Ladies and gentlemen, I'd like to welcome you to this Boliden 2026 guidance presentation, audiocast. My name is Olof Grenmark, and I'm Head of Investor Relations. Today we will have a presentation led by our President and CEO, Mikael Staffas, and our CFO, Håkan Gabrielsson. We will also have a Q&A session. Mikael, welcome. Thank you, Håkan, and good morning, everybody out there. The weather here in Stockholm is actually really gloomy today, but it's not snowing like it was when we had the Q3 presentation, and we almost missed the presentation because we were stuck in traffic. Anyway, we're going to talk about 2026 and the 2026 outlook. For the mines, well, first of all, it's the first full year with Somincor and Zinkgruvan included, so we now have them part of all of our guidance initiatives. We have higher grades in the open pits, and we'll come back into more of the details around that. We also have increased mill volume in several of our mines. We have in Aitik an expansion due to less diorite. In Garpenberg, we have gotten an extended permit. This permit can still be appealed, but we did also get the permit to use the new permit while a potential appeal process is ongoing, and thus we can guide for higher throughput in 2026. The Boliden Area, the Kristineberg expansion, is also leading to more throughput, and in Tara, the ramp-up is coming on, and we have more volumes coming through there than we have in this year. We're also making clear in the mines that we have the changed tax levels in Finland. It still says here potentially increased annual cost. The reason why it's potentially is that the budget is not yet through the Finnish parliament. There are still discussions ongoing, but I think the prudent way to think is that these taxes will go through in some shape or form at least in the next few days. On the smelter side, we have an increase in Odda. The first feed is coming in Q1, and we have a roughly two-month delay compared to what we have said before. We have encountered certain issues during the ramp-up period. The project in Rönnskär is, however, working very well and continuing according to plan with a ramp-up during the second half of 2026. And the planned maintenance has an EBIT effect of SEK 450 million. We'll come back to that as well. On the CapEx side, the growth per CapEx for the next year is guided at SEK 15 billion. Out of that, mine sustaining is roughly SEK 6.5 billion. And this number, we do have, and we'll at some later stage come back to more details because we're still fighting out with some suppliers, but there are some, I would say, minor overruns in all that. They are included in these numbers in here. So I'll leave it over to you, Håkan, to a little bit go through the details of the numbers. Thank you, and good morning. On this slide and in the press release, we give milled volume for each mine and also the grades for the key metals for 2026. As you can see, this is a similar format to what has been used in Boliden earlier years. Now, some key points. For Aitik, we expect milled volume to be at 41 million tons. That is an improvement from this year, and we see milled volume gradually coming up as the impact of the diorite intrusion is reduced. Grades 0.18 for copper and 0.08 g/t for gold, and we expect an improvement mainly from the middle of 2026. Also in Kevitsa, the grades are improving, and the milled volume, as usual, is stable at the permit level of 10 million tons per year. We see a stronger production in the open pit mines in Boliden. As Mikael said, Garpenberg has an expanded permit, and we expect a production of 3.7 million tons for next year at 2.9% zinc and 95 g silver, which is slightly down to this year. We talked about the continued ramp-up towards 4.5 million tons at the last Capital Markets Day. So to put it into context, I refer back to that presentation. And then you can see the grades and the throughput of the remaining mines further down on the slide. I also like to highlight already here that in the appendix, you'll find a comparison with rolling four quarters until Q3. This is grades and milled volume, but you also have cash cost rolling four quarters as well. And we expect to report cash cost every quarter going forward, giving the rolling four quarter cash cost in each quarterly report. So Mikael. So, we were also just going to say a few words about what we're doing in what we still consider our two new mines that we bought from Lundin, and we took control over in April of this year. In Somincor, we have done, and we did relatively quickly, the first action that we did was to change the shift schedule. This had been a sore point for quite some time in Somincor, and it's been a little bit stuck in different negotiations. We went ahead with this one and got what I would say very good acceptance for this, and we figured that this, or we think that this new shift schedule is the basis