Atalaya Mining Copper (LSE:ATYM) — 2026 Annual General Meeting

0:00 Good morning, and welcome to the ATALAYA Mining Annual General Meeting. Throughout this recorded meeting, attendees will be in listen only mode. Questions are encouraged, and they can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Just simply type in your questions and press send. I would now like to hand you over to Non Executive Chairman, Neil Gregson. Good morning. Good morning. It is my pleasure to welcome you to the Annual General Meeting of ATALAYA MINING COPPER, S. A. It is now 11AM, the time appointed for the meeting. Immediately following the formal business of this meeting, the company will give a corporate update presentation. Shareholders here in person and remotely via the Investor Meet platform will have an opportunity to ask questions.

0:46 I would like to introduce my fellow directors: Alberto, our CEO Harold, who is our Chair of the Audit Committee Cory, who is Chair of the Board's Remuneration Committee and our designated Non Executive Director for Workforce Engagement Penny, our Chair of the Board's Physical Risk Committee and Mike Armitage. Regrettably, due to unforeseen circumstances, neither Kate Harcourt or Jesus Fernandez is able to be with us today. In accordance with Article 15.1 of the company's Articles of Association, voting on all proposed resolutions set out in the meeting call will be taken on a poll. That is to say, each ordinary shareholder present in person or by corporate representative or by proxy has one vote for each ordinary share.

1:42 According to the list of votes represented at the meeting prepared by the company's proxy scrutineer, Santander Investment S. A, there are 105,559,094 shares and votes represented in person or by proxy at the beginning of this meeting. That is to say that 68.65% of the company's voting share capital is present in person or by proxy. I can therefore confirm that this meeting is duly courate on second call and validly constituted. The notice of the meeting, proposed resolutions, associated reports and proposed changes to the rules of the ATALAYA MINING long term incentive plan to be considered at this meeting have been available to all shareholders for the required period.

2:39 With your permission, I would like to take the notice of meeting as read. Are there any objections? Thank you. I see that there are no objections. The notice of the meeting invited shareholders to submit in writing in advance any questions concerning items on the agenda. Secretary informed me that some questions have been received from a shareholder in respect of which it has been agreed that responses will be provided within seven days of this meeting and posted on our website. Would any shareholder present here today like to raise any other questions concerning items on the agenda. There being no further questions, I will now propose each resolution to the meeting.

3:32 The full text of each of the resolutions is set out in the document entitled Proposed Resolutions that was published on the 05/21/2026. With your permission, I would like to take the full text of each of the resolutions as read. Are there any objections? Thank you. I see that there are no objections. Santander has advised me of the total number of valid proxy votes that have been received in respect of each resolution. The number in favor, the number against, and the number directed to be withheld. Full details will be displayed on the screen as each resolution is proposed to the meeting.

4:17 With your permission, I intend reading aloud only the percentage of votes in favor. Are there any objections? Thank you. I see that there are no objections. Since more than 50% of the voting capital is present in person or by proxy, all resolutions before the meeting require an absolute majority of the votes cast to be in favor. Are there any shareholders present who have not yet cast their proxy votes in advance of the meeting? I see that there are none. Of those shareholders present in person or by corporate representative or by proxy who have already cast their proxy votes, if any of you wish to change your vote in relation to any of the resolutions.

5:08 I see that no shareholder wishes to change their proxy vote cast in advance of the meeting. As already agreed by the meeting, I will not read out the exact number of valid proxy votes received in relation to each resolution. All details will be displayed on the screen, and each resolution is proposed. I will read aloud only the percentage of votes in favor. I put Resolution one to the meeting, which deals with the approval of the 2025 Annual Report and Financial Statements. I declare that Resolution one has been duly passed by a majority of 99.91%.

5:57 I put Resolution two to the meeting, which deals with the approval of the 2025 sustainability report. I declare that Resolution two has been duly passed by a majority of 99.88%. I put Resolution three to the meeting, which deals with the approval of the corporation management actions for the 2025 financial year. I declare that Resolution three has been duly passed by a majority of 99.28%. I put Resolution four to the meeting, which deals with the allocation of the 2025 results. I declare that Resolution four has been duly passed by a majority of 100.00%.

6:50 I put Resolution five to the meeting, which deals with the approval of the final dividend in respect of the financial year 2025. I declare that Resolution five has been duly passed by a majority of 100%. I now turn to the resolutions relating to the election and re election of directors. Biographical details of each director seeking election or re election are contained both in the main market version of the company's 2025 annual report and in the document entitled Proposed Resolutions. I put Resolution 6.1 to the meeting, which pertains to the re election of Jesus Fernandez.

