Atalaya Mining Copper (LSE:ATYM) — Q3 and YTD 2025 Financial Results

0:01 Good morning, and welcome to the ATALAYA Mining Investor Presentation. Throughout this recorded presentation, investors 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. Simply type in your questions and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses, which is appropriate to do so. Before we begin, I would like to submit the following poll. And I would now like to hand you over to CEO, Alberto La Vendera. Good morning to you. Good morning. Thank you very much. Good morning to everybody. Thanks for being here one again this quarter. I will have with me Tessos Sanchez, the CFO of the company, that will be able to reply any detailed questions in relation to financials.

0:57 With that, I will go directly to the presentation that has been, resubmitted, and I hope you can see in the screen. Without going through all the lines that are in the in the the presentation now, we are very pleased to report a good quarter, another good quarter, which leaves us on track to achieve what we set about the guidance for the year. The production was solid. We had already resubmitted the production, and our costs have been quite good so far this year. And combined with copper price, our financial performance has been has been quite good. Even with our capital investments, we have generated strong free cash flow, and our net cash position continues to grow. Also, have our excellent working capital position.

1:47 I will cover more a little bit more on that on the about the operating and financial details in the in the rest of the presentation. Some corporate activities, initiatives that we are highlighting there, I think, are relevant to to mention. We know that we had some old shareholders, some shareholders who were coming from the old limit days that had some challenges with their physical certificates. So we have now implemented a system where this this in order to convert those certificates into into CDIs. Also, important to mention is that we had the the Fernando Ralph general manager of being appointed this this quarter.

2:33 He follows Enrique Delgado, has been with us six years, which we will continue as a as a consultant and and working with the company. Fernando Ralph is a my engineer that has been with us as a deputy general manager, and he was also instrumental in achieving the the permits back in 2013 in the old in the marine days. This is part of the of the preparation to for long long term in our company. We have had also some other internal changes in order to prepare ourselves to be a a multi mining company. We have made a a lot of progress in in our in our different assets, and I will go with that through the presentation.

3:19 In terms of of ESG sustainability, our board renewal continues. We've had some additions that I will go through later, but basically substituting some of our our former directors that have been with us over over ten years. So we we welcome Henry Fall with a huge background in in Anglo American copper and Corioy, Gonzales, which is a Spanish, Spanish executive also in several boards in Spain. And and we we saw, Jose Barba retiring after over ten years, in the company where it should it couldn't be independent, non executive anymore due to the the kind of rules or or indications of the.

4:15 With that, I would like to go directly into into the the presentation relation to production results. Copper production, we had released that. There were it was 12,100 tons of copper consistent with our guidance. We had already released that. Remember that we had said that the second half was going to be lower grades than than the first half, and that's consistent with that. But the mill itself performed very well. In the upper graph, you will see that the the the vertical bar showing how production it's intermittently going up and down. Basically, the the quarters that we have a a maintenance in the large mill, the production of the mill goes down a little bit.

5:10 And it wasn't the case in in q three, so if we've gone three quarters with good production, but we will have a a lower a lower production or treatment rate during q four as a result of this planned maintenance that happened in the first days of of October. The copper grades were solid at point 38% copper, and recoveries were slightly lower around 74 and a half percent copper due to a complex metallurgy of this transitional ores that we have been experiencing when we are blending the upper areas of San Dionisio, which is largely slightly oxidized. As we move forward, our metallurgy is going to improve both in San Dionisio because we we will be getting access to the fresh ore.

5:56 So that thing should be changing in in in the near future. With all that, we had a good gold gold good copper price and low off-site costs. And and due to the better sales, we had a very good performance in the in the in the third quarter. The cost performance also was quite good even if we have included there a 4,500,000 provision for a potential tax reassessment disputes with the municipalities in relation to the to the the tailings pond. So we prefer to put this as a provision. Otherwise, the our cost performance itself, absolute performance would have been very good. Regardless of this, we had a a a good EBITDA for the quarter of around €31,000,000, and and the operating cash flow was for almost €42,000,000.

6:59 And after investing €18,000,000, we would still have a a a strong free cash flow of around €24,000,000. The main investment investments that we had this year this this quarter really were all related to mining. So, basically, we were moving waste at in order to get to the to the better grades. We have capitalized stripping that we account for later in the all in sustaining cost of Colorado. And also, we have some investments in maintenance investments in our tailings new the tailings pond. In the future, these things were are going also to go be going down these tailings investments because we plan to short a new payments bond, which will require less capital investments during the years.