for the future improved productivity as we move forward. We have substantially increased near mine exploration around this. We are doing surface exploration drilling on the Lombador North extension, and altogether we have gone from two to six drill rigs on surface. We are working with geophysics in the Rosario area, and we are updating the feasibility study of the Semblana mineralization, so if I should say something, what I feel about this compared to what we've done, I would say that yes, we had envisioned doing these things, but things look relatively good also compared to what we had in our own plans as we took this over and made the due diligence. We have increased the mine development, horizontal developments to get over to Lombador North. We have put in new ventilation raises, and we are working on an ore pass to get more flexibility in how to work with the mining. We should, however, be clear that we're doing these things not with the ambition to increase the production. The production volume at around 4.5 million tons per year is stable for the next coming years. We knew about this as well. We knew that we did not believe that even the 4.5 was sustainable unless you took more actions, and that's what we're doing with the increased mine development around this. Mill optimization, we're having a large study on the way to see what we can do on mill optimizations, and we're, of course, working to try to get improved recoveries. However, we're not guiding for that for 2026. We're guiding for the recoveries to be expected to be unchanged. The work on how to set up the mill in a more efficient way will take more time than that. We've also, and this is, of course, mainly something that was done already under the Lundin time, so we basically just took the last step around getting the new Global Industry Standard on Tailings Management Compliance completed, and it is now completed, which is good for us and good as we move forward. On Zinkgruvan, we have also here increased focus on mine extension, and that is the primary focus, and it's mainly developments of the Dalby mineralization that we're working around to get this working. We have extended tailings facilities. That was according to plan. It was already initiated in the previous owners, but we have continued that one. We're going to get it in operation in 2026, which is a good way of securing additional life of mine. Also here had been started already under previous ownership, but we have been able to move this one forward to being in full compliance with the GISTM, which also feels good going forward. We're working here also with optimizations in the mill, but just to be very clear that the recoveries are at least for 2026 expected to be unchanged. This is also a longer-term discussion than that. The mill volume for next year is stable at 1.5 and is likely to stay stable at 1.5 for the next few years, even though we're not guiding specifically for anything else than the next year. In Odda, as I said earlier, the hot commissioning has taken longer or will take longer than we had anticipated. The first feed will be in Q1 rather than right before Christmas, as we had hoped in the original plan. We have encountered both some mechanical issues that need to be sorted out and also some electrical issues that need to be sorted out. That together with the fact that you get entangled with Christmas and New Year's plans with the contractors means that we're losing roughly two months compared to what we have said before. The annual capacity increase is still the same at 150 kt of zinc and 45 kilotons of the leach product. And here we can also say that although we never thought it would be difficult to sell the leach product from a commercial point of view, we can now confirm that we have a very strong interest from buyers for the leach product, and it looks very easy to sell it, if we want to use that word. And we're also looking to get good prices and terms in selling the leach product. The one that we're going to sell, some of it will actually be treated in our own Rönnskär facility. The increased improved annual EBITDA is around EUR 150 million per year as we come into full production. This is fully in line with what we had said before, and that's not such a big surprise because that's with the Boliden long-term planning prices in place, which also change very slowly. If you were to make this on spot, it probably would look a little bit better. The increased depreciations of about SEK 700 million, 2026 versus 2025, as we start to put on the depreciation as we ramp up. In Rönnskär, everything is moving on according to plan. It looks quite good. We are 60% completed as of November this year. That's very much on track to ramp up during the second half of next year. One thing that you don't really, if you look at this picture and look on the ceiling and you look a little bit to the left, you