Amaroq Ltd. ($AMRQF)

Hello, everyone. Lovely to have you here for our Capital Markets update, Capital Markets Day for Amaroq. You're very welcome in the room and online. Thank you very much for joining us this afternoon. It's quite rainy in London. So I hope it's nicer weather wherever you're sitting at home. We've got about 2.5 hours. We're going to be taking you through various aspects of the business. You'll have a full cry of the members of the team from all aspects of the company. So hopefully, it will be informative and there's time for questions at the end. The format will be we'll take questions from the floor here to begin with, and then we'll take questions from the line thereafter, but we'll do it until the end. So if you have any nasty questions, try and think of them now and through the presentation. We're going to kick off with a short video, which will hopefully set some context for the day. It's not emotional, but it should provide a good basis for what we're going to be talking about and how we operate in Greenland. So after that, Eldur will come up and kick off proceedings, and then we'll run through the agenda, as you can see here. So thanks for joining us, and enjoy. [Presentation]

Welcome, everybody. It's a pleasure to see so many of you here. I have to say we weren't sure that after COVID has been more on the webcast. So it's an absolute pleasure to have all you here to walk you through it. As a start of the presentation, I want to reflect a little bit on the last 5 years, and we want to also give you our road map for coming -- the next coming 5 years. Since we started the company in 10 -- 11 years ago, 2 or 3 people around the room. We've gone through a strategy where we acquired the real estate, gold critical minerals. We develop a team. We develop a mine. We develop a way to explore and do exploration drilling every summer, and we continue doing more and more and more of that. So today, we now sit at the position where we have the skill set, the team and everything, and we've really just started. On that note, the question becomes why are you doing it? Now in the past -- well, since we started this industry, fairly countercyclical, and I'm not going to light you, our timing was a bit -- I wouldn't say wrong, but it has taken time to get here. We think there is another super cycle coming for these particular reasons. The traditional demand for minerals around the world is growing. When I say traditional demand, I mean houses. A normal house needs 200 kilograms of copper as an example. The traditional demand means that more and more people are coming out of poverty wanting similar potential life quality of life, I wanted to say, as others. Now the second part is the electrification of everything. Electrification became something that was very topical around 2020 when we thought about Tesla or an electric car. But if you think a little bit further, it is about everything we do, your tumble dryer, your phone, your computer, everything is now being electrified, which has meant that a full countries like China build their whole economical model on electrification, which in turn becomes decarbonization or energy transition. How can we not be dependent on oil and gas and China way is to electrify. Yes, they use coal and wind and solar and other things, but they use ways to build up batteries and others to store that electricity to be able to utilize the best possible way. Now other industries like AI and others are certainly there also. The point about this slide is that the demand supply today is now 50-50 between the Western world and the undeveloped world. It used to be 80-20. So there's just a lot more demand. And what is staggering about all of that is that while this is happening due to the fact that this industry has a very challenging risk-reward profile. There are a lot of risks around -- I mean, it only takes a few minutes to look at the video, how many risks are associated with building mines and developing mines, right? And what is happening is that there hasn't been capital in this industry. The prices have been very, very low over 15, 20 years. So we've had to go deeper, meaning each deposit that are now discovered is going deeper and deeper. The grade that is the metal per tonne is lowering. That means the yield is worse generally. And as an example, the copper gold discoveries are at historical low. Partly it is because the best has been mined, but partly it's also because we are not -- or have not been exploring for new resources. Best way to explain that, if you look at much of the portfolio of assets, it isn't valued in our market cap because it's hard for us to explain what is drive to our value when you only have a sample or one drill hole, you need a resource, and I'll go through that in a minute. Also, capacity delays, permitting time line and all of these things are also delaying. So we will see a shortfall in providing demand to the market when all of the others. So -- on top of that, we are seeing one country dominating the supply chain, both from mining and processing, which is China. And this is an example here from rare earth. And what that means is that their industries are much stronger than other industry. They make electric car cheaper. They make most things that are electric and therefore, because the minerals and the processing of supplying the industry is better served. That's why what we see in America or in the European Union and others, but that's why you see the interest in places like Greenland. And what is also quite interesting is that the metal sector, it's not like oil and gas, where oil and gas is 80%, I think, of commodities. It is much more vulnerable to disruption in supply. So copper, for example, 23% of the copper in the world or 22% comes from one country, Chile. Majority of nickel comes from Indonesia. And so when there is a mine failure or single mine issue, that has a big impact on the supply, and therefore, that is a risk for any industry in the world. We've seen the similar things in aluminum. I know there are a lot of Icelanders in the room here who have witnessed that quite recently. Now why is Greenland important in that? Now to give you an idea, Amaroq has funded in total since initiation probably up to USD 250 million of investment in mines and exploration and others. The sector when the new mining code was put in place in 2009 to 2012, about $1 billion was spent on project. Then we had this period, a down cycle from 2012 all the way up until maybe 1 or 2 years ago. In the past 1.5 years, more than $1 billion has been raised into mining projects. Just yesterday -- day before yesterday, a license called BICO was funded with $30 million on an idea on a total valuation of $60 million. We bought Black Engel last year for $10 million, as an example, with the resource and infrastructure, which we will explain later on. So the valuations are growing and the capital is being injected in huge amounts these days. And this kind of goes into the whole idea about how we unlock Greenland. It is a lot going to be about services to lower unit cost and understanding the know-how of doing things. Now Amaroq today is valued close to CAD 1 billion. We like to use Canadian dollar because it gets us closer to that CAD 1 billion mark. But as a reference, the unrisked potential in the overall portfolio is $20 billion. What does that mean? That means that areas that we are looking to either explore, develop or operate as a combined value in the management eyes of $20 billion, meaning if everything goes as planned, if we have the capital and the people to develop them, that's the size of the price. And you will see it later on how we evaluate that, right? Now they go through these stages through the evaluation. So when you're on exploration stage, you typically get maybe 0.1 to 0.3 of your NPV of a project. And you have to get to a specified resource to start getting more and more added value to the project. We have Black Angel, which already has a resource, and we intend to, similar to Mal use exactly the same strategy to develop larger resources and to get that into production. That sits on this definition in feasibility stage. Now with Nalimak getting into the operating stage, we see lower and lower discounts. So the whole focus here is to move through growth projects from exploration all the way to producing it. Now what is interesting about our project in Greenland and each and every one of them is not an idea. It is a rock where we have sampled with high-grade something. We're going to speak to you today about gold, iron ore, nickel, copper, rare earth. These are all samples we've taken or we have drilled them. And so -- in contrast to what I said earlier, they are on surface, they are high grade. So it's about quantifying. But it has been hard to quantify in Greenland because it's so remote. You need to understand how to drill and how to develop. It costs money, and it takes you a lot of people to do it. About 60% of our OpEx, our CapEx is people, right? So it's not enough to only have the asset. You need to be able to unlock that. Now the Amaroq way and how we are approaching things, we look at high-yield assets, that means high grade. Nalanak has a resource statement of 30 gram per tonne. I think the average grade in gold is 2 to 3 gram per tonne. So it gives us high cash flow. sorry, high margin. We like to go into mines with the low upfront CapEx. Amar cost us about $200 million to get into operation. That's obviously because they were a mine there before, so we can leverage off that. That then gives us the playing ground to hunt for the elephants because the cost of being there is 60% of it, and then we can use that infrastructure to drill other areas and build up a regional portfolio. So we've already proven that in Nanoq. Nanoq, we believe, is an elephant, a world-class deposit. More than 70% of the hole in [ Malnak ] show high-grade mineralization. But we can only do that by having good people, motivated people and people who can actually help us gain that attraction. Now in addition to what we do in ARC, and we have had questions on that, why are you thinking of services or energy? But when you're in a jurisdiction which doesn't have services or doesn't have any energy infrastructure, you have to build it yourself because otherwise, your unit cost will not come down. On that note, I will hand over to Ellert.

