Atlantic Lithium (LSE:ALL) — Results for the year ended 30 June 2023

0:01 Good morning, ladies and gentlemen, and welcome to the ATLANTIC LIFHIUM LIMITED investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so and these will be available via your Investor Meet company dashboard.

0:32 Before we begin, I would like to submit the following poll. And I would now like to hand you over to Executive Chairman, Neil Herbert. Good morning, sir. Good morning to you and thanking everybody for attending today. We look forward to taking you through our presentation, giving you our quarterly update, indeed, where we've gone in the last year and where we're going now. On the team today, we have Amanda, we have Keith, we have Len, all of which I'm sure are familiar to you, but we're also joined by Henry today who's going to be doing part of the presentation with us. So just taking it from the top then, I will flick through the slides to our opening slides. So what have we achieved in the in the last year? And some of you remember, you know, we've been on the AIM market for quite some time.

1:17 The beginning of the the financial year, we actually went out onto onto the the ASX as well. We also have a lot of Australian shareholders, as many of you know. So we very much welcome them, and they've been trading the the stock quite actively. So we're now actually trading on two markets. If you want to if you want to dabble in both markets, you're more than welcome. So at the beginning of the year, we put out our PFS. So this is our preliminary analysis of feasibility study with some very robust numbers. We moved on from that very quickly to putting our mining lease application in, which we are now completing that stage and expect to receive our mining lease very shortly. Keith Muller joined us. A very important time for us because Keith obviously represents one move towards mining and indeed provides a lot of experience in that field, and he's been building the team around him. And also, we began our our initial engineering studies for the project, which were also a very important landmark date for us.

2:10 So in terms of the resource, you will remember we had a scoping study with 20,000,000 tons by the beginning of this calendar year. We moved that up to 35,000,000 tons, most of which now in the reserve category. So very much included in our mine plans. Lots of potential there to continue to grow. We'll be talking about that a little bit later. And indeed, we did more drilling, and we've continually done more drilling on the project as we move forward and looking forward to demonstrating those results as we go through the rest of the year. Finally, in the the last quarter of the year, Keith moved up to the CEO role and delivered us a very robust DFS, which he's no doubt going to remind us all of the fantastic numbers there are in that. And Len has been taking on the role of chief geologist and director of new business, so he's gonna tell you about how we're going to expand our operations going forward.

3:00 This is a great slide. This shows where where we're going with this company in terms of the project that we have. And as you can see, in terms of the lithium spodumene producers in the world, we're set to become one of the 10 biggest overall and a very significant player in Africa. So you can see the scale of this project against all the competition out there. You know, we stack up very well against the Australian competition, but I think we stand out very well against the African projects out there. And, obviously, we hope one day to expand our production still further. So without further ado, I'm gonna hand over to our CEO, Keith. Thank you, Neil. And maybe if I just remind investors what we're planning to do today, we've got only a couple of slides. We wanna leave as much time as possible for the q and a. So it's all new information we'll show you today, a bit of a fresh slide deck.

3:54 So I'll kick off with a project update. So, essentially, there's six work streams we're currently working on. The first one is, we've actively been preparing to submit our EPA. As Neil just mentioned, we believe our email is still imminent, within the next couple of weeks, if not earlier. So what we've done in the meantime is we've prepared the scoping report in terms of reference, which is two key documents required by the EPA regulator. So that's ready to go. So the moment we get our email, we can submit that, the next day. Secondly, what we've been doing is we've been looking at the long lead items as well as that transmission line. Many of you are aware we've got a high voltage power line running across site.

4:40 We have derisked that to some extent with the current infill drilling we're doing in a way ourselves too, and that's just to buy us a bit of time, so we don't need that relocation immediately, because Awia South 2 is sufficiently, separated geographically from that power line, so that enables us to start a little bit further away. But in the meantime, we've progressed the EPA permit of that particular line. So we now have received, that EPA conditional approval. We're currently in negotiation with landowners to acquire the land for the new relocation route, that that power line is gonna follow. Then the third thing we're doing, and this is a very important activity, we're building the team out.

