Hello and welcome to the Kopy Goldfields audio cast with teleconference for Q3 2021. Throughout the call, all participants will be in listening only mode. Afterwards, there will be a question and answer session. Today, I am pleased to present CEO Mikhail Damrin and CFO Tim Carlsson. Please go ahead. Good morning, dear listeners. This is Mikhail Damrin, CEO of Kopy Goldfields, and I'm happy today to present Q3 results for our company. The full Q3 report has been published today on our website. Overall, we had a very strong quarter in terms of gold production and financial results. Turning to page two, please. It would be myself presenting mostly operational part for the company and also Tim Carlsson, CFO, who will provide more details on the financial performance of Kopy Goldfields. Turning to page three, please. A few words about Kopy Goldfields. Kopy Goldfields is a gold producer with operations in Russia, in Irkutsk region of Russia, where we have exploration and pre-production, pre-development project Krasny, and in Khabarovsk region, where we have all our production assets, Yubileyniy and Perevalnoye, plus placer where we have Malutka project, which is in development, and where we have some exploration projects. Kopy is listed on Nasdaq First North since 2010. Our market cap is around $250 million. Total resources, 2.8 million oz. Reserves, 1.3 million oz, all in accordance with JORC. Last year gold production was 53,000 oz. On the slide, you can see a location of our projects, and both Irkutsk and Khabarovsk region, they are one of the most prominent regions in Russia in terms of mining and gold production. Turning to slide four, please. Kopy has four producing mines, two hard rock mines, Krasivoe within Yubileyniy project. It's an underground mine. Perevalnoye, which is within Perevalnoye project, which has two open pits. We are considering to convert the open pit into the underground mine. We have a few alluvial mines in operation. This year, we operated two alluvial mines, placer, Buor-Sala, Khayarylakh. We have two processing plants, one within Yubileyniy, the second is within Perevalnoye. Gold production has been continuously increasing over the years. 2015, it started 20,000 oz. Now last year we had the 53. We more than doubled production within the last five years. Actually, our plan is to further double production up to above 100,000 oz of gold by 2025. Based on the project, which we own 100%, based on the projects which are already either in production or in construction, and based on the reserves, not looking for the resources. All of that via organic growth will bring us to a 100,000 oz production target within three years from now. Turning to page 5, please. A solid record quarter. Last quarter, Q3 was the most prominent quarter within this year, with significantly increased gold production and sales, which brought us to the record revenue and very strong performance. Gold production increased by 60% on a quarter-by-quarter basis, and 16% compared to Q3 2020. The revenue for the third quarter reached $33 million, an 85% increase on a quarter-over-quarter basis, or 40% increase over Q3 2020. EBITDA went up 14% compared to Q3 2020. Our gold production guidance for this year is 56-59, it's unchanged. Long-term organic growth target is 100,000 oz in 2025. This quarter, we have been advancing our growth projects at Yubileyniy, where we increased capacity from 130,000 to 250,000 tons of ore processing. Perevalnoye, where we developed heap leach operations and also started to convert the open pit into the underground. All of these projects, CapEx projects have been strongly progressing through Q3. We are running a few exploration projects in Khabarovsk and in Irkutsk. Within Khabarovsk, we do an underground exploration within Yubileyniy, Krasivoe Deposit and also within the project, where we did drilling to more closely structure the underground mineralization. We are running a few more early-stage exploration projects around Yubileyniy, within Khabarovsk, within Irkutsk. We are focusing on the Krasny project, and we have a big exploration program which we run together with our partners on Krasny project, the company GV Gold. So far the exploration results which we receive on Krasny, they are on par with expectations of Betka. We believe that the drilling program on Krasny might move slightly towards 2022. We will report the full results from the exploration program following the completion of the exploration stage. Moving to slide six, please. Record gold production for Q3. It was very much a follow-up of the production growth through the year. Looking on the slide, we see that during the year, we have been growing our production starting from Q1, then increased Q2, and then now increased to Q3. We started this year fairly slow. Since we have been affected by COVID outbreak on our Yubileyniy site in December 2020, which influenced and affected production in Q4 2020 and also Q1 2021. However, we have been improving since