We have already started with the Royropata permit. We will talk about Royropata later, which is the best project that we have in our portfolio. We have Monte do Carmo, a new project in Brazil that we are deciding to start it probably at the end of this year. Promising brownfield results, strong ESG metrics, and continuing with our guidance in terms of production. We have just revised our all-in sustaining cash costs based on the effects of high prices on those costs. If we are going to the next one, we have our strategy, very simple strategy, brownfield as a main source of growth, expanding our life of mine, operational excellence, lean philosophy across the company, cost efficiencies, project development, and we are very present on site. Of course, ESG safety focus is our main priority, and since I took the role of CEO, we have changed our community approach, giving us very good results. Finally, disciplined capital allocation, funding with our balance sheet, our growth. We have debt repayment and of course value accretive M&A as Monte do Carmo and Mara Rosa. Today, as I said, we have two main projects. Monte do Carmo, we are trying to get FID at the end of the year. It's a very interesting new project in Brazil. Royropata, which is the continuation of our old mine, Pallancata. As you know, this mine has a Selene plant with 3,000 tons capacity. Today, we have achieved the admissibility of the environmental permit within the Peruvian government. We all know that there is a lot of inflation pressures in the industry, and we are working on different initiatives to try to control this cost. In that list, you have the 10 most important initiatives that we have implemented. I would like to mention that we have a new transportation and hauling contract in Mara Rosa that is giving us good cost. We have also HyperJets implemented in Inmaculada that has increased 0.5% recoveries. Also we have deployed across the whole company, artificial intelligence for all the administration tasks and also for part of the operations procedures. Going to Inmaculada. Inmaculada is our flagship. It's been producing around 200,000 ounces for many, many years. Today what we have is a mine that has five point five years at 180,000 ounces per year, in terms of life of mine, with very good all-in sustaining cash costs. Of course, we are going to accomplish our guidance in 2026. Inmaculada, we have brought 5.2 million ounces in the past 10 years, through our brownfield exploration strategy. We believe that today, 2026, we have different places at Inmaculada, at the South, at Eduardo vein, and we are aiming to bring at least 250,000 ounces this year. Of course, we believe that there is many potential to continue expanding life of mine. Going to the Royropata project, as I said, you can see on that table that we have 50 million tons with 1.5 g of gold and 412 g of silver. This is mainly a silver deposit, and in total, in gold equivalent, it's 3.3 million ounces on resources. The average width of the deposit is 30 m. So it's promising to be a very efficient deposit. At least we believe that we will have a deposit that will give us 150,000 ounces gold equivalent, but it will be most silver, for the next 10-15 years. Very interesting project. Today, we have filed the permit within the new Peruvian government that we will talk about later, and we got the admissibility of this permit. If we go into the next, we believe that we have a lot of potential in terms of brownfield exploration. We will continue exploring, as you can see on the map, that we have certain new areas that could connect the old Pallancata mine down there to the area of Pablo. We just got a drilling permit that give us new 50 platforms of exploration. That will be the way to continue exploring between 2027 and 2030 and bring more resources. As you can see, in terms of the district between Inmaculada, Pallancata, and Selene, we have a huge area of our concession, and we believe that we will continue doing exploration and replacing all those resources that we produce in the next 10-15 years. I have to say that we are using the latest technology on exploration, artificial intelligence, underground long-hole drilling, microgravity survey, et cetera. This is very good for Peru. We have the new government. Clearly, the new government is addressing the restoring of stability, confidence, and growth of the country. The early move of this government is giving us that they want to be pragmatic and market-orientated. At the Ministry of Energy and Mines, we have Guillermo Shinno, which is a very well-known professional in the sector. Basically, the aim of this new government is to try for formalized mining, tackle illegal mining, and simplify permitting. Sounds like music for us. Also, in the economic team, we have Julio Velarde. He has been named the best governor of a central bank in the world. We have Elmer Cuba as a Ministry of Economy and Finance, and we are trying to get a GDP growth of above 3.5%. This is very important for investors. Today, we have an improved sentiment. We have renewed expectations. We believe that since we will still have some challenges on permitting because the laws are there is a lot of good attitudes from the government to help companies to develop all the projects that we have in Peru. Going to Brazil, I have to say that I feel very proud what we have done in Mara Rosa. It is not here in the presentation, but I have to say that Mara Rosa produced more than 8,000 ounces in September. That is a total plant capacity. All the processes at Mara Rosa, the mine, the crushing area, milling, leaching, filtering is working at very good level. If we go to the next page, you can see the trend in terms of crushing, milling, and filtering, and it has been extremely hard work and bringing very talented people to our operations in Brazil that we got these results. Let me show you some pictures, and you can see the pit that now it has been pushed back, and now we have the high-grade mineral available. You have the filters working, dry stack, state-of-the-art. The new thickener that it took us 90 days to implement it and commission. Ore stockpile full of it, and everything is ready for the rainy season. I have to say that we have our learning curve in Brazil, but today we are ready to continue growing in Brazil as