[Non-English content] Hello Peter, nice to see you. I take it you are in Perth.
Yeah, hi Carlo. Yeah, very good to see you again.
Peter, you recently raised SEK 40 million , and you issued a couple of very positive press releases, particularly focusing on Hennes Bay, where you are, if I'm led to believe, you start your maiden drilling campaign. No rest for the wicked, I take it. Please, walk us through the recent developments.
Yeah, no, thanks very much. Look, we had a really busy 2025, as you know. I think we've kicked 2026 off with a bang as well. Look, I'm really looking forward to an even busier 12 months ahead given the money that we've raised. I'll just draw your attention to the important information that's on our website. Of course, just referring to the March 2026 Quarterly Activities Report. We put that out yesterday. This is something that we're, you know, we're doing regularly now. Well, every quarter, of course. Just to summarize what we've done leading up to the quarter, what we've done in the quarter and the few weeks after the quarter.
I think it's just a fantastic way to sort of summarize what we've been doing. It's, you know, it's always good to get an indication of where we've been and obviously where we're going. I'll start with the corporate side of things. As I said, 2025 was a very busy year for us. We managed to successfully recapitalize the company. We restructured the board and management as well. And we also took away the focus from Bidjovagge, which is a fantastic project in its own right. You know, we're now focusing on our flagship Hennes Bay project. We're extremely pleased with the team that I've managed to bring together.
Myself and Eric, we, you know, we've taken on the role of CEO and Deputy CEO. We brought in, we're bringing in Johan Spetz. He's coming over to us in a couple of months' time. We've also just announced, you know, we brought on board Bino Drummond as our Chief Sustainability Officer. This is a new role that we've created really on the back of the hard work that we've done on the stakeholder engagement side of things. When I, when I talk about stakeholders, you know, this is everything from local landowners through to politicians and business owners within the communes that we're operating, but also all the way through to federal politics.
You know, Bino comes with an extremely good pedigree in that regard, being a former politician in both as a former mayor of Norrtälje and also as a politician at a federal level as well. Just onto the next slide. The SEK 40 million that we successfully raised, it's no secret. You know, we did that together with Pareto, the first time that we've done business with Pareto. I have to say they're very impressed, did a fantastic job. You know, their advisors and our own advisors internally, especially a shout out to Jonas and Pierre from our advisory committee that helped me to raise that money in an extremely tough market.
You know, we would have liked to have done it earlier in the year, but of course, Trump came along and decided he was gonna pick a fight with Iran, which slowed us down a little bit and created a lot of volatility in the market. Being able to raise SEK 40 million and in actual fact that we had subscriptions for a lot more than that, but we decided to stick it at the 40 mostly because the share price had come off a little bit because of the Iran war. Just moving on a little bit, talking about our projects. It's always good to start with a map.
With our project locations, Arctic really is a truly Nordic-focused explorer and developer nowadays of critical metals, with our main focus being on the copper and the silver and the gold. Today, we have four projects in our portfolio, two in Sweden, one in Norway, and one in Finland. Look, the Nordics is a extremely important source of homegrown critical metals to the EU and for the world as a whole, to be fair. I think with the Critical Raw Materials Act now in force in the EU, you know, the Nordics is really trying to lead the way in supplying critical metals such as copper through to the EU.
I think it's fair to say that, you know, it's, you know, with the wars and COVID and everything that's going on, you know, it's extremely important for us in the Nordics and the EU to be able to take control of our own metal supply. You know, I think it's fair to say that there's been 50 years of underinvestment within the EU today. You know, I'm really pleased to say that, you know, the Nordics and especially countries like Sweden are really trying to lead the way in that regard. Talking a little bit about Hennes Bay. Look, our flagship project, Hennes Bay, it's a copper-silver project.
Has been known about for many years, had about 14,000 m of drilling done by the state going back into the 1970s and 1980s. It even had a mine on it, the Stora Sunne project going back into the early 1900s. Really nothing has happened there for the last 50 years until we've got hold of it. You know, we were quite fortunate to be able to put together a 55 million tons resource at 1.0% copper equivalent in about March last year, which I guess is one of those things that Carlo, you were mentioning, you know, the market was very surprised about. You know, we weren't surprised.
