[Foreign language] Hej, and welcome to Investor Update. Today with the mining company Arctic Minerals, who will present the company and the path towards copper, silver, and gold production in the Nordics. Those of you watching live can, as always, interact live with management, and you do that by asking questions in the chat field. We will handle the questions at the end of the presentation. If you haven't received an answer to your question or want to ask more questions after the presentation, it is fine to contact the company directly, and you do that through their website. Even though Peter George, as Australian as he is, understands Swedish, the presentation will now continue in English. Hello, Peter. Nice to see you again in snowy and cold Sweden. Yeah, thank you very much, Carl. Good to see you. Yeah. A year ago, Arctic was traded at around SEK 3.40, and today, around SEK 9.40, SEK 9.30. Walk us through the journey so far, and the potential that would be in the asset and in the company. Please. Yeah. Thank you very much. Well, I mean, we had an interview, what, a month ago, I think, when we released the results of our geophysics campaign, which for Hennes Bay, which was highly successful, and we came up with a target area that's 10 x larger than our current Dingelvik Resource of 55 million tons at 1% copper. But I think today is. I guess we'll go through a bit more of, you know, like you say, what's happened over the year and the journey that we've been on and where we're going as a company. And I think it's fair to say that we've had an extremely transformational year as Arctic. As you say, there, there's been a quite the appreciation in the share price, but I think, you know, I started within Arctic or took over as executive director, and recently stepped up to being the CEO and Managing Director. But I started back in October 2024, and that was the time when Arctic purchased my private company called Rare Earth Energy Metals. And then I became one of the largest shareholders in the company itself, and then also stepped onto the board of the company together with Robert Behets, who's now, of course, our chairman. But I think if you're interested or if you don't know too much about the company, there's probably not too much point in looking prior to October 2024. We're effectively a brand-new company as of that date. So a good place to start, I think, is really talking about the executive summary of the company, and you know, the people is always the most important part. Now, of course, the assets are equally important, but it's the people that drive the company. And I guess I'll point out a couple of individuals here being Robert Behets, who's now our non-executive chairman. He was a partner of mine, together with Erik Lundstam, in the Rare Earth Energy Metals private company, which Arctic bought. And then in more recent times, of course, Robert, as I mentioned, he's now the non-executive chairman, and Erik Lundstam, being our deputy CEO and chief geologist. And, I guess I'll talk a little bit about Eric. You know, in my view, he's, he is probably the one of the more important geologists currently working in the Swedish system and someone that I know and I trust for 30 years when we were both working within the Boliden system, together with the likes of Mr. Lars-Eric Aaro, who sits on our advisory panel. Of course, I'll talk a little bit about Robert, also an extremely accomplished geologist in his own right, but has taken companies such as Arctic from very small market capitalizations, you know, around SEK 200 million through to, you know, tens of billions, within sort of three to five year periods. So we have the team there. We've been building that out. We recently had Joakim Lidfeldt, who is well known in finance circles in Sweden, coming on the board. And of course, we have Mr. Johan Spets, who will be joining us as incoming CFO in a few months' time. Has an awful lot of experience working both in the Nordic Nasdaq and on the main board as well. So, I guess, you know, it's very important that, when we talk about where we are, you know, we talked about the obviously talked about the people, but the projects and where we're located, and I guess this, this title here says it all, A Force in Nordic Exploration and Development. So, we now have projects within Finland, Sweden, and Norway. Our main focus is our Swedish projects, being the Hennes Bay project down in Dalsland. Our Norwegian project is also extremely important, but now taking a back seat as we, I guess, we try to resolve some of the things that have slowed that project down over time, but it's still of a major focus for us in the background. But that's the focus on the Nordics, as well as the critical metals, being the copper, the silver, the gold, and a few other byproducts that we have, including the gallium, germanium, vanadium, and some rare earth metals, which pop up down in our Hennes Bay project. I