then, and we are on track on our production target 56-59. Q3, we increased production 16% compared to Q3 of 2020. Obviously, production is influenced by the consequences of COVID-19. COVID-19 in general creates shortages of personnel. Really, there are bans on immigrant workers coming to work on the mining sites from the neighboring countries. COVID creates extension in the supply, in delivery. It extends maintenance period. Overall, it does affect production negatively, I would assume, for all mining companies. With our production growth this year, we are on track towards our long-term production targets. Over 100,000 oz, very much doubling production within four years from now. Moving to slide seven, please. Our production in Q3 reached 21,000 oz, and it was 16% above the last year Q3. Looking into the projects in more details. What we can see is that Yubileyniy, its production was down 3% compared to the last quarter and 5% compared to Q3 2020, which is very much in line with our construction activities on Yubileyniy. We increase capacity of Yubileyniy, and at the same time, the full plant is operational. The new equipment installation and commission of the parts of the new equipment does create interrupts for the processing operations. That's why we see some decrease in production for Yubileyniy, but that is sort of a planned decrease. Within Perevalnoye, we see overall decrease, compared to the last quarter and also to Q3 2020. This is also a planned decrease, based on the completion of the open pit at Perevalnoye and transition towards the underground in the future. Within Perevalnoye, the open pit is still in operation. We will target to complete it by the end of the year. We do have also ore in stock on Perevalnoye, which will support our operations on Perevalnoye through the next year as well. Perevalnoye does produce gravity and flotation concentrates, which are further moved towards Yubileyniy. There is a lag between production of concentrates at Yubileyniy, sorry, at Perevalnoye, and then producing gold in doré bars from Perevalnoye concentrates at Yubileyniy. There is time lag on that which affects the final output of gold from Perevalnoye ores. Placer miners they were sort of the winners for the last quarter. We produced nearly 10,000 oz out of two placers. Out of two placers, one of them was Khayarylakh placer, which we operated for the first year. We produced nearly twice as we did in Q3 2020. Very much it about our production Q3. We are very happy how production has been developing so far, and we keep our production target unchanged. Moving to slide eight, please. Gold price. Over the last quarter, the average realized gold price was $1,779, which is slightly down compared to Q3 2020 when we had the record historical gold prices. However, if we look on the average gold price for nine months 2021, it is slightly above the comparable gold price for the last year. Overall, we see that the gold price is very stable. It's certainly above our budget gold price for this year. We are, as a mining company and gold producer, fairly confident and happy with the current market development. Moving to slide 9, please. Now I hand it over to Tim Carlsson to provide more details on financials. Thanks a lot, Mikhail. We're looking at slide nine, and this is Tim Carlsson speaking. Very pleased to be here today and to comment on this nice quarter. Just as Mikhail described, we are very happy to announce a quarter with record gold production and gold sales, which has resulted in good revenues. As you can see on the graph, revenues for the quarter amounted to $33 million, outperforming last quarter by 85% and third quarter last year by 43%. We did not sell any silver this quarter. The increased revenues is obviously a result of the higher volumes of gold sold. Just as Mikhail described on the previous page, we see a gold price decrease compared to the corresponding quarter 2020, which obviously affected the revenues compared to that quarter. If we would have sold the same amount of gold, 18,490 oz as we did this quarter, but to the gold price we had in the third quarter 2020, the revenues would be $2.5 million higher. It's also important to mention that we have some discrepancies between the gold produced and sold, which means that we increased our gold in stock somewhat this quarter. Gold in stock increased by 2,400 oz, corresponding to a face value of $4.3 million. This amount of gold will be sold in the fourth quarter. Turning to page 10, please. On the cost side, as you can see on this graph, the cost of sales for the third quarter amount to $22.1 million, compared to $10.5 million in the corresponding quarter 2020. The graph illustrates the two major factors affecting the change between the quarters. First of all, we see a 54% increase of sales volumes gold sold, and that corresponds to a increase of cost of sales by $5.7 million. In addition, we also did a write-off to the long-term inventory by $4 million. Within the Perevalnoye