of the year, we had a major renovation in Głogów Smelter, so I decreased production year-on-year compared to 2024 by 20,000 tons of electrolytic copper. The drop of revenues by 1% can be treated as only 1%. Adjusted EBITDA of KGHM Polska Miedź SA. + 5% compared to 2024, and plus 16% in terms of Adjusted EBITDA in KGHM Group. Net profit, a bit of déjà vu, because the first six months, throughout the first six months, we had the same result, so it's worse than the first nine months of 2024, both in terms of KGHM Polska Miedź SA. and consolidated. Key production indicators, as I said, 20,000 tons of electrolytic copper less, and it is due to plant maintenance on smelter infrastructure in Głogów Smelter. In KGHM Polska Miedź SA., that was 421,000 compared to 441. Better results in terms of Sierra Gorda, as you can see, +1 4%, which is almost 8,000 tons of copper more in Sierra Gorda. In KGHM International, a little less than 5,000 tons less, which is minus 11%. I think Mr. President will talk about the reasons of decreases in Robinson Mine. I am not going to precede her part of the presentation. We see a constant trend, about 66%-67% of payable copper in domestic assets comes from own concentrates, KGHM. A third, that would be purchased metal, either imported or scrap. This is no surprise. It is a stable level, and we do hope that this stability will not move towards lower production from own concentrate towards purchased metals. Here we have the production results in terms of other assets, Sierra Gorda and KGHM International. Silver production slightly higher, + 1%. TPM production - 6%, and molybdenum production markedly higher, plus 95%, better efficiency and better molybdenum concentration in Sierra Gorda. To finish up, what I would like to emphasize, the results are really good, especially the EBITDA. The exchange rate differences affect the net result, and we are very happy that with what we've been commenting for many years, for many quarters, the cost discipline, because the increase of costs that we had in the previous years, systematic increase due to the cost of work or cost of energy, we have managed to stabilize it. I'm pretty sure that President Krzyżewski will talk about it. There is no increase, even decrease of C1 cost in foreign assets, international assets, domestic assets. The increase of C1 cost is minimal, and if we look at C1 without the tax, we even are dealing with a decrease. Okay, now, Professor Laskowski. Yes, let me give you a bit of details in production, in terms of production results in all the segments, ore extraction, production of copper in concentrate, production of electrolytic copper, and metallic silver production. We are within or even above the budget, and the Q3 of 2025 is one of the best production quarters compared to previous years' period and compared to the previous five quarters. Metallic silver, as you can see, + 1.5% year-on-year, and Q3, as I said, of 2025, 330 tons, and this is one of the best results across these five quarters that we compared it with here. Electrolytic copper in Q3, we returned to the production level of 149 tons. These are the amounts that we got in Q3, Q4 last year. President Szydło talked about maintenance in the electrolyte refinery department in Głogów II smelter. This would contribute to the lower production results of the first two quarters of 2025. In terms of production, in terms of ore extraction, it is similar to 2024, over 23 million tons. In Q3, that would be a level of extraction of 7.8 million tons, the highest in comparable periods. Production of copper in concentrate, it is slightly, but still higher than the compared 2024 year-on-year. Again, 304,000 tons, the highest level of production with compared periods. These are really good results, and I need to emphasize that we had an unfavorable production calendar. 2024 was an off year, and February had 29 days. One production day more for KGHM SA. is 100 more tons of extraction, more concentrates, 1,000 copper in concentrates, 1,700 electrolytic copper, or 1,000 tons of wire copper. This is one more day only in our production results. One more thing about Żelazny Most Reservoir. We have a safe level of filling it, 6 million cubic meters of water. This is what we mean by safe. To compare, in summer last year, when we got to KGHM, the filling of the reservoir of the main and southern part reached dozens of cubic meters. One more important thing in terms of Żelazny Most, we have obtained all the agreements and permits to the level of 205, so that gives us a couple of or more than a dozen years of safe work in KGHM. In terms of production results of international assets, another very good year for that sector in terms of payable copper production in Sierra Gorda for 55 assets. The level of payable copper production was 64.9 thousand tons. It is an increase by 14% year-on-year. An increase of the production results, this result is due to the higher grade copper ore, as well as higher recovery despite a lower volume of ore produced. Very good results in line with our budget assumptions. It is worth emphasizing that thanks to the optimization activities, we have stabilized production in Sierra Gorda, and we see more