I think it was also, it's also fair to say that we believe that we're only just scratching the surface with this thing at the moment. An awful lot going on. I'll come back to that in a minute. You know, Hennes Bay itself, you know, it's ideally located within a Tier 1 mining jurisdiction within Sweden. What most people won't be aware of, even though we're not up in the far north, we're down in Dalecarlia area, one of the most poorly populated parts of Sweden, believe it or not. It's got absolutely fantastic infrastructure. You know, we have high speed electrified rail. You know, we have the port facilities there at Gothenburg. We have ports within Lake Vänern that we can access.
We have bituminized roads, you know, so we're only an hour and a half away from Gothenburg by fast train. We're an hour to an hour and a half away from Gothenburg, which gives us access to people within the area. On top of that, we've got 400 kV power lines running over the top of the project, you know, this is from 99% fossil free fuels. I mean, a lot of people outside of Sweden perhaps aren't aware of the fact that, you know, the majority of the power within Sweden comes from hydro, nuclear, and wind power and bio. Yeah, amazing infrastructure available to us.
Of course there's the fresh water aspect of things and I think I'll be talking to, you know, hitting a chord with some of my Australian friends when I talk about the access to fresh water. You know, we have plenty there in Sweden, as compared to where some of the projects I've had to deal with in Australia. The project itself, as I said, you know, the MRE or the mineral resource estimate we put out in March last year, is purely on the Dingelvik prospect. There's another five prospects there that we know are highly mineralized.
Didn't quite meet the JORC compliant standard required to achieve that, we've left that off with the intention of coming back this year once we've raised some more money to start doing some drilling and I'll come to that. You know, we're sitting within a sediment-hosted stratiform copper mineralized system, or an SSC. Very, very similar to what we've seen down in the Kupferschiefer down in Poland and Germany or even over there in the Congo and Zambia. It has basically been ignored for the last 50 years. With the biggest advantage that we have is that this is outcropping a surface over quite a large area. You know, we've.
For the 414 sq km project that we have, we've got less than 5% of the actual project has been drill tested and we know that there's mineralization at surface over 17 km away from the actual resource that we have on our property. Some very high grades there of nearly 1.8% copper and 40 grams per ton silver. A massive, you know, head start for us with the 55 million tons. As I said, it's really only just starting to scratch the surface. That 55.4 or 39 million tons at 1% copper equivalent, that's the equivalent of about 447,000 tons of copper, 37 million ounces of silver of contained metal within the ground.
The whole resource is within the inferred category, so we have a bit of work to do there to get it up into the indicated and then into the measured, which is what we will do in due course. That's been calculated at a 0.8% copper equivalent cutoff. Sorry, this particular slide here on the left also shows some of the width. It goes all the way from about 2.3 m minimum width up to 11 m-11.5 m wide and relatively flat lying. After we released the resource in March last year, we made a very conscious decision not to go out and quickly drill. We wanted to go off and do some geophysics work.
Obviously there, we ran a large MMT survey, about 130 odd sq km last year, and we presented the results for that during the quarter, this last quarter. You know, that was a fantastic result for us because it was a real game changer for us because we could see that the anomalization that came out as a result of the geophysics really tied in strongly with the existing mineral resource and the existing drilling that we have in the other five prospects that I mentioned. The stronger the anomalization or the stronger the reading from the geophysics, it also looks like there's a very strong correlation between higher grades of the copper and the silver as well.
That really helps us with our planning for our drilling going forward. But I'll come back to the drilling. Oh, sorry, and just on that one there, of course the new targets that we've got on top of the Dingelvik resource of the 55 million tons is now 10 times larger than the Dingelvik target, sorry, area as well. You can do the mental math yourselves. You know, this is a quite typical of the sort of sediment-hosted stratiform copper deposits. You know, the one down in the Kupferschiefer we are talking about billions of tons here, not millions of tons. We are very confident that we have the capability or the possibility of getting to that here as well.
This wasn't during the quarter, but I'll just reiterate for the sake of keeping it in the front of everybody's minds. You know, we have also done. Well, we're working towards a PEA, which we hope to get done in the near future. The first part of that was the underground conceptual mining study, which we completed last year, and that demonstrated that we have the potential for a 4 million ton plus underground mine for at least 12 years based on that 55 million tons that we have there. Again, there's no economics associated with that. We'll come to that when we get into the PEA itself, but we want to get a bit more drilling done before we get into that phase.
