Good morning. This is Mikhail Damrin, CEO of Kopy Goldfields. Welcome to Q2 presentation of Kopy Goldfields, and thank you for joining us today. We will have around a 1-hour schedule, including presentation and question and answer session. For questions, please use email address, which was in the Kopy Goldfields press release, info@kopygoldfields.com. Moving to page 2, please. Today it would be myself and Tim Carlsson presenting the company. Moving to page 3, please. Overall, we see Q2 is a very strong quarter for the company, and we see that the company is on track both towards this year's target and long-term targets, considering that the operations are still influenced by COVID-19 effects. We have production for the quarter amounted to 13,000 ounces, which is 69% higher than in Q2 2021, and 7% lower than Q2 2020. We have seen a significant increase of gold in stock ready for sale by 3.2 thousand ounces during the quarter, which corresponds to a sale value of $5.7 million. Revenues amounted to $17.9 million, down 15% from Q2 2020. Sales volumes were lower than the production volumes. We have EBITDA for Q2 of $6.8 million, and we have TCC of $849, which improved by 10% compared to Q2 2020. We confirm and keep 2021 gold production guidance of 56,000-59,000 ounces unchanged, and long-term organic growth target of 100,000 ounces by 2025. During this quarter, an exploration program on Krasny was initiated to advance the project into feasibility stage. Turning to page 4, please. Gold price has been fairly strong through the second quarter. Average realized gold price during Q2 was $1,800, which is 3% higher than in Q2 2021 and 5% higher than in the corresponding quarter in 2020. Average realized gold price for the first half of 2021 was 7% higher than last year. Turning to page 5, please. Just to remind for those who haven't been following us previously, we operate in Russia. We believe Russia is one of the most attractive regions for gold exploration and production based on a number of fundamental reasons. First, Russia has one of the best exploration potential for the new discoveries in the world. It has a long history of gold production. Gold production and mining industry in general has the support of local authorities everywhere through Russia. There are a lot of talent and skilled human resources. Overall, Russia provides and offers low taxes and favorable tax legislation, and also provides the tax benefits for operating in Siberia and Far East. A fairly strong, straightforward permitting process, low production costs, very much influenced by a historically weak ruble against U.S. dollar rate, and established market infrastructure. Russian Federation is one of top worldwide gold producers. Turning to page 6, please. The company operates in 2 regions in Russia, in Khabarovsk Region and in Bodaibo Region. In Khabarovsk Region, we have all our production assets, 2 bedrock mines, and 2 placer operations. The major gold producer as a bedrock mine is Perevalnoye project, which has been in operation since 2016 so far as an open pit. This year, we convert open pit into underground operations, and then the mine will continue as an underground mine for the next 4 to 5 years. In parallel, we develop heap leach operations in Perevalnoye as part of our capital cost project. The next big project is Yubileyniy, which is the second-biggest bedrock gold producer within the company. This year, we increased capacity of the mill from the current 130,000 tons of ore per year to 250,000 tons of ore per year. We will commence the increased capacity in Q4. We are on track for that so far. We have two places in operation, Byor and Khayarylakh, and one of them is the first year in production. On top of that, we have Malutka development project in Khabarovsk, not far from Yubileyniy and Perevalnoye, and Malutka is going to be a huge operation starting from 2023. The target processing capacity will be 1.5 million tons of ore per year. This year is the first year of CapEx constructions at Malutka. The second area of operations is Bodaibo, where we have Krasny project, which is in a pre-development stage. We’re developing this project together with our joint venture partner, GV Gold. This year, we’re running a significant exploration program, targeting to drill 26,000 meters and then finalize the exploration stage and move the project into feasibility stage. On top of that, in both regions, we have a number of early-stage exploration projects, both in Khabarovsk and in Irkutsk. Turning to page 7, please. We keep 2021 gold production guidance unchanged, 56,000 to 59,000 ounces by the end of the year. We believe that during the second quarter, we were able to overcome the effect of the production slowdown during January. As we reported previously, we had an outbreak of COVID-19 in December 2020 on Yubileyniy site. Based on that, we decided to put the underground mining in Yubileyniy on hold. We reduced the processing operations on the mill to the minimum level, and this