Q3 EBITDA was EUR 4.2m (SEB: EUR 4.5m), revenue was EUR 12.3m (EUR 12.9m), and cash cost was EUR 1,839/oz (EUR 1,590/oz). Q4 is guided to be clearly better though. We cut 2026E EBITDA by 3% and 2027E-28E by 11% but still forecast 12% production growth in 2027 y/y. Exploration should keep free cash flow near zero, and the delayed prefeasibility study adds timing risk to long-term strategic targets. Our DCF-based fair value range is EUR 2-10.
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