Endomines Finland Oyj (PAMPALO) Earnings Call Transcript & Summary

Hello, everyone. Good afternoon, and welcome to Endomines' 2025 Results Webcast. My name is Anni Turpeinen, I'm the Chief Communications Officer here at Endomine. And joining me today are our CEO, Kari Vyhtinen; and our new CFO, Minna Karttunen. And today, we will go through Endomines' performance during last year. And here's our agenda for today. First, Kari will summarize the key messages and activities from last year. And then Minna will continue with the financials. And after that, Kari will give a strategy execution update and U.S. update. We will conclude the presentation with outlook for 2026. And after the presentation, we will have a question-and-answer session where we are happy to answer your questions. So please feel free to send your questions via chat during the presentations and please remember to type your questions in English. Thank you very much. Let's get started. Kari, the floor is yours.

Thank you, Anni. Extremely pleased to be here today. 2025 was a record year for Endomines. And still just after the record year, we expect 2026 to be significantly better. And in the presentation, we will go through the 2025 highlights and then also include our plans for 2026. Background on Endomines. Endomines is a gold mining and exploration company. We are a Finnish company listed in Finland. Our activities are based in Karelian Gold Line in Eastern Finland near Ilomantsi. And in the Karelian Gold Line, we have our production facilities. They are located in a place called Pampalo. In Pampalo, we have an underground mine, open pit mine, and then we have a processing plant where we produce gold concentrate, and that goes to Boliden. Then we perform exploration, and that is focused in 2 different locations, the Southern Gold Line and Northern Gold Line. And in the Southern Gold Line, we are currently doing a permitting project to expand our production to 70,000 to 100,000 ounces per annum. This is expected to happen in 2030. And at the same time, we will also include Tungsten and Molybdenum into our production. The Karelian Gold Line is Archean Greenstone Belt. It's approximately 40 kilometers long, very similar features and other Archean Greenstone Belts, for example, in Kalgoorlie, Abitibi or Witwatersrand. Very prospective for gold mining and exploration. Key messages of '25. It was a record year. So exceptional performance. strong operational performance, and it was supported by high gold prices in the gold market. The strategy is on track. The gold production increased by 16.3%. We will come back to that. We had a lot of exploration success. So, on all the locations, we had very significant discoveries. The Southern Gold Line permitting project is on schedule. So, everything went according to the plan, and we will continue in '26 with a strong start. And the U.S. operations were streamlined. We released -- in October that we have divested 3 of the assets in Idaho. So, we still have foreign assets in the U.S.A., but now the operations are streamlined, which will help us on a cost level and also to allow us to focus on the activities in Finland. Sustainability is the backbone of our business, and it guides everything we do. And we had a very active sustainability program activities during '25. And the outlook for '26 is also strong. So we expect the production to further increase. The guidance is that it will increase by 10% to 20%. And it's also worth noting that the -- currently, the situation in the gold market is very strong. So we are entering the year with very strong baseline. It was the best financial performance in the company history. And the performance came from two main factors like the financial performance. It came from growing production. So we grew the production by 16.3%. And this was now the third year in a row that we increased the production significantly. So if you compare '22 to '25, so the production has increased by 93%. And the other big factor in the financial result is the gold price. So the gold price increased significantly over the year. We started the year at the level of USD 2,600 per ounce. And in December, the gold price was approximately USD 4,300 per ounce. So there was a significant increase. The average price was USD 3,436 per ounce. It is worth mentioning that currently, the gold is trading at USD 4,900 per ounce. So there are strong drivers for the gold price. There is a lot of global geopolitical uncertainty, which has resulted in a high central bank buying, especially the BRICS nations, they are they are reducing the dependency on the U.S. dollar and the funds are moving to safe haven investments like gold. So that has continued during '25 and also continued in early '26. It's a lot driven by the U.S.A. and the changes in the trade conditions in the U.S. And then one of the big factors is the Fed. So if you look back last 25, 30 years, whenever there has been interest rate cuts, then it has affected gold price positively. We have seen it in '25, but it's something that we expect to see also in '26 and the years to come. Currently, the outlook is very strong. Even there has been now in -- after the remarkable increase in the price, there has been a slight decrease. But currently, we are still on a higher level than in the beginning of January '26. So the market is very strong. If you go through the exploration highlights in '25, we go back to the resource development. We started the exploration activities in '23. And the gold resource, it means that this is the amount of gold that we know that exists in the Carillion Gold Mine, and it can be taken into production in the future years. And when we started the exploration activities in '23, our gold resource was approximately 200,000 ounces. And we have increased it by 148% by the end of '24. And now the next update is expected to happen in March '26. So in March '26, we will include all the results that we got from last year's drilling, so then the resource will further increase. In '25, we focused on 2 areas in exploration. In the Northern Gold line, there was a lot of activities in Kariza. And then in the Southern Gold line, it was Ukko, Ukko being the biggest item. That was a major discovery. So it was a newly discovered mineralization that we just discovered in April, May last year. From both locations, we got fantastic results. So it was an exciting year, and we are continuing work on both locations also this year. Ukko, it's a beef type of gold deposit. And what does that mean? It's a banded iron formation type of gold deposit where gold is associated with iron. And what makes it different is the fact that as it is associated with iron, you can see the iron formation in the magnetic and electromagnetic maps. And here in the picture, there is a magnetic map of the area. And in the map, it can be seen that the iron formation is absolutely huge. It's 7 to 8 kilometers long. In some sections, it's 1 to 2 kilometers wide. And when we started the work last year in April, we went to the northern tip. And the reason why we went there was the fact that we took some outgroup samples and in the samples, they were gold. So we tested this area with drilling, and we got really good results. So over 30 meters of 3.3 grams per tonne of gold, over 9 meters of 7 grams per tonne of gold and so on. So very good results. And the work continued in the north until early autumn. And then after that, late autumn and winter time, we were testing the other areas. So we did some selected drill holes in the other areas just to understand the structure and to see if there is potential for further gold discoveries, and this is something that we will publish this, this spring. This year, the work will continue here, and we expect to define the first gold resource from Ukko during '26. At Pratishtha, so this is a northern gold mine. It hasn't received as much attention as Ukko because the results from Ukko was very exciting, and it was a new discovery. But this is -- the Pratishtha is a deposit that we discovered in '24. So it's also fairly new, and there is no gold resource as yet. We started drilling here during the autumn, and again, the results were really good. So over 7 meters, over 7 grams per tonne of gold and so on. Long intersections. What is typical here is the fact that you have these wide gold-bearing zones that continue very well. So you can follow the zones when you continue the drilling. And after the drilling, the results indicate that there is a gold-bearing zone, which is approximately 1.5 kilometers long, but it's still open to south and north and even at depth. So there is a lot of work to do to be done in the coming months and years, and it's a very prospective area. If you look at the area on a wider scale, it's not seen in the maps. There are similar sort of structures also further away. So that's something that we will test in the '26 to see if there is other zones, which are similar to this one that we have found, very exciting. Sustainability is the backbone of all our operations. We have ambitious sustainability program, and from the environmental side, we focus on 3 things: climate, water and biodiversity. Water is the biggest and the most important thing for us. We want to ensure that the water that leaves from the mine site is clean. So it's as clean or cleaner than anything that we have in the nature, so we want to always ensure that the water is clean. Then on the climate side, we are aiming to have a carbon-free gold production by 2035. -- biodiversity that we do ongoing restoration of sites. We identify and respect the nature values. We Finnish people and us, we love the nature, and we want to ensure that the operations are sustainable at all times. Everything starts with the people. We can only achieve great things if you have people that are happy that the workplace is safe, so there is a high emphasis is on personnel. community, very important. We have ambitious plans, which, of course, it raises questions that how will this affect our house or our business or the area as a whole. So we keep a lot of information sessions, try to be open on our plans and discuss with the people that how could we do things in a better way. And then the governance that we have ethical -- always ethical practices and everybody knows how should be -- how things should be done in different kind of situations. And now I will hand over the presentation to Minna.

