Hello and welcome to today's FinWire broadcast with Minesto. We are presenting the report for the third quarter of 2025. After the presentation, there will be a Q&A session. If you have any questions for the company, you can submit them using the form to the right. With that said, I hand over the word to you, Martin. Thank you, and welcome everyone. I think we have quite a large audience here today, and we will do this in English because there is quite a good portion of the audience that are non-Swedish speaking. However, for questions, the Q&A session, it's perfectly all right to put a question in Swedish, and we'll do a rough translation on the fly. Let's get started, and let's start by also welcoming Minesto's new CFO, Alexander Jancke. I think it's the first time now where you face the. Yes, yes, that's the first time. The investor community. Thank you very much, Martin. Thank you very much. I will not take too much of this presentation. Hopefully, it will be Martin as usual. I wanted, regarding the Q3 report, to comment on the result and outcome on the rights issue that was announced in mid-September and the result that was announced at the end of October. The rights issue provided Minesto with proceeds of approximately SEK 99 million before deduction of costs related to the rights issue. The costs are in line with what was announced in the prospect. In addition to this, it was announced in the beginning of November that the board of directors of Minesto was resolved to allow Fenney Capital to set up its outstanding loan claims included, incurred interests, totaling approximately SEK 22.2 million as a payment for part of the shares that Fenney Capital had been allocated and subscripted for in the right issue. This was also in line with the information that was given in the prospect, and also due to the fact that the loan was due in the end of December, this was a good option for us. Also to this, in July, we announced that the completed reorganization resulted in a reduction of fixed costs by approximately 35%. All in all, this together, this has given us a more solid financial foundation going forward. With that, I will leave over to you, Martin, again. Thank you, Alexander. Yes, I mean, one additional comment on the rights issue and the situation with owners here is, of course, that even if we are to some extent, or that we are satisfied with having secured significant financial resources to push forward, we're of course extremely aware of this rights issue being conducted in a way where a lot of existing shareholders have not participated. We're relying heavily on guarantors for this injection. We're really grateful as a company that we now have an opportunity to really push forward, but of course also aware of the situation where the market and our owners are asking for accelerated progress related to the commercial aspects. I think that's sort of an appropriate situation now for us then to talk about what we actually do to push the commercial agenda forward. I'll try to elaborate a little bit on this. It's just an hour before this seminar or webinar where we published the Q3 here, but a lot of the letter to the shareholders here or the comments from me there is related to what we do and how we work with this. Let's see if I can help you along a little bit with how we think and what it is that we're doing. First, I'd say that we have, well, we've talked about the sales focus and an extension of sales before in this forum, but where we are now, we have to a large extent completed the build-out and expansion of a cross-functional sales team where we utilize expertise for the technical sales aspect, financial expertise, and partners on shaping the financial aspects of investment cases. All in all, now it's about 40% of Minesto's staff or personnel today is involved heavily in our work with different offers and sales processes. I think that's sort of the first aspect of the message to our shareholders is that we are really focusing on what we can influence and what we know is needed to take Minesto forward. We know by now that it's definitely not all actors in the energy sector that are first movers, but we also see that in several of the historic cases we've had the last one or two years, we've seen that we are really close to closing deals. It's serious interests. It's thousands of engineering hours invested by different partners in working with us, and that there are very small and marginal factors that stand between us and serious breakthroughs. Therefore, we believe that the share volume of sales activities is one important aspect for us to influence the likelihood and probability of breakthrough. The other aspect of that is, of course, that we're gaining experience. You see here on the slide, you see I've shown it before. We've shown it before on an engagement ladder where we're offering first installations to sell hardware to introduce them into the local markets, but we also know that there is quite a hefty feasibility, let's say, assessment most commonly needed in all those contexts. We can now support that work, and we can offer that as a service, a collaborative service from our end. It helps a lot that we've been through some of those. We've sold three of those studies over the last one and a half years, and we are now, let's say, organized in a way where we can deliver significantly more of this. I think it's fair to say that you need to build a unique cross-functional capability to engage in technical sales in tidal, and even more so unique when you have a technology that you are the only ones in the world that are working with. I think that we have been through