really affected production at Yubileyniy during Q1, and also it had a bit longer effect on Yubileyniy operations in Q2. Basically, looking on figures, we understand that Yubileyniy is underground operations. It's a CIL plant. Obviously, it is processing more or less the same amount of ore per quarter. Basically, we see that the second quarter was significantly better than the first quarter. We see that we are on the right track, increasing both recovery and processing efficiency at Yubileyniy during Q2. During Q2 also, we have been putting and piling together heaps for heap operations at Yubileyniy, which will be reported in Q3 this year. Perevalnoye project, we see that it is increasing production, and it's significantly higher than it was in Q1. Overall, Perevalnoye project this year is converting from open pit to underground. We initially had 2 open pits at Perevalnoye, Priyatnoye and Brekhchovo. Priyatnoye has been completed in Q2. Brekhchovo will be completed. By completed, I mean it will be mined towards its utmost possible depth during Q3. At the same time, we initiated development of underground shaft. The target is to start producing the ore from underground from early next year. In parallel, we are developing heap leach operations at Perevalnoye. Placer mines. In Q2, we commissioned placer operations. Placer operations traditionally start sometime in March, April, initially with preparation, with taking the overburden. The processing itself starts when the snow melts, which normally happens in May. June or July is more or less-- I would say normally July is the first month of full-scale operations. Gold production overall is still affected by shortage of qualified personnel, especially on Yubileyniy project. It happened that in Q2, we increased a bit amount of gold, which is in the working process and held up a bit in the little production cycle. It will be reported in Q3. Turning to page 8, please. Gold production for Q2 totaled 13,000 ounces, and this is 69% more than it was in the first quarter. Gold sales totaled 9,800 ounces. You can see there is a discrepancy between gold sales and gold production, which led to increase of gold in stock ready for sale. Average realized gold price during Q2 was $1,800, and total cash costs was $849. All-in sustaining costs for Q2 was $1,254 per ounce. Gold price overall realized increased by 5%. TCC decreased in Q2 by 10%. This very much followed a slightly higher average grade in ore processed. All-in sustaining costs, they include sustaining capital expenses. Since we have a seasonal effect based on the logistics, we have more capital costs fallen for the winter period when we do transportation through the winter roads than towards the summer months. That means that in the first half of the year, we had some higher sustaining capital costs, and this slightly increased our All-in sustaining costs. Moving to slide 9, please. I will pass on presentation on the next slides to Tim Carlsson. Thank you, Mikhail. Good morning, everyone. I'm very pleased to present the summary of financial information for the second quarter of 2021 for Kopy Goldfields. We're looking at slide nine. I would like to focus on three major items which had an impact on the quarterly figures. First of all, as Mikhail described previously, gold in stock ready for sale increased by 3,200 ounces since we sold less gold than produced. This had an impact on revenues and profits for the period. Revenues for the quarter amounted to $18 million, which is 1.5 lower than the first quarter this year and $3.2 million lower than the second quarter last year. Taking this increased gold in stock into consideration using the average realized gold price for the quarter, this would correspond to a sales value of $5.7 million if it would have been sold during the quarter. This gold, as Mikhail said, will obviously be sold during next quarter, and the effects on revenue and profits will be recognized then. Secondly, we recognized a write-down of the low-grade ore in stock of $2 million, compared to reversal of a write-down in the corresponding quarter last year, which amounted to $3.4 million. This has an impact on cost of goods sold and the gross margin. Gross margin this quarter amounted to 24% compared to 53% last year. If we would adjust for these write-downs effects, the gross margins would have been 36% in both quarters. The third item to highlight is the unrealized losses from gold hedges, which amount to $2.8 million this quarter, and they are recognized in the financial net. Obviously, this affects profit before tax and profit for the period, and unfortunately, it turns the profits into losses during the second quarter. As said, we show unrealized losses of $2.8 million compared to a gain of $6.2 in the first quarter this year. These are all unrealized gains and losses. In short, we hedge approximately 40% of the gold production in accordance with the requirements from our loan agreements. As long as the contracts are closed within a range