guess it's also perhaps as, you know, my background, I'm a mining engineer, my profession, a long time ago now, but I'm also a mineral economist, so I look at the trends of what happens in the mining market and especially around metals. And I'm a very firm believer now that we have actually reached peak copper, and what that means for people who don't necessarily understand the mining market that well. But we're in a scenario where we, I don't think it's actually possible for the world to mine the amount of copper that we is required just to keep society going in the way that we have it today. And then you throw the green industrial revolution on top of that, and you know, I have some major concerns with regards to what's gonna happen going into the future, which, of course, is a very good scenario for a exploration and mining company that is trying to develop copper, and of course, silver as well, style deposits. And this just sort of relates a little bit back to my next slide here, which is, you know, 50% of EU copper concentrate is actually sourced from outside of the E.U. So if we're talking about the Nordics, obviously sitting except for Norway, sitting within the E.U. itself. But we have a scenario here where in Sweden, we actually import around about 50% of our copper concentrate into the country, with the majority of that coming from about 12,000 kilometers away in South America. You know, and this just demonstrates that there's been 50 years of underinvestment in Europe and the Nordics, and it's-- that's resulting in us now having to be reliant upon other countries outside of the E.U. for our for our metal supplies. And that's, you know, I think everybody would realize that that's quite a dangerous scenario, especially with the geopolitics around the world as it is today. So, you know, I think our timing with regards to trying to bring copper, silver, gold projects to the market is absolutely perfect. Sorry, I've gone backwards. So on to the next slide there, which is talking about silver. I mean, our Hennes Bay project, which I'll come into again in a minute. So it's 1% copper equivalent, but of that, that's about 0.8% copper and around about 20 grams per tonne silver. The silver market itself has sort of been a bit of a quiet achiever up until recent times, and I think that when we released our maiden resource last year, the silver price was sitting around $30 per ounce. I think it hit $120 before coming back down to about $85-90 today, which is, you know, obviously 3-4 x where it was a year ago, which... so all of a sudden, it's adding significant value to our project. But, like copper, you know, there's big problems within the silver market itself. There's been five years of under supply, so a deficit in the supply of silver to the market. And the world doesn't have answers for with regards to where all of these metals are going to come from. So again, fantastic scenario as far as I'm concerned, but I do worry about where it's all gonna come from. So talking a bit more about our projects. So, when we Arctic purchased Rare Earth Energy Metals, like I said, the focus was the Bidjovagge project. Look, a fantastic project in itself, and I think it's got the potential to be probably one of the more important or the most important gold copper project in Europe. There's some absolutely phenomenal intersections there, such as, you know, 18 meters at 2.2% copper and 33-34 grams per tonne gold, and, you know, 27-meter intercepts as well. And, you know, these are world-class interceptions, intercepts, sorry, I should say. But, you know, park, park Bidjovagge for now, but... You know, I guess I'd like my investors to know that we are working on that very hard behind the scenes, and watch this space. But now, Hennes Bay is our flagship project, so that's located down in Dalsland, in Sweden. Like an area, a part of Sweden which, you know, it's very poorly industrialized. It doesn't have an awful lot of people living there. You know, we... But on top of that, it's from an infrastructure perspective just as an example, and I think later on I'll have a slide which talks about that. But you know, we have two 400-kilovolt power lines running over the property and two major railway lines, and a railway line which is only gives us one hour on fast train down to Gothenburg. You know, and so from an infrastructure perspective, it's perfectly located. But talking about Hennes Bay in, in I guess in a little bit more detail. So we when we picked up the project in a private company back in 2023, it had a non-JORC compliant resource of about 10 million tonnes at around about that 1% copper equivalent. So we realized that we were looking at something that had potentially it was an awful lot larger. So while we were going through the process during last year of recapitalizing the company, we, you know, brought in SEK 40 million. You know, we've completely changed the board, we've completely