Cleantech Lithium (LSE:CTL) — Dialling in from Australia

0:01 Good morning, and welcome to the CLEANTECH LITHIUM PLC 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. Before we begin, I would like to submit the following poll. I would now like to hand you over to Daniel Fox Davies. Good afternoon to you. Good afternoon and thank you. Welcome to everybody. Thank you very much for everybody joining. We've had a record number of people registering for today's webinar. I think we're just a little bit over 200, which is almost double our usual audience. Ignacio, great to see you. Well, we are... We're both of us down in Australia. It's been a little bit wet and windy this afternoon, but we're gonna try and keep this briefed about twenty minutes, and then give about ten minutes for calls.

0:51 So there's been a flurry of activity, but, obviously, the main thing that we know from comments and from talking to our key shareholders is around the sale. So love to invite you to give an update to everybody on on how we're doing and how you see it progressing from here. Yeah. Great. Well, first of all, happy to to be connected here with everyone to to talk about recent publications that we've made and and what's coming for us in the future. As you see in this slide, we'll talk about the sale, the... What we're doing in Australia, the ASX listing, about the announcement regarding Antofaya, the Argentinian project, what we've done on DLE, and the EIA progress as well. So let's start with the... As you were mentioning Dan with the elephant in the room, the the.

1:41 As everyone knows, the minister announced during September that it was resubmitted or the... More accurately, they they responded to questions and queries posed by the controler's office last month. And he's been saying lately both in that that seminar that we attended in in London and in the newspaper. This is from yesterday or two days ago, this interview. Our sale is in the last stage of approval by the controller's office, and he expects it to be out and approved by the controller's office this year. We've been talking to the to the mining ministry every week. So we have a weekly call with them, and, actually, we talked to them yesterday, and they feel very confident. They haven't received any more queries from the controller's office.

2:30 So it... I have no reason to believe why it shouldn't come out in the next few weeks as we expect. And as you know, this is what we're waiting for before doing our... Lodging our prospectus here in Australia. So as soon as the COLI is out of the control's office, we'll be lodging the prospectus. Excellent. Just so... What... What's the actual timeline? So the... It went back to the controller's office on what specific date, and it's the the... Unless they come up with any major things, what's the deadline that they have to reply back to the company? Yeah. So they went back to the control's office on September 11, a little bit over a month ago, and they have initially...

3:15 The control's office has thirty days to to review. They can extend for an additional thirty days. And then what... That happened last week. We did receive and the ministry did respond to some queries by the control's office a few weeks ago, but now it's... Everything is moving forward. And therefore, they have probably until mid November, early to mid November to to issue the final approval. And, obviously, you you showed me a very interesting government website, which is a public website, which I just thought might be interesting for for many of the shareholders. Sure. Yes. Yes. So what everyone can do and how... It's not the the, of course, the way we follow it, but but this is useful. If if you want to see where the sale is going, this is the Controllers webpage, Controllia General de Arbublica.

4:05 Let me know if you can see my screen there, please. Yep. Yep. It's great. Thank you. Okay. Great. So it's... It shows that it's been entered the controller's office on September 11, and it was distributed the same day. And it's been in the analysis stage and has gone through three of the five steps on the analysis. The last one moved on October 8. And then after that, it goes to to the superior... To hierarchy superior, hierarchical superior for final review, and then it's dispatch. And that's why we say we expect this... It it should be coming out of the control office during November. And just so that everybody is very clear, they are reviewing a number of sales, and we're all going at the same stage.

4:54 Nobody's come out yet, and we're expecting that the controller's office will approve everybody together in one announcement. Yeah. Well, as the minister mentioned, he... Our soul was the first to enter alongside another one called. There's a third one that entered the... Maybe two weeks after us, and then there's two more, as he says in in this interview, that are... They're expecting to to resubmit or to enter back the responses during October. And he is saying that he expects all of these five to be approved during this year. Not necessarily at the same time then, potentially, and what I expect is that our sale will come out first given that we have the answers. Mhmm. But but there are more, of course.