7:37 I declare that Resolution 6.1 has been duly passed by a majority of 53.75%. As Resolution 6.2 pertains to my own re election, I will hand over to Carol Whittle, and I'll have a drink of water. Thank you, Neil. I put Resolution 6.2 to the meeting, which pertains to the election of Neil Gregs. I declare that Resolution 6.2 has been duly passed by a majority of 72.01. I'll now hand back to Neil. Thank you. I put Resolution 6.3 to the meeting, which pertains to the re election of our CEO, Alberto Labandera.

8:24 I declare that Resolution 6.3 has been duly passed by a majority of 92.86. I put resolution 6.4 to the meeting, which pertains to the re election of Kate Richey. Declare that resolution 6.4 has been duly best by a majority of 92.12%. I put resolution 6.5 to the meeting, which pertains to the reelection election of Carol Whittle. I declare that resolution 6.5 has been duly passed by a majority of 997%. I put resolution 6.6 to the meeting, which pertains to the reelection of Carrizio Gonzalez Isquiedo.

9:19 I declare that resolution 6.6 has been duly passed by a majority of 94.66%. I put Resolution 6.7 to the meeting, which pertains to the election of Mike Armitage. I declare that resolution 6.7 has been duly passed by a majority of 98.46. I put resolution 6.8 to the meeting, which pertains to the election of Henny Fowl. I declare that resolution 6.8 has been duly passed by a majority of 95.69%. I put Resolution seven to the meeting, which relates to the 2025 Annual Report on Directors' Remuneration.

10:12 I declare that Resolution seven has been duly passed by a majority of 59.26%. I put Resolution eight to the meeting, which relates to the maximum aggregate amount for the Director's remuneration. I declare that Resolution eight has been duly passed by a majority of 99.88%. I put Resolution nine to the meeting, which relates to the approval of changes to the rules of the ATALAYA long term incentive plan. I declare that Resolution nine has been duly passed by a majority of 54.87%. I put Resolution 10 to the meeting. This resolution relates to the authority to allot a maximum number of shares in 2026 to satisfy awards made under the long term incentive plan.

11:11 I declare that Resolution 10 has been duly passed by a majority of 56.12%. I put Resolution 11 to the meeting. This resolution grants authority for the company to purchase its own shares. I declare that Resolution 11 has been duly passed by a majority of 97.50. I put Resolution 12 to the meeting. A report on this resolution was published with the rest of the meeting documentation on the May 2026. This resolution grants authority for the company to increase the company's share capital by up to 50%.

11:57 I declare that Resolution 12 has been duly passed by a majority of 94.39%. I put Resolution 13 to the meeting. A report on this resolution was published with the rest of the meeting documentation on the 05/21/2026. This resolution grants authority for the allotment of convertible securities. I declare that Resolution 13 has been duly passed by a majority of 94.23%. I put resolution 14.1 to the meeting. A report on this resolution was published with the rest of the meeting documentation on the 05/21/2026.

12:46 Resolution 14.1 is a general authority to disapply preemption rights. I declare that Resolution 14.1 has been duly passed by a majority of 99.01%. I put Resolution 14.2 to the meeting. A report on this resolution was published with the rest of the meeting documentation on the 05/21/2026. Resolution 14.2 is a specific authority to disapply preemption rights. I declare that resolution 14.2 has been duly passed by a majority of 61.18.

13:36 I put resolution 15 to the meeting. A report on this resolution was published with the rest of the meeting documentation on the 05/21/2026. This resolution approves an amendment to the company's articles of association relating to Executive Directors' remuneration. I declare that Resolution 15 has been duly passed by a majority of 100%. I put Resolution 16 to the meeting. This resolution delegates the necessary powers and authorizations to put into effect all the resolutions passed at this meeting. I declare that resolution 16 has been duly passed by a majority of 100%.

14:31 I put resolution 17 to the meeting. This resolution relates to the approval of the minutes of this meeting. Minutes of this meeting have been drawn up almost entirely in advance reflecting the text already shared in the proposed resolutions and the proceedings of this meeting, and will also reflect the results of the voting in the terms indicated in each case. With the permission of the meeting, I propose that the minutes be taken as read and that the meeting proceeds to consider their approval. Are there any objections? Thank you. I see that there are no objections. The minutes will therefore be taken as read.