of $1,400 -$2,500 per ounce, there will be no cash effect. If we look at the EBITDA for the period, this excludes the effect of hedges and the inventory write-off. We see that EBITDA amount to $6.8 million, which is obviously affected by the lower sales. Looking at the EBITDA margin, we see that it remains in the same level as previous periods. Turning to slide 10, please. Looking on the balance sheet, we still show a healthy financial standing. The cash balance amounted to $0.9 million, while gold in stock ready for sale increased to a book value of $5.8 million, and that corresponds to a market value of $9.2 million. Mikhail will give you more details on our investments later, during the quarter, we received loans of $6.3 million to finance our CapEx program. Unused credit facilities at the end of June amounted to $13.9 million. Finally, the net debt at the end of the period amounts to $60 million, and in relation to the last 12 months, EBITDA, the net debt ratio, was 1.42. Please, Mikhail, go on. Tim, thank you very much. Turning to page 11, please. Growing production ahead. We, during the next 3 years, consider Kopy as a growing investment, as a growing company. The company is focused on its capital construction programs in order to increase production. Our production target is 100,000 ounces coming through organic growth by 2025. We currently have 2 bedrock mines in operation. One is the Yubileyniy Project, and the second is Perevalnoye. We have 2 alluvial mines at Byor and Khayarylakh, and we have a processing plant on Yubileyniy and on Perevalnoye. Currently, we are developing Malutka as the next bedrock production site. The target is to increase production by 5% to 11% during this year to our production guidance of 56,000 to 59,000 ounces, which is once again confirmed, and to be on track with a higher target of 100,000 ounces gold production by 2025 via organic growth. Turning to page 12, please. Just talking about refreshing our pipeline assets. In production, we have Yubileyniy, Perevalnoye, and Places. Yubileyniy, it's an underground mine, currently has a processing and underground mining capacity of 130,000 tons of ore per year. We are finalizing the increase of capacity to 250, and we will commission that in Q4 this year. As soon as we increase capacity to 250, we will proceed to further increase capacity to 400,000 tons of ore by 2025. Perevalnoye, we are moving from open pit to underground, targeting to proceed as an underground within the next 4-5 years. Also this year, by the end of the year, we target to commence heap leach operations at Perevalnoye with capacity of 200,000-250,000 tons of ore per year. Placers, we have currently 2 placers in operation, which are producing somewhere between 8,000-10,000 ounces of gold per year. We are running exploration to support that, and then we believe that placers will probably be part of operations going ahead. Malutka is our development project. This year, we finalized preparation of infrastructure. Finally, we will arrange foundations for the dormitory, for the processing plant, for the layout for the camp. During the next year, we will start doing capital mining, taking away the overburden, with a target to commence heap leach operations in 2023. By 2025, Malutka will be one of our major gold producers. Krasny, a project which we are developing together with our partner, GV Gold. We are a minority partner. We hold 49% in the project. This year, we are running quite a significant, probably one of the most significant exploration projects. Exploration program within the project with target to finalize explorations and then move project to feasibility. We started a bit later than planned this year. We started only in the end of April, early May with drilling. It could be that we will have to delay the program at the beginning of the next year. It's ongoing. We have 3 drilling rigs on site drilling. All right. Overall, all these projects will bring us into our organic production target of 100,000 ounces of gold. This target doesn't include Krasny potential, it doesn't include non-organic growth, it doesn't include explorations. Turning to page 13, please. Investments. We have a fairly ambitious investment program of $130 million by 2025. Part of that had been spent last year. This year, we target to spend some $56 million for capital construction and exploration. Far, investments during the sixth month of 2021 amounted to $60 million. The most of that has been spent on the Yubileyniy project. Yubileyniy project should be commissioned in Q4. This is the project which is some priority development for the company. The second biggest cost is Perevalnoye heap leach operations and underground mine preparations. The third is Malutka. To understand the seasonality of capital costs, we need to think about what will be the major part of capital spend through the year. For capital construction, Malutka project for this year will take about half of all investments. That means, the specific logistics