project, we accumulate stockpiles of low-grade ore and record it as long-term inventory, and those stockpiles will be used for the future production on Perevalnoye via heap leach. During this quarter, the volume of low-grade ore increased, and to meet the accounting requirements, we made a non-cash write-off of $4 million, and this is not affecting EBITDA. Turning to slide 11, please. Continuing on the cost side, on the TCC per ounce, we improved the total cash cost by 4% compared to the last quarter, as you can see on the upper table, while there is an increase of TCC by 80% compared to the third quarter last year. This change to last year's TCC reflects lower average grade in ore being processed and also higher personnel expenses. On a year-to-date basis, as can be seen in the lower table, the total cash cost per ounce amounts to $838, which is very much in line with the full year last year. On the all-in sustaining cost, the all-in sustaining cost per ounce sold is obviously very much an effect of it very much influenced by sustaining capital expenditures for that specific quarter. Since it's divided by the number of oz sold that quarter, and hence it could vary between the quarters. Also, last year, following the merger between Kopy Goldfields and Amur Zoloto, according to the accounting rules, the G&A expenses of Kopy Goldfields is not included for the first 8 months of 2020, which do affect the all-in sustaining cost per ounce when looking at the comparables. Slide 12, please. Following a record production in sales, we more than double our EBITDA this quarter compared to last quarter. We increased EBITDA by 125% and by 40% compared to Q3 2020. Just as I mentioned before, if we would apply the same gold price as in the third quarter 2020 on this quarter's sales, it would result in $2.5 million higher revenues, which obviously would affected the EBITDA directly. Slide 13, please. Some words on the balance sheet. Thanks to the strong cash flow, we increased our cash balance by $4.6 million during the quarter. At the same time, we also increased gold in stock. As I mentioned before, since not all gold produced was sold, we have gold in stock ready for sale corresponding to sales value of $13.3 million. During the quarter, we raised approximately $3 million from our existing loan facility to finance the CapEx program. Our net debt at the end of the period amounts to $57 million. The net debt ratio to last 12 months EBITDA amounts to 1.31, which is reflecting a very healthy level as we see it. Unused credit facilities at the end of the period are $10.6 million. Now I will hand over the word to Mikhail again. Thank you very much, Tim. Now we are turning to page 14, please. Investments for the year. Our total investments for nine months totaled $23 million. Majority of that went into Yubileyniy project, increase of processing capacity, mill capacity and mine capacity from 130 towards 250,000 tons of ore per year. We are now finalizing and commissioning this increased capacity. It's not commissioned like in one day. Most of the pieces of the equipment are already in operation. We're just waiting for some bottlenecks to be finalized and then when the whole line will be operating towards the increased capacity. We target, this is targeted to be completed by the end of this year during Q4. The second biggest investment went into Perevalnoye, where we do expansion of the project. We add heap leach operations. Our target is to complete construction by the end of this year and then have the first gold production during 2022. Perevalnoye heap leach will be in operation for three to four years following that. Malutka project, this is our major development project. We target to commission gold production 2023. The 2022 and then 2023 would be the major construction years for Malutka. What is important for us is that it's really the total how much we estimate our total capital cost project program. Obviously within the capital construction, some costs might partially roll into 2022. For instance, some exploration costs will roll into 2022. Some construction costs for Malutka will roll into 2022. But overall, we are very much targeting the total cost of the program and then the finalization and commissioning of the total construction program on time. Since we have delivery, supply, procurement which depends on the roads. We can do it either during the summer or during the winter. That means that most of our construction costs are falling either on December when we do prepayments for the delivery to be done during this winter season. In Q4, we're now doing a lot of prepayments for delivery, for instance, for Malutka to be further transported early 2022 for Malutka project. There are some seasonal variations in terms of CapEx construction costs, but also in terms of exploration costs. Moving to slide 15, please. Just want to say a bit more over the asset portfolio. As a mining company, we are very much focused and concerned about having a balanced