15:17 I declare that Resolution 17 has been duly passed by a majority of 100%. I would ask the Secretary to release a required announcement confirming that all the Resolutions have been passed at the meeting and to make available on the company's website the voting results. I would like to thank those shareholders who attended and those who availed themselves of the webcast facility for their interest. That concludes the business of the meeting. I declare the formal business of the meeting closed. Thank you. I will now hand over to our Chief Executive, Alberto, for the corporate presentation.

16:05 Thanks, Neil. Good morning, ladies and gentlemen. I'm going to go through a very brief presentation of the of the results of the company for last year accomplishments. Just second. And a very short presentation of the future of the company where we are going in the next year. Last year was a quite good year, better production of 61,039 tons of copper. The plant performed very well, treated 16,600,000 tons of ore, which is well over the installed capacity of 15, capacity of 15,000,000 tons per year. Had cash flow of $240 per pound and all in sustaining cost of $90 per pound, which were quite competitive in the market.

17:10 With that, we achieved €180,000,000 of EBITDA, almost €200,000,000 EBITDA with profits of €85,000,000 quite a good year, which also resulted in very nice operating cash flow €192,000,000 free cash flow of almost EUR 110,000,000 and we ended the year with a net cash position of EUR 122,000,000. From the corporate point of view, we had some interesting instrument fixed point. First is that I think is that we finally moved our domicile in Spain, which allowed us be part of the index of the London Stock Exchange, which finally we were added to the FTSE two fifty back in 2025 and this has increased the liquidity of the company. The company paid an interim dividend of €04 per €00 cents interim dividend and a final dividend of 6.5¢, which is quite higher than the previous year.

18:22 As assets, our assets, how did we behave? Well, how did they behave? As we think, we just mentioned, production was quite good. Things were running normally. And our total, which is really our key assets to grow, asset to grow, the the permitting advance to what was be imminent and get our environmental permits. We continue doing advancing our engineering works and exploration drilling. So the issue is a satellite deposits around from Corralo, we got the permits. We are stripping, we continue to move material to mine high grade.

19:11 Rio Tinto, we have an installation of LX, which have a lot of work done in the previous years, but finally, the board decided to prudently recognize an impairment of 24,000,000, yes to be safe due to the financial situation of the company that's handling the operation, although the operation continues to work physically well. And at Massimo Verde, it's a deposit with very good copper grades. We continue drilling there and advancing all the proprietary works to start ramp subject to board approval. Health and safety continues to be a high priority in ESG. We continue to improve sustainability performance versus all the business we had, this is all recorded now, sustainability report.

20:05 And going also through corporate additions to our board, We have three non executive directors that are present here added to our Board, Odisel Gonzalez DiCiero, Henry Fall and Mike Armitic joined the Board during the year. Next slide, you will see a summary what was the performance during first quarter. Performance during the first quarter from the production point of view was lower than expected in some technical problems related to a very high rainfall, but the plant performed very well with throughput and reduced cost control, which resulted in very good EBITDA of almost €50,000,000 and revenues due to the good copper prices, which meant that from the operating point of operating cost point of view, the financial point of view, the results were excellent.

21:05 In addition to that, we raised EUR 130,000,000 in at the end of the first quarter, end of January, which resulted that we ended with a excellent net cash position of over €260,000,000 as you can see in the lower part of the graph. Let's look at the assets briefly. You can see in the picture of slide 35, the evolution of the precipitate of San Dionysio. In the right side in the shade is where we have better grades, see we need to go quite a lot of material to get to this better grades, but things are advancing there. The grade in that area is over double than what we have in the normal thermal corallo bit and we will be moving around 20,000,000 tons of material during the year and so far things are going as a schedule.

22:01 An important point is about to be started is the access to the Paso Albuquerque area. Paso Albuquerque, you can see how many drill holes we are drilling With the focus of the red area, the red area is an area with good grades of copper between one point five and two percent copper, we have talked about that in the past and the idea is to drive around, ramp down with an investment of 30,000,000 to $40,000,000 in order to be able to mine this area and supplement the production of the utility. This ore will be extracted, they get transported by road to the plant.

22:47 The REO Tinto plant is right now is producing only copper and its plant, if we didn't do anything, it will continue producing copper for let's say around ten years based on the tons that we have in our open pit, this is what you see in the first column of the graph shown in the Slide 37. In the right column of the Slide 37, you see the orange other number, which is 130,000,000,127,000,000, which basically the resources, all of them drilled that correspond to polymetallic material. Material meaning that we need to add some recovery systems in order to extract the lead and zinc and silver that go with the copper. This is something that we are understudying, it's also is going to be part of the production growth at ATYMIT.