for Malutka is that we can only transport equipment to Malutka during the winter season. We have only winter roads which are leading to Malutka currently. That means that in order for us to run capital construction on Malutka next year, we will need to pay and transport equipment to Malutka during the winter season 2021/2022, which will be paid in Q3 and Q4. I'm just hinting that although we spend $60 million out of total $56 million capital cost program, I'm saying that the next Q3 and Q4 will be logical for far more spending than it was during the first half of the year. We have some delayed exploration costs. We have an exploration program running, but then we have some costs delayed into the next year which also somewhat affect the CapEx spending which we report. As we mentioned, Kopy is a growing company, capital construction are the priority for the company now. This year, the company runs several capital construction programs and makes historic spending for capital construction. Never in the history of the company it was spent that much for capital construction and exploration. Obviously, there is a signal effect for spending and capital expenditure spending and exploration activities. Moving to page 14, please. Overall, Kopy Goldfields demonstrates strong financial performance, a solid balance sheet, availability of debt in order to support organic growth plans and to make further explorations and achieve the organic growth targets. Total CapEx for 2020-2025, estimated $130 million, $56 million to be invested 2021, and this includes explorations as well. We expect significant increase in gold production through the second half of this year because of commencing of new projects. First increase of processing at Yubileyniy from 130 to 250, and also we expect Perevalnoye heap leach to report first gold production this year. We are on track of our midterm production target of 100,000 ounces. Also, we confirm this year production guidance 56,000-59,000 ounces. We are running ongoing exploration in Krasny. It's still within focus of the company. Krasny is the biggest exploration project, and it's potentially the biggest resource which the company has. We are putting a lot of efforts into ESG. We have finalized several reviews of current operations. Now proceed with developing various guidances and develop a strategy, what we are going to focus within the next year in terms of ESG. We are preparing for main market listing. The Q2 was the month where we have done a deep review of our various corporate governance activities and what is required really for the main market listing. We have done it together with an auditor, so we now have an auditor comfortable that the company is ready for the main market listing, and we will just about to initiate discussion with Nasdaq about changing the listing. That's all what we have in our presentation, and we will be happy to answer your question. Mikhail, we have got one question by email, and that is about change of listing and also what the dividend plans look like. Just to clarify on the listing, just as Mikhail said, we are in the preparation stage. We have done a big amount of work on the preparation, but still we have to follow the normal routines with Nasdaq, and that work has not yet been initiated, and that follows Nasdaq's routines for listing reviews, et cetera, and that we cannot disclose any time plan for yet. Will you comment on the dividend policy, Mikhail? Dividend policy, for sure. I would say dividend policy is the question which we look on fairly closely and which we believe is very important. As we see, mining companies, they are either at the dividend stage or they should be treated as the growth investments. At the moment, we are a growing company. We are very much focused on the production growth. This will proceed for the next two, three years. However, as soon as we will see the free cash flow, then we will certainly be treated more as a dividend-paying company. The dividend is reviewed by the board on the annual level, and then there is a discussion within the board, should any dividends be paid or should it be delayed until further. So far, Kopy is a growing investment, so we're trying to grow. We are not really yet at the stage when we are focused on the dividend payments. I have another question. Can we comment of potential delays in the Krasny exploration project? I would say there are no major delays. We started, we were in discussion with the partner about the program, we discussed financing, we agreed about the finance, agreed about the program, started the exploration. It's going on full speed. So far we drilled just a bit more than 11,500 meters, majority of that fall on the third quarter. We just see on how the drilling is developing and how the sample preparation and assay test is developing, how it's developing with the geotechnical study. We're also going to do some further processing studies. We just see that it could be that we will not be able to finalize the