Just on the forward work plan for Hennes Bay. Look, stakeholder engagement is a massive part of what we do, and one of the reasons why we brought Bino on board full time now. He was instrumental together with Diplomat Communications in developing the Dalsland community liaisons office for us. That's, you know, that's taking care of the relationships at all levels there on the ground. We're also working on our mining and environmental permits. I won't talk too much about that, but there is an awful lot of work starting soon on all of those particular areas, and that's basically all of the baseline environmental studies that are required for us to get our mining permits or our mining permits as we move forward.
The drilling side of it, which is obviously part of the quarterly report. You know, very happy to say that we have actually started our phase I drilling program last week. We are already 200 m down into the first hole. You know, we are really pleased to have brought on board a fantastic company such as Prospektera. You know, we went out, you know, very fortunate position to be able to go out to six different contractors in Sweden. Not a huge amount of work on at the moment, we believe we got some very good prices and from some very good companies. As I said, very pleased to have awarded the contract to Prospektera.
That's the first phase of that drilling program, which is the 4,000 m. The plan for that first 4,000 m is all about converting those other five prospects, that have got the historical drilling on them and converting those over to drill compliance so that we can add as quickly as possible to the mineral resource that we have. Growing that 55.39 million tons as high as, you know, possibly we could hit 75 million tons-100 million tons with this drilling program if everything goes really well.
The phase II that'll depend upon how we go with the phase I haven't sort of said too much about the phase II and the phase III drilling here, but I guess just to give a little bit of flavor as to what we're thinking. The phase II is really about testing those anomalies that we discovered as a result of the MMT survey that we released during the quarter and testing that 10 times larger target area outside of the mineral resource to again add on top of the mineral resource as well as the addition of the other prospects. The third phase of that will be converting the current resource that we have from inferred resource category into indicated and measured.
That we need to do that as a part of our pre-feasibility and our PEA pre-feasibility and feasibility process as well as a part of our permits that we need to apply for to get our mining and our environmental permits going forward. We are going to continue doing more work and testing the exploration model. The geophysics work that we did, that was only on 1/3 of the project at Hennes Bay. We are looking to do more of that in the very near future of the MMT survey. Hope to do flying that helicopter over the summer months as well to expand on that and get more detail to help us out with our decisions on where we drill. Then of course the PEA itself that I have mentioned.
I mean, I'm kind of loathe to put a date on when we're gonna deliver that, but, you know, we're working very hard on the background. The first part of it was the underground conceptual mining study. The next part will be the metallurgy, which I hope to get some information out to the market soon. Of course, we'll be looking to get some results in the near future from our drilling, from our phase I, phase II, and phase III drilling programs. We'll make a decision at the end of each phase as to how much more we can add to the resource.
I think from my view, from a selfish perspective, I'd like to get our resource up to that sort of 150 million ton-200 million ton mark before we put out a PEA, just simply so that I can demonstrate to the market that this is a multi-decade, a potentially a multi-decade project here, not just something that's. Multi-generational of course, as well. It's very important that everybody understands that this is not a project where we're looking to come in for two, three years and then leave. You know, this will be a project that goes over multiple generations. I'll finish up talking about Hennes Bay there. Swan Lake, we also did quite a bit of work over the quarter.
Predominantly a little bit of field work, but also a lot of geophysical work there as well. We didn't use the MMT technique that we did at Hennes Bay. It's a slightly different style of mineralization up there. We did some work on the IP or inverse polarization method. Look, this is just another a very well-tested method within Sweden, it's fair to say that, you know, we were not shocked, but we were really pleased with the results. You know, we actually got what we were expecting to see. I think this is a project that sits in between two of the most important copper, gold, porphyry projects in Europe, being Aitik and Laver, the two big Boliden mega-projects, I guess you could call them.
I call them mega-projects because they're both over a billion tons. extremely important projects to Sweden and the EU itself. As you can see there, just on the map, you can see where we sit. Aitik to the north, Swan Lake in the middle, and Laver to the south. All there to the west of Luleå and Boden. You know, a very well-known mining area, and a fantastic project. I guess I won't go into too much detail on that but, you know, maybe I just need to explain a little bit about what a IP survey is. A gradient array IP geophysical survey, so we completed that late last year.
That's really targeting the previously defined low magnetic anomalies associated with the hematite alteration that we have. Again, a little bit too much geology, but these are very important indicators that we have a porphyry system here. We also did a pole-dipole IP survey for that which is completed and that's really a little bit more detail, so refining the targets so that we can set ourselves up for a subsequent drill testing program, which we haven't planned in yet, but we've got the capability to move into that quite quickly. You know, again, one drill hole away from a potential discovery here. All roads leading to Rome, as they say in English. It's, you know, we have the Aitik to the north, Laver to the south.