23:46 But without any doubt, the important growth for this company is going to come from total. Some things have changed in this last year, you know that we have been long permitting period in this project. But in the last few months, the president of the lithium has come in public and what you are seeing is our screenshots of the official web pages of the government of Galicia. President is stating that they are going to be implementing binding policy to try to strike the critical minerals that are available in Galicia.

24:34 Minister of Industry, the lady shown in the picture on the right, Chuzla Ventana also been taking certain steps to speed up the permitting of all kinds of projects and has said in public, both in the radio and the newspapers that she's confident that total permit, total environment impact statement is going to be ready for summer. Official summer, as you all know, started a few days ago, summer for most of people is considered July also. We are there and we believe this is going to happen. Why we like Toto is and we are advancing very fast. Why we like Toto is because it's a straight flotation plant similar to what we have. What you see in the slide is basically the design that replicates what we are using up into one side mill to bolt ons rotation solutions and we are using the same designers, same engineering firm and teams that have built real team.

25:38 So with that, we know quite well what are going to be parameters that we will enjoy at ATYMTO. Basically, sorry, ATALAYA COPPER, capital intensity is quite low, than $50,000 per ton, which as you know is one of the lowest in the market when you consider specific greenfields. The reason of that is that has very good structure in the area and the flow sheet is quite simple. The project itself has very lower to break your routine though, higher copper grade, better recovery, better concentrate rates and very clean concentrates and softer material, which at that means that we will enjoy around 50¢ per pound lower costs that are treated.

26:35 That's one of the reasons why It's quite interesting for this company. And with this, the most of total, we are in the path of getting from a current range between 50,054 tons of copper plant for 2026 to the near term target between about three years to be in the range of 100,000 tons of copper equivalent or part of it would be most of it would be copper, also contain some production of zinc. In addition to that, the company has good exploration assets in Sweden, in the North Belt, as we have been to East and in others in the part to pursue other opportunities, especially in Europe, Spain especially, and also in some other countries where we may have an advantage.

27:35 It looks like this company has seen the pathway to growth to the next few years. And I think with this, I will try to reply all the questions that we have. Let me see. I suppose I have been resubmitted. There are lots of questions, some of them quite long. Let's start, Rio Tinto proven reserves currently cover roughly eleven years. What concrete progress is being made in Macedo Del Perde, Rio Tinto East and San Benicio to extend my life and from what level of secure remaining line will be with the board consider capital intensive investments such as fleet optimization if economically justifiable.

28:38 At the the At East, the company is just exploring some initiatives. As said before, we already stripping. At Massawa and Berkeley, we are doing all the preparatory works to develop the ramp, And so that's immediate growth. As far as using automatic fleet, first of all, it's responsibility of the contractor because the mining activity is completed by mining contractor. So the responsibility of those investments is not done by contractor, not on the line. In the case, in my opinion, I think it's the type of the type of infrastructure that we have at ATYMTO has not lend to have a full auto optimization of fleet.

29:27 For several technical reasons, I think it's very complicated to describe here in short notice. But in any case, whatever is the case, this is the responsibility of the contractor, which by the way enjoys excellent operating costs and very good margin. That one is, has ATALAYA evaluated autonomous haulage fleets, the pit? If so, what payback period and capital required did the assessment indicate and what role did limited remaining life play? As I said before, this is responsibility of the contractor and the company has not evaluated that. In the case also I see that ten years is, I believe it's a short period for this autonomous fleet.

30:19 At a copper grade of only 0.4%, a large amount of waste rock is sent through the mill, has sensor based bulk or shortened XRT in tested for amenability to raise build feed rate and reduce unit costs and with what result? Well, at which we had 0.4% copper, actually we have lower than that. But we are quite a thing. We do have where we analyze each and all of the blast holes at the mine, including all this Roman waste. So we have a very good knowledge of what is the grade of the material we mined before even getting to that.

31:06 Using this automatic or sorting in theory works well, but I still need to see any large operation where it's working. In theory, it worked well, but it creates a problem lower rate Most most of the cases, the minerals are just not black and white. It's simply slightly lower rate. But once you remove it, you have to take it somewhere. We did do some tests at the site mill, at the recycling of the pedals, which contain some lower rate and it's a flow that's easy to divert back if it was low rate, and it's only coarse material and wash material and they're work in theory, but the costs did not add out and at the end, we did not pursue that outcome.