see that there is something there on the roof going on. That's actually that we're dismantling the roof when this picture was taken to put in the last cranes. We decided to make the building first before we had the cranes, and then we have to open the ceiling to get the cranes in. That operation happened earlier this week, and the cranes are now there. So that's one of these single things that we can seal the ceiling again to make this work. And as you see, the building is there in place. The building that's in the front that's working on, you can see the two yellow cranes around, is the electrolyte cleaning facility. That one is the only one where the walls are not up as quite of yet, but in a few weeks, those walls will also be up, and we'll start working on the, sorry, on the internal installations there. The capacity is still at 230 kt copper cathodes capacity. And the annual increase of EBITDA as we get going around this one, here you've seen around a number before of around 1 billion. It now says 1.2, and that's reflecting the somewhat changes that we've also done in terms of the prices and terms in our long-term planning prices. So that also looks good. Then I will leave it up to you, Håkan, to talk a little bit about the maintenance and the smelters. Okay. As you saw already on the first slide, we expect the profit impact of maintenance stop in smelters to be SEK 450 million in 2026, down compared to an expected level of SEK 500 million in 2025. This is then EBIT impact, so you have part of it coming on cost and part on revenues. Below, you see the quarterly breakdown, and as usual, the heaviest part is in Q2. Then finally, some comment about Rönnskär, and this is actually quite positive news. We have made an updated assessment of the metal recoveries in Rönnskär, which has a positive impact on operating profit in Q4 2025 of about SEK 400 million. This is done. The background is that after the fire, we had some new material flows with anode sales and also materials from the Harjavalta smelters that were sent to Rönnskär. And at that time, there were a fair amount of uncertainty as to the recoveries of those flows. We also had some risks in the recovery of metal from the ground where the old tankhouse was destroyed by the fire. Now, as a result, we have operated with conservative assumptions on metal recoveries in our accounting, and we have now better visibility, including some recent stock takes, and we have therefore been able to adjust the accounts, resulting then in a positive one-off item of SEK 400 million in Q4. And with that, I think the presentation comes to an end, and we will now leave it over to the operator for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Adrian Gilani from ABG Sundal Collier. Please go ahead. Yes, hello and good morning. Two questions from my end. First of all, on Aitik, do you expect to see any recovery issues persist into 2026 as well due to the diorite problem, or are the recovery issues fixed at this point? I can take that quickly. The recoveries have already gotten better. If you saw Q3, it was clearly better than what we had in Q1 when this was a really persistent problem. We expect those recovery issues to basically go away quite a lot during the year. It's not due to diorite. That's due to oxidization, which is a separate challenge. Okay, understood. And then with the Garpenberg permit now in place, can you give any timeline on when you might be able to announce any investment decision to actually take the throughput to 4.5 million? Here we say that we have already announced an investment decision at the Capital Markets Day, both with the new paste plant and other, and we gave a lump sum for others, a bunch of smaller investments. Altogether, I think it was SEK 1.5 billion or 1,550 to get to 4.5. But it's one thing to get to 4.5 and another thing to stay at 4.5 because to get to 4.5, we can use some shallow positions, but as they get depleted, we need to go on the depth, and then we need to have more investments. So I would say that we don't need any more investments than what already has been announced to get to 4.5. We will need more investments, and we'll come back to those to stay at 4.5. Just as a follow-up, are those going to be taken mainly in 2026? No. There might be some decisions in 2026, but in terms of capital, it's going to be later. Okay, understood. In that case, thank you. That's all for me. The next question comes from Krishan Agarwal from Citigroup. Please go ahead. Hi, and thanks a lot for taking my question. First one is a bit of a mechanical on Rönnskär. So the guidance for SEK 1.2 billion EBITDA, can you confirm that the metal recovery, particularly the gold and the silver, is going back to the level of 400,000 oz and 15 million oz that you were producing before the accident? That's always very difficult to answer because that will always, in any given year, depend