5:42 Excellent. So, obviously, you know, we're very aware with everybody that, you know, there's this issues on the first round that's come back. But, I mean, I I know from talking to you on a regular basis, your correspondence with the ministry and the the support that we have from there. So the the hope is that we're certainly within the next two to four weeks, it should finalize. Yeah. The ministry has been very supportive. And, look, we we reckon and, personally, I understand that everyone is... Every shareholder, every people... Every person following CLEANTECH is very keen to see this proved and signed. That's why we start by discussing the sale, not hiding about it. And, you know, we expect this to be in three, four weeks.

6:29 But, of course, as as we... And has happened before, it's not necessarily in our hands. It's more the mining ministry's public authorities. But all of the comments and everything that we've received so far is that this is going very well, and it should come out very soon. Okay. Great. Well, thank you for addressing that. Let's let's crack on. Yep. Alright. So we have the ASICs listing. Maybe you can support me then here and, well, explain to everyone why it's Yeah. Great to list here what we expect to happen and the and the timelines. Okay. So just a a brief synopsis, and I will focus back towards the company. Regal Funds have been one of our biggest supporters from the pre IPO. They're currently about 17% to the registry, and they were... And now Athos is our second largest fund manager.

7:21 Sorry. Our left second largest shareholder in about 20. They're a Hong Kong based resources investment fund. And both have always been very keen that we should come to the ASX for a number of reasons. One is there's a couple of players on on AIM, ourselves, ahead. There's a few that have some exposures to lithium. But there's... As there's over 30 companies here on the ASX, there's a number of other companies looking at DLE. You've got certain companies like like Lake, etcetera. You've got Galan there, which is another brine prey in Argentina. And although we write on you, obviously, can record London writes on you. I think there's a bit of research I'm right ahead. If you look here, there's just much larger and broader depth of understanding of lithium.

8:08 They... It's a much broader group of analysts. I think there's something like over 80 analysts that write on the universe of ASX stocks. Once we get onto the ASX, we're expecting a number of them to pick up coverage on CLEANTECH. And secondly, it's just on evaluation metrics. We will be doing an updated note, as soon as we have the sale, But we ran some numbers the other day, and we're still at about a 48% discount to the average of our peer group on the ASX. And I think the company would argue, and I would certainly argue that we think that we're much better than the average of the peer group. So we have been having meetings this week with a number of, brokers. Again, this is a compliance listing. This is just to get on. We're looking for a a retail distribution here.

8:55 The company is funded from its last placing back in end of June, think it was, end of July. So we're looking at the the requirements to getting the spread of a couple of 100 retail investors at $2,000 each. We'll get onto the market, and then there's a couple of questions that are coming in that I'd like to head off. It's not gated by the sale, but we we think we would get a better following here on the market by having the sale in place. So we do want to have that issued first. It's also just from the prospectus point of view. So we're expecting to be back here in about two to three weeks and have the admission onto the ASX done before Christmas is the current plan. Yeah. Yeah. So in a nutshell, there there... There's a lot more lithium companies listed on ASX. There's a lot of knowledge, a lot of analysts following these companies.

9:50 We believe, as as you're saying, that we are undervalued as compared to our peers. And, hopefully, one... Once we are listed, and that should happen by year end, the the evaluation will be more in line with the with the rest of the market or better because, as you say, I I fully agree that we have. And we now only have one resource. The Buenavirde is our flagship project and, of course, our priority. And we'll... Pablo, we'll discuss later about our other projects or or license positions and the recent announcement on Antofya. I think it's actually... It's just keen to stress that Ignacio and I have been meeting with a number of analysts here, from a number of the banks. And the difference in the conversation here to the ones that we have in London is just huge.