5:26 As as we speak today, we have 24 vacancies in the company, and we're actively filling that as quick as possible. We've also had a number of new starters, join us both in, Perth as well as in Sydney, and indeed in Ghana as well. The team in Ghana has almost doubled from this time last year. So really good to see, that team expand. Then the fourth work stream we've got going on, we're looking at the flotation. So many investors would have seen the DSO market, for example, the low grade market is taking stress at the moment on the current prices. As you're aware, we have a low grade product that we intend to sell, but we're also derisking that further by looking at putting that through a flotation plant and upgrading that to a concentrate.

6:17 That's very important to make the project robust against the cyclic market. And then also it collects a much higher return, from a concentrate perspective compared to a low grade product. And then we are furthering developing the Felspol work. So Linn and his team has been busy to define the MRE. We're expecting to deliver that later, in the half next year. And then we will also update, our DFS now including, the Feldspar potential, pending that feasibility study that we've commissioned at the University of Mines and Technology in Tarkwa, Ghana, to conduct for us.

7:00 Then the fifth activity that's going on at the moment is the project build team. So, we've now narrowed down the engineering houses that we're looking to partner with to three majors. So those, tenders are gonna go out in the next couple of weeks, and then we're looking to award that contract towards, the end of end of this year, starting with detailed engineering in early January. But we, like I mentioned, we have already identified the long lead items, so we don't need to go through detailed engineering to the nth degree before we order those long lead items. We we already have the equipment list that we require. And then the last work stream that we're focusing on at the moment is our key contracts.

7:45 So actually, one of the longest lead items we have is mining equipment. So we've now narrowed it down from eight participants at the start of the year to only three participants. And we're now going into a detailed competitive tender process with those three, mining contractors, to provide mining services for us. The build slots, we wanna secure, it's about an eighteen month lead time at the moment to get mining equipment in, and that's if you if you know people. So we're looking forward to to awarding that contract sort of towards the third quarter next year, maybe the fourth quarter, early fourth quarter to have that equipment on-site ready for bulk mining prior to commissioning of the DMS early twenty twenty six.

8:33 We are going to separate our modular mining activities. So the contract for the modular mining activity is going to be separate from the main fleet, and that's mainly because of the size of that fleet. And we are able to secure that fleet quite readily available in Ghana as it is at the moment. So I'll be happy to take some questions afterwards. But for now, I'm going to hand over to Amanda to take us through the corporate update, please. Thanks, Keith. Look. It's been another busy year for ATLANTIC on the corporate side. You know, the the first one being the commencing trading on the ASX. That was a nine month process to kind of get us listed dual listed on the ASX. So that's been going steadily along. I said we we seem to kind of balance each other out between AIM and ASX, and we have a slow movement of shareholdings from AIM to the ASX. As everyone remembers, we do have a strong core Australian shareholders, and they have been moving their shares across to the ASX.

9:40 We completed our DTC eligibility on our OTC market. You know, that's a compliance activity to ensure that brokers in The US can actually buy and sell the ATLANTIC shares. And as part of that, we were in the best 50 of the OTCQX as well in terms of shares traded. It's only fairly fairly small, but we do have some movement through there, and we're hoping that kind of increases with time. We joined the International Lithium Association, and that's really about, helping kind of create this industry and being part of the conversations. And we attend, the meetings that are held on that where we can. They're usually held with conferences, so it makes it easy for us to attend.

10:23 Importantly, we, Keith, Muller and, Patrick Brindle joined the board during the year. And after our DFS was released, Piedmont, gave their notice to say that they're moving to the next stage and, willing to commit this first 70,000,000 of funding, which, you know, really helps us to ensure ensure the funding of the project. We have a great relationship with Piedmont, and that kind of came through with that notice as well. Look, one of the most exciting things really is the MiF investment, which I'll kind of talk about in a second. And obviously, I'll go through a little bit about the offtake process. I've got a couple of slides on this. I'll take you there. So the MiF investment came through, about a month ago now, and that's a really important milestone for us.