on what feed we have, and we will always optimize feed that might not be optimized to keep a certain gold production level. It might be optimized leading that you produce less gold, but you still make more money, so we tend to be very vague in terms of guiding exactly how many byproducts we'll get, as it's dependent on the feed mix that varies from year to year. I understand, but is it safe to assume that, okay, feed mix will be consistent and there is no material change as compared to what you were doing before? From a kind of 10,000 ft point of view, you could say that we will be trying to have similar feed as before. But this is a liquid market that changed, and suddenly certain parameters in these things, be it penalties, be it gold prices, be it something else, changes, and that, of course, leads to new optimizations. But I would say that we're going to get back to the same Rönnskär as we had. Of course, we will be looking at similar feed as we had before. Understood. Very clear. The second question is on Aitik. I mean, 41 million tons of milling volume guidance. I mean, if I go back and look at the five-year history, sort of has operated at that level. So where does the 45 million ton actually come into the play? And more importantly, is there any kind of CapEx requirement you foresee to reach that 45 million ton? Exactly when we reach 45, we're not guiding for today. So that will be for a later guidance. We're only guiding for 20 26. However, we have said before that the main challenge is diorite, and diorite appears in certain areas. We were surprised that it came a little bit sooner than we thought, but as we come through diorite, we should be able to increase throughput without any substantial investments. We have the equipment to do 45 million ton when we don't have diorite present. Understood. Very clear. So there's no pressing need for the CapEx to reach that 45. It's more of the mine sequencing. More of the mine sequencing. Understood, and the final question probably for Håkan. So you're guiding for SEK 6.5 billion mine sustaining. Can you also help us break down the CapEx between SEK 6.5 billion mine sustaining for the mining business? What is the sustaining CapEx level for the smelting business? And then the rest is safe to assume that it is a pure growth CapEx and where that growth CapEx is likely to go in 2026. Okay. I can say a few words around that. However, I think that we'll come back to a deeper guidance or a deeper breakdown in the Capital Markets Day in March, rather, but this year, as you say, we have guided for SEK 6.5 million mine sustaining CapEx, and this is then stripping away stock. It's underground development and raising of dams. And if we adjust for the new units, it was SEK 6.5 billion also in 2025, then we talked in the last Capital Markets Day of a handful of strategic projects, big important projects that we've been running. In 2024, they amounted to SEK 8 billion. In 2025, they came down to SEK 5 billion, and it is further being reduced in 2026, although I will not give an exact number this time. We'll come back to that in the Capital Markets Day. But to give some more detail, I mean, these bigger projects, we had the Aitik dam that was finalized in 2024, late 2024, the Kristineberg expansion finalized in the earlier parts of 2025. Odda, the Rönnskär tankhouse, and the sand recycling project in Boliden are still ongoing. And then you can add the Garpenberg spend that we talked about recently to get up to 4.5 million tons to that list. Now, Odda is in the final part that goes away during this year. Rönnskär is on similar level this year as last year. The sand recycling, that's a SEK 2.5 billion project in total. That's actually increasing the momentum a bit. And then out of the SEK 1.5 billion investments in Garpenberg, we did have only a minor part in 2025, and I'd estimate about half of it will happen in 2026. So all in all, there are still a number of strategic projects that are ongoing. They are lower as a total. They are lower compared to the SEK 5 billion that we had in 2025, but we'll come back to a further breakdown. The main growth projects that we have, that's the final parts of the Odda projects, the SEK 4.5 million spend in paste plant and others, the SEK 1.5 billion that we talked about in Garpenberg. And then I guess it depends on how you see it. You could see the Rönnskär tankhouse either as a replacement, but it's adding profitability at least. So if you want to include that as a growth project as well, that could be there. The remainder then are replacements, some productivity, some EHS investments. I think it's worth mentioning that we have a phase of slightly higher replacement CapEx in Aitik as we are moving the old industrial area to access the ore that is beneath. So that's roughly where we stand, and then we'll have to come back to further details in the Capital Markets