asset portfolio. For a mining company, production means depletion. Every year we produce a certain amount of gold, we get revenues, we get EBITDA, profit. However, we are reducing our reserves. In order to be in mining and in production for 10+ years, we need to have the pipeline of projects. We need to have the reserves which will supplement the ore reserves which are mined. For that reason, we are running exploration. We are running brownfield exploration on Yubileyniy, going deeper to the lower horizons. What we see is that Yubileyniy looks even better than we thought last year when we issued the reserve update for Yubileyniy. We see that mineralization is probably even more thicker. The volume of mineralization is expected to increase more than we thought last year. Yubileyniy, as we see, will be in production for many years beyond 2030. We ran this year, we did exploration on Perevalnoye, trying to detail the underground structure of mineralization for underground mining. We are running exploration for places with target to have enough reserves, replace reserves to support production within the next two years. Malutka, that's our major, is going to be our major together with Yubileyniy gold producer within the rest of 2020. We are very deep in the development program for Malutka currently. Krasny within Irkutsk region, where we run a big exploration program. Kopy Goldfields is developing this project in a partnership with GV Gold. We see that this project, when in production, will be one of the major production assets of Kopy in the future. We run a lot of early-stage projects in order to bring resources and increase resources. Overall, our production target above 100,000 oz is very much based on the organic growth. It doesn't include Krasny potential at all. It's just based on the projects which are in production, Yubileyniy, Perevalnoye, and placer, or in construction, which is Malutka. On top of that, we obviously need to think about the potential coming from Krasny, potential coming from non-organic opportunities, and then exploration upside. Our organic growth is based on the reserves, not looking onto the resources. Moving to slide 16, please. As a company, we are happy to have a very ambitious agenda. First, we are on track with our production targets for this year and also for longer-term production targets 2025, above 100,000 oz of gold. We during this quarter and over the year have a fairly strong financial performance. We have solid balance sheet. We have debt availability to support our construction projects and exploration project. Total capital costs until 2025 to reach our production target is estimated $130 million, financed by the existing cash flow plus the existing loan facilities. We are undergoing production expansion at the existing mine and also develop new projects like Malutka. Ongoing explorations on Krasny, which create extra potential for the future production above 100,000 oz. We are doing a lot of activities targeting ESG. We have completed review. We develop internal policy. We proceed with strategies and implementation. This year, we put a lot of efforts and reviews into our ESG agenda. We're targeting main market listing on Nasdaq Stockholm in the near future. That's all what we wanted to present today for the Q3 update. The full report is released on our website. Now we will be happy to answer the questions. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. We will take a brief pause while questions are being registered. Our first question comes from Mikhail Sanders with Raiffeisen Bank. Please go ahead. Yes. Hi, guys. Do you hear me? Yes, we do. Yes, we do. Yes. Good morning. Yes, indeed. Thanks for the presentation. Great results. Can you give me one more hint on TCC dynamics, which dropped by a considerable percentage this quarter compared to previous quarter? Do you expect what is the rough estimation of your TCC in next quarter? Do you see this to be suppressed or do you see any hike opportunities for this? Mikhail, thank you for the question. I think it will be Tim who will provide a detailed answer. Overall, just before handing it over to Tim, it's the company actually policy. We don't provide TCC target or all-in sustaining cost target for the year or so. We do target production per year. We do target the capital cost per year, but we don't target TCC. Tim, do you have what would you add on that? Yes. Thanks, Mikhail. This is actually what I was about to say as well, since we don't guide on the TCC. What can be seen is that we are following the last year's TCC on an accumulated basis. This is what we can say about it. Understood. I would say, yeah, Mikhail, just maybe giving a bit more hint on that. From the current projects which we have, we see TCC as they are, and you can really follow them on a quarterly basis and compare with the last year. We see that going forward with the development of our projects, then we will see there will be a strong reason to see that TCC will go