refreshed the management. But we also decided that we wanted to go back and take a good look at the old data from Hennes Bay. So there was around about 14,000 meters of historical drilling that was done by the state, the Swedish state, going back into the sixties, seventies, and eighties, to create that 10 million ton non-JORC compliant resource. Sorry, we did a lot of re-sampling and a lot of reanalysis of the old core, which is located up in Malå in northern Sweden, and handed all the information over to a third-party, independent geological resource guys. And they came back in, I think it was March of last year, with a 55.4 million tonnes at 1% copper equivalent, and which was no surprise to me, but I think the market obviously took it very well. And then we decided then that, well, look, we know that this is gonna be an awful lot bigger. You know, we have grab samples at surface of 1.7% copper and 40 grams per tonne silver, nearly 17 kilometers away. We can see this mineralization outcropping over a large area. We also had five other prospects besides the path of the ore body, you know, Dingelvik, that we converted over to JORC-compliant. If we put a few more drill holes into, we could make that JORC compliant as well. So we have, we know we have another 25 million tons there that we could potentially quite quickly add to the resource. You know, and I guess on that, we submitted a whole bunch of drilling applications or work plans into the Mines Department or Bergsstaten last year, and we should be able to get up and get drilling quite soon in March. So we're looking forward to actually getting down on the ground and getting out of the theoretical side and actually getting a bit more of the operational things going. So on top of the resource work and the resource development work that we're doing, we also released our conceptual underground mining study midway through last year, which was really exciting from my point of view as a mining engineer, 'cause it gave me the ability to talk to people, investors, and my peers with regards to what do, you know, what could this potentially look like? We had an independent mining engineering firm have a look at that, and they came back and said, "Well, there's at least a 10-15-year project here at around about 3-4 million tons per annum, at around that 1% copper equivalent, with a large high volume, high speed room-and-pillar-style operation." Very similar to what they're doing down in the Kupferschiefer down in Germany, and... sorry, down in Poland. So, you know, that's, and that's, I guess, the first part of scoping study or a PEA, which, you know, I've spoken about in the past, which, you know, we're still working on in the background here. You know, I guess it'll be interesting to see how quickly we push that along, whether or not we wait for more resources to come in or we start, perhaps giving a little bit more of a better indication as what we think is going on economically, at least with this particular project. But I think my from my gut feel and from what I can see and in looking at other projects, I'm very excited about what that could potentially look like. And of course, we have two other projects as well. I'd call those Greenfields Exploration projects. Kuusi over in Finland, we haven't done an awful lot there. We're doing a few little small things planned into the future. But Swan Lake, sitting up in Norrbotten, in near Boden, in northern Sweden, a very exciting Greenfields project. Sits in between the Aitik and Laver projects, both owned by Boliden. We have some geophysics results that were imminent to be released. Again, it's very exciting, very early days project that could potentially be one or two drill holes away from a discovery. But, you know, we've looked at the detail around that, and we're pretty convinced that we're definitely in porphyry territory there. So watch this space on that particular project. But I guess it's perhaps focusing a little bit more onto Hennes Bay, 'cause I guess that's where 99% of the value in the company is today. So that 55.4 million tons at 1% copper, or the 0.8% copper and 20.8 grams per ton of gold. So that gives us nearly half a million tons of copper already in the ground, 37 million ounces of silver. All of that's within the inferred category. So we've got plans for being submitted into Bergsstaten, or the Mines Department, very soon to look to bringing that from inferred up into indicated and into measured. And again, sorry, and I keep talking about the JORC code, but maybe, you know, that's the... where I come from, that's quite a common understood code. But that's effectively a third-party independent group that basically says, "Look" takes our information and signs off on it and says, "Yes, this, this is what we have." So this is not necessarily my opinion as to what we have. This is a third party's independent view. But I guess talking about, you know, Hennes Bay and its