Day. Understood. That's the comprehensive detail. If I can ask a broader question, so 2026 probably will be the fourth year for you to stay at SEK 15 billion CapEx level. Is there any kind of visibility in the next, say, two years for you to come down or SEK 15 billion probably is the new norm for the Group CapEx? Everything beyond 2026 will take at later times. Understood. Thanks a lot. The next question comes from Liam Fitzpatrick from Deutsche Bank. Please go ahead. Good morning, Mikael and Håkan. Two questions from me, one on Garpenberg and one on Rönnskär. On Garpenberg, I'd take your comment around future investment decisions and that will be needed to maintain at 4.5 million tons. But in terms of thinking about getting to 4.5, is it kind of fairly linear from here on out in terms of stepping up to that level? That's the first one. And then the second. Yes, I can. Sorry, go ahead. Yep. Yes, I have that one. It's fairly linear. I think we said in the Capital Markets Day that this may be a 2030. We should be able to get there. Okay. And then on Rönnskär, I know the 1.2, I think it's based on your long-term assumptions. In terms of a rough feel for at spot levels, we've got very high pressures, we've got low TCs. Is it going to be similar to the 1.2 billion uplift, or will it be materially different? It would be a bit higher. I think we actually talked about a number on a question in the last quarterly call and said 1.5, and I haven't done the update the last week, but that's roughly what I would estimate at the current gold prices. Okay. And that's uplift versus sort of current EBIT levels? EBITDA levels. EBITDA levels. Okay. Uplift versus current EBITDA levels. Yeah. Thank you. The next question comes from Marina Calero from RBC Capital Markets. Please go ahead. Good morning. Thanks for the call. I have a couple of questions as well. The first one on working capital levels. Given that you are ramping up Odda and Rönnskär, how should we think about that in the coming year? And then the second one is on Garpenberg as well. Now that you have the permit and you know all the conditions, is there any additional CapEx that Garpenberg is going to require in terms of to meet with the environmental requirements of the permit? Thank you. I can take the second one. I'll leave Håkan with the first one. The second one, just to be very clear, we have gotten a permit. If that permit were to stand exactly as it is, we would not require any more CapEx than what has already been guided for. That will be included in that one, what we need to do. However, and we've gotten the permit to start producing more than 3.5 while a potential appeal process is ongoing. If it's appealed and if there will be and the appeal court decides to hear the appeal, they can still refuse to hear it also if they want to do that. But if they hear it, there could, of course, be some still 4.5, but some other conditions on something. That we don't know. But as it is given now in the lower court, there is no extra CapEx required on top of what's already been guided for before. And I'll give it to you, Håkan, to talk about working capital levels. Exactly. Well, working capital, we've got about SEK 500 million for Odda that will come in, possibly some already in Q4, but otherwise in Q1, and then it's roughly SEK 1 billion for Rönnskär, which we'll see during the second half of 2026. Okay. That's very clear. Thank you. The next question comes from Johannes Grunselius from SpareBank 1 Markets. Please go ahead. Hello. Good morning, everyone. It's Johannes Grunselius here. I have two questions. The first one is on Aitik. You guide 4.18 in copper grade. How should we think about that grade over the quarter? Is it kind of back-end loaded improvement, or is it more evenly spread throughout the quarters? That's my first question. Back-end loaded. Back-end loaded, yeah? Yeah. Okay. Could you give some color on it? How we should think about the start and the end? I think that when it comes to kind of how that will split over the quarters, we might come back to that when we report Q4 and so on. Because it's still quarterly, it's always a little bit sensitive, but it is back-end loaded. Yes. I think we said in the press. Okay. I think we said in the press release. Sorry. I think we said in the press release that the increase is mainly happening in the second half of the year. Second half, yeah. Okay. Individual quarters will come back to. Okay. Then on the Odda project, maybe you already touched upon it, but it seems that you're delayed with additional one to two months. Is this sort of something you think it's more about timing and other stuff, or have you encountered any sort of new technical challenges over the last few weeks? Could you give an update on that, please? Without going into detail, I would rather say that we've encountered some old technical challenges. I mean, it's not that there's