Thank you Eldur. Yes. I'll start with key highlights from Q1. So we delivered a strong operational quarter at Nalonak, producing close to 3,700 ounces at nearly 20 grams per tonne. Recoveries were 61%, in line with expectations for the gravity circuit. And more importantly, Phase 2 flotation commissioning remains on track for Q2. On the permitting side, we completed the IBA in January and received approval of the final mine plan in March, a key permitting milestone at Nac. And within the wider portfolio, we also announced encouraging results from the highly prospective winter license within Gardag, which displayed high-grade iron ore mineralization, which James will cover in more detail later in the presentation. And finally, on financing, post quarter end, we announced in April that we had expanded our RCF to $70 million, which materially strengthens liquidity and lowers our overall funding cost in parallel. Turning to the financial performance of the quarter. Very pleasing to see Q1 marking the first quarter of net profitability for ARC. Hopefully, many more to come with net income of $2.4 million. Revenue totaled $18.9 million from sales of roughly 3,000 ounces. in the quarter. And of note also, so G&A was slightly higher than in previous years. That is mostly attributable to legal and advisory costs related to the main listing in the U.K., which Anna will cover later in the presentation. Now moving on to the balance sheet. Total assets increased to EUR 376 million. This reflects continued investment in our asset base, mainly at Nalunaq. And this is in line with expectations. So the first half of the year was always going to be more heavily weighted towards CapEx. including investment in underground mining equipment as we took over from Thyssen, our mining contractor, which the last people from Thyssen and equipment left site in Q1 once we brought in our new mining equipment and of course, due to also continued progress towards completion of the Phase 2 flotation circuit. So the change in cash balance between quarters reflects this investment as well as the increase in inventory, which increases materially between quarters and stands at $33 million at quarter end, driven by stocking up of spare parts and consumables. And then you will also see a continued investment in our gold inventory, which stood at $20.3 million at quarter end and is expected to be converted to revenue once as shipments continue. Liabilities increased to $92.7 million. That mainly reflects a temporary increase in current liabilities related to payment received for a shipment that remained in transit at quarter end and together with accrued interest on the RCF. But despite that, the balance sheet remains very strong with equity ratio just over 75%. Cash movements. So cash flow from operating activities, positive 10.8%, which reflects the gold sales in the quarter and -- then I've discussed the investing activities that took place in the quarter as well. So CapEx mainly for the processing plant construction. Cash at quarter end at $8.8 million, and then we had an additional undrawn credit facilities of $8.9 million. And then post quarter end, we announced the expanded RCF, which basically takes this $8.9 million number to about CAD 57 million in undrawn facilities. So that significantly increased our available liquidity going into the 2026 field season. Now for guidance that we announced in February 2026 earlier this year, that remains unchanged, our full year guidance. Operational focus continues to be on Nalunaq ramp-up and stabilizing production. You will see there on the tables to the right, Q1 performance was in line with or ahead of expectations, particularly on the production side due to higher grades than initially forecasted. That puts us in a good position for the 7,000 to 10,000 ounce H1 guidance. And our full year guidance of 25,000 to 35,000 ounces remains unchanged. And on costs and capital investment, they also continue to track in line with plan. I wanted to look a little bit more in detail at our AISC number and the underlying cost structure at Nalunaq in particular. So you'll see on the graph to the right -- upper right corner that AISC is expected to reduce progressively as recoveries and production ramps up. And we are guiding an AISC range of USD 1,250 to USD 1,450 per ounce by year-end. And that is due to the denominator increasing, production increasing. We are not estimating cost optimization or lower cost in the guidance. But I wanted to show and make a note that, as Elon mentioned, the cost structure is largely labor-driven. And approximately 60% of operating costs are related to labor, is direct salaries, which accounts for roughly 40%. Then we have contracted services and associated travel costs and bringing people to and from site where we run a kind of 4 weeks on, 4 weeks off rotation at Nalunaq currently. Then we have energy, which accounts for 10% of the cost base. What's important to note here is that much of this organizational and infrastructure base is already in place. and the number of people required to operate the business doesn't increase alongside increased production or at least not proportionately. So there is significant operating leverage that we can look to as production ramps up. And the major focus throughout this year will be on productivity and cost optimization, and that speaks to our capital allocation strategy and links directly into the next slide as we look to lower our unit costs. Now we view capital allocation across 3 core areas of value creation. So it's shorter term, medium and longer term. The first area is optimization, as I alluded to earlier, continue to improve efficiency and lower unit costs. That includes several initiatives we're looking to this year and going forward. It's obviously local workforce transition that decreases travel costs to and from site. In-sourcing of contracted services, we have an extremely good track record of that in recent months after we took over mining operations from PSN, our mining contractor that basically handled all mining operations at site up until Q4 of last year. That decreased costs by 25%, and that's only in dollars and cents. But then we also saw increased productivity. And all in all, just better control and flexibility across site. So we actually -- we lowered cost and we got more tonnages from the same number of people. So that's operational leverage. And that meant we had to bring in our own equipment to site. So we had to make investments in that vein. So we might need to do something similar when it comes to taking over operations from other contractors. But that is an investment that pays back very quickly for us. We're also focused on logistics optimization. This speaks to Suliac, our servicing company, which Ed will go through later in the presentation. But having longer contracts gives us better payment terms, lower unit costs and more flexibility. So we look to engage with that as well. Then on infrastructure investments, fuel farm expansion, if we have more capacity at site to receive more fuel, the ship moving in the fuel cost the same, again, lowering unit costs and the hydropower initiative has the ability to significantly lower running costs going forward and more on that later as well. And then the second area, looking at Nalonaq itself, and this would be within our growth capital. The focus there is on increasing throughput. So we have currently a 300 tonne per day facility there. We're ramping up to full nameplate production by the end of this year. That's our base case plan. We'll do it earlier if we -- if there are no issues. But we have already now commenced study work with Haliard, the engineering group, Canadian engineering group that has worked with us on the processing plant since the beginning to increase throughput from 300 to 450 tonnes per day, so effectively increasing throughput by 50% and which does not require a proportionate increase in workforce or equipment and more on that later. And the third area is the wider portfolio. You can see on the far right, systematically advancing our projects. And our approach there is mainly value focused. So we put pressure on the geology team, which sees opportunities in every corner of Greenland understandably, as the minerals are basically on surface. But we require them to explain the field season activities to us and how that directly translates into increased geological confidence, derisking the project, moving them along the Los curve Eldur showed earlier, thereby increasing their value. And there, we're looking at a couple of -- or several key projects, which will be covered later in the presentation in more detail. So that's capital allocation. That's one side of the coin. But on the other side is financing and how do we fund this exciting growth we see, the growth potential we see. So our funding strategy is diversified and continues and has continued to evolve alongside the business. If I just go through these boxes now, first, we expect Mellonite to become cash flow positive in the second half of this year. So that's going to be an important source of internally generated funding. On partnerships, we've already demonstrated a strong track record of strategic partnerships, partnering with ECAM in 2023 in our Gard[Audio Gap] exploration JV. Through that, we have funded approximately $30 million of exploration activities so far. with programs continuing into 2026. And more recently, we announced a similar structure being contemplated with IFO, one of our largest shareholders in Zuliac, the services business. So that is an opportunity set that we will continue to look to for either it can be the companies, the subsidiaries such as Nalunaq, but also single licenses such as Nanoq or others that is a possibility there. On the debt side, we successfully established our first debt facilities in 2023, a construction loan to the tune of $18 million. That was then subsequently upgraded to an RCF of $35 million RCF with Landsbankinn a year later. And now we've just announced a syndicate of $70 million with Landsbankinn and Conor Group, one of the largest metals and commodity traders in the world, bringing them into the syndicate. So we progressed well on that front as well. Offtake financing, we continue to engage with partners such as Gunvor, commercial partners and also public institutions or public bodies when it comes to offtake financing opportunities, and that is especially relevant to our critical minerals portfolio. And on the capital market side, we're seeing increased inbound interest from debt investors as we move to as we've moved to production and now positive cash flow around the corner, particularly within the Nordic market. And we are seeing investor appetite for the sector as a whole also increasing considerably alongside several recent transactions. And last but not least, the equity markets, of course, they have historically played a very important role for Aarloq, especially in funding Nall, as you can see, with that having been done mainly through equity financing and a strong equity ratio now of 75%. And that has also allowed us to build up a very strong register of supportive and diversified institutional shareholders, which spans resource funds, pension funds, family offices, management, et cetera. see a lot of them here in the room today. So we're really appreciative of that support, and this is one of the strong elements of the company for sure. So overall, I believe we have significant financial flexibility and access to a broad range of alternative financing funding alternatives to support the growth opportunities in front of us. And with that, I will hand over to Joan.