this build-up of competence and building this team now, and you've seen aspects of this over the last year or three quarters also on how important it is, we believe, to understand how to simulate sites, how to assess yield, and work with the technical aspects of the sites in parallel with conventional sales activities. It is not only volume of sales activities, it is also that we can reuse and be more process-oriented in standardizing our offers. There is always a need to customization, and it is lengthy and complex sales processes, but we have a lot to gain from the experience we have built. I think that is enough for now on commenting on the hands-on sales work that we are doing. I had some slides here also just to illustrate some of the technical aspects on really how to measure yield, get the production estimates correct for a certain site. This is sort of a result also of having the large system deployed so we can use data from the real environment into those estimates. If we move on then into what we will use the proceeds, the injection to, apart from focusing and pushing sales broadly, one important aspect of this is to, as soon as possible, hopefully already this spring, that we will have an operational microgrid system built on top of our test activities in Vestmanna. This is a project where the Swedish Energy Agency and technical partners Capture, among others, and SEB, of course, support this so that we can set up a full product system for delivering electricity off the existing grid structure. In this context, we're looking into now to feed this electricity into a process industry with intermittent needs, variable needs of electricity to heat and to run a process locally in Vestmanna. We will learn from this sort of all the way from how to build a business model on savings in diesel fuels to how we dimension the storage capacity in the system with the production assets. It's also a way for us to continue, let's say, testing and production, but doing it more from a small-scale commercial context than continue with, let's say, R&D testing. This environment also gives us the opportunity to bring customers here to see a complete system-oriented product. The immediate opportunities for this is actually to take the system and hardware as it is and deploy it elsewhere in the Faroes, but of course also to duplicate this setup for any other opportunity worldwide in the broadened scope of customer dialogues that we have. We believe that this will scale well. We can talk about small arrays of up to maybe 10 megawatts with integrated storage capacity all the way down to actually scaled down units to provide electricity to remote users of electricity. It is a strength for us that we're doing this and that we're pushing forward with the products in this area. This is one of the hands-on activities where product development on a higher system level and sales and business goes hand in hand. The other area that we talked about when it comes to what we want to use the investments for is related to further de-risking and risk reduction of the world's first Dragon farm or array with tidal devices of our technology. We have a solid business case from a tidal perspective here, but it's obviously so that with a novel technology and with a lot of unprovenance, this is not a conventional energy project business case where project finance that are used to low return on investments and potentially rather low risks that are obviously in the eyes of the investors, a technology risk component left in this. We will keep pushing the risk mitigation aspects that we can with this by further production of the systems we have and also by further investing in more detailed and in-depth analysis and evaluation of the business case. There could be very small aspects to this that make a difference on how the array configuration looks and how we can motivate that the site actually has 10+20 megawatts capacity without having sort of one unit to cannibalize on the other one. It can also be aspects of environmental consenting where there might be perceived risks that we did not even ourselves consider from the beginning because we had already discarded those risks, but where new data might be needed. One such area is sound measurements of those systems where if you make the systems with different size and different scale, they will make noise at different frequencies, which is something that we already now are doing new hands-on analysis and measurements on to reduce those risks. is much more to say on Hestfjord and the business case around this, and I am pretty sure that there will be questions on this topic for the Q&A session. We will hold it here and then comment maybe on the third area of activity related to our plan forward, and that is that we will now engage heavily in, let's say, site development opportunities, at least the very early phases of that in several other markets where we have done the homework on identifying sites and where we are working with partners that will be potential project developers and project investors. We will not invest in hands-on site development and push it forward in the way we are doing in Hestfjord. It will simply not be possible from a financial perspective, and it will also violate the business model that we're setting up where we want to provide the systems and the know-how into the build-out context, into the value chains where producers of electricity and project developers should take over. Of course, we benefit a lot from a richer and more detailed understanding of how you build a tidal project. I think that sometimes we have to remind ourselves, at least