11:12 It kind of stands Ghana alone, I suppose, Africa in terms of, actually being part of, investing in their projects. And that was key for MIF, and they wanted to be part part of the project. And it also helps us derisk the funding plus having a Ghanaian shareholder is really important to us as well. You know, we will be a Ghanaian company, and, you know, that helps our cash balances as well at the ATLANTIC level. So it's it was a really exciting investment that they did, and, you know, we're very happy to have them on board as we kind of move through the different stages of the project. Just a quick kind of look at the funding.

11:59 So how know, at the moment, it's a nonbinding a nonbinding terms of agreement. We're doing the final contracts now. But what that means is so for the first 70,000,000 of CapEx comes from Piedmont, MIF's contribution will be 28. They their 6% holding is a contributing interest, so they'll contribute another 11. These are all numbers based on the $1.85 from the DFS. That leaves a remaining of 76,000,000 in CapEx, of which, Piedmont and ATLANTIC share that $50.50. So at present, our requirement is, circa 38, to 40,000,000, US dollars.

12:43 So if I move on to the offtake process. So I talked about this last, webinar. We were getting set up with a major investment bank, which we have done now, and we've got this process underway. Basically, the kind of key terms of reference for us is really attracting funding offers to ensure a lawyer's development and derisking the project. We want to secure a well credentialed partner. We want someone that's in the existing battery supply chain.

13:19 And we're also you know, this this partner will be effectively, you know, one of two that we have. And so we wanna ensure that we have a, you know, broader strategic collaboration with the partner. It won't just be someone that takes the offtake. We will have some offtake available for the spot market as well. This won't be everything for the 50%, and it will be for, you know, a three to five year period. So this kinda gives you just a bit of an an indicative timeline of the process. I had hoped to be done by Christmas, but I was being quite optimistic. It is about a seven month process. And because of Christmas, it will go into the new year. But what we want to ensure is that we find the right partner, we find the right funding for ATLANTIC and the AWARE project and to kind of realizing the full value of this. So effectively, ATLANTIC's production that's coming online is one of the biggest that is gonna come online in the next three to four years. There is a little bit coming from other brownfield sites that are ramping up their production levels and a couple of greenfield sites.

14:31 It's a little bit difficult to see exactly what will be available because a lot of that's already spoken for. But we'll definitely be one of the few that are coming on board definitely at that size over the next three to five years. And what that means is that we have a quite broad partner based through this offtake process, and it can go into one train. So it's not kind of a small portion of production that can go off. They can actually, put it through one train in the conversion plant. So it makes it, an attractive proposition for a lot of people. Okay. So passing on to Len. Great. And thank you, Amanda, and welcome, everyone. It's great to be back on this platform and giving you an update.

15:19 It's been a huge year for ATLANTIC and a transformational one as we as we as we move from explorer to developer. But notwithstanding, it's been a very exciting year for exploration and resource development, and we've announced some really significant drilling steps from our 18 and a half thousand meter

15:40 drilling program for the first half this year, and we've got a lot of news flow coming up through the second half of this year. So we've had some significant drill in steps, as Keith mentioned, with folks in focusing on resource increasing confidence around resource on the Woyah South 2 deposit, which is in the southern end of our our pegmatite swarm, and that's for providing optionality around mine scheduling. And we've you can see some of those

16:11 drill intercepts there, 48 meters at 1.3%, 57 meters at 1.17, 54 at 1.14. So they're they're providing a lot of confidence in terms of the conversion, but also for potential for resource growth. And indeed, we're still seeing mineralization open along strike and at depth at that particular deposit. But part of that drilling program where we've drilled or we've reported to date in the order of 13,800

16:41 meters is also another targets for resource growth. And you can see some of those results there at Awuya Northeast and Akwesi as well. So we're pretty excited about that, and, we are currently also looking at, additional drilling options around that where we see that mineralization's still open, for further resource growth. So and news to come in that regard.

