Q3 EBITDA (EUR 4.2m) missed SEB estimates by 6%, and consensus by 12.5%. Cash cost rose to EUR 1,839/oz, being clearly higher than we expected (SEBe 1,590) as lower-grade ore, higher machinery maintenance and rental, personnel costs and mining tax weighed. Profit beat SEB by 59% on lower D&A from extended mine lives. Operating cash flow was EUR 5.8m and investments EUR -6.7m. 2026 production guidance (+10-20% y/y) unchanged.
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