predictability of production, both in terms of copper and molybdenum. In terms of molybdenum production, here we can boast almost a 100% increase of molybdenum production year-on-year. In Q3, that was over 2 million pounds. By the end of September, we have 4 million pounds in total. Molybdenum production starting from May, end of May actually, we see a marked increase of that. This is due to higher concentration of molybdenum in the ore, as well as higher recovery despite the lower volume of ore processed. What we need to emphasize here, molybdenum production in Q3 was one of the highest in the history of Sierra Gorda. In terms of silver and gold production, we see slight decreases, but this is due to lower volume of ore processed. In terms of gold, compared to the budget of this year, we see that we are still higher than our budget expectations, which, thanks to high prices of this metal and good TCRC premiums, contributes to a very good level of C1 below $1 per pound. Next slide, please. When it comes to the production results of KGHM International, the production of payable copper after nine months is 40.6 thousand tons of payable copper, so a decrease of 11% compared to the reference period. This is the result of the lower content of copper, lower volume, and yield of metal. Here we need to highlight that we are referencing to the previous year where the results were record high. This year, the production of ore goes into liberty which has lower parameters of ore. However, we can see that we are within the budget when it comes to the production of copper, so 35% of the production. When it comes to the production of gold in Robinson, we are above the assumptions for the given year. I was referencing to Robinson Mine. Ladies and gentlemen, we can see that the production results of international assets are very good, which transfers to the good financial condition of international units. At the end of September, we had $240 million, from which $210 million was paid by Sierra Gorda and $30 million KGHM International. Those are payments from guarantees, loans, and provision of other services. I can say that this is a very good year for international assets. Thank you very much. Professor, right now, when it comes to the advancement of development initiatives, we have similar parameters compared to the previous year for the given period. When it comes to the development plan, it was 62%. Right now, we have 63%. We can compare those values at the end of the year. In accordance with the conversations that we had with the departments, we can say that we've completed our tasks when it comes to investments. The execution would be at a similar level, so 96%, which is a very good result. Let me remind you the investment plan, so PLN 3.8 billion. Also, the reserve that we will not be touching will not be moving the assets. When it comes to the distribution divisions, as mentioned during the previous conferences, mining industry, when it comes to the development spendings, is PLN 2.492 billion, from which PLN 2.406 billion is for financing, leasing PLN 86 million. Let me tell you, three-fourths of 80% is the spendings for mining. When it comes to division for tasks of recreation development, it's 35% in total. It's not what we would like to see, but this is something that we can do because the recreation and maintenance are very important components that provide us with the chance to survive. Those cannot suffer because of our investment plans. We need to divide those assets so that every party is happy with the values they receive. Let's go to the next slide right now. Okay, this slide, the circular slide that we can display chart. We can go to the segments. $2 billion of the execution, $492 million, $2 billion, $19 million is mining. Of course, outfitting of the mines, because we are mentioning that this is a type of activity that every day we are extracting every part of the deposit, let's say. A part we should also prepare for the excavation for every other day. That is why maintenance of the mining region, construction of conveyor belts and stuff like that is important. Also, for the construction of the transformer station, those are all basic tasks. There are plenty of basic tasks that make our work in the industry, mining, in the mining industry profitable. We need to have active mining departments. Another very important item in here is replacement of machine park. We have undertaken plenty of actions in here in accordance with the regulations that are in force to rationalize the purchase of machines. This year, right now, for three quarters, we have 201 machines, and the goal is 256 machines. This is the approximate number because every year, depending on the needs, it is always approximate, so plus minus 5-10 machines. That is why we should not be mentioning any delays because this is a result of the previous year. Two hundred fifty-six machines, this is something that we want to purchase until the end of the year. The next item, mining dewatering. We know the problem. The water in Polkowice, Czyżów. For example, the anti-filtration barrier needs to be prepared under the shaft SW4. PLN 187 million. The development of the Żelazny Most tailings storage