Thank you, Ellert. For those of you that haven't met me before, I'm Interim COO. I've been operating in Greenland for 16 years, and I've been with Amaroq for 11 years. And one of my areas of expertise is negotiating with the government on the permitting side of things. But also what I'm passionate about is that we fulfill our promise of building a green mandate legacy. You've heard from Eldur and Ellert what our plans are. And I'm sure you're thinking, what exactly are Amaroq going to do? Well, how are they going to achieve this? And what edge do they have over their competitors? It's quite simple. It's our people. When Elder and I started on this journey over 11 years ago, he said there were just 3 of us in this company. And as a result, we've had to understand and build everything from the bottom up, which has been really helpful in identifying the skills required when we're growing the team. Eldur in the early days said, I drive the train and Jan keeps it on the tracks and not much has changed really. We realized that we would never be successful without investing in our team to get the expertise that we needed, and that's why 60% of our costs now relate to people. We knew that we wanted people with the same values as us, who approached everything with integrity, hard work and drive, individuals who are as passionate as we are about creating long-term value for Greenland and investors. And the search was hard. However, I believe that we have now built the strongest mining team in Europe, and you will hear from some of my operations team today. From Phil, who has spent his whole career in mining and now leads a team of 200 people at Malameak, producing cash flow from our regular gold sales whilst looking to expand the life of the mine through the focused approach to resource growth. From James, an experienced exploration professional who has so effectively planned and executed our exploration strategy and who will be overseeing the work of 80 people during the 2026 Greenandep field season, which starts very soon. He's also a key member of the team in evaluating M&A propositions. And from Will, who joined us 10 years ago as the geology intern at Black Angel, and he'll be talking to you today as the project manager of the West Greenland Hub. His growth during this time with us has been great to see. Our operations and project teams are, of course, supported by a team at head office. There's 25 of us, we're experts in HR, IR, legal, compliance and sustainability. So from 30 to 300 people. That's quite an achievement. Next slide, please. Okay. So we've got the right people, but how are we using them effectively to build value and accelerate progress at the project. As the saying goes, failure is success in progress. We're not ashamed of our failures. The challenges we have faced have shaped us. And Alan tested our operational, technical and logistical capabilities, and we've learned from every step back. The hard part is done. We now have a repeatable framework, playbooks, standard processes and lessons learned that can be dropped into future projects. That means faster ramp-up and a quicker path to production with fewer surprises. Being aware of past mistakes means we won't repeat them again, thus minimizing CapEx overruns, schedule slippage and operational downtime, all of which leads to lower risk and cost. This institutional knowledge sharpens with every project, and it's hard for others to replicate. It's one of the most unique parts of the business and sets us apart from others. At IMA, we have taken the mine into production. We have done it, and we've done it successfully. That is something that our peers have yet to prove that they can do. The last ingredient that makes us successful is our execution-led mindset. Every single member of the team shares a common trait. We all want to be the best at what we do, and we enjoy winning. Our first-mover advantage means we are leading the way in so many areas. For example, we've built the only new producing mine in the Arctic in recent years. We've got the only dedicated environmental operations team in Greenland. We are the first to negotiate the impact benefit agreement for Nalunaq under the new framework, and we led the way in establishing a monthly meeting with municipality leaders in Greenland over 5 years ago, which has become a valuable way to share information and build trust. To retain our people, we need to offer a compensation package that rewards them well. But we're also very clear, it needs to be delivery driven. We offer a competitive base, a good performance-related component, stock options, and we have developed an effective KPI framework that ensures remuneration is linked to results. There are a mixture of corporate and personal KPIs set at the beginning of the year at our group strategy session and progress against plan is formally evaluated by the executive across the group on a quarterly basis to ensure that we're on track. And if we're not where we need to be, then we're able to implement intervention strategies. In addition, we measure things like morale. It matters to us how people show up. We have also found over the years that enjoyment fuels productivity. When our people enjoy their work and have a high morale, quite simply, they deliver more. Einstein said, try not to be a man of success, but rather try to become a man of value. That really echoes with us because we found it really true that a team upholding our strong values will invariably be successful. I want to take a minute to remind you of our values, leading through professionalism. We are all ambassadors of Amaroq, striving for operational elegance -- sorry, excellence and elegance, innovative and agile. We have learned from our mistakes, and we face the future better prepared. Collaborative and caring. We have built strong relationships and realized by using our individual expertise effectively, we are stronger together and long-term perspective. We have invested with purpose in people and systems. And the Amaroq Bay that Eldor mentioned earlier is a clear plan of how we see the future. And finally, execute and deliver. We want to deliver on commitments, be results driven whilst enjoying what we do. We will reward people who help us meet our goals. All of these values help us to achieve our core purpose of building a Greenland legacy. As Eldur told you, Greenland is the mining frontier for a resource-constrained world. We are committed to operating sustainably to provide the world with the commodities it needs. We're an active member of the local community, empowering Greenland to become an economically independent country. And when we look back in 10, 20, 30 years' time, we want to make it clear that our help Greenland move forward, not just through what we mined, but through what we built, creating long-term skilled employment and capability, so expertise stays in Greenland, partnering with communities and municipalities transparently, so trust and shared value endure beyond any single project and operating to the highest environmental and governance standards, so future generations are better off because we were here. That is what Greenland Deep legacy means to us. I'm so proud of what we have achieved, and we welcome your support as we take the next steps together. I'll now pass over to -- sorry, I'll now pass over to Phil, who is leading the team at Nalunaq, and he can tell you everything that's going on there.

Thank you very much, Joan. working here. Excellent. So I first arrived at Nalunaq specifically in May last year, initially as a consultant actually. place is so incredibly wonderful and captivated me in a way that no other mine has done before. So I'll show you a little video in a bit, which will show you exactly what I saw when I first arrived and exactly why I decided to stay. But today, we want to talk about exactly where we are and where we're going. So once again, when I first arrived May last year, the process plant building was almost an empty shell. We had gravity concentration only, which meant that we were recovering between 50% and 70% of the actual gold content of the ore. We also went through a contractor to owner operator transition, which if anybody has been through that process before, is rather difficult. And consistently, month-on-month after that transition, we did better and better in terms of productivity. Going into 2026, we're going to continue that ramp-up. The aim is to get up to that stable 300 tonnes per day throughput. Within the next 1 to 2 weeks, we should be commissioning Phase 2 of the plant, which will provide us with a second salable product and a second revenue stream. Heading into quarter 3, we start to realize revenue from that second revenue stream. It also means that our recoveries of the ore body are in the high 90s. And by year-end, we want to be sitting at $1,250 to $1,450 per ounce, which is world-class. So some of the interesting things about the Nalunaq ore body, it actually outcrops on both sides of the mountain. We're only mining a very, very small portion on the Eastern edge. We have areas of the mine, which were previously developed that showed some geological complexity. So we're never really mined properly, which gives us ample opportunity to glean additional ore from these areas. And why stop at 300 tonnes per day? We're actively investigating and scoping out our ability to be able to move up to 450 and possibly 600 using additional processing technologies. Year-on-year, we're going to be increasing our reserve base, resource and reserve base. And this comment is particularly coinyant, significant amount of visible gold. This is now my fourth gold mine, and it's very, very rare to see visible gold, let alone in the quantities that Nalunaq. Now you may have heard me just mention that the ore body out crop on both sides of the mountain. I'm going to be some point here and up here. There are virtually no drill holes in any of this. So that's the true potential that we have here. And this is what we know about. Our current drill campaigns, you can see in 2026, the red part, which says drilling completed. Every single one of those holes had visible gold in it. That represents most of the mining for 2026 and a significant portion of mining for 2027. The general strategy is that each year we'll drill off at least the next year's worth of mining and if we can, even more. The drill rig is currently set up down at the 500 level, which is a separate part of the ore body actually sits in target block, which is lower. And this will also be an additional mining area for us as we go forward. In order to exploit and explore the extension of the main veins throughout the mountain, we have plans to mine an exploration drive pretty well the whole way through the mountain. That's going to allow us to be able to incrementally drill off sections of that ore body as we go, increase our resource base and increase the amount of mining inventory that we have available for every financial calculation that comes off the back of it. As I mentioned, the Western drives, slightly geologically complex. However, a very big opportunity for us in terms of additional mining areas, which can be brought into our current plans. The target block, also an area which probably hasn't been mined since operator. We want to bring that back into operation and expand it on every front that we can. And we also have the 75 as well, parallel vein displaced slightly showing very good grades and potential for mining. I believe the next slide is this video, which that is as it is at the minute. And I have to show you this as well. This is Phase 2 construction. The first photograph is at the very beginning of this year. The last photograph was taken about a month ago. That's construction of the flotation cells. So as you can see, that's a significant amount of work to achieve in such a small time. So incredibly proud of the team. That's pretty well it for me, I believe. Next up, I'd like to introduce Will Gray, who's going to be heading up our West Greenland hub.