10:39 The knowledge of all the other assets of of the other players in Chile, but also in the rest of the the universe of DLE players and how to them and the prospectivity of the assets is is is just as significantly different. And we're very confident that, Galvan, got onto the ASX, that we'll be able to then drive significant interest from investors going forward into 2027. Right. Yeah. Yeah. Let me move on to on the file, and I... And we can address the questions. But let me first explain the rationale of this of this deal and then where it sits as... In comparison with La Luna Verde and other assets. First, I I I want to say that this is a... This... Antofalla is the largest undeveloped SALR in Argentina.

11:29 Albemarle holds around 70% of the nucleus of the core of the SALR, and we found these licenses that are sitting within the nucleus, but... And right next to. We we... The terms are public, so we we got them for a very low front price. We expect to do exploration. We need an permit that should take six months to obtain, and then we plan to do exploration next year. It should cost around $500,000 doing two drill holes, one in each license, trying to get a maiden resource by '27. Alto Falla, as you see on the picture on the right, sits less than a 100 kilometers away from Laguna Verde. There's a there's a road plan there that that would link Antofaya to the international road that goes to Chile.

12:22 And how we see this is we are building our resource base in the region very close to Laguna Verde. And our plan has always been, and we've said it, to have a centralized processing facility in Coquepo. First, to process the the the coming from Laguna Verde in the future, processing the coming from our other resources, namely the Entando Indino, which is a 100 kilometers to the south of Laguna Verde. And then why not if our exploration results are positive from Atofaya, which which it would take maybe an hour or two hours more to get to Coquepo from Antofaya than from La Huna Verde. So what we're building is a district. Every resource counts, and the processing facility in Copebo would have significant advantages and and bring synergies as we develop these assets. But having said that, La Buena Verde continues to be our priority and that... And our and our first resource to be developed, and that's when... Where we're looking for a partner. And, also, as we'll discuss in the next slide, where we're starting the process to prepare our environmental impact study.

13:36 Great. And we we have some questions about antifala, but we'll we'll come back to all of those. A number a number of people have asked some questions. We'll come back to them at the very end. Okay. Okay. Let me then comment on process. We also released these RNS last week, I believe. What we've done is pretty significant for for us and for Chile. I think, if I'm not mistaken, we may be the first company that has done the end to end process in the country from DLE to lithium carbonate. And most importantly, what we have done is we we did it following our PFS flow sheet within the country, and the results are are very positive. They they prove all of the assumptions that we had under the PFS either meet or surpass our assumptions.

14:28 And the the result is is very high purity lithium ranging from 99.69 to 99.75% purity. We produced around five kilos of end product in Chile, and that's, again, very significant first in my mind because we... I believe we might be the first to do the end to end process and secondly because we have proven our PFS flowsheet. Excellent. And then on the EIA, we've discussed this before as well. I see the EIA as a critical path to production. And so what we've decided... What the board decided is that we will go ahead and start preparing the environmental impact study given that the sale is in reach. The the sale final approval is in reach, and we don't want to delay the project going forward. So we announced last week or maybe not... Maybe this week that that we have awarded the EIA contract to Cristiano Bentalco Sotores.

15:34 It's a Chilean company. It's a Chilean firm, one of the largest. They are very experienced in preparing and approving environmental impact studies. According to their own stats, they have approved more than $50,000,000,000 in environmental permits, and that's in their web page. They have a very high success rate in terms of permitting, and they have proposed... And they they were the strongest technical proposal, but also they offered a very strong strategic team that is going to be working with the company to prepare and submit the EIA. It's... As we've said before, it takes around twelve months. We need four seasons, environmental seasons of baselines before we can submit. So we would be looking to submit the EIA by the end of twenty twenty seven.

16:28 Great. And, again, that's just a long lead item we should start going with. Okay. So let's go forward to the last cup we got here. Yeah. The last the last slide is just to remind everyone that the company will have activity during LME week. First, Steve, our chairman, will be participating on a panel on the benchmark minerals intelligence seminar. He will be sharing the stand with and LITHIUM Argentina. And in parallel, the minister of mining will be speaking during the Anglo Chilean society event to be held on Tuesday, the twentieth. So if anyone wants to attend these these events, they can register their interest going to our website and register there. I expect the minister will discuss the sales, and I expect Steve also will be will be speaking about the the same progress that we've been making in in several fronts.