internally, even if that's not sort of an excuse in relationship to impatient shareholders, that what we're doing here is in the same way as with the technology, it's absolutely groundbreaking. No one is today an expert beyond Minesto in developing tidal sites. The sales team and the technical development aspects of this is an area where we now have built world-class competence on a level that we actually can't see anywhere else. That is the third. From microgrid setups and that productification to the larger array work driven from Hestfjord to deploying this into a multitude of markets. All the markets we've been talking about for years with Taiwan, with Wales, and a few other sites, we now have a really good way of approaching those contexts, those sites in a new and in a much richer way. We also have the capacity to move into dialogues for a lot of other sites around the world, including countries such as Canada and Japan. Indonesia is on that list as well. We are really looking forward to this work and to be able to focus primarily on those breakthroughs. This is a little bit on the sales context. A final area of comments maybe from my side here is also that the test results from the Dragon 12, from the large commercial system that we've been running now in two rounds over winter and then into 2025 and over spring-summer in 2025, we see that the energy conversion performance, the way we can handle those systems, really motivate the cost of energy levels that we have communicated historically. We definitely stand by them, which is not always the case when you learn more and you push your technology forward. The first Hestfjord case here will be at around EUR 150 per megawatt hour. The equivalent of sort of the CapEx per megawatt installed will be around EUR 2.5 million per megawatt. I can tell you that we are not making any friends in the tidal sector by sitting on stage for Ocean Energy Europe conferences and elsewhere and going through and sharing our take on where we are cost-wise. No one is actually close to those numbers that we present. It is the low weight, the easy handling, and the sheer physics around energy conversion that puts us in this really, really good position. We know that those cost levels are not directly competitive with onshore wind and the more established renewables. If you look at where they s a sheer cost comparison. This is a strength that we now need to turn into c tarted, from what cost positions they have started, it is not optimistic to say that we will be highly competitive on ommercial opportunities as quickly as possible. On top of that, from a business development perspective, apart from just comparing electrons by electrons and what they cost, we believe that we are benefiting in a really good way from the dialogues on what happens to energy systems when the level of established renewables increase, when the penetration of the share of production from wind, particularly, when that increase in a market, what happens to cost structures and what happens to consumer prices when you push that penetration too far. I say too far because the lesson is easy in this. It is that it's not feasible economically. We've spent now, we've built our own models in linear optimization modeling tools, international standards on something called Python Power System Analysis Tools. We're implementing this in all the relevant markets where we are. We have developed our own tidal assessment modules into this. We hour by hour can analyze the balance between supply and demand in an energy system. We can add wind, solar, hydro, storage, losses, transmission costs, all aspects of how you assess the total cost on the higher system level. The results are really, really good for Minesto. If we take one significant market for this, we can see that a scenario with tidal compared to a scenario without tidal, there is a factor of two in difference with the cost. By adding tidal, that will reach around 40% of the market share. You will pay half as much for the electricity as if you would try to go for a fully renewable scenario with wind and storage and what else that could be brought into that context. This is also a part of our feasibility work and services that we can offer and work with our partners to do. I hope that we have been able to give you a little bit of an insight into the hands-on work that we deal with at Minesto right now. It is a situation where this sector is dragging its feet. It's obvious from all the comments we get from shareholders and in dialogues that there is a clear need for us to push this forward right now and not tomorrow. It's also so that we are more than ever positioned as the pioneer in this sector. It's still counting, and we are beyond now $500,000,000 exposures for our technology in the collaboration with SKF and the Faroe Islands on what we do. This is not just for fun or for bragging that we are good at sort of doing media with what we do. This is generating a deal flow from all over the world, from all relevant markets, and we are able to take care of that deal flow as well. It also brings us invitations into industry-relevant contexts and also to work with the Swedish government and Team Sweden being part of official industry delegations. That is sort of a little bit on a fluffy end in what we do, but it is also what it takes when you bring something really pioneering to the table. You need access to the real decision-makers. You need to accept that there is quite an effort needed and a huge request for information and data, and you need to come in from the top in this. That is also part of the work forward. I think, given the amount of