7:45 So all in, this left us with a very good balance sheet where we ended the the quarter with €93,000,000 of working capital position. So that's over fifth about €50,000,000 or a bit almost like $100,000,000 of surplus from from the the beginning of the year, which is excellent. Looking at the results to date, it's it's a little bit of the same. The EBITDA was around €140,000,000 and the free cash flow was around half of that 60,000,000, euros. This figure, are are are placing us extremely well, to basically get very good results at the end of the year. Profits of around €71,000,000, much better than last year, also year to date, which were only about €18,000,000.

8:47 Looking at the details of all these costs, I mean, how we came how we we got all these figures that I just mentioned are shown in the next slide. We as usual, we provide a good breakdown of mining and processing and other costs, what we call the site operating cost. That's the production on-site. Costs are are lower, substantially lower than than than previous year, but on on-site costs were they are very similar in a in a quarter by quarter than previous years because we have inflation, which is very similar. But year to date, they are lower than previous year due to, basically, the the higher production.

9:33 Overall, the costs the cost itself for for mining, for processing one ton or for striking one ton of rock are very similar. We are fighting very well with this with the inflation. But, of course, depending if you produce more or less, your cash per pound is higher or lower. In in the off-site costs is where you see a big improvement due to several factors. The main factors you can see is a is a a further increase in by product rates. This is a result of maintaining our silver production, but having better prices for silver. So this means negative payments of $0.43 per pound copper, which is higher than the average of the year.

10:26 But at the same time and following the tendency that's happening in the world, the treatment charges of smelters continue to be low and as well as freight and other off-site costs. So the our these are only dependent on on the material produced, so they're not dependent on on the grade. And we have seen that this also been substantially lower, almost half of what we had in in '24. And this tendency is very likely going to continue and probably improve during this last quarter because we will have some spot sales that we very likely will sell at negative treatment charges.

11:12 The rest, what's not the the spot sales, which is most of our production is sold under long term contracts based on benchmarks, which are lower than previous year, but not as low as the spot sales. All in with this, our cash costs were around $2.52 $55 per pound, which is which is also substantially lower than previous year, and they accumulated an excellent $233 per pound for for the year to date. And mainly the as I said before, the the big improvement from previous year has is is basically, as I said, bit better better production, better production and higher silver credits and and lower off-site cost of treatment charges.

11:59 And as I said before, this especially these last two elements are likely going to improve or increase during the during the fourth quarter. We have also seen in the negative side and the strengthening of the euro. So we have been able to keep this this good cost in spite of the fact that we had a the euro going from around $10.05 to $1.15, $116 per per per per euro, along the year. And, obviously, most of our costs on-site are are are in euros. And, excuse me, in all in sustaining costs are also lower than previous year around a little bit less than $3 per pound in the in q three and and year to date around $2.09 $284 per pound, which is around 50¢ lower than previous year.

13:04 When we compare this with our peers, we always like to to show how how the industry is trading to see if it's us or or else. I mean, we see that we are keeping ourselves under the $3.50 line, which we believe it's going to be the the the future tendency of the world. It's true that all our peers are benefiting from the gold credits, which are excellent with the gold price, especially those buys in Chile and Peru, which have lots of gold by products, but also have to be fair that we have benefit from the silver credit. So so, overall, the the we are at least as the industry or or better, and we will leave it. It's going to be like that in in the future.

13:55 Going forward, what are we looking at as a guidance? Well, it's not much to change in the last, let's say, month and a half. So we have we I think we'll be very well positioned to be in production guidance, which we kept in 4952. Remember, we had upped a little bit. Very likely mid range is slightly higher, which means we will have a modest quarter q four due to the due to the to the lower production, to the stop of the of the maintenance of the plant, but still in a in a in a good range. Looking at the cash costs, we will be in the low end or lower than the $2.60, so probably $2.60 or lower in that sense.

14:45 And and in all sustaining cost will be also in the low end or even lower than that. So we expect to have a good result. In the in the for accounting reasons, the the no sustaining CapEx guidance is now in the high end. Basically, we are passing some cost to to for stripping. So we will be in the in the high end in the no sustaining capital, which basically for stripping at at at Sunday initial. Inspiration, overall, we keep it, but probably will not also not reach the high end simply because we have started already the exploration campaign in in Sweden in the winter campaign, but but there's not much time to finalize, so we will not go overboard.