I'm Will Gray. I'm the project manager for our new West Greenland hub. So this is also from the Black Angel mine. A brief introduction. As Jerry mentioned, I joined the company 10 years ago, and my first job in Greenland was actually at the Black Angel mine. And since then, I've been working as a geologist across all of our projects leading exploration or working as a geologist on all of them. When I joined, Amaroq was at basically the stage which Black Angel is at now. So a very small team, past producing mine and one which we're looking to restart. So what is Black Angel? Black Angel is Greenland's most profitable mine to date. It is a past-producing high-grade underground zinc lead silver deposit, which sits in this area we call our West Greenland hub, a collection of mineral exploration licenses covering all known zinc apparences in West Greenland. It also sits in this district of numerous showings of other commodities as well, including gold, nickel, copper, of which exploration and mining activity is only going to increase over the next few years. You just saw that announcement from 0 Mile that they're planning to drill the DCO target. The community is very supportive of mining in this region and wishes to see the restock. So a brief history of this deposit. Mineralization was actually discovered in the 1930s, although it really took until the 1960s for drilling to define the initial ore body. So over a number of years, a number of drilling campaigns, the operator proved up an initial resource of 4.5 million tonnes at very high grades. So we're talking 20% combined lead zinc. Over the next 17 years, starting in 1973, 11.2 million tonnes of ore was extracted first by Kaminco and later by Boliden, mainly using the room and pillar mining method. And this left behind around 2 million tonnes in pillars, which is an opportunity for us. Fast forward to the present day, and we have a current mineral resource of 4.4 million tonnes on this asset, also at high grades of 11.6% combined lead zinc, which is also at the top of the range of deposits of this style globally. Last year, we assayed a historic concentrate sample and realized that this ore also contains commercially significant grades of germanium and gallium. So in future, we think this will also be a germanium and gallium mine, not just zinc and lead. So Black Angel is a near-term and low capital restart opportunity, as Older mentioned, that is our focus. But it also has very significant exploration upside. So we're targeting an additional 5 million to 10 million tonnes to bring it up to about 15 million tonnes where it was historically, leading to that long mine life that the previous operator enjoyed. So these photos show the surface infrastructure at the site. The bottom photo shows the site as it was in the 1980s. So although it's quite a small site, it has the large building in the center is the processing plant. They produce the concentrate, which they ship off-site to Western smelters. It's also got all the accommodation blocks, helipads, a deepwater port and all of this infrastructure sits right at the coast. So the access really couldn't be better. That top photo is the site as it is today or as it looks today. So most of the buildings have gone, although one remains, which is a camp, which can house 30 people. So that's what we're going to use to support exploration and development of this as we bring it back into production. Also, most of the port facilities remain and in pretty good condition. And there is also a cable car on site. This was used historically to access the ore body and also to bring the ore down from the deposit. So that's something we'll be inspecting again this summer. So this slide shows a map of the Black Angel project and what we describe as a resource with a lot of upside. So on the left, frankly, you can see the coastline and the location of the camp I just showed you. And in the center there highlighted in red is the outline of the historic Black Angel mine. So this is where the 11.2 million tonnes was extracted from and where approximately 2 million tonnes of ore remains in pillars. The green areas highlighted there are our exploration targets where we look to increase the size of the mineral resource. For example, the Glassia showing or the Glassia deposit is a zone of massive sulfides exposed at surface, which was actually recently uncovered by retreating Glassia. So you've heard that story that the ice melts and uncovers new sources of ore. That is very true, especially in this area. So that's a deposit which is open along strike and at depth and clear potential for us to increase the size through additional drilling. Perhaps the most exciting of these exploration targets nearby to Black Angel is the deep Ice zone extension. So this sits right next to the deep Ice ore body. And historic drilling, those are the historic drill holes you see as these little gray dots has identified some very high-grade intersections, world-class intersections, for example, 6.9 meters at a combined 32.6% zinc and lead. So this is not just Tier 1. This is kind of a class of its own in terms of grade. We believe that through some additional drilling, infill drilling, we can tie some of these intersections together into a coherent resource and really add significant tonnage in this area. And it's also an advantage that it is very close to the historic mine areas. So gaining access to these new ore bodies will be quite straightforward. We plan to develop this project in a phased approach. So Phase 1 would be development and mining of the pillars and then Phase 2 would be mining into these new areas. So this photograph shows you one of the pillars left behind underground. So all of these pillars, you can actually walk up to and touch basically. All of the infrastructure to access them is already in place. And you can see the quality of the ore body here. This pillar is perhaps 4 or 5 meters high, massive sulfides. The mineralogy is fairly straightforward. It's just site and galena, leads to a very simple, straightforward conventional processing circuit, a very high-grade concentrate, which is valued by Western smelters. I should say there is actually a feasibility study on extracting these pillars, which was published in 2008 and does demonstrate that they are financially viable to extract. And that's something we'll be working towards updating this year, feasibility study. So our major milestones for 2026. We haven't wasted time since acquiring the asset last year. We spent significant amount of time on data collection, consolidation, updating the geological models and really trying to understand the potential of where this resource and where this project could go. This year, the objectives are mainly to update those technical studies. We believe that there's a huge wealth of -- there is a huge wealth of data on this project. We can get that feasibility study update completed by this time next year in the best case. We'll also be refurbishing the camp, which hasn't really been touched for the last 10 years, but with a little bit of additional money, we can get that habitable. And we'll also be advancing this project through those planning stages that we've just done at [ Malnite. ] So it's something we're very familiar with and bringing it rapidly through those permitting stages so we can begin Phase 1 production. So our 5-year strategy at Black Angel is really this phased approach of development. So Phase 0 is the foundation we're updating these technical studies, advancing the project through permitting and carrying out exploration to increase the size of the resource for Phase 2. Phase 1 is then mining these high-grade pillars that gives us a low capital restart. A lot of the infrastructure and access infrastructure is already in place. And that -- the ore is treated using a process called dense media separation, which upgrades the grade of it. It's then shipped off-site for off-site toll treatment that provides cash flow and also all of the infrastructure, the camp, et cetera, that we can use to build out Phase 2. Phase 2 is really where the value lies in this project and where the real optionality is for Amaroq. We aim to scale this up to a long-life operation, so 10, 15, 20 years plus, driven by exploration growth as we are building Phase 1, we'll be exploring for Phase 2. We'll build a full-size processing plant as they have historically and size that so that we can actually bring additional feed in should we make additional regional discoveries. So everything I've just talked about is only the Black Angel project. We also have, I should have mentioned, other projects in the region. So other occurrences, which are similarly exciting to Black Angel, which have not yet been drilled. The main one being our Kangisuasa projects we acquired last year, which is about 20 kilometers to the north. So that's a very large SedEx play. So this whole region really provides a lot of opportunities for Phase 2 and beyond. I'd like to finish by comparing Black Angel to a recent success story in our industry, what we're calling here, Greenlands varishstyle USD 1.2 billion opportunity. Adriatic Metals is a company you've all heard of, I'm sure. A similar story to Black Angel actually. This was a historic mining district, a brownfield site with access to some regional infrastructure and a workforce with a knowledge of mining. A visionary team defined additional resources through exploration and ultimately brought this into production in a phased approach, ultimately leading to the sale to Dundee for $1.25 billion. We believe that we can do something very similar here. We can prove up a resource of a similar size and a similar grade, actually a higher grade on the zinc lead front than what Adriatic has at the time of their acquisition. And yes, that's what we -- Amaroq is looking to deliver a similar value to that. We believe that we have the knowledge of this asset and the experience in the team to do that. Thank you.