program by the end of this year. It will just continue into the next year, and then it will be finalized as quickly as possible. There is no. It is very much based on some technical and weather reasons that it is slightly delayed. We also had another few questions. The first question is, given the slightly weaker half year relative to 2020, there is quite a bit to do to meet the guidance for the full year. Can you give us a bit more color as to where that increase comes from in the second quarter? Mikhail, could you please comment on the increased processing capacity from Yubileyniy during the Q4? Can you give some more detail on the heap leach and placers? Certainly. For Yubileyniy, we will start commissioning the increased processing, the new processing line from the end of September, early October. It will be done in parallel with the current operation. We will be running the current operation, and in parallel, we'll be running sort of a testing commission in the second line. Somewhere, as we expect, November and December, it will be possible to operate with the new capacity. Hopefully, we will be able to operate full capacity part of October as well. The new capacity will be 250,000 tons over the year. We are putting the third mill, the RT mill. It will be a horizontal mill, not the vertical. We are adding several flotation machines. We are upgrading the CIP part of the processing line. We are upgrading the tailings pond. It's not really a pond. We are using half-dry tailings. We are increasing the capacity of the storage for the high dry tailings. That's about Yubileyniy. About Perevalnoye, this year, it will be the first year that heap leach will be in operations. We will target to put the piles sometimes. They have already been started, frankly speaking. We will start putting the acid on the piles starting from end of September, October. We target to have the first gold production from the piles. Since the piles will be in operation as we believe through the whole year, all year round, we will get October, November, and December some gold from the heap leach cycles on Perevalnoye. In addition, we see, and we will report this year, a far stronger results from alluvial production. Last year, alluvial production was lower than in 2019, this year it will be stronger than it was previously based that the new placer which we operate, Khayarylakh, turned out to be high in grade. Overall, the resource turned out to be bigger than initially estimated. The other place, Byor, also reported a slightly higher grade than initially planned. This all happens disregard the COVID-19 and that some of the equipment is still vacant, because overall we are around 70% staffed at the moment in terms of personnel for operations. Yes. Then we have a question on the split of All-in sustaining costs between sustaining and growth CapEx and how that is done. Typically, we are following the guidelines, and we allocate the costs for sustaining the production into the All-in sustaining costs, while cost for increasing the production will go as growth. We also got a question on whether the $56 million capital investment guidance includes Krasny, indeed it does. What should be said is that after the period end, there was an agreement between the owners of Krasny on how to finance the exploration program. According to the shareholders agreement, Kopy's part, which amounts to about $3 million, we have the right to postpone this payment for 360 days, that follows the agreement we have with GV Gold. We also have a question on a change of shareholders that one of our shareholders has seen that there has been a sale of 30 million shares, and we cannot comment on our shareholders more than that we know that there is a new owner taking these shares. Mikhail, do you want to comment more on that? Yes, obviously. Once again, this is not the company, though, this is the shareholder deal. We know about this transaction. The idea is that the shareholders are concerned about the free float in the company, and obviously, for the main market listing, we need to increase free float up to 25%, and we are reviewing various options on how to achieve that. The major shareholders, as I understand, they are also supporting that and then trying to assist with that from their side. It doesn't mean that their interests in the company somehow changed based on the recent transaction. Not at all. They're still the major shareholder, they are still supporting the company growth. They want to see the company listed on the main market with a strong free float, with many other big shareholders and strong shareholders. I can also comment on why this. It's quite technical as well, how to disclose shareholding. Since this new shareholder is not directly owning the shares, so to say, into the shareholder ledger, this doesn't turn up on our website due to technical reasons. This is the reason why this shareholder is not disclosed on the homepage. That is very much built on how Euroclear is reporting it. Tim, we