15:35 So with with that, we we expect to have a quite quite decent quite decent quarter. Going a little bit now moving into our projects in in general, we we are concentrating as an initiative, which is the picture you are seeing. You can see in the left part of the of the of the picture, the the taking that hill down as fast as possible, slowly disappearing. We still have to move an an electric line somewhere there, and and that's will be our focus. We'll also want to to spend a little bit the the Federal Corral pit to have a better access in the future for high grade material. But overall, the the this thing is is tracking well. The important thing here is that during '26, we already start hitting the the fresh ore at Saint Deniso, which will allow us better recoveries and and better production in in the years to come.

16:35 Another project where we are making some advances, although have not been so many in so many advances in during this quarter is Massawa Verde, where we continue to drill with a couple of rigs. And, basically, we are waiting for the access to the surface rights where the portal is going to be located. Everything is ready, but we need to have access through a force expropriation that's has to be finalized by by the administration, which the paperwork is ongoing. And subject to board approval, we will start to ramp very likely now in the in the first part of the next year. In the meantime, as I said before, we continue to have two rigs drilling drilling in that green area in the side of of the main deposit of Sunday of of.

17:29 And and we'll also do some exploration in some other anomalies, but but, basically, we will be concentrating in in this high grade zones, and we announce remember that we announced the results of this high grade zone sometime in in July, if I remember well. I think an important step here is is what you see in this picture. In November, we had a we had a panel, a forum of critical minerals in Andalofia, And the three persons that are in the picture are Maria Jesus Lord and Santa, which is the Consejera or Consejera, which is basically the minister of industry of Galicia, where the total locate project is located. Mercedes Moran is the same equivalent position of Extremadura, just north of the Pirate Belt where we have the this satellite deposit of Oso Marena in Arconcil.

18:24 And the person on the right, Gustavo Sanchez, is the head, general director of mines and industry, of Andalusia where we have our operations. This was something very interesting where everybody expressed their interest on on Andalusia and Spain and specifically these regions as a friendly friendly countries. There are some projects, not only base metals, but lithium and and other other critical minerals going and being approved. And and this was a huge endorsement. As part of this opportunity, this lady that was on the left visited our operation in Atrientinto.

19:09 She was extremely impressed to see the optimization, the safety, and really assured that the project of of Toro was was going ahead without any without any question. Really, it's it's a matter of time. It's not a matter if it will happen or not. It's true that they have had some we heard that we have had some delays in the in the water department due to the change of people there, of of of civil servants. We only have two reports missing. One is the water department. The other one is natural heritage, which we have already seen a draft, so that's ongoing. And, hopefully, we will we will be receiving the the final papers for the environmental declaration soon.

19:57 The way things with these delays are accumulating, I really think that our hope to have this in in in this year, it's it's not so easy. And I don't know if we will have to push it to the first quarter of next year. But we got the full assurance that this point is going to go ahead. And as such, we continue we continue to to work already with engineering work that has been contracted already, all the engineering to engineering company in South Africa to to get ready for the construction of Toro. And the reason why we want Toro is I have mentioned this slide before is it's a project that's going to have a very good economics. It has a it's a value driver for ATALAYA.

20:45 I think already the the the people are seeing a really imminent. It's a project with a very low capital intensity for less than $10,000 per per ton of copper, which is extremely low compared to other projects. And main reason for this is the very good infrastructure capable of producing over 30,000 tons of copper over twenty years life at least with better rates and better recoveries, better concentrate rates, better viability than Rio Tinto. It's easy to to judge that with all these better terms, the the cash cost and all in sustaining cost are going to be lower than what we have already. And without saying any specific number, you can judge that easily you will get over 50¢ per pound lower the dollars per pound lower than what we have in Rio Tinto, which means that this 30,000 tons of copper produced are going to make a significant be a significant contributor for the cash flow of the company.

21:54 '25 has been a very busy year, and we will continue with it. Right now, we are working in in Massawa Berode drilling. We continue the permitting in total, but at the same time, we are we are drilling already there, some some open pits that have been left open and that will be influenced in the early mining stages. We continue working with with Alex to debottleneck and to finalize that that to make sure that the plant becomes a contributor of cash flow. We're already drilling with couple of rigs San Antonio deposit, which is located east of of of Cerro Colorado. And we have our exploration activities mainly focused in in, as I said before, in in MASA. But we also initiated the the exploration drilling with some anomalies discovered during summer in the in the two belts that we're we're exploring in Sweden.

