Here is the company report from Aapeli following Sotkamo Silver’s Q2 
Sotkamo Silver’s Q2 production remained at a low level and below our forecasts. Supported by the metal market, the company’s result was still strong, and its financial position continued to strengthen. Following the report, our production forecast for the current year decreased slightly, but our forecasts for the coming years remain unchanged. We also reviewed other forecast parameters, but their impact on earnings estimates for the coming years remained quite limited. Our sum-of-the-parts valuation still rose slightly, as we lowered the required rate of return due to the company’s declining risk profile. However, we see the share as fully priced, which leads us to reiterate our reduce recommendation, while we raise our target price to 3.9 SEK (previously 3.7 SEK).