have one question coming from the potential investors. Yes. Guidance on the working capital dynamics in Q3 and Q4, as I commented, we increased our gold stock during the quarter, and we expect to sell this amount of gold next quarter. We also have an increase on prepayments, which is shown on the working capital side, which is within an ordinary course of business, but we expect that to decrease. We have a question on the other revenue. Just give me one second, please. Can I follow up on this? One second. On the other revenue, from the top of my head, I can mention that since we are providing services for the Krasny project towards our joint venture, we are receiving some revenues for that. Obviously, this is not a major figure. I frankly don't think that there is nothing, something significant or something of strange nature. No, exactly. There could be that. I don't really understand. I don't really understand the question about other revenues. Are we talking about the parent company? First of all, the parent company shows other revenues, but that is in SEK, and that refers to invoicing from subsidiaries. I apologize, this misunderstanding, but I don't really understand the question. Just once again to mention, there are no something strange here behind that. We don't really do something significantly or something different from our core business. More questions, please. Okay. There was a question. I think that the question of other revenues refers to the GE ounces sold compared to average gold price. What can be said is that we have income from gold sales, from silver sales, and also, as Mikhail said, from Krasny. Otherwise, we don't have any other revenues. Just want to mention, obviously, there is some revenue which relates some, like we're providing fuel to our contractors on site, and it could be reported as a variable, as a sales and then revenue. This, and then we have an office building in Khabarovsk, and then there are some, not only our company, but some other clients who are sitting there. They're paying us for the rent. This is something which is not the core business at all and not important at all. We have another question coming. Is it possible to include some kind of project planning until production for Krasny? That's a good question. Certainly, yes. There is some production planning, project planning until production. Then it's really the question on capital costs and how fast we want to develop the project. We can do it faster, but starting from a small scale, or we can do it bigger but starting later. There is our view on how the Krasny should be developed. There is a view of our partner, how Krasny should be developed. I'm not going to share really, since there is not really agreement on how Krasny should be taken in production. I don't think it's really proper to discuss it currently. What is important is that we need to, as far as we call, we need to report gold reserves on Krasny within 2023. One year from that, I mean, under the license obligation, one year from that, we need to prove the production plan for how we're going to develop the project. It would be 2025. For me, it's 2026 under the license agreement, we need to be in full development of the project. There are ways on how it can be done faster. It could be done longer as well. Since Krasny looks like it will be a fairly big resource, overall, if you have a big resource, there is always some resources smaller, which are extension of this big resource. That is really what we see. We do exploration on the extension of Krasny within Batiy license. There's sort of an expectation that there will be resources there. From our view, Krasny is ready enough and good enough to plan for construction already now. However, there are different views that it should be more exploration done, and then only then take it into construction. It's a joint venture, so it should be agreed by both partners. We have another question on the list change again, when it will take place. To be clear, this is obviously on top of our agenda, this is something we are looking deep into. Everyone should know that this is a long process, we need to go through formal stock exchange audit by Nasdaq, which takes several months. It is also so that there is certain requirements that needs to be fulfilled from Nasdaq to be applicable for this stock exchange audit and listing. We are looking deep into this, as soon as we deem us to be eligible for a stock exchange audit, we will apply for this from Nasdaq side. With that said, we target to do it as fast as we can. Do we have any questions by phone? We do have one question on the phone. That's from the line of Michael Sinclair of Rotherson Bank. Please go ahead. Your line is open. Yes. Hi, everyone. Actually, I've already asked the question about other revenue. What I'm referring to is that when I take the GE ounces sold multiplied by the average price and subtract from your P&L number, I will get something like 6% of this coming from other sources. I may