Thank you, Kari. Yes, good afternoon, everybody. So my name is Minna Karttunen, and I must say it's, of course, a great pleasure as a new CFO to be able to present a record strong financial results for the company. So highlights of the year. It was a record year measured in any kind of any financial criteria. Growth in revenue was 59%, and we reached a revenue of EUR 45.5 million for the year. Profitability-wise, on all levels in the P&L, everything improved. EBITDA grew by 182% and reached EUR 16.3 million. EBIT 3 folded and also the net result was nicely positive EUR 7.3 million and our earnings per share for the year was EUR 0.70 per share. And also cash flow-wise, our operating cash flow was EUR 13.1 million. So that even also more than doubled from previous year. And the balance sheet, of course, also got stronger. So as a whole, the whole balance sheet increased quite a bit, and we reached the total assets of over EUR 90 million, net gearing and equity ratio also improved from previous year. And like Kari mentioned, it's worth mentioning that all of this positive result was achieved with average gold price of 3,000 -- just over USD 3,400 per ounce, and we are now somewhere close to EUR 5,000. So it's a good start for the coming year as well. Then a little bit more details, revenue increases here. In our case, 100% of the revenue derives from Pampalo production segment. And it's good to also highlight that the profitability of Pampalo is at a good level. So EBITDA for the Pampalo production was -- or the margin was 48%, whereas for the group, it was 36%. And like I said, the revenue growth came from 2 places. So there was an increase in production volume and also then, of course, a nice development in gold price. And even though the result is really, really good, and we are very happy about it, there were still some exceptional one-off nonrecurring items that burdened the profitability actually. So there was this agreed sales of these U.S. assets where we incurred nonrecurring costs related to sale. There was a new financing agreement agreed and also that has some exceptional items related to arrangements. Exchange rate losses affected our net result by negative EUR 2.1 million. And then again, we offset that all those negative items a little bit by recognizing a deferred tax asset in the amount of CHF 4.1 million. But all in all, net result, EUR 7.3 million. It's a good achievement. I will come to these balance sheet ratios at a little bit later stage. Then even more details. Here, I think I would just like to highlight the good profitability of the Pampalo production, like mentioned already, it's worth noticing what Kari already pointed out that we are doing exploration and there are costs related to that. And of course, this U.S. operations result for this year is exceptionally costs related to U.S. operations are exceptionally high. There are one-off items. And also, good to mention that going forward, once this sale has been completed, the ongoing operating costs will clearly decline from the level where it has been thus far. Cash cost of in Pampalo, it increased by 11.8% and reached EUR 1,432 per ounce. There were 2 items that actually affected the change in the cash cost or increase in it. The one is takeover of the underground mining business, and I think we knew in advance that the cost in the beginning will slightly increase, but that increase should level off going forward to 26. And then the other fact there is that when the gold price increased to this level, we were able to extract slightly -- or somewhat do extraction for a little bit lower grade of ore, which, of course, then increases the unit price. And average coal price increase was 37% compared to previous year. And last but not least, our financial position. Operating cash flow, strong EUR 13.1 million, so more than doubled, like mentioned. Cash balance at the year-end was EUR 3.9 million. We do have available credit facilities. The new funding package that was negotiated, it was altogether EUR 12 million. And of that, EUR 7 million is still not used or withdrawn. Interest-bearing debt was EUR 13.6 million. That's divided to EUR 12 million in long term and EUR 1.7 million in short-term debt. Net gearing, 17% equity ratio, 61% -- so all in all, stronger balance sheet and financing position and much better operating cash flow compared to previous year.