facility, and we are referencing that because it was all related to Q3 to get all the acceptances, permits for the exploitations, for the construction, the environmental authorizations and licenses as well. We can proceed with the construction of the storage. We need to be consistent and go step by step. This is also complemented by the investment in the construction of the so-called barriers surrounding the reservoir. In order to decrease the pressure, this is the so-called, those are also some wells, special wells, relief wells in order to relieve the area. Also, the next part, the replacement of mines and tailings divisions, different types of modernizations of conveyors, shafts, ACs, ventilations in the hydro facility, hydrotechnical facility. For example, pipes, the network of pipes, because as you can probably recall, one of the reasons of gathering a substantial amount of water when we arrived to KGHM was exactly that. The infrastructure of pipelines was not good. We are removing this downside, and right now, we can maintain the safe level of water of Żelazny Most, and we can proceed. Exploration, this is not significant, 86 million. The next year, due to the entrance of Bytom Odrzański, we will be drilling new holes in order to get some more exploration within that region. This is in perspective. Maintenance of shafts, those are mostly PLN 56 million. This is mostly for the SW4 shaft complex. Step by step, we need to remove the salt and move the infrastructure. The biggest part is the deposit access program. That is 34% for all mining investments. On the first slide, we have 35%. We have development. This is, in fact, this position, this item, plus exploration, of course. It is still mining and mostly prepared for north for shafts because a shaft without the possibility of connecting to the mining system becomes a well. We are not constructing wells. That is why we are very much interested in the intensification of work for [Glasgow], Giewoda, and Gaworzyce. For the plant areas, the gallery areas that we have for Q1, we have 32.4. Within the plan, the execution is not endangered here. We are right now going back to the situation from a year ago. The excavations were underwater, and right now, they are well prepared and accessible. We are sort of like trying to get the time back. The excavations are not everything. For example, we need conveyor belts for those. We need to prepare roads. Those need to be limited because, of course, we need to prepare the proper conveyor belt systems for that. That is all when it comes to the basic infos. This is also a slide that shows the scope of our works for the upcoming years. In green, we have the upcoming shafts that we will be constructing in the future. Please pay attention that in June 2023, we have the deconstruction of the shaft. We have been noticing the increase, and it all transfers into the ton of excavation of yield. Right now, we have a stabilization of Głogów. Those amounts are not so relevant anymore. When it comes to the construction of the following shaft, GG1, and on the surface and the equipment of the facility, we have the reinforcement prepared for the shaft and anti-weight for one of the machines, machine one. We are also preparing for the construction of the target cage. We are also increasing from 33 to 34 when it comes to AC of megawatts. It will be given for the exploitation in September 29. Two units from our group, the general contractor for the surface works, so the liquidation of the temporary facilities, and BIPromet, a company that plays a role of the so-called engineer of the contract, will be overseeing the progress of work. When it comes to GG2, apart from the planning work for the municipality, because we need to get the permits, because, as you know, in other words, the GG2 will be in a different place as compared to what was planned before. The works are going in accordance with the schedule when it comes to the transformator station. The first hole is done already. There will be no dislocation, and the shaft will be there. When it comes to Gaworzyce shaft, we have everything prepared. We are preparing for the geological drills right now. It is all when it comes to the shafts. Let's proceed to the next slide. When it comes to the execution in metallurgy, it is PLN 358 million. The main investments and the point of interest of ours at the end of the year, there will be a renovation Cedynia mine conducted. In general, we are preparing for Głogów II that will be taking place next year. The first contracts, purchases as well. Those are the main points of interest when it comes to metallurgy. When it comes to ZWRs, it is modernization of mills, crushers, bowl mills, and fresh filters, sorry. We are counting on ending the Legnica smelter as well. The new technology without the no caps, no cap. Until the end of the next year, this installation will be accessible and available. That is all when it comes to the investments, the basic info. Thank you very much. [Foreign language]. I will digress for a moment here. Such detailed presentation by President Bryja results from two things. First, his passion. Secondly, the importance KGHM puts on investment and development and providing