Bradda Head Lithium (LSE:BHL) — Investor Presentation

0:00 Good morning and welcome to the BRADDA HEAD LIMITED investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated in the right corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives in the meeting itself. However, the company will review your questions submitted today and publish responses as it's appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand you over to Charles Fitzroy, CEO. Good morning to you, sir.

0:28 Thank you very much. So I'm Charlie Fitzroy. I'm the CEO of BRADDA HEAD, and I'm here to talk about what the company's up to, recent developments, and also our year ahead. Exciting times ahead for the company. As as from this slide, you can see I'll be talking about forward looking statements just to make everyone aware of that. So BRADDA HEAD for everyone who's tuned in, is not aware of the company, who is not familiar with the story. We are a US focused lithium explorer and developer. We're listed on AIM. We're listed on the OTCQB, and we're listed on the TSXV. Our assets are in North America, in Arizona, and Nevada. We have two brine assets up in Nevada called Eureka and Wilson. I mean, we have two sedimentary assets or clay assets in Arizona called Wikiupon Basin. And then we have a pegmatite district also in Arizona called San Domingo.

1:19 Our assets are owned a 100%, and at the moment, we are very well funded. We at the end of March, we had just under 7,000,000 US in the bank to be able to do our projects, which is very well funded. And, also, we have money coming from a royalty transaction on our clay projects. So our clay projects are Wickiup and Basin. The royalty comes in three tranches. We've had our first tranche in December 21. The second tranche will come when we expand our resources at Basin or or wake it up to 1,000,000 tons of LCE. We're currently at 370,000 tons of LCE. And then the third tranche will come when we get to 2,500,000 tons. So those tranches obviously are very helpful for us to keep cash in the bank. And from we think from our our drilling that's going on base and now, we're probably likely to get that second tranche this year, second half of this year. So that's fantastic, especially in the market is what we're in.

2:10 It enables us to push our cash even further and reduces the the the requirement for us to any funds in in the near term, which is fantastic. So I just wanna go on to the next page for BRADDA. The company and the board own about 20% of the company. Jim Mellon is our largest shareholder. He has about 18 and a half percent. On that register, you'll see Zenith Minerals. Zenith Minerals founded the company back with Jim back 2016 and also Jason McDonald and Anthony Bailey. So you'll see those on the register too, all very supportive shareholders. And then RBC is Nigel Ray. Again, very supportive being in company for some time. And then we have Waratah Capital's electrification and decarbonization fund and also LITHIUM equities investments. It's a very good register there. BRADDA is really all about US as we know. We are in The US. We're developing products in The US for The US market.

3:02 And, politically, obviously, it's a fantastic location of developing projects. And most important thing about Basin and San Domingo is both these projects have either existing mines or historical mines on them. So they're not greenfield sites. Infrastructure, I don't need to go into too much into that, but I will talk talk a little bit later about the infrastructure in The US and around us. It is fantastic place to be for developing battery supply chain projects. And, again, split geological risk. We have three types of lithium. We've got clays, brines, pegmatites. That really sets us apart from some of our peer group and gives us split risk in geology. And at ESG, you know, for us, excuse me, for us, developing our projects, socialized operate is the key thing. We need that to get our permits, and that's why we've been very good on ESG. From the early onset with the company, we've been engaging with the local tribes, local communities, local stakeholders to ensure we have good relationships.

3:53 And now we've deemed as the gold standard for permitting in the state of Arizona. So very strong from that point of view. The background of the management, I think, is has to be highlighted. Myself, I'm a geologist. Spent five years in British Army before working in exploration drilling. I did a master's in economic geology and worked at Citigroup on their metals mining m and a team. Did a brief contract with heavy hammer at BlackRock before being a mining analyst at small brokers in London and now. And then after that, I joined China Mollie on their corp dev team, where I was doing a lot of work looking at lithium. And that's why I jumped to the opportunity to join BRADDA in early twenty twenty one and list the company in July 21. Ian Stalker, our chairman, very well known mining entrepreneur, spent thirty odd years in Africa, built 12 minds himself, really understands how to grow small companies and return value to shareholders. And, again, Jim Mellon, obviously, needs very little introduction, very well known UK investor.