Thank you, Minna. And so then we go to the strategy execution update. If you look a little bit behind and go through the time period from '22 to '25, the financial figures, it clearly shows the significance of the turnaround that we have achieved. So the revenue, it has more than tripled. The EBITDA is now on a healthy level of 36% and the group EBIT is 17% of the revenue. So very significant change if you compare the figures that we have in '22 and '23. And our strategy for the coming period '25 to '29 is that it has 5 main points. Pampalo production is a key. It's a production hub for our gold production and that we aim to increase the volumes each year so that we increase the revenue, we increase the cash flow and that enables us to invest into future activities. Exploration in the exploration, the purpose of the exploration is to increase the gold resource. So when we have the higher gold resource, more gold that we know is in the ground, then we can plan the production expansions in a feasible way. We have also taken critical minerals into the strategy. So there is tungsten in the Southern Gold Mine, and there is also molybdenum, which is used in the steel industry. And those we want to include into our production expansion plans. So we want to also start producing tungsten and molybdenum. Then one important item is financial stability. We want to separate us from junior mining companies that continuously raise money to fund exploration. We want our financial situation to be stable so that we have a strong cash flow, and we invest from the cash flow to our activities. And then sustainability, it's a key -- it's a backbone of our business, and we value sustainability in all the actions that we do. And in our strategy, we have our long-term targets. We have the gold resource of 1.5 million to 2 million ounces by the end of 2030. So we are currently at 0.5 million, so it means that this would increase by 3 to 4x. Then we want to take the annual gold production to 70,000 to 100,000 ounces per annum around 2030. And at the same time, take the tungsten and molybdenum into production. And if we think about the current level of 16,600, so this is approximately 5x more gold production than in 2025. And then the fossil-free gold production by the end of 2035. And how do we achieve -- how do we plan to achieve the targets? It goes back to this resource growth. So to be able to increase the production, we also need to increase the gold resource that we have. And currently, we are -- at the end of '24, it was approximately 0.5 million ounces of gold. And from the work that we have done last 3 years, we have identified that when we do the exploration drilling and we drill approximately 10,000 meters, we get approximately 100,000 ounces of gold resource. And there are no signs that this would change, like we have many prospective places. We have a lot of base of drill samples indicating that there is gold, and we believe that this trend will continue in the future. So using this estimate, we have actually made a plan that getting from 0.5 million to 1.5 million to 2 million, we need to drill approximately 120,000 meters exploration drilling to get us there. In '25, we drilled 18,000 meters. This year, we aim to have the biggest drilling campaign in the company's history. So drilled 50,000 meters pure exploration drilling. On top of that, there will be drilling done near the production side, but this is pure exploration drilling. And that will be a big step to get to get us closer to the 1.5 million to 2 million ounces of gold resource. And then after this year, we will make the plan for the coming years that how much drilling we will do to ensure that we have the resource in place on time. And the larger resource that enables us to increase the production volumes. And here, we have the plan for the production growth. So 25, 16,630. This year, we expect 10% to 20% growth. And then the current capacity level at Pampalo is approximately 25,000 ounces. So we will continue to grow the production in the coming years and then in 2030 we will take the Southern Gold Line into production, which will make the step change. So increase the production to 70,000 to 100,000 ounces, so approximately 5x last year's production. And at the same time, take the tungsten and molybdenum also into the production. But that's not the end target where we want to be. Then after that, we plan to take new areas. And most likely, this is the Northern Gold line, Kartitsa that we have had excellent results in '24 and '25. So we plan to take the next areas into production 2, 3 years later so that there is continuous growth. We don't want to stay on this 70,000 to 100,000 level. The ambition level of the company is a lot higher. And here is a little bit more detailed development plan. So in the Southern Gold Mine where this step change is planned to be done, there are 4 deposits. These are permitted together. So we are permitting the whole area. And we started to do the permitting activities in January '24. So we started with nature surveys. We started to prepare the environmental impact assessment program. And I'm happy to say that, that's now almost done. So we will launch it in 2 weeks' time. And then the process continues with the report phase and then environmental permit phase and so on. And we expect to get the environmental permit in late '28. And around the same time, we expect to finalize the financing of the investment. This year, we will also start the pre-feasibility study phase. We are starting it quite late. And the reason