questions that we know that we have already received, I think we'll hold this run-through here. We could do much more of a deep dive and talk a lot about this. You can imagine this is what occupies my mind, the board's mind, and the commercial team of Minesto around the clock to take us forward. Yes, thank you very much. Thank you. Thank you so much for the presentation. As you mentioned, we have received a lot of questions, and we will take time to take up as many as we can. The first one here is, a large Minesto owner has withdrawn. How does that affect Minesto? Is there a new large, strong owner stepping in? Yes, this is something where there is an obvious curiosity around this. Very honestly, what Minesto knows as a company and the board is basically what's been published from Pareto and shown in the media. We've had BGA that has been our second largest owner for many years. They have left the board of Minesto, and they have, as it looks, also now divested their shares and their ownership in Minesto. They've done it in a way with a hefty rebate on the share price. We do not know more than anyone else following Minesto from the outside. The only comment I would like to make into this is that from the company's perspective and the board's perspective, we can see no reason related to the status of Minesto and the shape and health of the company that can motivate selling shares at such a rebate. The only conclusion we can draw or speculate around this is that this is more driven from the investor's internal situation and not at all linked to Minesto and our prospects for the future. There will be more information coming out. There are lead times in getting new share registers updated and so forth. That will, I guess, within a short timeframe, be public and information available to everyone. We've had some frustrated owners asking Minesto why we are taking part in this or why we're doing this and that. I think for most, I think it's obvious that any shareholder has the right to sell its shares to what price they choose and that we, as a company, we have no say or no role in that whatsoever. Thank you. When can you present independently verified operating results with clear performance and reliability metrics that confirm that the technology is ready for commercial use? Oh, I lost the first part of the question there. Yes. When can you present independently verified operating results with clear performance and reliability metrics that confirm that the technology is ready for commercial use? We have shared the overall conclusions from DNV that has done a technical review of Minesto's Dragon Class technology. From that, we have communicated that they have labeled Minesto as a TRL 7 technology, which means that they stand by sort of this system as being a fully functional system ready to take the step into TRL 8, which is a first larger batch of production and an array build-out. That is sort of the DNV take on it. That is what we have today as a third-party evaluation. When it comes to publishing production results and communicating that, we have so far chosen not to share that in detail publicly. We share it with our sales prospects and in the dialogues with potential investors. What that data shows is something we've also said. It is that the energy conversion performance, that we actually can convert the kinetic energy in the tides to electricity in an efficient way on the levels needed to meet the levelized cost of energy that we communicate, that is verified with those systems. Consistent long-term production over time is not something that we have communicated or commented on. When that happens, it will depend a little bit on how we choose to move forward, Vestmanna, and what priorities we will have when it comes to serving the microgrid setup with a better integration or whether we push on with independent testing. I'd say that you can expect Minesto during 2026 to share significantly more technical data. Thank you. The next question here is in Swedish. Efter en intervju med Håkan Djurhus berättar han att tillstånden inte är klara. Ni har jobbat ihop i fem år, och det är fortfarande lite oklart vilken effekt drakarna ger. Det är oklart hur SEV och Minesto ska gå vidare i processen, och det går trögt mellan Minesto och SEV. Att drissefta Hästfjord 2026 verkar vara en tuff tidsplan. Detta är viktiga frågor. Hur ser du på detta uttalande, Martin? Det är lite tvärtemot vad ni kommunicerat under 2025. Ja, jag håller nog inte med om att det är tvärtemot vad vi har kommunicerat, om man nu försöker förstå vad det är Håkan Djurhus säger här. Det är en väldigt lång... Nu pratar han... Switch to Swedish here. You trapped me into speaking Swedish. It's a long question referring to an interview in Ferries Radio, I believe it is, where the CEO of SEV is commenting on what you may label the slow progress in commercializing and building Minesto's tidal in the Faroes. I don't want to comment in detail on his take on things here, but the performance, the energy production performance, that that is not verified. I'd say that that is not correct from Håkan Djurhus. He needs to talk a little bit more to his own CTO, I believe. He's an energy trader by heart, and I'm not sure that he has... He's not the one to sort of make that verdict, I believe. As I said in my presentation, there are always uncertainties on the energy yield and how much you will get out from a tidal site because everything on that system level is based on simulations. I think that's important to put into here, that it's a signal from SEV that they feel that their perception is that there are remaining risks related to technology. That's