17:31 Always good to get in the networks, buddy. Yeah. And and, again, it's it's... People can register, and they're great to attend. Okay. And lastly, obviously, we also put this up. There's the Telegram group, which is an investor led group. It's not a company run group, but people are very welcome there. There's a lot of good information. I recently posted there. RK Equities have just put out, a very interesting, webinar. Is a US firm that's been following LITHIUM for about twenty years. They've got Matt there who used to be the editor of Battery Metals Review magazine. And I can never pronounce his name, Ignacio, but I know you follow him very closely. YJ Lee. YJ Lee. So they've got an interview with YJ Lee. You can either find it from RK Equity's YouTube channel, or there is a link on the Telegram group. But it's a very interesting discussion about why people are undermestering the inventories in terms of lithium and why they're very bullish on 2027 for the lithium prices to come back.

18:32 And, actually, I think it was Shaw Partners also came out with some very positive. Who else was just being positive about the lithium price? I believe Canaccord is going to release a note soon. Yeah. I've I've... If you look at Daniel Jimenez, who's the... Now the chairman of Galan Lithium, but also he's he's an analyst. I did follow Joe Lowry. All of the all of the lithium experts are being more positive on the on the lithium price and and the supply demand balance than than what we're seeing in the Chinese market. Well, anything interesting that that, either I see or Nick sees or indeed Ignacio sees, we posted into the the shareholder telegram group. And anybody who'd like any sort of further background reading about lithium in general and any of the m and a activity, it's posted there for people's information. And look at that. Nineteen minutes and thirty seconds, Ignacio. We're bang on for the first time ever.

19:31 Right. Well, listen. Thank you. Let's try and address some of these questions, and we'll try and keep it ten minutes because I know they're going on. We have quite a detailed one, I think, from Ian. I think we've addressed some of them, but I'll just clarify a couple of points if we may. So the sale, I think we've addressed. We're very hopeful that we'll be within the next two to maximum four weeks, and we appreciate all of the frustration and it's shared by the company, but we do think that we're in the final last yards. With the... And Ian, the prospectus is all but done. We believe it would be more beneficial to have the sale done. Partly of that reason, gentlemen, for everybody is that the ASX listing requires you to have 20¢ as the minimum price.

20:24 So at the current exchange rate, we think on the back of the sale, we were trading at around about 16 to 17, I think, for the delay. I know that we have a number of institutions and high net worth individuals who have been looking at the company, who have said that they are willing to invest and buy on market once the sale is awarded. And I think on the back of that, we're expecting a a price recovery back up into the teens one would hope, and we'll be doing a lot of marketing on the back of the sale. If it doesn't happen, then you do a two for one ratio, but we are... I'm I'm quietly confident that the sale will have a significant impact on the share price, which is the other reason for wanting the sale in place, and for giving confidence here into... It's not so much the the retail and the investors, but the syndicate of other brokers.

21:14 They they and their internal compliance departments would like to see it in place. So that's that on the timing. Prospectus, Ignacio and I were just in with the lawyers the other day. That's all but done. Current procedure status of Verizon, that's all done. I think those are mostly being covered by you actually, Ignacio, so thank you. Right. There is a question here from Steve M. Since you'd see that copyappo, I can never pronounce that either. I'm sorry, everybody. It seems that lithium processing were the real benefit for a lot of companies ahead of it. Is there any thought about launching the processing plant ahead of the production of Laguna Verde and making it available to anybody else?