Thanks very much, Will. I think if for all I say with this, we'll take a 10-minute break. If we could come come back at 3:40 U.K. time for that. So with the whistle take a break, and we'll come back. Thanks very much.

This is on and everyone can hear me Great. Thank you very much. Well, thanks. Hopefully, you're all fueled with your coffee, and we'll take it straight back into it. Some of you know who I am. My name is James Gilbertson. I'm Vice President Exploration at Amaroq for the last 5 years. Prior to that, I spent 17 years bundling around the world doing exploration and mine development on various commodities. And I'm just going to give us an overview on some of the organic growth opportunities within Amaroq now. Will has done a fantastic job of explaining Black Angel and Kanguasack and some of the opportunities there. I'm just going to talk about our gold portfolio and then also with our Gardac JV, which is our critical or strategic metals portfolio. Let's first of all, concentrate on our gold portfolio. We've heard a lot about Nanortalik. I'll talk about Nanoq in a moment. But that's either side of what is known as the Northlic Gold belt. Now this is the same gold belt as we see in Sweden. It's called the Swedish gold line that you've got Björkdal and the likes located there. It's the same gold belt swinging up into Southern Greenland. We've got the bookends of Narak and Nanoq. And in between, we have this plethora of other targets that we have identified over the years, things from Vaga Ridge, where there's a historical drill hole of up to 2,000 grams per tonne and the newly discovered Q North Ridge, which we discovered last year with surface grades of up to 26 grams per tonne. And we're hoping to be able to drill that this year if all goes well. So this is what we are developing as a district scale control across the Nortic Gold belt. We have the intelligence and we have the licenses that no one else has to realize this. So this is really what we're concentrating on in this old bigger gold play. It's important to notice that this -- these -- what we call the satellite deposits is because they're in close proximity to Nanulaq. So this is what we're looking for is high-grade material that can be easily shipped to Nanulaq to extend that processing plant life, leverage ourselves of what we've developed already. Nanoq is potentially world-class stand-alone project. So some of you will have read the press releases with NanOch. There's a little video here that going off that shows some of the results from last year. We had a really stellar exploration season the drilled about 5,000 meters into the central zone. And we got on average about 3 to 3.5 meters wide of 10 grams per tonne gold. So this really is quite substantial. Those grades go up to 180 grams per tonne, by the way. And they form what you can see here is these saddle reefs. These are sort of folded arches stacked one on top of the other. It's very, very similar to a project called Bendigo in Southern Australia. That project was historically mined and produced 22 million ounces. We really think that Nanoq is the next big thing for us. And this is really where we're going to focus our exploration efforts on the gold portfolio this year. We're going to crack open the rigs again, start drilling that central zone, but equally look at these parallel zones that we've discovered, West 1, West 2, West 3. We haven't even looked east yet. But we're going to sort of really, really hone on Nanox. So that's really sort of our poster charge we say on the gold front. In parallel to that, we have been developing a bit of a 5-year strategy for Nanoq. Over the next 2 years, it's really about resource estimation and resource growth. After that, we start to have a look and diverge and think what is our strategy here? That saddle reef structure is close to surface. That lends itself to an open pit style of mining. But we're flexible. We will look at underground opportunities as well or possibly a combination of both. So this year is about resource estimation. Let's put that on the table. Let's then grow that. Let's build that infrastructure. Let's leverage off everything that we've learned at Nalunaq. Let's get the camp in, let's get the infrastructure in the roads, the harbors, everything that we need to be able to make this a full success, and we have the team and expertise to be able to do that. If we take our whole gold portfolio and we look for a global analogy within our sector, we don't actually have to look very, very far. The eagerly awaited consolidation in Finland that Agnico Eagle put together in their acquisition across Rupert, Kinross in sections, B2, it's been a bit longer than waiting, but it's finally happened. And that really is very similar to what we're trying to do. This is a district scale control that they have now on that central Lapland gold belt. We're looking to do the same, but on the Nautilic Gold belt. The numbers of that acquisition just speak for themselves. real premium is fantastic sort of numbers that are coming out of that, and that's really what we kind of pitch postard of what we're trying to do across the Naolicoldelt. If I can move then on to our strategic metals portfolio. I'm going to talk about 3 projects here. We have, again, a plethora of targets, but I'm going to talk about Stendarin, Minton up in the north as a venture up into Northern Greenland, and I'll start off with Elia. So Elia is a new discovery from last year. It sits within this group of rocks called Nunanarwet, which is the westernmost extension of what is known as the Ghada Ignis province. Now when you hear about rare earths in Greenland and how it can be a powerhouse in the rare earth market, it's because of these rocks. This is where it all out. This is a unique piece of geology anywhere in the world, and we have a piece of this. alongside us are 3 big boys, as I call them. So you have the Motphalt project. You have Kavala Felt and you have Tanbries. And these are very large, very lucrative rare earth-rich projects. We made a discovery of the pegmatite zone in Nunan, which we're now calling Elia. This is a 3- to 5-meter wide pegmatite zone with grades up to 2%, 2.5% total rare earth, roughly 27% heavy rare earths. That is really high grade for rare earth deposits. But importantly, we're right here on the coast, and we have fantastic infrastructure -- not infrastructure, but yes, we have fantastic access and very good topography to work with here. Equally, we are low in [indiscernible]. What that means is we don't have much uranium. That means that we don't fall shy of the moratorium on uranium exploration in Greenland. And thirdly, mineralogy. This seems to be hosted in something called monazite, which is a very classic mineral that rare earths are holding. So the processing pathway is well understood and well practiced globally. So that really sets Elia apart from everything else on the Gardag in this province. And we'll be tackling this very, very soon. We have a team just sort of mobilizing as we speak to start our work here. I'm going to move now to the far north of Greenland. This is our venture into Northern Greenland, where we made a discovery we've turned the Minturn discovery last year. This sits north of the ice cap, where we have now, from our work last year, discovered 9 kilometers worth of surface exposed iron ore at up to nearly 70% iron. That is pretty much pure magnetite for those of you who don't know. It's really a phenomenally large system, which in geological terms, what that means is if you've got a big system, there's a lot of fluids, there's a lot of metal in the system here. So we're really quite excited about Minton and what it has for us. We don't know if that mineralization at surface extends at depth. That's why we are going there with a drill rig this summer. But -- those numbers probably don't mean much to you, but 36,000. That is an incredibly strong magnetic anomaly. It's most -- it's the strongest magnetic anomaly in green. It's actually more -- is stronger than Karuna iron ore mine in Sweden. So that sort of intensity suggests that this thing sits above a significant iron ore body. But what's really important here is this is not just iron ore. This -- the chemistry is very indicative of what's known as an IOCG system or iron ore, copper gold. And we have, lo and behold, have a parallel copper and gold enriched zone to that iron ore that we've discovered. So therefore, we're now looking at an IOCG system very similar to Karuna in natural fact over a huge area that we're going to start testing this summer. So really quite excited about that. And then lastly, Sendaren. We have drilled here before. And this year, we're going to be in preparation for a further drill program this year or next year. What we're looking at here is a system that is geologically and temporarily related to Voisey's Bay and that world-class deposit in Newfoundland. The chemistry here and the grades that we've had is indicative that massive sulfides here would be in the region of 3% to 5% copper and nickel. That is world-class. And what we need to do is build up a program. We continue to review that geophysics that we've taken, find those sulfide traps and target those with our next drill program. So let's look at the broader organic growth portfolio. We've got the gold, Nano and its satellites. We have Elia, Mint and Sandal. And what we want to have a look at is what is the growth potential that we have here. So what are we targeting in each and what are our analogies? So Nanoch, I've already mentioned about Agnico's Finland hub. That really is very, very similar to what we're trying to do here in the North. We have the gold system. We have the proven production for Nalunaq. We have the new discovery from Nanoq. We have lots of targets, and we have the team that can actually pull this together. So we're really quite excited about that. Elia. Tambridge, our local neighbor is a fairly good analogy. They've got a fantastic value to themselves. They've got -- they are proven assets in terms of potential western supply of rare earth. We think Elia could really stand out from that. We have the mineralogy. We have the access, and we don't have the radionuclides. So that's Ilia. -- term, analogy here would be [indiscernible] Iron ore or IOCG system in Sweden. That's a massive generational sized mine. We are looking to see if we can discover the iron ore, but equally the copper and the gold in that system. We know that the system is very strong and it's very large. Again, it's -- access is going to be an issue or a challenge rather, but this is something that Amarq can come to and leverage ourselves of our experience within Greenland. And then lastly, Stendalen. Now with Stendalen, again, an obvious analogy is the Voisey's Bay, and that is a significant magnetic sulfide project producing mostly nickel in that sense. We're actually more copper dominated at Stendalen. We have all the right geology at Stendalen. We have much of the data. We just need to continue drilling, and that's what we plan to do to actually realize that potential. So what I'd like to take this as a small picture of what Greenland has to offer. I think we all know -- we in Amaroq certainly know that Greenland hosts a huge number of globally significant exploration targets or mineral targets. And we hold the keys in Amaroq to be able to realize that. We believe we've got the best assets in hand. We continue to work in discovering additional ones and bringing those into the portfolio to really build that organic growth opportunity within Amaroq. And it's going to be a fun season realizing all this. Thank you very much.

