Oman Chromite Company SAOG ($OCCI)

Good morning, guests. I can see all the English-speaking attendants in the conference. I guess I'll make a small -- as normal, a small talk about what happened in 2025, and then we'll switch the discussion. So I'll just a make brief summary in Arabic and then we'll go to English. 2025 is actually a transition period. [Foreign Language] Now I'll switch to English to give a summary about 2025, mainly of our milestones, and then we can have a discussion. We consider 2025 transition year basically because we managed to get the new concession, as we discussed in the previous conference. The exploration undergoing. We found good discoveries. But of course, declaration of the discoveries is a slow process. So now we have 3 declaration of discoveries in the table of the [ story ]. And we are hoping this year, 2025 (sic) [ 2026 ], to change these discoveries to at least 1 or 2 sites to mining permits. On the production side. In 2025, we achieved almost 87,000 tons, which increased around 20% of the production in 2024. And this is the second largest highest annual production ever exceeded in the company. The sales, around 90,000 tons also, is a record compared to 75,000 tons in 2024 boards. Unfortunately, all this achievement, what we had erosion or price depreciation from the market, where the selling price declined from around OMR 65 per ton to OMR 53 per ton which, of course, eat from our operation profit.. The revenue -- although the market price dropped, but the revenue stabilized to OMR 4.8 million. That was the plan, actually, increase our production to stabilize revenue. At the end, we achieved positive profit despite what we think about the market operation. We achieved OMR 5,000 to OMR 2,000 as profit with a margin of 10.7%. In the technical and operations side. Also, there was a milestone in the company, where we changed our way of making [indiscernible] the ore, where we purchased and installed a new machine, automation sorting called XRF or X-ray sorting. This machine started operation at the end of 2025 with a good outcome. [Foreign Language], we'll see the result of it in 2026 as increase in the production and also increase in the quality of the ore we send to the market. At our site also, the ferrochrome investments, there was, unfortunately, stopping in 2025 because of the disruption in GAAM and the shareholder -- between the shareholders. We have also purchased 10% the shares of the company. And we started production in December 2025. Production in 2026 is going as per plan with good results. And we are hoping in 2026 to see positive results from these investments. That's about the situation in 2025 or our summary of 2025 results. One thing I need to discuss also about what's happening in the first quarter, although we're still early, but give the results. But as per happening in the region, the geopolitical situation, we see a challenge in exporting with the insurance of the, say, ships insurance, cargo insurance increased dramatically, which we made a decision to stop sales for some time and review our selling strategy. We continue producing. Meanwhile, we are finding alternatives to sell our products. We are working to make a new method of exporting, for example, the main increase in the insurance was in container costs. And we are discussing with buyers and logistic companies to export our product in bulk, in big ships. So with things ongoing, we are almost close to have a deal on this. So we are also optimistic we will find a way how to export our product again. That's summary about the situation in the company in 2025 and now in these few months. So we can start the discussion. Anybody have any questions?

Yes, Hiba? I think you can speak. Do you need permit to speak? Please go ahead.

Hello?

Go ahead, please. [Foreign Language].

Okay. I wanted to ask about the new concession area. You said that you found 3 discoveries. Okay. So have you started production on it?

No. The process that we find discovery, we need to state to the Ministry to discuss details. After the discoveries, we are making what we call the appraisal plan, the process. So the appraisal plan approved from the Ministry from this 3 declaration of discoveries, 3 plans already endorsed, we want to throw these things to convert -- we got through the appraisal process, where we confirm how big the mine. Okay. So outside of these 3 discoveries we send to the Ministry, we are at the final stage of discussing with the Ministry to convert it to mining license. And the production [indiscernible], [Foreign Language], by maybe one of them at least, maybe in August.

Okay. And the discovery, did you only find chromite or also gold or copper?

No, the 3 discoveries is chromite. We are focusing in the chromite. Any other question? So if there is no other questions, we can close the conference. So thank you for attendance. Thank you for interest in following OCC and what's happening in the company. And hopefully, we'll see you in the next conference to have more updates. Thank you very much.