also what we acknowledge by focusing so hard on improving and mitigating perceived risk related to Hestfjord. That's one part of the comment. The other part of the comment is that I also believe that this has to be seen as an interview and comments directed towards the Faroese population. It's a highly political situation with SEV having politicians in their board. SEV is heavily under fire from the public and politically because of the slowdown of the build-out of renewables in the Faroe Islands. They take the heat and blame for aspects of this slow build-out that might not be their fault. In this, they are really careful with how they communicate and what they say related to this build-out. We believe that from Minesto's side, there is a strong commitment from SEV. We're invited to their next board meeting to talk about the plans moving forward. We're engaged together in analysis of the grid mix. We share the basic takes that tidal with the performance Minesto predicts moving forward. With that being intact, we will be the enabler of a 100% renewable energy system in the Faroes because it is a very, very high cost burden to push forward with a high penetration of wind. We have also seen that hydro and pump storage projects in the Faroes have been postponed or shut down because of the cost levels. I actually believe that despite the slow progress—slow is a relative definition when you are building a new industry—we are in a really good position to find a good way forward together with SEV and the political and industrial community in the Faroes. I will sit down and talk to SEV and Håkan. I mean, it is only a week from now to discuss the plans moving forward. We do not see any new issues or any take of this that can be interpreted as anything we have said has changed. Thank you. The next question here. You have been demonstrating the technology for many years. Why has not any customer made the decision to invest in a park? What exactly is missing, would you say? It's a system level beyond one unit. There is still a lot of work that we now have completed this year and we're working with this autumn, as I referred to in the Q3 comments here on really making sure that you can produce as much electricity as you say on a park or a farm level. I also believe that the climate for investments in new innovation and technology in the renewable sector has cooled off more than we hoped and more than many expected. We also see that some other more mature renewable areas, such as wind, have not actually delivered what it had promised. On top of that, we've had earlier waves of ocean renewables, first-generation systems, wave systems from the 1970s and onwards where we've seen a lot of attempts that have not resulted. When we bring something that is highly competitive based on completely new and unique principles where we actually can deliver this industry, I think it is expected that we will face some skepticism and that we are asked to, at least from what we'll say, to overprove that what we're doing is as competitive and useful as we say. We are far into this process of convincing and moving forward. I believe that's my comment. Not perhaps a full and complete answer, but some aspects of it at least. Yes, thank you. What is the status in Dragon on FO? Are there any investors that are joining the local projects in the investor company? Not yet. There are a significant number of dialogues with different types of actors. It is obviously also a case in focus of other types of funding from the EU and equivalent parties in Denmark and elsewhere. That is the highest priority, I'd say, for us and also together with EY to close at least the first round of platform investments into the 10-megawatt phase. That is urgently needed and wanted. Thank you. Are you getting economical income from your site in Vestmanna, or is it just for free right now? It is symbolical income, so it has not even been worthy of press release yet. Let's see what happens when we get the microgrid up and running here. The purpose of the site has been to push the technology forward and demonstrate performance. We have not had the opportunity to go into full long-term production mode on all those systems over time yet. Thank you. Here is another question in Swedish. När beräknas tillstånden för Hästfjordparken vara klara? Har ni stött på hinder i den processen? Oh, the permitting process for Hestfjord, when do we believe we have permits in place and so forth? There is a whole range of different types of permits. Some of them are in place. Some of them are agreed orally, verbally. Some of them might not even be well defined yet since no one is renting seabed for tidal generation in the Faroe Islands yet. The test site in Vestmanna is operating under an R&D permit that is, let's say, less complicated. We have established or secured a situation where we can actually build the first phase on the same kind of R&D permit. Of course, that will have to be transferred into a long-term conventional permit for the site and for further build-out of the site beyond the first 10 megawatts. I believe that, I mean, we've seen those discussions all over the world, basically. We believe that the climate and the dialogue in the Faroes makes this one of the less risky areas as we see it. We obviously know that project investors that have hit brick walls related to this in the U.K., and elsewhere in offshore wind and so forth, that this is a highly important area to push forward. This is included in sort of the use of proceeds setup that we have. We are working on it as we speak. Thank you. Another question here. The bones in the cabin now is