resource of the 55.4 million tons, it is a sediment-hosted stratiform copper, silver deposit, and these are, by definition, large, or very, very large. And if you have a look at the Kupferschiefer style, we're talking billions of tons of ore. So we've got 55 million tons at the moment. We know that this thing is an awful lot bigger than what we've demonstrated so far. So I don't want people to walk away going underwhelmed by 55 million tons, which, to be fair, is actually extremely good by itself, but it is going to grow. It is gonna be bigger. And, you know, of our 402, or it might be 414 sq km of tenement package, project package that we have, we've really only scratched the surface of that, and, you know, less than 5% has actually been drill tested. So I guess that's probably a good segue into my next slide, which is what we've also been doing since we released the first resource. And then we've done the underground conceptual study. We then sat down and, you know, internally and had a good look at what technologies there were around the world for, well, how do we set ourselves up for success on our drilling campaigns? So we did a lot of research into different techniques, but we came across the MMT airborne magnetotelluric geophysics survey technique, which has come out of Canada. Basically, it's for the layman, it's to describe it, we fly over the top with a passive sensor below a helicopter, and it's measuring the resistivity and conductivity in the ground, based upon well, effectively lightning strikes within the area. So it's very, it's amazing technology, but what it did for us is that we could see a very strong correlation between the anomalies and that were popping up within that survey, our existing resource at Dingelvik and also our prospects. So in other words, we could confirm what the geophysics was looking like with the drilling, and a very strong correlation between if we get a stronger anomaly reading, that's also synonymous with high grades. So it's a game changer as far as we're concerned for the project, and makes it an awful lot easier for us, but what it for our drill planning. What it did come out with is that it's you know, we've only done 100 and I think 134 sq km of the 414 sq km property. But just with that survey, we increased our target area by 10 times. So, you know, an exciting, I guess, revelation for everybody to understand. Look, don't just believe me standing up here saying that this thing is gonna be bigger. You know, we're using the technology to prove it. Obviously, we need to get in and drill these things, and hopefully that drilling campaign will be starting very soon, and really looking forward to that. Already spoken about the conceptual study, so perhaps I'll just move on from that one. And the major infrastructure, again, already spoken about that, but I can't stress enough about how important that infrastructure is. And when I talk to some of my Australian friends in the mining industry about the fact that I've got two 400 kV power lines running over my property, that I have two railway lines, I have major highways, I have fresh water, I have a highly educated workforce, they don't believe me. So it's, you know, we're quite used to building mines up in the northern part of Western Australia, where you have to build a 150 km railway and put in a whole bunch of gensets to create your power at probably about 4-5 x the cost for your power. So there are some major advantages to being where we are, but then on top of that, I think there's the and we haven't really touched so much on that, but with regards to what's happening within Europe and really the, I guess, with the EU Critical Raw Materials Act that came out in 2024, and a real focus on trying to bring mining back alive within the European community, and after 50 years of underinvestment. So I think our timing is absolutely perfect and really looking forward to seeing where this goes. Forward work plan. I've already touched on a lot of these things, but I guess there's also the stakeholder engagement or the license to operate, as we call it sometimes in English. So it's very important that we put a lot of time and effort into educating everybody in government circles, local landowners, investing public, with regards to what happens here and what it is that we're trying to achieve. We've already started on the environmental, heritage, and cultural investigations, so that project is starting, or has already started. So we'll start to be getting some boots on the ground, trying to determine what the current baseline is for the plants and the animals, and how we could potentially impact them when we eventually come to building a mine over there. The resource expansion, I've already touched on. I think in my mind I want to get this up to a 200-300 million ton deposit. It's that would take us up into world-class and the sort of size that all the big boys are really interested in. So