long-term efficiency of our facilities. Thank you very much, President. We can see your enthusiasm and heart, but time is running out. Let's move on. Thank you. Let's move on to financial results. Piotr Krzyżewski. Yeah, it's good to be last because I can start from a summary. I will borrow some of the words that my predecessors used. To summarize, the Q3, but also all three quarters of this year, we've observed and have been observing good production levels with good cost discipline. At the same time, we're using our opportunities. In consequence, we have good financial results and creation of additional value for shareholders and stockholders. This is what we focused on. You can see that after these nine months. Before we move on to the presentation, three key aspects I would like to emphasize. If I started from finances, I would say the first important element here, President Szydło mentioned that, is the exchange rate. We discuss a lot about tariffs. They are important. However, through the prism of our results, we are able to manage our trade activities so that tariffs do not affect us so much. The exchange rate affects us just like all the other European economy and all the other industries in Europe. This is a great challenge in terms of competitiveness for the European industry. In Poland, it's particularly important because złoty is also very strong right now. As the President said, on one hand, the copper price is raised by 5% and our currency also raised by 5%. At the end of the day, all the national assets, the price of copper in dollars then recalculated into złoty has the same value, even though it increased in general. In terms of trade, again, the last quarter was very dynamic. On one hand, spread between LME and CME grew by $3,000 almost. We had the second of August when we finished the claim based on paragraph 232 in the states. The decision was made of not imposing tariffs on semi-finished products, but raw materials were taxed. Again, it did not affect us so much. We were able to re-channel our goods, the flow of our goods. Thank you very much for the commercial team and our clients, our logistic department. There was a lot of time pressure there. As you can see, the results are impressive. Energy aspects, again, very volatile. First transactions, first PPAs in the history of the company. We purchased 110 MW hours, two big wind farms that will provide energy for us next year. To give you the bigger picture, this is 5% of the purchased energy a year. If we look at it from the perspective of the infrastructure, it is like Legnica will be covered by 72% by wind energy. From the perspective of ESG, it's like in scope two, we reduced scope two by 5% next year. Energy transition is important, but I also have to emphasize the fact that this is a very efficient financial instrument. It will contribute very well to lower costs of purchasing energy in the next year and years to come. Moving on to the presentation now. In terms of group revenues, it's 1% lower, but as President Laskowski mentioned, it has its reasons. President Szydło, the maintenance on electrorefining in Głogów was responsible for that. I will show you what it means. We produce less, but we manage to earn more. This is something we focused a lot. It's not about production volume, but we want to produce as efficiently as possible in terms of finance. Operating costs also lower by 1%. What was mentioned during our first quarter conference, we focus on cost discipline. Cost optimization program is working very well. If we take into exclude depreciation, then it's minus 2%. This is something we will be doing in the coming periods, as you will see. The Adjusted EBITDA, as you can see, is + 16% year-on-year. Again, keep in mind the fact that in 2024, for nine months, compared to nine months 2023, EBITDA, Adjusted EBITDA was + 43%. Very, very high dynamics of growth. We are raising the bar in terms of the contributions. As you can see, over PLN 1 billion is higher EBITDA, out of which Sierra Gorda, PLN 7 million, then KGHM Polska Miedź SA, KGHM International, also strong contributors as well. President also mentioned Sierra Gorda here. What we do in our domestic assets, we also do in international assets. We focus on one hand, fulfill our cost discipline. In Sierra Gorda, it is a low-grade mine. This is the most important aspect. The financial lever is very important here. We have made a lot of changes here, both personal, managerial, minus one level, relations with our partners. Safar T2 is also doing very well. The team of the President also contributes in many areas to Sierra Gorda. The cooperation between the assets is also very good. We see very positive results of that here. Here, looking at group sales revenue, the first is, yes, the renovation in electoral finishing. You can see the changes in sales volumes is copper. Due to the maintenance in electoral finishing, by 16% own contribution, own concentrate, and 4% only in foreign inputs. It shows how well we are able to adjust. A great thank you for the smelter departments. We are looking at production through the perspective of finances. The results are really, really well. The other positions should be