4:48 And then we have very strong technical team, Joe Wilkins, our COO. Joe was brought on in November to really help drive growth in Arizona. He's based there in Arizona, and he's been phenomenal in helping us out there and really is driving what is happening on the ground. Then we have our technical consultants, Don Heaven and Eutendra. Eutendra is processing consultant based in Australia, very, ingrained in the lithium processing world. And then Don, again, from a technical point of view, there's not much Don doesn't know about lithium. So fantastic technical consultants and ESG. Adam Hawkins, ESG consultant. Adam is based in Arizona. He's got a background in the senate in The US and very good at helping us all permitting things, all ESG things. So fantastic team helping us grow our company. So the key com projects I'm gonna speak more about today is our basin project and our San Domingo Pergotite district. So basin is our clay project, which is the most development of our assets. It's just North of Wickenburg, San And Domingo is just South of Wickenburg.

5:45 Wickenburg is about an hour up the road from Phoenix. So as you can see, very closely located to a large hub in The US. And from that map, there is a lot going on in this Western portion of The US relating to batteries. Tesla, a few weeks ago, have started construction of their spodumene conversion facility in Texas, which would be a natural place, for example, from any spodumene from our San Domingo pegmatite spodumene concentrate from our San Domingo pegmatite district. So things are really happening in The US, and it is a case of if you build it, they will come. Basin, we have a very low discovery cost. As you can see, $11 in the ground for every ton of lithium we've proven up. And, yeah, long term lithium price is about $20,000 a ton, so it's a very good return compared to nickel, zinc, lead, copper, gold, or even lithium in the Western US. We are well below that. So it's a very good metric for us.

6:36 We drilled at about 7% of our 17 square kilometers. We've got a 370,000 ton resource at LC, and we see that to grow massively this year. And then San Domingo is our pegmatite district. Again, finished our first drill program there earlier this year. We're in the process of planning that second program. We'll be starting there as soon as possible in early h two. So a huge amount going on San Domingo. Obviously, the goal at basin is to push towards a PEA and also a large resource, and the San Domingo is to get a resource as soon as we can. So a lot happening, and we're gonna have results out from Basin and San Domingo for the year ahead. I just wanna touch quickly on the the lithium market because we've had quite a swing over the last twelve months.

7:21 We had the first wave of lithium price rises back in 1817, where we had a lot of investments in lithium. And then lithium prices dropped off in 2020 and they have risen since early twenty one. And now the last six months, we've seen again another price drop. And and in the last four weeks, we've seen the lithium price rise again in China. This is obviously, yeah, it's it's quite a it's a volatile market at the moment, but we perceive and also all the analysts are seeing that the prices are in the long term are rising, and the steady price of about $20,000 per ton seems to be a long term consensus price. And that's fantastic for for our projects and all lithium projects. There could be potentially a third wave coming of investment. So I think now is the time to be looking at lithium projects.

8:07 And BRADDA is so well located in The US, and we have that split risk of assets and upside. And that's why BRADDA is such a good opportunity at the moment to invest. So BRADDA's projects are in The US for The US market. We by being in The US, we will cut out that travel time required from South America or Australia onto China and then onto The US, which again adds carbon content to that lithium. And we are going to be hitting a point in the future where lithium products will have a premium for low carbon footprint. And that's where BRADDA really targets itself, lithium in The US for The US market with a lower carbon footprint than lithium coming from the outside of The US. So on to the projects. And this is really where we've got an exciting year ahead.

8:54 BRADDA is focusing very much on its San Domingo pegmatite district in Arizona and its basin clay projects. So San Domingo is a 23 square kilometer pegmatite district. When we listed back in July 21, it was just 13 square kilometers. We've added to that because of what we're seeing there. We've also recently bought three in line claims to derisk any development there. So we've got a mixture of federal and state claims there, mostly federal. It was mined back in the forties and fifties. As you can see on this map, there are some named pegmatites. This was mined for spodumene on a small scale. About 750,000 tons sorry, 50 tons was mined at about 2.75% LI two o. So very small scale, but this was mined back in forties fifties for the defense industry. So that's first tick. We know the spodumene there has been mined there.