it's an important target to have. We're already, like I said, the 4,000 meters is gonna be starting imminently. We've got more plans coming through, so we hope to be able to to expand that quite quickly. We've got the further geophysical work that we're wanting to do. So we're gonna get the guys back from Canada to fly some more of the MMT surveys later in the year, and we'll expand on that 134 square kilometers of area that we've tested already. So, you know, I... I'm fully expecting that that 10 x target that we already have now is gonna grow significantly from there because we can see the copper at surface, so. And then on the project development side, you know, we're progressing with our PEA. I'm sort of loathe to put a date as to when I'm gonna put that out there, but I think it's fair to say that with the metal prices that they, and where they're heading, and where I think they're gonna continue to head, the numbers that I've got internally look fantastic. So, I can't sort of say anything about that until I produce a scoping study or a PEA, but, you know, watch this space for when we start to deliver information on that. And, you know, and that includes things like metallurgical testing and, but, you know, we've, we've also been quite fortunate with a lot of the historical information that's suggesting that the metallurgical recoveries of this particular Hennes Bay are actually extremely good. And, and, something that perhaps I haven't talked about before is with regards to deleterious elements within the ore body, sorry, within the ore and the waste coming back very favorable, i.e., there are none, which means it becomes a very in-demand product, I could say, that we create.... So I guess then moving on to our portfolio, from the board's perspective, it's very important for us that we are not considered to be a one-trick pony with only one project. We are an exploration and development company. You know, I guess for the uninitiated, it would be expensive for us to be trying to put three projects into production all at one time. But, you know, we have three, four projects here that are all at sort of different levels of progress. I think I learned a long time ago, it's not nice to have all of your eggs in one basket. It's nice to be able to have a couple of different projects. Sometimes one project goes a little bit slower, so you can continue on with your other projects, 'cause I think as a exploration development company, you live and die by your ability to provide news to your investors and create interest in your stock. So, when we talk about the balanced portfolio there, we obviously, we already have two advanced projects, being Bidjovagge and Hennes Bay, even though Bidjovagge is now taking a back seat, Hennes Bay being our primary focus. But again, like we have Swan Lake coming through, and there should be some geophysical information that we can release to the market imminently, as well. So lots of news coming up. So again, coming to the last couple of slides, just on the corporate summary. So we have around 47 million shares at the moment. Share price yesterday, or two days ago, was SEK 8.15. I think it's up well over SEK 9 today. Market capitalization sort of varying between SEK 350 and 500 million, depending on the day of the week at the moment. We're doing quite well. We've got. With regards to cash, we have about SEK 17-18 million sitting in the bank. We've raised SEK 40 million over the last 12-14 months. And of course, we've already spoken about the board and management and advisory committee there, but you know, so I'm very happy about where we've got to over the last 12 months, where we've you know been able to recapitalize the company. We've refocused our efforts onto our main project at Hennes Bay. We're refocused on the copper, the silver, the gold, the critical metals story, and then, and of course, the rest of the team coming along and, you know, with the advisory committee that we have there, that I haven't spoken too much about, but these are extremely talented and very experienced individuals in the mining industry themselves. So last slide. Look, why invest in Arctic Minerals? I guess that's the question on everybody's that that's listening in. So, right, commodities, copper. You can't go wrong with copper. It's a very important thing about everything we do. You know, it's in our phones, it's in our cars, it's in our lights, it's in the internet. You know, without it, we're in trouble. Of course, you throw the silver and the other, the byproducts that we've potentially got within there and, and the gold, then I think this is definitely the focus. And I guess being critical raw materials in more ways than one, you know, they are on the critical metals list within Europe and the U.S., the two most important markets. The right geology. So we are after, you know, we're after big, big elephants. We're not after small little projects. We're wanting