We have all of the geology suggesting that we've got a copper porphyry and a potential gold project here. You know, I'm really excited about this project moving forward. Again, stakeholder engagement is another very important thing. Bino and Diplomat have already been heavily involved in discussions on a local and a state level with regards to what's happening up there and, of course, with our landowners. We, obviously, we're within a reindeer herding district up there as well, so that's a very important thing that we need to take into account as we move forward. Not something that we have to worry about down in Dalsland with the Hennes Bay project, but still something that we need to think about.
We've got more field mapping that we want to do, more IP surveys that we've got planned into the future, and that will roll into drill testing, which will be BOT testing, which is bottom of till, but also diamond drill testing. A little bit more work to do on the geophysics side before we make a commitment to that. Bidjovagge, I mentioned Bidjovagge at the start. This was Arctic's flagship project for many years. Still a fantastic project. Look, we've got a 100% interest in this project up there. It has been slowed down in recent times because of the issues pertaining to relationships with the Sami up there. It's something that we're working very hard on in the background. There were some mistakes made in the past. It's now taken off.
It's now been made into a secondary project, which allows us to do an awful lot of work in the background on the project as we move forward. Don't discount this project moving forward. It's got some amazing intersections in there. It already has a 3.3 million ton resource at about 1.3 g per ton gold and nearly 1% copper. You know, the actual intersections that we've got up there, 18 m at 2.2% copper and 34 g per ton gold, and 27 m at 3.1% copper and 0.6 g per ton gold. These are world-class intersections. Yeah.
Just bear with us while we, while we do the technical work on that and, but, you know, we'll come back to you in the very near future. Just the last couple of slides before I hand over to questions. I guess just on our balanced portfolio, we're very proud of the fact that we're not a one-trick pony. You know, we have multiple projects at, both at the advanced exploration phase moving into development, being Hennes Bay. Bidjovagge, we'll get back to that point at state. This is a preexisting mine there, which was mined by [LudCom] going back into the nineties. It'll be a mine again in another day in the future.
Swan Lake, w e will classify as a greenfields project, again, one drill hole away from a potential discovery there. Kuusi, when I get the time, we, you know, we'll be putting some more effort into that one as we move forward as well. A very well-balanced portfolio for us and, you know, we, as a junior exploration development company, we live and die by our ability to create news flow and to keep the market abreast of what it is that we're doing. Lots going on. Just the last slide here. I think, you know, why invest in Arctic? Look, I think it's the commodities aspect is the most important. You know, we're future-facing critical raw materials here. Copper, the silver, the gold.
You know, I haven't even mentioned the gallium, the germanium, the vanadium, and the rare earths that we have down at Hennes Bay. We're working very hard on that, and that will be somewhat of a focus for us in the next drilling campaigns. The geology, you know, we're looking for monsters here. We're not looking for very small projects. You know, we're talking comparative-type projects in the billions of tons, both in our Hennes Bay project and in our Swan Lake project. Bidjovagge will be a bit more high grade style project, so, you know, in the millions of tons. The right people, I mentioned that right at the start. I'm so pleased to be able to have attracted the board and the management team that we have today and the advisory committee.
You know, they're of a massive help to me in what it is that we're trying to do. And the jurisdiction itself, look, I'm a, I'm a massive fan of the Nordics, especially Sweden, having spent many, many years working in and out of Sweden. One of my favorite places to operate. Very strict rule of law. I think that that's also extremely important for us as well to understand what the rules are and to be able to work within the rules and what the expectations are. I think there's no need to be frightened of that. The balanced portfolio I just mentioned. I guess also being listed where we are, you know, we are listed on the Nordic First North Growth Market Nasdaq in Stockholm.
I don't have a huge amount of experience on that particular market up until the last 18 months. I've learnt an awful lot. Though I think it's actually a really fun exchange to be operating on and learning a lot from, you know, our partners such as Pareto and, you know, and working together with the likes of Carlo in, you know, over the last 12, 18 months on how things operate in Sweden. A little bit different to what I'm used to, you know, we're getting there, I think, and making some massive inroads. I think that's about it from me. Carlo, I hope I didn't go too far over time.