22:04 Well, Copiapo, Dan is the name of the city. Thank you for trying. It's Hi. It was a good effort. Good effort, actually. A failure. Steve Steve, it's always been the idea, our idea to to build a path that can scale and grow in, as we grow our resource base or as other companies start developing projects so we can take advantage of being the first. Being the first is always good. And if you're the first, then other companies may decide not to build a processing plant and just sell the the to us. So that's optionality we're trying to build. However, as... Since we will be the first today, there's no... It makes no... Doesn't make much sense to start building the plan without having the resource online. Yeah. I expected your answer to be as much. But I think it's fair to say that you've you've... Have identified a number of stranded sort of assets in Argentina owned by other companies that may have a potential in entering to a dialogue with you at a later basis.

23:07 Well, there are... If if you just take a look at the map, you'll notice that cat... The Catamarca province, which is on the other side of the border where Antofaya is located, has most of the Argentinian projects and operations. And and then on the... On our side of the border in Chile, there's also several sellers that are waiting to be developed. So there there are plenty of opportunities. Thank you. Steven is asking about the strategic partner process and a bit of further detail in identifying the most likely partner. Now you're somewhat limited on what you can say, but you you could maybe summarize, Ignacio, of where we are in the process. And the question was also by some other people. They said, is this sale ratification gated?

23:53 I might... You might want to just talk to that. Yes. Well, I am personally leading the conversations with the potential strategic partners. As we've said before, we have more than 20 companies under NDA and onto our data room. Some are more serious than others. We've we've entertained discussions about about the future and what we are looking for and what is that. We're looking for a minority partner that comes with the same desire than us to take this project from PFS to FID and then onto construction. The... For everyone, obviously, just like you, our our shareholders, the sale is very important. So we believe once the sale is secured in the following weeks, we'll we'll enter into more meaningful conversations regarding...

24:48 And and more shorter, I mean, in terms of timing, and we expect this to be closing or us to be selecting the partner by the end of the year or the... Or the first quarter of next year. Okay. Thank you. I'm gonna... I'm cognizant we're try and keep this to five more minutes. So we're gonna skip some that are sort of been largely covered. We've talked about the priority for Laguna Verde coming back, so I think that's been all covered by Ian Hunton. Right. So Stephen was asking on the Antifola leases, there was a mention of drills to identify jock for these leases. Is it planned, or would you expect to do that from future funding? So we'll partner. Sorry. As as we've mentioned, this is something that we want... We need an environmental permit first that takes around six months, and then potentially May, June next year, once we have the permit, we'll we'll plan to drill two wells. And as we announced, it's something that should cost less than $1,000,000, $500,000, and would be from existing funds.

25:56 Partner, as we've mentioned before, would be at project level. So the partner would be for developing, and this additional optionality would be ours. Thank you. Steven was asking that after the ASX listing and... Honestly, well, let's get in order. The granting of the sale, the ASX listing, obviously, the next big news will be the chief partner. But you're saying other than the the EIA activity of next year, what other activities can investors expect through the course of 2027? Great question. With the strategic partner selected, what we want to do is first begin the DFS, definitive feasibility study, and it makes sense to start with them because they will... May have an idea or a preference on which company to use for the DFS, etcetera.

26:48 We would like to do additional drilling in Laguna Verde, hoping to expand production from 15,000 to 20,000 metric tons. And, also, we would like to do some reinjection campaigns or at least one reinjection piloting campaign to feed the EIA, the environmental impact study. And all of that should be happening during next year in order for us to be filing the environmental impact study by the end of twenty twenty eight. Okay. Thank plenty of news. And then, of course, depending on market conditions, Dan... Sorry. Sorry to interrupt. No. No. No. Depending on market conditions, we we would also be releasing results on on the Antify exploration. And, potentially, if if we're doing really good, we could do in parallel exploration in in other resources like or.

27:43 There, Jonathan g is asking, are there any custom border issues between Argentina and Chile in terms of transportation if you were to bring product from Argentina into to Chile? Well, he's looking ahead quite a lot, but thank you for the question, Jonathan. There there are customs requirements. There's also a binational mining treaty in force between Chile and Argentina that both governments want to want to put into life. There's actually, at the moment, the... A very large corporate district that BHP and London Mining want to develop could be. Some of the mines are in Chile. Some are in Argentina.