9:40 As you can see from that map, all the green showings on our claim blocks are pegmatite occurrences. We have about 1,500 pegmatite showings at surface, and that's a huge amount. Between the from the Southwest, just South of MorningStar up to the Northeast by Binnarau, there's a nine kilometer strike. So we've got a nine kilometer strike. We know it's been mined before. We've got lot of pegmatites showing at surface. And this first drill program, which was on two areas of it, only covered about 1% of these 23 square kilometers. And you can see on the bottom left of the screen there is our best hole to date, which is Hole 24. That's 32 meters at 1.6% LI two o. So to put that in context, where most pegmatite mines are in Australia, cutoff grade for these mines is between point 30.6%. Most of the resource grades are about one to 1.4% LI two o. So it's well placed, this this grade profile you can see in our in our hole 24. And, it's very shallow.

10:33 It's just in the upper 30 meters. So, again, would be open visible. Comparable assets we think to San Domingo is something like Kathleen Valley, which is owned by LIMITHIUM Resources, where you have sort of small dikes of surface going down deeper feeding systems to depth. And with San Domingo, we've recently put out some geochemical geo geochemical SOUL anomaly results, as you can see on this map here. The black dots are spodumene occurrences, which have been ground truth since we've got this SOUL data. And there's many more to put on this map. We're just in the process of ground truthing them. And the important thing to note is you'll see there is a trend from the Southwest to Northeast. With pegmatite geochemistry, you have the source granite, and then the distance from that source granite defines where you get your spodumene zone. We're in that sweet spot here at San Domingo where we have the spodumene zone. That's very important for us.

11:22 So we've got a nine kilometer trend southwest to northeast, but we're seeing spodumene across the whole nine kilometers from the Northeast up here where we've seen our Hole 24. Let me just see if I can quickly draw that. So Hole 24 is up here, and then we're seeing it go all the way down to here to our morning star. So the whole nine kilometer trend, we're seeing mineralization across it, and that's the most important thing to note. This is these are the results from our first first two phases of our drill program, which was 7,000 meters. We identified mineralization in about 60% of the holes. That's a fantastic result from a scout drilling program. Obviously, we've got the hole with 24, which has got 32 meters at 1.6%. We've had many other hits of really high grade and good interceptions, which is setting the scene for this next program.

12:12 This next program where we're going to be stepping out from the current phases areas and also doing phase drilling in other areas where we've identified solid anomalies and geophysics have led us to believe this is a very good place to drill. This map here is a nice idea of what we really think of the thesis is at San Domingo. We think what we're seeing is we have these showings of surface, small paper types, going down to deeper feeder systems at depth. And that's the key thing for us. Whilst we haven't we really haven't done much drilling but about a 100 meters, this next program will help us to expand on areas where we know there's mineralization and then test a bit deeper to understand about these deeper feeder systems, which would really help us build tons at San Domingo to make it into a sizable deposit. But in case you anyone has not seen it, San Pamir Gordon, we recently appointed broker, a joint broker with Shard. They put out a research note on our projects, and they did some, you know, estimation on sanding what we could have.

13:08 They have put you know, potentially, you could see something in the realm of 8,000,000 tons of LCE. And, again, that's a conservative estimate of assuming sort of 5% coverage of a whole 23 square kilometers down to about 100 meters. To put that in context, Linetown Resources, Caffeine Valley have about 4,000,000 tons of LCE. So you can see the potential here at San Minga is massive, and that's why we're so excited about it. And this next program could not come any quicker. So we are gonna be drilling as soon as we can and really pushing towards a resource. Most important thing to note for this next program is one of the targets, Morningstar. We already know there are spodumene bearing pegmatites there from geological data, which we have from the last century. You can see this map here at Morningstar. Very strong geological data from drilling. We don't have the assays, but we can see spodumene is bearing. And also, we've done testing at surface. You can see testing we've done at surface here and here, which in the top part of these cross sections.

14:00 And we have tested that, and we have got spodumene present at good grades, well above 1%. So confident we're gonna get some good drilling results from here. So that sets the scene for this next program. This is Morningstar just down in here. We've obviously got a good inception up here at the top by midnight hour, and we've got some good inceptions of spodumene bearing pegmatites in the center. So everything is telling us this whole nine kilometer is mineralized. We're seeing spodumene outcrops surface from the soil geochemistry. The drilling data is showing us really promising results. And so this next program is gonna build upon all of that and help us to really understand more and step out from our current programs and push towards a resource as soon as we can because that is where the market is right now. The market is really valuing hard rock pegmatite assets, and that is what we believe we have at BRADDA. And right now, we're not getting that valuation. I think most of our share price is based on our clay project, which I will talk about in a second, but this is really where we see a lot of excitement coming for the company in the next six to twelve months.