Excellent, Peter, thank you for that. We have received a lot of questions before this, but I will just kick off with the viewer questions that just came in. That is connected to Hennes Bay and what will be the future cash cost for Hennes Bay when it's up and running?
Oh, bloody hell. Okay. We're a long, long way away from this.
Yes.
Look, and it would be wrong of me to actually put a cash cost on what it is that we're operating. What I can say is that, you know, you have a look at other projects within Sweden that are on their way up and coming, and I guess Viscaria is a good example of that. Go and have a look at their cash costs and their capital expenditure. I don't think that we will be too far away from what they are. I mean, I think they're looking at a 2.5 million tons per annum, or maybe 3 million tons operation, I can't remember now, with a sort of 10% lower grade than what we would be looking at.
I think it'd be fair to say that, it's a different mining method, granted. We have economies of scale at Hennes Bay with the high speed, high volume potential for a room and pillar mine that we have there. You also compare that to other projects around the world, and quite a few of those that have been done at, or feasibility studies that have been done at a copper price down around that $3 per pound, U.S. mark which I think it's nearly double that today. You know, it should be an extremely profitable operation. Of course, we've got to do the work to demonstrate that.
We're a couple of years, out there. If we come back to the first thing here, that's the capital increase. Initially you went to the market for SEK 30 million, but ended up with SEK 40 million. To me that's, well, extremely positive. I don't know about your opinion there. What's your main take on the capital issue, apart from the fact that you now, as you are, always trying to get, be very prudent and having cash on the balance sheet.
Yeah
Any particular items that struck you with this share issue?
Look, I mean, you and I have spoken about this at length in the past. You know, it's the first 12 months. I was walking around Kungsgatan trying to get people interested to talk to me about mining projects. It was a little bit like, you know, I had two heads for a while there. I think that that's definitely changed. There's a massive move from tech stocks into real businesses, I would say, such as the mining industry where we actually produce something. Sorry, I said that with a little bit with a tongue in cheek.
You know, and I think that, you know, we, in discussions that I've had with Pareto, for example, they recognized that quite early on, I think as early as October last year, that there was a real, the sort of the light switch had been flipped, from the tech side into the, into the mining, resources side of things. A little bit concerned, obviously, when we started raising the money right, you know, at the start of the Iran conflict. That wasn't ideal timing, but of course, I have no control over that. To be able to come up with the SEK 40 million when, you know, as you said, you know, it, we were looking for SEK 30 million, we came up with SEK 40 million.
I can actually tell you that we had subscriptions for an awful lot more than that as well. We did the right thing with the existing shareholders. Really, we've only taken the money that we need for the next 12, 18 months to progress our projects as per the, you know, the last couple of slides that I mentioned. I think that the worm has definitely turned to coin a phrase.
That things have changed now. Is it easy out there to raise money? No. The huge amount of work goes into these things and a huge number of conversations that go on. You know, very pleased to have got that away and to now, you know, hand the cash over to Eric so that he can actually start doing the things that we want to do.
If we come back down to another press release here where you are initiating the diamond drilling at Hennes Bay, you are also referring to step-out drilling in certain areas. For me as a layman, what is a step-out drilling?
The phase one drilling program, which is the 4,000 m that we're doing now. The main focus is on the five prospects that didn't quite make the JORC compliant, a resource standard. There could be anywhere from 20 to 50 million tons in there. You know, that's historical information. We're looking to put a couple of drill holes into each one of those areas and build on that to add to the resource. The step-out that you're referring to there is with regard to the drilling that was done at Dingelvik. With this sediment-hosted stratiform copper that's trying to form copper deposits, quite large spacing in between holes for an inferred resource.
In between 500 and 1,200 m around different projects around the world. I think we're using about 500. We're looking at 500 m step-outs at the Dingelvik deposit to add some serious tonnage and metal content to the actual resource itself. That's what the step-out means.
Also in the same press release, you referred to the MRE not including five other.
Yeah
... prospects, so, then, it's time for me to be a little bit tongue in cheek, or at least for a cheeky question. Given the history of Arctic, surprising announcement of results on the upside, is that something to expect for from this operation, so to speak?
I mean, yeah, well, obviously that's the trick. You know, I can't say anything that's gonna mislead the market with regards to what it is that we're trying to achieve, but I think I've given enough hints as to what I think is possible. Yes, I guess that is a fair assumption.