a transaction of shares with discount that was in movement recently. What's the story behind that and maybe a comment on share price? Yeah, the story on the transaction with a high discount there, I think I already commented on that related to BGA's sales via Pareto. I will leave that for now. What was the other one? Comment on the share price. I am a shareholder in Minesto, and I am not happy. That is the comment that I can make. I think that what we can do from the company is to deliver what we know is needed. I think we have spent a fair share of this hour here to convey to you and to convince you that we are focusing on the right things and we are doing it in the right way. That is the way we can take Minesto forward and get a more reasonable valuation on the stock market. Thank you. Another question in Swedish here. Vad är Minestos teoretiska produktionshastighet från start nu i antal enheter? Oh, our production capacity. Yeah, I think that, I mean, we have for some of the most important and complicated modules, such as the steering modules and the drive train, we have very, very strong supply partners in SKF and others involved in this. There are basically no limits in ramping up production. It can be done in existing production environments. I think it's the wing and the total system testing that will be more of bottlenecks. We are looking into how to ramp that up. Our current much appreciated partner in Elite Composite in Uddevalla are with us all the way in actually developing large-scale batch production with a flow, with a manufacturing flow, and where we can locate manufacturing to the site where we build the wing and bring all other components into it. This is an ongoing work. The capacity today to deliver, let's say, 6, 10 units to Hestfjord at large scale, that can be done without being lead time critical. We can easily build up to 200, 300 kilowatt units, the smaller, the D4X that we call them, that is done with much less need for indoor space and smaller production environments. That can easily be ramped up. It's more a matter of what costs, how many units they can last for, and how much personnel you bring in to do it. Tens of large ones and significantly more than tens per year of the smaller ones is feasible today. Manufacturing will occur of wings will be done locally. That will be spread over the world and closer to markets. All the content, the smaller components that go into the wing, which is basically everything else, can be and will be manufactured with current suppliers. Potentially a licensing deal where the know-how of Elite Composite can be relied on when you sort of transplant the manufacturing to other environments. Thank you. Talking about other environments, are you looking at Indonesia as a market? It has a lot of tidal flows in the area. I mean, natural dragons will help to replace coal and biomass on many of the islands. Yes. It is one of the most interesting markets for us moving forward. We had the ambassador of Indonesia in our workshop, actually having lunch with him in the workshop when we had one of the smaller units on service here just two months ago. We get a lot of support from the Indonesian government. We've succeeded in actually a breakthrough when it comes to having third-party evaluations of the role of our technology in a future Indonesian energy system, specifically focusing on de-desalization in the eastern parts of Indonesia. It's obviously a market that is impossible to address on our own. It's not like Minesto is going to set up operations all over Indonesia, even if the engineering team wouldn't mind sort of working out of Bali for overwinter. The partnership aspects are crucial. We're working with serious actors in Singapore and in Indonesia to build a, let's say, a team of partners. That includes also subsidiaries of PLN, one of the world's largest energy companies, the state-owned energy utility in Indonesia. It is obvious that they are now putting things into movement in Indonesia with announcements, market soundings of the first phase of public procurements of tidal, and also integrating the tidal, let's say, the tidal energy as an enabler in their very, very challenging energy transition. Thank you. Indonesia you. Indonesia is a multi-gigawatt market for us. It is both microgrids and the larger systems. Thank you. Do you have any updates on the soft funding applications you have been mentioning in previous presentations? No. We do not. Yet we are working intensively and integrate soft funding in all the commercial discussions where we have opportunities to integrate it. It is a core component of our risk reduction strategy for the larger arrays. Thank you. Here is a couple of questions in Swedish here. Kan ni lugna marknadens oro avseende framtida finansiering? How do you translate that? Can you create confidence in the market regarding future financing of the company? Was the question. I mean, that's up to the market. I mean, we will bring sales incomes into Minesto. We will bring soft funding in. We will keep working on both the commercial agenda and communicating the maturity level of our technology. I think that that's the way to move forward with a higher share price and with project finance coming into Hestfjord and some of the other projects. I believe that any capital need that will occur in the future will be significantly easier to satisfy with those deliverables in place than, let's say, being forced to do another round under the same circumstances that we've done this autumn. That is something that we do absolutely not want even to try. Thank you. Could you give us a timetable for the microgrid