22:53 And as you know, all this has to be carried out in winter due to the to the to the the normal conditions of the ground there. And we have already started, and we will be giving the results later in the year. I would conclude a couple of things before I finalize. I mean, at the end, people ask us how is the market? Well, the market, as you can see, is is very active. We are showing in slide 21 all the deals that have happened a lot in in this recent years. The pace is accelerating during '24 and '25 and because there's there's a a clear lack of of of of copper projects, and we we see, I mean, market very competitive. We are also looking at some things ourselves and and we continue being very active.

23:45 Main reason of this is the market. The market is excellent. Since the last time we spoke, one extra thing happened, which is the the big accident in Grasberg. Very unfortunate because seven persons died, but really has created a deficit in the copper market that is is likely going to stay one year, year and a half at least. And and in a market that's already very tight and with other companies like also couple of of rock accidents in Camoa and El Teniente. Again, three minds of the five largest minds of the world affected by these things. Plus the largest mind of the world is Candida, being affected by basically a pushback that in in in from '27 onwards, they have to reduce the the production or have a huge investment in order to stay still, which means we are getting into years that were predicted even with a slowdown in in some of the in some of the consumers, we are getting to a huge problem of production.

24:57 From the from the consumption side, there's maybe a word that there there have been lots of talks about the influence of the AI in the world, which is accelerating, as you know, data centers and infrastructure are being built all over the world. I've seen all kinds of numbers the last from international agency electrical agency, it's energy. And then agency was almost 1,000,000 tons of extra demand a year. It's like having couple of these these two big mines just every year needed for, yes, for for the supply of this extra electricity. So we are getting into very interesting times, and we are very well positioned. How are we going to try to contribute to that? Well, with their growth, I think in in three years two to three years, we are going to be basically getting the the stock work of of Southern Issue. We're going to have the copper sold of of Vaca Muerta, and then especially we're going to have Toro.

26:00 In addition to that, that's the fourth column. In addition to that, we have the polymetallic area, which is basically an area that has copper, but also has zinc where we have to build a a zinc circuit in order to recover to recover that. So, yes, this is an illustrative basis. Our pipeline will show production growth to basically be able to double our capacity in the next two to three years. So with that, I would like to conclude. At the end, our company, it's basically, by the way, we have reached almost £1,000,000,000 market cap, 1,000,000, which is also quite an important feature. We have increased the liquidity due to being in the in the index.

26:45 We're we have a company with very good balance sheet with no nothing hidden in the balance sheet is in the form of streams or royalties. We are paying dividends. We will continue paying dividends. We are we are continue paying dividends because we believe that we can grow and pay dividends at the same time because there are people that require at least this minimum minimum dividends. And we have paid continuously even in the downturns of 2022 up to €84,000,000 when we had only raised around $100,000,000 €100,000,000 back in 2017. In a very good location with modern jurisdiction, and I would say another important thing. Besides being a pure copper play, which is important, I think the the very important point here is that we have very good team.

27:43 We have good operators that are very consistent. We this is one of the issues with big issues with happening in the in the world. The lack of people, the the mines are located in remote places. This is not located this our mines are located in excellent jurisdiction in places where you you can get good people to stay there and have a very stable workforce with minimal rotation, which at the end, it's always good for the for the shareholders. So with that, I think I will pass it to operation operator and and and look at the q and a. Perfect. That's great, Alberto. Thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the q and a tab situated on the top right corner of your screen. And while the company take a few moments to view those questions submitted today, I would like to remind you that recording of this presentation along with a copy of the slides and the published Q and A can be accessed via our investor dashboard.

28:44 Alberto, if I may now hand over to you to go through the Q and A, and I'll pick up from you at the end. Thank you. Okay. And I will try to respond as usual to all of them, even briefly. Is there an advantage to you for you to be in a European source of copper? Actually, I don't think so. We have no no specific advantage or or get any any special benefit from from this. When do you expect to get full permits of Toro? Well, I wish I I knew, but it's out of our our control. We expect to have environmental permit either end of this year, the the environment by decoration or very beginning of the next year. With that, it's for us, it's almost enough to to get ahead because the the final blessing is basically only the the financial backing and and technical capability, which is we already have already, the all the financing.