15:03 Then our clay project, which we put an announcement out this week. Again, very promising, very positive. This is our basin project just in the bottom corner of this map. You'll see just down here. Again, right next to Freeport's Baghdad copper mine, which is just here, we've and also got a specialty clay mine just on the southern corner of it too. So, again, another mining area. So it's not a greenfield site. And then we have Wikiup project just here where we did some drilling last year. And, also, we added some more claims from the legal dispute we settled with Arizona LITHIUM. So we now have 46 square kilometers. Our basin project takes up about 17 square kilometers of that. All historical drilling done at basin has been over this area here, Basin East. We've now moved out across into Basin East Extension, which is this claim block here.

15:49 So all the drilling we're doing now is Basin East Extension and also Basin North. And what we've seen since we've stepped across the creek outside of Basin East is the upper grade. So the upper clay unit is thickening to the Northwest. And why is that important? Well, let me jump to the next slide quickly. So you'll see here on this slide here, we've got the green is the upper clay, and the blue is the lower clay. The green on average at Basin East, which is this block here where we've done drilling before, is about 34 meters roughly on average over the whole area because of varying levels of erosion or faulting. Across the creek, we are seeing a completely

16:25 preserved sequence of the upper clay and the lower clay as you can see from this basalt cap which overlays it here. So we are seeing on average these new holes. The upper clay zone is upwards of 70 meters thick. So it's almost double what we're seeing at Basin East. So this is one of the reasons why we're expecting significant resource expansion. We are we finished Holes 6, and we're halfway through Hole 7 in the last release. And Hole 7 was the up the thickest intersection of up clay we've ever seen, but 87 meters midway through the hole. We're still going into upper clay. And that's important because we're seeing also the grade profile increase to the northwest and west into Holes 5 where we've got the first assays from. We expect similar things from Hole 6 and seven when we get the assays back from them. So we're seeing upper clay increase and the grade profile increase. So this is really important for us, resource expansion.

17:14 And, again, also for the rest of the project because we're seeing this upper clay zone expand dramatically across to base the edge edge of Basin West. And Basin West and west extension is where we're permitting for plant operations we plan to drill next year. So this is really looking up for us for resource expansion, maybe over and above what we have currently. SRK exploration have given us an exploration target of up to 6,000,000 tons of LCE. And within our project so far, we have 370,000 tons, and we've drilled about 1.4 square kilometers. So that's a very small portion of this claim block. After this program now, we're gonna drill it on nearly four square kilometers. So huge resource expansion potential for BRADDA for the year ahead.

17:59 And we're getting to a mark of a million tons or so. That will enable us to kick off on our PEA. So a lot happening for the company on our clay projects and also on our pegmatite projects. Excuse me. Sorry.

18:19 And then I would like to talk about our BRADDA projects. Whilst work at WikiUp and our brine projects is on hold for the moment whilst we conserve cash and focus on our basin and our San Domingo projects, we have really exciting brine projects up in Nevada. These projects are away from our main operation base. So we can operate San Domingo and basin from one location, Wickenburg, which enables us to keep our our team low and our our head overhead cost lean in The US. Wilson and Eureka are up in Nevada, and these are brine projects. At Wilson, we believe potentially could have a clay project overlying a brine. And in Eureka, we've got a a brine look alike brine project. We are in discussions with various parties on the JV potential for these projects. We would like to develop them, but we want to limit the amount equity we have to put in right now where we are in the market because we wanna focus on San Domingo and Basin.

19:05 But we're still very excited about these projects. It's just we want to focus on the two assets we see having a potential maximum return for shareholders. And so the year ahead, we've got a lot going on. We had a resource update early this year. We finished off first drill program at Sal Domingo earlier this year. You see these two, like, marks here. And we're drilling now as we speak at Basin East Extension and Basin North, and we're gonna have a resource update out later this year, which we think is gonna be significant. And the same time as that, we are in the process of planning this follow-up drill program program at San Domingo, and we're gonna start that as soon as we can. Looks like beginning of h two. Again, that is aimed at pushing towards a resource estimate and understanding more about the deeper systems at what we have at San Domingo for those large tons. As well as doing all that, we are permitting our plan of operations, which will help us to start drilling at our basin west and west extension programs early next year. And, again, more work going on at all projects. So a lot coming, a lot of news flow for BRADDA for the year ahead on all our projects, which we're focusing on Keeley now.