any kind of fancy new technology. It's just that when you start everything, everything should work. And if things have not really been properly done, you need to redo it. And there is always something of this happening in every project. It was unfortunate a little bit more that this takes a little bit more time to fix. Yeah. But your view on the Odda investment, the economics, and so forth, that remains completely intact, or how should we think about that? Yeah. There is nothing that has come up during the commissioning so far that indicates that we're not going to meet any of the parameters of the investment decision. In In other cases, the recoveries, there is no indication that they will not work. Okay. Thank you. The next question comes from Amos Fletcher from Barclays. Please go ahead. Yeah. Good morning, guys. A couple of questions. First one was just on Kevitsa. Could you confirm whether the Pushback 5 project is on hold as a result of the Finnish mining tax or whether you have abandoned it? And then also, is there any likelihood of you guys lifting the cutoff grade and shortening the mine life as a result of the new taxes? The good thing for us is that we don't really have to decide whether we scrap it or put it on hold. That's basically the same thing. And while it remains on hold, it will eventually get scrapped if nothing happens in between. The existing Pushback 4 will not really be affected that much. It will be mined according to how it was done, relatively close according to the mine plan. Okay, and then I just wanted to ask on the 2026 CapEx guidance. Does that include any allocation assumed for the cement projects, which you were saying that the last set of results has been a bit delayed in terms of the approval timeline? No, it does not include the cement project. We'll come back to any numbers around that. Okay. And then I just wanted to ask on the tailings side with respect to the two new assets acquired. Should we expect? Is there any kind of meaningful uplift to the provision base that we should assume as a result of GISTM approvals or compliance for those two tailings standards? No. They have mainly been taken, and I'm a little bit uncertain exactly what the annual uplift cost change will be, but they will be relatively in line with historical numbers. Okay, so don't expect any kind of material impact on that net reclamation liability? No, not on the net reclamation liability, for sure not. I thought it was more a question that as you go into GISTM, you might have actually other technologies for raising dams that we have ourselves. And we have increased annual costs in Aitik, as we've said, because of the GISTM compliance in Aitik. But I think in the case of Zinkgruvan, there has not been these kind of redesigns of dams. Therefore, there should be relatively similar uplift costs as historical. Got it. Okay. Cool. That's great. Thank you very much. The next question comes from Richard Hatch from Berenberg. Please go ahead. Hi. Yeah. Good morning. Thanks for the call. I've just got three questions. The first one's just on the 400 million EBIT from the release of metal. Should we just drop that through into the cash flow statement as a working capital release? How should we think about the accounting of that, please? That's the first one. No, the cash flow is independent. So it's mainly an EBIT effect. So you shouldn't feed it into the cash flow. So it's non-cash. Is that correct? Some of the cash has already come. Some has come, and some is in the future, but it's not a one-off cash impact. Okay. Any quantification as to how much is cash and how much is not? I mean, at the end of the day, it's all cash. It's just the timing and it ends up in the account in one quarter, and the timing of the cash is spread out over a long time, and somewhere there's already come to the accounts. Right. Okay. The second one is on Kevitsa, mining materially below the reserve grade of, I think, about 0.31% copper. So if your 2026 guidance is 0.24%, how should we think about the direction of travel back up to the reserve grade? It should continue up, but I'll refer you there to what we said at the Capital Markets Day, where you're absolutely right. There is clearly an upward path also after this. Okay. Thanks. And then the last one is, I think we're all trying to understand this CapEx piece on Garpenberg, so it'd be good to get some more information on it in time. But if I look historically, you've run the CapEx numbers at this mine at about SEK 500 million, SEK 600 million, SEK 700 million. And then I guess if you take the throughput up to that sort of SEK 4.5 billion, should we think about the additional CapEx as almost like a linear adjustment to that just because you've got to have more development, to your point? Is that the right way to kind of think about it broadly? I think that's the right way to think about it broadly, especially