29:40 So, basically, we would be able to to press the bottom almost immediately. We as soon as we get the environmental permit, which is I expect to be end of this year or the part of the next year. There's a question about €4,400,000 provision for potential lag tax. Where this come from? Is this the authorities although trying to change it or take advantage? Can you are we can and are we challenging this? You want to to to give the details, sir? Yes. Very happy to. Yeah. So this is in relation to our local tax in the in the tailings Dam. So over the years, we've done some investment with from the point of view of authority that's increased the value of the TSF.

30:30 Now we obviously have a completely different view, and and that's that's actually a liability that need to be maintained in the future. So so, yes, of course, we we will challenge that number for the time being because it was received with a very short notice to close the books, it was fully booked as a provision. So the maximum amount is 4,400,000. But, obviously, we we expect it to significantly reduce that number below 1,000,000, and that's the expectation. But, again, we need to be a little bit more work together and work together with the lawyers and and and the tax authorities in in in the region. Thank you, Fisher. Another question is the land ownership and the old was basically sold in various various in small parcels to land or business associates.

31:23 Anyway, does ATALAYA own all this land? Yes. We own all this land, 100% of it, and we don't have any land or anything liabilities. And we have not heard from our friend Carlos for years. Unfortunately, he's not in jail or as far as I know, but, anyway, we don't care too much. We have continued working with that. No problem at all from that point of view. When do you anticipate the third party review of the LX plan will be available to yourself in the in the marketplace? Well, we have already received a draft report from the consultants showing that the the the plant it's as it's at this point, remember, this is a small plant. It's it's breaking even or very close to breaking even. Really, what so the process works where it's it's working extracting zinc from mixed copper zinc concentrates.

32:14 So there's this is only the first route that's been received a few days ago. We still have to go around to see what we do if we we debottleneck a little bit more or we find the right feed to to get a better better use for this plant. I would say that 2026, the plant would operate normally even with with whatever bottlenecks it has. They have been doing some work to extract the silver and gold contained in the concentrates to get better payabilities, and this is being constructed right now. So I would say this this this next year is going to I hope it can operate kind of normally. We are still discussing ourselves how we can finance or we find third party to finance that those expansions because one of the clear things we have said to the to laying technologies is that we have to make sure that this thing doesn't consume cash. I mean, it's something that's good to have, but we have already invested in form of loans, a substantial amount of money from the shareholders and taking the risk.

33:26 But, anyway, it's we'll look at it very prudently. But now the reports are there, and the reports are very positive and really encouraging. ATALAYA reached an intraday 1,000,000,000 market cap. Congratulations. With expansion of full current footprint, total Nordics was the next target. Well, as as I said before, we are we are always looking at opportunities. We have been looking at the opportunities, and we continue to do so in South America. We continue to do so in Spain, in Portugal, in the Paris Belt. And, yes, right now, we have some things in in our books, and we will continue looking at that. And if they are finalized, we'll announce it.

34:21 But those are the places. Something to be to get ready after total. So we need to be keep a little bit busy after total because we think we can grow. We have good basis for growth. When such small changes in head grade have such significant effect on copper production, what checks and balances did you have on what accounting? Well, this is actually a small change. It's not such a small change because we you have low copper grade and you have a a a point four and you get only point 38. Basically, it's a 5%. So it's not not that small.

35:06 We are very efficient. Everything is automatic, but you need to adjust the blends to make sure you don't put much sulfur and you don't put too much hard material in order to optimize the blend. I mean, right now, it's it's it's planned monthly, weekly, daily, the plans. And, yeah, it's it's really it's really automatic, and the people are very professional. And by the way, they are doing an excellent job. If you had time to look at at the what was filed in Cedar in 2013, you will see that the the plans for this mine was to have recoveries of 75 to 79% of copper. So, historically, we have always been much better than was the plan back in 2013.

35:54 Fairfax exit was was as expected. Any dialogue with them, reading their investment strategy space on value and our long term holders, I guess, they they miss recent 8 an $8.30 broker target price. You're right. For us, it was a surprise. I suppose they made a good return in short period of time, and that was the reason they had come in at 3. They sold at 6. They doubled the the the money in two years, so I suppose that was the reason. So, yes, maybe they they missed the long term value, but it's fine. I I used to say that for each happy seller, there's a happy buyer. So that has helped us a lot to to to get these blocks into the market, which were absorbed very fast.