project? Yeah, as I said earlier here, I believe that we will, with respect for the sort of the supply of some hardware batteries that Capture is sourcing from their suppliers and maybe some reconfiguration of our foundations that's needed over winter. We believe that we will be in our first phase of producing with the microgrid to users already next spring. That is six months from now. Thank you. Has Minesto considered charging royalties on the megawatt that the Dragon produces? Many other companies do this with renewable energy technology. No. Charging royalties. I don't understand the question. I mean, we are looking into all different kinds of business models, and that could definitely be one of them. It depends on how we proceed with the connects that we have. Yes, and licensing deals is up for debate in some of the smaller markets to start with, where we actually can give the rights to deploy systems in a certain market. That is happening in the Faroe Islands with the Dragon setup we have. They will have the market rights to build Dragon farms and arrays. We will make sure that we get economic compensation for handing over that right. Thank you so much. Another question in Swedish here. Varför är det svårt att komma i kontakt med pressavdelning? Why is it difficult to get in contact with the press? Did you call it the press department of Minesto? Yes. The press department is, I mean, we are a small tech company. The press department is one person also responsible for all our global communication, Cecilia Sandhagen. I believe that it is not at all difficult to get in contact with her and with IR with Minesto. Real-time answers and some types of questions is something that we have to and must answer in a collective way. We read everything. We take in every question that comes into Minesto and discuss that and use that to, let's say, respond in our communication. Obviously, when we are disappointing shareholders with a share price that is dropping, owner shifts and uncertainties that we have been facing this autumn, we get more questions and more requests for information than we can handle with quick turnarounds as a small company. I also believe, to be fair, that there is a very large, let's say, engagement and interest in Minesto. We have a lot of shareholders that actually want to help. We get a lot of suggestions and advice. I mean, we even take that into consideration. It is sometimes really difficult to sit on the outside and really hit the nail on what should be done and what should not be done. We can obviously improve as everyone else when it comes to how we communicate and what we tell the market. I think one thing we have changed since a year back, based on feedback, is that we are doing those Q&A sessions four times a year. I am not sure that you can find that many listed companies on the Swedish stock markets that four times a year open up for questions. We are not prepared for what questions we get. We do this live without preparations and try as good as we can to be transparent and share with you what we know and what we can share. Thank you. You are talking a little bit there about investors wanting to help. Here is a question maybe regarding that. Have you considered to let existing shareholders to invest in a Dragon farm? That is an interesting proposal. What we are doing is actually looking into doing it the other way around to have project investors get an opportunity to invest in the tech company. It is a good valid point. Let us take that with us from this. It is good that we get something valuable out of this conversation, sort of hands-on. Thank you. Another question in Swedish here. Har alla nödvändiga tillstånd och licenser fått juridiskt bindande godkännanden som miljö, havsbottennät, anslutning, hamntillgång, etc.? Oh, have you received firm legally binding permits and rights for, and I guess this refers to Hestfjord? For Vestmanna, I mean, we've been operating for years and the permitting process there is solid and we run under an R&D permit that is renewed once in a while. When it comes to Hestfjord, I'd say we're halfway into this process. We cannot flag or see any showstoppers when it comes to this permitting. Thank you. As we mentioned earlier, we have received a lot of questions, but we will make time here for a final one. It's no question that you work hard over at Minesto, but could you please give us some intel of what you see in the future cards going ahead to 2026, maybe? Intel, future cards. Yeah, I mean, I hope the message has reached through from this hour we've spent together that our clear focus is breakthrough. We see that there is a commitment ladder. In some customer contexts, we need to go for feasibility work, smaller deals where we sell services and expertise and know-how all the way up to funding of larger arrays and market development companies such as Dretchin. We cannot make promises or forecasts in this. It's very all or nothing in a sector like this in many ways. We are confident that the way we're working with pushing the commercial agenda will bear fruit. It will do it timely when you consider the cash situation for the company and expectations from customers and other stakeholders. Thank you. Now it sounds almost like a politician in answering that. I mean, everyone is expecting sales and that's what we're going to deliver. I think that's a better answer to that question. Thank you so much. Thank you all for tuning in and sending in questions. Thanks to Minesto for presenting here today and answering our questions. Thank you. Thanks to all listeners here. We will keep pushing forward. Thank you very much. Thank you very much.