17:08 But it's not just the resource upgrade and increasing confidence level. It's also the regional exploration, which is an important factor of our of our of our working ethos. So we focused really only within roughly 3% of our portfolio full area. So roughly 15 square kilometers of a 560 square kilometer portfolio. So some really exciting work to be done within the remainder of that portfolio where we focused on soils in the Cape Coast license in addition to high resolution

17:43 the heavy borne magnetics and radiometrics. And we've also completed in the order of 20,000 meters of auger. We're finalizing that. And we also, as you are aware, trialed passive seismics within our mine corridor area, which in our case, you know, wasn't highlight or wasn't picking up targets that in terms of thickness. So it wasn't able to see

18:09 thicker pegmatites, unfortunately, and we felt there was more value to be had by drilling with the drill bit. So hence, while we focused on on drilling more so than with the passive seismics. And it's not just in Ghana. We also have our license applications pending in Ivory Coast, the AgbaVille Robino licenses where the historic lithium occurrence is reported, and we're working hard on that now to get those granted so we can get exploration underway over there. And, additionally, we're also looking at regional opportunities

18:45 in Ghana and within the region in Africa broadly that will, you know, offer strategic acquisitions that make strategic sense in that regard. So an exciting, you know, half year ahead and certainly with a lot of news flow to come. And with that, I'll pass you on to Henry. Thank you. Thanks, Len. A few points I wanted to touch upon really on on this slide.

19:15 I think the first thing to note really is that this is a project for Ghana and Ghanaians. We have an excellent team in Ghana who are very proud and very driven to be part of this project.

19:30 We've obviously been active in Ghana for a long time, and there's been a number of initiatives where we've tried to garner support locally, drive initiatives to to benefit the local community. As a result of that, there is considerable support to see this project go through to production. I think the main thing here is to recognize that we we understand the value of the project to Ghana and making sure that that is delivered to to every stakeholder in appropriate manner is very important to us. And recognizing that importance, we are taking steps in in this next period to more actively report against those ESG metrics.

20:16 So you'll see more on that in, yeah, the near term. I'll pass back to you now.

20:26 Thank you, Henry. So just a a summary of where we are now. So, obviously, been expecting the mining lease. So we've been in discussions with MINCOM quite a lot recently, and you'll appreciate together with MIF, the sovereign wealth fund who've been working hand in hand together. So they were anticipating be able to give us the email by the end of this month. However, they have their internal processes to work through, and they still have a little bit more to do, it seems. So I appreciate your patience on that. We do expect it won't take very long. I think we're talking about, you know, days or a couple of weeks at night. So it won't actually impact our ability to deliver the project on time, so do bear with us. I would say with the Emmanuel's permission, I've been very pleased with the work they've been doing with us recently. I mean, they've also been looking at how they may streamline the remaining licensing steps that we will go through before we take the project to operations and breaking ground this time next year. And

21:22 indeed, also looking at exploration areas where we've had under application for some time to help us to see if we can get those licenses in our hands so that LEN can get out and explore those and increase our resources still further. So I do appreciate your patience. Obviously, we don't have control of LIMITED, but it will get done, I am sure. Okay. In terms of the EPA permitting, that's a a next step for us. We'll we'll be running through as soon as the ML is issued. So that's the device the the ML sort of the price here in which we're working and that she provides the basis for which the APA EPA work will be

21:54 done. And then we're continuing to grow our resources. Lent has set out, lots of good potential across the license area, continuing to do work. The more areas we have under license, the more work we the offtake part, I think, is a very important step for us. Obviously, it does provide us some additional financing, but also identifies where our product will be going. Astounded, frankly, by the level of interest there is in that offtake, and, obviously, the the spodumene prices may have come off in the short term. But if you see the level of interest we receive in that offtake, particularly for those periods 2026 and 2028, there's very little other offtake now available. Most of it's already spoken for. So very important step for us, but also a means of securing another partner who takes the project forward with us. And in terms of operational readiness, obviously, Keith and the team have been working very hard to take us down the path to make sure we bring this this project in on time and on budget, and we hope to continue to deliver shareholder value.