be doing the wrong calculation, but I've never seen 6% previously. That's large. In Q1, you had less. In Q2 2020, you had less, obviously. I may be doing some sort of weird calculation, but so far it looks like 6%. It's coming not from the gold equivalent sales, but from some other sources. Can you verify me on this? What I can say is that it has probably to do with the GE factor, how to include the silver sales. Without looking into the figures deeply, which I need to do in order to answer your question in detail, it is probably referring to this with sale of silver and probably also to the revenue sources as Mikhail was mentioning before. If you want, I can look deeper into it and write to you. Yeah, please. Just to mention on that. As I recall, there were no silver sales last year, so that's why. It could have team, but Q2 was really the first quarter when we sold silver. Exactly. This should be accounted already in the GE ounces sold. All the silver, all their byproduct materials should be inside the GE ounces. When I subtract this times the gold price from the revenue line, it should be something other, as I believe. Anyway, you double-check on that. I will double-check it, but my understanding is that it must refer to. We had sales of silver of $855,000 in this quarter. Okay, thanks. I have 1 more question, if I may. It's about the ongoing inflation over key mining consumables and spares. Most of the companies report TCC guidance for the next 1, 2 years, which exceeds the current values because they fear that some of the key consumables may be inflating significantly. Do you feel that your TCC will expand by the year-end? What is your guidance or forecast for next 2, 3 years? Especially, I'm interested in this full year 2021 guidance, if it's available in any form. Well, we didn't really provide the guidance for TCC and all-in sustaining costs, either for the end of this year and also for the coming years. We might do that, and thank you for the question. We will review it now. I will say at the moment, we're not going to provide the guidance. We need really first to review it, and then if we decide to do that, then take it at another time. Just looking forward, as you're rightly saying, many companies, yes, they increased TCC. This is very much based on, and I would say each company differs from the other. Each company has their own set of production and their own set of developments. We see our development very much moving towards heap leach operations and then increasing capacity. With heap leach operations, we will certainly decrease TCC, and also same as increasing capacity at Yubileyniy, we will also be able to reduce TCC. That's why fundamentally, we see that the way our projects and production will be moving should reduce TCC. On the other hand, you are very right. All the costs are escalating. There is inflation. There is increase of the price for everything very much. It will very much push TCC from the other side. Overall, our view is that our focus is that we will reduce TCC going forward. Okay, thanks. Clear. Understood. I think that's it from my side. Thank you. Thank you. We have one further question on the phone. That's from the line of Alison Turner. Alison, please go ahead. Your line is open. Morning, gents. Just a quick question on the gold hedges. Now, I understand that it's a collar, and so only outside of that range it would have a cost impact. Just in terms of the financial reporting impact, am I right in understanding that as far as the gold price moves down towards $1,400, you would get a financial impact in terms of a gain to you? If the gold price starts to move up more towards the $2,500, then it's a financial loss to you. Just to broadly understand how that might swing the financial reported results around. That's correct. Okay, super. That's correct. I'll have a think about whether and how to model that in, but I think our gold price forecast. As I said, we have arranged the hedging as a corridor between $1,400 and as from $2,500 and upwards. Yeah. That is approximately 40% of our projected production until 2025. With a decreased spot price compared to the previous quarter, obviously we will have an increased value of the instruments. Right, better. Yeah. You understand. Perfect. Thanks. As it's entirely non-cash, and we're very well within that range- Exactly I'm inclined to ignore it, but just so that I understand where it's coming from. Thanks for that. Yeah. I also looked into this question from Mikhail about the other revenues, and as I understand it, and I think that the $1 million which you're referring to as other revenue refers to silver sales to the largest extent, that is $800,000. The average gold price is based on the revenue from gold sales only. Thank you. As there are no further questions at this time, I'll hand back to our speakers for the closing comments. Thank you very much for joining us today. Hopefully we will be able to provide interesting information about the company going forward.