20:07 On an ESG point of view, we've got some initiatives coming too. We've got our weighted water conservation initiatives at our basin project, which that's a key thing for us. You know, we are trying to be good stewards of our projects. And for that and offer our socialized to operate, we want to make sure communities understand that we are there for the long term and to build good relationships. So we are building relationships with the local tribes, local stakeholders, and we have a community website as well, which enables us to communicate with everyone in Arizona from a noninvestor point of view, more from a social point of view, and give lets them give us feedback to see if we're doing the right things or wrong things. We we listen to everyone because, obviously, that's a vital thing for us as good stewards and good stakeholders in the area. So that is a a run through, but I obviously want a lot of questions now to come from everyone watching. But in essence, for people who have not heard the story before, we've got 23 square kilometers of pegmatites, 46 square kilometers of clays, and 25 square kilometers of brines. We're in The US, Arizona, and Nevada. We're funded to the work.

21:09 We've got a exciting resource, our basin project, and we're gonna grow out this year. And we're pushing towards San Domingo to enable a resource as soon as possible. We're aiming towards low carbon footprint lithium, and we've got very supportive mining jurisdictions. And the key thing is a lot of news flow for the year ahead. So I'd like to pop back now, and we'll get some questions on the go. I think there's gonna be quite a few. Charles, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab, which is situated on the top right hand corner of your screen. You saw Charles takes a few moments to review those questions submitted today. I'd 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 your investor dashboard. As you can see, I've received a number of questions throughout today's presentation. If I could just ask you to read out those questions and give responses to where it's appropriate to do so, I'll pick up from you at the end.

21:57 Great. Thank you. Great. Well, there's a lot of questions. So now I've got a few questions around share price performance. And I think the lithium market has seen a bit of a sell off in the last six months.

22:10 We have seen that definitely. Obviously, we we are at a point now where we see material catalysts coming through for the company. And we'll have resource expansions at basin, significant ones, which will get us potentially over and above that 1,000,000 ton mark. And, also, the key thing I think which the market is waiting on is what is going on at San Domingo. You know? Can we get a resource out there? And that's what we're focusing on now and targeting, and we we're really excited about the prospects there. Because everything we're doing there is really building the story, and it is growing to quite a fantastic story down there. So, yeah, again, stay updated. Stay stay tuned for more updates on San Domingo. I think that's an important one to come through. So what else do we have? Pamir Gordon, a joint broker. Are you looking to do a fundraise?

22:56 We are not doing a fundraise right now. As I said, we've got all the funds we need to do the programs, and, also, we're likely gonna get another $2,500,000 from resource expansion at basin. So we're we're in a very strong position there right now. You claim to be undervalued to your peers. Where do you think the share price should be? Well, I I think it's good to look at our research analysis on that. Red Cloud have got a note, which they put out for their analysts. Also, Pam here put a a note out. Pam here have got a target price of 20 p for us, and Red Cloud have got a target price of 40 p. So there's some good metrics to look at. I think, you know, those both of those targets have obviously good things to discussion. I think 20 p is a very realistic target in the not too distant future. We were up as high as 17 p last year.

23:45 So I know more questions about basin. I think we've covered most of that, but we are targeting h two this year. We can get it done in quick q '3. We will get it done, but we've had delays at assay labs in The US because the Canadian drilling market really hops up over the summer because, yeah, over the wintertime, it can be challenging to drill in Canada. So, again, the assay labs get busier and busier over the summer period. So towards the end of the year, we can have delays in assays. Are you talking to any offtakers? Right now, it's a little bit early for us to talk to offtakers, but we are talking to major, minor OEMs, traders, people like that. Because, obviously, these things need to set up for the long term. Because whilst we are still late stage, things will move quickly once we get towards technical studies at our projects. And based in San Domingo, that's where we're gonna push it as soon as we can.