for that is simply that we have permitted 4 mines in this area, and we have operations only 20 kilometers from this area. So we know how much it costs. It's more about the capital expenditure that we have to include into the plans, but we truly believe that these plans that we are doing are feasible based on the experience that we have. The size of the investment, we expect that, that could be EUR 150 million, EUR 200 million. And then the building and construction will start in '29, and we expect that the commissioning could happen in 2030. And as mentioned, the critical minerals, they are part of the expansion plans, and we are very excited about it. Endomines has been always a gold mining company. But now in this new geopolitical environment, having other minerals is a true benefit. And tungsten, especially tungsten is a very critical mineral for Europe. Currently, over 80% of the global tungsten is controlled by China. And this is, of course, it's a supply risk. And tungsten is used in the defense industry, in aerospace, in mining tools, in drilling equipment, electronics, also surgery equipment. It's usually used in applications where you need extreme hardness. So we are very happy that we have tungsten in the Southern Gold Line, and this will be included into our expansion plans. We launched the strategic project status application to European Union in January this year, and we expect to get the decision later this year. It's still a bit open when the decisions will come, but we expect that it will happen later this year. Then update on the U.S.A. Endomines had 7 assets in U.S.A. and 5 of the assets were in Idaho and 2 assets were in Montana. And in October, we published that we have reached an agreement to sell 3 of the assets that we have in Idaho to Elk Range Minerals. And those assets were located near a small town called Elk City, and the assets were Friday deadwood Buffalo routes. And we still have control of the 4 assets, Rescue Kimberly in Idaho and then U.S. Grand and Kurzad in Montana. During the negotiations, this was quite a long process. It took some time before we got this agreement. But there was a clear signs that the Montana assets, the situation has changed during the years. We have 2 assets there. One is the U.S. grant. It's a historical mine, and we have a small miners exemption permit, which is valid. And it's a very high-grade gold mine, so the average grade is over 16 grams per tonne. But what is worth noting is that there is also 4.5 million ounces of silver in U.S. grant. That's a historical resource. But with the current development in the silver market, this has a significant effect when you look at the feasibility of the asset. And that's something that we will continue to work on in '26. Then Kurzad, it was an old mine 100 years ago, it was in operation. There hasn't been much activities, but there was transatlantic mining did some drilling in 2019, and they got in the last drilling, they got 20 meters of 8.6 grams per tonne of gold, but that was the best in the section, but very little was done. And that's a fantastic result. So it has potential to be a large-scale open pit operation. So that's something that we will look into in a more detailed way in '26. It's very, very interesting, and the outlook has changed quite a bit. These assets are located very close to each other. So the distance is only 8 kilometers apart. So if you look at '26, after a record year, we expect '26 to be significantly better. And there are many reasons. One is the gold production. Our profitability usually increases when the production volumes are higher. And we expect to grow the production by 10% to 20% this year. And we acquired the underground mining subcontractor last autumn, and this will allow us to control this growth a lot more than before. So we can control that how much people we have, we can control the investments and so on. So we are very confident that we will achieve the growth targets that we have. Then we will perform the largest exploration program in the company history. We are drilling 50,000 meters, and that's a big volume on a global scale. And in the last 3 years, the volumes have been between 18,000 to 22,000 meters. So we are talking about a lot bigger volume, and we are expecting to get some interesting results, but future will tell, who knows. Then we will have the new streamlined structure in the U.S.A., which allows us to have a more cost-effective structure, less operational costs and also we can allocate more resources to Finland. When you have assets in different parts of the world, it always divides also the activities of the people. And then the global trends, they support the gold market. We are at so much higher level than when we started in '25 when the gold price was $2,600, now $4,900. It's completely different levels to start the year. And then the Southern Gold Mine development project, which aims to increase the production to 70,000 to 100,000 ounces that goes to the next phase. So, we will now, in two weeks' time, launch the environmental impact assessment program and then go to the report phase, pre-feasibility study phase, and then that will get closer to the reality. So the guidance for '26 is that we estimate the gold production to increase by 10% to 20% compared to 2025. It was a very good year, and I really want to thank the Endomines team for all the work that has been done. I'm very, very grateful and very happy of the operational result that we -- and also the financial result that we achieved. And now it's time for questions.