32:10 The next question is gaming that range is combination is the largest plant energy consumer. What's the specific energy intensity kilowatts per hour of an existing circuit and have more efficient alternatives, high pressure running roles in evaluated. Does the low cost of power supply captive solar plus PPA change the economics of such efficiency investments or does cheap in house power reduced incentive? Actually, grinding of consumption of energy at the mill is around 22.3 2.6 gigawatts per ton process.

32:56 And about, I would say a little bit less than half of that is grinding in the segment. So for cost of electricity, it's low. And I don't think that the saving that you can get from high pressure grinding mills compensate the large investment that would be required, because it means not only changing the whole site mill, but changing the whole configuration. So far, the combination of site mills plus ball mills is considered the best size reduction and most efficient production in the world and there's this consist in my full priority of the new projects are built in those configurations.

33:48 In theory, this high pressure brand and roles are valid, but the reality is that not many are installed in the world compared to other systems. In any case, to change what we have, they wouldn't have made more sense and especially based on the savings of electricity, which actually are very low. Following the $24,000,000 non cash impairment of the LX loans, what quantify economic contribution, high recovery, avoided treatment, refining and transport, does the Board expect from LX going forward and from what? LX is a system where good the good savings will not come will not come from specific reduction of cost.

34:48 It will come from being able to treat ores that are very fine grained and intermingled with different metals with a grain size that's so small that they would be difficult to separate it with physical systems like grinding and flotation. We need a very high grinding efficiency and we can go under 10 microns in order to liberate particles. So ELLEC has the potential to be able to treat those type of concentrates that otherwise would not have any value.

35:34 For conventional materials, for conventional ores, Elix does not pose any advantage versus conventional posting or smelting in conventional smelter, especially now for the treatment charges of copper smelters are very low. We will continue evaluating this and actually that's the way that Enix is working right now, by removing some of the impurities or by treating this very special ores, but otherwise would not be technically feasible to treat and to recover. With a free cash flow of over $100,000,000 and an attractive dividend, on what criteria does the Board prioritize between shareholder returns, growth projects, efficiency investments of the existing operations?

36:26 What all in cost reduction is management targeting over the medium term? Obviously dividend already disclosed in our our annual report. So we continue to have a lot of flexibility to obtain a good balance sheet and to be able to do the investments. All this is in the game in our manner report, management report. We have a very disciplined framework of cost control and we have also we like to have a flexibility to capital allocation depending on the opportunities. We have policy of giving package, it is of between 3550% of the free cash flow and we will continue to resolve.

37:23 As per all in sustaining cost reduction that continues to be our goal, Where we see a good potential is in the reduction that's going to come from the addition of total, which as I said before, all in sustaining cost or expected to have all in sustaining cost are $0.50 lower than the cost of. Also the addition of higher grade materials will result in reduction of all in sustaining costs. One of the things with the fluctuation of copper price, will you consider locking in the price for some future output, especially as it moved to a period of CapEx, high CapEx? Well, this is an interesting question that has also been asked before when we were at $5 so and we didn't do it, thanks God.

38:20 We believe and I believe that the copper price can go to any price and certainly can go down for lower for some moments to lower price, but the chances, the bias is that anything happens in the supply side, the demand is strong and we are seeing buying right now at $6 per pound and I think would not be in the interest of the shareholders to lock in this copper prices even if they seem higher, because it would even be much higher. And we also believe that our shareholders are buying shares in our company because of the exposure to copper in addition to other things, of course. But so you need to be exposed to copper, especially if there's a swing upside to the upside.

39:11 Next question is total. At what point do you engage lawyers again to move things forward? Well, I don't quite understand the question. At we have a what we believe an imminent decision on the EIA as has been set in public by the Minister of Industry. We also know that all the reports from the different sectors have been received, reduced and are all positive. So the environment back declaration is expected to be positive and soon. Once that is received, things will move forward by advancing purchase of equipment, finalizing engineering, start construction and hopefully in year and a half be ready to produce, but without lawyers.

