The sales and EBITDA levels for the first quarter was below our estimates. Mainly because we had overestimated the gold production levels and not accounted fully for the seasonality effect. This is corrected going forward. Auriant presented a 7% lower cash cost compared to the first quarter 2013, the reason for this was higher gold grades and better cost control. The mine life of Tardan was also extended because of successful exploration activities. Our motivated Enterprise Value is increased due to the increased mine life of Tardan and the cost reduction program taking its effects. But given the debt structure our motivated share price is unchanged at 10.7 SEK. Given the present share price this yields a potential of around 65%. The assumptions in the valuation is that the ramp up of Tardan takes effect and the Cash Costs can be reduced to our motivated level of around 800 dollar/oz around the year 2016. We do find it likely that Auriant will be a profitable mining company when Tardan reaches its full capacity.