28:29 So it's something that is being in the news, and it's discussed. And that's why we have... Both countries have signed this bilateral treaty for... To develop mining projects in the border. So we would have to sort out some issues, but I I definitely think it's possible. Following on here, we... Jonathan, actually, two people have mentioned about the... You've indicated a planned road. Yes. And they were saying that that would be very expensive infrastructure. What's the status of that? Is that something that the company will be picking up, or it's a plan written by other people? Yeah. No. That's that's... The provincial government has... As as part of their improvement of infrastructure in Argentina, they have... The construction of a road in the vicinity, not necessarily that. And they they also plan... They have plans to improve roads, including one linking the to the the to the international road.

29:27 We don't need that road in order to exploration or to develop the asset, but, of course, it's good to have because it really shortens the the transportation time. Brilliant. Thank you. Just just to close the issue, if there's something... Or or the topic is something that would be done by the provincial government, not by the government. Okay. We're up to 30. We're gonna run on for just a few minutes. I thought we'd get to to 45. So we get it under, like, thirty five four. That'd be great. Wayne H was saying is that... And this... I think this may be incorrect here. Was saying that the the recently produced LI two c o three has not met Chinese lithium brine standard for selecting impurities. What if any plans exist to meet this standard? Is that a correct statement? Yeah. I think it is. Wayne...

30:13 I think Wayne is correct in in the fact that it is not Chinese battery grade standard because due to the scale of the process, there were some impurities that were not removed. But that doesn't mean that we cannot meet the battery grade standard. I'm going at the commercial level. That shouldn't be an issue. Okay. So that will be reviewed next year. Quick couple of other questions here. Chris Fee was asking, who is the vendor of the Argentine concessions? So the RNS doesn't say that. I I think the concern there, and you see this sometimes with companies, is that just to clarify that the the the vendor was not anybody close to the company and was it you or any other related party to the company? Otherwise, it would have been announced. But No. It's it's it's people. It's it's a natural people, so no...

31:05 Not not not companies. And we undertook due diligence on the... Both mining properties before closing the auction agreements, of course, with local council. Okay. Okay. One one is a question back to me here very quickly. Sebastian is just asking what metrics we're using for the value. Sebastian, we'll be publishing an updated research note where we look in detail at all the peer comps. That was just the back of the envelope in terms of looking at resources in the ground versus market cap and taking a slight risk adjustment depending on where they are in development stage as to whether they PFS or DFS. But it... It's quite a a detailed model that Mark Hayhoe's worked on, and we will be publishing that. I... As soon as the sales come out, we'll be doing a major note update, and it'll be shared with everybody then.

31:54 If you have any further questions, I'm I'm happy to... You can email directly in the meantime. Right. Chris is saying thanks for that conversation. And then there's a question here from Chris PLC, and I I think it's actually a bit of a misunderstanding, and I think it's it's good Ignacio to address it. So Chris P is asking why did it take until the eleventh of the ninth this year before we realized that the sale was not progressing? Maybe, Ignacio, you just wanna go back to say that, obviously, the sale was awarded earlier this year, but awarded just before the government changed the next day, and therefore, the new government wanted to review the whole process. But it... It's not that we weren't aware. We were just dealing with the new administration, but maybe you could just best explain it. Yeah. No. So what happens is that during the the... As you mentioned, the was awarded March 10, and then it went to the control's office.

32:44 And it's a process between the control's office and the mining ministry. So what happened is the controler's office made some questions and some comments to the mining ministry. And since we had a new government in place, it took them some time to respond. And after they sorted out everything, they finally responded on September. And that's why where we are now progressing the... This this... It's again progressing on the control's office, but this is not something led by the company. It's something that is led actually by the mining ministry who is the issuer of the decree that awarded the sale to the company. And I I think it's just fair to note that, obviously, while it's it's hugely important to us and it's very important to the government, as much as we wish, we we... With the new administration and Chile being a a significant mining country, other things around major copper producers, things with Albemarle, things with SQM, things with Indami were were sort of more of a priority.