Yes. Thank you, Kari and Minna, for the presentation. And yes, it's time for your questions. We have received a nice number of questions here in the chat. Thank you for sending them. The first question is about gold price. Recently, we've seen in the news that the gold price is declining. How does this affect your operations?

Yes, that's a good question. And it's true that in January, the beginning of January, the gold price was approximately $4,300 and then it rose very quickly to $5,500 and now it's $4,900. So, there has been a slight decrease. But I would like to emphasize that it's still on a higher level than in the beginning of January. So even in the news and media, you can read that there has been a drop in the gold price. It's still like when you look 30 days or 60 days trend, it's still a rising trend. And the same fundamentals are there. So I talk with a lot of investors and different parties, and it seems to be very uniform that the fundamentals hasn't changed and the market is expected to be strong in '26, like there is no real expectation that it would drop significantly.

The next question is about head grades and cash cost. Can you comment on the development of head grades and cash costs during 2025 and your near-term expectations?

We haven't openly usually shared the grades. We have three different production locations. So, we have the open pit mine in Oy's Pampalo. And there, usually, the head grade is something like 1 gram to 1.2 grams per tonne. And in the open pit mining, that's in the current gold market, that's very profitable. In the Pampalo mine, it's around -- underground mine is around 2.5 to 3. And then in Hosko, there is a lot more variation that it can be sometimes 2, it can be sometimes 5, it's something that there is this kind of gold nugget effect, but there are some parts that have very, very high grades and then it varies a lot more, but the average is on a very healthy level. We see that the head grades will remain in approximately same level. However, like with this high price of gold, it enables us to mine areas which have a lower grade. And for example, last year, we mined some of areas in the open pit that had a lower grade and then the cash cost per ounce of gold increases if the grade is lower. But it's still very profitable and a very sensible thing to do in the current gold market.

What about the remaining convertibles? Based on the remaining convertibles, how much would the number of shares increase if they were fully converted in theory?

I don't have the exact number. I would say roughly plus/minus 20% would be that approximately 1 million shares -- would be the number if everything is converted. There has been -- as we have seen in the releases, there has been conversions last year and also early this year. And -- but I think the remaining package is something like 1 million shares.

Then we have a couple of questions concerning exploration. When new drilling results will be released next time? And would we have new results monthly for this?