down. It will first come from heap leach operations, which are clearly cheaper way to go produce compared to CIP production. Also, it will also come from the increase of mine capacity and mill capacity at Yubileyniy, where we will move towards sort of increase the scale and hence target to reduce the costs. Overall, from the technical perspective, we do what we can in order to go towards TCC reduction. Okay. Thanks. Understood. I also have a question, as always, on silver. You’re not selling any silver these days. You’re still producing 300 oz of silver and gold equivalent. What is the policy? Why don't you realize and market silver alongside gold? What is your plan for this? Because this is the first time I see this situation with a mining company, stocking and piling silver but selling gold. What's the reason for this? Well, thanks for the question, Mikhail. Obviously, as you can see, silver is obviously the more necessary product. It's not material in terms of the revenues for the company. We sell silver based on the market, and then, the market for silver is slightly different than the market for gold. We feel there are certain trends and prices, and then, I would say there is different logistics with the silver sale. That's more or less it. We sell silver where there is no real target to accumulate silver, and we sell it, when we think it's a good moment and feasible to sell it. Yeah. Understood. That's true. Okay. Now moving to serious questions, if I may. One of the things which is kind of important is the CapEx plan you're shifting to the next years. Can you give any detail on which projects are postponed in terms of payments? What is the source of your running below my CapEx estimate by roughly 40% for 2021? Well, obviously, for us as a company, it's really important about the total cost for the project. I am far more concerned what would be the total budget for, say, Malutka or for Yubileyniy or for Perevalnoye. Then obviously we need to understand when, what is the commissioning date, when it must be commissioned. That's more. Then we will go through the procurement purchase and delivery and then construction. Then that's, I would say, the timing might arrive quarter to quarter here and there. Through the year, we see that some payments are going. Something goes faster, something goes slower. I would say the correct thing is probably to look at that we are committed to certain CapEx, and then we spend it when we get the invoicing and whatever. It's normal, really. We try to split it and report it on a year-per-year basis. Do you understand? If for some reason there is a delay from the construction company or like from the producer to bring the equipment during the summer, then we're really delayed for the winter, and then there is some delay with the payments or whatever. Overall, our commitment is we are committed towards our capital cost budget. That's what we believe and we plan to spend in order to get towards our production forecast. On a year-by-year basis, there might be some variations. Tim, would you like to add something? Yeah, yeah. Some- Sorry, Mikhail. Tim, would you like to add something? Yeah. What's important to say that we do not change our CapEx program, which we announced of 56%, it's really unchanged, and we don't see any significant either overruns or savings, so to say. It's still on 56%. Just as Mikhail said, that there might be certain items tipping over to 2022. The program as such remains unchanged. Okay. Understood. One more question, if I may. One situation with the transition of mining from open pits underground at Perevalnoye. Do you see any risks for suppressed production in Q4? Well, you already said that the guidance stays in place, 56,000-59,000 oz. Still, is it a risk of not fulfilling the guidance due to Perevalnoye processing lower grade ore from stockpiles? And also, what is gonna happen with placers in Q4? Because I know some companies in some regions, they stop placers in Q4, but some do works towards Q1, and there's Q1 when there's a stop. So what particular situation is at your placers in Q4? Yeah. With placers it's a fairly simple situation. Placer it's alluvial, and we need water to wash the gravel, to wash the sand. It very much depends on the freezing point for the water. The water freezes in October, November. Some companies do operate in November, which is sort of very much a record in the northern parts of Russia. We operate during October. We don't do alluvial mining in November. For Q4, there will be some alluvial gold produced in October, but it's obviously not as much as it was in Q3. That's one thing. The second thing about Perevalnoye, there are very much two things to think about. The first is that the concentrates, which we do on Perevalnoye, they are then further leached at Yubileyniy. We transport them to Yubileyniy. Currently at Yubileyniy, we process flotation concentrates, which were moved from Perevalnoye during Q1, partially Q2 of this year, and which were very