projects that are gonna be multigenerational, that are gonna be 20-, 30-, 40-year projects. So we think we have that on the way at Hennes Bay. Swan Lake is another opportunity there. If we think we... If we have what we think we have with another big copper porphyry, copper, silver, gold porphyry up there, that's of an arctic size, you know, we're up into the billions of tons. And then, of course, the Bidjovagge, again, you know, that's only been drilled down to 150 meters. We know that it goes an awful lot deeper than that, and there's just a lot of untapped potential for perhaps one of the more important gold, copper projects up in the north. So, you know, the right geology. The right people, I've spoken a lot about already today. I won't do it anymore. The right jurisdiction. Look, Sweden, Norway, Finland, these are tier one jurisdictions. I'd classify them in the same breath as an Australia or a Canada. Not anywhere near the size, but you know, this is a very well-controlled and well-governed industry that we have in these particular areas. I'd much prefer operating in these sorts of jurisdictions because you have a rule of law, and you operate to that rule of law, and you just know what it is that you need to do. Does it mean that you have to do things to a very high level of compliance? Absolutely, it does. But you shouldn't be scared of that, and that's, you know, that's why you have the people in the company that you have, because we've all dealt with all those sorts of things, and we've been doing it for 30 years. The balanced portfolio, I've spoken about already, but... And then also being positioned in for the Nordic markets. You know, Sweden, Norway, Finland, you know, that's, that's our focus. We wanna be leading the way in Europe with regards to reinvigorating exploration and the mining industry. And I guess if you have a look at the Nordics and Europe as a whole, you know, where are our next copper, silver projects coming from? And the cupboard is extremely bare. So if you are looking for exposure to those metals, then yeah, do yourself a favor and have a close look at what we're doing, because I think that we're on the right path. And I still think that we're a multi-bagger opportunity from here, which is, you know, the sort of projects that I look for when I invest my own money. ... so, this is only the beginning? It's only the beginning. Yeah. We have received a couple of questions here, but we have a comment rather than a question here from a viewer. And I will just read it because I think you're getting some moral support here. Oh. As a man living in Dalsland, I sure hope that you can get start mining, and I can't wait to start working for you. Fantastic. Give him his phone number. Yeah. So we'll do that, but I'm coming back here to... You were talking about Peak Copper and the underinvestments that would go for, for the world, but particularly for Europe, I take it. Mm. We haven't seen too much consolidation in the sector, have we? It's hard to consolidate something that doesn't really... is not there. No. So because the genius behind my question, if there is such a thing as a genius behind my question here, but I mean, basically, it's not really a question about copper, if we look at copper price going up- Mm ... but it's a question of a huge deficit in new mines. Yeah. Yeah. So obviously, the big boys would be looking at the prospectors and developers. Mm. Do you see any discussions in the sector as such? Yeah, you... I think you've asked me this last time- Mm-hmm ... and I tried to dodge the question. Yeah. But look, I can't give any details because that's sort of material information. But, you know, we will talk... We're quite happy to talk to everybody- Mm ... you know, and I think Robert and I, we talk about this quite a lot, and he's had this attitude in the past. You know, we're quite happy to talk to all of the big guys about what we have. But, you know, we have five years of massive amount of value that we can add to this- to these projects over the next five years, taking Hennes Bay from where it is today to being construction-ready. And each time we hit one of these milestones of the, either it's in a permitting or whether it's a resource classification upgrade or even moving up a- up above 100 million tonnes- Mm. Mm ... and then also, scoping studies and feasibility studies. Each time we hit one of these, we're gonna get revalued by the market. Mm. Mm. We have that capability to do all of that, a lot of that work in-house at a very low cost for the company. So, you know, it, it's... I haven't directly answered your question, but I, I guess if I was an outside person looking at- Mm ... looking at us, I mean, we're a logical target- Mm ... because there just isn't anybody. No. There's been 50 years of underinvestment in- Mm ... in the exploration industry. Well, around the world, to be fair, but even more so over here- Mm ... in Europe. I