Yes. I think I have in the earlier presentations said that there will be monthly results. And I think that will definitely happen this year. Now we still have some results from last year. And I expect that we will release the results from Kartitsa within two weeks. We have almost all the results. And then the next one will be Ukko, like this test drilling that we did in the center part and in the southern or Northeast part. and that will be somewhere in March. And then from that onwards, we will start to publish the results of the drillings that we do this year. And then there could be maybe break in April, but then after that, it will come as a continuous flow, I would expect every month.

What about the price of the drilling? Can you comment on the expected costs relating to the drilling program in 2026?

Yes, it's going to be the biggest drilling program in the company history. So of course, the cost will be also higher than ever before. It's approximately EUR 10 million. I would say that the investment side is somewhere $8.5 million to $9 million. And then we have operational costs $1 to $1.5 million, so approximately in that range. So yes, so that's the estimate.

And we have a couple of questions concerning Ukko . Will a resource be reported for Ukko in the March update?

Unfortunately, no, not yet. We still have some work to do like in this kind of -- like when we talk about exploration and we publish the results, they follow this York code. And in the code, there are restrictions. So the spacing between the drill holes has to be 40 meters or less. And when we do the exploration activities, it goes into different phases. So first, we start with wider spacing and then we drill the sections in the middle. And now in Ukko, we have only done the wider spacing, and we are starting this drilling between the first holes, and that will start in a week or 2. So, the first resource from Ukko come -- the latest date is March '27. So we will prepare it this year. It could come late this year or if it comes with some other resource updates, then it could be March '27.

Let's continue with Ukko. Recovering gold from Bs, which means standard iron formation can be complicated. Do you have an idea of the gold recoveries at Ukko yet?

We don't have yet idea of the gold recoveries. We are performing tests. So we are performing mineralological tests and also starting the process tests. So late this year, we have a better idea. But there is like -- there are a lot of big gold mines in the world with in a similar beef type of mineralization. So we believe that we will find ways to recover the gold.

Then let's move on to the critical minerals. Is there any tungsten or molybdenum mineral reserve research done yet?

We have done some. Yes, we have done this kind of sorting tests, which means that we have this equipment to where the tungsten ore is taken, and it removes the side rock and increases the grade. We have done those kind of tests. And then now we are moving to the next phase with more detailed testing, and that's also something that we will know a lot more later this year. Tungsten, the focus on Tungsten will significantly increase in '26. So we will now do drilling also in the areas where we know that there is tungsten, and we are not so sure how much gold there is like previously, it has been very gold-focused. But now we will also perform more drilling on the areas where there is just tungsten and molybdenum because we really see the importance of those minerals significant.

Next, we have a question about our future. What kind of impact will the Southern Gold Line development project have on the North Carlla region or in Finland?

It will have significant impact. I think there is now in the Finnish economy, there is -- we need more growth, and this is definitely one of the items that we can get some growth. Like we estimate there is first investment phase. But then when this operation is running, we expect that we need approximately 500 people to run the operations. And then, of course, all the other effects on the local businesses and so on, those would be 1,000 to 1,500 people. And we expect that we will pay significant amount taxes also to Ilumansi. Current estimate is that when the operation is running, it will be somewhere between EUR 5 million to EUR 10 million per annum.

Then we have a question about sustainability. What kind of sustainability initiatives are you planning for next year?

There is a lot of focus on water. So, we are installing new technology to reduce nitrogen level in the water. Then we have installed a lot of water measurement wells in the Southern Goldline area so that we can measure all the water qualities, and that we will use as a base when we plan the future expansions. And then the main focus is that with our partners, we discussed that how do we ensure that in the future plans, the water is absolutely clean. So that's the biggest item. Then on the biodiversity side, we will now make a detailed investigation that what are the nature values in the area. And what should we do? How does these operations affect the nature and what can be done. So that's one big item in '26 to make this with our partners.

The next question will be the last one. And actually, this pretty much concludes this webcast. What were the main factors that influenced last year's financial results?

It was a strong operational performance on many level. I think we had success on several fronts, like if you think about the production, of course, it was supported by the high gold price. And then the exploration success that we did on both on the Southern and Northern gold mine, also on the sustainability side, we did a lot of items. But I still think the biggest success, which is not mentioned, which you can't see in the figures, is actually the organization and the people. We got a lot of new talent into the company. The company grew significantly in '25. And we've got a lot of new talent. I have told many times to several people that what makes me the most happy is that when I go Bumble and talk with the new people that we have on board. There is so much new talent, and that makes me confident that we can achieve the future plans, which are very ambitious.

Okay. Thank you for the excellent questions.