a company. In terms of the potential of Mara Rosa, you see the orogenic trend. Mara Rosa is in the middle, and we are doing a lot of exploration in this area to try to expand life of mine on Mara Rosa. Mara Rosa has something around 10 years of production between 80,000 and 90,000 ounces per year. If we go into the next, we have our new project called Monte do Carmo. Monte do Carmo is in Tocantins. It's a very friendly place in Brazil, very close by to Goiânia, in the north of Goiânia. It's close to the Mara Rosa operation. It's something like four to five hours away driving. The project is fully permitted. It has excellent infrastructure, cities, paved highways, hydropower plants around. We believe that we are having a very interesting project. Today, we are doing a basic finishing, basic engineering at the waste rock facilities and pre-stripping engineer. The [plant engineering] is finished by Ausenco. Today we are putting to the suppliers the critical packages like milling, crushing, the power line, et cetera, that we need to start building this project probably at the beginning of next year. We expect to present to the market an FID by the end of 2026. Once we have this basic engineering finished this year, we will develop the detailed engineering and, using a fast-track strategy, build these projects as we build Mara Rosa. We aim to get into production at the end of 2028. This mine, it will give us around 90,000 ounces of gold per year. Finally, San Jose is a mine that we have been in production since 2007. It's accomplishing its guidance. We have something like three years in terms of life of mine, and nothing else really. We believe that we still have exploration potential at San Jose, and we continue doing some brownfield drilling. Finally, before we go to the financial flexibility, what I have to say is that between our sites, current production assets, plus these two projects in 2028, we believe that we can reach something about 500,000 ounces of gold as a company. It's a big jump of around 60% of production. Going to our financial flexibility, we have a cash positive position, $309 million, $51 million net cash. We have given an interim dividend of $21 million. We believe that with this financial position, we can finance easily the Monte do Carmo and Royropata projects, and that will be the aim. Finally, I have to say that we present to the market a valuation opportunity. As you can see, we have been able to turn around Mara Rosa. Mara Rosa today is producing at nameplate. We have a very strong Inmaculada performance. We have Royropata and Monte do Carmo growth opportunities in place to be developed in the next few years. We have the cash, and also we have the know-how, and the situation in Brazil has improved a lot. We believe that we are undervalued if we compare with our peers, and that's why we recommend Hochschild Mining shares as an opportunity. Finally, as a conclusion, I have to say that Mara Rosa, as I said, is on track. We have a very strong balance sheet. We have announced the $21 million dividend. Of course, at the end of the year, we will have a very strong dividend since we have our dividend policy in place. Today, remember that we decided to go for our core and non-core strategy. Tiernan and Aclara was non-core, but today, following our strategy, we have those two assets at $300 million value. The future is presenting the FID of Monte do Carmo, continue doing brownfield and bringing life of mine, expand life of mine. Royropata, one of the best silver deposits in the world, with 3 million ounces gold equivalent. Of course, a very strict discipline capital allocation in place that has been ruling our performance for the past three years. That is all for me. I do not know if I have left time for questions, but thank you so much for being here this morning. Yeah, we have time for a very quick question, if there is one in the audience. If not, I will ask a very quick question over here as well. Eduardo, in terms of Inmaculada, you have talked about a pretty decent mine life. Is there an opportunity to bring that mine life forward? Is there opportunity to expand the mine life or, sorry, expand the production profile? Yes. Let me go back, if I can, to the page at Inmaculada, because I can answer this question here. Here we go. Inmaculada has been producing from Angela vein, and today we are at Eduardo vein. Still, we have all the South and Minascucho. So we believe that we can continue adding life of mine. Today what we have, based on our life of mine exercise, is that we have between five point five and six years at 180,000 ounces. Right. That's without considering any new resources. The idea is between now and the next four or five years is continue putting around $30 million on exploration budget to try to expand not only Inmaculada, every single site in Hochschild Mining. We believe that brownfield exploration is where you bring the maximum value to the company. It's where you discover. You don't buy ounces. You discover, and it's extremely cheap to discover, if you're lucky, new ounces for the company. And maybe one more quick question from me as well. You have a very large land package in Peru. Is there any exploration work that you're doing regionally that could showcase the next opportunity for the [audio distortion]? Of course. Let me go here to the district. That's the district. As you can see on the district, we have been in Selene used to be an old mine. We have a plan of 3,000 tons. We have Pallancata that we are adding Royropata, which is coming with 10, 15 years life of mine. We have Inmaculada. So we have two strategic plans in an area of 150,000 hectares. The idea is to continue doing in Escar Mauricio, Condorillo, Saycata, all those areas that we have. Also, which is very important, is that we have a very good relationship with all the communities. The idea is to continue doing exploration and bringing them to the business. That's the new relationship with the communities, and I believe that we could expand life of mines in general, counting with these two plans. Also we could see possible expansions of the plant, if that's the case, if we have a huge amount of resources. Perfect. Okay. Thank you so much. Great presentation. Thank you. Thank you very much.
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