mean, Sweden is trying to lead the way, but to be fair, there's been more focus on, you know, in and around existing mines, rather than trying to do what we've been doing and grow new projects. So the cupboard is extremely bare. Mm. Mm. It's my understanding that the reports year to date from Hennes Bay- Mm ... as we have spoken about Hennes Bay, and that's 90% of the share value here. That has greatly surprised the market if we look at the share price performance- Mm ... and, as a layman, as myself, has Hennes Bay surprised you? Mm ... in equal measure or have you been very... I mean, is how big of a surprise is Hennes Bay to you? Yeah, yeah. Well, I'm not surprised- Mm ... but I mean, I guess I have 30 years of experience- Yeah ... so I understand what I'm looking at, and that's the reason why we've gone down that particular path. Mm. But then it's incumbent on us to be able to demonstrate to the market- Mm ... what it is that we have. But one of the interesting things with dealing with the investment community, especially over here in Sweden and the Nordics, is that there's been a real focus on, I guess, the tech sector for the last 20 years. Mm. Mm. So there, there's not a great deal of knowledge, I suppose, in the investment community about mining. Mm-hmm. So a lot of what I have to do is educate investment community on what all of that means, and also go almost back to basics with regards to, well, why has this opportunity come about? You know, why hasn't it been mined previous? Yeah. Why hasn't a Boliden- Yeah ... picked it up, for example? Remember, because these sorts of projects, I can tell you now, if it was in Australia or Canada- Mm, mm ... it probably would've been half-mined by now. Yeah. But that's a, I mean, that's a whole new subject in itself. So it's a kind of complicated answer to a, to a- Yeah ... simple question, but it didn't surprise me. But, you know, I think, like you say, it's how can you go from where we started- Yeah ... a year ago to having a 55 million ton resource as quickly as we did? Mm. So it's... So maybe I can follow up there with a provocative question here. Could we do the same exercise for Swan Lake and Bidjovagge, Bidjovagge, sorry. Because, although we have focused on Hennes Bay, I can't help but feeling when you talk about those other two assets, you're very, very confident. Yeah. So, it's a provocative question. How much can you answer on that? No, well- You're not lying sleepless. No, no, no. No, again, it's a bit of an education process- Mm ... for people and two very different projects, I guess, Bidjovagge and Swan Lake. You know, I'll start with Swan Lake. That's... We would call that a greenfields exploration project. Mm. So it hasn't even got a drill hole into it yet. But we're doing a lot of the pre-work on it, and what we can see at the surface, or more the geologists can see at the surface, is the rocks and everything is strongly suggesting that we've got another porphyry very close by, which is the same geological description as what you have over at Aitik or at Lavar, for example. And then there's also the potential for a very high-grade gold deposit there as well. So what we've just done there is that we've completed all the geophysics works. We're now waiting on the report to come back, and then we'll go out to the market, and we'll tell them how that's going. But yeah, potentially, you know, we're one drill hole away from another discovery there, which is gonna get the market very excited, I think, if that is the case. Yeah. Bidjovagge is very different because that's a previously operating mine- Mm. -that was operated by Outokumpu back in the '90s. It has problems associated with it, which is more political, I guess, than anything else. But putting that into the back seat of the truck, so to speak, it's a lot. It's far too valuable for me to get rid of it. Mm. But now that it's in the back seat, all the focus is off it. Now all the focus is on what we're doing at Hennes Bay. We're working really hard in the background to resolve those political issues because I think that we released a scoping study on this back in 2021, and I think it had a EUR 150 million- Mm. NPV on it then, and that was at a copper price of $9,500, which is now over $13,000 per ton, and the gold price was at around about $1,700. I think it's $5,000 now. So you can sort of do the, the- Yeah ... the mental gymnastics in your head and realize that that's an awful lot more... It's an awful lot better NPV on it today than what it was back in 2021. Mm. We've definitely got the eye on the prize. Mm ... of the other ones as well, and that's the benefit of having a well-balanced portfolio. Mm. So if something's going a little bit slow in one area, you know, we can keep working on other areas and push all these things along and create significant value for shareholders. But as you say, though, nine—I'd say 99% of the value- Mm. Yeah ... in the company at the moment