connected. Position two, three, and four, if we combine them, we have PLN 800 million plus. This is how efficiency and management looks like, risk management looks like. This is plus PLN 800 million. To remind you, last year, we have generated PLN 670 million plus. This year, it is over PLN 100 million. Again, our strategies work in a way that they can allow us to participate in exchange rate increase. This contributed positively to the results. Here, we have the expenses by nature. We are getting very close to the inflation levels, 4%, both in terms of capital group and similarly on domestic assets. Again, + 4%. The biggest value positions here are well-taxed, unfortunately, plus 10%. In terms of value, I would say labor costs, PLN 300 million in the capital group. In Poland, PLN 200 million. Also, here we have the reserve for the pension expenses. Let's take a look at the use of materials here. It's still going down. A great achievement of the capital group here. Energy and energy factors here. The quantity decided here. The price is lower, but we used more energy, less gas. This was also a result of some of the maintenance activities on steam and gas blocks. I would say the budget gas plus energy keeps being optimized. That contributes to very good results. That gives us the image we see. C1 unit cost. In the capital group, we have minus 6%. If we exclude the tax, the decrease is -13%, which is a very good result. That here is a result of both production efficiency and cost regime. Taking a look at some particular clusters of assets in Poland, +2%. If we exclude the tax from that, that would be -4%. From that perspective, great cost discipline. All the factors that we could influence determined the fact that C1 got down. C1 is recalculated and dependent on the USD rate. If we exclude that as well, that would place us on the level of -9% almost. This is the real value if we eliminate both the tax and the exchange rate from our analysis. Taking a look at KGHM International, as the President mentioned already, good levels of production, both on Robinson Mine and TCRC is supporting us here. Logistics costs got down mostly. All that contributed to the fact that C1 in KGHM International got down by almost 40%. Sierra Gorda marked a decrease of almost 50%. Here, TPMs are very, very important. The facts that were already mentioned, TCRC, Molybdenum, all the opportunities on the market we have used. That is showed in C1. The financial results, the first column, let me just mention that it is without Sierra Gorda excluded. KGHM International and domestic assets, positive contribution. What was mentioned by President Laskowski, I would like to thank the mining departments that contributes very, very well in both assets. As the President said, the last quarter in Poland in terms of ore extraction is very good in Poland. We see that this tendency is being continued also now. These perspectives are really good. Second parameter that contributes positively would be our loans and loans also sent to Sierra Gorda. The biggest negative element, exchange rate differences. To give you the picture, these are the exchange rate differences resulting from our loans granted to Sierra Gorda. Because of that, the change of exchange rate, the result is around PLN 1 billion. Part of our debt, part of all the bank liabilities we have is also denominated in dollars that contributed positively, gave us PLN 200 million on plus. We are still minus PLN 800 million on minus. That influenced detrimentally the financial result of the group. Last thing, cash flow. Also very important, if not the most important. Because cash is what matters in the end. Looking at operational cash flow, comparing it with investing activities, we are very close to financing our investing activities with operating activities. Here, I would like to point one thing to your attention. EBITDA contributes very positively. Then stock, something that will be connected with the maintenance in Głogów Smelter. We have some last corrections on our budget for the next year. We do not want it to influence our cathode production. We are calculating right now how many anodes we need to create to make it in time without this smelter to provide stability of the company. By the end of September, in semi-finished products, you probably observed that it is over PLN 1.4 billion semi-finished product, mainly anodes that we are producing right now for stock. We have it very well calculated, and it pays off, I have to assure you. It will cost us some of the current assets, but still, by the end of the day, it will positively contribute to our result. I think on the annual conference, we will show you that. This element is going to be growing, is going to be increasing. One more thing that I would like to mention in the last days to conclude the cash flow, we will be emitting our bonds in December. This is a planned transaction that contributes to the strategy that writes in the strategy of stable financing. One of the important elements, apart from bank financing, would be bond financing. We have the whole program written down. We already emitted bonds once. Right now, we will refinance that emission and that issuance. We want to prolong