much produced during the last year. Currently, we at Yubileyniy process flotation concentrates from Perevalnoye, which were produced by Perevalnoye last year. That really means that the grade which we are getting currently from Perevalnoye, they will affect obviously overall gold production for Perevalnoye, but not immediately. The flotation concentrates will be moved towards Yubileyniy by winter roads starting from January. That means that the next year, we will process Yubileyniy concentrates from this year. That means that the current lower than previously grade at Perevalnoye, it will not immediately affect Q4, but it will be reflected in the next year, and which is already in the planning schedule. Okay. Thanks. Understood. Just confirm what I'm saying is correct. Last year you mined ore and produced some concentrate at Perevalnoye mining site. Last year. In January this year, you moved this to Yubileyniy plant. Now, Yubileyniy plant is kind of dealing with this concentrate, which was originally mined a year ago. There's a lag of a year. Exactly, yeah. Wow! Um, well- That's normal. Maybe, well, yeah, but that concentrate and then it's not exactly 12 months, it could be nine months. Mm. There is a lag for sure. For gravity concentrate, since if you look on the operational report, you can see the grade in flotation concentrate and gravity concentrate. Gravity concentrate we transport through the whole year. Gravity concentrate, yes, we currently produce the gravity concentrates which produce gold from gravity concentrate at Yubileyniy from Perevalnoye gravity concentrate produced already this year. The lower grade in gravity concentrate, yes, it will affect our current production from Perevalnoye, but it's already in the planning schedule as well. Okay. The lag in gravity concentrate is lower than the lag in flotation concentrate. Correct. Because of the all year round shipments. Okay, understood. Thanks. Yeah. Yeah. Okay. That's roughly it from my side, I believe. Yes, many thanks for the detailed info. Many thanks for the questions. Thank you. Our next question comes from Alison Turner with Edison. Please go ahead. Morning, gents. I just had a quick one. You mentioned that some of the COVID related impacts are still being felt in terms of people moving and so on. Really just to get a little bit more color around that, the extent to which it's likely to impact operations going forward. What are you doing to mitigate that? Are you seeing a cost or an inflationary impact alongside that? You know, it's difficult to see that in your numbers because there are quite a few different moving parts there. Maybe just some color around inflation. Well, inflation. Yes, I would say inflation, if we look on Russia, on Russia in general, inflation this year is increasing. The target general inflation, as far as I recall, is around 8% annual inflation by year end. If we look for mining, for mining companies, certainly we see inflation. We see inflation at the costs increasing. Personnel costs are increasing. Delivery costs are increasing, influenced a lot by COVID restrictions, since transportation and logistics is getting more complicated and longer. However, I would say, per year, every year, we include inflation component in our planning, so we include inflation into annual budget. So we inflate our operational cost then every year with the forecast inflation per year. I would say, that's sort of a short answer. Tim, would you like to add? Yeah. No, no. What I would like to add is just what you were saying previously on the long term, on the total cash costs long term. Since we see growing production and economies of scale, et cetera, we do see possibilities to mitigate these factors as well. Yeah. This is something to have in mind as well. Maybe just to follow up just on the COVID element. We've spoken about the cost, sort of knock-on of that. Particularly at Yubileyniy, are you seeing any impact in terms of production struggling to get the right people on site, et cetera, or you've been able to manage around that? Yeah. Obviously, we can manage around that. Yes, answering your question, yes, we are struggling with employment, procurement. Sorry, not procurement, but taking the right people. There is a big competition in Russia in terms of qualified mining personnel. I don't think that it's only in Russia. I would say if you look on the trends everywhere in mining, I would say it's my view that young people doesn't want to go into mining. Everyone prefers to do something else, to do some gadgets, some mining Bitcoin or whatever, but not go into the distant operational sites and do underground mining. I would say general aspiration about the mining professions is going down. That really coincides with the, at least for Russia, strong limitation for migrations of qualified labor from surrounding countries. Historically, Russian mining industry was very much took a lot of labor from Ukraine, from Uzbekistan, from Tajikistan, Kazakhstan, and now