Thanks very much, James. everything. Clearly, a lot of growth ahead of us. I'm going to briefly talk about, as we call them the enablers. Clearly, operating in Greenland is one of those areas that is incredibly resource-rich, incredibly opportunity rich. But as a mining business and the mining industry is a very services-intense industry. And one of the things that Greenland doesn't have is a big services industry. So you've had to go upstream into that to develop your own ability to do that. And we've sort of encapsulated these as we call them our enablers because we don't want to distract people from the main core of our business, which is mining. But clearly, we've had to go upstream to do that. So I'm going to briefly talk about those 2 things. Specifically, we've set up these 2 businesses called [indiscernible] is a services company and IMEC is our hydropower company. Energy and services are the 2 things that Greenland lacks that we're trying to provide. So if you take a step back and you look at what's happened within Greenland in the mining space in Greenland, the amount of money that's been invested in the activity that's been going on over the last 10 years, you've had a sort of 28% compound annual growth rate in the amount of exploration going on. I mean, this year alone, we're definitely going to be keeping up with that on our own drilling campaigns, not least the other X number of operators, which we know are also drilling in the drilling season this summer. So that presents a huge opportunity. And as I said, business is operating there, mining is a very services-intense industry. It needs rigs, it needs equipment, it needs camps, it needs fuel storage, et cetera. And we, as Eldur described, was a long journey to get here. We've had to go upstream and invest in our own assets. So what we did was we put that into our own 100% owned business called Suliac with the aim of servicing ourselves, but setting it up so it can be independent and can service the rest of Greenland's mining industry. It's got its own management team, Ulrik there, who is -- who's been with Amaroq for a long time. He's going to be the sort of General Manager of this business. It's got its own Board. And we're looking to -- as I think we've already announced, we're looking to separately finance this business. So IFO, which is one of our largest investors, the sovereign fund of Denmark alongside the sovereign fund of Greenland have given us very good indications that they will be -- they're very excited to come in and help finance this business. At the same time, we're going out to get third-party investors to coincide alongside them and recapitalize Suliac to enable it to go and buy more equipment, more -- provide more services, et cetera. I mean just outside of mining, there's a huge growth in other industries within Greenland, whether it's telecoms, defense and tourism, which Suliac could also help service, whether it's maritime equipment. I mean, for example, when I've talked to the management team to see that, they've already had a number of requests for help, whether it's rigs, whether it's drilling equipment or camp space. So already this summer, they will be looking to commercialize some of that. We're working on this at the moment. We hopefully will be closing out this fundraise in the next period of time. But bear with us, but we are -- it's a real opportunity for us and an opportunity for that business, an opportunity for Greenland actually, talking about unlocking the legacy. This should provide a really essential business to unlock that. Alongside that, energy is also a huge element of what we do. Almost all of our power comes from gensets at the moment, which apart from being expensive at the moment with diesel is also emissions intensive and less efficient than it could be. So we set up a business called IEC, which is our hydro business, again, on a similar bound, looking to go upstream into energy provision, starting off on quite a small scale at the Nanameak hydro project. But clearly, you can see the numbers there. The savings alone justify the CapEx. An estimated CapEx at quite a conservative level of $7.2 million, but clearly providing big fuel savings, big OpEx savings. And if you compound that over 20 years, just on the fuel savings alone, you can see the impact. On top of that, it has significant savings on emissions, which is increasingly important to us. So this year, we're going through permitting. We're going through engineering studies and procurement studies. We're looking to start civil work as soon as we can. potentially, if we can get all the permitting and licensing process going as we want, we could be then commissioning at the back end of '27. So very exciting. And again, a separate management team led by us there, really seasoned renewable energy developer, and we're really lucky to have them doing it for us. Outside of that, we're looking to the next project. So we've just heard about Black Angel, the scale, the opportunity there. The idea is that we would look to develop certainly Phase 2 of Black Angel and if we can into Phase 1 with hydro to begin with. So we're starting the process now of the application and the licensing process and the permitting to see if we can do that. Interestingly, Black Angel presents a much larger opportunity from a hydropower perspective. 68 gigawatt hours per annum is quite a significant amount. And that will provide a huge amount of the power for the Blast Angel process, which is a much bigger processing unit than we've got at Nalunaq, for example. So really exciting times. Ime will be talking a little bit more about in the future, but I thought I'd give you that snapshot now to give you an idea of what we're up to. So thanks very much. I'm going to hand over now to Anna to give you a little brief on the main market process.

Good afternoon I've been with the company for 4 years, but my career in mining is actually over 15 years, I think. I used to head corporate governance at world's top 10 gold mining company, which was premium listed here in London. So let me now take a moment to take a step back and look at all of what we have just heard from a corporate markets perspective. You've now seen the full picture from Nava right across our broader portfolio and about the business, how we are doing the business in Greenland. Listings, and this is probably the one core thing about listings. They are fundamentally about governance. With Amaroq governance has never been just ticking compliance boxes and just meeting all regulatory requirements. With Amaroq, it is more about doing things the right way from the start. When I joined Aarock ago, this was exactly what inspired me, this leadership mindset, just doing things the right way from the start and with this long-term perspective. So what does this actually mean in practice? When we started this, the focus was not only on projects and assets -- we also focused on systems and structures that were the foundation for what we were doing and that this foundation for the next stage of growth because we've always been good, but the U.K. main market, it demands a different level of discipline. And this was exactly the foundation that we wanted to build. So over the past several months, our teams have been working on governance, on controls, on reporting on everything that supports this strategy that you've just heard. And so we've been working on putting all these pieces together so that we could work, and this work is now largely complete. We are moving forward. We are preparing to comply with the U.K. corporate governance code right from the outset. At the AGM earlier this month, the shareholders approved the updated bylaws, all the key governance structures that will kick in right at admission. The Board has been working on finalizing the Board level governance systems. So this work was there in the background. In parallel, we've been progressing the Board composition. The Nomination Committee is working to shape the Board that would be aligned to all the main market standards. And the focus is on independence, on skill sets, on diversity, and we are talking to really strong candidates now. So what else? We are developing the reporting system for 2026. So that means that our next year's disclosures will be fully aligned with main market standards. This transition is broader than governance alone. It is also about streamlining the framework and simplifying the overall structure. So what we did, we aligned our U.K. and Atlantic markets. We completed the listing from TSXV earlier this year, and this made our governance framework simpler. And simpler, it means that it is -- we are better positioned to attract investments. We are now have the opportunity to align our investor base and equity story in the U.K. and in the Nordic market. So we are ready. And this is not only about the platform, main market. It is also about access. Admitting to the U.K. main market opens our doors for a broader set of investors. It gives us more visibility, more flexibility in terms of funding financing and it's just we are better positioned to work with investors who are seeking main market listing who require index eligibility. And this is a really big opportunity for us. And this work that we've done in the background, it allows us not to be ready for the main market, not to be ready at admission. It allows us to continue growth and to go to the next stage of our development already in the main market company. So from a corporate governance perspective, the platform is ready. And we set this strong foundation. And this is just to sum it up, this is the next logical step in our evolution. And that reflects a great deal of this background work all across the business for all systems, all departments. And it shows this commitment to very high standards. They are high, but we do not see them as barriers. We are seeing them is opportunity to continue growth, not lose focus, not to lose momentum and to do everything the right way. So keep tuned. There is more to come. Thank you.