33:47 So while they've been very supportive, we are now very close to the finish line, but the reality is is that the government had a number of other things that were higher up the priority list for the new administration sadly than than the sale. But I've said... I mean, we... There's limited on what we say, but I I talk with Ignacio very regularly. Ignacio is in constant contact with the ministry, and the, the support that we've been getting is is very encouraging and very significant. Chris, if you got any further questions, please then drop them in here on the the question one. Chris, I just commented further on. We we were expecting it by July. We are now back in the the controller's office.

34:33 It's a government. All we can say is that it's now going through the process. There is a deadline. There's a time scale. We're progressing through that on a daily basis, and we're we're confident that it should be by the end of the first... Well, the the November 9 is the the government deadline for their return information. But, sadly, we can't dictate to the government and civil servants. Right. Where have we got here? Last one actually is just back to both of us from Steve M about analyst notes and whether they can be put onto the Telegram channel. Ignacio, I'm sure we can talk to Nick. Let's see if we can't...

35:19 Certainly, our one will be available to everybody, and we'll send out. Canaccord do a briefing and note? I think theirs are somewhat restricted. I couldn't post it, but if anybody else gets it and they happen to post it out, then so be it. We'll try and be as helpful as we can. Right. Well, Ignacio, that's kept us to thirty five minutes, which is a record for us. I think we've got something over 200 people tuning in. So thank you very much to everybody who's joined. Ignacio, thank you. Is there anything else you wanted to wrap up with, Ignacio? No. I just say that that that... Well, we've we've been making progress in several work streams, and we understand that everyone is waiting for the. We're also very eagerly waiting for that to be out of the control's office and and into signature.

36:08 But but now... I mean, we are very close. It's very exciting times for the company with this... The partner process with the dual listing with the sale. Finally, we expect coming out of the control's office very soon, and we will be out to the next stage of development. So stay tuned. And sorry, Zeus. I did did miss this last one, if I may there. So Zeus has come in about, thanking you for the the update, saying that some AIM companies haven't done well on the ASX. And I I agree, Zeus, that some companies with international assets or or European assets haven't done on the ASX. Why we remain confident is we've had a a great deal of interest here. Obviously, Regal's always seen the value. They've been our largest shareholder and supported in every single round, and they will continue to be supportive. We had a a catch up with Regal in Sydney on Monday, who remain again very convinced of the company's underlying value and very supportive of Ignacio.

37:10 So we are... We can't be certain. When we meet with the analysts from most of the major brokers, they all come back with the question is, why are you so cheap? The level of knowledge that they have about Chile, about, DLE, about... Then the the bullishness for the lithium market is just wildly different from The UK. The number of investors here in Australia... Australia has been the largest capital market for resources for the last sort of ten years now. It's significant, so we're just gonna do a compliance listing, get on. One of the things that we'd like to do, and and it's a very preliminary conversation, but there's a couple week in March, and I'm I'm talking with the company about whether we can't get sort of half a dozen of the Australian analysts down to Chile. It wouldn't be till about March or April.

37:57 Probably working with some of the other companies down there, but I think those companies are very interested in CLEANTECH. Why those companies? I mean, the brokers here in Australia. They see the value, and they're looking to find projects that they can put to their investors where they think they're gonna make money, and they believe that CLEANTECH could be one of them. Okay. Ignacio, just back to you. Yeah. No. Just thank everyone for for attending, for the patience so far. And and and now finally, we'll we'll be able to celebrate once the civil is under our belt. Brilliant. Thank you. Fantastic. Daniel, Ignacio, thank you very much indeed for your presentation today and for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback, which help the company better understand your views and expectations.

38:51 On behalf of the management team, we would like to thank you for attending today's presentation, and good morning to