24:33 Are you looking to increase your footprint? We will always increase our claims where we see reason to, and that is something which we're constantly monitoring. But we did a lot of increasing of our claims shortly after IPO. We added a lot of claims at our clays, our brines, and also peg pegmatites. And most recently at San Domingo, we've added more claims, and we've really shored it up for the long term. So we've got that solid trend from the Southwest to Northeast. Alright. Have you done much marketing in Canada post the listing there? Yes. We are we are very aware of the Canadian market.

25:18 Ian Stalker, our chairman, is based in Vancouver. He's obviously got a very good network over there, and I pop over to Canada a lot. I've been over there, I think, twice this year so far for conferences. We do a lot of webinars later in the day in The UK, so sort of seven or 9PM, but they're very much aimed at the North American audience. It is important for us to be able to market over here and in Canada because it is different markets, but we are definitely trying to grow our presence over there. We have a market maker now. We also have brokers. We have Red Cloud, our broker over there, and we have a key team which helps us to engage with the North American market. So that's something we are focused on because we do see a lot of potential there. I think BRADDA is still a relatively unknown story in North America, that's what we're trying to do. We're trying to increase knowledge of the company over there when we get the good news for you through because the North American market will respond.

26:07 If we start showing sizable increases in our clay resources and also moving towards resource in our pegmatites, that's when we're gonna get the attention. So we are setting the scene for that. That's something vital for us. There's quite a few questions around claim expansion. I think we've covered those. MET testing at basin. Yep. We're still in the process of doing metallurgical test work. It's something which, again, needs to be done ahead of any PEA. So once we get some good results out, we will put them to market. There's something we're working on the background because with the resources at basin, it is a sedimentary deposit. It means we can do quite wide drill spacing, so three, four hundred meters to get to inferred status. So we've you know, getting expansion there is not the problem. Problem is getting, obviously, the processing sorted out, and that's what we're doing in background. We're also you know, we are looking on at our peers in North America.

27:02 There's a lot of guys who are more developed than us, and that's fantastic for us because it helps us. We can learn from that. Again, jump a few steps, which maybe they haven't or have taken their time to do, and we can look on from that. So it's, again, a good important thing for us. I think that's everything covered. I have one more question here. Again, more towards cash flow for year ahead. So, again, you know, we we don't need to do a fundraise right now. It seems to be a perception that we are we're not we've got the funds to do our projects, and, also, we're likely to get that second royalty payment, which keep us going for the year ahead. So we are in a strong position right now from a cash flow point of view. And that's why we are prioritizing Basin and San Domingo to make sure that cash goes as far as possible.

27:50 Charles, thank you very much for that. I think you've addressed all those questions you can from investors. And of course, the company will review all questions submitted today and will publish those responses on the investor meet company platform. But perhaps before redirect investors provide you with their feedback, which I know is particularly important to the company, Charles, could I just ask you for a few closing comments? Yeah. I think BRADDA HEAD, we are in a really pivotal position right now. We've we've we have the basin. We haven't drilled outside our base in Eastclaim before, and now we're seeing the first steps of drilling outside. And we are getting that resource expansion, and the clay is sticking as we said it has done. So I've really watched that project. San Domingo, yeah, it takes more work. It's more geologically complicated, and that's why it's taking us longer to get to the phase we're at now. But, really, we're understanding a lot more. And this second program is really gonna expand up, and, again, we're pushing towards the resources as soon as possible. But it's a phenomenal time to be involved in a company that has lithium assets in The US.

28:45 With the IRA bill, everything is pushing towards funding for battery companies linked to the critical minerals in The US. I think now we are in a spot where we're soon to be able to get that funding. We're working towards technical studies, which enable us to get that funding. And being located in The US full US market, I think, really gives BRADDA that edge. And the split we have for our projects, again, diversifies us against some pure play assets. So I think it's for normal time to be getting into BRADDA HEAD. And, the share price where it's at now, there's huge upside. Looking at some of the research recently in the and also Red Cloud note will give really good some background on why we have such belief in our projects. Charles, thanks once again for updating investors today. Could I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations?

29:36 This will only 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 BRADDA HEAD LITHIUM LIMITED, we'd like to thank you for attending today's presentation, and good afternoon to you all.