36:42 You mentioned silver. Any plans for gold? Not in this project. We have very low levels of gold, but there is some recovery of gold in the concentrates with using the LX system, which we'll be investigating. We do have a gold project. It's it's called Guiharo in the in the in the Osagorena Belt with around 300,000 ounces of gold open pitable, which we are drilling, and we expect to we'll try to get to at least half a million ounces of gold, and then we would decide what we do with this. This is a basic gold only deposit located north of the Parrot Belt. Looking forward to '26, what's estimated copper production for '26 based on additional satellite projects for '26?

37:37 I think for '26, it will be a little bit better than than '25, but we will not have the satellite deposit yet. We'll only have some blending from Saint Denisi, which we don't have the the guidance yet. Use of land post mining for additional land, data centers. Do you you have the land, water, and power, cloud center in the active in region. Any plans to explore that? We have been exploring this. We have an issue. It's for refrigeration is is a problem. It's a big consumer of electricity and water. And in summer, this is not a good place to have a this this the systems. They are looking for something. Summer is a is a problem here because it's very hot.

38:22 We do have the land, and there are some things that we are planning to do with the land. But it's data centers, it's it's not really. So far from what they have told us, it's probably not the best place. Talk about shortness of power given growing AI demand. Would this make sense to continue to expand solar capacity before it becomes more expensive? Well, the one of the issues with the solar expanding the solar demand is you have to do it for self demand. So there's a lot of electricity already in solar industry. There's actually excess of electricity. So whatever you build is what you can use. And and then and the problem we have is that we have a use of 50 megawatts, and that's what we have installed. So we we we installed more. We could not use it because we don't have capacity to use it. And there is at the same time, to export it to the network, it will be a little bit difficult because there's also lots of other producers that we will be willing to get into that. Having said that, we have been exploring the possibility of of of installing some batteries in order to, with excess solar capacity, be able to to charge that batteries to try to offset the peaks of cost of high cost of energy in the in the sunrise and some some the sunrise and the sunset.

39:47 But, again, this is something a little bit marginal, not not not a huge thing. The spot price has been around 5 over the last quarter. ATALAYA sales was around sale price was $4.40. Why was this the case and why you expect to be closer to spotting before? Well, actually, no. They're actually the price of of copper in the market was around $4.50, $4.60 in LME, and that's why we benchmark. What they normally, what you see is futures in the Chicago and basically in COMEX in in United States, and that there's a differential of around $500 per per ton on arbitrage of copper in The US, which shows higher copper prices. That's what's shown in most of the screens versus LME. But what marks the transactions is LME, and we have been always very, very close to that.

40:36 And just to add a little bit more color on that. So item number four of our MD and A deals with the copper price, and you can see a full disclosure of the average LME prices and and the realized price. Thank you, Cesar. Do you expect first production from total? I think mid twenty seven is still our our hopes. Maybe late twenty seven, but in '27 for sure. Mentioned Portugal, do we do we still have the railway tungsten project? I don't think so. I don't think we have anything in tungsten. Have you have received any approaches informally from third parties to acquire ATALAYA? No. We have not received anything. We know that we are always in the radars, but because everybody says that, but we have not received. And I think we will not act in any while we have there on a a big shareholder that controls 22%, which is not interested in in selling because they see that the value still has to go up with total and with other things.

41:43 Maybe just talks, but we have not received any indication. So That's great, Alberto. If I may just jump back in there and thank you for addressing all those questions from investors today. Of And, course, the company can review your questions submitted today. I will publish those responses on the investment company platform. Alberto, before I redirect investors to provide you with their feedback, which I know is particularly important to the company, could I please just ask you for a few closing comments? Well, yeah, basically, very thank you very much for for being here, taking your time, also for being as loyal shareholders. I think we have gone through a long period. I think the other day somebody was 700% in the last ten years, which shows that persistent space.

42:33 I think we work hard for everybody, for the shareholders, and I think we have not seen them yet. So let's let's continue. Hold hold with us. Who was going to say that copper was going to be at $5 and the share price was going to be at £7? So we are here. Next stop is 8, and let's see. There's lots of numbers still. Thank you very much. Thanks for very much for your time. Fantastic, Alberto. Thank you once again for updating investors today. Could you please ask investors not to close this session as you will now be automatically redirected to provide your feedback and also that the board can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of ATALAYA MINING, we would like to thank you for attending today's presentation, and good morning to you all.