Thank you, Anna. I have 10 slides here. No. This is coming to an end. So just quickly to sum this up. We talked about today the unrisked potential, the $20 billion of unrisked potential. You've seen the analog in the geological context. You've seen how we're going to finance it, and you've seen I got an introduction to the team and how we're going to execute it. Within this portfolio, this is extremely important. There is not much out there in terms of scale, in terms of world-class deposit. You've also seen that from the presentation earlier. So we are very much growth-driven company, but with the right financial means to be able to execute on it. The engine, Nalunaq is currently close to 500,000 ounces in resource, and we're going to grow it both in terms of resources, but also in terms of growing production, increasing free cash flow. And alongside that, we will bring Black Angel into cash flow to do exactly the same. So in itself, Nalunaq has -- is effectively or Black Angel are compound makers in themselves. The development assets in Black Angel and not only offers cash flow, but also world-class deposit potential. which is something that matters. When you build up these assets, for us, it's helpful to have low CapEx, high-yielding assets because we can do what we need to do to build up a large-scale asset. Larger scale assets generally become interesting to a larger company because they intend to want to run large operation, and that's what we need to have. Now the integrated Greenlantic platform allows us to do that to unlock all of this. I'm going to give you one example. When we bring a rig into Greenland, when we leased it, it's going to cost us $50,000 to bring it in. We need to put $100,000 in deposit, then we rent it and then we need to ship it back out. The actual cost of that rig is $300,000. But when you own a rig, you need to maintain it. So you need workshops, you need people in semi. So as soon as we can leverage of what we are doing, we can lower our unit cost and drill these things quicker. The quicker we drill it, the easier it is for the analysts sitting in the room to apply value to it because there's a resource with an NPV discount on or hopefully not too much discount, but at least a discount. Now we will look at strategically consolidating within the Amaroq. We will look for ways to bring more people to do what we need to do because that's 60%. So that is skill set. That is one of the hardest thing about the business today. This has not been a sexy business to be in, in the past 15, 20 years. This means that the skill set is on, we need to develop it. And the quicker we can bring -- build that up, the better for us. Same with Casco, but it's going to be done on the strategy as we explained earlier. So through experience, scale, which is going to be important for the main market here, execution, delivery quarter-after-quarter growth, organically and then strength through what many of you presented today through our shareholders, investors, offtakers, lenders and others is going to give us the platform to succeed. That's why we're all doing this. That's why we're all putting all of our time and effort 24 hours a day because there's a huge value add and all of the puzzles are being put in place to make it successful. I'll leave it there. Thank you.

Okay. Thanks very much. That was very good. Clearly, there's a huge opportunity for us here. We're going to take a Q&A session now. As I said before, we'll do questions from the floor here first, if you have any questions. And then we'll take them from the line, and I've got some questions here already lined up. So I think there are some mics rolling around. There's one here as well. So if you have any questions, please put your hand up and you can have a mic and it's important to speak into the mic so they can hear you online.

I'll start. [ Smid from Actiica, ] simple question. I think you have -- well, first of all, thank you for the presentation very well done. The research budget of yours for 2026, I think it's around $11 million, going up to, I think, $30 million probably. Can you give some insight into exactly where that is? To me, it seems there's a lot of projects that you want to drill. Where is the bulk of that research going into? And preferably when will we see the results, some sort of time line?

So I will try to say the correct things. And when I'm mistaken, I will take over. Not just use it. Currently we have it at 11 million. So the CapEx or the growth CapEx there is attributed for the drilling in Nano, another meters there. And then we have separately allocated our capital to Garwac. So Garwac is a joint venture. So we allocate a certain amount of capital and in kind for managing that and our partner brings that. So that is 3 areas -- sorry, 2 areas where we're drilling there. So -- and then when it comes to Black Angel, we're doing the study work preparation and bringing rigs in, and we're going to see if we can start also drilling there as well as Kana this year as well. But that is kind of to the second part of the season, right? In terms of results, we're starting on Illoa to drill and then subsequently, we'll bring results out there. If I remember correctly, Minter is next, then Namo or alongside each other and then Black Engel will be kind of. We then have ongoing drilling in Nalnak. So we are drilling currently in Nalunaq constantly, mainly infill drilling, and we will be doing that from underground. We really picked up the underground drilling in the kind of a last December, January, February this year. That was the best pick. It took a little bit of time to get the team operating and so on, but that we are now reaching the metrics and the targets there. So to answer your question from the field season, you will see probably September, and then you will start seeing it like similar to what you've seen before the result as they come by. Answer your question? When we're on webcast, they are much more unpolite questions easier.

Okay. Well, listen, while you think it's a question, we'll take a couple from the line. Here's a relatively simple one actually. At the moment, we're selling physical gold only to Greenlanders when it comes to jewelry grade gold. Will we be selling that anywhere outside of Greenland soon? Jamie, I think that might be one for you.

Actually, we've been speaking can you hear me? There we go. Yes. Actually, I've been speaking to the government of Greenland about this. Part of the permit was that we agreed that we would sell Pure and that gold just to Greenland people to begin with. And obviously, we had quite a lot of interest to begin with. But I think the demand is now is drying up a little bit. So I've approached the government because I think the permit is written in such a way that we can expand it. But out of courtesy, I'm just making sure that they're okay with that. Unfortunately, the government are a little bit sort of restricted in their resources. So sometimes it takes a while for them to come back with an answer. But I think ultimately, yes, they're going to agree to it. We're going to commit that we will keep a certain amount always in our inventory at our separate refinery in the U.K., purely for Greenland people. As long as we do that, I think we'll be able to then expand it out to other areas.

Next question is from the line -- and this is probably in reference to a statement in our first quarter announcement. Congratulations on having successfully navigated the challenging winter personnel rotations. Could you talk a bit more about the risk of this going forward and how you're managing that?

In terms of -- yes, so okay, I can go into just generally during -- do we need that... We'll try it okay. Generally, when we are -- we set up this program during winters, which is an interesting one. So I'm not going to take you through all of the details because it going into how you and ice plane and not go down it. But effectively during the winter month, we set up a program where when we fly our shift in -- we fly the first shift in and they then go to site, the airplane goes back to Iceland. And then when they're on site, the other ship goes out. So we never lose a day. The other shift then goes up and another airplane comes and pick them up because we haven't been able to store an airplane in the local airport due to the icing and various different things. This is the crux of Greenland. -- these kind of details. This is where you can go horribly wrong. If you lose a few days, it costs you in revenue, millions of dollars a day, right, or can be once we're in full production. So knowing all of those details are important. So this system now has worked really well during the winter, and we haven't lost a day due to that. The risk going forward, what we are mainly focused on, as you saw in the financial statement, we bought a lot of supplies during the first 3 months. And we can see that we need to understand and have a strategy of supplies on site. Let me give you an example. If an engine goes in one of our trucks, do you own another engine or all of the parts into engine. Do you have a small workshop who can do flunches and other things to repair the engine? This is all capital development and how do you then store it? How do you make sure none of this equipment goes off. All of that thing is now being set up. And therefore, we set ourselves up for that and build that up. And we try to hedge -- maybe the hedge is not right or fix our cost for the year to know our people cost and all of the supplies and all of that in the beginning of the year. So our guidance becomes easy to manage. And that's one of the reasons why we are so good on guidance this time around. Does that make sense?

Yes. A question regards to the main market process. Are we on track for the June or September window?

