Currently, there are no interviews scheduled with the company, but we’ll see if one can be arranged at some point. The company has typically organized a webcast in connection with its results, which also includes a Q&A session. A webcast for Q4 is also coming, and if you have any questions, you can at least present them directly to management during that session.
But perhaps a brief summary from my side regarding the profit warning: the reduction in production guidance in January came as a negative surprise. I assumed that production volumes would have been clear enough earlier, whereas finalizing the numbers typically takes longer (cf. the reduction in EBITDA guidance). In addition, the reduction in production guidance appears negative anyway, as the guidance had to be lowered again after August, and an average performance (or even slightly weaker) in Q4 would have been enough to exceed the lower end of the guidance.
Well, the challenges behind the profit warning are certainly surprising and, in principle, temporary, although more detailed comments on their extent will have to wait until the results. In recent years, however, various production challenges have been unfortunately recurring, making it difficult to achieve uninterrupted production periods. As a result, for example, reaching the targeted production level of 1.5 million ounces has been delayed, which has also increased the burden of proof for achieving this along the way. Now, all that remains is to wait for the company’s more detailed comments and plans regarding production stabilization (in the short and longer term). As stated, for example, in the extensive report and recent update, there should in principle be potential to increase volumes and stabilize production, but a clearer restoration of confidence would require longer, consistent, uninterrupted production periods.
I agree that production needs to be stabilized and volumes significantly increased if the metal market were to cool down. Currently, despite the challenges, the market provides support for generating profit and cash flow, but unfortunately, with the volumes realized recently, it cannot be utilized anywhere near its full potential. This, in turn, would be important for strengthening the financial position and financing future investments, at least partly through internal funding.