40:14 Toto, have we missed the pre summer opportunity to ratify the project? What do you think of the the bottleneck is? Well, summer in Spain is almost as warm as as London. It's still we still have time. We will have hopefully July, August, and September quite dry, which is the time required to to in better time to required to move topsoil and grass and trees and so on. That doesn't mean we don't work in winter times like activities do not stop in Ireland or The UK or rainy areas. Simply that makes them a bit more complicated and and have to take a lot of care in order to not to put the water with the machines and so on. But other than that, it's simply a small delays making things more difficult. But in any case, we continue to believe that the environmental permits going to proceed this summer.

41:18 And then the bottleneck is basically supply of equipment, which we have delivery times for some items between fifty and fifty six weeks. That's what really drives the construction of the whole project. Given fluctuations in gold prices, is there any reason not to start now for this to start gold and silver from waste in this time? Well, have been going down recently, but they have been going up also one year ago. We continue to evaluate all these things, but we have lots of things in our plate and the tailings that we think to recover the gold of things over Pinto is something that's there and very likely we'll do it, but it's true that to remove those old tailings, you need to have the space for the new for this material that you removed. So it has some some space limitations that had to go in the right order.

42:19 So we need to complete the so a lot of existing tailings in order to extract this gold material and be able to treat it. And with this gold price is very likely would be interesting. Are there any feasibility studies starting to look at the shareholder accretive projects as we intend to post mining? No feasibility studies as such, but lots of ideas have been evaluated or a reputation of the existing existing things, but still have some time to go. Another one is how imminent is is for total approval. Well, it's been imminent for the last four years.

43:08 So but especially especially now, I think it's I believe it's it's going to happen this month according to what we have next month to what we have been hearing and published by the company. ATALAYA is a forward looking company under your leadership To supplement your power generation alternatives such as solar, have you considered small micro modular nuclear reactors such as supplied by Rolls Royce and others and have been used that have been used successfully in years in submarines, they would be worth a facility study, well, on another good year apart from EDIX. Well, no, micro modular or nuclear reactors is something that would be very complicated to permit and probably also not worth even starting to look at because our actually, our electrical prices are quite good.

44:07 So electricity, remember, it's only around €30,000,000 a year. So it's hard to justify the investment in the change to that. Are you aware of any interest to purchase ATALAYA MINING from a third party company subject to our mine approval? No, I'm not. I'm sure somebody is thinking on it, but I'm not aware of it. Who is ATALAYA operating contractor? Any link to Matsa, Trafigura? Why is this not brought in house? Contractor is a JV of a contractor called San Sifilago that has been there for some years and Brimblast is handled by Incerta.

44:57 There's no link with matza or Trophywood at all. We go to tender each four years to look and extend the contracts and so far they have always been very competitive. And why is it not done in house because actually these people are very competitive and the advantage to do this our capital investments and our operating costs would not compensate, there's no margin to be saved there. Your current view on copper price, question mark, is it always important for the market to hear your view? Well, I'm nothing with the market, many thanks for that, but the reality is that I when I see what's happening with the AI, which remember was not there three years ago at all, There was no data centers, no need for this electricity cooling.

45:53 When I see that the the these things will require huge amount of electricity, which will require lots of transformers, electric lines, pulling, driving the data centers itself in relation to the signals, we only see the copper going up. When we see that the move from rural to towns in Eastern, in Asia, in lots of countries that also drives higher consumption for electricity. Copper demand per person is growing and it's been maintained high And this is from the demand side is just growing. From the supply side, we have seen what has happened in the past few years with mines, even if the price of copper went to $8 per pound won't be more copper in that immediately, which means the mines are running at full steam, which means that things can only go wrong, it cannot go better.

46:58 And also knowing that all the projects, the new projects are located in very complicated places required lots of CapEx and specialized labor. I think we are going to see unless there is a huge crisis or unless there is a war or whatever, we are going to see copper prices that can go anywhere. When I mean anywhere, don't be surprised if you see $10 per pound, which probably would not be good by the way, if it's too fast. But certainly, we are not I don't think the work has sustained copper prices back in the $3 per pound that we had in the past. And this is the final question is, are there any feasibility studies started to look at shareholder accretive projects for Rio Tinto post mining?

47:53 No budget. We still are looking for projects to grow Rio Tinto and for to continue mining on time. We have recently launched an initiative at Rio Tinto, Rio Tinto 2040. So that's the way we are thinking More than shutting down is growing. And I think this was the last question. Lots of questions. Thank you very much anyway for sending your questions and for attending the the meeting. That's great. Thank you very much indeed for updating attendees today. On behalf of the board, we would like to thank you for attending to today's annual general meeting, and good morning to you all.