22:51 Okay. And with that, I'm gonna move on to the Q and A.

22:56 Perfect. Neil, Len, Amanda, Keith, Henry, thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab that's situated on the top right hand corner of your screen. But just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Guys, we've obviously received a number of questions that were both presubmitted ahead of today's event and those that have come in during your

23:27 presentation this morning. So perhaps, Neil, if I could just hand back to you just to share the q and a session with the team, and then I'll pick up from you at the end. Thank you. Thank you very much. Okay. So taking it from the top, we had a question. Are you able to share a time line of when you anticipate completing offtake arrangements? I think Amanda already covered that in her presentation. But, yes, in the q one next year, we we plan to complete that process, and you'll see the result of it.

23:53 I'm gonna ask Keith to take the next one. Spodumene prices have weakened to $2,440 a ton. Battery inventory surpluses are being reported in China, and battery makers are suffering from limited margins weighing on their appetite for lithium products. Is this why the share price is so low as directors have said it would be around 4,610? What effect will this have on takeoff arrangements to fund development costs?

24:22 Okay. Thank you. So look, I think first of all, what we need to highlight is that our long term pricing we used in the DFS was $14.10 dollars So even if you look at the weakening prices as it sits today at $2,500 we still have a healthy margin below that. So I don't think the share price as we see today is affected by that. I think it's more activities we're seeing in other areas, jurisdictions around us, and particularly in Mali. I think that plays on people's minds. You know, we have to be very clear that, Ghana is a very different jurisdiction to than Mali. So so I don't think the spodumene price at the moment is playing a huge, impact on on our share price. It's probably more other macro elements and and the softening of the market in general.

25:15 K. Thank you very much. So next question. One is a statement. Dear mister Herbert and management team, firstly, well done for listing miss proposed investment. Well, thank you very much for that. It was a lot of work, but obviously, I think very important for us to align interest with the government. Secondly, I've been holding shares for two years now. And despite increasing project finance certainty, improved drilling and reserve estimates and the recent MIF proposed investment, the London listed shares have basically halved. I'm sure you are equally perplexed by this. My question is, at what point will you consider moving to a primary listing on The USA in order to capture both the greater equity premium

25:54 diversified and longer term shareholder base. So I'll take that one. And I what I will say is that, you know, we continually reach out to investors around the world.

26:04 A primary listing in in The US obviously is a is a substantive step. There may be a good time for that. I I don't think we have quite the critical mass yet, but as we move forward with derisking the project, we will continually look at the opportunity on The US. We do go over to The US. We do meet US investors. They do invest in ASS stocks more than the name stocks currently. So, obviously, doing the asset list was a help there. But as we derisk the project, I think we're gonna see a lot more interest out of The US. And, obviously, our association with Piedmont means that people do focus on our project over in The States as well. So we do hope to see more US representation in our shareholder base. And, yes, we'll keep under review the opportunity as it were to take it to The States if we get enough critical mass to do it now. Okay.

26:52 Next question. Have we ordered any long lead items, and have the module units been ordered, Keith? Sure. So the priority for us is really the mining contract to secure the bolt slots for the mining gear. So that's why we're focusing to do the mining contract first. Second to that, is long lead items for the MCC and the substation. And, again, you know, one of the benefits we have is the power line is running across sites. So for us to tap in, it's not a huge bolt, to get in there. So all the long lead items we will order in the first quarter of next year. So keep in mind, September next year is when we wanna break ground. So that gives us nine months before we break ground, and you still have a bit of, float after breaking ground before the equipment need to arrive on-site.