is in Hennes Bay. And I think that's the key point here, would be really that, although you have a balanced portfolio, the share price isn't balanced because it's very much focused on Hennes Bay. No, correct, and then that takes a lot of education- Right ... because people don't- Yeah ... the investors don't really understand all of that. Talking about education, Aktiespararna recently issued an initiation of Arctic. Yeah. I believe one can find that research on your webpage. Yes. Yeah. And, on an educational basis here, though, as you are a developer and prospector and doesn't really produce yet, what kind of metrics do you think that anyone interested in trying to learn about the company should look and- Mm ... well, when they look at the research and when they look at the press releases and stuff like that? Yeah, yeah. I mean, it is difficult to value an exploration company like Arctic. Mm. I do appreciate that because there's not an NPV or an IRR- Mm ... calculation out there where you can go, "Okay, well, I can see how much money these guys are going to make." That's, it's too early for us. You won't see those sorts of information being produced by us until we put out a scoping study or a, or a preliminary economic analysis, which may not be that far away. Mm. But I'll leave that hanging. But, you know, I guess... Sorry, what was your question? Yeah. I mean, what kind of metrics would you like us to- Oh, sorry, yeah. To see? Yeah. So if you go back to the Axiom Spa and analysis... Mm ... if you get sort of, if you don't die of boredom in the first half of it because it's talking about the board and the management- Mm, mm ... and the projects, it actually starts talking quite a bit about how to value Hennes Bay and compare- Good ... Hennes Bay, the company itself- Mm ... to other projects- Okay ... in the same space across the world. Mm. So, I'd encourage people to go in there and have a good read of that and learn because it's sort of a halfway step between actually being able to produce an economic study. This puts a value on the, I guess, the EV for resource size calculation, and you can rank where we are- Mm ... but you can also see the potential for where we are now, compared to where we should be within a five-year period. You know, what I'm trying to educate the investment community is that you, if you invest today, you don't necessarily need to stick with me all the way through to when we're producing. You know, that every time we hit a milestone, you know, whether it's a resource upgrade- Mm ... or, we release a study, or we have a new discovery, each time we do that, the market revalues what we are. Yeah. I think that's a really exciting part of... You know, you don't have to stick around for the whole thing. Of course, I'd love everybody to stick in, but if you want to take some profits, take some profits, and then come back in again later. Mm ... when you realize that, we're on the way up, and we have an awful lot of market capitalization to go. Excellent. Thank you for that, and conscious of time. I guess that this year will be, as, let's say, productive, from your side- Mm ... as last year was. And, what would be the next news flow from you? Yeah, yeah. No, I, I think, I guess just to reiterate, you know, we, we had a year of reconsolidating the company. You know, we raised SEK 40 million, of which we still have a little less than half of that in the kitty. Our focus was to rebuild the board, rebuild the management team, rebuild the bank balance. We, we wanted to take all of the historical data, put it into a modern format, and then start our plans for what we're going to do next. So obviously, we did the geophysical work, which sort of blew everybody's ears back a little bit- Mm. Mm ... to show the potential size. But the next thing is, you know, we need—we're gonna get boots on the ground very, very soon to start our drilling campaigns, to grow that resource as quickly as we possibly can. So there'll be, you know, watch this space for resource growth from- Mm ... from, from our point of view. But then there's also the technical side of things as we progress towards getting scoping studies, PEAs, pre-feasibilities, feasibility studies. But then that also rolls into the permitting aspects. Mm, mm ... of the company. And, you know, we need to get a completed scoping study or pre-feasibility study so that we can then make our applications for our mining permits, as an example. So an awful lot of work to come. And it's, from my point of view, I mean, I guess, Carl, if you think that we were putting out lots of information last year, so we'll just- Hold on to your hat and see what we start putting out this year. Yeah, interesting. Yeah. We should be interesting if the share price performance can match that. We will- Let's hope so. Yes, let's hope so. Well, thank you so much. Educational and- Mm ... interesting, so best of luck. Thank you very much. Thank you.