the refinancing terms, and we want to use the positive market situation. This is something that you will be shown by the end of the year for sure. Thank you very much. I would like to thank the management board for the presentation of results. Now, feel free to ask the questions. Due to time limitations, please focus on the questions for this presentation today. Do we have any questions from the room? No questions from the room, I think. I have a question from the internet, from the web. Jakub Szkopek Erste. It's pretty long when it comes to two years ago when the management board was taking a job at KGHM. They were basing their actions on the assumed copper prices. Right now, the copper prices are $11,000. Increase the prices of gold and silver. Increase tax on excavation when the management board will test again and reverse the write-offs and to reverse the write-offs. Yes. To answer those questions, when I remember from 8,250, right now we are close to 11. We need to add one more parameter. Back then, the exchange rate was PLN 4.10. Right now, it's PLN 3.60. It's a very important element when it comes to the increase because it's not high when it comes to Polish złoty, but some other aspects as well. As I understand, the matter of the change when it comes to the taxation, the tax for the balance state, we'll be talking to the auditor, to the supervisor. This is an aspect that is being analyzed by us, whether there is a reason for that. We need to have a broader look, not only through the prism of the copper price itself. Thank you very much. To continue with the questions via emails, I think it's for Ms. President and for Mr. President Piotr Krzyżewski. Two questions from Morgan Stanley. Number one, when can we expect the update on the Sierra Gorda development? What areas are the feasibility studies conducted for? Ladies and gentlemen, we are trying to have a very detailed approach when it comes to investments for Sierra Gorda. At the current stage, we are in the preparation of the feasibility study for which the end date is at the end of this year or the beginning of the next year. Only then we'll have the full package of information that will be the basis for our decision. We will be able to talk about the further investment decisions. Right now, the gathering information stage is in progress. The question number two from Yanis. What part of the turnover capital, working capital, can be reversed in Q4? As mentioned, the key element will be the matter of the construction of the optimal state of semi-finished products. What will be the burden of the turnover capital? We are working on some other elements as well to free up the capital as well. This is something that you can observe too. It is very difficult for me to provide the details when it comes to the numbers. Just to add on what Ms. President was saying, our strategy from the very beginning was for our assets to be developed. We are focusing on what you can see right now. We have agreed with our partners that first, the assets need to be produced effectively. The goals, the results need to be reached. We can talk about the investments. The first one is executed, reached, and needs to be continuously reached. Right now, we can talk about the investments. I think that this aspect is very complex because from the perspective of the fourth line, fourth green line, this aspect is much more complex. We are making the drills in the concession area. The mineralization is in the neighborhood. The layout, the exact layout of Sierra Gorda, is something that we are having discussions over. We are considering all the assets that are developing in terms of operations. We are looking at the investments from the financial efficiency. I'll just add on this from the very beginning. For a longer period of time right now, we have been saying that first and foremost, the international assets should be organized and optimized. This is something that is being done. Secondly, not so long ago we had a problem of the due date of loans, so DESIN. This problem was resolved too. The third thing, this year, Ms. President was referring to the payment of loans. It's good that it's happening. This will also be contributing for us to protect us from the proper levels of the pay of the loans when it comes to the exchange rates. The last thing, the most important one, the CapEx that are pretty relevant when it comes to the offsites and the fourth line. To be truth with you, the burden of the investments when it comes to the group, we all know it. We have been signalizing it as management boards. The biggest challenge when it comes to the investments is at KGHM Polska Miedź. Of course, the project that can be attractive, increasing the Sierra Gorda production capacity when it comes to the fourth line, provided that it's going to be effective, efficient, can go hand in hand with what we are planning when it comes to the finances for KGHM. For example, if we consider this to be very efficient with relatively short return rate, we need to remember that fourth line is working in a negative manner for the so-called loans. If we are turning this capital well, it's working well. When it comes to the answer, we need to search