27:40 And then lastly, just answering on the modular units. We've narrowed down from five to three vendors, and we're now going into a competitive tender process with those three vendors. It's gonna last about twelve weeks. We know we wanna visit sites. We wanna go and see where they've built modular units, do our own due diligence on that. So, again, looking to award that sometime in the next quarter next year. K. Thank you. During the period of the ML grants and breaking ground starting with the modular DMS unit, will there be some further investment in upgrade the resource, with the MIF direct investment in ALL and that the three parties also share the project costs. Surely, would be a perfect time to crack on and really show there what there is while the supply for lithium remains strange. So I think we're talking about exploration resource led. Do you wanna take that one?

28:34 Yeah. No. I wholeheartedly agree. So I think it's a fantastic opportunity to throw some more dollars towards drilling, and all the parties are really aligned in that regard. And it's certainly something that's keeping the exploration team busy in terms of looking at where next we put that point that drill rig to. So certainly front and center in our minds. Okay. Thank you. Martin from MINCOM has spoken in one of his recent TV interviews about working with foreign companies to explore for more lithium and other areas of Ghana, suggesting their reward may be may be being granted rights over some of those areas. Surely now that the tie up with ALL and MIF, do you see that the government has their tailor made partner in ALL with their expertise in exploration and mining for the Ghana lithium requirements going forward or at least a major partner in these aspirations?

29:29 I think the the answer is yes. Obviously, we're now working with the sovereign wealth fund, is part of the the Ghana government. We work with. Obviously, have a a competitive situation in country and other people can apply for licenses. But thanks to the due the the good work done by Len and the team in the past, we identified a number of areas where we've got applications. And as I said earlier, Minkham's working with us to ensure that we can get those areas under license and add further to our portfolio. We have seen some ASX companies, I think this is one for you, Keith, running DMS only processing that have run into production cost issues with the ore body containing areas of much less coarse spodumene than anticipated. Is this something ATLANTIC is aware of, and how do you intend to address this?

30:18 Certainly. So I think there's three particular operations that's run into issues with DMS. Probably the most, evident and recent is core lithium that experienced much finer, ore than what they anticipated, and their recoveries has been, you know, sub 40%. They've since picked up just to over 50%, and and I have on good authority they're continuing to increase that. So we've absolutely learned our lessons from there. You know, two other operations has been struggling with the ore bodies, Mount Cattlin and Mount Marion, for very different reasons. Mount Marion has significant basalt in their ore body, and Mount Cattlin has significant fine grinder they went through for about six months last year. So we're taking all the lessons from, these operators, you know, and one that probably stands out for a very good start up is SIGMALITHIUM.

31:08 You know, Brian Talbot and his team, they did a really good job in bringing that, operation into production with not a lot of effort and and not a lot of stress. So we're looking at everything around us and what's happening, and we are preparing and learning the lessons. And, you know, one thing that we have been doing in the, both the feed and the, initial design work is we've built a lot of redundancy into the plant. So this is truly one gonna be a world class plant that has a lot of optionality. If we get fine and grind ore, we can deal with that. If we've got fines in the feed, we can deal with that. If we've got basalt in the feed, we can deal with that. So we are really building a plant that's quite robust for whatever the ore body throws at us. Thanks, Keith. I've got more, one more for you, which is asking about what if the ML was to slip for three months, what would it mean to our production timeline?

32:00 Certainly. So we we currently do have a little bit of float left, but anything after I'm I'm gonna say probably November this year. If it goes after November, then we're gonna start that commissioning, which is currently intended for January 26 of the main plant, we're gonna see that deteriorate. We won't see a huge impact on the modular units. Modular units are quite rapidly deployed to site. So we probably see still see them come up online, which is April 2025. But, you know, we don't we don't anticipate the ML to slip. You know, I know we've said that we wanna deliver it in September, and we've repeatedly said that. And and I I I might add September is not finished yet. So we are very close with our morning lease.