as we're kind of ramping up. However, as we talked about before, in order to maintain that level, we will need a new shaft, and that's, of course, a pretty big CapEx item that will come in the future for us to remain at SEK 4.5 billion. When do you need to push the button on the shaft decision? Decision probably during 2026. There might not be so much money during 2026. Money's probably later, but most likely during 2026, we'll have to make a decision. Okay. Helpful. All right. Thanks for your time. The next question comes from Christian Kopfer from Handelsbanken. Please go ahead. Hi. Thanks for joining. Good morning. Just a follow-up on Aitik and not trying to get too technical here, but I think previously you talked about that you have heard some issues with oxidized zones in Aitik, and just to be clear, those are not correlated with diorite. Sorry. Do you hear me? They are independent. They are independent. Yeah. Okay. Fine. And then if I look at your guidance for the full year 2025 for Aitik, you have been pretty clear that you expect close to 41 million tons, right, for the year? Yes. If you look at that, that would assume that you will see a pretty remarkable step up in mill volumes in Q4. If you take that number and also take into consideration your guidance for next year, it seems quite conservative. It seems that because you look at that, then it seems that you are not seeing any improvement at all during next year in terms of mill volumes. I think I misunderstood you there right now. We have guided for 40 for this year and 41 for next year. Yeah, 40. Exactly. So 40 million tons for this year, that indicates quite a substantial pickup in mill volumes for Q4 then. Yeah. But. But it seems that you are not. I think you need to look at this in a whole year, Christian, because there are other things that play around, for example, how much maintenance you have in different quarters and things that makes that different quarters jump up and down. So we did, for example, have quite a lot of maintenance in Q3 in Aitik. So I wouldn't take those numbers too seriously on individual quarters. Let's look at the full year. Okay, but then finally, just to understand, so you're not really seeing any improvement this year in terms of mill volumes on the mine? 41 is clearly better than 40. Yeah, but you had quite big issues in the beginning of the year and now. Yeah. And exactly where the diorite comes in varies a little bit between quarters because it comes a little bit in different pushbacks and so on. So the answer is the guidance is 41. All right. Thanks. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Daniel Major from UBS. Please go ahead. Hi, guys. Thanks for the question. So I was a few minutes late joining, so apologies if any of this has been asked before. But the first question on Aitik, since you completed the 45, Aitik 45 project, you haven't been really particularly close to 45 on an annual run rate basis. What is the realistic medium-term assumption for Aitik throughput? We have touched upon this earlier, and we've also said that as of right now, we do not have any more to say about years beyond 2026. We might come back to this in the Capital Markets Day in March or Capital Markets Update, I should say, in March. Okay. Thanks. And then the second on Kevitsa, the mining tax, how should we be accounting for this? Is it a tax item or a royalty item? Is it through the tax line or through OpEx? It's not through the tax line. It's basically an operating cost. Okay. So it's a royalty item that is before EBITDA. It's before EBIT. It's before EBITDA and included in EBIT. So it's in the operational results in that sense as an operating cost. Yeah. Okay. That's clear. And then just to follow up on a previous question around Garpenberg CapEx, I've got SEK 1.85 billion as a CapEx number from the Capital Markets Day for paste plant and other requirements to get to 4.5. Is that still the right number in terms of the total CapEx to get up to the 4.5? I think you should. Capital for shaft development. I think you should have 1.55 the way it was guided, and that is still the right number. Yeah. So the SEK 1.55 billion is the incremental CapEx that we guided for in the Capital Markets Day. Then, of course, we have a basic level of underground development and so on. Okay. Okay. That's clear. Thank you. Yeah, I think they're the main questions I had. Thanks. Thank you. Thank you. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Okay. Thank you, everybody, for attending this, what is for us an inaugural thing. We have not guided at this timing, you could say, before and in this format, but with that, I think that hopefully you got everything that you wanted, and I will take the opportunity to wish you all a happy holiday season whenever it comes up for you, and I look forward to talking to you all again in the beginning of February. Thank you all.