Also, you mention Hennes Bay, Swan Lake, and Bidjovagge. You're all focused on Hennes Bay, or will you spread yourself too thinly out here?
Yeah
If I will be a little bit, well, cheeky again.
Yeah. No, look, it's a fair question. We pride ourselves on the fact that we're not a one-trick pony, that we have multiple projects. I hinted towards the end of our presentation that, you know, we, as a junior exploration company, we live and die by our ability to produce news and to attract investors to our company. At this stage, I would say 95% of what we're planning to do is gonna be directed at Hennes Bay, because we see a massive amount of growth there. That's not to say that we can't pivot quite quickly over to our other projects if we need to.
If things go a little bit slow at Hennes Bay for whatever reason, could be a permitting issue or whatever, like I said, we're only one drill hole away from a potential massive discovery up there at Swan Lake. We're doing an awful lot of work at Bidjovagge in the background to fix some of the problems of the past so that we can bring that back up as a flagship project as well. Yeah, 95% on Hennes Bay, but still, you know, I'll keep, you know, the option open for doing more work on those in the near future.
If we just look at a timeline here, when, if all goes well, when would you expect to be able to produce?
Yeah. Well, Hennes Bay, look, we're looking at a five-year timeframe to get ourselves into construction ready, and I think that's based upon, you know, I mentioned the Viscaria project. They've been extremely good at moving their project from I think a 45 million ton resource in 2019 through to construction ready, where they're actually constructing now, in a time where they weren't getting a huge amount of support from the market and from government, I think it's fair to say. We're now in a scenario where the market has definitely turned to focus more on things like resources. I think it's fair to say the left and the right side of politics are extremely positive about getting our mining projects up and running, especially in Sweden.
Then on the back of the Critical Raw Materials Act out of Europe as well. You know, I think that that's a reasonable timeframe, you know. Within that we need to do the drilling to get ourselves up to that size of resource that we need to, and to a measured and indicated resource category. We need to be able to do our PEAs. We need to be able to do our pre-feasibility study and our feasibility studies, all of which, as well as all of the baseline studies on the environment so that we can put in our submissions for our applications for the mining and the environmental permits.
I think that five-year timeframe to get us through to construction ready is reasonable. I suppose a typical construction for this type of project you would expect sort of up to about two years to get it up into a producing asset.
If we look at the bottlenecks here, just to round up here, one could argue that the sentiment in Scandinavia towards mining projects have changed in a positive way. One, you managed to raise more capital than you initially planned. B, one could see very positive articles if one reads the Swedish papers regarding the industry, which is more focused on, let's say, how much asset there is, the price of the underlying material, and also assume perhaps how much work there will be. What keeps you awake at night when it comes to bottlenecks?
I've been doing this for 30 years, so I tend to sleep quite well actually. I always like to have my plan A, plan B, and plan C and plan Ds all operating at the same time. That's why it's important that we have, you know, the good people that we have. You know, I've got Bino involved now, and he's taking care of a lot of the, you know, the stakeholder engagement side of things. I have Eric in there who's doing all of the technical work on the geology side of things. The drilling of course. Johan Spetz coming on board in a month or two. You know, extremely experienced CFO, having been prior worked for Pareto, I think, and some of the other investment banks around the world, with a lot of experience in the mining industry.
Of course our board and advisors. You know, these guys have got an awful lot of experience in different jurisdictions, but a lot of experience in the Nordics as well. I'm not too concerned about our ability to bring all of these different work streams together and operate parallel. We'll all have them all operating parallel and get them going as quickly as possible. I do sort of worry a little bit about the permitting process.
I think that there is the best of intentions out there to speed it up. You know, I've also, as I said, I've been doing this for a long time. You know, I think we're in an age now where there is an expectation on us as mining companies to do our technical work to an extremely high level of compliance and technical capability, and that just can't be rushed. You know, we will do things in the speed that they need to be done. You know, as I mentioned, I'm quite confident we can get this thing done within that timeframe stipulated. Would there be areas of red and green tape that could be sped up from the government's perspective?
Yeah, probably, and I think they're working on it. I guess time will tell as to whether or not they can achieve it or not.
So far, you're quite happy because you have the ducks in a row. With that, Peter, thank you very much. Very educational. I'm looking forward to see what's going to be going on in your part of the world. Thank you for that, Peter.
Yeah. Thanks, Carlo.
We will thank everyone who's sending questions ahead and asking and watching. See you later, and thanks.