32:52 We we're not even contemplating a slippage in the schedule at the moment. Okay. Thank you, Keith. So another question we have on the exploration side, how quickly will you start to look at other country opportunities, or do you see Ghana being the real diamond over the next seven years, Glenn? Well, the immediate value that we can add by increasing the resource in Ghana is you know, significant. That's where a lot of where your NPV lies. But given our experience now in Africa, we're now, you know, a proven explorer and moving into a developer of hard rock lithium assets. We're obviously getting inundated with opportunities within the region in Africa and even outside of Africa. So we certainly are reviewing a lot of projects, and we do in do intend to look at other opportunities at this point in time to to grow our portfolio strategically.

33:49 Thank you, Len. We had a further question. Would you be looking at other critical mineral projects? What do you think then? Look. I I think at this stage, our bread and butter is spodumene hard rock pegmatites. So let's focus on that, prove our wares, and deliver on a mine. And who knows what the future will hold. But at this point in time, the focus is hard rock lithium projects. K. Thank you, LIM. Keith, one for you. The company staged production of 365,000 tons of SC six, but the majority of producers are opting for 5.5. Will ATLANTIC produce 5.5 concentrate to increase production figures? And what are the target total production figures of six and or 5.5?

34:34 Sure. Thanks, Neil. So, currently, the target is about exactly a half, fifty fifty between, six and five point five. And really the main reason we have done it like that in the DFS is, our 50% offtake partner, Piedmont, recently completed their DFS for the Tennessee lithium hydroxide facility, and that's where half of our product is destined to go. They've completed, the majority of their detailed engineering work on a 6% product. So we are honoring that agreement. However, we've been in talks with Piedmont, and, you know, at the end of the day, it's about molecule units or molecules. So the more, molecules we can put into the hydroxide facility, the better for everyone.

35:21 So the plant can do anything from five to 6.2. It's really just getting an agreement with Piedmont whether they want to accept that that 5.5%. K. Thank you very much. So I got one for you, Amanda. When will MIF's investment become binding? So at the moment, we're, doing the contracts that are required. You can imagine because there's an investment both local co in Ghana plus at, Atlantic level, there are a number of contracts we need to do. You'll remember back to when we did the Piedmont deal. We announced it on the first of July, and, the contracts were complete on the August 31. So I expect it to take two to three months to complete all the contracts.

36:08 Yeah. And once they complete, the notices will be given and the investment will be set. K. Thank you, Amanda. And how certain are you, Amanda, that those contracts will be completed? I'm pretty certain. We've kind of drafted most of them now. We kind of go into the lawyer on lawyer negotiations on the finer details. That can take a while, but, yeah, not very pretty certain. Okay. Thank you very much. So a question for Len. Are you anticipating grants of exploration permits on and around Edgesemanku Hill? Look. We do currently hold licenses around Edgisimanco Hill. That's AAPAM East and AAPAM West. So, yes, I do believe we'll be granted our additional licenses around Edgisimanco Hill. Edgisimanco Hill itself, where one of our JV partners holds an application over, is is more challenging from a social point view.

37:04 But we've got our application in place, and we're first in the queue. So it's a question of, you know, ongoing canvassing with the the government. And now, I guess, with the MIF investment, we're more aligned in that regard. And I believe once we're in production, there'd be a bigger more questions asked around additional material coming into that feed, and Edition Maker Hill will be a key part of that. So I'm I'm hopeful that we will get granted that license in due course. Thank you, LIM. So we have a question from George. You discuss the range of funding shortfall and options to raise funds? Amanda. Okay. So at the moment on the DFS, we do we have a 38,000,000 to 40,000,000 shortfall of Atlantic funding that we need to put in.