it's really decreased a lot due to severe immigration restrictions. There is a strong competition, and that's why we do compete with all the mining companies for qualified labor. However, we confirm that, yes, this is a hot priority for the company, but we are coping with that. We didn't have any disruptions of operations due to the lack of personnel through the year. It is one of our major risks as we see it, from the metric of risks, which we have within the company. Employment and HR issues, they are the most important. Far more important than, say, looking for the gold reserves resources or for finance and also the gold price. Thanks. One last one, which I did pop through on the email, but seeing as I've got you on the line, I may as well ask it. Just at Yubileyniy, you're obviously tying in the expansion, plant expansion now during Q4, starting to commission that. Should we expect to see any additional volumes coming through from that in Q4? Or in fact, no, we might even see lower volumes because you're still busy tying it in, and we should only expect to see any increase in volumes coming in through into Q1 2022. Yes, we plan to increase the capacity and get extra gold from the increased capacity during Q4. Okay. Thanks for that. Thanks very much. That's all from me. Thank you. We have a few questions coming in through email, or actually one question, and that is about the Malytatum project, also called Northern Territories previously. There is one shareholder asking about the plans. Would you like to put some flavors on that, Mikhail? Yes, certainly. Thank you for the question. Malytatum is a greenfield project and we do plan to proceed with greenfield explorations. It's part of our strategy. It is within our exploration program for the next year. This year we have been more focusing on some more brownfield projects, but Malytatum is certainly within our strategy, within our exploration program. We have one question. I'm just trying to summarize it here, but it's about our listing on the main market. Would you like to develop in general about this, Mikhail? Certainly. Getting towards the main market listing is one of the company priorities. Last year, we have done internal review of our readiness for the main market listing. One of obviously a missing requirement, an important one is the free float. We are looking into that. As soon as we are ready to file an application for the main market listing, we will do that. I think we should add as well that this pre-listing review, which we are going through, is an internal process, and it's very traditional that all companies targeting the main market is going through such a process in order to be prepared for the formal stock exchange review and as soon as the application is handed in. Otherwise, I don't see any more questions. Have you received any other, Mikhail? I don't see any other questions. I just see that Mikhail Sanders from Raiffeisen is asking to be unmuted, and he would like to, as I understand, to have a telephone question. I might be wrong. There might be a delay. He's writing that he's pressing zero one with no effect. Should we instead, if this doesn't work, Mikhail, I guess you hear us, please reach out to us later today, and we will be happy to have a call with you. Mikhail, if you have a question, your line is open. Okay. Yeah. Super good. Super great. Two follow-ups. First one, looking at the cost of sales, to be honest, I see a visible reduction of the cost of sales in P&L on a unit basis, in rubles per one ounce of gold sold. Let me put it this way. Is it a true reduction of TCC quarter on quarter or some accounting stuff going on there? Because that's considerable, what I'm asking. I think we will take this question. Sorry. Yeah. I'm just trying to understand your question. Could... Yes, sure. As I understand it's about your model. Should we have a separate call on this, and I can try to dig into the question more in detail? 'Cause just in order not to, Yes, we can do that. I also have an easy one, probably the last one from my side is, why the inventory accumulation effects in working capital is so big this time, but the amount of unsold gold is, lower than the previous quarter, but the inventory went up, by a higher amount? The inventory consists of a lot of different things. It's Mm-hmm. It's not only gold, obviously. It's also other parts used for the production. I cannot give you an exact answer to that. There are certain seasonal variations depending on how we acquire fuel, et cetera, for the inventory. Okay, understood. Thanks. We have no further questions. More questions, please. Yes. We have no further questions in our teleconference, so I'll hand back over to you, speakers. I don't have any more questions on my side. Me neither. Should we say thank you and wish everyone a nice day? Yes. Thank you very much for joining us in the morning today. This now concludes our teleconference. Thank you all for participating. You may now disconnect your line.