for the proper balance for the investments. First, we need to proceed with the ones that are the most important. For example, the ones that we need to execute, then we need to proceed with the ones that are the most profitable ones. Just to add on that answer. The last sentence from me, we would like to focus on the production to be at a foreseeable level. This is something that we are putting a lot of effort into right now when talking about the millennia CapEx, $700 million for the fourth line of millennia. This is something that we need to keep in mind. What was stated before, the international assets are contributing positively to EBITDA. Right now, 46% of corrected EBITDA. At this CapEx, we need to be sure that the return rate will be proper. Just at the very end, to remember for Sierra Gorda, the decisions are made with our partners. We have 50% of shares. This is not a monopoly for the decision. We need to agree upon those. We are co-referencing and searching for proper solutions. I would like to add one more sentence when it comes to financing. Because, ladies and gentlemen, this is something that we have been communicating and saying to you. We are trying to separate the international assets from the banking perspective. For example, $500 million for Sierra Gorda, there is a bigger option in here to get more financing. KGHM International is getting more financing for different assets as well with our support from the substantial part. I would like to say that we are not defining the risk of cannibalization of CapEx because I think there is no risk as such. When it comes to the loans and changing the philosophy not to generate additional loans, yes, this is something that we have been focusing on from the very beginning. We have been, so we will be providing the financing from the operational standpoint, but for respective assets. Thank you very much. If I can just add, President Krzyżewski, you said that we produce less but earn more. At KGHM, Q4 usually was the biggest sales. What is the prediction for the future? That in Q4, we produce more and we sold more and earned more. Is that possible for the future for Q4? A very good question. I have to answer when it comes from the sort of like the back office perspective. I think that this is actually publicly available when it comes to the European market. The benchmark, Eurobiz for cutouts, is 40% higher compared to this year. I will not comment on that. For sure, we will be optimizing that in the long perspective, the company earns as much as possible on its products. Of course, depending on the availability of the items on the market. This is something we also need to remember about the geopolitical world. We are responsible for 50% of the copper in Europe. This technological tract is dependent on us in Europe, depending on the partners, depending on the availability of the product and raw materials too. Thank you very much. One more question from mBank from Mr. President Bryja. When it comes, what will be the profile of the expenses for new three shafts in time? The CapEx will be divided in even amounts. Are there any more intense periods? When it comes to the construction of the shaft, the most expensive part is the deepening part. Equipment of the shaft when it comes to GGD1 and Retków is of different purposes. This is transferring to providing proper equipment for the shafts. We need to remember that any additional equipment is sort of like limiting the amount of air within the shaft. When it comes to the first hole drilled in Retków, we are just waiting for two more. The construction of the freezing unit, so 44 holes need to be drilled, the whole installation. When it comes to the deepening of the hole, we are assuming at 2028, 2029, when it comes to the shaft, it will be deepened and evened out in accordance with our schedule around 2036. This is the most important part for Retków. All the remaining shafts within the periods of two or three years will be going after that shaft. That will be the concentration of the period from 2034 to 2040. Those will be the expenses in different parts of time for three shafts. Retków will be finished in 2040, the next one in 2042, and the next one in 2044. If we are talking about the deepening as being the most expensive part, and then providing the proper infrastructure for the shaft is the 2030s. It is very difficult to indicate a specific year because we have not started the deepening period yet. It is a matter of a year or two years. Thank you very much. Thank you very much. Do we have any questions from the room? If not, then it is the last question, a bit technical, analytical from me. I will try to answer that. Maybe Mr. President will. Milevich from PKO Bank Polski, why in Q3 of this year, why is it the income tax CIT, corporate income tax is so high? Last year, we've been observing the return of CIT from the previous years. This is sort of like distorting the analytics parts of this tax. This one that we have right now is a standard level. Please consider that in terms of the previous periods as well. Right. Thank you very much for attending this conference. Feel invited to the next one that will be happening next year. Thank you very much.