I think I can take that. Yes. I mean all the work is going on at the moment, as Anna alluded to, where we're pushing very hard. Clearly, there are 2 windows. There's the summer window and then which we can use the full year numbers remain relevant for and then there's the autumn window. We're pushing very hard. I mean we probably like the summer window. It doesn't really make a difference to us, but we'd like to do it sooner rather than later because all the work is going in at the moment. So we hope to have it during the summer window. Question on dividends. To be in a position to pay dividends? To be in a position to pay dividends, you need a second line in steady state production. So does that mean we're looking at '29 before we will pay a dividend?

So we don't have a current dividend strategy, right, because our allocation of capital has mainly been focused on growth. Obviously, if we don't -- if any of our projects don't test and we don't see any interesting growth opportunity and our cost of capital for this project is very, very high, then we can look into a dividend strategy as we go on. But currently, we are in this process, and I think our investors need to know that, that is our focus and our target to utilize free cash flow to develop and grow that up in the next 5 years...

A slightly different pack now on interesting sort of super operational geological question. I've heard a comment that one of the main problems for Am is the nugget nature of the ore, which can damage machinery. Is this sort of risk to output viability? Or are you more relaxed about this now?

I'm not sure the nugget nature of the ore itself would damage any machinery. We have seen it's relatively abrasive, which has made us run through a few more buckets than I'd like. However, we have now bought a whole host of different bucket teeth and grounding tools, which will solve that problem for us. I don't believe it's a problem in the mill either. It just means we get more coal faster.

Question for James on MRE. When are you likely to have the next MRE coming out? And when should we expect it? Could you throw some light on that?

Yes, sure. Can you hear me? Yes, we are busy working with our external consultants on MRE 5. We're currently sitting on MRE 4 as we know. I can say that we're very close. We've done all the groundwork there. We have delayed it slightly because we wanted to incorporate a lot of the learnings that we got from that. Now we're coming towards a steady state on Phase 1 and to sort of incorporate a lot of the evolving mine reconciliation data because that's quite important to cementing our models when it comes to the resource. So we just want to incorporate all of that. All I can say is it's imminent. It's well advanced and watch this space.

This is quite an interesting question actually. Maybe this is another one for you, James here, which is, is there any -- probably. Are there any synergies that could be gained from the other rare earth opportunities like Tanbreeze and Melt for our prospect?

Yes, that is a good question. As I alluded to, that Gardkardiew province really is a potential powerhouse. Some of the things we've got to play around with is mineralogy is different. Our mineralogy is quite benign. Some of the other mineralogies in Tanbriz, for example, is a little bit more challenging. There might be other opportunities within that. I think things such as logistics, if we bring in Zuliac into the scenario as well. Having the ability to be able to service all of these operations bring in power, et cetera. Those sorts of synergies can come through. But ultimately, with rare earths, it is sure that they work well together.

While you're thinking of questions, I'll take another one from here. Are you in any danger of doing too much too quick? I like your focus on Nanoq here, but it's 2030 before you'll have cash flow, surely best to narrow operations and do less and build to strengthen the long term. So I think there's a question around, given we look incredibly busy, are we running too quickly? Are we doing too much?

Yes. I think how we set the business up is that, I mean, majority or 90% of our management focus is to get Naval in cash flow, drill it out, define that because that is closes where we can make a rock become cash, right? Now therefore, in our development team, as you mentioned, that is a separate team. So the development team of [ Malmo ] has now moved or will be moving to Black Echo because we are not developing Malmo any longer. And we want to keep that team also fresh. They've just developed a mine, so it's important to keep them there. James Giderson has been running a separate team on exploration, which is completely separate, and those are people who are most of them contracted in over a short period of time. So I would say we are not in danger of that because we have set the organization up like this in the past 5 years. We do exactly this.

That's actually the last question from the line that we haven't already covered in the presentation. So if there's any other questions from the floor, we'll take those now.

Yes. A couple of questions on Nalunaq. So towards the end, Elder, you -- on the sort of summary slide, you're talking about sort of getting up to 70,000 ounces there and getting the throughput up to 450 tonnes. So what needs to happen to get there? And how much will it cost? And then the second part of the question is the sort of the parallel vein. I think it's the 750 vein. At what point -- I don't think that's included in the resource as things currently stand. At what point do you start drilling? Does it start becoming one of the resource and then ultimately part of the ore that's going to go through the mill?

Okay. I'll start on the plant side of things. So on the plant side of things, to run a 300 tonne per day plant and a 450 tonne per day plant is almost the same cost. There are a bit more consumables, but it's very similar, right? So for us, we can then allow us to run that would be the case, lower grade to get more ounces throughput, that, right? Now in terms of how we designed the plant, it is fairly modular this plant. So we would effectively be adding to some of the flotation cells and another small mill, right? So that mill would be 150 tonnes per mill next to the mill that you saw earlier to be able to get there. Our cost estimation, I'm not going to give you right here, but it is not going to be in any of the range of what we've already done. So it is just an addition to what we're already doing, and it would not require any shutdown of the plant or anything like that. We will be updating you probably closer on the actual cost estimation in next quarter or the quarter after that, right? On the resources, I think it's important also from an MRE point of view, just so we set the expectation, right? What we are doing now when we're drilling underground, we are drilling ahead of us. This means that you saw in the results this -- we were expecting grades between 14 and 15 gram per tonne. Now we have before said we are going to be in the range of 12 to 16. The reason is the nugget effect in the ore body. It's a great thing to have a nugget effect because there are big nuggets of gold and it's easier to process and we get high yield, but it also can be hard to estimate the cold. So what we are doing now on the underground rig is to drill every stope. This means we are not drilling down to 20-meter spacing. So we can better plan and guide you hopefully, by the end of the year on the exactly grade and everything else. So that is a key thing. 75 in, the target there, once we are now underground drilling, where the rig is correctly set up, we will be drilling through main vein and into the 75 in as well. So that will just extend the holes as they come by. And that will slowly be starting, I would say, mainly from end of June and onwards, right? Because that from June and onwards, if things are going well, we'll be drilling 27 and 28. from a resource perspective and how you grow the resource, we want to have resources of 10 years ahead of us. So if we're doing 50,000 ounces annually, you want to have 500,000 ounces. If we are going to 75,000 ounces, you want to have that. So we don't want to spend too much capital also to drill out all of the 2 million ounces. So we will gradually do that as we go by because with every drill hole and every geological data we get in, the more confident we get in the geological model, right?

Eldur, James here at Roth. Big picture question for you. What does success look like for Amaroq?

$20 billion. I mean joined halfway through. I think what we strive to create was a balanced portfolio of production, development and exploration because obviously, not everything will be a world-class deposit. It's more likely you'll find that in Greenland because it's unmined, but that is what we are after. But we don't want to be dependent on commodity prices or the market or the super cycle or not. So we need to create a sustainable business to withstand any cyclical nature of the business, which we see very often. I mean, this year, gold price went up and down and also, right, so even in places like that. So -- where we want to get to is that we truly believe that the value lies there. We wouldn't be doing this unless we were targeting assets that are of that nature of $20 billion. But we need to -- similar to we need to start knowing how to walk before we run. So getting these operations going, managing them well and then grow step by step in this nature is, I think, the best risk/reward value for the shareholders.

I have just got one more question online. You've clearly got a big organic growth portfolio, but would you consider inorganic growth?

I think we would, yes, and in the right circumstances. I think -- but it would need to be something that services Greenland. So it would have to be something where we get more skill set to develop what we're doing in Greenland or cash flow, right? That is the only way we would look at it. So to put this into perspective, if we can find a mine to acquire that would be lower in CapEx than $200 million, you can't do that, but it's very hard. But as an example, then that could -- and with a high-yielding opportunity where you could have also access to people and skill set, that would be of interest. Currently, we are not looking at that. But that -- those kind of things is something we would focus on evolving what we're doing in Greenland effectively.

Okay. Good. I've got no more questions on the line. If there's any more questions from the floor, please let me know. Otherwise, we can take that and with a drink afterwards.

Okay. Thanks very much.

Please feel free to join us for a coffee or a drink now or not as the case may be. But thanks very much for coming.