37:56 That doesn't include the work on the Feldspar circuit and on the flotation, so there may be additional funds into the future. Right now, the biggest way to get funds is through the offtake process. That number is quite significant way, you know, more than double what we have needed for the for the build of Ouya, the of the main mine. But what, I suppose the you know, I had, you know, up to 20 parties kinda contacting me regularly about the process. We've now gone wider, so there are a lot of parties in there on the offtake process. We equally have many, parties on the debt financing side, which we don't envisage undertaking right now, but that is an option into the future where we we could do.

38:48 And the, you know, capital raise we could do as well. Now, you know, given the areas around the business development and exploration and aggressively drilling something, you know, we we will look at the right funding option at any time. The offtake process I see is directly funding a warrior because it, you know, will be a prepayment, and we will be delivering production for that, you know, offtake funding. So that is in a kind of an award funding option. But if we want to rapidly expand elsewhere, we will look to raise funds in other ways in the future. Okay. Thank you very much, Amanda.

39:35 Oh, we have a question from Clay. Will you notify the market as soon as you receive the mining lease approval or will it wait till 7AM in the morning? Largely depends as to to when we actually get it, but we will put it out as, you know, in shorter time span as we possibly can. I would say I'm very confident we're gonna get it. Hiddies taken this long. Obviously, we don't actually control the Minerals Commission. Did have expectation that they would they would do it this this month, but, yeah, I do expect it in the next few days or weeks. So please bear with us. I don't think we've got any other questions outstanding. No, absolutely. And Len, Amanda, Keith, Henry as well, thank you very much indeed for addressing all of those questions that came in from investors this morning. And of course, as usual, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended. Just for you to review to then add any additional responses, of course, where it's appropriate to do so. And we'll publish all those responses out on the investor me company platform.

40:33 But, Neil, perhaps before really just looking to redirect those on the call to provide you their feedback, which I know is particularly important to yourself and the company, If I could please just ask you for a few closing comments just to wrap up with, that'd be great. Absolutely. So first of all, thank everybody for attending. What we're actually doing here is obviously building a very significant mine as we set out at beginning. This is one of the top 10 lithium spodumene mines in the world once it's built. We think there's a lot more potential beyond that as well regionally in Ghana and indeed as Len set out. You know, we do look further afield. We think the opportunity Ghana, first and foremost, is there. We've situated ourselves with this agreement with MIF. I'm working with MINCOM to be, if you like, the primary lithium company in country. And we think there's a lot more potential than what we can do taking it forward.

41:19 In the short term, you can expect to see the ML grant and indeed the completion of the MIF documentation and getting them on board. We do our expectation is very high on both of those. We do expect to complete them. Obviously, it's not entirely in our hands, but the timing of which. We do work with them almost daily to ensure that we can bring these things in. And indeed, beyond that, you can see the offtake process completed early next year, and we're continuing to put out more results. It's a very exciting project. I think the backdrop of the market, the lithium price has fallen off. But I think as Keith put it, said it out earlier, you're looking at one of the lowest cost operation producers in the world when this project comes on stream. So this is a very robust project, which will stand up very well regardless of the lithium price. We've been using lithium prices in our modeling far below current prices, which are obviously full since last year. So this is really doesn't have any impact on us what's happening today.

42:13 Thank you very much. So we got one last question. Will there be a Ghana listing as has been suggested by the government, Amanda? Look, as I've mentioned previous, there will be a Ghana listing. So as part of the mining regulations in Ghana and the local content regulations, all mining companies are required to list on the Ghana Stock Exchange within five years of production. Okay. Thank you, Amanda. Alright. So I think that that pretty brings to an end this this this session. Thank you very much. Neil, that's great. Thank you once again for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order the management team can better understand your views and expectations?

43:00 This may take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of ATLANTIC LIFHIUM LIMITED, we would like to thank you for attending today's presentation. That now concludes today's session. So good morning to you all. Thank you. Thank you.